My Finance Journal

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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Every country stands for its own development. For this purpose the state introduces and implements new policies and programmes such as Special Economic Zones Act. After 60 years of its independence India with its 110 core population has evolved a new paradigm of its political economy which is confusing. The policies and programmes initiated by Indian government to create a ‘global village’ based on free market economy and free trade among nations cutting across all barriers, abolition of national boundaries and dismantling the nation –state system giving priority to ‘market’ over the ‘state’ . After the enactment of Special Economic Zone Act 2005, it created tremendous effects on political economy of the country.

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DECLARATION OF JUSTICE AND HUMAN RIGHTS

We, the people of all the countries, in harmony with the sovereignty of the Universal Justice hold these truths to be self-evident that every creator has inalienable ‘Right to Ownership’ on his creations and the Natural laws empowers the creators that only he should use his creations exclusively for the welfare and uplift of the human society as a whole, in which he is an inseparable member.

We declare with all judicial power derived from Natural laws that among all creations of man, his creation of capital alone has enormous ‘economic power’ capable of transforming all the socio-economic-political structures and reconstitute them to suit the aspirations of the owners of capital.

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