Final Exam - Essays_Outline - 1) Question 1: Social Europe...

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1) Question 1: Social Europe a) What is Social Europe? i) Increased focus of “the group” over the “individual” in European society ii) Increased role of government in society iii) Promote overall social well-being at the expense of selective individuals gains (1) Through numerous regulations, gov. policies, and cultural dimensions b) Key Components i) Heavier tax burden on European citizens (1) To increase the funding of socials programs like universal healthcare, free universities etc. ii) Increased representation of labor/union in the decision making processes of large corporations in  the EU (1) Unions have major voice even in upper level decisions (2) Ex. Germany – Works Council and Co-determination (3) Increased voice in contract negotiations also c) Advantages i) Reduced income inequalities and increased quality of life of the lower class (1) Increased social programs (2) Healthier relationship between labor and management – more benefits for labor ii) Increased Social Programs (1) Societal progress (2) More trained/educated/efficient workforce (a) People able to contribute to society more iii) Labor-management partnership (1) More efficiencies (2) Decreases in strikes, boycotts, lockouts (a) All very expensive/inefficient  iv) Dense networks across firms (1) Shared information and reputations (a) Allows for a financial system with a long term view d) Disadvantages i) Might deter innovations and investments into Europe (1) With increased taxes of wealthy (2) Increased regulations for companies (a) Decreased incentives for starting own business ii) A market heavily geared to overall social well being (1) Decreases incentives for individual innovations and creativity iii) Comprehensive bargaining (1) No flexibility
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(a) Works councils have stood in the way of changes that need to be made iv) Dense networks of the financial system (1) Do not let managers to act unilaterally, thus lending a bias toward consensus. e) Social Europe vs. Liberal America i) U.S. capitalism (1) Much less government intervention (2) People left to fend for themselves (3) Fewer regulations, programs, initiatives, and safe guards for American citizens and businesses (4) Less welfare benefits (5) No universal healthcare or education programs f) What model is driving global economic policy i) From 90s-2000s  (1) Markets were booming (a) Increased wealth (i) American capitalistic model was credited for this success 1. Economies were vibrant so there was no need for increased government regulation ii) But recent turn of events – economic downturns (1) Sharp decline in global economies (2) Rising commodity prices (3) Increased layoffs (4) Decreased consumer disposable income iii) Calls for Shift 
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This note was uploaded on 02/20/2009 for the course ILRIC 3330 taught by Professor Turner during the Spring '08 term at Cornell University (Engineering School).

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Final Exam - Essays_Outline - 1) Question 1: Social Europe...

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