The moral of the story is that even though sticky prices are in no one's interest, prices can be sticky simply because price setters expect them to be" (para. 18). This real life scenario is what Wolfgang Munchau suggests is leading to the global economic crisis. Munchau argues that the world leaders' failure to act has resulted in a global coordination failure, and the global recession that is currently in full force. Indeed, Munchau says, "Not one of [the London summit's] resolutions move the world a small step closer to resolving the global economic crisis" (para. 1). The reason for this, according to Munchau, is because they have waited to make crucial decisions, decisions that they are still waiting to make (para. 1). Munchau's argument offers a commentary on why some consider governments a part of the coordination failure problem instead of the solution. Governments, at least democratic ones, are traditionally slow to act, since they have a two-level game that requires they both...
Furthermore, governments tend to be more hesitant and less likely to act with business savvy than are private corporations. This does not necessarily mean that governments will always be a part of the communication failure problem. However, it does suggest that they must learn to act with more efficiency in order to avoid compounding coordination failure problems. Instead, governments must make decisions -- even risky ones -- efficiently. When economic crises occur on a global level, it is even more pertinent for governments to act quickly in order to be part of the solution rather than part of the problem.
Wichit Na Ranong, President of the Tourism Council of Thailand, said: "In a few months there will be a lot of social problems. We need more work for our people. We need the tourists to come back and spend their money, to restore people's livelihoods, otherwise we could be in trouble." As far as the accommodations and infrastructure are concerned the beaches on the West Coast of Phuket were the
Developing Countries Adopting (sar) Challenges Facing Developing Countries Adopting International Convention Maritime Search Rescue (SAR) The growth observed in developing nations has led to maritime traffic in the entire region. In addition, the increase in maritime activities has led to more threats of emergencies at the seas. For the region to enhance security and safety, developing countries had to adopt a legal and binding agreement on working together in maritime search
The ability to create a more effective knowledge management and learning system is more important than just creating an online store and populating it with products, which is a key lessons learned through much of the analysis for this report (Molla, Heeks, 2007). The internationalization of e-commerce then is the antithesis of one-size-fits all; it is rather the ability to tailor e-commerce strategies with accuracy and precision to the
Economic Development and Trade In an era of increased globalization and advancements in technology, it has become increasingly important for all of the nations of the world to keep bringing improvements in their economic infrastructure and to expand their businesses on the global scale. It has been observed that without a reasonable level of economic development any country cannot gain a competitive position in the world market. This is the dilemma
For the period of the late 1960s and early 1970s, West Germany strived to assist the dollar. The United States and many other nations pushed West Germany to reassess so as to make up for the dollar excess. (Germany in the World Economy) At last, after escalating waves of conjectures, the Bretton Woods system had a collapse in August 1971. All through the post-Bretton Woods period, the deutsche mark stayed
By means of automation, specialized works that were predominantly done by men in the manufacturing industries situated in the developed nations were diminished. Conversely, non-specialized jobs mainly in the electronic parts manufacturing industries, particularly the microchip, in which unskilled women in a number of developing nations find employment, became bigger. Thus, the electronic parts manufacturers, instead of investing in huge capital-based units, had favored to make use of manual
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