“One of the world’s countries least blessed with physical resources has come to be, arguably, the most successful economy in the world, as well as a nation with pervasive religions and linguistic divisions that enjoys profound social tranquility.” (Fossedal, 2002)
Switzerland, despite being only the size of Vermont and New Hampshire combined, and having a desolate amount of natural resources, is one of the richest countries in the world. Indeed, Switzerland boasts more than army knives and chocolate; it claims a GDP per capita of $42,600, among the highest in the world. (Central Intelligence Agency, 2011) Its market economy boasts low unemployment, a highly skilled labor force, high wages, and an extremely profitable export trade market.
Switzerland’s long history of political stability, neutrality in world affairs, and direct democracy system has created the backbone to what has been called “the Swiss phenomenon” by National Geographic. Switzerland’s economy is built on a highly skilled labor force and a strong service sector. Switzerland’s manufacturing industry specializes in technological innovation and knowledge-related production. Its financial center is an economic marvel of the world and is well-respected for its history of secrecy. Due to its small domestic market, Switzerland depends heavily on exports for the success of its economy and the country is competitive in foreign trade. In 2008, Switzerland experienced an economic crisis, but has recovered and again boasts a strong and stable economy. The Swiss economy has many important features that are important for other countries to note as Switzerland’s economy is climbing the rungs of the economic ladder.
The roots of modern Switzerland began in 1291 with the Swiss ...
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As a conclusion, I've learned that though these two nations are separated by thousands of miles, their cultures and ways seem to be similarly characteristic of economically unbalanced third world countries. But on a positive note, I find that loving families and hard-working people are a continuous product of both societies, ensuring a stable incline towards a more confident society devoid of any corruption.
The biased Colonial policies, typically in favor of the Christian South, lead to regional disparities. 3 Due to a combination of historical factos, neglect and corruption, the predominately Muslim North has trailed the south in terms of education and wealth.2 Though the Northern population is probably larger it is much poorer than the rest of the country. Its...
Many countries around the world experience great poverty, maybe because the country has little amounts of natural resources or it has never gotten out of a slump that dragged down the economy. The people of the country are affected greatly by this, almost directly, if there are no resources available, people can’t work to refine the resources, make or use them. So instead of using the resources available, the country buys the materials needed. This puts the country in debt, along with the people. In order to get out of debt, taxes are raised and people slowly lose their jobs and their money. The affect of that is turmoil, some people blame their misfortune on a certain race or culture, some on a religion. In the case of Germany in 1938...
The economics of Haiti has deceased in the last 4 years after the devastating earthquake that struck it 4 years ago. The Haiti economy has become very poor and one of the poorest country in the south, Central America and Caribbean region making it ranked 24 out of 29 countries in this area and its overall score is below average. Haiti’s economic freedom is 48.1 making it economy the 151st freest country while in the last several years Declines in the management of government spending, freedom from corruption, and labor freedom make its overall score 2.6 points lower than last year. Recovering from the disastrous earthquake in 2010 with the support of the U.S. recovering efforts “Haiti’s post-earthquake reconstruction efforts continue, assisted by substantial aid from the international community. Governing institutions remain weak and inefficient, and overall progress has not been substantial. The parliament has not renewed the mandate of the Interim Haiti Recovery Commission, which had been tasked with overseeing reconstruction efforts but was unpopular.”( .heritage.org). The open market of Haiti trade weighted to be 2.1 this is because the lack of tariffs hamper the trade freedom of Haiti. Foreign investors are given national treatment but the investment is small and the financial sector is remained underdeveloped and does not provide any adequate support.
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Switzerland is also one the world's most prosperous countries in terms of private income. In 2003 the median household income in Switzerland was an estimated $54,000 (U.S.), 26% higher than the 2003 U.S. median income of $43, 000. They also consistently rank high on quality of life indices such as high concentrations of computer and internet usage per capita, high insurance coverage per individual, and high health care rates.
Current economic reforms in Austria are increasing the attractiveness of foreign investment. There are several advantages to conducting business in Austria that will be particularly relevant in the year 2004. Austria is an international crossroads bordering on eight European countries which include Germany, Italy, Switzerland, Slovenia, Hungary, Slovakia, Czech Republic, and Liechtenstein. Austria’s eastern neighbors, Czech Republic, Slovakia, Slovenia, and Hungary will join the EU in May of 2004. The impact of this is that Austria will become more centrally located.
Second largest country in Africa, tenth largest country in the world, diverse culture extending from the Mediterranean coast to the dunes of the Sahara Desert...Algeria. Even with its massive size the current status of Algeria’s economy is quivering in the lofty winds of the Tell Atlas Mountains. The economy tends to remain dominated by the state, which is accordingly a legacy of the country’s socialist post-independence development model. Hydrocarbons are the backbone for Algeria, accounting for 60% of budget revenues, 30% GDP, and 95% of export earnings. Reviewing the last five years we see the government halting privatization of state-owned industries, and increasing the restrictions of imports and foreign involvement. Algeria’s economy, however, continues to grow in 2012 it grew 2.5%, up vaguely from 2011 at 2.4%. Then excluding hydrocarbons the growth has been 5.8%, 0.1% from 2011. Inflation is increasing, currently at 3.9% which varies yearly; 8.9% in 2012, 4.5% in 2011. From 2004 to 2008 the real GDP stay fairly consist from 5-7%, however in 2009 it dropped immensely, and since then every other year the numbers fluctuate. The highest was in 2012 at almost 10%, and the lowest was 2011 at 0%. Looking at the past decade it is perplexing to understand the pattern the GDP follows. The gross national savings in 2013 was 45.5% of the GDP, fluctuating like real GDP; 44.4% (2012), 47.7% (2011). The labor force was at 11.15 million in 2013 which is ranked 48th in the world, however with the high unemployment rate (10.3%-2013) it brings the country to 109th in the world. With the current account balances at $6.7 billion, which is half the amount from 2012 ($12.3 billion), which coincides with the exports amounts of $68.25 billion in 2...
In this paper, I will demonstate how Brazil has been considered an intangible agricultural, mining, manufacturing, and service sectors, that rapidly grew for its country’s enlarging working class. Brazil 's economy surpass other South American countries. Brazil is growing its visibility in world commerce. Brazil has persistently improved its economic stability by forming more foreign reserves, and reducing its debt by varying its obligations towards designated and nationally held accounts. Brazil became stagnant after strong growth, however due to the global financial crisis that hit Brazil several decades ago, working families suffered. Brazil was one of the first markets to materialize a recovery. With a renewed consumer confidence, GDP growth
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Why Nations Fail takes an in depth look into why some countries flourish and become rich powerful nations while other countries are left in or reduced to poverty. Throughout this book review I will discuss major arguments and theories used by the authors and how they directly impact international development, keeping in mind that nations are only as strong as their political and economical systems.