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Import Certificates
Import certificates are a proposed mechanism to implement balanced trade, and eliminate a country's trade deficit. The idea was proposed by Warren Buffett in 2003 to address the U.S. trade deficit. In the United States, the idea was first introduced legislatively in the Balanced Trade Restoration Act of 2006. The proposed legislation was sponsored by Senators Byron Dorgan (ND) and Russell Feingold (WI), two Democrats in the United States senate. Since then there has been no action on the bill. Concept Buffett's plan proposes creating a market for transferable ''import certificates'', (ICs) that would represent the right to import a certain dollar amount of goods into the United States. These transferable ICs would be issued to US exporters in an amount equal to the dollar amount of the goods they export and they could only be utilized once. They could be sold or traded to importers, who must purchase them in order to legally import goods into the USA. The price of ICs are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balanced Trade
Balanced trade is an alternative economic model to free trade. Under balanced trade, nations are required to provide a fairly even reciprocal trade pattern; they cannot run large trade deficits or trade surpluses. The concept of balanced trade arises from an essay by Michael McKeever Sr. of the McKeever Institute of Economic Policy Analysis. According to the essay, "BT is a simple concept which says that a country should import only as much as it exports so that trade and money flows are balanced. A country can balance its trade either on a trading partner basis in which total money flows between two countries are equalized or it can balance the overall trade and money flows so that a trade deficit with one country is balanced by a trade surplus with another country." Implementation Balanced trade, as a concept, was suggested by Warren Buffett in a November 2003 Fortune Magazine article. Therein he proposed a system of "Import Certificates" (ICs) – exporters would receive $1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Deficit
The balance of trade, commercial balance, or net exports (sometimes symbolized as NX), is the difference between the monetary value of a nation's exports and imports over a certain time period. Sometimes a distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a flow of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other. If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports a greater value than it exports, it has a trade deficit or negative trade balance. As of 2016, about 60 out of 200 countries have a trade surplus. The notion that bilateral trade deficits are bad in and of themselves is overwhelmingly rejected by trade experts and economists. Explanation The balance of trade forms part of the current account, which includes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net worth of over $100 billion as of November 2022, making him the world's sixth-wealthiest person. Buffett was born in Omaha, Nebraska. He developed an interest in business and investing in his youth, eventually entering the Wharton School of the University of Pennsylvania in 1947 before transferring to and graduating from the University of Nebraska at 19. He went on to graduate from Columbia Business School, where he molded his investment philosophy around the concept of value investing pioneered by Benjamin Graham. He attended New York Institute of Finance to focus his economics background and soon after began various business partnerships, including one with Graham. He created Buffett Partnership, Ltd in 1956 and his firm eventually acqui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Byron Dorgan
Byron Leslie Dorgan (born May 14, 1942) is an American author, businessman and former politician who served as a United States Representative (1981–1992) and United States Senator (1992–2011) from North Dakota. He is member of the Democratic Party. , he serves as a senior policy advisor for the Washington, DC law firm Arent Fox LLP.Carney, Timothy (January 11, 2011The Great 2010 Cashout: Byron Dorgan & Bob Bennett to K Street ''Washington Examiner'' He was a member of the Senate Democratic leadership for 16 years, first as Assistant Democratic Floor Leader and then as Chairman of the Democratic Policy Committee and Chairman of the Committee on Indian Affairs. Dorgan announced that he would not seek re-election in 2010. In addition to his work at Arent Fox, Dorgan serves as a senior fellow at the Bipartisan Policy Center, where he focuses on energy policy issues as Co-Chair of BPC's Energy Project and is also a member of the ReFormers Caucus of Issue One. He is an adjunct pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Russell Feingold
Russell Dana Feingold ( ; born March 2, 1953) is an American lawyer and politician who served as a United States Senator from Wisconsin from 1993 to 2011. A member of the Democratic Party, he was its nominee in the 2016 election for the same U.S. Senate seat he had previously occupied. From 1983 to 1993, he was a Wisconsin State Senator representing the 27th District. With John McCain, Feingold received the 1999 John F. Kennedy Profile in Courage Award. He and McCain cosponsored the Bipartisan Campaign Reform Act (McCain–Feingold Act), a major piece of campaign finance reform legislation. He was the only senator to vote against the Patriot Act during the first vote on the legislation. Feingold was mentioned as a possible candidate in the 2008 presidential election, but in November 2006 announced he would not run. In 2010, Feingold lost his campaign for reelection to the U.S. Senate to Republican nominee Ron Johnson. On June 18, 2013, he was selected by Secretary of State ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. ''Protective tariffs'' are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price). Taxing imports means people are less likely to buy them as they become more expensive. The intention is that they buy local products instead, boosting their country's economy. Tariffs therefore provide an incentive to develop production and replace imports with domestic products. Tariffs are meant to reduce pressure from foreign competition and reduce th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cap And Trade
Emissions trading is a market-based approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). Carbon emission trading for and other greenhouse gases has been introduced in China, the European Union and other countries as a key tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants. In an emissions trading scheme, a central authority or governmental body allocates or sells a limited number (a "cap") of permits that allow a discharge of a specific quantity of a specific pollutant over a set time period. Polluters are required to hold permits in amount equal to their emissions. Polluters that want to increase their emissions must buy permits from others willing to sell them. Emissions trading is a type of flexible environmental regulation that allows organizations and markets to decide how best to meet policy t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fortune (magazine)
''Fortune'' is an American multinational corporation, multinational business magazine headquartered in New York City. It is published by Fortune Media Group Holdings, owned by Thai businessman Chatchaval Jiaravanon. The publication was founded by Henry Luce in 1929. The magazine competes with ''Forbes'' and ''Bloomberg Businessweek'' in the national business magazine category and distinguishes itself with long, in-depth feature articles. The magazine regularly publishes ranked lists, including the Fortune 500, ''Fortune'' 500, a ranking of companies by revenue that it has published annually since 1955. The magazine is also known for its annual ''Fortune Investor's Guide''. History ''Fortune'' was founded by ''Time (magazine), Time'' magazine co-founder Henry Luce in 1929 as "the Ideal Super-Class Magazine", a "distinguished and de luxe" publication "vividly portraying, interpreting and recording the Industrial Civilization". Briton Hadden, Luce's business partner, was not enthu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Trade Of The United States
Foreign trade of the United States comprises the international imports and exports of the United States. The country is among the top three global importers and exporters. The regulation of trade is constitutionally vested in the United States Congress. After the Great Depression, the country emerged as among the most significant global trade policy-makers, and it is now a partner to a number of international trade agreements, including the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). Gross U.S. assets held by foreigners were $16.3 trillion as of the end of 2006 (over 100% of GDP). Introduction The country has trade relations with many other countries. Within that, the trade with Europe and Asia is predominant. To fulfill the demands of the industrial sector, the country has to import mineral oil and iron ore on a large scale. Machinery, cotton yarn, toys, mineral oil, lubricants, steel, tea, sugar, coffee, and many more items are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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