international standards on auditing. However, there is no requirement that the standards set in a particular country have to be completely identical to those provided by the IAASB. Both the US and China are powerful world leaders with their hands in investments all around the globe. As there is always a risk of financial reporting fraudulency, it is essential that each country has their own standards when it comes to conducting an audit in their country. In the US, the American Institute of Certified Public
process of people moving into cities, which is called urbanisation, was happening around the world in past decades. It causes cities to have more labourers and resources than before. This makes a big contribution to the social development of cities. Thanks to these social developments, public services are becoming better in these areas. Citizens can enjoy a better life by access these public services such as better medical care, more education resources and well-built transport. It means an equitable society
The financial crisis in 2008, having resulted from a tremendous bubble in the real estate market as well as highly leveraged banks and governments, has now become a debt crisis and is still an important in political discussions worldwide. Numerous employees have lost their jobs, many companies went bankrupt; nevertheless, there seemed to be one country that stroke off all difficulties and continued growing at an outstanding rate. In 2009 China’s GDP grew by 9% (www.cia.gov), while all other economies
Background: India is one of the most popular countries in the world. Geographically, India is located at the south of the Asian continent. India’s development and growth has been one of the most significant accomplishments in recent times. India neighboring countries include Pakistan, Nepal, Bangladesh, Sri Lanka, Myanmar, and Bhutan. The size of the population in India is 1,266,883,598 and the Territorial size of the country is 3, 287, 263 sq. km (The World Factbook, 2016). The prime minister
Why China Can Attract More FDI: A Response to "Competitiveness in India and China: the FDI puzzle" In 2008, a serious financial crisis swept the globe, causing many countries' economies sunk in depression or recession. After four years, some emerging economies, such as China and India which are the members of the "BRICS" (the acronym of Brazil, Russia, India and China, which are at a similar stage of newly advanced economic development), firstly got rid of the effect of this financial crisis
relationship between democracy and economic development. He notes that it is often claimed that nondemocratic systems are better at bringing about economic development than democratic ones. Sen disagrees with this claim. He asserts that this hypothesis is based on "very selective and limited information" (3). He admits that it is true that some disciplinarian states, like South Korea, Singapore, and postreform China, have had faster rates of economic growth than many less authoritarian ones,
relationship between democracy and economic development. He notes that it is often claimed that nondemocratic systems are better at bringing about economic development than democratic ones. Sen disagrees with this claim. He asserts that this hypothesis is based on "very selective and limited information" (3). He admits that it is true that some disciplinarian states, like South Korea, Singapore, and postreform China, have had faster rates of economic growth than many less authoritarian ones,
I believe India is going to be the next economic superpower because of many different factors but not without change to traditional practices. Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. Macroeconomics simplifies the analysis of how the country’s total production and level of employment are related to attributes including national, regional, and global economies. India being
Currently, economic world are more dynamic. Many developed countries such as European Union, US, and Japan as the largest economic are going to be overtaken by developing countries, particularly BRIC. BRIC stands for Brazil, Russia, India, and China. Those countries are growing rapidly and making contribution to the world economy as Goldman Sachs (2010) said, “Between 2000 and 2008, the BRICs contributed almost 30% to global growth in US Dollar terms, compared with around 16% in the previous decade”
Andrei Shleifer, Amartya Sen, and Jean Drèze all try to understand what makes countries rich and what makes them poor. Shleifer thinks that what makes a country rich, and subsequently its people rich, is the free market and the economic success that follows it. Alternately, Drèze and Sen believe that what makes a country rich, a whole country with its entire population, is state intervention and regulation of the economy. This differing on opinion is the fundamental difference in the work by Shleifer