Secret Trade Negotiations - Is This the End of the Big Four - Annotated Bibliography Example

Media News Review Name: Institutional Affiliation: Department Course: Date: Media Articles Article 1: East Europe Growth Quickens as Spending, Exports Increase (Bloomberg News-May 15, 2014) The article explores growth and purchasing power as themes that are historically linked to political revolution in Ukraine and technological revolution. The authors’ appreciation of westernization and growth of consumer culture is insightful (Ott Ummelas, 2014). They have identified exports as the key aspect of consumer spending that has improved communication and trade as well as enhancing growth. Hungary and Poland had an economic increase of 3.1 percent and 3.5 percent in 2014. However, the discourse on challenges of gross domestic consumption is parochial and requires in-depth assessment to determine its influence of current international and national economies. The authors (Ott Ummelas, Andra Timu and Dorota Bartyzel) have cited Ukrainian politics as the key to sanctions in Eastern economies which has decelerated growth in gas production and agriculture of Russia (Friedman, 1962). Inflation characteristics have been well outlined and so is the relationship with slow economy (Ott Ummelas, 2014). Capitalism has also been intertwined with individual ownership and equated to the growth of Japanese, American, German and Korean economies. The merit of inquiry into consumption and global markets has been explained through the presence of free market forces and the political power of Western economies. Nonetheless, the article regrets the faltering economy and galloping inflation that have left many in extreme poverty. In comparison, it worries when Peters (2001) that 40 percent of the world’s wealth is owned by 1 percent of the population while 50 percent of the global population only own 1 percent. It is surprising that the US has more than 400 billionaires while 50 million people rely on food stamps in the same country. The authors have appreciated the role of currency in trade and economic recovery of Eastern European countries. The failure on the eastern and central Europe economic expectations has been propagated by the key school of economics, corporate practice and democracy. They also experienced the wave of neo-liberalism resonates through dominant political-economic ideas like privatization, liberalization, deregulation and tax reduction. The article connects to neo-liberalism as being indispensible in advancing capitalism to Eastern Europe after the recent theorists such as Milton Friedman, Friedrich Hayek and Ayn Rand to over from classical economists like John Locke, Adam Smith and John Stuart Mill. Neoliberalism advocates emphasize on a free market economy just like classical liberal states centred on diminished role of state which Russia still opposes. I believe domestic consumption is the reigning political and economic philosophy (Ott Ummelas, 2014). The authors also asked fundamental issues such as peaceful co-existence and legitimate authority based on scientific knowledge and natural hierarchies. The illustration of Vladimir Putin riding on a Bear back is a depiction of the dangerous trend in the Russian economy to play by the statutes of liberal markets and increased role of state. The assertion by Margaret Thatcher that there is no such thing as society reflects on the capitalistic believe of reduced role of state and emphasis on communities. Article 2: Secret Trade Negotiations: Is this the end of the Big Four? (Philip Dorling June 20, 2014) Financial services are a key part of the negotiations for Australian government given the strength of the sector in areas including banking and wealth management, particularly in the major, growing markets of Asia. The article on Secret Trade Negotiations appearing in the Sydney Morning Herald of 20th June 2014 is inquisitive and analytical in an attempt to uncover secret trade agreements which is likely to negatively affect the Australian Government (Dorling, 2014). There is a significant opportunity not only for lowering barriers to trade for current parties to the negotiations, but also to set important targets for further liberalization in the future by nations currently not party to the negotiation. The news on the proposed draft trade agreement is meant to allow foreign banks to operate in Australia. International coordination will be increased Europe, US and Far Eastern economies are engaged in negotiations (Harvey, 2005). The explanation on the negotiations is elaborate and convincing with a clear chronology of events that will result in the presentation of the interim report in July 2014. Asset bubbles and Ponzi schemes have been distinguished and provided with examples. Keynesianism embraced deficit public spending in the form of infrastructure projects and rejected balanced budgets. John Maynard Keynes appreciated the role of investment, rejection of rational expectations and the crucial concept of uncertainty. According to research by Dr Patricia Ranald, the US aims at ''tie the hands'' of Australian government. This will be done by ending publicly provided services like public pension funds, which are referred to as 'monopolies' and through limiting public regulation of all financial services (Engel, 2012). This will paralyze the government in handling development risks in terms of global financial crisis. This will therefore enable the call for agreements to allow financial service providers of other parties the right to establish or expand within its territory ''including through the acquisition of existing enterprises''. There is a crystal link between Dr. Patricia Ranald argument and Keynesianism and so is the Washington consensus. Keynes advocated for credit regulation, welfare and social services, progressive income tax and a shift to deficit spending. According to Dr. Patricia Ranald foreign financial institutions would be allowed to bring ''temporary'' workers into Australia, including computer, telecommunications, actuarial and legal specialists. The US has also proposed measures that would allow Australian customers' financial data to flow freely to other Trade in Services Agreement countries where Australian privacy laws would not apply. Keynesianism embraced deficit public spending in the form of infrastructure projects and rejected balanced budgets (Harvey, 2005). John Maynard Keynes appreciated the role of investment, rejection of rational expectations and the crucial concept of uncertainty (Dorling, 2014). These cannons were taken by the Washington Consensus as a way of correcting the imbalances in aggregate demand among third world nations. Article 3: Russell Brand Calls for 'Peaceful' Revolution (Life & Style June 24, 2014) The article is instrumental in outlining the growing attention of the British middle class to be included in austerity cuts. The rise of transnational corporations and integration in Britain is hurting the low class (Clun, 2014). The author is not surprised with the role that Russell Brand, a comedian is holding a flyer and leading a crowd gathered at London’s Parliament Square. Cultural Revolution is now changing Britain after non-political player like Russell demand proper representation and real democracy. There was need for economic reforms and competition though under the House of Commons. Russell regrets that the parliament represents the bourgeoisie community and not the common people. They believe that power lies with the people and not the House of Commons. The author connects the integration of the British economy to neo-liberalism but notes that austerity cuts should target those with wealth and power. On the other hand, the socialist concept of China was crashed through worker and student and worker revolts that led to mass privatization, destruction of rural collective economy and loss of basic rights (Clun, 2014). Those with wealth and power are told to change but people in Britain are reluctant to hear from Russell who appears rebellious. The comedian told many not to imitate his actions but believe in implementation of ideas and not a revolution. There are stronger issues such as wage growth, under-valued exchange rates and financial repression in Britain. On the other hand, emergent economies like China attribute much of its growth to trade surplus and funding of US treasury debt. The country will be the new ‘hyperpower’ in future and likely to dominate the world. But there are risks that can likely affect its prosperity and stability. China is investing in assets in various parts of the globe like farmland and minerals (Clun, 2014). The article leaves a window of doubt given that Britain is dependent on huge levels of energy and finished products from the Far East. The United Kingdom believes in highly disciplined workforce and minimized business inventory (Veeck, 2011). The article notes that capital is now mobile than labor and that some industries such as footwear and clothing are relying on tiny subcontractor network. Another argument is outsourcing in which many rich nations are transferring low value added tasks to low wage countries (Goldstein et al. 2006). Britain is competitive in terms of human capital in areas like research and development, administration and IT but highly valued than in eastern economies. It is also squeezed by the ever increasing competition for raw materials and dependence on demand on export markets like Europe and USA. China has been successful in reducing unemployment, lifting many of its citizens out of poverty though the pattern of development remains uneven (Harvey, 2005). In eastern economies, production has been supported by low energy costs, efficient transport and production strategies. The rise of intermodal containers reduced international shipping costs and revolutionized goods transportation. Article 4: Investment: Financial crime preventing international investment in Africa. According to Financial Week News,( June 26, 2014), African nations largest economies can boost international investor sentiment towards their markets by adopting efforts aimed at combating financial crime such as money laundering, insider trading, terror finance, market abuse and general bribery and corruption of legal institutions and institutional responsiveness. According to Thomson Reuters the Anti-Money Laundering Conference hosted by professional services firm, Deloitte, and financial data provider, indicates that financial crime is international and will inevitably spread to countries where the implementation of anti-money laundering regulations is perhaps lagging basing on their market development rate. When the risk of financial crime increases the level of regulatory scrutiny should also increase, since it is in the interests of both companies and countries to continually improve their efforts to combat such criminality. This is because people prefer doing business with nations with proper systems that reduce financial risk and ensure that anti-money laundering regulations are not transgressed. Woods says it is essential that companies operating in Africa learn from the experience of their international counterparts by migrating from a rules-based approach to financial risk and compliance, which he describes as ‘box ticking’, towards a risk-based approach that takes a more selective approach towards client risk assessment. The risk-based approach embraces the “Know your customer” (KYC) guidelines to prevent an organization from falling foul of money laundering activity. Corporate and government entities need to ensure that they partner with the right strategic partners in order to build an effective deterrent to financial criminality. It’s far more effective if all the necessary stakeholders in a country present a united front against money laundering and financial crime activity (Zifcak, 2005). Woods says one should not underestimate the role of technology and advanced systems that enable intelligent checks for weighing economic, political and criminal risk indicators to enable a country to radically improve its anti-money laundering capabilities. To attract inward investment you need to put in place regulations that appeal to the type of investor you’re looking to attract. This will avoid you end up attracting the kind of financial flows that you really don’t want, such as terror financing, money from international drug cartels and other organized crime. Crime has followed advancement in areas like communication, work, finance, consumption, trade and production (Zifcak, 2007). These are cases like piracy, terrorism, arms trade, and human trafficking, cybercrime and drugs trade. A pertinent question has been asked on the effectiveness of international law to deal with international crime. It takes the narrow view of customary practices that are largely based on western traditions. References Clun, R. (2014, Jun 24). Russell Brand calls for 'peaceful' revolution. Retrieved from http://www.smh.com.au/lifestyle/celebrity/russell-brand-calls-for-peaceful-revolution-20140623-zsjdz.html Dorling, P. (2014, June 24). Secret trade negotiations: is this the end of the big four? Retrieved from http://thelibertypoint.com/us-news/world-news/secret-trade-negotiations-is-this-the-end-of-the-big-four Engel, S. (2012). The World Bank and the post-Washington Consensus in Vietnam and Indonesia: Inheritance of Loss. Routledge. (Textbook) Friedman, M. (1962). The relation between economic freedom and political freedom (Ch. 1). Capitalism and Freedom (pp. 7–21). Chicago: University of Chicago Press. (E-Reserve.) Goldstein, A., Pinaud, N.,  Helmut, R. & Xiaobao, C. (2006). Development Centre Studies The Rise of China and India What's in it for Africa?: What's in it for Africa? OECD Publishing. Harvey, D. (2005). Freedom’s just another word .... (Ch. 1). A Brief History of Neoliberalism (pp. 5-38). Oxford: Oxford University Press. (Textbook). Harvey, David. (2005a). The neoliberal state (Ch. 3). A Brief History of Neoliberalism (pp. 64-86). Oxford: Oxford University Press. (Textbook.) Harvey, David. (2005b). The construction of consent (Ch. 2) & Uneven geographical developments (Ch. 4). A Brief History of Neoliberalism (pp. 39–63; 87-119). Oxford: Oxford University Press. (Textbook.) Harvey, David. (2005c). Neoliberalism ‘with Chinese characteristics’ (Ch. 5). & Neoliberalism on trial (Ch. 6). A Brief History of Neoliberalism (pp. 120–182). Oxford: Oxford University Press. (Textbook.) Luban, D., O'Sullivan, J. R. & Stewart, D. P. (2010). International and transnational criminal law. Aspen Publishers. Ott Ummelas, D. B. (2014, May 15). East Europe Growth Quickens as Spending, Exports Increase . Retrieved from http://www.bloomberg.com/news/2014-05-15/east-europe-growth-quickens-as-spending-exports-increase.html Peters, M A. (2001). Poststructuralism, Marxism, and Neoliberalism: Between Theory and Politics. Rowman & Littlefield. Reuters, T. (2014, June 26). INVESTMENT: Financial crime preventing international investment in Africa. Retrieved from http://finweek.com/2014/06/26/investment-financial-crime-preventing-international-investment-africa/ Veeck, G. (2011). China's Geography: Globalization and the Dynamics of Political, Economic, and Social Change. Rowman & Littlefield. Zifcak, S. (2005). Globalizing the rule of law: rethinking values and reforming institutions (Ch. 2). London. (E-reserve) Zifcak, Spencer (2007). Globalization and the Rule of Law (pp. 32–64). London: Routledge. [E-Reserve.] Focus on pp. 33–46. Read More