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Short Midterm Review.docx

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York University
Administrative Studies
ADMS 1010
Alex Browning

Test Review: Class One: Economic Periods: Feudal Era: Business dominated by aristocracy and the church, mainly agrarian. Mercantile Era: Is the economic doctrine that says government control of foreign trade is of paramount importance for ensuring the prosperity and security of a state. Industrial Era: Business dominated by vested interests – Capitalism & Nationalism. Governments begin to regulate working conditions. Technological Era: Business dominated by multinational corporations with greater demand for free trade. Outsourcing was very popular to decrease input costs. Information Era: Globalization. Greater social demands for government intervention. Ideologies: Socialism: An ideology based on the ownership of the means of production and distribution by the workers. Democratic Socialism: Accepts elements of capitalism, however, desires that government play an interventionist role in the management of the economy and markets. Classical Conservatism: believes in a strong government; the top has no responsibility to the bottom. Neo-Conservatism: Governments should not be spending money on social security, no minimum wage, healthcare. Less taxation and less government spending. Liberalism: Liberals emphasize free private enterprise, individual property rights, laissez-faire economic policy. Neo-Liberalism: concerned into the development of the free-market. No protection of class or social order or institutions. Deregulation, to allow market forces to act as a self-regulating mechanism Economics Systems: Capitalism: Economic decisions are made by market forces. Focuses on an open system of: pricing, profits/losses and private property ownership. Communism: Workers will have direct input into economic management. Everyone will contribute based on ability and receive based upon need. Mixed Economy: Mostly free markets but government regulated competition and some state ownership (Canada protects timber, fishing, mining industries). Early Canadian Economy: - Canada has always been a trading nation where government has played a strong role. - After Confederation tariffs barriers created (National Policy). • Certain Industries drove Canada’s early development – Agriculture – Financial Industry (Banking & Insurance) – Entrepreneurs – Railways – Utilities – Extraction – Manufacturing – Retail - Government most beneficial when it facilitates, not intervenes What is government’s role in the Canadian economy? • Regulator • Law Maker • Trade Negotiator/Deal Maker • Benefactor • Protector/Guardian • Deliverer of Service Definition or Competitiveness: Increased productive capacity achieved by: • Innovation • Superior technology • Continuous skill-enhancing training • Concern with social equity and environmental preservation Porter’s Diamond 1. Factor conditions distinguish between – Basic factors – passive, undifferentiated base abilities available to most competitors – Advanced factors - involve higher levels of knowledge and lead to more competitive advantage. – Reliance on general factors makes an economy vulnerable 2. Demand conditions: – Scale economies a static advantage – Quality of demand in the domestic market more important 1. Wealthier nation – consumers less price-sensitive, more interested in quality products, higher levels of customer service 2. Independent buyers lead to increased concern about quality – Competition in domestic market important 3. Related and supporting industries require a network of suppliers – Working relationship creates both advanced and specialized factor conditions – Complementary industries can develop symbiotic relationship 4. Strategy – Structure – Rivalry – No one managerial style is best – Stress is on organizational goals. – The roles of banks and capital markets are important – Stress is on the importance of domestic rivalry – Strong opposition to the creation of monopolies, cartels or national champions • Government is not integral to the diamond – Role is a facilitator – Encourage companies to raise performance – Assist in creating special factors – Stimulate early demand for advance products – Stimulate local rivalry – Anti-trust rules Stern's Diamond of Sustainable Growth Chapter 2:  John A. Macdonald and other delegates created the 72 resolutions that lead to the British America Act in 1867 establishing a confederation of provinces but with a strong central government to avoid US problems  Constitution Act 1982: Section 92 and 93 on Canada’s Constitution distributes exclusive legislative powers to the provinces over regional interests. Unitary State: a country that is government constitutionally as one single unit. Ex. France, Britain. Federalism: defined as the method of dividing powers so that the general or central regional governments are each within their sphere coordinate and independent. Ex. Canada, USA. Problems of Federalism:  Conflicts in fiscal policy.  Federalism can protect the status quo or move to change them.  Federalism can act as a barrier to change  Conflicts in ideology Supreme Court of Canada is not in the Constitution, it’s the main referee with the province and federal government. There is no court of appeal. Currency Reforms: - Prior to 1871, different currencies were used in the 4 provinces of British North America. -Demand began to grow for government issued paper money because banks notes were mistrusted. The Bank Act 1871: The Issues - Currency Issues: There was no national currency. - Economics Issues: Access to money was somewhat limited; credit. - Bank Issues: No regulation, very unstable. - Major function of banks: bank notes: you deposited 10,000 silver dollars because you
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