What impact do refugees have on the economy, and how best can they integrate into their new home? I explore these issues in my interview on CGTN.
In September of 2010 Berlin Museum of Economics and Business administration: scholars rummaged up a yellowed cardboard with the inscription “The Honorable Merchant” in a dusty chamber named “Department of Stored Concepts.” Inside, they detected 10 tablets, each inscribed with a single sentence in ancient handwriting.
- One goes: “The honorable merchant respects the interests of the owners.”
- Another one: “The honorable merchant supports the common welfare in the society.”
- This one’s also nice: “The honorable merchant aims his actions to virtues that create long-term confidence.”
Certainly, anybody today will define current incidents on each of these old-fashioned Words-Of-Wisdom: Hostile takeovers, House banking scandal, Health care fraud … you can find seemingly endless lists of considerable companies that are convicted of felony offenses, and they’re still in business – or to say it in better words: still busy in corporate crime. In today’s markets economy the antiquated doctrines above seem to be not very useful. The moldy cardboard is probably at the right place, slowly rotting in the department of stored concepts.
Are practices that are morally reprehensible the contemporary vision of our global management caste?
The term “The Honorable Merchant” originates from the 12th century, shaped in the German Hanseatic League and Italy. It was a guiding principle in those ages, but buried in oblivion for the last centuries. Currently it is on everyone’s lips, i.e. the Humboldt University in Berlin (the guys who found the cardboard) now seriously wants to reintroduce the “Virtues Of The Honorable Merchant” in today’s faculties for Management and Business economics — as they declare, not for moral reasons, but because of the stability of society!
My two cents: As an entrepreneur, one should always be conscious about the virtues of decent trade and correct action, anyway. Who is cheating has no customers. But I’m just a bod, the man on the street.
Dr. Czinkota discusses opportunities in the EU-US trade talks with Rockwell Schnabel, Former U.S. Ambassador to the EU, on CNBC’s The Call. Watch full video here.
As of August 22, 2012, Russia became the 156th member of the World Trade Organization (WTO) and on December 21, 2012, President Obama signed legislation that extended permanent normal trade relations with Russia and Moldova. A day before approving this legislation, the U.S. and Russia agreed to an Intellectual Property Rights (IPR) Action Plan in order to improve IPR protection and enforcement. It is important to remember that Russia is currently the U.S.’ 20th largest goods trading partner and that in 2011, Russia was the 14th largest import supplier to the U.S. It will be interesting to see how the U.S. and Russia attempt to increase their economic potentials now with less barriers to trade. Which key dimension will reign: Economics or Politics?
On August 23rd, 2012 Russia became the 156th member of the World Trade Organization (WTO) As a result, Russia is expected to lower import taxes and open its market to international competition.
An article in the Moscow Times suggests that Russia should use the WTO membership as a signal to its business community and international investors. (www.themoscowtimes.com, July 18, 2012)
Typically, Russia has received much less foreign investment than many other big emerging markets due to its tariff walls and onerous customs clearance procedures. (www.economist.com, July 14, 2012). Russia’s economy needs the diversification brought about by external investors, and greater adherence to stable rules will help in attracting them.
According to Office of the United States Trade Representative, Russia’s membership in the WTO will bring significant commercial opportunities for U.S. exporters in several sectors, such as agriculture, high-tech products, services, and retailing. (www.ustr.gov)