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Define and provide an example of an informal economy.
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- MINI CASE The Informal Economy: What It Is and Why It Is Important? The informal economy refers to commercial activities that occur at least partly outside a governing body’s observation, taxation, and regulation. In slightly different words, sociologists Manuel Castells and Alejandro Portes suggest that the “informal economy is characterized by one central feature: it is unregulated by the institutions of society in a legal and social environment in which similar activities are regulated.” Firms located in the informal economy are typically thought of as businesses that are unregistered but that are producing and selling legal products (that is, they sell many of the same products you might buy in legal businesses but perhaps cheaper because they do not pay government fees and taxes). In contrast to the informal economy, the formal economy is comprised of commercial activities that a governing body taxes and monitors for society’s benefit and whose outputs are included in a country’s…Discuss and evaluate: The U.S. “foreign aid” program is a sham. In reality it represents neocolonialism—a means by which the DVCs can be nominally free in a political sense but remain totally subservient in an economic sense.Explain residency restrictions in China before the 1970s and how the relaxation of these restrictions affected wages and labour standards