My Finance Journal

Indian Economic/Statistical Services Exam is conducted by the Union Public Service Commission to recruit Grade IV officers for the Indian Statistical Service (ISS) and Indian Economic Service (IES). The exam is generally conducted in the month of November. Out of the many careers offered by the Government sector, Indian Economic Service is one of the most attractive among the young post-graduates. Selected candidates are placed in the Planning Commission, Labour Bureau, Central Electricity Authority, Economic Advisers to many ministries, Forward Market Commission, Tariff Commission, Planning Board, Tariff Commission National sample survey and other allied offices where specialists in Economics are required. An illustrious yet highly specialized service where the appointees are giving critical inputs in the policy making of the financial and economic affairs, and, additionally, they can go on deputations to different agencies of United Nations.

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Economics is the social science that studies the production, distribution, and consumption of goods and services Economic analysis is applied throughout society, in business, finance and government, but also in crime, education, the family, health, law, politics, religion, social institutions, war and science.

We can say economics began as soon as hunter men began to exchange their captured prey with other cavemen. But generally the science of economics did not begin to be formalized until fairly late. However, over the past two centuries, the science of economics has seen no shortage of colorful characters all offering their solutions and diagnoses of the economic problem.

Students face a lot of problem while solving economics problems. Few days back I was much tensed because of some homework assigned to me related on economics and as I am very new in the world of economics.

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An economic situation in which a country’s gross domestic product or output is sustaining a negative growth for at least two consecutive quarters or six months is called an economic recession.  For the National Bureau of Economic Research (NBER), “recession is a significant decline in economic activity lasting more than a few months”.

Economic recession lasts for eleven months and may reach until two years.  While a recession that is short lived is called economic correction.  Meanwhile a sustained recession turns into a depression.

What causes recessions to happen?

There are complex reasons as well as simple reasons why economic recessions happen.  John Maynard Keynes states that there are “animal spirits” as driving elements for a recession.  “Animal spirits” could be confidence, uncertainty, and pessimism.  These “animal spirits” prevent objectivity and quantitative analysis.

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“Economics”, can be easily defined as a particular area of study that basically relates to how society sets about or works in order to meet the demands for different things. The study basically looks at the making, use and sale of services and goods. It can be considered as the branch of social science that can help an individual in understanding the impact of developments in business and society. Today economics has produced some of the most attractive career fields. In fact, in recent times, career in economics has seen some sharp rise than any other career fields. These days, there are plenty of jobs for graduates in Economics. They can go for many entry-level jobs in stock markets, marketing, banking, finance, insurance and corporations like government departments/consulting firms. They can also start their career in administration, information work, retail management, IT and the media. Besides this, students holding a doctorate degree in economics can take higher positions in public/private sector or opt for jobs in Journalism or law.

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The Mediterranean nation already has a problematic situation for a long time, but it was still able to go under the global economic radar for one reason – its European Union annexation in 2001. However, these problems were not solved since then. Before we ask why things went wrong, let’s first have an overview of Greece before and immediate after annexation.

The  Drachma.

Before annexation, the Greek  drachma, its national currency, was able to maintain stability for three reasons – tourism, shipping and coin-minting. All these three, which constitute the bulk of Greek income, are heavily dependent on the international economic condition.

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Characteristic feature of modern world industry is not only free trade in goods and services, but also free movement of a capital. In different regions all over the world, a stock exchange listing, rates of interest and course of currency are interconnected. World financial markets and capital markets significantly influence on financial-economic conditions; Moreover, international investment capital plays an important role in financial development in separate countries as well as in the regions all over the world. Above mentioned condition helps through “the inflow” of investment capital in highly-profitable countries; Conclusion: World financial and investment markets are increasing.

It must be said that a maximum intersubstitution of production factors is necessary for the development of the world financial system, that on its side is conditioned by the world mobility of investment capital.

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In simple terms, the phenomenon of ‘globalization’ is perceived as increased inter-connectedness of the world (Papers4you.com, 2006). However there are three primary defining pillars of globalization that includes cultural, political and economic dimensions (Potter, 2002). It was argued that ‘cultural globalization’ is increasing convergence of cultural styles on a global norm, with that norm being codified and defined by the global capitalist system. Now cultural values and norms are shared and adopted among people in a way where we are giving rise to one global culture. Similarly it was asserted that ‘political globalization’ is regarding as erosion of the former role and power of the nation-state.

On the other hand, Potter (2002:192) defines ‘economic globalization’ as economy where “distance has become less important to economic activities, so that large countries sub-contract to branchplants in far distant regions, effectively operating within a ‘borderless’ world”.

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The whole world is witnessing a major low as regards economy. Most of the countries in the world be it the developed, the developing or the underdeveloped are facing difficulties in tackling issues like inflation, and regression. Sadly enough it is the common man who is bearing the brunt of this state of affairs. And one can’t really blame the governments also. They are trying their best in order to bail out their citizens from this grim state of political affairs. The situation has become worse for the under developed nations. They already have a below par economy and on top of that are confronted by these economic instabilities. Talking about the underdeveloped nations a very interesting and at the same time a very saddening fact as regards the underdeveloped nations is that most of the Muslim nations of the world belong to this category. Around 80% of the Muslim countries find themselves in the list of the underdeveloped nations. Muslim countries have almost come to be characterized by their economic jeopardy and political disturbances.

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China’s newfound interest in trade and investment with African-home to 300 million of the globe’s poorest people and the world’s most formidable development challenge presents a significant opportunity for growth and integration of the Sub-Saharan continent into the global economy.

These emerging economic “giant” of Asia is at the center of the explosion of African-Asian trade and investment, a striking hallmark of the new trend in South-South commercial relations. Both nations have centuries-long histories of international commerce, dating back to at least the days of the Silk Road, where merchants plied goods traversing continents, reaching the most challenging and relatively untouched markets of the day.

Chinese trade and investment with Africa actually dates back several decades, with most of the early investments made in infrastructure sectors, such as railways, at the start of Africa’s post-colonial era.

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Financial crisis continues to wreak havoc, more severe international economic situation, economic downturn, shrinking consumer demand led directly to a reduction in global trade, import and export trade as the world’s third largest country in China in 2009 will certainly be affected. Zhejiang active as one of China’s foreign trade and economic development pressure.

“Happy Plumbing ducks” Zhejiang perceived financial crisis sooner than elsewhere. Although the global economic downturn to adversely affect Zhejiang, but “internal strength” of the practice off the winter cold. Zhejiang entrepreneurs strong entrepreneurial spirit, strong faith, laid the foundation for stable through the crisis.

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