World Economy Research Paper Example | Topics and Well Written Essays - 3000 words

World Economy - Research Paper Example The industrial revolution had produced marked differences between developing and developed countries based on the extent of their overall production and growth. Broadly speaking, the entire global economic literature has been studied under two broad headings namely macro or meso level. The former emphasizes on the role of transnational organizations. The later treats countries and firms as the building blocks of the global economy and engages in their analysis (Baylis, Smith & Owens, 2013). The main aim of this paper is to uncover two things. The first one is to discuss the general characteristics of the world economy and the second one is to find the main factors which are responsible for the smooth function of the global economy. Most of the researchers who had considered world economy as their subject of research had pointed out this topic is rather interdisciplinary and cannot be treated in isolation (Gereffi, 2005). Increasing trade between nations can be considered to be the first step of integration between nations. The origins of trading can be dated back to as early as the period of 15th century. It is this historical period of beginning of trade which had automatically rendered some nations stronger than the others. The capitalist system of production had become quite dominant in the 18th century and this has become the basic state of the world economy (Gereffi, 2005). Economists like Adam Smith had focused on the idea of division of labour and the way it fits into the capitalist regime of production. Different countries had begun to specialize in different forms of economic activity and some of them were considered as industrial countries while others came to be known as agricultural countries. The period of 1940’s was particularly very important in the history of the world economic development because this era had witnessed some of the most important changes that had occurred in

Preators in Roman Law vs Equity in English law Essay

Preators in Roman Law vs Equity in English law - Essay Example This essay stresses that English law remains uncodified just like Roman law, but there exists a vast legal framework comprised of records of cases and the legal principles on which decisions have been made. Therefore one of the most important contributions made by both Roman and English law have been in the maintenance of accurate, meticulous and detailed records f the cases in question. This helps to not only elaborate and consolidate established legal principles for the benefit of future legal personnel, but it also serves as a record for historical purposes. The maintenance of such written records have also been the cause for the initiation of reforms as necessary, when the precedents are found to be inapplicable and are overturned by fresh precedents, which was also done in the same manner in Roman law. This paper makes a conclusion that the Preators made a substantial contribution to the development of equitable, time tested principles that would be able to withstand the test of time. In a similar manner, English law has also made a substantial contribution to furthering the cause of law by introducing measures of equity when the medieval judges began to rely too much on precedent. Thereby by a judicious mix of the old and the new, the current legal system is continuing to evolve, retaining those principles that are worthwhile and rejecting those that are outdated by replacing them with new precedents, to further the cause of justice.