A tax haven is a state, country or territory where certain taxes are levied at a low rate or not at all, which is used by businesses for tax avoidance and tax evasion Individuals and/or corporate entities can find it attractive to move themselves to areas with reduced taxation. This creates a situation of tax competition among governments. Taxes vary substantially across jurisdictions. Sovereign states have theoretically unlimited powers to enact tax laws affecting their territories unless limited by previous international treaties. The central feature of a tax haven is that its laws and other measures can be used to evade or avoid the tax laws or regulations of other jurisdictions. read more
A uniform tariff classification of products can be relevant in determining what are “like product” if sufficient detail, tariff classification can be a helpful sign of product similarity. However, there is a major difference between tariff classification nomenclature and tariff bindings or concessions made by members of the WTO under Article II of the GATT. There are risks in using tariff bindings that are too broad as a measure of product likeness. It is true that there are numerous tariff bindings which are in fact extremely precise with regard to product description and which, therefore, can provide significant guidance as to the identification of “like product” read more
Socio-Economic Crisis in America
Illiteracy statistics in America are alarming and represent not only a socio-educational crisis but also a socio-economic crisis. In a survey conducted by Trivani Word Press in 2008, America was ranked 12th among 20 higher income countries. On the domestic front, statistics further reveal that 7 million adult Americans are illiterate and only 50% are unable to read a book at 8th-grade level (Morse, 2007).
The Economic Impact of Illiteracy is Profound in America
Children of adults who may not acquire a decent job in their lifetime due to illiteracy are supported by the taxpayer’s money. Illiteracy in families undergoes inter-generational cycle; the likelihood of illiteracy in children born in families where parents are illiterate is high due to lack of role models. By observing their parents from childhood, these children are cultured to think that illiteracy is normal since their parents are able to cope without education.
Gradual Evolution of Brazil US Trade Ties
Schott (2003) explores the gradual evolution of Brazil-U.S. trade and business ties. He’s primary focus is how the two nations can work together to improve bilateral involvement in trade, business and investment. From his paper, it is appropriate to conclude that, for a bilateral relationship to be made possible, there must be some cultural alterations, to some extent.
Economic policies of Britain
The ageing population of the British economy has been a key driver of their economic change. The government has been keen to note some of the economic challenges and opportunities that have been brought along by the ageing British community. Despite the challenges that are presented by this ageing population, there are also positive opportunities that can be embraced from this change in demographics that is being experienced in the British community (Riley, 2006).
Economic Growth cannot Reduce Poverty
Economists believe that economic growth cannot reduce poverty, improve equality and produce jobs unless it is inclusive. Inclusive growth is essential for the achievement of the Millennium Development Goals (MDGs) over above other merited advantages. Indeed, political analysts and theorists concur that if the process globalization is successful – it is likely to become an essential ingredient for inclusive growth globally.
Marxist Theory of Poverty and Inequality
Lastly, the Marxist theory of poverty and inequality is a radical departure from the individualistic and the cultural theories. Marxists do not blame the poor for their poverty (individualistic approach) nor do they blame their culture (cultural approach) (Jordan 1996).
On the other hand, relative poverty refers to the situation in which a person lacks the necessary resources to enable them to lead a normal and desirable life that exist within a given society at a given time. For instance, if a person cannot afford to acquire a cooked meal then he or she is not entirely poor they are certainly in relative poverty. There are three theories of poverty: the socialist or the Marxists theory, individualistic theory and cultural theory (Jordan (1996).
Curative Remedy to the Problem of Poverty
In search for a curative remedy to the problem of poverty, in the last two decades the IMF and the World Bank prescribed some medicine for the troubled third world economies:
- Governments were advised to reduce the money supply through increased internal interest rates as long as they managed to stabilize the value of the local currencies (Monetary austerity)
- The World Bank urged governments to increase their tax collections and reduce government expenditure (Fiscal austerity).
- Similarly, the governments were urged to lay off their stake in public enterprises to the private sector (Privatization).
- Most importantly, governments were encouraged to remove regulation and restrictions on external investors (Financial Liberalization) to allow inflow and outflow of capital.