Internationl Economic Law Essay Example | Topics and Well Written Essays - 2250 words

Internationl Economic Law - Essay Example These trade advantages encompass benefits like larger import quotas or lower tariffs and import duties. A country designated with the MFN status must be treated on an equal platform as any other country that has been awarded the MFN status by the nation granting this special status. The MFN treatment principle is important in the context of the WTO whose members have pledged to award MFN statuses to each other. There are also certain exceptions like designating free trade sectors on a regional basis and providing additional benefits to the developing nations. Under the MFN system stipulated by the WTO, a member nation that grants the most-favoured status to a non-member state for a particular product is obliged to provide the same benefits to other members of the WTO2. Thus, the WTO ensures that trade benefits are provided to all members as well as non-members on an equitable basis. The notion of a Most-Favoured Nation has existed since medieval times where smaller versions of such a greements have existed since the 15th Century. However, the expansion of MFN status in international trade began to develop during the 18th century3. Before the General Agreement on Tariffs and Trade (GATT), the MFN treatment could be found only among Bilateral Investment Treaties (BITs) which indeed aided in liberalizing international trade. MFNs also find mention in the ‘Fourteen points’ laid out by United States (US) President Woodrow Wilson in 1918 which called for the liberalization and equality of trade conditions among nations4. Features of the MFN principle The MFN treatment principle has numerous economic effects that are elaborated below. Advantages to International Trade The most important benefit of the MFN principle is that it allows nations to import goods from the most cost-effective and efficient producer without disrupting the notion of comparative advantage5. For instance, a country can import products from the best supplier from different countries ba sed on cost, quality and efficiency thereby improving its economic efficiency. However this efficiency is distorted if the importing nation imposes a higher tariff on imports from the efficient supplier, prompting the importer to prefer products of the next best supplier (from a different country) at lower tariffs. This results in a trade imbalance which reduces the economic benefit to the importing nation besides disrupting global economic efficiency6. The provision of the MFN status in this context to all the countries implies that the importing country will levy equal tariffs on all exporting nations resulting in the procurement of goods from the most efficient supplier. Thus, the primary objective of the MFN treatment principle is to improve the efficiency of international trade. Free Trade System As mentioned above, the equal treatment of nations based on the MFN treatment principle accords the most liberal business environment that allows WTO member states to cut costs in nego tiation and monitoring trade agreements. In simpler words, the MFN treatment has resulted in the reduction of costs associated with the maintenance and functioning of the free trade system7. Equal treatment for imports from all member countries also means that costs associated with ascertaining the originating port or country are also reduced thereby contributing

Museum Visit Essay Example for Free

Museum Visit Essay People throughout the world are blessed with the gift of art. We all ponder how it is accomplished and achieved, but in the end it all comes down to the remarkable artists that craft each work of art. Even though areas in the world house a substantial amount over others, there are still a number of cities that possess a great deal of art. Lucky for us, we live in a metropolitan area, and have a great art museum. In addition to that, it has plenty of it for everyone to admire and observe. The St. Louis art museum is a wonderful gallery of art to wander through. With exhibitions like Monet’s â€Å"Water Lilies†, the everyday person gets to get a glimpse of the world around them that have not seen before with their own eyes. I love the St. Louis Art Museum. Even though I have lived here my whole life, I just never got around to going there. Although this has been my first visit to Art Museum, I know I will definitely go back. Once I walked in through the front doors, I was amazed. The overall size surprised me. I was actually expecting it to be small, but lucky for us, it is not. Then when I reached the third floor, I was in awe because I got to see work from the 20th century. Also it was a great feeling to see the paintings I had studied in class, and then see them in person. As I walked from room to room, and floor-to-floor I could not get enough: until the museum closed down for the night, and I was told to leave. In spite of that, I downright enjoyed myself. I forgot that I was there for a school assignment. The artwork there ranged from weapons, furniture pieces, sculptures, and paintings. It is refreshing to see something new from turn you take. Also, to see the timeline of art pass right by you as you go through the whole museum. I have chosen â€Å"Stairway to Auvers† by Vincent Van Gogh in the Post-Impressionism Era and was made around 1890, and â€Å"Red, Orange, Orange on Red† by Mark Rothko is Op Art and was made in 1955. A poem was written for â€Å"Red, Orange† by Mike Murawski, and it reads, â€Å"Hey, look out red! Move over, watch it! Scrumpf, smush, push, punch, let me through! I need some air, a breath, anything but red! Makin’ me feel like I’m struggling for the surface of the orange dark depth†(1).. The paintings both have some similarities, but many differences. Though â€Å"Stairway to Auvers† has some subject matter, objects, and people to pick out, â€Å"Red, Orange, Orange on Red† does not: depending on the artist’s intent for the painting. â€Å"Red, Orange† you can make out slightly different colored orange and red rectangles. Though both paintings are very close in time period, they do have many differences. But every bit and each piece contributes to the changes in art throughout the years, and that is truly the only thing that matters. Twilight Sounds† by Norman Lewis is an abstract expressionist painting that expresses the sound from the jazz era, and you can even make out some music notes. â€Å"In Beige with Sand† by Robert Motherwell shows how abstract art is really done by using very few colors but accomplishing many things with the way he makes random shapes. â€Å"Boxcars, Minneapolis #2† by Ralston Crawford is a vague painting depicting many boxes that may symbolize a car in a city. â€Å"Bethlehem† by Franz Kline shows a black cross with many lines passing through it on a white canvas. This might symbolize the cross being Jesus, and the black and white meaning his birth. â€Å"Catalonia† by Robert Motherwell has mainly circles and lines, but may represent the separation of the city because of the lines separating the circles from each other. â€Å"Draft† by Helen Frankenthaler depicts only a few colors but to me looks to be a sky of some sort. â€Å"Ici† by Joan Mitchell seems to have a shape of animals or faces in the blotches of paint. â€Å"Helena’s Australia† by Sigmar Polke shows an orange dark night with a few stars out almost from the perspective from a bush. January, December, November† by Gerhard Ritcher seems to be a window and the colors go down according to the season or month, changing and conforming to one. â€Å"The Plaza After Rain† by Paul Cornoyer is an amazing painting taken in a large city. The center part of the painting is three people walking through the street while it is raining while car on the road pass them by. â€Å"Road at the Palisades† by Ernest Lawson is a flat view of a river or lake in New York that subject matter is a road connecting to a bridge. Maybe this was the artist’s road to home. Street of the Great Captain, Corodoba by Childe Hassam seems to make out a small plaza in a Hispanic originated area that shows off great lighting and bright colors. â€Å"Windham Village† by Julian Alden Weir depicts an alleyway to a neighborhood and it looks to be in fall because the trees do not have any leaves. Also the neighborhood appears to be decollate because the way the homes are portrayed. Art museums are a great contribution to society. They allow you, me, and everyone else to gaze upon the art that was created for us to look at. The art that was created to keep the world of art going. Though some pieces of art may look the same, odd, different, have no subject to it, or just even look plain, it still has a place in the world to prove to everyone how our art has grown and what it has become. Without any art museums showing us what we have grown up to know, we would not believe it or maybe just not care. Now that I have been through the St. Louis art museum, I have a great deal of understanding for art, and that will stick with me no matter where I am.

Implications of Chinese Capital Account Liberalisation

Implications of Chinese Capital Account Liberalisation If China does liberalise, few other events over the next decade are likely to have more impact on the shape of the global financial system. This also sets out a conceptual framework, identifying three separate factors which help explain why the scale of the subsequent movements in capital flows — both into and out of China — could be very large relative to the size of the world economy: (i) ‘Closing the openness gap’- There is a large gap between China’s current level of openness and that of advanced economies. Liberalisation will lead this gap to close, generating large flows in the process. (ii) ‘Catch-up growth’- China’s economic growth is expected to be relatively high over the next decade. So even if China’s capital flows do not increase relative to its own economy, they will relative to the world economy. (iii)‘Declining home bias’- Prior to the recent crisis, the global financial system became increasingly integrated. A resumption of these trends over coming decades would lead capital flows to increase both in China and globally. Summary chart Potential impact of capital account liberalisation on China’s international investment position Based on these three factors and some simple but plausible assumptions, the summary chart shows a hypothetical scenario for China’s global financial integration in 2025. It shows that China’s gross international investment position could increase from around 5% to over 30% of world GDP. The global financial integration of China has the potential to be a force for economic growth and financial stability not just in China but also globally. Global implications of Chinese capital account liberalisation The potential changes in both the magnitude and composition of capital flows outlined in the previous section would dramatically alter the financial landscape both in China and globally. In principle, capital account liberalisation in China could be a powerful force that enables the Chinese and global Implications for China For China, there are several potential benefits of liberalisation which can all be viewed through the broader lens of contributing to economic rebalancing. The Chinese economy is now starting to transition to a new model of growth, away from reliance on exports and investment as the key sources of demand. The new model of growth will therefore place a greater emphasis on consumption as a source of demand and an increase in the production of services relative to exportable manufactures. This is a challenging task and will require an ambitious agenda of structural reforms. Among these reforms, capital account liberalisation will play a key role. A removal of restrictions on outflows, for example, will allow Chinese companies and households to diversify their large pools of savings by investing in overseas assets. This should help to spread risk, reducing the need for precautionary saving and hence free up income for current spending. And it may also boost household income if returns earned on overseas assets are higher than on domestic assets (which is likely given that real deposit rates in China are currently negative due to  regulatory caps). China has the biggest banking system in the world by total assets but it is very domestically focused. If China’s banks were to diversify their balance sheets by expanding abroad — either directly through cross-border bank lending, or indirectly through lending to foreign affiliates — they may become more resilient to an adverse shock in their home market and so be better able to maintain lending to domestic companies and households in China. Allowing more channels for inflows, on the other hand, will help to deepen and diversify China’s financial system, providing alternative sources of capital for Chinese borrowers. Should liberalisation also lead to lower reserve accumulation, it could lead to an improvement in China’s fiscal balance since the return on its FX reserves is lower than the cost of sterilising those purchases. And if it were accompanied by a more flexible exchange rate regime (as was suggested by the Third Plenum), it could allow China to operate a more effective monetary policy, increasing its ability to respond to domestic shocks. All of these factors should promote China’s rebalancing and its transition towards a new model of growth. But there are also risks. There are several notable examples where capital account liberalisation has resulted in instability. The most recent, perhaps, was the Eastern European countries where large capital inflows contributed to unsustainably rapid cr edit growth that ultimately culminated in economic and financial crisis in 2008 (Bakker and Gulde (2010)). Chinese policymakers will need to ensure they have sufficient scope to set policy to offset shocks that could pose risks to economic and financial stability. It will be particularly important to sequence carefully external liberalisation with appropriate domestic macroprudential and microprudential policies to mitigate risks from excessive credit growth and asset price volatility. One concern is that by opening the financial gates, some banks and, ultimately, borrowers in the Chinese real economy may find themselves faced with a shortage of liquidity. China’s banking system is heavily reliant on domestic deposits for its funding, which account for around two thirds of total liabilities. A reallocation overseas of even a small share of these deposits could therefore cause funding difficulties. By  enabling higher real returns for Chinese domestic savers, however, domest ic interest rate liberalisation could help to reduce these risks. Another set of risks are related to inflows. In the short run, there could be indigestion in China’s asset markets, which are still small relative to potentially large inflows of capital. And over a longer time period, inflows could lead to an unsustainable build-up of maturity and currency mismatches in national balance sheets (for example, long-term domestic investment funded by short-term overseas FX-denominated borrowing). Large mismatches are susceptible to unwind in a disorderly way, as was the case for some Asian economies in 1997–98. Finally, the risks arising from a more flexible — and potentially more volatile — exchange rate would need to be effectively managed. Which of these outcomes — more sustainable growth or a rise in instability — would dominate will depend on the accompanying policy framework. The empirical evidence on the costs and benefits of financial openness tends to suggest that countries benefit most when certain threshold conditions — such as a well-developed and supervised financial sector and sound institutions and macroeconomic policies — are in place before opening up to large-scale flows of capital (Kose et al (2006)). This underscores the importance in China of careful sequencing of capital account liberalisation alongside other domestic reforms such as domestic interest rate liberalisation, development of effective hedging instruments and enhancing the microprudential and macroprudential regimes. Implications for the rest of the world From the perspective of policymakers outside of China, it is important to understand how capital account liberalisation might ‘spill over’ to affect other economies. Four such channels are discussed below, although there are undoubtedly others. Greater exposure to the Chinese financial system If liberalisation has a large impact on the Chinese economy or financial system, it is also likely to have a significant impact in other countries as well. Although China’s economy is already considered able to generate material spillovers onto other economies (International Monetary Fund (2011b)), the process of capital account liberalisation will likely increase its systemic importance even further, by magnifying existing transmission channels, while also creating new ones. Foreign households, businesses and financial institutions will increase the amount and the number of their claims on China, while those in China will do the same with respect to the outside world, thereb y deepening the complex web of financial interconnectedness. If China does hard-wire itself into the global financial system, it will bring important benefits in terms of risk-sharing. Households that purchase Chinese assets whose returns are not perfectly correlated with their own income would be better able to smooth consumption. And foreign banks that  expand in China would diversify their earnings base and potentially enhance their resilience. The flipside of increased interconnectedness, however, is that the global financial system will be more sensitive to shocks originating in China. Increased holdings of Chinese assets, for example, would imply greater exposure to fluctuations in their price. Greater reliance of global banks on Chinese banks for  funding, in turn, would bring about the possibility of a liquidity shortage if those banks were to repatriate funds in response to balance sheet pressures back home.(1) Increase in global liquidity If China’s financial walls are lifted, some of its vast pool of domestic savings will migrate into global capital markets, providing a significant boost to liquidity. The illustrative scenario in Chart 5 suggests that these flows could amount to a substantial share of world GDP. A new source of global liquidity from China could lead to several beneficial effects, particularly during a period where the world’s financial system is becoming increasingly fragmented and retreating into national borders (Carney (2013b)). As well as providing a new source of finance for borrowers, it could lead to a more diversified and more stable global investor base. At the same time, however, a rapid increase in liquidity from China could lead to absorption pressures in some asset markets in the short run, which could lead to a mispricing of risk with adverse consequences for financial stability. Increased global role of the renminbi Greater international use of the renminbi would add another dimension to the global impact of capital account liberalisation. Potential benefits include lower transaction costs and a reduced risk of currency mismatches. But it may also amplify the international transmission of Chinese policy and domestic shocks, of which policymakers around the world will need to take into account. Take the following hypothetical case: a country purchases a large proportion of its imports from China and its currency depreciates against the renminbi. If the prices of those imports are set and invoiced in the domestic currency of that country, the depreciation would not automatically lead to an increase in their price and hence no response in domestic monetary and fiscal policy would be needed.(2) If, however, the imports were invoiced in RMB, then their price would increase in line with the exchange rate depreciation, leading to domestic inflation. Moreover, a country that had no trade with China but whose imports were set and invoiced in RMB — such that the RMB would be a ‘vehicle currency’ — would need to respond to macroeconomic or policy fluctuations in China that affect the exchange rate and feed through into domestic prices of that country. There is a body of literature which finds evidence of these invoicing effects for the US dollar, as the world’s most international currency. Goldberg (2010) finds that for non-US economies, large use of the US dollar in reserves and in international transactions is typically associated with greater sensitivity of trade, inflation and asset values to movements in the value of the dollar relative to the domestic currency. However, as discussed above, it would likely take much longer than a decade for the renminbi to take on a similar role to that of the US dollar today. Global imbalances The literature on the causes and consequences of global imbalances is as vast as it is inconclusive. According to one influential perspective, the large imbalances in current account positions that accumulated over the past decade partly originated in high net saving rates in developing Asian countries (Bernanke (2005). If true, capital account liberalisation in China could potentially help to alleviate these imbalances to the extent that it leads to a reduction in China’s net savings and correspondingly its current account surplus (although clearly the impact of this on overall imbalances would depend on the corresponding adjustment in other countries). This may occur either because liberalisation lowers the incentives for precautionary saving or because it leads to a more flexible and higher exchange rate. But even if Chinese capital account liberalisation were to lead to no reduction in global imbalances, it could still help to lessen some of the adverse consequences relating to these imbalances. There is evidence that reserve accumulation by foreign governments can materially depress the risk-free interest rate in the United States (Warnock and Warnock (2009)) which, in turn, may encourage excessive risk-taking behaviour globally. So to the extent that Chinese capital account liberalisation were to result in a switch in the composition of outflows, away from reserve accumulation by the central bank and towards overseas investment in riskier assets by other Chinese residents, this may reduce some of the downward pressure on government bond yields and related rates i n the United States and globally. Of course, this would bring other challenges. But in the longer term, it could be beneficial for the stability of the international monetary and financial system as a whole. Conclusion If China continues to liberalize its capital account over the next decade or so, it is likely to be a force for development and constancy not just in China but also for the international monetary and financial system. While this process will be companied by new and important risks, it falls to international bodies and national authorities to monitor and take appropriate policy actions to mitigate such risks. This will not be a petty task. As we already know Chinese capital account liberalisation could lead to striking changes in the global financial landscape, policymakers will be facing uncharted territory. In order to succeed, policy cooperation between national authorities is necessary, both to increase understanding of the risks and to develop common policy approaches. Currently the Bank of England is working intimately with the People’s Bank of China regarding the development of offshore renminbi activity in the United Kingdom and will continue to seek other ways to suppo rt a successful integration of China into the global financial system.

Controversy with Women and the Novel :: Free Essay Writer

Women and the Novel â€Å"Novels on novels–shelves on shelves arise, of various merit, as of various size: But good and bad, promiscuous as they fall, A greedy host advance, and swallow all Like Egypts reptile race, they crowd their way, Nor rank nor age, nor place, their progress stay, They throng the gaudy mansions of the great; they greet the poor pan in his humbler state; nor in the proudest dome or meanest hovel, can human blood and flesh resist a novel" (Ware) During the 18th century a new genre of reading came into existence: novels. â€Å"Novels were different from earlier prosefiction [as they abandoned] traditional structure: (Kerber 236). Novels allowed readers to experience other people’s lives. â€Å"Characters became real people with real names who led lives much like those of their readers† (Kerber 236). As books became more readily accessible novels became increasingly popular especially with women. This is where the problems began. A woman’s responsibility (according to the patriarch society) was to the home–to raise her children to be good Christians and to be servile to her husband in all things. Some people began to feel that reading distracted women from their duties. This is illustrated in the following poem. And see! They mount the toilet of the fair, and seek and find an easy homage there. Domestick drudery can scarce advance it’s claims in competition with romance grumbling the brother or the husband goes and thus discovers, that romantick scenes are not the thing for ladies in their teens. Balls parties mean-times, are alike forgot; Poor Byron lies unread, and Walter Scott: cares, duties, pleasures without notice pass; And everything neglected, but the glass– (Ware) There was a real fear that reading novels would disrupt the woman’s duties by giving them "false ideas of life and particularly made women unsuited for and unhappy with the domestic roles for which society destined them" (Nienkamp xiv).

Arab Revolt Affect on World Economy

â€Å"A civilization which leaves so large a number of its participants unsatisfied and drives them into revolt neither has nor deserves the prospect of a lasting existence. † (Freud, 2011) As the above quote describe the revolt took place when the citizen of the country are left unsatisfied and there are demands and rights ignored by the government or the king/queen or by the monarch for their benefits and luxury it triggered the citizen to come on the roads or even to pick up the arms for the their freedom to breath in their country. This is what the world has witnessed from winters of 2010. When the citizen of the Middle East countries and North Africa mainly Tunisia, Egypt, Libya, Syria and Yemen came together to throw away the rule of the old tyrants which are ruling them for years and suppressing their lives for the lavishness in their own countries by exercising the their power on them. But once the revolt got the spark it turns into the fire and it burnt the all the ruler rules and even some ruler also have to loose their lives. The revolt which took place in the Middle East countries and North Africa was named as Jasmine revolution and Arab spring. The revolt was first triggered from the North Africa country Tunisia, and from there the demand of democracy travel to Egypt, Libya, Syria and Yemen. Facebook was one of the major tools for the revolutionary, which united them collected them and helps them to share ideas for finding the way to achieve the democracy dream. The youth played the major role in the revolt and it was fueled by the seven metrics which include price rise, corruption, income disparity, unemployment, repression, external (NATO) support and internet and mobile media support. Anderson, 2011) The Jasmine revolution or Arab Spring started from Tunisia on 18 December 2010 where the Tunisia citizen which turn out to be the revolutionary in the end for their right for democracy. Tunisia citizen was very unsatisfied from the rule of their dictator Zine el-Abidine Ben Ali who was ruling the country from 1987. In the 23 years rule zine el-Abidine Ben Ali has never thought of the citizen of the country and only thought o f his luxurious life, which resulted into the high unemployment, low income, corruption and food inflation. The balloon which was filled with hot air of the problem and concerns for their and their children life from 23 years exploded. The Tunisia citizen came on the streets on 18 December evening demanding Zine el-Abidine Ben Ali to leave the throne. The vendor Mohamed Bouaziz who killed himself by setting himself on fire in Sidi Bouzid to demonstrate Zine el-Abidine Ben Ali that it is more easy to do suicide by setting himself on fire then to live with his family in Tunisia under the rule of Zine el-Abidine Ben Ali which has only giving him problem life food inflation, poverty, no liberty and no right to even ask for his right. The death Mohamed Bouaziz work as a catalyst in the Tunisia revolution the demonstration and protest started to get more fierce which was shaking the 23 years rule of Zine el-Abidine Ben Ali. Zine el-Abidine Ben Ali tries his best to safeguard his rule by using power of police and security force. Police and security forces open fire on the demonstrators. Thousands of demonstrators got injured and hundreds of demonstrators were killed by the forces. After 28 days of Mohamed Bouaziz death On 14 January 2011 Zine el-Abidine Ben Ali has to resign from his post and to save his live he has to leave Tunisia and fly to Saudi Arabia. After the demolition of the rule of Zine el-Abidine Ben Ali a state emergency was declared. This inspired the other Middle East countries and North Africa countries to fight for the problems, rights and their freedom. ( Chick,2011) As the revolt has not only impacted the Tunisia economy itself but also the European union, Arab league and western countries. As Tunisia has very good trade relation with the European Union, United States, China and many other Asian countries so it also going to affect the economies of these countries. Tunisia is very close to European union economically and commercially, On 1 January 2008 European Union and Tunisia signed a association agreement in which all the trade barriers and custom tariffs was lifted for both the countries on manufactured goods which made free trade for both the European Union countries and Tunisia. Tunisia used mainly deals in manufacturing goods, textiles, footwear’s, petroleum and electrical and mechanical goods. Tunisia exports count of $ 16. 416 billion which is mainly clothing, semi finished goods and textiles, mechanical and electrical goods and hydrocarbons. The main importers of the Tunisian goods are European Union countries, European Union import more than 76% of Tunisia goods which are export from Tunisia to other countries. Asia, Africa and Americas are the next major importer of the Tunisian goods. So the revolt has significant affect on the European Union countries market. Tunisia is not only the supplier of goods to European market but it is also very good market for the European Union countries as the European countries export more than 71% total import of the Tunisia which accounts for $ 22. 08 billion, Asia and African next two major exporter for Tunisia. (European Commission Trade,2010) The United States of America has also signed a Trade and Investment Framework Agreement in October 2002. Tunisia has also signed a Agadir Agreement with Saudi Arab, Jordan and Morocco In 2004. (U. S. Department of State,2011) Egypt was the next country which got inspired by the Tunisia revolution and was ready to do the same which Tunisia citi zen has done for their democracy and right because Egypt was also suffering from the same disease from many years name dictatorship. Egypt economy was growing under the rule of Hosni Mubarak but some factors that triggered the Egypt citizen to fight for the resignation of Hosni Mubarak was the corruption, low incomes, high unemployment, food inflation, emergency law and no right to speak. These were the factors which was the cause of the end of the Hosni Mubarak rule over Egypt. Hosni Mubarak got the power to rule Egypt in 1981 and he ruled Egypt for 30 years by imposing the continuous state of emergency in the country. On 25 January 2011 young generation of Egypt decided that they are going to fight against the corrupt government of Hosni Mubarak by using the social networking sites like Facebook and twitter. The social media and television media played very big role in Egypt revolution. On 28 January 2011 thousands of people came out of their houses on streets for the peaceful demonstration in Cairo. President Hosni Mubarak tried very hard to cling on the power by giving speeches to the nation, by promising he want stand for election for next time and by forming a new cabinet. But on 3 February in Cairo on Tahrir square the tsunami of protestor has been witnessed by Egypt and then riots broke out in which many people died and got injured. After the 18th day protest on 11 February 2011 Hosni Mubarak step down from the post of the president and the Egyptian Armed force took over the control of Egypt. (Amar, 2011) Egypt is not a oil exporting country but it play a very vital rule in providing the oil to the other through the gift of Suez canal. Suez Canal is 102 mile long canal situated in the red sea. Through Suez Canal and overland pipelines in Egypt nearly 3. 6 % of total oil production passes to the world which is 3 million barrels of oil every day. 2700 crude oil tanker ships passes through the canal and if the revolt continues and it disrupted the canal then it will directly lead to the price rise of the oil which will be the strong reason for spreading the food inflation in the world. (Dadwal, 2011) After Tunisia and Egypt it was turn of Libya which was suffering from the rule of Colonel Muammar Gaddafi. Libya citizen was facing many problems during the 42 years rule of Colonel Muammar Gaddafi like unemployment, corruption in government office, no right speech, human right violation and food Inflation. But after the success of Tunisia citizen Libya got the new hope that they can fight for their right and they can win they rights. The protest was started on 15 February 2011 and turn into civil war when security force fire on the crowd. After that rebellion group was formed. On 20 February rebellions captured Tripoli which is the capital of Libya. In this fight the rebellion also got the support of the NATO forces which was bombarding on Gaddafi army. After capturing the Tripoli the one and only aim of the rebellion force was to capture Muammar Gaddafi and kill him. On 20 October Muammar Gaddafi rule ended on Libya and his life to he was killed by rebellion army when he was trying to escape from Libya. On 23 October 2011 the civil war of Libya ended. (BIX, 2011) Economically Libyan Civil war has many major impact on the global economy as Libya is one of the oil producing country in the North Africa and it’ s oil production counts for 1% or 2% of total oil production of the world. But Libya export more than 85% oil to Europe and 5% oil to US. Because of the Libyan Civil war the oil price have rocketed in global market. Libya produces 1. 7 million barrels a day on the normal day of Libya but after the protest started the oil production has gone down more than 50%. In the revolt time Libya is just producing half of the oil compare to normal day which is less than 400000 barrel a day. The production has gone down because the foreign workers which work in oil refinery have to flee to their homes to safe their life and because of which in the oil refineries few worker are left. The energy export of Libya has been completely stopped after the revolt which has given the new jump to the oil in the world market. Italy imported 25% of oil and 15 % of natural gases from Libya. Greenstream pipeline which carriers’ natural gases from Sahara field of Wafa to Mediterranean port which ship to Italy for meeting the energy requirement of Italy. But during the Libyan Civil war it was under the control of rebellion forces because of which Italy has to suffer from energy shortage. Because of Libyan civil war the oil futures rises to $120 barrel in London and $100 in US which was the highest since the global slowdown of 2008. ( WATSON,2011) And the oil will have more price rise because the Libya output might be vanished for some time from the global market. Saudi Arab have also announced that it will cover the oil production from Arab nation by producing more oil which will cover for the lost of oil production of Libya. And they will ship extra barrels to European countries through Red sea. Saudi Arab has also convinced the West African countries to divert the shipment of oil from Asia to Europe. But the high quality oil of Libya which has low sulphur contain and which can easy be refined will created problem for the European small refineries to refine the heavy sulphur Saudi Oil which will also increase the cost of the European countries and which will be seen on the price of the product of goods in the long run. But it not all about Libya export it also about the Libya Import as the Libya Import account for more than $ 22 billion. The goods which is mainly imported by Libya are machinery, transport equipment, food, manufactured goods and consumer products and the major countries which export these goods to Libya are Italy, China, Turkey Germany and South Korea etc. These countries will be also being facing problem because the market where they were selling the goods it is completely destroyed by the revolt. (Reddy,2011) Syria is also included in the name of the countries which are fighting for their freedom like Tunisia, Egypt and Libya. The causes for the Syrian revolution was quite same with the other three countries like corruption in government, dictatorship, no human rights, unemployment and inspirational success of the revolt of Tunisia and Egypt. In Syria this war is not for one person this war is against the corrupt government of Syria which is ruled by Ba’ath Party who’s Hafez al Assad ruled this country for 30 years and after his death his son Bashar-al-Assad succeeded him and capture the throne of Syria. On 15 march the Syrian decided to protest against the Assad family which is ruling them from 1970 by using their terror and power. Assad family have many examples of brutality on Syria back but on 15 march citizen of Syria called it â€Å"Day of Dignity† and thousands of people came out to protest against Bashar-al-Assad demanding his resignation. Bashar –al-Assad is clinging to the power by security forces and police. Security force and police has killed many protestors during the protest to safeguard the crown of the president of Bashar-al-Assad. Bashar–al-Assad has fired his old government but he remain in the power and he formed a new government to manipulate the people of Syria. But the protest is still going on and Bashar–al-Assad is using army to suppress the revolt. Blanford, 2011) Economically Syrian uprising will also affect the world and first it will affect it neighboring countries mainly Turkey, Jordan, Lebanon and Iran. Turkey and Syria has the trade of $2. 27 billion last year it is definitely going to hurt Turkey badly. Firstly the demands for the Turkey goods are decr easing in Syria after starting of the Syrian uprising. The sources have estimated that the demand of the imports and Turkish goods which used to be high has decreased very sharply. The percentage decrease in the demand of Turkish imported goods in Syria has fallen between 30% to 40%. nd it is expected that the percentage decrease may also drop more than this. Both Turkey and Syria are not even having the desire to renew their contracts because of Syrian Uprising. In 2010 Turkey exported goods to Syria which account for $ 630 million while Syria exports goods to Turkey which account for $ 1. 6 billion. Turkey has invested around $ 260 million in sector such as lighting industry and construction industry. Second country which is going to get affected from this revolt is Lebanon. Lebanon is going to affected by Syria in two ways. Firstly the Syria and Lebanon has very good trade relation with each other. In 2010 the trade between both the countries is valued around $ 1. 3 billion. Secondly Lebanon got cheap labour from Syria and because of Syrian uprising the movement of labour will become difficult which rise the labour cost in the Lebanese economy. But because of this revolt Lebanese bank will have benefits, as Syrian merchants and businessmen use Lebanese banks to keep their deposits. And because of the revolt and instability in Syria the banking activity of Syrian merchant and businessmen will increase in Lebanese bank. Iraq is primary destination of Syrian exports as the Syria export goods to Iraq which account for $ 2. 5 billion which is the 18. 8% of the total Syrian export. (Saif, 2011). Syria is not a major oil producing nation. Two Asian emerging economies China and India has also invested in the Syria Al-Furat Petroleum company in 2005. India OVL and China CNPC jointly bought a 37% stake in the Syria Al-Furat Petroleum Company, which own 39 oil and gas fields in whole Syria. Share of OVL (India) was 0. 72 million tones in 2009- 2010 in the production of the crude oil in Syria. In 2009 OVL (India) founded oil on onshore block of North-Eastern Syria which are under the commercial development. So India and china also might get affected if the revolt continues in Syria. Syria uprising will also have impact on Russia and the European Union countries as they are one of the important trade partner of Syria. ( Balakrishanan,2011) Yemen Upspring 2011 started on 27 January when 16000 demonstrators came on to the streets against the president of Yemen Ali Abdullah Saleh and start demanding the resignation from the post of the president, which he was holding from 1978. After Tunisia revolution success Saleh was aware of the protest is going to happen in Yemen too. So Soon after the Jasmine revolution success he increased the salaries of military officers and civil servants by 25%. On 3 February 20000 people of Yemen protested against Saleh in Capital of Yemen Sana’a. On 18 march Saleh force killed 52 and injured hundred of protestors in Sana’a. But people of Yemen are still fighting for their human rights and against corruption. Ali Abdullah Saleh is evacuated to Saudi Arab Because he got injured in Bomb blast in the presidential compound mosque. And he hand over the power to vice president Abd al-Rab Mansur al-Hadi and revolt is going on and on. (Economist, 2011) Economically Yemen uprising impact will be seen mostly in the Asian Countries China and India. As China and India has very good trade relation with Yemen from many years. Yemen is a one of the largest market for Chinese product. Yemen export nearly account for $ 7. 5 billion which is mainly petroleum products, liquefied natural gas and refined oil products and the major market for the Yemeni goods are China, India, Thailand, South Africa, South Korea and United States. Yemen Import accounts for around $ 9. 2 billion and the major supplier are China, India, UAE, Saudi Arab and Kuwait. As the revolt goes on these are the countries whose market might suffer in the future. (U. S. Department of State 2011) Before the start of the Arab spring the Brent crude oil price was $100 per barrel. International Energy Agency has shown an astonishing figure of the growth by 2. 7 billion barrel per dollar, and has also predited that the growth will have a pace of 1. 5 million barrel per day for the world. The Arab Spring 2011 has had its major impact on the oil prices. The prices have risen in all parts of the world as there has been the unfavorable condition of more demand than the Arab countries can supply. The risk is greater in the emerging economies of the world than on the developed economies, because the developed economies have the money and they hold some power in these Arab economies which the emerging economies cannot enjoy. The main countries which are facing the revolt are Tunisia Libya and Egypt. As Libya is the 13th largest oil producing country and Egypt also control the supply of oil in foreign countries by Suez canal. The price of Brent crude oil has increased to $115 per barrel and on 24 February the price of oil got increased to $120 per barrel because it was realize that the world have to manage without or less supply of oil from Libya which accounts for 2% of worlds need. During the period of oil embargo in 1972, Iranian revolution and invasion of Iraq on Kuwait the world had witnessed a recessionary period and had also suffered from high oil prices to the low supply of the same. The world economy is very sensitive to oil price. As the price of Brent Crude oil had jumped 25% in last year which $23 per barrel. IMF has recognized that 10% increase in the oil price will decrease the GDP of economies by 0. 2% to 0. 3% in year. Increase in the oil prices may send back US and UK economy in double dip recession in the future. Every dollar increase in the oil price leads to the increase in US gas price by 2. 3 cent per gallon and which leads to the consumer taxes to $ 1. 2 billion per year. Emerging countries like India and China will be hard hit from the rise in the oil prices. The higher oil price may increase the inflation rate in the Emerging countries as China was targeting the Inflation rate of 4% but it rose well above the target which is 4. % and India inflation has been more than 9% in this which. The higher oil price may jump inflation rate in the near future. The increase in the oil prices may also result in higher unemployment as the rise of the oil price will increase the price of manufacturing which will lead to layoffs which will cause the stagflation in the economy. (Economist, 20 11) As the Arab Spring was for the democracy and for the Human rights of the citizen of MENA countries but the fact can’t be neglected that it had hurt the world economy quite badly and it may also worsen the current situation of world, hich is already suffering from other wounds like recession, Euro zone crisis, Japan crisis due to tsunami and earthquake and occupy wall street and many more events. But â€Å"You are a human being. You have rights inherent in that reality. You have dignity and worth that exist prior law† (Neylon,2011) Reference List 1. Anderson, L (2011), ‘Demystifying the Arab Spring', Foreign Affairs, 90, 3, pp 2-7. 2. Amar, P (2011), ‘EGYPT AFTER MUBARAK', Nation, 292, 21, pp. 11-15 3. Blanford, N (2011), ‘Could Syria see an uprising like Egypt's? Not likely', Christian Science Monitor. Available at: http://ehis. ebscohost. com/ehost/detail? vid=6=121=f6bf370c-a90d-4f69-a3a9-eecc26d597ec%40sessionmgr115=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=aph=57765811 4. BIX, HP (2011), ‘The North African–Middle East Uprisings from Tunisia to Libya', Massachusetts Review, 52, 2, pp. 329-347. 5. Balakrishanan ,B (2011) ‘Global Impact of Syria’a crisis’ The Hindu Business Line, Available at: http://www. thehindubusinessline. com/opinion/columns/bhaskar-balakrishnan/article2032363. ece [Accessed on 6/11/2011]. 6. Chick, K, (2011). How revolt sparked to life in Tunisia. Christian Science Monitor , Available at:. ttp://ehis. ebscohost. com/ehost/resultsadvanced? sid=f6bf370c-a90d-4f69-a3a9-eecc26d597ec%40sessionmgr115=3=20=(yet+more+cracking+down)=JmRiPWFwaCZ0eXBlPTEmc2l0ZT1laG9zdC1saXZl 7. Dadwal. R. S, (2011) ‘The Crisis in Egypt and its Impact on the Oil Market’ Available at: http://www. eurasiareview. com/05022011-the-crisis-in-egypt-and-its- impact-on-the-oil-market/. [Accessed on 7/11/2011] 8. European Commission Trade (2010), ‘Tunisia’ Available at : http://ec. europa. eu/trade/creating-opportunities/bilateral-relations/countries/tunisia/ [Accessed on 8/11/2011] 9. Freud,S (2011) ‘Sigmund Freud quotes’ Available at: ttp://www. brainyquote. com/quotes/quotes/s/sigmundfre401883. html [Accessed on 8/11/2011] 10. Neylon. L. B (2011) ‘Quotation about human rights’ Quote Garden Available at: http://www. quotegarden. com/h-rights. html [Accessed on 9/11/2011] 11. Reddy,S,B,S (2011) ‘ Libyan crisis to hit domestic inflation’ India Today. in, Available at: http://indiatoday. intoday. in/story/libya-unrest-to-hit-domestic-inflation/1/131802. html [Accessed on 6/11/2011 ] 12. Saif, I, (2011). Syria:Crisis may hurt economies of Turkey,Lebanon,Jordan,Iraq. Los Angeles Times, 13 August.. 13. ‘The price of fear' (2011), Economist, 398, 8723, pp. 29-32. 4. U. S. Department of State (2011) ‘Tunisia economy’ Available at: http://www. state. gov/r/pa/ei/bgn/5439. htm [Accessed on 7/11/2011] 15. U. S. Department of State (2011) ‘Yemen Economy’ Available at: http://www. state. gov/r/pa/ei/bgn/35836. htm [Accessed on 7/11/2011] 16. WATSON, T (2011), ‘THE PRICE OF REVOLUTION', Canadian Business, 84, 5, pp. 12-14. 17. ‘Yet more cracking down' (2011), Economist, 398, 8725, p. 57. Available at: http://ehis. ebscohost. com/ehost/resultsadvanced? sid=f6bf370c-a90d-4f69-a3a9-eecc26d597ec%40sessionmgr115=3=20=(yet+more+cracking+down)=JmRiPWFwaCZ0eXBlPTEmc2l0ZT1laG9zdC

How Many Zeros in a Billion A Million A Trillion

How Many Zeros in a Billion A Million A Trillion SAT / ACT Prep Online Guides and Tips Wondering how many zeros are in a billion? A trillion? A nonillion? Whether you’ve recently won the lottery and are trying to make sure your bank account has the correct number of zeros or you’re simply trying to find an easy way to understand how many zeros are in large numbers (over a million), this is the article for you. We’ll break down an easy trick for figuring out how many zeros are in large numbers and provide a handy chart for easy reference. How Many Zeros in a Trillion? How Large Numbers Are Made The digit zero (0) is important for counting large numbers. The larger the number is, the more zeros it has. Starting at 1,000, large numbers have groups of 0s in them. Every time you jump up to the next level of number, another 0 is added. The number one thousand has three 0s in it (1,000). The number 10,000 has four 0s in it (10,000). The number one hundred thousand has five 0s in it (100,000). The number one million has six 0s in it (1,000,000). Every time you have a full group of three zeros, like in one million (1,000,000), you use a comma to separate them. How Many Zeros in a Million? How Many Zeros in a Billion? Reference Chart Here’s how numbers from 100,000 to 1,000,000,000,000,000,000,000,000,000,000 (nonillion) look when written out with the correct groups of three 0s. Name Number of Zeros Written Out One Thousand 3 1,000 Ten Thousand 4 10,000 One Hundred Thousand 5 100,000 One Million 6 1,000,000 Billion 9 1,000,000,000 Trillion 12 1,000,000,000,000 Quadrillion 15 1,000,000,000,000,000 Quintillion 18 1,000,000,000,000,000,000 Sextillion 21 1,000,000,000,000,000,000,000 Septillion 24 1,000,000,000,000,000,000,000,000 Octillion 27 1,000,000,000,000,000,000,000,000,000 Nonillion 30 1,000,000,000,000,000,000,000,000,000,000 How to Figure Out How Many Zeros in a Million Trying to figure out how many zeros should be in a large number? Each large number always adds a zero to the number immediately preceding it, starting at 1,000. 1,000 has three zeros. That means that the next large number, ten thousand (10,000), has four zeros. The same goes when you get into the millions. One million has six zeros (1,000,000). Ten million has seven zeros (10,000,000). One hundred million has eight zeros (100,000,000). When you make the jump from one large number to the next designation (for instance, from one million to one billion), you’ll add a group of three zeros. One million has six zeros (1,000,000), while one billion has nine zeros (1,000,000,000). Recap: How Many Zeros in a Billion? Zero the most important digit for creating large numbers. Large numbers above 100,000 have groups of three zeros separated by commas. A million has six zeros, a billion has nine, and a trillion has 12. What’s Next? Writing a research paper for school but not sure what to write about? Our guide to research paper topics has over 100 topics in ten categories so you can be sure to find the perfect topic for you. Learning about natural logs? Check out our guide on the natural log rules you must know to ace this subject. What is dynamic equilibrium and what does it have to do with rusty cars? Find out by reading our complete guide to dynamic equilibrium.