Some major topics last week in business world was relating to financial regulation reform, unemployment problem in Nebraska, organ-transplant economics, executive compensation. I will not go through all these topics but two of them are interesting to be talked on. Firstly, financial regulation reform which concerns many people from every segments of American society will be discussed. Secondly, another important issue-organ transplant economics- will be handled.
New financial reform will re-regulate many rules to bring more secure future for people. This reform will include especially consumer credit, mortgage, and other consumer financial products which protect consumer from unrestrained market.
Before last global financial crisis, Turkey lived similar financial crisis in 2001 due to same structural reasons. Banks were managed in deregulated way and there were no serious control over financial institutions. Since their reserve requirement ratios were low, banks had created more money than it should be. After destruction of trust environment in country, most of foreign investors moved to other profitable countries with their money. Central Bank could not control the foreign currency reserves and primarily dollar and euro currencies appreciated. Most trustable and also profitable banks went into bankruptcy. After that financial earthquake, government decided to change some laws and rules to re-regulate the financial environment in country. We met with the some new independent financial institutions which have been monitoring and controlling the market. Lots of people who had wanted more interest and benefits lost their money in 2001 crisis. Everybody learned something from that crisis and up to last year we lived only economical fluctuations due to external factors like rising up oil prices or decreasing demand in international markets.
No matter how many times we live economic crisis, each of them has drastic effects especially on low-income people. After each crisis, governments increase taxes (especially indirect taxes) as first a measure, then tight fiscal policy is applied to control budget and to recover the crisis. In any case, low-income people cannot avoid these measurements.
As far as I can follow to scope of it, new reform brings more control power to authority. Also it brings more protection to individuals as a priority which can be thought as a good approach to issue.
Another important topic of last week was organ transplant and organ donation. Based on a last year’s survey in USA regarding people’s approach to organ donation, three quarters of them were willing to organ donation but the numbers of donation show different result to us. Based on another survey, donation numbers change country to country according to reasons such as religion, ethics, fear, etc.
Depending on age, medical condition and conditions at the time of death, some organs such as heart, lungs, liver, kidneys, pancreas, small intestine, eyes can be donated[1]. In 2006, first time number of organ donors passed 8000 in the United States. Last decade, organ donation trend has been upward and new regulations in some states encourage organ donation like in Illinois. Before receiving driving license, people have to answer whether they want to donate their organ or not in Illinois.
Sources:
No comments:
Post a Comment