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Quick Explanation Anyone ?!?!

  • 01-04-2010 2:45pm
    #1
    Authentic
    Registered Users, Registered Users 2 Posts: 36 ✭


    Hello, I am doing an Economics essay and seeing as how I don`t have an Economics background (this is my 1st year ever doing it)...I was just wondering if anyone can answer the following question for me?

    What are the potential and actual problems for the financial systems, both globally and in Ireland, and how might these problems impact on the real economy, globally and nationally?

    If you do not wish to answer for whatever reason, could you at least give me links to different articles, so I can read up on the answer myself?

    Any help would be greatly appriciated, thanks in advance to anyone who supplies useful answer !!


Comments

  • #2
    Gary L
    Registered Users, Registered Users 2 Posts: 208 ✭✭Gary L


    What follows is opinion only and I suspect is against the grain of what the rest of the guys here think but nevertheless it might help;

    The global financial system tends to direct resources towards the centers of capital in the west, which also supplies the most affluent consumer base. It's possible that this is a factor in continuing third world poverty. The easiest way to put it is that money follows money. Without international aid or NGO work its near impossible to get capital investment moving in the poorest regions of the earth. The market wont ever take care of the really poor.
    I'm not saying that anyone is to blame for that, but I think its fair to say its a dimension to the system.

    The Irish economy is small and open which basically means if a rich man sneezes anywhere in the world we all catch a cold, but the reverse is also true.

    You'll get a better answer when an actual economist comes along, these are just some problems that popped into my head.


  • #3
    [Deleted User]
    Posts: 5,589 ✭✭✭ [Deleted User]


    As as rule, we don't generally do people's work for them.

    However, if you want any tips or clarification of specific issues then ask away.
    As a starter, try www.voxeu.com


  • #4
    Anonymous1987
    Closed Accounts Posts: 784 ✭✭✭Anonymous1987


    The essay you should write will depend on the content of the course you've covered. Tell us about what level your course is at (the course code will give you this) and what topics you have covered and then the people here will point you in the right direction but no-one is going to answer the question for you.


  • #5
    dentaku
    Registered Users, Registered Users 2 Posts: 58 ✭✭dentaku


    Gary L wrote: »
    What follows is opinion only and I suspect is against the grain of what the rest of the guys here think but nevertheless it might help;
    still banging away?
    Gary L wrote: »
    The global financial system tends to direct resources towards the centers of capital in the west
    no. recent research by economists (ie people with phds in economics, not people who just studied it a bit in college) has shown that the centre of gravity of global finance is moving east
    Gary L wrote: »
    It's possible that this is a factor in continuing third world poverty.
    it's also possible that 1000 cheese eating elephants are building wmd behind the sun
    Gary L wrote: »
    Without international aid or NGO work its near impossible to get capital investment moving in the poorest regions of the earth.
    no, microfinance. and given the creative nature of the market more ideas will follow. moreover, a great part of those organisations that reduce poverty and promote democracy are run by capitalists. in fact, capitalists are doing more than anyone to get capital into emerging and frontier markets
    Gary L wrote: »
    The market wont ever take care of the really poor.
    you're right, it wont. and neither will you or anyone else.
    Gary L wrote: »
    The Irish economy is small and open which basically means if a rich man sneezes anywhere in the world we all catch a cold,
    wow. that's almost accurate. have you been reading an introductory economics text?
    Gary L wrote: »
    but the reverse is also true.
    eh no!
    Gary L wrote: »
    You'll get a better answer when an actual economist comes along, these are just some problems that popped into my head.

    OP,
    finance means borrowing and lending. the financial system is the global system through which borrowing and lending happens. commercial banks are central to this process. start with the functions of banks and go from there


  • #6
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    dentaku wrote: »
    no. recent research by economists (ie people with phds in economics, not people who just studied it a bit in college) has shown that the centre of gravity of global finance is moving east

    We will just take your word for it then.


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  • #7
    Authentic
    Registered Users, Registered Users 2 Posts: 36 ✭Authentic


    tnx for all the replies


  • #8
    Flamed Diving
    Closed Accounts Posts: 6,609 ✭✭✭Flamed Diving


    Authentic wrote: »
    tnx for all the replies

    This paper is ten years old, but it gives a good insight into the pros and cons of liberalised capital markets, it's easy to follow, and much of the argument can be zoomed out and applied to today's problems.

    http://fac.comtech.depaul.edu/topiela/content/798-102_Stiglitz_Fin%20Makt%20Lib%20and%20Instability%202000.pdf

    this is more recent:

    http://unpan1.un.org/intradoc/groups/public/documents/apcity/unpan033508.pdf


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