This paper is being carried out to examine and present the Scottish and Northeast England’s economies with regards to the way the governments in the two nations have been responding to the current economic crisis veneering the two economies. …
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This essay discusses that the unfolding economic crisis in the recent years has had adverse effects in many economies in the globe. The Northeast England and Scotland’s economies have not been an exception. Apparently, the two economies, in common with economies of other developed countries’ economies, have not been immune to the prevalent effects of the major economic recession in the recent years. The Scottish economy has the second largest GVA per capita of all the countries in the U.K after England. Even so, as prevalent with other industrialised economies, Scotland has recorded a decline in the importance of the manufacturing industries. There has however been a rise in the service sector of the economy which has recorded significance growth rate in the past few years. Despite all these, the Scottish economy has been marred by adverse effects of the recent economic recession. As a fact, Scottish economy has veneered falls in output and increased pressures on employment. However, the economy has shown some signs of recovery in the recent years. This can be attributed to the Economic Recovery Plan that will be discussed at length in this paper. On the contrary, the Northeast England has the lowest GVA per capita in England and the second lowest in the whole UK. For instance, its GVA per capita is pegged at about 80% of the U.K average. The North East economy has for many years been contingent of two major industries, coal mining and ship building. This traditional industrial base of mining, ship building, heavy engineering, Iron, Steel and manufacturing have faced tremendous decline in the recent past (Kirby, Barrell & Whitworth 2011 p.128). Perhaps, this accounts for the low economic prospects in the Northeast England. The general productivity of those who work is below the national average. Likewise, the number of people of working age in employment is below the national average. The situation is worsened by the fact that only about twenty four percent of young people in the region access higher education, thus, significantly below the national target of fifty percent. Adam Smith and Michael Porter’s view on optimal development of national economies Adam Smith attacked the antiquated government restrictions. He argued that such government restrictions are responsible for hindering industrial revolution. He accused governments for allegedly interfering with the economic process through various restrictions including tariffs. According to him, this created inefficiency and resulted to high prices in the long run. The second chapter of the book is entitled “of restriction upon the importation from foreign countries of such goods as can be produced at home”. In this chapter, Smith avers that: “by preferring the support of domestic to that of foreign industry, he(an individual) intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention ... by pursuing his own interest, he frequently promotes that of the society more effectively than when he really intends to promote it” (Smith, 2011 p.212). By these words, Smith implies that human beings are naturally rational and often, they are driven by self-interest. In this regard, if left on their own, each individual will follow his and her own
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(Northeast England and Scotland Economies Essay Example | Topics and Well Written Essays - 1250 Words)
“Northeast England and Scotland Economies Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/macro-microeconomics/1395553-international-business-environment.
According to the study conducted, the economic situation in Scotland and northeast England after the recession of 2008 is similar with that of UK. Thus, the Adam Smith’s and Michael Porter’s theories will also apply to the economic situation of United Kingdom in order to help in improving the unemployment and labor market failures.
Both the principal subsidiaries are clearing banks. From the Royal Bank of Scotland’s domestic origins, the bank has grown and developed to be a major global banking operation about 42% of the bank’s income come from international operations. The Royal Bank of Scotland is now the world’s sixth largest by market capitalization and the second largest bank in the UK and Europe.
The Royal Bank of Scotland fell prey to the changes taking place within the banking sector, and suffered immensely in the financial crisis of 2007-08. According to reports, the bank witnessed a massive fall in its stock prices during the year 2008 whereby 13% drop in its share price, leaving traders concerned about its liabilities and stability.
Chesapeake colony was characterized by prevalence of diseases, which shortened life span of people and weak families (Nellis 207). The social setting of Chesapeake was structured in a way that it included hardworking farmers with Africans providing free labor in the farms.
Urban Regeneration Main differences in the approach to urban policy between Scotland and England in the period 1979-1987
Urban Regeneration Policy in Scotland Urban regeneration policy is an admitted term. This term refers to several activities of Scottish public agencies which are particularly directed at changing the fact that some urban areas in Scotland display an inadequate environmental quality, limited level of economic activities and poor economic and social conditions for their residents.
Renewables are an essential part of future energy mix. In this area, wind power has become a feasible option, especially in Scotland, but at present its future worth has not been fully determined.
According to UK Energy Minister Brian Wilson (Wind power blows, 2002), wind is one of Scotland's most plentiful natural resources and is less harmful to the environment than other energy resources.
The European Convention on Human Rights (ECHR) stipulates at Article 6 that every individual is entitled to a fair trial in civil and criminal cases. Any party to legal proceedings has to be heard by a tribunal that is independent and impartial. In addition, such hearing has to be in public and within a reasonable period of time.
The Scottish government has recognised this as a serious issue and has embarked on a mission to eradicate fuel poverty in the country by 2016 that currently stands at 27%. This rate is above the UK’s average fuel poverty rate of 20% despite the fact that Scotland benefits from the wider UK energy policy unlike England that has a lower fuel poverty rate of 19.4%
As a matter of fact, there is a long tercentenary story of political achievements made by the Scottish leaders coordinated by the British Parliament. Yet Scots have many rights under control of the United Kingdom, they are determined to get and keep
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