Amsterdam is the capital city and most populous municipality of the Netherlands. Its status as the capital is mandated by the Constitution of the Netherlands, although it is not the seat of the government, The Hague. Amsterdam has a population of 854,047 within the city proper, 1,357,675 in the urban area and 2,410,960 in the metropolitan area; the city is located in the province of North Holland in the west of the country but is not its capital, Haarlem. The Amsterdam metropolitan area comprises much of the northern part of the Randstad, one of the larger conurbations in Europe, which has a population of 8.1 million. Amsterdam's name derives from Amstelredamme, indicative of the city's origin around a dam in the river Amstel. Originating as a small fishing village in the late 12th century, Amsterdam became one of the most important ports in the world during the Dutch Golden Age, as a result of its innovative developments in trade. During that time, the city was the leading centre for trade. In the 19th and 20th centuries the city expanded, many new neighbourhoods and suburbs were planned and built.
The 17th-century canals of Amsterdam and the 19–20th century Defence Line of Amsterdam are on the UNESCO World Heritage List. Since the annexation of the municipality of Sloten in 1921 by the municipality of Amsterdam, the oldest historic part of the city lies in Sloten, dating to the 9th century; as the commercial capital of the Netherlands and one of the top financial centres in Europe, Amsterdam is considered an alpha- world city by the Globalization and World Cities study group. The city is the cultural capital of the Netherlands. Many large Dutch institutions have their headquarters there, including Philips, AkzoNobel, TomTom and ING. Many of the world's largest companies are based in Amsterdam or established their European headquarters in the city, such as leading technology companies Uber and Tesla. In 2012, Amsterdam was ranked the second best city to live in by the Economist Intelligence Unit and 12th globally on quality of living for environment and infrastructure by Mercer; the city was ranked 4th place globally as top tech hub in the Savills Tech Cities 2019 report, 3rd in innovation by Australian innovation agency 2thinknow in their Innovation Cities Index 2009.
The Port of Amsterdam to this day remains the second in the country, the fifth largest seaport in Europe. Famous Amsterdam residents include the diarist Anne Frank, artists Rembrandt van Rijn and Vincent van Gogh, philosopher Baruch Spinoza; the Amsterdam Stock Exchange, the oldest stock exchange in the world, is located in the city centre. Amsterdam's main attractions include its historic canals, the Rijksmuseum, the Van Gogh Museum, the Stedelijk Museum, Hermitage Amsterdam, the Anne Frank House, the Scheepvaartmuseum, the Amsterdam Museum, the Heineken Experience, the Royal Palace of Amsterdam, Natura Artis Magistra, Hortus Botanicus Amsterdam, NEMO, the red-light district and many cannabis coffee shops, they draw more than 5 million international visitors annually. The city is well known for its nightlife and festival activity, it is one of the world's most multicultural cities, with at least 177 nationalities represented. After the floods of 1170 and 1173, locals near the river Amstel built a bridge over the river and a dam across it, giving its name to the village: "Aemstelredamme".
The earliest recorded use of that name is in a document dated 27 October 1275, which exempted inhabitants of the village from paying bridge tolls to Count Floris V. This allowed the inhabitants of the village of Aemstelredamme to travel through the County of Holland, paying no tolls at bridges and dams; the certificate describes the inhabitants. By 1327, the name had developed into Aemsterdam. Amsterdam is much younger than Dutch cities such as Nijmegen and Utrecht. In October 2008, historical geographer Chris de Bont suggested that the land around Amsterdam was being reclaimed as early as the late 10th century; this does not mean that there was a settlement since reclamation of land may not have been for farming—it may have been for peat, for use as fuel. Amsterdam was granted city rights in either 1300 or 1306. From the 14th century on, Amsterdam flourished from trade with the Hanseatic League. In 1345, an alleged Eucharistic miracle in the Kalverstraat rendered the city an important place of pilgrimage until the adoption of the Protestant faith.
The Miracle devotion was kept alive. In the 19th century after the jubilee of 1845, the devotion was revitalized and became an important national point of reference for Dutch Catholics; the Stille Omgang—a silent walk or procession in civil attire—is the expression of the pilgrimage within the Protestant Netherlands since the late 19th century. In the heyday of the Silent Walk, up to 90,000 pilgrims came to Amsterdam. In the 21st century this has reduced to about 5000. In the 16th century, the Dutch rebelled against Philip II of his successors; the main reasons for the uprising were the imposition of new taxes, the tenth penny, the religious persecution of Protestants by the newly introduced Inquisition. The revolt escalated into the Eighty Years' War, which led to Dutch independence. Pushed by Dutch Revolt leader William the Silent, the Dutch Republic became known for its relative religious tolerance. Jews from the Iberian Peninsula, Huguenots from France, prosperous merchants and printers from Flanders, economic and religious refugees
Buenos Aires is the capital and largest city of Argentina. The city is located on the western shore of the estuary of the Río de la Plata, on the South American continent's southeastern coast. "Buenos Aires" can be translated as "fair winds" or "good airs", but the former was the meaning intended by the founders in the 16th century, by the use of the original name "Real de Nuestra Señora Santa María del Buen Ayre". The Greater Buenos Aires conurbation, which includes several Buenos Aires Province districts, constitutes the fourth-most populous metropolitan area in the Americas, with a population of around 15.6 million. The city of Buenos Aires is the Province's capital. In 1880, after decades of political infighting, Buenos Aires was federalized and removed from Buenos Aires Province; the city limits were enlarged to include the towns of Flores. The 1994 constitutional amendment granted the city autonomy, hence its formal name: Autonomous City of Buenos Aires, its citizens first elected a chief of government in 1996.
Buenos Aires is considered an'alpha city' by the study GaWC5. Buenos Aires' quality of life was ranked 91st in the world, being one of the best in Latin America in 2018, it is the most visited city in South America, the second-most visited city of Latin America. Buenos Aires is a top tourist destination, is known for its preserved Eclectic European architecture and rich cultural life. Buenos Aires held the 1st Pan American Games in 1951 as well as hosting two venues in the 1978 FIFA World Cup. Buenos Aires hosted the 2018 the 2018 G20 summit. Buenos Aires is a multicultural city, being home to multiple religious groups. Several languages are spoken in the city in addition to Spanish, contributing to its culture and the dialect spoken in the city and in some other parts of the country; this is because in the last 150 years the city, the country in general, has been a major recipient of millions of immigrants from all over the world, making it a melting pot where several ethnic groups live together and being considered one of the most diverse cities of the Americas.
It is recorded under the archives of Aragonese that Catalan missionaries and Jesuits arriving in Cagliari under the Crown of Aragon, after its capture from the Pisans in 1324 established their headquarters on top of a hill that overlooked the city. The hill was known to them as Bonaira, as it was free of the foul smell prevalent in the old city, adjacent to swampland. During the siege of Cagliari, the Catalans built a sanctuary to the Virgin Mary on top of the hill. In 1335, King Alfonso the Gentle donated the church to the Mercedarians, who built an abbey that stands to this day. In the years after that, a story circulated, claiming that a statue of the Virgin Mary was retrieved from the sea after it miraculously helped to calm a storm in the Mediterranean Sea; the statue was placed in the abbey. Spanish sailors Andalusians, venerated this image and invoked the "Fair Winds" to aid them in their navigation and prevent shipwrecks. A sanctuary to the Virgin of Buen Ayre would be erected in Seville.
In the first foundation of Buenos Aires, Spanish sailors arrived thankfully in the Río de la Plata by the blessings of the "Santa Maria de los Buenos Aires", the "Holy Virgin Mary of the Good Winds", said to have given them the good winds to reach the coast of what is today the modern city of Buenos Aires. Pedro de Mendoza called the city "Holy Mary of the Fair Winds", a name suggested by the chaplain of Mendoza's expedition – a devotee of the Virgin of Buen Ayre – after the Sardinian Madonna de Bonaria. Mendoza's settlement soon came under attack by indigenous people, was abandoned in 1541. For many years, the name was attributed to a Sancho del Campo, said to have exclaimed: How fair are the winds of this land!, as he arrived. But Eduardo Madero, in 1882 after conducting extensive research in Spanish archives concluded that the name was indeed linked with the devotion of the sailors to Our Lady of Buen Ayre. A second settlement was established in 1580 by Juan de Garay, who sailed down the Paraná River from Asunción.
Garay preserved the name chosen by Mendoza, calling the city Ciudad de la Santísima Trinidad y Puerto de Santa María del Buen Aire. The short form "Buenos Aires" became the common usage during the 17th century; the usual abbreviation for Buenos Aires in Spanish is Bs. As, it is common as well to refer to it as "B. A." or "BA". While "BA" is used more by expats residing in the city, the locals more use the abbreviation "Baires", in one word. Seaman Juan Díaz de Solís, navigating in the name of Spain, was the first European to reach the Río de la Plata in 1516, his expedition was cut short when he was killed during an attack by the native Charrúa tribe in what is now Uruguay. The city of Buenos Aires was first established as Ciudad de Nuestra Señora Santa María del Buen Ayre after Our Lady of Bonaria on 2 February 1536 by a Spanish expedition led by Pedro de Mendoza; the settlement founded by Mendoza was located in what is today the San Telmo district of Buenos Aires, south of the city centre. More attacks by the indigenous
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
1976 Argentine coup d'état
The 1976 Argentine coup d'état was a right-wing coup that overthrew Isabel Perón as President of Argentina on 24 March 1976. A military junta was installed to replace her; the political process initiated on 24 March 1976, took the official name of "National Reorganization Process", the junta, although not with its original members, remained in power until the return to the democratic process on December 10, 1983. The coup d'état had been planned since October 1975, the United States Department of State learned of the preparations two months before its execution; the American secretary of state Henry Kissinger would meet several times with Argentinian military leaders after the coup, urging them to destroy their opponents before outcry over human rights abuses grew in the United States. When president Juan Perón died of natural causes on July 1, 1974, he was succeeded by his wife María Estela Martínez de Perón known as "Isabelita." Despite her claim as the country's rightful ruler, she lost political gravitas and power.
A group of military officials, tasked by Perón to aide the vice-president, took control in an effort to revitalize Argentina's deteriorating political and social climate. This shift in governance paved the way for the ensuing coup. On February 5, 1975 Operativo Independencia was launched; this Vietnam-style intervention aimed to eliminate the guerrillas in the Tucumán jungle, who had maintained strongholds in the area as early as May 1974. In October the country was divided into five military zones, with each commander given full autonomy to unleash a planned wave of repression. On December 18, a number of warplanes took off from Morón Air Base and strafed the Casa Rosada in an attempt to overthrow Isabel Perón; the rebellion was brought to a halt four days through arbitration by a chaplain. However, the military did succeed in removing the only officer remaining loyal to the government, Air Force commander Héctor Fautario. Fautario drew harsh criticism from the Army and Navy owing to his vehement opposition to their repressive plans, for his refusal to mobilize the Air Force against the guerrillas' strongholds in the north.
Fautario was Videla's final obstacle in his pursuit of power. By January 1976 the guerrilla presence in Tucumán had been reduced to a few platoons. Meanwhile, the military backed by the local élite and the United States, bided its time before seizing power. Shortly before 01:00 am, President Martínez de Perón was detained and taken by helicopter to the El Messidor residence. At 03:10 all television and radio stations were interrupted. Regular transmissions were cut and replaced by a military march, after which the first communiqué was broadcast: People are advised that as of today, the country is under the operational control of the Joint Chiefs General of the Armed Forces. We recommend to all inhabitants strict compliance with the provisions and directives emanating from the military, security or police authorities, to be careful to avoid individual or group actions and attitudes that may require drastic intervention from the operating personnel. Signed: General Jorge Rafael Videla, Admiral Emilio Eduardo Massera and Brigadier Orlando Ramón Agosti.
A state of siege and martial law were implemented, as military patrolling spread to every major city. The morning was uneventful, but as the day progressed, the detentions multiplied. Hundreds of workers, unionists and political activists were abducted from their homes, their workplaces, or in the streets; the Junta assumed the executive power until March 29th. Congress was disbanded and an entity known as Legislative Advising Commission assumed a Legislative role. Human activists state that in the aftermath of the coup and ensuing Dirty War, some 30,000 people young opponents of the military regime, were "disappeared" or killed. Military men responsible for the killings spared pregnant women for a time, keeping them in custody until they gave birth, before killing them and giving their infants to childless military families. Kissinger assured the military regime that they would have the full support of the United States government in their war and associated actions, a promise, opposed by the U.
S. Ambassador to Argentina at the time, Robert Hill; the 24th of March anniversary of the coup is now designated the Day of Remembrance for Truth and Justice. 1973 Chilean coup d'état
A multinational corporation or worldwide enterprise is a corporate organization which owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can be referred to as a multinational enterprise, a transnational enterprise, a transnational corporation, an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise. Most of the largest and most influential companies of the modern age are publicly traded multinational corporations, including Forbes Global 2000 companies. Multinational corporations are subject to criticisms for lacking ethical standards, that this shows up in how they evade ethical laws and leverage their own business agenda with capital, the military backing of their own wealthy host nation-states.
They have become associated with multinational tax havens and base erosion and profit shifting tax avoidance activities. A multinational corporation is a large corporation incorporated in one country which produces or sells goods or services in various countries; the two main characteristics of MNCs are their large size and the fact that their worldwide activities are centrally controlled by the parent companies. Importing and exporting goods and services Making significant investments in a foreign country Buying and selling licenses in foreign markets Engaging in contract manufacturing — permitting a local manufacturer in a foreign country to produce their products Opening manufacturing facilities or assembly operations in foreign countriesMNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, utilizing their technological and managerial know-how globally with minimal additional costs.
Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries, gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon the behavior of multinational corporations, given that they are "stateless" actors, is one of several urgent global socioeconomic problems that emerged during the late twentieth century; the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week, the conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research; this intersection is known as logistics management, it describes the importance of increasing global mobility of resources. In a long history of analysis of multinational corporations we are some quarter century into an era of stateless corporations - corporations which meet the realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries.
One of the first multinational business organizations, the East India Company, was established in 1601. After the East India Company, came the Dutch East India Company, founded March 20, 1603, which would become the largest company in the world for nearly 200 years; the main characteristics of multinational companies are: In general, there is a national strength of large companies as the main body, in the way of foreign direct investment or acquire local enterprises, established subsidiaries or branches in many countries. Multinational corporations can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile. Corporations can engage in tax avoidance through their choice of jurisdiction, but must be careful to avoid illegal tax evasion. Multinational corporations may be subject to the laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes target the "enterprise" with statutory language around "control".
For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees and forms.
Argentina the Argentine Republic, is a country located in the southern half of South America. Sharing the bulk of the Southern Cone with Chile to the west, the country is bordered by Bolivia and Paraguay to the north, Brazil to the northeast and the South Atlantic Ocean to the east, the Drake Passage to the south. With a mainland area of 2,780,400 km2, Argentina is the eighth-largest country in the world, the fourth largest in the Americas, the largest Spanish-speaking nation; the sovereign state is subdivided into twenty-three provinces and one autonomous city, Buenos Aires, the federal capital of the nation as decided by Congress. The provinces and the capital exist under a federal system. Argentina claims sovereignty over part of Antarctica, the Falkland Islands, South Georgia and the South Sandwich Islands; the earliest recorded human presence in modern-day Argentina dates back to the Paleolithic period. The Inca Empire expanded to the northwest of the country in Pre-Columbian times; the country has its roots in Spanish colonization of the region during the 16th century.
Argentina rose as the successor state of the Viceroyalty of the Río de la Plata, a Spanish overseas viceroyalty founded in 1776. The declaration and fight for independence was followed by an extended civil war that lasted until 1861, culminating in the country's reorganization as a federation of provinces with Buenos Aires as its capital city; the country thereafter enjoyed relative peace and stability, with several waves of European immigration radically reshaping its cultural and demographic outlook. The almost-unparalleled increase in prosperity led to Argentina becoming the seventh wealthiest nation in the world by the early 20th century. Following the Great Depression in the 1930s, Argentina descended into political instability and economic decline that pushed it back into underdevelopment, though it remained among the fifteen richest countries for several decades. Following the death of President Juan Perón in 1974, his widow, Isabel Martínez de Perón, ascended to the presidency, she was overthrown in 1976 by a U.
S.-backed coup which installed a right-wing military dictatorship. The military government persecuted and murdered numerous political critics and leftists in the Dirty War, a period of state terrorism that lasted until the election of Raúl Alfonsín as President in 1983. Several of the junta's leaders were convicted of their crimes and sentenced to imprisonment. Argentina is a prominent regional power in the Southern Cone and Latin America, retains its historic status as a middle power in international affairs. Argentina has the second largest economy in South America, the third-largest in Latin America, membership in the G-15 and G-20 major economies, it is a founding member of the United Nations, World Bank, World Trade Organization, Union of South American Nations, Community of Latin American and Caribbean States and the Organization of Ibero-American States. Despite its history of economic instability, it ranks second highest in the Human Development Index in Latin America; the description of the country by the word Argentina has been found on a Venetian map in 1536.
In English the name "Argentina" comes from the Spanish language, however the naming itself is not Spanish, but Italian. Argentina means in Italian " of silver, silver coloured" borrowed from the Old French adjective argentine " of silver" > "silver coloured" mentioned in the 12th century. The French word argentine is the feminine form of argentin and derives from argent "silver" with the suffix -in; the Italian naming "Argentina" for the country implies Terra Argentina "land of silver" or Costa Argentina "coast of silver". In Italian, the adjective or the proper noun is used in an autonomous way as a substantive and replaces it and it is said l'Argentina; the name Argentina was first given by the Venetian and Genoese navigators, such as Giovanni Caboto. In Spanish and Portuguese, the words for "silver" are plata and prata and " of silver" is said plateado and prateado. Argentina was first associated with the silver mountains legend, widespread among the first European explorers of the La Plata Basin.
The first written use of the name in Spanish can be traced to La Argentina, a 1602 poem by Martín del Barco Centenera describing the region. Although "Argentina" was in common usage by the 18th century, the country was formally named "Viceroyalty of the Río de la Plata" by the Spanish Empire, "United Provinces of the Río de la Plata" after independence; the 1826 constitution included the first use of the name "Argentine Republic" in legal documents. The name "Argentine Confederation" was commonly used and was formalized in the Argentine Constitution of 1853. In 1860 a presidential decree settled the country's name as "Argentine Republic", that year's constitutional amendment ruled all the names since 1810 as valid. In the English language the country was traditionally called "the Argentine", mimicking the typical Spanish usage la Argentina and resulting from a mistaken shortening of the fuller name'Argentine Republic'.'The Argentine' fell out of fashion during the mid-to-late 20th century, now the country is referred to as "Argentina".
In the Spanish language "Argentina" is feminine, taking the feminine article "La" as the i
Protectionism is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, a variety of other government regulations. Proponents claim that protectionist policies shield the producers and workers of the import-competing sector in the country from foreign competitors. However, they reduce trade and adversely affect consumers in general, harm the producers and workers in export sectors, both in the country implementing protectionist policies, in the countries protected against. There is a consensus among economists that protectionism has a negative effect on economic growth and economic welfare, while free trade and the reduction of trade barriers has a positive effect on economic growth; some scholars have implicated protectionism as the cause of some economic crises, most notably the Great Depression. However, trade liberalization can sometimes result in large and unequally distributed losses and gains, can, in the short run, cause significant economic dislocation of workers in import-competing sectors.
A variety of policies have been used to achieve protectionist goals. These include: Tariffs and import quotas are the most common types of protectionist policies. A tariff is an excise tax. Imposed to raise government revenue, modern tariffs are now more designed to protect domestic producers that compete with foreign importers. An import quota is a limit on the volume of a good that may be imported established through an import licensing regime. Protection of technologies, patents and scientific knowledge Restrictions on foreign direct investment, such as restrictions on the acquisition of domestic firms by foreign investors. Administrative barriers: Countries are sometimes accused of using their various administrative rules as a way to introduce barriers to imports. Anti-dumping legislation: "Dumping" is the practice of firms selling to export markets at lower prices than are charged in domestic markets. Supporters of anti-dumping laws argue that they prevent import of cheaper foreign goods that would cause local firms to close down.
However, in practice, anti-dumping laws are used to impose trade tariffs on foreign exporters. Direct subsidies: Government subsidies are sometimes given to local firms that cannot compete well against imports; these subsidies are purported to "protect" local jobs, to help local firms adjust to the world markets. Export subsidies: Export subsidies are used by governments to increase exports. Export subsidies have the opposite effect of export tariffs because exporters get payment, a percentage or proportion of the value of exported. Export subsidies increase the amount of trade, in a country with floating exchange rates, have effects similar to import subsidies. Exchange rate control: A government may intervene in the foreign exchange market to lower the value of its currency by selling its currency in the foreign exchange market. Doing so will raise the cost of imports and lower the cost of exports, leading to an improvement in its trade balance. However, such a policy is only effective in the short run, as it will lead to higher inflation in the country in the long run, which will in turn raise the real cost of exports, reduce the relative price of imports.
International patent systems: There is an argument for viewing national patent systems as a cloak for protectionist trade policies at a national level. Two strands of this argument exist: one when patents held by one country form part of a system of exploitable relative advantage in trade negotiations against another, a second where adhering to a worldwide system of patents confers "good citizenship" status despite'de facto protectionism'. Peter Drahos explains that "States realized that patent systems could be used to cloak protectionist strategies. There were reputational advantages for states to be seen to be sticking to intellectual property systems. One could attend the various revisions of the Paris and Berne conventions, participate in the cosmopolitan moral dialogue about the need to protect the fruits of authorial labor and inventive genius...knowing all the while that one's domestic intellectual property system was a handy protectionist weapon." Political campaigns advocating domestic consumption Preferential governmental spending, such as the Buy American Act, federal legislation which called upon the United States government to prefer US-made products in its purchases.
In the modern trade arena many other initiatives besides tariffs have been called protectionist. For example, some commentators, such as Jagdish Bhagwati, see developed countries efforts in imposing their own labor or environmental standards as protectionism; the imposition of restrictive certification procedures on imports are seen in this light. Further, others point out that free trade agreements have protectionist provisions such as intellectual property and patent restrictions that benefit large corporations; these provisions restrict trade in music, pharmaceuticals and other manufactured items to high cost producers with quotas from low cost producers set to zero. Protectionism was associated with economic theories such as mercantilism, import substitution. In the 18th century, Adam Smith famously warned against the "interested sophistry" of industry