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Wednesday, April 6

Wednesday, April 6. Team 5 presentation next Monday Team 6 paper is due next Monday On Monday, be prepared for Asst on all Team 2 Study Guide questions. If you went to Q & A last night. and asked a question, write it down and give it to me.

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Wednesday, April 6

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  1. Wednesday, April 6 • Team 5 presentation next Monday • Team 6 paper is due next Monday • On Monday, be prepared for Asst on all Team 2 Study Guide questions

  2. If you went to Q & A last night • and asked a question, write it down and give it to me. • And want to summarize, it is due before 5 pm on Friday, April 8 via an email attachment to me.

  3. Return Asst 12: Answer any 2 • In what sense is the Japanese business culture family oriented? • What is indicative planning and how is it different from central planning? • What are the key differences between French and Japanese Industrial Policies?

  4. Return Asst 13 (Teams of 2) • In your opinion, which of the 3 nations discussed by Team 1 (Japan, France & Sweden) has created the best climate for business investment in recent years? Why?

  5. Best to worst • Business freedom • Sweden France Japan • Time required to start business • France Sweden Japan • Economic Freedom • Japan Sweden France • Corruption • Sweden Japan France • Property rights • Sweden (Japan & France) • Corporate tax rates • Sweden France Japan • Openness to international trade • Sweden France Japan

  6. Other factors • In Sweden • Employers are faced with high non-salary and dismissing workers costs • In Japan • Costly to fire workers • Part-time workers are cheap • Unemployment rate from high to low • France Sweden Japan

  7. Asst 14 • Just kidding --- no assignments today • But on Monday • be ready for an Asst. on the entire set of Team 2 questions

  8. 6. Islamic Economics • Islam • A religion based upon the teachings of Muhammad. • the second-largest religion in the world • Muhammad was a merchant in Mecca • Muslims believe that Muhammad is God's final prophet

  9. Qur'an (Koran) = the holy book • Was revealed to Muhammad by God through the Angel Gabriel • Islamic law code covers commerce, marriage, property

  10. Two main branches of Islam Sunnis and Shi'as • Dispute started after Muhammad died over • who should succeed Muhammad • Shias say  his family • Sunnis say  his collegues • Split: Shia(Mostly in Iran, Iraq) and Sunni (over 85% of Muslims)

  11. 5 core aspects of Islam • Sunni Islam believe in them • Shi'aMuslims accept these but also add several other practices to form the Practices of Religion. • 3 have to do with economics • Zakat • Is giving charity to the poor and needy by able Muslims • based on the wealth that one has accumulated • Redistribution of income • Sadagah= A form of Zakat that is voluntary and is paid in addition to zakat • http://www.youtube.com/watch?v=8Q1Jbu281l8

  12. Five core aspects of Islam 2. Sawm • http://www.youtube.com/watch?v=a0TeJuEIwB4 • fasting, is an obligatory act (with some exceptions) during the month of Ramadan. • Muslims must abstain from food, drink, and sexual intercourse from dawn to dusk during this month • Effects on consumption? Production? Redistribution of income?

  13. Five core aspects of Islam 3. Hajj • A pilgrimage that occurs once a year in the city of Mecca (Saudi Arabia) • Every able-bodied Muslim who can afford to do so is obligated to make the pilgrimage to Mecca at least once in his or her lifetime. • Mecca is so important because it was the place where Muhammad was said to have lived and gained his prophet status. • Entrance to Mecca itself is forbidden to non-Muslims, and the entire city is considered a holy site to Islam.

  14. a Muslim who has made a pilgrimage to Mecca receive the title Hajji • a Hajji is honored in his or her community. • For some, this is an incentive to perform the Hajj. • Social / Economic status (order) • Economic power • http://www.youtube.com/watch?v=nL5gQwsMCY0

  15. A Shi'a article • Khums • One-fifth tax, which all adult Muslims who are financially secure and have surplus in their income normally have to pay on annual savings, net commercial profits, and all moveable and immovable property. • Redistribution of income

  16. Principles • Islamic law prohibits interest (riba) payments • http://www.youtube.com/watch?v=koVAWbe_dwE • interest-receiving rich become unproductive • leads to economic stagnation due to lower productivity of rich • reduces incentive for overexpansion of credit which may be inflationary • Replaced with profit sharing and mark-uptrade

  17. Generally, Islamic law also prohibits trading in financial risk (which is seen as a form of gambling). • Speculation not good? • forward markets minimize risk? • Lotteries not good? • Insurance?

  18. Principles • Islamic law prohibits investing in businesses that are considered harem(illegal or forbidden, such selling alcohol or pork) • Proper consumption: no pork, alcohol, prostitution, gambling

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