Economic integrationEconomic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever.
UnemploymentUnemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed).
Economic globalizationEconomic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.
Economic unionAn economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) as well as a common external trade policy. When an economic union involves unifying currency, it becomes an economic and monetary union. The purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.
Arab identityArab identity (الهوية العربية) is the objective or subjective state of perceiving oneself as an Arab and as relating to being Arab. Like other cultural identities, it relies on a common culture, a traditional lineage, the common land in history, shared experiences including underlying conflicts and confrontations. These commonalities are regional and in historical contexts, tribal. Arab identity is defined independently of religious identity, and pre-dates the spread of Islam and before spread of Judaism and Christianity, with historically attested Arab Muslim tribes and Arab Christian tribes and Arab Jewish tribes.
Index of Economic FreedomThe Index of Economic Freedom is an annual index and ranking created in 1995 by The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations. The creators of the index claim to take an approach inspired by Adam Smith's The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society".
United Arab EmiratesThe United Arab Emirates (UAE; الإمارات العربية المتحدة al-ʾImārāt al-ʿArabiyya l-Muttaḥida), or simply the Emirates (الإمارات al-ʾImārāt), is a country in West Asia, in the Middle East. It is located at the eastern end of the Arabian Peninsula and shares borders with Oman and Saudi Arabia, while also having maritime borders in the Persian Gulf with Qatar and Iran. Abu Dhabi is the nation's capital, while Dubai, the most populated city, is an international hub.
United StatesThe United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America and consisting of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations.
President of the United StatesThe president of the United States (POTUS) is the head of state and head of government of the United States. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces. The power of the presidency has grown substantially since the first president, George Washington, took office in 1789. While presidential power has ebbed and flowed over time, the presidency has played an increasingly significant role in American political life since the beginning of the 20th century, with notable expansion during the presidency of Franklin D.
United States CongressThe United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided.
2007–2008 financial crisisThe 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm". Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value.
Financial crisisA financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.
