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The minimum wage is little more than a political tool that ultimately harms the overall economy by raising the unemployment rate and driving businesses elsewhere Politicians have transformed the minimum wage into an indicator of social development. Governments often cite their raising of the minimum wage as an example... | |
The minimum wage restricts an individual’s fundamental right to work Individuals are autonomous beings, capable of making decisions for themselves. This includes the ability to make a value judgment about the value of one’s time and ability. If an individual wishes to sell his labor for a certain price, then he should... | |
Businesses are concerned with their bottom line. They will pay workers as little as possible in order to maximize profits. Certainly in some businesses employers require highly skilled workers for which they will be willing to pay competitive wages. However, the people who most require worker protection, those on minim... | |
An individual can maintain little dignity when he is subjected to outright exploitation from employers who are unconcerned about their welfare and who have no incentive to pay them anything but the lowest possible wages. A minimum wage ensures that people who find employment can feel real self-worth. Furthermore, if pe... | |
There are some assumptions made in the construction of this argument. First of all, you can’t hide the risk from the economic community. There is no guarantee that when issuing Eurobonds, the interest rates will drop. This is happening for two main reasons. Firstly, according to the proposition model, the bonds will s... | |
Eurobonds even up interest rates within the Union Introducing Eurobonds will lower interest rates for bonds issued by national governments so making the loans affordable. The most recent example of this problem is the need of recapitalization of banks in Cyprus. Although government debt and interest rates were not the... | |
The problem with long-term regulations is not that they do not exist but rather the fact that they are not imposed. There is no need for further control and regulation when the European Union already has a mechanism that will prevent economic crisis if it is stuck to. The Maastricht Treaty clearly states that countries... | |
Eurobonds help European integration One of the most important European Union principles is solidarity and mutual respect among European citizens [1] and this can only be achieved by more integration and stronger connections between states. The economic crisis has clearly shown that more integration is necessary if Eur... | |
Integration cannot happen on the hoof. The euro crisis and the political and social distress in the European Union have created negative sentiments when talking about the Union. The European citizens do not want these kinds of measures and there is a general sentiment of euro skepticism. Countries like Germany are no l... | |
The long term benefits of Eurobonds The European Union should not only focus on the present but also try to find a permanent solution in resolving and preventing economic crisis. The solution that is implemented right now through the European Stability Mechanism is a temporary one and has no power in preventing furthe... | |
There is a common responsibility in the European Union for helping countries that are hit harder by economic crises than the others. If Eurobonds create winners and losers, the same thing can be said about the economic crisis. Germany was one of the winners and therefore has the duty to help the others. The Eurozone cr... | |
Sometimes, a leap of faith is what needs to be taken in order to fix such big problems. First of all the willingness of the union to do more in helping countries that having difficulties will improve its image both in these countries and abroad because it will show the EU sticking to its core principles. Even if we agr... | |
Eurobonds create moral hazard The policy proposed will shift responsibility for bad economic decisions and create moral hazard due to the lack of accountability. If the European Union decides to introduce bonds with the same interest rate for all countries, everyone in the union will have to suffer for the mistakes ma... | |
Eurobonds would create problems for Germany The situation that is implemented in the Status Quo, with the Economic Stability Mechanism trying to save countries in collapse will no longer be an option after introducing Eurobonds. Previous arguments have explained how interest rates will not be lowered enough to make co... | |
Eurobonds create a long term burden Introducing Eurobonds will increase the burden for the European Union as a whole and change the responsibility in the long-term. Right now, countries are willing to help one-another and the best example is the European Stability Mechanism, a program designed to help countries in dis... | |
Moral hazard is not going to happen in the European Union because alongside the benefits of the Eurobonds comes the control from the European Central Bank or other measures imposed by the rest of the members. This is already happening in the status quo, where countries are forced to impose austerity measures in order t... | |
The Brexit can’t have it both ways that it will both deregulate promoting the free market and enable an industrial policy that allows subsidies. In practice unshackling the economy means damaging workers’ rights that are protected by EU legislation of which the Working Time Directive is just the best known. Leaving wou... | |
We need to unshackle the economy The UK needs to unshackle the economy from the restrictions the EU places upon it. EU bureaucracy and red tape holds back Britain’s service industries. Regulations on employment rights, hiring, and firing restrict the supply of workers pushing up costs to businesses. To take one exampl... | |
Most of the claimed £350 million per week either is accounted for by the British rebate, £4.8billion in 2015 [1] – which never actually leaves the UK – or is money the EU spends in the UK. The £120 million remainder is however buys access to the EU’s market. Norway pays €340 million per year – about £63 million per wee... | |
Leaving would take back power to control the economy Voting to leave would take back the power over the British economy that the European Union currently has and give it back to the sovereign British Parliament. EU common fisheries and agriculture (CAP) policies control how many fish we can catch and what is commercia... | |
British government policy has been against state intervention in industry for decades. Rather since the Thatcher government the free market has been considered to know best and so companies or factories that make a loss should be allowed to go bust. | |
The UK is already insulated from the Euro crisis by not being a member of the Eurozone. With the pound sterling the UK is no more exposed in the EU than it would be outside of the EU. Finance is globally interconnected. Leaving the EU will make no difference to this. The UK has already negotiated, in 2015, a deal which... | |
There will be £350 million more to spend a week Through leaving the EU Britain will no longer send £350million per week to Europe so can spend it at home. [1] Of course much of this sum comes back to the UK but the UK will gain greater control over how and where the money is spent. Thus for example some money comes ba... | |
A step away from a failing Eurozone The Euro is failing as has been demonstrated by the years’ long slow motion crisis involving Greece and other peripheral countries Ireland, Spain, and Portugal. The chancellor George Osborne has in the past said that a Eurozone recession is the biggest economic risk to the UK. [1] T... | |
While it is almost certain that there will be a brief short term shock caused by uncertainty no one knows for sure what will happen in the long term. A Britain that is out of Europe will be better able to run its economy to encourage growth so will likely do better than it does under the status quo. | |
Britain can have free trade without all the baggage of political decisions being made in Brussels. Just as the EU accounts for a high portion of UK trade so the UK is a high proportion of EU trade; around 16% of EU exports go to the UK, [1] so the EU would want to have a deal with the UK to allow this trade to continue... | |
Britain is needed to create a more business friendly Europe The UK is a leader among the countries in the EU that is in favour of greater deregulation, privatisation, and free trade. As such the UK has been a strong positive influence on the EU in favour of these things. In the same way the UK played a strong role in ... | |
Leaving may increase British unemployment Alongside this likely shock to the economy will most likely be a loss in jobs as a result in a loss in trade. Some big employers, such as many car makers, are located in the UK in large part as a result of the access to the EU market. It is estimated that three million UK jobs... | |
Leaving will cause a shock to the British economy The UK leaving the EU would likely be damaging not just to the British economy but globally with the G7 saying it would be “a further serious risk to growth.” [1] The damage to the UK economy would come for several reasons. First there would be uncertainty about what c... | |
Economic growth comes with closer integration with your neighbours Economic integration with neighbours is the best way to economic growth. Neighbouring countries are almost always the countries a nation trades most with; in the UK’s case the EU accounts for 44.6% of exports and 53.2% of imports. [1] It is therefore i... | |
There is considerable churn in the jobs market already; with 3.7 million jobs lost a year already but simply being replaced by new jobs. [1] Leaving the EU would therefore make little difference. [1] Bourne, Ryan, ‘The EU Jobs Myth’, Institute of Economic Affairs, March 2015, p.9. | |
There is no guarantee that the EU will actually implement anything in the agreement with David Cameron. The wording is clear enough but with no specifics about how or when the administrative burden will be lowered. Yes the UK may be fighting to create a more business friendly Europe but more important however is the wa... | |
Education is a crossover point; migrating for education may be about a sense of belonging but it is also an opportunity. A conservative culture that does not educate young women is not providing them with an opportunity that is available elsewhere. | |
Intellectual women migrants outnumber intellectual men migrants The need of belonging is greater for women than for men – Bardo and Bardo found that they miss home much more (5). On the other hand, unequal and discriminatory norms can be strong drivers of intellectual female migration (1). More young women than men no... | |
Intellectual migrants do not necessarily discard a traditional value to replace it with a corresponding western value. For example, they seldom renounce their religion in favor of a western one (3). A weaker sense of nationalism does not have to mean greater internationalism. Instead there may be greater ties to tradi... | |
The inferiority complex within older generations in the developing countries affects intellectuals’ sense of belonging while in their countries An inferiority complex still exists among the older generations in the developing countries as regards the western technical know-how and organisation. A persisting attitude t... | |
Some intellectual migrants already feel a certain degree of alienation towards their national culture before leaving their country Intellectuals need stimulation, organisation, freedom, and recognition (3) that they usually struggle to find in their countries of origin. Some intellectuals from developing countries alr... | |
If there is really no freedom then these migrants will be asylum seekers and refugees not true intellectual migrants by choice. Even if there is some alienation from their own native culture these migrants are still travelling to a much more alien culture. This being the case it seems unlikely that alienation is the m... | |
It seems hardly likely that feeling undervalued for their skills is a main reason for moving. When moving abroad many will instead encounter racism and concern about increasing numbers of migrants which would at least balance against being undervalued at home. They go instead because the ‘value’ of their skills is mone... | |
If these young intellectuals really are politically conscious then they should desire to stay in their native country and change its system of government. It is the intellectuals who are needed to create, and then grow a democracy so that it represents the whole spectrum of opinion within the country and respects intel... | |
Intellectual migrants are more impregnated by ideas of internationalism and universalism The concept of nationalism as developed in Europe during the 19th century did not undergo the same evolution in the developing countries. Intellectuals do not identify themselves with their countries the way Europeans do. They are... | |
Most young intellectuals from developing countries are politically conscious and want to be "actors" in policy making Young intellectuals from developing countries are to a very large extent politically conscious and active. They want to be "actors" and not "spectators" in policy making, all the more so when their spe... | |
Making a start in encouraging entrepreneurship and gender identity is not likely to be enough to make a county attractive when compared against countries that are much further down the path. According to the Global Gender Gap Report 2016 Tunisia is still in the bottom quartile of the rankings on gender equality.(15) | |
Most job vacancies in African countries ask for a university degree even if a degree is ultimately not the most important attribute for the job. (13) So the opportunities are there for those who would be considered to be intellectuals, it is everyone else for whom opportunities in their native land are lacking. | |
Many migrants come from countries with strong sense of belonging Many migrants come from countries with strong sense of belonging, national identities, and political consciousness. For instance, they are European migrants, and in 2016, they were 19.3 million residing in a different EU Member State from the one where t... | |
Many developing countries support entrepreneurship and gender equality In many developing countries, entrepreneurship is supported to create jobs and dynamic work conditions, and women are empowered and politically represented reducing any concerns of feeling as if they don’t belong. For example in Tunisia, many init... | |
Developing countries have high unemployment rates and need to invest in job creation Developing countries invest in education and job creation because they have high unemployment rates (6). They need to address the lack of opportunities in order to improve their economy and reduce migration. This is as much the case f... | |
A strong national identity does not necessarily result in a strong sense of belonging. That national identity may have precluded other senses of belonging such as religion, or even close community ties and interactions. | |
Hosting can have a significant cost – the 1976 Montreal games left the city vastly in debt which it did not finish paying off until 2006 [1] . Venues may be under-used after the events, with the 2004 Athens games seeing a large number of venues as unused “white elephants” after the event [2] . [1] Davenport, 2004 [2]... | |
Economic benefits While hosting a major sporting event is relatively expensive (although Cape Town and Johannesburg already have a number of appropriate venues for some of the events already), hosting major sporting events creates major economic benefits. London got a £10bn economic boost from hosting the 2012 Olympic... | |
The Athens games did not create such a buzz. Many seats were empty in the games. This was in part a result of the poor performance of the host nation as Greece underperformed for an Olympic host nation, not entering the top ten of the medals table (in a games when South Africa only won one gold medal, that of their men... | |
Showcase for a nation and continent A key reason why countries host the Olympic games is in order to boost their image abroad – China held the 2008 Games in Beijing as part of an exercise in national promotion [1] . This would also be an opportunity to change the perceptions of Africa amongst some elements in the out... | |
South Africa has held events before, such as the World Cup – did that change perceptions of Africa? A well run games can change perceptions among those who visit but it can also damage perceptions. The South African world cup also involved slum clearance as part of a campaign of “beatification”, such actions hardly sho... | |
National “feel-good factor” Hosting very large sporting events is a great way to advertise a nation, and create a national feel-good factor. When London hosted the games in 2012, a successful event with a successful home team, there was a significant national “feel good factor” [1] . This can bring the benefit of brin... | |
Football is also Brazil’s national sport, and Brazil was similarly placed (22nd) in the medal table in 2012. The Olympics need not be hosted just by the countries that are most competitive in the games. | |
Some Olympic events are held outside the main city. The football tournament uses venues across other cities (in the London 2012 games, Coventry, Cardiff and Manchester were amongst the cities hosting matches), and, being landlocked, Johannesburg would have to host the sailing at another venue. Sailing being held in ano... | |
Cost of hosting The Olympic games is an expensive thing to host. The 2012 games in London cost nearly £9bn [1] . This cost largely falls on the taxpayer. These large events are notoriously difficult to budget accurately, the 2014 Sochi Winter Olympics having gone vastly over budget with suggestions that it could cost ... | |
The Olympics are not South Africa’s ‘national sport’ South Africa in part hosted the World Cup because football is the national sport of the country. Sports Minister Fikile Mabalula has declared “In African popularity, the Africa Cup of Nations (AFCON) surpasses even that of a multi-sports event like the All Africa Ga... | |
Hosting only affects one city and one country Unlike a World Cup, which spreads the benefits more evenly, an Olympic games is focused on one city, generally one which is a major international city. It was expected prior to the games that 90% of economic benefits to the UK of the 2012 games would go to London [1] . It... | |
Everything costs money. While the costs are significant, the money spent will regenerate parts of cities, create an image of the host country as a place for business, and create a long lasting legacy through the venues and infrastructure built. While South Africa is not rich as the UK, Greece or Australia, its GDP per... | |
The number of people defrauding the system is very small (only 0.007% of the total cost of the benefit system). The majority of people on benefits are seeking work. They will be hindered in so doing, because instead of applying for work, attending interviews and developing relevant skills they will be forced to attend ... | |
Workfare will eliminate scroungers, who are a financial drain on the system Making the unemployed work for their welfare benefits calls the bluff of those claiming benefit but not really looking for jobs. Such scroungers include the incurably lazy, those who are defrauding the taxpayer by claiming welfare while holdin... | |
Workfares have low standards that produce poor and potentially unsafe products. Individuals forced into workfare schemes lack incentives to work to a high standard, and may be actively disaffected. The work they do is therefore unlikely to benefit anyone much and raises a number of safety issues: would you drive across... | |
Workfare provides skills to allow the unemployed to work their way out of poverty Workfares offer the unemployed opportunities to develop skills to work their way out of poverty. Productive work raises the expectations of those involved by increasing their self-respect and provides them with more confidence in their a... | |
Workfare schemes are of little use if there are no jobs out there for people to do– something which is an issue of wider economic management. Often the skills which employers are really demanding are literacy, numeracy and familiarity with modern information technology, which menial make-work tasks are unlikely to prov... | |
Workfare does not break the dependency culture. People do not seek unemployment and dependency on the state. No one voluntarily seeks to live on the very low income provided by state benefits, instead people become unemployed through no fault of their own; workfare stigmatises them as lazy and needing to be forced into... | |
Workfare schemes benefit society Society also benefits from the work done by those on workfare schemes: These might include environmental improvement in local communities, service to assist the elderly and disabled, and work for charities or local authorities. In many cases the labour they provide would not have been ... | |
Workfare breaks the dependency culture Making the unemployed work for their welfare money positively breaks the dependency culture. Receiving unemployment benefit for doing nothing makes individuals too reliant on the state and encourages apathy and laziness; this is particularly true of the long-term unemployed and o... | |
Workfare projects can be designed so as not to displace low-paid jobs: Often workfare schemes are limited to non-profit organisations deliberately in order to avoid a negative impact upon the local job market. In any case, many workers on very low pay only do such work for a relatively short time before finding better ... | |
Workfare schemes are an investment in people. Spending money on workfare schemes is an investment in people, who gain the opportunity to lift themselves out of poverty, and the economy, which benefits from a better supply of labour. Although such schemes might cost more per person than just handing out dole money for d... | |
Workfare does not help people get jobs Workfare schemes are of little use if there are no jobs out there for people to do. The evidence suggests that ‘the vast majority of unemployment – over 9-10ths – has nothing to do with people not wanting work, and everything to do with a lack of demand for labour’1. As such, wit... | |
Workfare schemes limit the opportunities to look for work Putting the unemployed into workfare schemes actually limits their opportunities to look for work, by making them show up for make-work schemes when they could be job hunting. Even if the numbers of those claiming unemployment benefit are reduced by the threat ... | |
Workfare will damage the existing labour market Workfare harms those already in employment but on very low pay, because their menial jobs are the kind of labour that workfare projects will provide. Why should a local authority pay people to pick up litter or lay paving, if workfare teams can be made to do it for much ... | |
Workfare is more expensive than traditional benefits Workfare is actually a more expensive option than traditional unemployment benefit. The jobless are ultimately given at least the same amount of taxpayers' money but the state also has to pay the costs of setting up the schemes, paying for materials, the wages of su... | |
Workfare allows people to demonstrate both to themselves and others that a day at work will not always result in failure. This greatly benefits the self-esteem of many, who have become trapped in unemployment because their past experiences (perhaps beginning with unsuccessful schooldays) have lead them to believe that ... | |
Workfare does help people to get jobs by increasing the perception amongst employers that the unemployed nevertheless have the potential to be productive citizens – they’re willing and able to work, and have gained skills from being in a working environment. This counters one of the key barriers to employment, which is... | |
The free market doesn’t invest in fundamental research this is research to understand fundamental principles as it does not have a commercial purpose and may never result in a commercial product, ultimately, fundamental research is the key enabler of innovation. Private companies don’t invest in fundamental research, b... | |
The free market best ensures innovation Companies in the free market not only compete on price, the also compete on innovation. This is because innovation allows companies to ‘leapfrog the competition’ by either driving their competitors out of the market by suddenly being able to provide a similar good for a fraction... | |
The procedural justice of free exchange is important, but is presumes that humans are born with equal talents and in equally enabling environments. This is obviously not true: people can be born to parents with high or low socio-economic status and the talents they are born with, like IQ, are normally distributed. Sup... | |
The free market is the most efficient way to match supply and demand In a free market, goods are voluntarily exchanged at a price arranged solely by the mutual consent of sellers and buyers. The aggregate ‘market price’ is the result of all individual transactions and contains important information for both buyers and... | |
It might be that under theoretical conditions, free markets match up supply and demand in the long run, but as the famous economist John Maynard Keynes said: “in the long run we are all dead”. Even if a stable equilibrium is theoretically possible, in practice, it almost never happens, with high fluctuations in price, ... | |
The free market is morally superior because it operates on liberty Liberty is one of the highest values human beings strive for. Liberty means that individuals ‘own’ themselves: individuals only decide for themselves what to do with their minds and bodies during their lifetime. Private property is an extension of this... | |
The notion that labour alienates might have looked true in Marx’s days, but nowadays, employers have learnt that if they want to get the most from their workforce, they need to make their jobs meaningful. Employers can do this by offering work that fits an employee’s ‘intrinsic motivation’ (Intrinsic motivation at work... | |
It’s not true that all markets naturally lead to a concentration of power. Whenever concentration of market power, even leading up to a monopoly, does happen, this is caused by the underlying cost structure of the industry, whereby a company experiences increasing returns to scale and relatively high fixed costs. This ... | |
The free market fails in providing public and common goods A ‘common good’ is a resource which has finite but replenishable supply but which is by its nature ‘non-excludable’ (meaning it’s hard to exclude individuals from using the resource). One example is the stock of fish in the sea. If all fishermen would refrain ... | |
The free market degrades human dignity The free market views the human body and the human mind as a mere instrument: the only value an individual being has is the value it can sell its labour (whether it be manual or mental work) for on the market. Workers don’t work because they want to produce something they themsel... | |
The free market naturally leads to concentration of power in the hands of corporations Many global markets are dominated by a few big firms: look, for example, to the markets in fast food, dominated by McDonald’s, or the market for drilling and selling oil, dominated by Exxon, Shell and BP. This concentration of marke... | |
A free market can only operate when some basic conditions have been met. One of these is the condition that exchange of private property is possible. It’s important to realize that private property is both a normative concept but also a legal reality: in everyday life, private property exists because there are contract... | |
Fears about national security are greatly overblown, and are often simply an attempt to justify protectionist measures. Very few companies pose a national security risk, and those that do are covered by existing regulations – so that, for example, the USA could veto Dubai Port World’s bid to take over American ports. M... | |
SWFs can harm national security Sovereign wealth funds raise worrying issues about national security. Unlike mutual funds or private equity groups, which seek only to maximise their investors’ returns, SWFs must be regarded as political entities. Rather than passively holding their assets, they may seek to use their p... | |
Transparency is a good thing, but it would be unfair to single out sovereign wealth funds for special punishment over this issue. Hedge funds and private equity groups are even less transparent than SWFs, and their influence in the global economy is much greater. [1] Some countries (e.g. Norway) already operate very tr... | |
Sovereign wealth funds must be regulated A number of possible models of regulation have been suggested for sovereign wealth funds. Some, such as Gilson and Milhaupt, have argued that state-owned investment vehicles that buy shares abroad should not be allowed voting rights in that stock. [1] Others would put a cap on ... | |
Sovereign wealth funds can undermine economic independence Sovereign wealth funds (SWFs) have become very important players in the global economy. The already exceed the assets controlled by hedge funds and will surpass the stock of global foreign exchange reserves. [1] They are now so big that their activities can sh... | |
Sovereign wealth funds are not new and they are still only a tiny part of the global financial system. They represent only about 2% of global traded securities, and are dwarfed by other financial actors such as mutual funds, or private equity groups and hedge funds. [1] What is more, in comparison with these other play... | |
Regulations already exist to prevent foreign investments that might compromise national security. [1] Other than this it would be unfair to discriminate against certain classes of investors. Wealth-creating capitalism relies upon investors seeking to maximise the value of their investments. Without voting rights or the... | |
While it may be true that the state is often a bad manager of assets and businesses in this case the state is not usually involved in the management of the assets. This is being done through the wealth fund which is often in large part run by people whose background is in finance rather than in government. This use of ... | |
Sovereign Wealth funds are not transparent Sovereign wealth funds suffer from an almost total lack of transparency. Most countries maintain secrecy about the size of their funds and the extent of their holdings, their accountability to government, their investment strategies and their approach to risk management. With... | |
State ownership is not a good way of controlling funds The ownership of important businesses by sovereign wealth funds runs counter to the economic policy pursued by almost every government over the past 25 years. In the 1970s many states owned nationalised industries as part of an attempt at socialist economic planni... | |
Fears about the unrestrained influence of sovereign wealth funds will likely stimulate wider protectionism anyway if effective regulation is not introduced. Protectionist politicians may exploit fears of foreigners to restrict any kind of foreign investment, and seek to build up national champions as a defensive measur... | |
In many cases sovereign wealth funds are not even good for the states that own them. Almost all are emerging economies with limited financial expertise available to them, and they are not equipped to invest the money wisely. This has led to SWFs paying inflated prices for dodgy western companies, whose share price has ... |
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