Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Restructure of the Global Economy after the Financial Crises - Essay Example

Comments (0) Cite this document
In the party I am hosting four guests are present at the gathering. The four people present are Adam Smith, Milton Friedman, Bernard Madoff, and Kenneth Lay. During this party I will take advantage of the opportunity to discuss different topics including greed, self-interest, scandals, capitalism, and ideas on how to restructure the global economy…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.9% of users find it useful
Restructure of the Global Economy after the Financial Crises
Read TextPreview

Extract of sample "Restructure of the Global Economy after the Financial Crises"

Download file to see previous pages Kenneth Lay and his team of corrupt executives stole millions of dollars in performance bonuses. He cooked up the books, created fake shell corporations, and misguided the Securities and Exchange Commission (SEC) and the general public about the actual state of affairs at Enron. I would ask Kenneth Lay about the start of the pattern of corruption at Enron. Did he ever think that the corruption at his company would get so much out of control? Does he feel any remorse for destroying the value of Enron from $90 a stock to less $1? The stockholders of Enron lost over $11 billion due to the irresponsible actions of Kenneth Lay and his crew of bandits (Suddath). The second person I started to talk to at the party was Bernard Madoff. Once upon a time Bernard Madoff was in charge of what seemed to be one of the most successful investment funds in the industry. In reality Bernard Madoff was not investing any of the money he was receiving from investors. Bernard Madoff was running a $50 billion ponzi scheme. The revelation is considered one of the biggest financial scandals in the history of Wall Street. Upon meeting Mr. Madoff I would ask him about his illicit operations. What was different about your ponzi scheme? How were you able to hide the truth from investors from so long? If you had to do it again would you make the same decisions? Bernard Madoff wasted his financial intellect robbing people of their hard earn money. The next two persons I got a chance to talk to during the party were Milton Friedman and Adam Smith. Both these gentlemen have no association to the disgraceful scandals Kenneth Lay and Bernard Madoff were involved with. Milton Friedman has worked throughout his lifetime as an economist, professor, and author of many books. In 1976 Milton Friedman won the Nobel Prize for economics. In 1962 he wrote the book Capitalism and Freedom. Adam Smith throughout his lifetime was a philosopher and economist. He introduced the topic of self-interest into the business world. “Today Smith’s reputation rests on his explanation of how rational self-interest in a free-market economy leads to economic well being” (Econlib). I would sit in a round table with both Milton and Adam to discuss the financial crisis of 2008 and ideas on how to improve the global economy today. During the financial crisis of 2008 the global economy hit rock bottom as the world entered into a recession that devastated the standard of living of billions of humans across the world. The banking industry was one of the parties responsible for the crisis due to the fact that they were making housing loans to people that did not qualify. The housing market fell and many Americans were faced with negative equity on their homes. Bankruptcies skyrocketed during the financial crisis of 2008. I would ask both Adam Smith and Milton Friedman if they thought the crisis could have been prevented. I would take advantage of this opportunity to speak with these two renounced economists to discuss ideas about how to improve the global economy. An idea that I have that is aligned with the self-interest perspective of Adam Smith is imposing a global tax. The global tax would equal 2% of the gross domestic product (GDP) of each nation. The organization responsible for charging the tax would be the United Nations. The money gathered from this tax would be used to provide economic assistance to the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Restructure of the Global Economy after the Financial Crises Essay”, n.d.)
Restructure of the Global Economy after the Financial Crises Essay. Retrieved from
(Restructure of the Global Economy After the Financial Crises Essay)
Restructure of the Global Economy After the Financial Crises Essay.
“Restructure of the Global Economy After the Financial Crises Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Restructure of the Global Economy after the Financial Crises

Global Culture on Fast Track

Lifestyles are changing fast to invite international practices. Youths in large numbers are instrumental to change to live in a free environment. They are resisting ‘no change’ attitude and fighting for the new environment where they can express freely what think right to make a modern culture. The change is undergoing automatically and being accepted by most of the resistant quarters.

Globalization does not create a common culture, values, attitude or beliefs as mentioned above. It gives way to a single arena in which people of different cultures interact and present their values for comparisons, analysis, acceptance or rejection on certain standard yardsticks. This is the internationalist version of global...
6 Pages(1500 words)Essay

Accounting & Financial Management

AWB’s operations can be categorized into areas ranging from ‘pool management services’ to ‘harvest financing’, and ‘International commodity management’. Only a company with such a big range of activities and financial outlays can become the benchmark for an equally big company like ‘Woolworth Limited’.

The performance of an entity can be better analyzed through its profitability analyses. The profitability ratios like Gross Profit ratio, Net Profit Margins, Return on assets (ROA), and Return on Equity (ROE). The calculations of such ratios are shown in the attached annexure. The Gross Profit ratio measures the percentage of each pound or dollar of sales remaining aft...
10 Pages(2500 words)Assignment

Financial Management Analysis of Rio Tinto Plc

Taking into consideration that Harmony is the sixth-largest in the world in the gold mining industry, the choice of Harmony God Mining Co. as a benchmark company is the most suitable and justifiable. Moreover, Harmony has also some investment stake in Rio Tinto, and this situation makes the company more suitable for the choice. At places, the benchmark company’s performances have been better than Rio Tinto, and thus Harmony has a competitive edge as well over Rio Tinto.

Profitability ratios like Operating Margin Ratio, Net Margin Ratio, Return on Assets (ROA), and Return on Equity (ROE) are the performance analyzer of any company. Profit Margin ratios show the relationship between profit and sales. Since profit ca...
8 Pages(2000 words)Case Study

Global Warming and Food Production

The carbon fertilization effect of increased carbon dioxide concentration in the atmosphere has an impact on plant growth, which benefits plant growth by facilitating photosynthesis, cannot balance the complex impact of increased temperatures around the world. Thus, although some regions will benefit from global warming, a total reduction in global agricultural production will result. This essay presents a discussion about the impact of global warming on agriculture and food production around the world.
Although the history of the planet earth suggests that for the last million years ice ages have been interspersed with warmer periods, evidence suggests that the average rate of global warming within the recent past has accele...
14 Pages(3500 words)Assignment

The Importance of Employee Empowerment in the Global World

Empowerment is the authority to make decisions within one’s area of operation without having to get approval; from anyone else. Here the operatives are encouraged to use their initiative to do things the way they like. To this end, the employees are given not just authority but resources as well so that they not only take decisions but implement them quickly. This empowerment means giving the employees the authority to make decisions and providing them with financial resources to implement these decisions (Koch & Godden, 1997 11).
Employee participation and empowerment participation means sharing the decision making power with the lower ranks of an organization in an appropriate manner (Lashley & McGoldrick, 199...
9 Pages(2250 words)Assignment

Global Challenges for Business Management and Leadership

This section aims at understanding the challenges faced by the United Nations due to political conflicts. In the summer of 2007, an issue in the Politically Speaking, the DPA had highlighted the increased focus on the conflict meditation. This report had also highlighted the interview with the Under-Secretary-General for political affairs. In the interview, he defended the UN against all the criticism and he also highlighted the need for finding political solutions for issues around the world. The interview also highlighted the importance of results to show the effective working of the UN. This interview also highlighted and urged critics to look at the positive along with the negatives of the UN. “The UN has knowledgeable a...
7 Pages(1750 words)Research Proposal

Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets

Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is al...
10 Pages(2500 words)Research Paper

The Effects of Financial Crisis on Supplier Selection Criteria of the Oil and Gas Industry Equipment Market

It is a difficult task to find those vendors who not only have the adequate quality and quantity of the needed raw materials but who also have an attitude of efficiency and display commitment to customer service (Sonmat, 2006). Further, organizations also strive to locate and select vendors who can be depended upon for long term relationship.

The number of factors or attributes desired from the vendor is vast, and different organizations and different industries place different importance on the attributes (Sonmat, 2006). Some of the vendor attributes may gain importance owing to the nature of the industry, for example, in the case of consumer perishables suppliers, like fresh vegetables or fruits, the buying firm would...
20 Pages(5000 words)Literature review

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

Global Employee Information and Consultation: Replicating the European Model

A significant step to enhancing the employees’ right to information and consultation is the establishment of the European Works Council (EWC). The EWC Directive (94/45/EC) aims to improve cooperation in transnational companies and to allow trade unions to influence, at least indirectly, the decision-making of corporations (Lockwood and Williams). It requires community-scale undertakings and community-scale groups of undertaking to create this mechanism for regular consultation of the workforce. A ‘community-scale undertaking’ is one with at least 1,000 employees within the Member States and at least 150 employees in each of at least two Member States (Lewis and Sargeant).

An EWC is a forum that would a...
9 Pages(2250 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Restructure of the Global Economy after the Financial Crises for FREE!

Contact Us