China economic growth history


The socialist market economy of China is the world’s second largest after the United States. It is in fact the world’s fastest-growing major economy with growth rates averaging 10% over the past 30 years.

China is the largest exporter of goods and second largest importer in the world. The economy of China is the fastest growing consumer market in the world and takes the largest national share in the global technology exports market.

China’s economic importance has shifted attention to other sectors such as the health sector. The coastal regions of China are experiencing growth as they are more industrialized than the interior. It is the rapid development of these areas that has the greatest impact on the economy as a whole.

China is therefore implementing means to ensure the wealthier regions remain that way. It adopts the “Five-Year plan strategy for economic development. The Twelfth Five-Year plan (2011-2015) is currently being implemented.

In mid 2014, China announced it was taking steps to boost the economy which at the time was running at a rate 7.4% per annum but was dropping.  The government in recent years has struggled to control issues such as corruption, economic crimes and others that have been on the rise as a result of the growth of the economy.

Deterioration of the environment as a result of pollution due to rapid industrialization is also a major negative effect. China has also continued to lose arable land because of erosion and infrastructure development.

China has a population of about 1.3 billion people. Its economy grows by the day despite the various problems the country faces.

UK economy growth essay


U.K. is the largest national economy in the world (3rd largest in Europe) measured by nominal GDP and 8th largest in the world (2nd largest in Europe) by purchasing power parity. In 2012, U.K. was the 10th largest exporter in the world and 6th largest importer. It is thus one of the world’s most globalised economies.

In the 18th century, the U.K. was the first country to industrialize and during the 19th century had a dominant role in the global economy. The U.K. economy is currently recovering from a recession arising from the financial crisis of 2007/08.

In 2013, the U.K. experienced its fastest growth since 2007 and is currently the fastest growing major developed economy. It has been forecast that the U.K. will become the world’s 5th largest economy by 2016.

The Bank of England is U.K.’s central bank and its Monetary Policy Committee is responsible for setting interest rates. Currency is the pound sterling, which is the world’s 3rd largest reserve currency after the U.S dollar and the Euro.

The U.K. is member of the Commonwealth, the European Union, the G7, G8, G20, International Monetary Fund, the World Bank, and the United Nations among others.

The taxation to the local and central government are also contributing factors. The local government is financed by grants, business rates, council tax, fees and charges (on-street parking).

The Central government through income tax, value added tax, corporation tax and fuel duty. Sectors such as the Agricultural sector have added gross value of £9, 438 million to the economy in 2011.

The economy has seen both good times and bad and in the end has survived it all.

Predatory lenders practices


Predatory lending is the unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. Even though there are no laws against many of the specific practices commonly identified as predatory, various federal agencies use the term for many illegal activities in the loan industry.

Predatory lenders use deceptive means to convince borrowers to agree to unfair and abusive loan terms or systematically violating those terms in ways that make it difficult for the borrower to defend against.

Other types of predatory lending include: payday loans, certain types of credit cards, mainly subprime or other forms of consumer debt, and overdraft loans, when the interest rates are considered unreasonably high.

Although predatory lenders are most likely to target the less educated, the poor, racial minorities, and the elderly, victims of predatory lending are represented across all demographics.

In these difficult financial times, there are very many cases of predatory lending that are taking place in many countries especially the United States. It is about time a solution is sought since the means of lending people money do not benefit them in the long run and end up putting them in more debts.

Many people have lost their homes since they have not been able to pay off debts to these predatory lenders. Falling into bankruptcy is one of the most feared things in the American population and predatory lending is mostly the final choice for many.

Weighing the costs of predatory lending before actually delving into it is the best thing to do, for everyone.


History of banking in the US

Banks in both the United States and the United Kingdom started as financial institutions with a few customers banking their money for safety purposes. Some started off so small that one would not believe the growth that has been witnessed over the years in the banking industry.

Lending rates as well as services offered to customers differed then and still do even to date. When the US became independent nation, for example, it did not have a central bank. A central bank’s most important jobs are to guard the money supply regulating the economy and to act as the lender to regular banks in times of distress.

The countries’ presidents impacted the development of banking institutions. An example is Jefferson in the US who hated commerce and banks as a whole. The first bank’s establishment was advocated by Hamilton and was established in 1792.

The Bank of the United States was a big success and provided the country with regular supply of money. In the early days, the federal government created money both through making loans and by issuing banknotes. Today, they do so by extending credit.

Bank of England history

In the UK, the first activity that later came to be known as banking was by goldsmiths who after the dissolution of English monasteries began to accumulate significant stocks of gold.

The goldsmiths later came to be known as keepers of ‘running cash’ and accepted gold in exchange for a receipt around 1650, the first provincial bank was established and in 1694, the Bank of England was formed.

Services offered by banks in the US and UK generally increased in the 18th and 19th centuries due to development of the Industrial revolution and international Trade.

Theories of consumer behaviour in marketing management


Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and the whole society.

It blends many elements from sectors such as psychology, sociology, social anthropology, marketing and finally, economics. It makes an attempt to understand the decision-making processes of buyers, both individually and in groups such as how emotions affect buying behavior.

An example of these theories is the Black box theory of behaviorism, where the focus is not set on the processes within a customer, but the relation between the stimuli and the response of the customer.

The marketing stimuli in this case are planned and processed by the companies, whereas the environmental stimulus are given by social factors, based on the economical, political and cultural circumstances of a society. The buyer’s black box contains the buyer characteristics and the decision process, which determines the buyer’s response.

There are two approaches to the theory of consumer behaviour in relation and demand in economics. The first approach is the Marginal Utility or Cardinalist Approach whereas the second is the Ordinalist Approach.

In the Cardinalist Approach, we learn and see that human wants are unlimited and they are of different intensity. The means at the disposal of a man are not only scarce but they have alternative uses. As a result of scarcity of resources, the consumer cannot satisfy all his wants.

In the concept of Utility, “Utility” is defined as the power of a commodity or service to satisfy human want. Utility thus is the satisfaction which is derived by the consumer by consuming the goods. The utility is subjective in nature and differs in individuals.



The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1958. The major regulatory objectives of the bank as stated in the Act is to;

maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government.

The central bank’s role as lender of the last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. Earlier, the CBN’s functions were mainly to act as the government’s agency for the control and supervision of the banking sector, to monitor the balance of payments according to the demands of the federal government and to tailor monetary policy along the demands of the federal budget.

The central bank’s initial lack of financial competence over the finance ministry led to the deferment of major economic decisions to the finance ministry. A key instrument of the bank was to initiate credit limit legislation for bank lending. The initiative was geared to make credit available to neglected national areas such as agriculture and manufacturing.

Today, the Central Bank of Nigeria has grown to become one of the most popular and trusted banks in the country with people of all races and financial backgrounds turning to it for all types of financial services.

There are however some scams that have used the name of the bank to defraud bankers. The bank is in no way associated with such scams and the necessary measures are taken against those that are caught.

The future of US and UK consumers spending habits

US and UK consumers spending habits

According to this article, British and American consumers have diverse spending habits and marketers can target them when campaigning for their products.

UK consumers are pessimists about the future and they have embraced recession more than their US counterparts have. US spenders are likely to spend three times more than the UK spenders. This is both an opportunity and warning to the brands.

Generally, any consumer is willing to spend a fortune if they thought the product is worth but they aren’t willing to flitter their cash. It’s like the retailer has to go an extra mile convincing them the worthwhile of making the purchase.

Americans are not much careful when spending their money and they are much comfortable compared to their counterparts across the pond. Americans are more optimistic in their view and any challenge is seen as the road that will lead them to a better future.

Although they are faced with uncertainties, it does not hinder their heavy spending. UK consumers are not quite confident about their future and they are more focused about saving for it.

Despite the pessimistic nature of the UK consumers, they are more focused on home improvements. They spend much to improve the quality of their house making it a plus to people who are in the sector.

European Central Bank researchpaper

European Central Bank

European Central Bank (ECB) the bank head quartered in Frankfurt, Germany is the central bank that manages the Euro with the mandate to administer and implementing financial policy of the Eurozone. It manages The Euro single currency and checks the price stability in the 18 EU member states.

ECB is among the most important central banks and it is listed in the treaty of European Union. The main purpose of European Central Bank is to:

  • Ensure it has kept the prices stable in all the states that use the Euro currency. The bank ensures it has controlled inflation.
  • Stabilizing all the financial systems by ensuring the financial markets are well supervised.

All the central banks in all the 28 European Union countries works closely with the ECB forming the European System of Central Banks (ESCB).The European Central Bank, has the following major roles to play;

  • Money supply and interests rates in the Eurozone are controlled by the bank
  • Helps keep exchange rate in balance by managing buying and selling of currencies and managing foreign currency reserves in the Eurozone.
  • All the central banks in the Eurozone issue euro banknotes through the authorization of the bank.
  • Risk assessment and monitoring price trends and the effects to the price stability

Australian industrial relations laws covering employment issues such as the minimum wage,

Australian industrial relations

Industrial relations refer to the management of work-related obligations and entitlements between employers and their employees. In Australia industrial relations laws cover employment issues such as the minimum wage, employment standards and pay equity. The laws also cover the working hours and leave entitlements as well as protection of employees from discrimination and unfair dismissal.

Under their laws employees are granted freedom of association which allows them whether to join unions or not. The laws also stipulate the employee rights regarding industrial actions such as strikes and go-slows.

The state has the Fair Work Commission, which is the national workplace relations tribunal. This tribunal has the power to help in the resolution of conflicts involving employees, employers, unions and employer associations who are covered by the national workplace relations system. Te tribunal therefore has the power to oversee issues of minimum wages, awards and agreements, industrial action and dispute resolution.

The fair work ombudsman on the other hand contains the fair work fact sheet which has a set of minimum rights and responsibilities of the employers.

National employment standards which is stipulated in the fair work Act which legislates the National Employment Standards (NES) which lists the minimum standards of employment which includes minimum entitlements to leave, notice of termination and redundancy pay. As part of the NES new employees are supposed to be provided with a fair work information statement.

Pay rates and pay equity comes to play when requiring that employees receive equal pay for equal work done. This is also legislated by the Fair work act.

The Australian industrial relations commission which was succeeded by Fair work Australia in January 2010 and been in existence since 1904-2006 and was assigned with the task of certifying enterprise bargaining agreements where the agreements were collective contracts from negotiations between a union and an employer among the rest of roles played the Fair work Australia.

Australian Foreign Policy and its significance in the country development

Australian Foreign Policy and its significance in the country development

One of the major departments in the Australian Public Service is the Department of Foreign Affairs and Trade (DFTA). An important department always in custody of a senior affiliate of the government, DFAT’s affiliation with its prime minister and the Minister is fundamental to a perceptive of how foreign policy is created and developed.

Australia’s foreign policy comprises a number of different inter-related rules in the areas of foreign aid, international commitments, trade, defence and security. Trade has constantly been at the front position of Australian’s foreign policy, but on no account more so than in this age of globalization. Australia is a participant to a great number of global treaties and accords, several under the auspices of the UN.

Australia’s trade and foreign policy is aimed on promoting long-term prosperity and security. It looks forward to safeguard and advance Australia’s nationwide interests in a swiftly shifting environment, while sustaining a stable global sanity. An obligation to multilateralism, specifically the United Nations, is a fundamental principle of Australian foreign policy.

Australia has been centrally engaged in global attempts to build security and peace for decades, just as it has supported global investment and trade liberalization