Unrestricted Trade Research Articles

The known, unknown, and the intriguing about members of a critically endangered traditional medicinal plant genus Aconitum.

Humanity will always be indebted to plants. In the ongoing scientific era, the 'Herbal Revolution' has helped discover several valuable medicinal plants and associated novel secondary metabolites from the diverse unexplored ecosystems, treating several diseases via phytotherapy. The Aconitum genus comprises several economically-important poisonous mountainous medicinal plant species whose unique biodiversity is on the verge of extinction due to illegal human intervention triggered habitat loss, over-harvesting, and unrestricted trading. Owing to its vast diversity of diterpene alkaloids, most species are extensively used to treat several ailments in rural parts of the world. Irrespective of this, many unexplored and intriguing prospects exist to understand and utilize this critical plant for human benefit. This systematic review tries to fill this gap by compiling information from the sporadically available literature known for ~300 Aconitum spp. regarding its nomenclature and classification, endangerment, plant morphology, ploidy, secondary metabolites, drug pharmacokinetics, conservation, and omics-based computational studies. We also depicted the disparity in the studied model organisms for this diverse genus. The absence of genomic/metagenomic data is becoming a limiting factor in understanding its plant physiology, metabolic pathways, and plant-microbes interactions, and therefore must be promoted. Additionally, government support and public participation are crucial in establishing conservation protocols to save this plant from endangerment.

Impact of Buddhist thoughts on Cultural Nationalism of India

The colonized nations saw a rise in nationalistic feelings during the height of colonialism in the middle of the 19th century, putting special stress on the concept of shared ancestry, culture, and language. It is important to note that this idea has strong roots in India, where there is a plethora of ancient literature that emphasizes on cultural nationalism, whether it is Vedic, Jain, or Buddhist. In most regions of the continent, Buddhism has had a major geographic and historical presence often for very long times. Additionally, it has had a significant impact on the creation of particular states as well as less formal interpretations and shaping of social and political processes, and this influence has persisted to the present day. It promoted the notion of tolerance and diversity and integrity. Asoka, Kanishka, and Harshavardhan became passionate nationalists who sought to reunite India under a unified state. Both the Mughals and the British did this afterward. Thus, it seems likely that Buddhism contributed to national cohesion. Buddhism has a significant impact on Indian society and culture in every way. The restrictions placed on the populace by the Latter Vedic religion society and literature was lifted. It advocated for social harmony and spoke out against the caste system. Buddhism has had an impact on a variety of art genres, including painting, sculpture, literature, and architecture. Buddhism promoted unrestricted trade between India and other nations. Buddhist monks began disseminating the Buddha's teachings to other countries in the third century B.C. and pilgrims and students from other Buddhist countries began travelling to India to further their education. When foreigners visited India, the rich culture of Buddhism engulfed them; they abandoned their own identities and creeds in favour of Buddhist names and the faith. These outsiders included the mythical Kushana ruler Kanishka and Greek emperors. Buddhism thus had a significant influence on the synthesis that led to the development of contemporary Indian civilization. This paper highlights Buddhism's history, including its rise and fall, as well as how Buddhist teachings have influenced cultural nationalism of India.

Competitiveness of Global Apparel Industry: A Study Based on Transaction Cost Theory

This article explores global competitiveness in the apparel industry and its implications on the competitive performance of China and Bangladesh through the lens of transaction cost theory (TCT). The study has been conducted based on qualitative method of social science research. The primary evidence for this study has been collected through semi-structured in-depth personal interviews with key resource persons in international trade. The study finds that rising competition in global apparel trade largely influences Bangladesh’s competitiveness in the apparel industry compared to China. However, China’s apparel industry faces challenges from rising production costs. It also finds that unrestricted trade flows among Asian competitors through bilateral and comprehensive trade agreements have severe implications on Bangladesh’s competitiveness in apparel sector, while trade protectionism remains the key barrier towards China’s share of exports in global apparel market. The findings of the study will be crucial for both Chinese and Bangladeshi policy makers and stakeholders to address existing impediments, including future challenges to gain a competitive advantage in their apparel exports. The study is among the first to compare the international competitiveness of apparel industries between the two major apparel exporting countries by using TCT.

Benefits of a groundwater allocation trading arrangement in a water-stressed environment

The Gnangara groundwater system is Western Australia’s most important groundwater resource, but it is being depleted. Although Australia has been at the forefront of establishing water markets, Western Australia has been slow to adopt legislation that would support trade in groundwater. This study explores the impact of introducing groundwater trading within the horticulture sector for farms that extract water from the Gnangara system. We use a simulation-optimization framework to evaluate market performance. The model is based on detailed water allocation data obtained from the relevant water agency. A farm optimization model was used to generate supply and demand functions for water at the individual farm level, and the market clearing price for water was established via a uniform price double-sided auction. The level of water available for extraction was also varied. The model considers unrestricted trading and trading within relatively small groundwater zones that limit the potential for local over-extraction externalities. The results show (1) substantial economic gains from allowing trading are possible, (2) most of the gains from establishing a groundwater market can be realized from within-zone trading only, (3) industry consolidation follows the introduction of trading, and (4) without zonal trading restrictions local over-extraction externalities are present. Also, with groundwater trading, we find that reallocating water to the most efficient producers could reduce horticulture sector water extraction by 14%, while maintaining the existing value of agricultural production in the area.

The Impact of Lockout Laws on Maxillofacial Fractures in South Australia.

Alcohol outlet density and unrestricted trading hours are strongly predictive of domestic and non-domestic assault rates, respectively. international studies report a strong male predominance for facial fractures. Harm minimization policies such as lockout laws have gained considerable attention to reduce accessibility of alcohol consumption and drinking patterns. A retrospective review was conducted from January 2012 to January 2017 at the Women and Children's Hospital and Royal Adelaide Hospital, Adelaide. All maxillofacial fractures that attended or were referred to the unit were included in this study. The primary objective was to determine the impact of facial fracture presentations, particularly assaults, for the pre- and post-lockout periods. From 2012 to 2017, there was a 5.1% decrease in assaults per year ( P = 0.002). Assaults increased by 11.7% for women and alcohol related assaults decreased by 10.2% for men ( P < 0.05). Assault and alcohol related assault rates decreased by 9.3% and 10.5%, respectively, between lockout periods ( P < 0.001). Comparative analysis between Adelaide and control (inner regional city) showed assaults decreased by 9.8% between lockout periods (51.2% versus 41.4%, P < 0.001). Multivariate analysis showed alcohol, open reduction internal fixation and men were associated with a lower risk of assault related fractures, but women and night time presentations had a higher risk ( P < 0.05). The influence of lockout laws contributed to an overall decrease in assaults and operative interventions, particularly alcohol related incidences amongst men. Ongoing longitudinal surveillance should guide current evidence for policy developers to reduce the risk of harm.

Comparative Internal Market Law: The UK and the EU

Abstract The United Kingdom Internal Market Act 2020 introduces a new field of enquiry for scholars. It allows reflection on the model of an internal market chosen by the United Kingdom to regulate relations between its four constituent elements now that, after Brexit, the authority of the EU’s common rules has come to an end. It allows comparison and contrasts between the UK’s chosen model and the longer established patterns of the EU internal market. It is an invitation to develop a comparative study of the law of internal markets. The overall structure of the UK internal market envisaged by the 2020 Act is readily compared to that which exists in the EU, but there are also points of contrast. The most significant is that the UK model is less tolerant of regulatory diversity among its constituent elements than applies under EU free movement law. The scope to justify rules that obstruct trade within the UK is less generous than in the EU, with the consequence that the UK’s internal market has a more deregulatory flavour than the EU’s. This model of limited availability to protect local regulatory autonomy over unrestricted intra-UK trade pays little regard to sensitivities in Scotland and Wales, while the position of Northern Ireland, locked into the Protocol attached to the EU–UK Withdrawal Agreement, is different but also fragile. Internal markets possess economic motivations and they are built on legal rules, but they involve political choices and they have political implications. The UK Internal Market Act presents challenges to the stability of the United Kingdom itself. Accordingly the ambition of this paper is to explain the shape of the UK internal market and to compare and contrast it with the EU’s internal market. It also aims to demonstrate the political sensitivity of the choices that need to be made in designing an internal market against the background competing tensions of unhindered market access, on the one hand, and, on the other, respect for the regulatory autonomy enjoyed by the constituent units.

The Role of Land Tenure, Taxation, and Monetary Systems in Achieving and Enjoying Free Trade

AbstractCivilizations rise and fall based on the effectiveness of their socio‐political arrangements and institutions. The institutions that matter most are the laws and customs that govern 1) production and exchange of goods (trade), 2) land tenure and the distribution of the surplus associated with it, 3) the levying of taxes to provide public goods and services, and 4) the monetary systems adopted to facilitate such activities. If those institutions distribute the benefits of civilization equitably to all members of society, the result is likely to be peace and prosperity. However, if the rules of a society are designed to protect the interests of an elite, conflict is likely to ensue. Unrestricted trade across national borders (“free trade”) has the potential to produce socially beneficial outcomes, but it is not sufficient to overcome systemic injustices associated with flawed systems of land tenure, taxation, and monetary management. This article makes use of historical examples to examine trade in relation to the other institutions to show why just social arrangements must be considered an essential part of trade policy.

Running on Empty: The Challenge of Managing Internet Addresses

Over a quarter century has passed since IP addresses from the Internet’s now globally ubiquitous (IPv4) address pool first began to be distributed to and used by operators of the 28,000 and counting independent routing domains that constitute today’s Internet. At current demand rates, the total pool of IPv4 addresses is expected to be fully allocated within the next 3-5 years. Despite the looming exhaustion of the address pool, many Internet network operators have exhibited reluctance to transition to the successor address resource pool (IPv6). In light of the looming scarcity of IPv4 addresses, there is growing interest in the potential for market-based allocation mechanisms to induce more efficient use of the IPv4 address space and to smooth the transition to IPv6. Some of these proposals include allowing existing allocations to be reclaimed or traded to supplement the supply of IPv4 addresses to meet continuing demand. This paper will provide an appropriate contextual framing, suitable for a multidisciplinary audience, of the ongoing discussion of how market forces might be introduced to enhance the management of the Internet address space. We discuss some of the proposals currently under consideration and highlight the key points of contention. While we conclude that market-based incentives can play an important role, how they are implemented needs to be carefully considered in light of the requirements for Internet routing, the politics of global Internet governance, and the likely implications on the transition to IPv6. For example, we believe inappropriately allowing unrestricted trading of IPv4 addresses could have the perverse effect of increasing the aggregate costs of Internet routing, retarding the migration to IPv6, and thereby adversely impacting Internet growth and architecture. On the other hand, while the existing framework for Internet address management has served reasonably well to date, retaining the status quo is likely to result in a burgeoning black/grey market in IPv4 addresses and similar unfavorable outcomes with respect to aggregate costs and Internet architecture. Further research and collective discussion is needed to identify how best to forge a middle road toward improved Internet address management. The discussion provided herein is intended to help frame and seed the debate.

Optimizing Adjustments to Transboundary Water Sharing Plans: A Multi-Basin Approach

Afghanistan contributes water supplies to Iran, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. However, with the exception of the Helmand Basin, Afghanistan has negotiated transboundary water sharing agreements with no downstream country. This paper describes a constrained optimization framework to minimize economic costs within each of nine Afghan transboundary basins of adapting to potential water sharing agreements. Model results show impacts of water agreements on farm income and food security for each Afghan basin. Our results show that unrestricted trading reduces the economic costs of adapting to water sharing treaties by two to 6 % compared to the conventional water sharing system. A higher scale of reservoir storage capacity as well as market trading of water among regions moderates costs of water shortages, both with and without water agreements in place.

Does Trade Openness Make Sense? Investigation of Nigeria Trade Policy

The empirically examined whether trade openness makes sense, using Nigeria trade policy as yardstick. Considering the framework of the traditional trade theories which postulate that trade has positive impact on economic growth, the study employed Autoregressive Conditional Heteroscedasticity (ARCH), Generalized Autoregressive Conditional Heteroscedasticity (GARCH) and Pairwise-Granger causality methodology using secondary data from 1984 to 2013. Results show that trade openness has a significant impact on economic growth. This implies that trade openness make sense in Nigeria given that most of the period under investigation ranged from when Nigeria adopted unrestricted trade policies. The control variables (interest rate and exchange rate) have significant positive effect on economic growth in Nigeria. The pairwise Granger causality test shows that there is a unidirectional causality between economic growth and trade openness at lag one only.

Look before you leap: Why politicians may have a point to be hesitant about the gains from trade

Economists emphasize the welfare gains of unrestricted trade, but politicians worry about the income distribution effects of increased competition. We show that the welfare gains of a trade shock become ambiguous if inaccurate information hinders optimal income redistribution with distortionary policy instruments. To be sure about the net welfare outcome of a compensated trade shock, the government must know the size of the trade shock and the corresponding size of the policy instrument that is needed to generate a balanced budget. If this is not the case, politicians may have a point when being hesitant about the gains from trade.

The new economic rationale for corporate limited liability

The legal rule of corporate limited liability is not generally considered to have any fundamental economic significance. This is why the idea of reforming this rule can be raised in discussions concerning corporate accountability and this is why political or administrative difficulties rather than economic considerations are usually cited when this idea is ultimately rejected. This paper puts an economic case for retaining limited liability by arguing that anonymous and unrestricted trading, which is only possible with this rule, has become endogenous to the asset management function of institutional shareholders in the same degree that the asset management industry has become endogenous to the operation of the modern day capitalist economy. A further argument is that while limited liability and unrestricted trading make no direct contribution to the corporate production function they do indirectly help to resolve the problem of corporate accountability by helping to make redundant the use of stock options, instruments which are widely recognised to be today one of the chief sources of corporate irresponsibility.

Manufactured wood trade to Europe: a potential uninspected carrier of alien fungi

Sets of mangrove wood utensils shipped to Italy from China were found to be colonised by a number of fungal taxa. The fungi were found proliferating and sporulating on utensil surfaces after despatch to the market. The same taxa have been found to be present as asymptomatic infections in inner tissues. Most of the taxa were not pathogenic to plants, whereas one of the taxa was an isolate of the plant pathogenic species Fusarium oxysporum. The data presented in this manuscript provide clear evidence of how the hidden movement of fungi by the unrestricted trade in uninspected woody products should be considered a common and high risk pathway of invasion.

Momentum strategies, information diffusion, and investor conservatism in Asian-Pacific region

This study performs an out-of-sample test on momentum effects in nine Asian-Pacific stock markets from 1990 to 2002. We find little evidence on the existence of intermediate stocks return momentum. Specifically, the unrestricted momentum trading strategies appear profitable only in major developed countries but not in the emerging countries in our samples. We further investigate momentum effects through two behavioural theories: Hong and Stein’s (1999) gradual-information-diffusion model and Barberis et al.’s (1998) investor conservatism bias model. Our results support Barberis et al. (1998) model but reject the Hong and Stein’s information diffusion hypothesis. It shows the profitability of momentum strategies is positively related to analyst coverage but negatively related to analysts’ forecast dispersion. We argue that investors’ psychological conservatism biases reflect slow updating of their beliefs and underrate the importance of new information. Interestingly, we also find that book-to-market is more important than dispersion and dispersion is more important than size in explaining momentum returns.

Are electricity risk premia affected by emission allowance prices? Evidence from the EEX, Nord Pool and Powernext

The links between emission and energy markets are of great interest to practitioners, academics and policy makers. In this paper, it is conjectured that a positive relationship exists between emission allowance spot returns and electricity risk premia within the European Union Emissions Trading Scheme (EU ETS). We discuss how this can be justified on the basis of the substantial uncertainties in the carbon markets. We also argue that this link could be due to trading strategies followed by electricity producers who attempt to exploit their initial allocation of free allowances. Analysis of data from three major markets, the EEX, Nord Pool and Powernext, offers empirical support to our conjecture. These findings have significant policy implications since they imply that efforts should be made in order to reduce the uncertainty in the carbon markets by clearly defining the EU ETS regulative framework and design over the next years. Moreover, our results suggest that the allocation of free allowances and their unrestricted trading enable electricity producers to accomplish windfall profits in the derivatives market at the expense of other market participants.

The EU's Role in Restraining the Unrestrained Trade in Conventional Weapons

The excessive availability of conventional weapons, small arms and light weapons (SALW) in particular, and the unrestricted trade which make them available raise serious security, humanitarian and social-economic concerns of international nature. These weapons are the major tools of contemporary armed conflicts, abuses of human rights and humanitarian norms, violence, terrorism and criminality. This has led many, including the former United Nations (UN) Chief, Kofi Annan, to believe that these arms are the real weapons of mass destruction of our time, causing half a million deaths annually. This is not to suggest that conventional weapons are not also useful for good causes. They are necessary for maintaining law and order and self-defence purposes. However, their proliferation and unrestricted transfer across borders, especially from the industrialized world to developing (and conflict-torn) countries, have not yet been addressed. In other words, their availability and supply have not been subjected to proper (legal and enforceable) restrictions.

International Portfolios and Current Account Dynamics: The Role of Capital Accumulation

Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable, but is now less severe than in earlier decades; as a result, fluctuations in returns on foreign assets have a substantial effect on countries' wealth. As documented in this paper, changes in net foreign asset positions (NFA) are highly volatile, serially uncorrelated and countercyclical. We show that a two-country RBC model with productive investment and unrestricted international trade in stocks and bonds can explain these facts. Capital accumulation and shocks to the efficiency of investment are key ingredients for the success of the model. In contrast to related models that abstract from capital, equity home bias is not sensitive to preference parameters. In the model, NFA changes are largely driven by capital gains/losses due to movements in equity prices. The model thus matches the high volatility and low serial correlation of NFA changes. We compare settings with complete and incomplete financial markets. Imperfect hedging is required to generate a realistic conventional current account measure that solely reflects aggregate net flows of assets between countries.

A government under an asbestos roof

Dear Sir, This is to bring to your attention a debate has broken out in the pages of the International Journal of Occupational and Environmental Health (IJOEH) on the above subject. I am attaching the document for you. The original critique of the American College of Occupational and Environmental Medicine (ACOEM) was published in 2007 in this same journal. Of interest to Indian readers is a letter on industry's influence on the Indian Association of Occupational Health (IAOH). He writes about his experiences as the scientific committee chair at a past IAOH conference. The website for the journal is www.ijoeh.com/index.php/. Given the fact that Indian Journal of Occupational and Environmental Medicine is the official publication of IAOH, it would also be relevant to bring to your notice the way National Institute of Occupational Health (NIOH) has compromised its credentials by taking the fiscal support from the chrysotile asbestos industry to do a study that is to be used at the upcoming Rotterdam Convention meeting. The Indian Government has traditionally preferred the interests of the asbestos-cement industry, consistently ignoring evidence of its harms. The report will enable the government to go to Rome in October 2008 and argue in favour of unrestricted trade of white asbestos under the Rotterdam Convention. India along with Canada and Russia is seen as the dirtiest player in the international negotiations to bring white asbestos in the prior informed consent (PIC) list of the convention, which will require exporting countries to obtain the prior consent of importing countries. The study on which the ministry's report based is partly funded by the Asbestos Cement Product Manufacturers Association, which paid Rs. 16 lakh, whereas the government paid Rs. 43.66 lakh. What surprised occupational safety campaigners is the agency that conducted the study, the NIOH, which in the past has come out with studies defending workers’ health. The study's terms of reference reveal the government's intent. Here is what the ministry's April 2006 letter demanded of NIOH: “The deliverables will include generation of data which would justify the safe standards of its usage and the reasons justifying its non-inclusion/or otherwise in the pic ambit.” The minutes of an April 2007 meeting of the ministry's review committee (half of which comprises asbestos industry representatives) gave NIOH a sharper focus: “It will specifically indicate as to how technology has made working conditions better. The same will include relevant photographs showing protective measures being undertaken.” The minutes of the Review Committee obtained recently through Right to Information Act dated 19 December, 2006 reads: “The report will be finalised after due discussions with the asbestos industry.” Another meeting minutes dated 18 April, 2007 reports that “…the results of the study which was underway could not be shared [with public] till the same was finalised.” On April 18, 2007, the review committee felt the report did not adequately address the industry's requirements: “S Ganesan of ICC (Indian Chemical Council) and NIOH representatives will redraft/re-word the Kolkata report keeping in view the international sensitivities.” Ganesan's claim for the job: expertise in championing the pesticide industry in international negotiations. Clearly, a scientific study that is finalized after discussion with the corporate interests is grossly conflict of interest ridden and deserves to be scrapped. It is now time for Indian Journal of Occupational and Environmental Medicine to take note of it as well. I would be glad to know your views on the goings-on. …any man's death diminishes me, because I am involved in mankind and therefore never send to know for whom the bell tolls; it tolls for thee. John Donne

Trade Liberalization and Economic Development: Evidence from Pakistan

Unrestricted trade stimulates economic growth and bridges socio-economic gaps existing in different countries of the world. Pakistan has adopted trade liberalization policies since the late 1980s with the same expectations. This study has empirically analyzed how trade liberalization has affected economic development in the country. Its effects have been examined with respect to four measures of economic development: per capita GDP, income inequality, poverty and employment over the period from 1960-2003. The main analysis is based on a simultaneous equation model. Keeping in view the simultaneity of the chosen development measures, the model is estimated with the 2SLS technique of regression analysis. The analysis shows that, over the study period, trade liberalization has not affected all the chosen indicators of development uniformly. It has affected employment positively but per capita GDP and income distribution negatively. However, it has not affected poverty in any way. The obvious message is that trade liberalization has not affected all the indicators of development favorably in Pakistan. It thus implies the need of a cautious move towards liberalization. The focus of trade liberalization should be to bring about improvement in the performance of mediating factors and to focus exports on labor-intensive products.

Trade and Global Justice

The paper briefly argues, against philosophers of global justice, that in order to reduce world poverty, abolishing barriers to trade and immigration is far preferable than establishing a global welfare agency. It suggests that the arguments for internal redistribution cannot be transposed to the international arena, simply because without unrestricted trade there is no way to know if markets have failed. Finally, the paper suggests that free trade economizes on virtue, as it is based on self-interest and not on (forced) altruism.