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Topic Review
International Monetary Systems
An international monetary system is a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. It should provide means of payment acceptable to buyers and sellers of different nationalities, including deferred payment. To operate successfully, it needs to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade, and to provide means by which global imbalances can be corrected. The system can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, it can arise from a single architectural vision, as happened at Bretton Woods in 1944.
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  • 02 Dec 2022
Topic Review
F.B.T. Productions, LLC V. Aftermath Records
F.B.T. Productions, LLC, et al. v. Aftermath Records, et al. 621 F.3d 958 was a case in which the United States Court of Appeals for the Ninth Circuit dealt with how Federal Copyright Law applied to the sales and licensing contracts of music downloads and other downloadable copyrighted material. Specifically, the circuit court ruled that a licensing provision in the contract between F.B.T. Productions and Aftermath Records unambiguously applied to permanent downloads and mastertones offered through third party distributors. After reviewing the First Sale Doctrine and the nature of Aftermath's contracts with its distributors, the circuit court concluded that such downloads constituted a licensing of copyrights rather than a sale, causing Aftermath to pay higher royalties to F.B.T. under their agreement.
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  • 02 Dec 2022
Topic Review
Contract Management
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Common commercial contracts include purchase orders, sales invoices, utility contracts, letters of engagement for the appointment of consultants and professionals, and construction contracts. Complex contracts are often necessary for construction projects, goods or services that are highly regulated, goods or services with detailed technical specifications, intellectual property (IP) agreements, outsourcing and international trade. Most larger contracts require the effective use of contract management software to aid administration among multiple parties. A study published in 2007 found that for "42% of enterprises ... the top driver for improvements in the management of contracts [was] the pressure to better assess and mitigate risks" and additionally, "nearly 65% of enterprises report that contract lifecycle management (CLM) has improved exposure to financial and legal risk".
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  • 02 Dec 2022
Topic Review
Flybuys (Australia)
flybuys is an Australia n loyalty program owned and operated by Coles, with the main participating retail outlets being Coles Supermarkets, Coles Express, Kmart, Liquorland, First Choice Liquor and Target stores. It is one of Australia's largest loyalty programs, with over 10 million flybuys cardholders in over 5.5 million Australian households. Members earn points from household consumer purchases (and through credit card use) and subsequently exchange points for gift cards, merchandise, flights and other rewards.
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  • 02 Dec 2022
Topic Review
North–South Divide
The North–South divide is a socio-economic and political division of Earth popularized in the late 20th century and early 21st century. Generally, definitions of the Global North include the United States , Canada , almost all the European countries, Israel, Cyprus, Japan , Singapore, South Korea , Australia , and New Zealand. The Global South is made up of Sub-Saharan Africa, Latin America and the Caribbean, Pacific Islands, and the developing countries in Asia, including the Middle East. It is home to the BRIC countries (excluding Russia ): Brazil , India and China , which, along with Indonesia and Mexico, are the largest Southern states in terms of land area and population. The North is mostly correlated with the Western world and the First World, plus much of the Second World, while the South largely corresponds with the Third World and Eastern world. The two groups are often defined in terms of their differing levels of wealth, economic development, income inequality, democracy, and political and economic freedom, as defined by freedom indices. Nations in the North tend to be wealthier, less unequal and considered more democratic and to be developed countries who export technologically advanced manufactured products; Southern states are generally poorer developing countries with younger, more fragile democracies heavily dependent on primary sector exports and frequently share a history of past colonialism by Northern states. Nevertheless, the divide between the North and the South is often challenged and said to be increasingly incompatible with reality. In economic terms, as of the early 21st century, the North—with one quarter of the world population—controls four-fifths of the income earned anywhere in the world. 90% of the manufacturing industries are owned by and located in the North. Inversely, the South—with three quarters of the world population—has access to one-fifth of the world income. As nations become economically developed, they may become part of definitions the "North", regardless of geographical location; similarly, any nations that do not qualify for "developed" status are in effect deemed to be part of the "South".
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  • 02 Dec 2022
Biography
Raul Krauthausen
Raúl Aguayo-Krauthausen (born 1980 in Lima, Peru) is a German disability rights activist. He studied Social and Economic Communication at the Berlin University of the Arts and Design Thinking at the HPI School of Design Thinking. He was awarded the Order of Merit of Germany and is an Ashoka Fellow. Krauthausen grew up in Berlin and attended one of the first inclusive schools as a child. He c
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  • 02 Dec 2022
Topic Review
Trickle-Down Economics
Trickle-down economics, also called trickle-down theory, refers to the economic proposition that taxes on businesses and the wealthy in society should be reduced as a means to stimulate business investment in the short term and benefit society at large in the long term. In recent history, the term has been used by critics of supply-side economic policies, such as "Reaganomics". Whereas general supply-side theory favors lowering taxes overall, trickle-down theory more specifically targets taxes on the upper end of the economic spectrum. The term "trickle-down" originated as a joke by humorist Will Rogers and today is often used to criticize economic policies that favor the wealthy or privileged while being framed as good for the average citizen. David Stockman, who as Ronald Reagan's budget director championed Reagan's tax cuts at first, later became critical of them and told journalist William Greider that "supply-side economics" is the trickle-down idea: Political opponents of the Reagan administration soon seized on this language in an effort to brand the administration as caring only about the wealthy. Some studies suggest a link between trickle-down economics and reduced growth. Trickle-down economics has been widely criticized, particularly by left-wing, centre-left and moderate politicians and economists, but also some right-wing politicians. A 2019 study in the Journal of Political Economy found, contrary to trickle-down theory, that "the positive relationship between tax cuts and employment growth is largely driven by tax cuts for lower-income groups and that the effect of tax cuts for the top 10 percent on employment growth is small."
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  • 02 Dec 2022
Topic Review
Smart Tourism Ecosystem
For the sustainable tourism experience, a smart tourism ecosystem is created so that personalized, context awareness, as well as real-time monitoring, can be ensured.
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  • 01 Dec 2022
Topic Review
Conceptual Economy
Conceptual economy is a term describing the contribution of creativity, innovation, and design skills to economic competitiveness, especially in the global context.
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Topic Review
First-Price Sealed-Bid Auction
A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. In this type of auction, all bidders simultaneously submit sealed bids, so that no bidder knows the bid of any other participant. The highest bidder pays the price they submitted.:p2
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  • 01 Dec 2022
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