Asian Economic Crisis Essay, Research Paper
For the last few decades, Asia had been the world’s economic miracle, achieving remarkable rates of growth and building high-quality manufacturing industries in just about anything and everything. However, since the struggle with collapsing currencies and plunging stock markets beginning in 1995, the Asian Economy has become weak. It is now in a crisis situation, where its
financial standing, especially, is at a downfall.
Currently, there are numerous retributions facing us. Inflation has occurred; there is a phenomenon of rising prices, not to mention forced devaluation and privatization. It has come to the point where big booming businesses are going bankrupt. The government is remarkably affected, especially those whose main source of income is tourism. All the companies and businesses which deal with and/or depend on tourism is on its way to impoverishment. This means that export prices had to be raised in order to
stay in competition. It seemed, although, that this wasn t enough to accommodate the money losses. Cutbacks, thus needed to made; extra expenditures and areas of obscurity had to go.
With this in mind, many businesses (mostly private) began cutting back in the employment line. Many workers were fired, or let go, as they put it, because the company couldn t afford the extra disbursements. This may have been beneficial for the companies, but not its employees and their families.
With my father, a Fire Specialist for the Guam Fire Bureau, and my mother, a financial advisor at a national bank, my family may not have been affected in the area of unemployment and retrenchment of workers. However, there are other members of other families that may have been. Because of the decrease in tourists, people who work(ed) for hotels, restaurants, and other tourism-related businesses were terminated. Those who weren t, worked longer hours to accommodate the lack of company employees.
Besides the unemployment problem, another effect the Asian Economic Crisis has imposed is inflation and the phenomenon of rising prices. Merchandise and other Asian exports have risen in cost value in addition to the free fall in the value of domestic currency. Because of this, there is a
slight fall in the standard of living. Shopping for luxuries and even necessities have changed. Because of the increase in cost of most items, we re subject to buying a lesser amount of the products we would normally purchase bountifully. Food, clothing, and computers, for example, are more
expensive than before. Prices have gone up. Therefore, the average family household must cut down on expenses. Something definately needs to be done. However, the solution remains a mystery.
Другие работы по теме:
Russian Crisis Essay Research Paper The Russian
Russian Crisis Essay, Research Paper The Russian Crisis On July 13, 1998 the Managing Director of the International Monetary fund (IMF), Michael Camdessus said, The IMF team currently in Moscow has reached an agreement with the Government of Russia on a major strengthening of Russian economic programs ( IMF Board ).
Cuban Missile Crisis Essay Research Paper Ever
Cuban Missile Crisis Essay, Research Paper Ever since the Soviet Union defeated the United States in the Cold War by launching ?Sputnik? into orbit first, they thought that they had the ?upper-hand?. Soviet intelligence therefore thought they had superior intercontinental missiles. They would soon find out that they were evenly matched by the United States.
Capitalism And Communism Essay Research Paper Capitalism
Capitalism And Communism Essay, Research Paper Capitalism and Communism are two totally different economic systems. Capitalism is a much better economic system than Communism. Capitalism is an economic system characterized by freedom of the market and is the economic system where you do not have freedom because the government will make most of your decisions for you.
Life Expectancy Essay Research Paper The environmentalist
Life Expectancy Essay, Research Paper The environmentalist view of the energy intensity is based on the legacy of the I = P?A?T equation in which environmental Impact equals Population, multiplied by Affluence, and further multiplied by Technology (Earth Report 2000: Revisiting the True State of the Planet. 1999).
Imf In Korea Essay Research Paper The
Imf In Korea Essay, Research Paper The subject matter that will be discussed within this paper are the effects of the IMF (International Monetary Fund) in relation(s) to South Korea and other neighboring Asian countries in the same economic distress. It will also tie into the use of media and other aspects of international communications Korea and the United States used to cover the crisis.
Global Crisis Essay Research Paper In times
Global Crisis Essay, Research Paper In times of global crisis, is it reasonable to expect that nation-states will put aside rivalries and join together to deal with the crisis?
James Fallows Interview Essay Research Paper Overview
James Fallows Interview Essay, Research Paper Overview As Asian markets and economies experienced a drastic slide beginning in the summer of 1997, threatening the stability of other world markets and potentially dampening
Questions Of 28 Kisses Essay Research Paper
Some Questions for 28 Kisses tackled the issues of the portrayal of Asian women in the media, their neglect of Asian men, and the topic of interracial dating. From the 28 films he finds, each includes a Caucasian male with an Asian female, each acting in a romantic fashion. These films depict Asian females in stereotypically exotic roles such as sultry masseuses and as seductive slaves.
Curtis Chang Essay Essay Research Paper Curtis
Curtis Chang Essay Essay, Research Paper Curtis Chang EssayCurtis Chang s essay was so effective it made me look at ethnic minorities differently. Ethnic minorities are not anymore issues that everybody seems to ignore, they are now groups with success. The achievement of this ethnic minority shows how they are able to achieve the American dream.
Thailand
’s Economy Essay, Research Paper Asia has been the world’s economic miracle for the last 30 years. South Korea, Hong Kong, Taiwan, Indonesia, and the Philippines have achieved remarkable rates of growth, building high quality manufacturing industries in everything from clothes to computers. Why then, are these economic tigers now struggling with collapsing currencies and plunging stock markets? The simple answer is debt.
East Asia Crisis Essay Research Paper A
East Asia Crisis Essay, Research Paper A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates. The crisis has caused Asian currencies to fall
Social Abstracts Essay Research Paper Japan South
Social Abstracts Essay, Research Paper Japan, South Korea explore free trade Political differences once in existence between Japan and South Korea once hindered the import and export industries of both companies. Now, with S. Korea’s economic recession and Japan’s economy staggering, there has been much conversation over the possibility of a free trade zone consisting of the two countries.
Freedom And Rights Essay Research Paper Freedom
Freedom And Rights Essay, Research Paper Freedom and Rights How would you feel if your individual rights and freedoms were stripped from you during a national crisis? In many countries, the people s individual rights and freedoms are supposed to be protected by the government. But, in some cases, those individual rights and freedoms were taken away from the people during a national crisis.
Asian American Literature Essay Research Paper Asian
Asian American Literature Essay, Research Paper Asian Americans seem to be fighting an unwinnable battle when it comes to the content of their writing. Writers are criticized by whites for speaking out against discrimination, and by their fellow Asian Americans for contributing to the stereotypes through their silence.
Asian Theatre Essay Research Paper Asian theatre
Asian Theatre Essay, Research Paper Asian theatre is comprised of more than one geographic area. It consists of India, China and Japan. Each brought their own uniqueness to Asian theatre. Asian theatre as it pertains to China will be discussed in this chapter. Ancient Chinese chronicles mention other theatrical activities such as skits, pantomimes, juggling, singing and dancing.
Asian Superiority Essay Research Paper Maria E
Asian Superiority Essay, Research Paper Maria E Welbourne Eng.2 J.Corcoran The Celebration of Asian Americans has Obscured Reality Ronald Takaki vocalizes in his article that ?The Harmful Myth of Asian Superiority?is not to assume that all Asian Americans are indeed successful, so it?s incorrect to generalize any particular race as superior over another.
Rise In The Context Of Globalization Essay
, Research Paper Rise in the Context of Globalization We have stepped into the age of globalization. Like anything new, globalization is double-sided. On the one hand, globalization is brewing new changes so fast in so many fields that many challenges and opportunities are presented to us. On the other hand, instead of spreading wealth around, globalization and its current macro-economic policies have brought Asian countries a strong negative impact, such as the financial crisis and unemployment.
East Asian Crisis In The Economy Essay
, Research Paper A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates. The crisis has caused Asian currencies to fall 50-60%, stock markets to decline 40%, banks to close, and property values to drop. The crisis was brought on by currency devaluations, bad banking practices, high foreign debt, loose government regulation, and corruption.
Us Affairs Essay Research Paper The US
Us Affairs Essay, Research Paper The U.S. plays a major role in most of the international affairs because the U.S. is considered to be a powerful nation. The Economy of America is strong, and the military power is one of the biggest in the world. There was a Persian Gulf War back in 1991 when the U.S. attacked Iraq.
The Iraq Crisis Essay Research Paper The
The Iraq Crisis Essay, Research Paper The Iraq Crisis The recent military action against Iraq by the USA and Britain has plunged the world closer to large-scale war than we have been since 1945. The question is, why have the USA instigated such actions?
The Graduate Essay Research Paper In the
The Graduate Essay, Research Paper In the movie The Graduate, the main character Ben returns home from college and encounters a psychological crisis in the sense that he doesn t know who he is or what he wants. This is due in large part to his smothering parents. Though it may seem like he is a free man and entitled to do as he wished, it is much the contrary.
Asian Economic And Financial Crisis Essay Research
Paper Asian Crisis The crisis began in Thailand in July 1997 and spread to Indonesia, the Philippines and Malaysia, then to Hong Kong, Korea and Japan. Financial systems in Thailand, Korea and Japan all came under intense strain, but nowhere as destructively as in Indonesia, which by early 1998 had become the worst-affected victim.
Impact Of Economics Crisis Essay Research Paper
The Impacts of Economics Crisis in Indonesia The economic crisis, which hit Indonesia, began in Thailand in June 1997. It rapidly spread, causing stocks to tumble and many Asian currencies to fall, the worst of all the Indonesian Rupiah. Indonesia s worsening economic situation is mainly due to the sharp depreciation of Rupiah against the US dollar.
Asian Essay Research Paper After nearly thirty
Asian Essay, Research Paper After nearly thirty years of great economic growth many Asian countries are in recession due to many bad business decisions. The Asian financial crisis caused the value of Asian currency fall 50-60 percent, stock markets to decline by 40 percent, property values to drop, and banks to close.
Asian Crisis Essay Research Paper The continuing
Asian Crisis Essay, Research Paper The continuing Asian economic crisis that began in mid-1997 ranks as Asia’s second biggest event since World War II. The crisis suddenly halted the region’s unprecedented three decades of rapid economic growth.
Asian Financial Crisis Essay Research Paper The
Asian Financial Crisis Essay, Research Paper The Asian Financial Crisis: Causes & Consequences Few financial events have so rocked the world economic order as the Asian financial crisis of 1997-98. Beginning with the collapse of the Thai currency in early July of 1997 and extending through the near meltdown of the South Korean economy in December 1997 through January 1998, the financial crisis toppled one “tiger” after another.
Asian Crisis Essay Research Paper Asian Crisis
Asian Crisis Essay, Research Paper Asian Crisis The financial crisis that erupted in Asia in mid-1997 has led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries. It is hard to understand what these declines will actually do to the world market. This decline is expected to halve the rate of world growth in 1998 from the four percent that was projected pre-crisis to an estimated outcome of about 2 percent.
Identity Crisis Essay Research Paper Identity Crisis
Identity Crisis Essay, Research Paper Identity Crisis: The Teenage midlife crisis By Erica C. Bowman There are many issues that face today?s teenagers. Probably one of the most common is the issue of individualism or identity. The teenage years harbor some of the most confusing and impressionable years in the life of any human being.
Economy of Russia and Economic crisis
Disintegration of the USSR. Restoration of Russia. Influence of the open market. The Asian financial crisis. Increase of local manufacture. Fast lifting of economy, gross national product. Export of consumer goods. Fluctuations in the world prices.