Globalization process Essay Example for Free

Globalization process Essay Due to the emergence of globalization process, many changes are taking place within the mainstream business activity. As the organizations becoming to more and more globalized, the need to have a uniform set of international standards is strongly felt. This argument is based on the fact that since organizations are becoming global and have to face the different legal as well as cultural environments therefore in a bid to reduce the bottlenecks for the international firms as well as creating a uniform set of accounting rules and regulations, it is critical that a convergence shall be made to the international accounting standards so that a uniformity can be achieved. The experience of EU and Canada has been successful so as those of other countries who are making a transition to the international accounting standards. This experience is also considered as a strong signal for the US to adapt to the new standards because it is connected with the global world. The complexities of the international trade have led much international business to remove the conflict between the different standards in place and as such the effort from the US is one of the attempts to converge to the International standards to achieve the desired results. However, it is also critical to note that many argue that such transition will be costly for the American firms because an earlier transition to Sarbanes Oxley has been a costly proposition for the many companies and most of them may be reluctant to adapt to the new standards. The costs, however, may be relatively high but the added benefits which US firms may enjoy after this convergence may greatly outweigh the benefits. The uniformity of the standards will allow international firms, especially to be more flexible and support the initiatives taken by the Security and Exchange Commission to make a phased transition to the adaptation of the IFRS. The process of this convergence can be difficult to assess as it is a phased process however, given the fact that more than 85 countries have adapted the IFRS itself indicate that more and more countries are now willing to adapt to the international standards in order to facilitate the businesses to adapt a uniform set of standards. Such large scale adaptation of the standards however, also creates cultural as well language problems as the correct and accurate interpretation of the standards itself is an issue to deal with. Language and culture therefore are two of the potential impediments which can restrict the true applicability of the standards even if the standards are fully implemented and adapted by the countries. If we assess the globalization of accounting standards with special reference to US, we will also come to know that few of the international firms in US have already adopted the standards for their foreign subsidiaries and as such this process may not be as complicated to them as they may perceive it. However, what is also critical to note that those firms which have only the domestic presence within the US market may find it difficult to cope with the increasing costs as well as adapting to the new standards? This will not only require investment into improving the skill level of the employees as well as would require additional funds to implement the new system.

Economy During Civil War and Slavery

Economy During Civil War and Slavery Group A: Colonial Experience 3. How could each of the various labor arrangements extant in the colonies be characterized? Why did the mix of people working under different arrangements change over time? The labor arrangements in colonial times widely varied from indentured servitude, redemptioners, prisoners, African slaves, to those from the free population. Indentured servants were individuals contracted to a certain type of work for an agreed upon amount of time, typically lasting from four to seven years (Hughes Cain, 2007). Their contracted work is in return for transportation across the Atlantic, as well as food, clothing, housing and perhaps training in a specific craft. Redemptioners were immigrants from Europe who were brought over by ship captains and were allowed a specified time to pay the captain back after arrival; according to Hughes Cain, payments were often made by placing one of their children into indentured servitude. While the transportation of prisoners over to colonial America was not the most popular of methods to acquire workers, it was still an important one nonetheless. Men and women convicted of a crime punishable by death in England were allowed to liv e on the condition of transporting themselves elsewhere. Ship captains welcomed prisoners on their voyage, as they proved to be a valuable commodity since they would trade them for produce before making the voyage back to Europe. The most well-known of all labor arrangements was that of African slaves. They were not protected as British subjects nor had any status in court, which means the slaves were unable to contract their own labor. Slaves were also considered their master’s property for life, including any children the slaves may bear. Lastly, the final form of labor was those from the free population who on their own funds purchased transportation to the colonies, which therefore made them eligible for individual land grants. Over time, indentutured servants became less enticing to employers, as slaves were cheaper for unskilled labor; most indentured servants were eventually replaced by African slaves or white servants. Once America gained its independence, British prisoners were understandably less welcomed in the new country as well. As new circumstances arise, the labor market changes accordingly to fit with the needs of the new market. Group B: Slavery and the Civil War 4. In what ways were the economic situations and economic policy interests of the south and other regions shared and different, in the years leading up to the civil war? While the Civil War mainly revolved around the fundamental differences between the north and the south, often times the similarities of economic policy of the two sides can be overlooked. For starters, both economies relied heavily on farming and they both used similar methods while working the land, even if the north was far more advanced from an industrial manufacturing point of view. As far as the economic differences, one need not look any further than the labor market of the two sides. In the south, the labor market was obviously driven by slave labor, as that was one of their main fighting points and a direct reason for secession; while the north did not allow slavery, but as a consequence, the labor was significantly more expensive than that of the south. Tariffs were a fundamental difference between the two sides as well; the south opposed tariffs entirely, as they wanted to keep the price of imported goods low. The north on the other hand was a proponent of imposing high tar iffs; this is because the higher the tariff from other countries, the more competitive the price of goods produced in the north would be. Without such tariffs, the goods from Europe were a cheaper option for the south to purchase, instead of directly benefitting the northern economy. As Baack and Ray assert, â€Å"the fact that tariff cuts were systematically associated with fast growth industries†¦lends support to our contention that tariff rates across industries and tariff changes over time were structured to serve the narrow economic protectionist needs of special interest groups† (Hughes Cain, 2007). The north had narrow interests in supporting their own economy and imposing tariffs served as that protection for special interest groups, exactly as Baack and Ray contended. This idea also lends itself with the concept of infant industry, where new economies may achieve domestic economic growth if only they initially shield themselves from foreign competition. The fin al difference lied in industrial manufacturing, as it was almost solely occurring in the north while the south had little involvement in the initial American industrial revolution. Group C: The Nineteenth Century 8. What were the key characteristics of industrialization in US, and important contributing factors? Immediately following the Civil War, the United States underwent what is now referred to as the â€Å"industrialization† process, where production by machine replaced manual labor and where new inventions and applied science were greatly emphasized. Some key characteristics of American industrialization include an increasing proportion of workers involved with manufacturing, as well as an overall greater availability of labor. Hughes and Cain (2007, p. 343) contend, â€Å"[w]orkers generally made their way into the industries experiencing the most rapid growth and demand for labor, producing relatively rapid labor force expansion.† Other key characteristics included growth of a national transportation network and expanded markets with ability to move products and raw materials quickly. Industrialization necessitated a wide-reaching transportation system for rapid movement of raw materials and finished products, which gave way for the steam engine and the railroad system . As Hughes and Cain (2007, p. 287) assert, â€Å"[t]he products of farm and factory, thousands of miles apart in their origins, were now easily mixed in the country’s new establishments of manufacturing and distribution.† The rail network provided a way for products to be shipped from New York to far reaching west coast towns at a pace previously unimagined. Isolated markets quickly became a thing of the past in the United States, as individuals living in previously unreached economies now had the access to products that were completely unavailable before the advent of the railroad. One of the final key characteristics of American industrialization included a steady increase in size and population of urban areas. As the population and labor availability increased, cities meant jobs and a variety of opportunities for a myriad of individuals. The extent of the economic scale of cities includes: transportation, education, medicine, sewage systems, central water, commutat ion, etc. The different amenities and job prospect attracted individuals to urban areas across the United States. Industrialization was clearly a major component of the advanced society of today, as it connected America through transportation, communication, utilizing cheaper raw goods, and taking advantage of an abundance of employment opportunities.

Essay example --

Monique Kuwahara Professor Skoniezcy, IR 309 The Future of Free Trade and Women For more than two hundred years, free trade has been the reliable solution put forth by most prominent economists. If protectionist measures were done away with completely, theoretically each sovereign nation could rise to their highest capacity according to the theory of comparative advantage, thus leading to mass output, higher living standards for citizens and a net gain for society. The 2003 Economic Report of the President reported that free trade: â€Å"... Brings greater specialization according to comparative advantage, lower prices, and a wider selection of products and services for both consumers and firms. Openness to trade allows exporters to sell their output in a larger market; workers in export industries benefit as the resulting higher prices for the goods they make translate into higher wages and incomes.† (CEA). However, the history of free trade has also been a tenuous one fraught with high sentiments of nationalism and high tariffs. Since Ricardo and Smith first wrote on comparative advantage in the 1700s, many states have been in a race to climb the ladder of success and increase profits. But, free trade has consistently ignored women as it spread from developed nations to developing, leaving women to crawl and scratch their way to equal wages and basic workers rights. Especially in this time when more women hold degrees than men and refuse to conform to the patriarchal system, free trade cannot afford to ignore women now in this global economy. Now, comparative advantage in free trade is calling loudly for the inclusion of women in the workforce and executive decisions rather than being pushed down by tradi... ...agricultural industry, this opens up opportunities for more affordable housing (more land opened up) for newly married couples that live at home with parents, reducing household grocery costs, and more liquid cash to spend on luxury goods. Japan is now in a unique position to culturally set an international precedent and simultaneously boost their economy. If more incentives were given to women to come back after raising children, or not being passed up for promotion, this would give incentive to more women to stay in the workforce and not force them between a career or a family. By reconstructing traditional women’s gender roles for women to successfully integrate in the notoriously male-dominated workplace, and negotiations with the TPP countries, Japan can successfully overcome their low birth rate and finally overcome the effects of the Asian Financial crisis. Essay example -- Monique Kuwahara Professor Skoniezcy, IR 309 The Future of Free Trade and Women For more than two hundred years, free trade has been the reliable solution put forth by most prominent economists. If protectionist measures were done away with completely, theoretically each sovereign nation could rise to their highest capacity according to the theory of comparative advantage, thus leading to mass output, higher living standards for citizens and a net gain for society. The 2003 Economic Report of the President reported that free trade: â€Å"... Brings greater specialization according to comparative advantage, lower prices, and a wider selection of products and services for both consumers and firms. Openness to trade allows exporters to sell their output in a larger market; workers in export industries benefit as the resulting higher prices for the goods they make translate into higher wages and incomes.† (CEA). However, the history of free trade has also been a tenuous one fraught with high sentiments of nationalism and high tariffs. Since Ricardo and Smith first wrote on comparative advantage in the 1700s, many states have been in a race to climb the ladder of success and increase profits. But, free trade has consistently ignored women as it spread from developed nations to developing, leaving women to crawl and scratch their way to equal wages and basic workers rights. Especially in this time when more women hold degrees than men and refuse to conform to the patriarchal system, free trade cannot afford to ignore women now in this global economy. Now, comparative advantage in free trade is calling loudly for the inclusion of women in the workforce and executive decisions rather than being pushed down by tradi... ...agricultural industry, this opens up opportunities for more affordable housing (more land opened up) for newly married couples that live at home with parents, reducing household grocery costs, and more liquid cash to spend on luxury goods. Japan is now in a unique position to culturally set an international precedent and simultaneously boost their economy. If more incentives were given to women to come back after raising children, or not being passed up for promotion, this would give incentive to more women to stay in the workforce and not force them between a career or a family. By reconstructing traditional women’s gender roles for women to successfully integrate in the notoriously male-dominated workplace, and negotiations with the TPP countries, Japan can successfully overcome their low birth rate and finally overcome the effects of the Asian Financial crisis.

Cystic Fibrosis Essay examples -- essays research papers

Cystic Fibrosis Cystic Fibrosis is a genetic disease that causes the body’s lungs to generate a different type of mucus than a non-infected body would. The contaminated lungs will produce mucus that is thick and adhesive which clogs the lungs and leads to an unpleasant and abhorrent lung infection. CF also interferes with the pancreas, disallowing the digestive enzymes from breaking down and absorbing food in the intestine. This can result in low nutrition, feeble growth, excessive sweat production, difficulties in breathing, and sometimes lung disease. When producing extra sweat and mucus, the body loses salt. If too much salt is lost, it can cause abnormal heart rhythms, disturbance of minerals in the blood, and perhaps, shock. Children, as well as Adults can also be affected by this disease. Some afflicted infants usually show symptoms of the disease in its early life stages. Yet, others may experience the horrid and hazardous conditions later in life. The types of infections range differe ntly between each person. There are more than a thousand mutations of the CF gene.   Ã‚  Ã‚  Ã‚  Ã‚  Considering that Cystic Fibrosis is a genetic disorder, it can only be inherited by an individuals DNA. The only possible way to transmit the mutation to the offspring is if both parents are either carriers or already infected by the disease. Once two carriers produce an offspring, there is a twenty-five percent chance that their child will have Cystic Fibrosis; a fifty perce...

U.S. Constitution :: essays research papers

The document I chose to write about is the United States Constitution. When the thirteen British colonies in North America declared their independence in 1776, they laid down that â€Å"governments are instituted among Men, deriving their just powers from the consent of the governed.† The â€Å"colonies† had to establish a government, which would be the framework for the United States. The purpose of a written constitution is to define and therefore more specifically limit government powers. After the Articles of Confederation failed to work in the 13 colonies, the U.S. Constitution was created in 1787. The Constitution is important because it was expressly designed to limit powers into three co-ordinate branches, the legislative, executive, and judiciary branch; none of which was to have supremacy over the others. This separation of powers with the checks and balances which each branch was given over the others was designed to prevent any branch, from infringing individual liberties safeguarded by the Constitution. I think the U.S. Constitution was a way for the U.S. to establish government which was a negotiation between the two former governments, a monarchy and total state power. I think by creating the checks and balances, people’s rights would be safer and they would feel more secure not having one branch of government with absolute power. What I found most interesting about the Constitution was how complex and detailed the framers made it, to effectively explain and limit the individual branches of power in government. In the words of Thomas Paine, "a governm ent without a constitution is power without right". Meaning that for power to be granted, it is necessary to establish a constitution. The Federalist Papers 10 & 51 were essays which helped persuade the citizens of the United States to vote for the federal Constitution. James Madison, Alexander Hamilton, and John Jay used pseudonyms as their names to convince the public. Those who were skeptical of voting for a government, which had many different major powers, were reassured by the founding fathers in their speeches and conventions throughout the U.S. The importance of Constitution, both in its content and its status, is little appreciated by the general public.

Democratic Government and Monarchy

Democratic Government and Monarchy The types of system of government Democracy and Monarchy are different from each other. The actual founder of the modern democracy was John Locke, who argued with Thomas Hobbes, the one who believed that one person king or queen should rule. Government has been an issue throughout time. Many different governments have been established, demolished and replaced over the time, but the question is which one is better?In democracy they give the people more freedom, and more voice to choose what is best for them, however in absolute power the ruler gets to choose what is good for the people or not. It’s becoming hard to decide the type of government system is best suitable for the society we live in. Monarchy and democracy both have advantages, and disadvantages, indeed; government is never established without them. Let’s first look at Monarchy. Monarchy is a system of government ruled by king or queen. People follow the throne; members of t he ruling family.The ruler decides, and gets to choose the best for country. Otherwise, there are some punishments given to the people. The system of monarchy is been established in many places throughout the time in different places. One of the big places is England where this system is still accepted even in this postmodern twenty first century. England has had good and bad kings, queens and both. One of the kings that England had was by the name of Henry the VIII, who comes in the bad category of the rulers.Henry the VIII was a good king, however his secretive, acquisitive, and untrusting qualities lead to downfall. He went against the church in order to execute one of the sixth wives â€Å"Anne Boleyn† for not producing a male heir to his throne. When Henry VIII died his only son Henry IX succeeded him. When his son died, Henry the VIII’s first daughter Mary, ascended the throne. She was raised as a catholic and was intent to make the entire country of Catholic, an d then she earned the title of â€Å"Bloody Mary†. Elizabeth succeeded her, and she was one of the good rulers that England had.Elizabeth was a beloved queen to England and ruled for forty four years. There are some advantages and disadvantages of Monarchy. History is witness that monarchy came out ahead of democracy, however the economists call it â€Å"time Preference†. The best advantage of having a monarchy is that there is always someone higher up than the peoples elected Representative like the prime minister. The monarch has no political preference so is balanced and is able to guide the PM in running the country. Let’s pretend that king or queen is so fair that everything in the country runs smoothly.Then not only government, but also society would be willing to have monarchy in that country. And if king and queen govern so cruelly, then the citizens would be unhappy to live in that country and there will be revolutionary war or civil war that ruin prosp erity of the country like how this happened in Nepal from 1996 to 2006. The problem with any hereditary absolute ruler is the possibility of too much power in the hands of a person unsuitable for maintaining it. History is witnessed with examples. The great roman emperor Augustus was succeeded by the likes of Caligula and Nero.The warrior king Edward I followed by the useless Edward II. The list goes on. It was great if the monarch was a ‘good' king or queen. But if you had an incompetent tyrant on your hands it could be disastrous. Also, an advantage is that less people in charge means less arguing, and it becomes easy to take action, instead of wasting time. Now let’s start with democratic system. The other government system is Democracy, is a form of government in which people freely elect their representatives to govern them. In democratic countries, what majority wants is established.The good example of the Democratic government is Rome in early renaissance. Rome h ad the best democratic government at this time. The element of that system of government can be found in United States. The veto system used today by the president of the United States was also used in Rome’s democratic system. As we can see from the government used in the United States today, where all people have right to say in the issues of country, is better for all and much better than a monarchy. Here are some advantages and disadvantages of democratic government.The democratic system can be established for changes in government without violence. In a democratic system, authority can be transferred from one leader to another by the jurisdiction of citizens of the country determines their ruling authority. This makes the ruling authority grateful to the citizen, and this serves as their motivation of freedom towards citizen, which maintains peace. The most important advantage of the democracy is that by claiming the leader citizens gain a sense of participation in the e lections to choose their government.Citizens of the country feel free to voice their opinions in the process of choosing the authoritarian, and this gives rise to a feeling of nationalism in their mind. Disadvantages In a democratic nation, people have all the right to elect their leader, however mostly people do not vote due to the lack of knowledge the political scenario in their country, and this results making people wrong choices. The leaders rule for a short period of time, and this results them to focus on winning the election rather than working of their people.Every form of government system is guaranteed to have some drawbacks. There are different views about both political systems. Whether a government system is democratic or monarchy, they both serve the same purpose that is run its country. Their similarities, advantages, and disadvantages have to be evaluated carefully in order to have a good conclusion. Both governments are considerable on both sides. When Thomas Hobb es looked out of his window, he saw the entire bad things that could happen in a democratic government and he decided to believe that there should be an absolute power.On the other hand, John Locke saw the society in a good way and he believed that society should have more rights than they do. Two philosophers are so good in their work yet so opposite their beliefs helped to decide the criteria of society. World is coming into a new era, and countries with monarchy type of government are hard to establish, however it’s not impossible to see this system. It depends on the society we are living in and the type of government will establish which fits within the society, and this concludes that both Democratic and monarchy system of government are efficient.

Balanced Budget Amendment

As we discussed and read around this week in our class, the topic of the US figure and how, why and what should we do near it has become a topic with numerous celestial horizons and opinions. The United States of America actually holds everywhere 16 Trillion dollars in debt base on our g all overnments spend practices for the last ten dollar bill social classs. Two wars, numerous fiscal collapses and cliffs, a bubble popped housing market, looming medical help costs from a socialized health c be law and a recession gull ca implementd the governance to acquire enormous occurs of debt.This debt with ca utilised by what seems to be from irresponsible spending on both the Legislative and the Exe decoctive Branches chance on on done nothing to lessen this famine. whizz idea that has been discussed not only in relation back, but on prime meter parvenus networks is the passage of a match calculate Amendment. A Balance Bud nark Amendment (as recently seen in House a ppoint HJR2, 28 NOV 2011) would require that sexual relation equilibrise its bud hire every fiscal year unless a three-fifths majority of both houses sanctioned of maintaining a deficit1.In a CNN Poll, conducted by ORC International, 74% of Ameri foundations surveyed would be in favor of a constitutional amendment to require a match federal bud fixate. So, why did it miss way aside by the House of Representatives 23 chooses in short of the two-thirds majority needed? In the interpret we see that federal debt will cover above 73 percent of GDP, furthermost higher than the the 39 percent seen over the last four decades as tell by the Congressional cypher Office. This level is of debt is unsustainable to the our preservation and a balance calculate Amendment may be the answer to get wasteful spending nether pull strings and reduce out national debt.There is a lot of debate for a equilibrise reckon Amendment in the United States. The tradeoff between argonna and flexi bility is at the core of the debate surrounding the boldness of a equilibrate Budget Amendment2. Those who mate a equilibrate Budget Amendment present that it may limit the scope and big businessman of the Government to fully discharge its duties. beneath this version of the amendment , three-fifths of congress would have to vote suspend requirements, the authorities would have to cut expenditures or raise taxes during a recession.This in theory would make the recession worsened and limit the mightiness of the organization to use fiscal policy to stabilize the economy. Also, Congress could simply devise special budgets to get around the requirements. An example would be to take just about programs off budget, which direction that they would not be counted towards the total amount of expenditures by the presidential term and not as accepted them as part of the Official Budget. hitherto these expenditures would have to get funded from somewhere.Third, Congress could ge t by regulations or impose mandates or requirements on businesses or other governance regulations as non-budgetary ways to get programs funded and these actions could have practiced ramifications on the taxpayers and economy. Those in favor of the equilibrise Budget Amendment say that if we look at the States within the US who have equilibrate Budget laws (all but Vermont have some form of budgetary regulation) there ar excellent examples we bum use in drafting an amendment which could work for this country.Marina Azzimonti, writes in her article, The governmental Economy of equilibrize Budget Amendments3 several(prenominal)(prenominal) very good theoretical findings keep ways that Congress can use the lessons of the States in drafting a balance Budget Amendment that introduces a rule that restricts deficit spending and limits amplifications in government debt. Her beginning(a) point is that stricter budgetary rules induce policymakers with discipline regarding how notes is spent. Reducing these expenditures it is argued supports authoritative economicalal growth by lowering interests evaluate , higher savings rates, and hence much consumer confidence and economic growth.Also the inclusion of an lack Clause proposes that a bill to increase revenue or public acquire may become law if two-thirds of the members of apiece house approve it. Thus allowing the government to be able to meet certain emergencies to include war, national crisis, or immanent disaster. Proponents of these amendments in any case that running deficits over the bulky term or persistent deficits can be dangerous as well. When the government runs persistent deficits , a increasing bunch of consumers savings is used to purchase government debt instead of being invested in backstage capital goods .This is called crowding out, and this burden lower issue and incomes in the future. increase Federal Debt can lead to a sudden fiscal crisis in and of itself. This composit ors case of crises can occur when debt levels become so large in relation to the economys output that the government has difficulty selling it. veritable and potential bondholders lose confidence with the governments susceptibility to repay its debt and refuse to buy anymore. The government is then forced purchase new debt at higher interest rates, often leading to inflation, reduction in government services and rograms and increased economic harm on its citizens. There are several good examples of this type of debt crisis in Argentina, Mexico and Greece. The US saw a version of this in 2011, when S&P concerned with the US climbing debt and its credit worthiness cut down its credit rating or the ability of the country to borrow money at lower interests rates. A federal equilibrate Budget amendment based loosely on those instituted by the States of this country has many benefits. iodine such advantage is that a Balanced Budget Amendment can reduce inefficiencies in spending.Az zimonti argues in a theoretical milieu model, Politicians tend to be short-sighted since they have no guarantee of being being reelected abutting time around. This short-sightedness often leads them to increase spending to their constituencies now through excessive deficit spending and accumulate too much(prenominal) debt. These deficits are are less politically costly than raising taxes, which often is a good way for a politico to get voted out in their adjoining election. However, with fiscal restrictions in place politicians are forced to take long view and be fiscally responsible.This leads into the next positive of a Balanced Budget Amendment, and that is reducing future financial burden on taxpayers. When the government releases bonds to be purchased, it agrees to repay its holders in the future for spending today. Those repayment burdens are placed on future taxpayers who may not have received the benefits of current spending. This future tax burden also can hamper long term interests rates today, which can hamper economic activity in the short term.Despite arguments both for and against enacting a Balanced Budget Amendment, Congress needs to come to a ancestor regarding its fiscal policy. The Federal reserve camber can not continue to target money to stimulate the economy, and the government can not keep spending money wastefully and hope for our economy to get better. The American People deserve a government that is responsible with its wallet and looks out for all Americans in making the economy stringer and reducing the national debt for future generations.When powerful explored and drafted, and if Politicians can agree, transcend party lines and reduce on getting spending and debt under control a Balanced Budget Amendment could work to makes the United States financially stronger and more prosperous than ever before. Resources OSullivan, Sheffrin and Perez Economics Principles, Applications and Tools seventh Ed 2012 Azzimonti, Marina. The policy-making Economy of Balanced Budget Amendments. lineage Review Q1 2013 Eddlem, doubting Thomas R. earlier the Income Tax How the Federal Budget Government Balanced the Budget Before 1913. The New American February 2013 McCullouch, J. Huston. An Improved Balanced Budget Amendment. The Independent Review bechance 2012 1 . McCulloch, J. Huston. An Improved Balance Budget Amendment (Art). Independent Review, Fall 2012 2 . Azzimonti, Marina. The Political Economy of Balanced Budget Amendments (Art). Business Review, Q1 2013 3 . Azzimonti, Marina. The Political Economy of Balanced Budget Amendments (Art). Business Review, Q1 2013