UK Economic Challenges and Trends

This assignment delves into the complexities of the UK economy, examining key issues such as unemployment rates, economic growth fluctuations, and the influence of globalization. Students are tasked with analyzing various factors impacting the UK economy, including global demand and supply shocks, financial market instability, and the implications of these challenges for future economic development.

BUSINESS ECONOMIC

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Explains the economic issues of limited resources' availability and demand allocation of
resources......................................................................................................................................1
1.2 Discussing the operations of supply and demand within economy......................................3
1.3 Evaluate the significance of different market systems .........................................................4
1.4 Evaluates function of opportunity cost for taking decision with respect to economic
condition of market.....................................................................................................................5
1.5 Meaning of elasticity of demand and necessities within market interaction.........................6
TASK 2............................................................................................................................................7
2.1 Implications of pricing and corporate objectives on organisation’s operations ...................7
2.2 Comparing the way in which prices are set in different market structures...........................8
2.3 Way in which the market structure and operation decision affect chosen firm’s operations
.....................................................................................................................................................9
2.4 Evaluates how UK regulation affect the market power in Marriott......................................9
TASK 3..........................................................................................................................................10
3.1 Analysing the change in structure of economy in 21st century along with its effect on
business environment of Marriott.............................................................................................10
3.2 Evaluating tools to meet policy of macroeconomic............................................................11
3.3 Evaluating government policies which assist to achieve macroeconomic objectives........11
3.4 Evaluating the economic performance of UK economy in global market..........................12
TASK 4..........................................................................................................................................13
4.1 Describing theory of comparative advantage with examples.............................................13
4.2 Advantages and disadvantage for free trade.......................................................................13
4.3 Impact of emerging economic in developed nation...........................................................14
4.4 Assessing the consequences of current domestic and global shocks of economy of UK...14
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

Illustration Index
Illustration 1: UK unemployment....................................................................................................2
Illustration 2: UK economic growth................................................................................................3
Illustration 3: Supply and demand market equilibrium...................................................................4
Illustration 4: Globalisation...........................................................................................................13
Illustration 5: GDP growth rate of UK .........................................................................................16
Illustration 6: World demand shocks.............................................................................................19
Illustration 7: World supply shocks...............................................................................................20
Illustration 8: World financial shocks............................................................................................21

INTRODUCTION
Business economics plays an important role in the success of every enterprise. It
is essential for the organisations to assess their future demand, cost, capital
management and achieve objectives of the firm (Harriss-White and Basile, 2014). In this
context, present report is based on Marriott hotel that provides different types of
hospitality services such as accommodation, hotel bookings, occasional services and
many more. In addition to this, it is the global international hotel which is leading with
more than 6000 properties in 122 nations. For gaining insight knowledge of the
enterprise, report covers scarcity and demand of resource allocation to manage
economy of the enterprise. Furthermore, it demonstrates the impact of pricing and
corporate objectives on business functions. Moreover, report assists in explaining
international market with applying different key indicators like GDP, unemployment and
many other elements. At last, report assesses the emerging impact on economic
elements.
TASK 1
1.1 Explains the economic issues of limited resources' availability and demand
allocation of resources
Limited resource is the crucial issue to allocate resources. It is the primary
problem which put a huge impact on Marriott hotel. Without scarcity, economic cannot
exist in the business because it is based on study of production, distribution and
consumption of goods or services (Dan, 2015). For example, if society is not making
any choice about their production, distribution and consumption, company is suffering
within environment. This is because; they are unable to satisfy each person’s demand.
Apart from this, if scarcity doesn't take place within market, all products and
services would be selling freely. Cost is an important element which creates scarcity. In
this aspect, there are various problems being faced by UK in their current economic
situation. They are as follows:
Unemployment: It is another problem in the UK which creates problem to allocate
proper resources. In addition to this, social division is also creating mass unemployment
in the areas of country. It generates adverse impact on the cited firm’s operation due to
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few employees' availability in the enterprise (Galaskiewicz, 2016). In order to allocate
the resources, process and strategy is involved by Marriott hotel so that they are able to
deciding scares resources that used in production of goods and services. Resources
has been considered with factor of production that is something used in order to
produce goods or services. UK organisations allocate resources through using modern
tools that assist to promote effective results at workplace.
Low economic growth: Low economic growth adversely affect many economic
problems such as fall in real wages which make stagnant economic growth for living
standard of people. Since 2008, there is slowdown in the economic growth. This will
also create a negative impact on Marriott due to less availability of material ( Davenport
and Beck, 2013).
2
Illustration 1: UK unemployment
(Source: Pettinger, 2012)

1.2 Discussing the operations of supply and demand within economy
Supply and demand play a vital role to achieve equilibrium in the market. This is
because; when price increases in Marriott hotel, supply also gets enhanced but demand
is decreased in this situation. Hence, supply enhancing with prices due to high profits
earn by suppliers which is covered through costs. Requirement of customers also gets
enhances with low price due to their purchasing power and achieving higher value as
well (Guozheng, 2013). On the other hand, lower price of products and services also
create benefit equal to cost for most of the people so that demand will increase. Due to
enhanced demand and supply placed as per price, supply curve takes place upward
with change in price. However, demand curve is moves in opposite side with also
changes in price of product. As results, it can be stated that value of money is require in
equal position then equilibrium is achieves that is known as market equilibrium. Hence,
the prices are equal to equilibrium price (TANG and MA, 2014). This is because,
people consume products or services which create benefits at equal to the cost of
material. Besides this, if company sets their prices at low cost, they can supply easily for
3
Illustration 2: UK economic growth
(Source: Pettinger, 2012)

market demand. In this situation, shortage of buyers will take place which generates
less profit and high losses for the sellers (Yanguo, 2014).
1.3 Evaluate the significance of different market systems
In different market economies, distinct types of elements which exist that are
organisation and its working. It is essential for each type of enterprise and their owner to
demonstrate their dealing in different market systems in which organisation is operating.
It assists to make effective pricing and production decision (Liwei, 2014). Below are
some market systems and their importance explains:
4
Illustration 3: Supply and demand market equilibrium
(Source: Galí, 2015)

Perfect competition
This system takes place in the area where various purchasers and sellers exist.
This system is help to many players, buyers and sellers both have alternative option for
purchasing and selling products and services. Besides this, they have no option to
make decision to set price according to their own decision (Shapiro and Varian, 2013).
Monopoly
It is another type of market element which differs from perfect competition. In this
type of market system, only one person has right to set price for particular product and
services as he is the only one who produces, sells and make products available to
ultimate customers. This system is important to gain more profits because of less
competition. However, earning is limited due to availability and intention of buyers to
pay a specific price (Manyika and et.al., 2013).
Oligopoly
It is the similar market system in various ways as monopoly. Primary difference is
that there is only one producer which makes up the dominant majority of production
system. It is an important system to set pricing without any government regulation ( Xin,
2013).
1.4 Evaluates function of opportunity cost for taking decision with respect to economic
condition of market
Opportunity cost determines as value for an activity of alternative option in
business. It demonstrates effective role for making decision which involves in trade-off
in two and more options. In addition to this, it also expresses relative cost of alternative
program to choose next best option. It is very important concept that finds application in
wide range of business decisions. It determines overlooked in decision making in
Marriott hotel (LI and CHEN, 2013). For instance, the company is demonstrates new
service so that they are looking towards different suppliers to take raw-material. In this
way, they are analysis their competitor position such as cost, availability and service
quality, etc. This is because, opportunity cost is determining value for each experience
and activity that assist to allocate resources.
In business application, opportunity cost is exists due to scarcity. Value is
determining the next best option or alternative that considering for choosing production
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possibilities, calculation of cost of capital and analysis of comparative advantages
(WANG and ZHANG, 2013). There are different types of roles playing by opportunity
cost for decision making in Marriott that are as follows:
 Opportunity cost is assist to find relevance with scarcity and choice that assist to
exchange alternative option. Therefore, it enhances knowledge regarding several
options that are available for manager.
 It also provides the best results from choosing effective element from various
option. Thus, the company make decision according to their feasibility.
 Opportunity cost help to explain fact on which the enterprise need to focus. As
results, they can perform better relative to others (SUN and ZHAO, 2015).
 It aids in explaining more productivity of economic system that are based on
relative to less specialised economic system in Marriott hotel.
1.5 Meaning of elasticity of demand and necessities within market interaction
Elasticity of demand is a measure used in economics to demonstrate the
responsiveness of market towards quantity demanded. In other words, it is also
demonstrates quantity of goods and services which is demanded. It is very important
concept for Marriott which can be realize in following terms:
Marriott has the following importance from elasticity of demand:
Paradox of poverty amidst plenty
Beside the bringing prosperity to farmers, poverty is take place. It is known as the
paradox of poverty amidst plenty. It takes place because of inelastic demand for various
agriculture products that are needed for producing more products and services in
Marriott.
Importance for taxation policy
Elasticity of demand is also important for taxation policy. It assists to create
several advantages which immense to sphere of government finance, when the finance
minister levies the taxes demand of particular product or services is elastic or inelastic.
International trade
In respect to make effective price for goods, it is important to assess elasticity of
demand for it. Various countries are fixes prices for products without inelastic. Thus, it is
essential to demand such goods in importing nation then exporting fixes low price for
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them (Cohen and Kietzmann, 2014). For example, Marriott can expand their business
and operations through demonstrate new firm in global areas. Therefore, it encourages
make international trade in successful manner.
Demonstrating policies of government
Elasticity helps in demonstrating the price that is a factor of production. This is
because, government can enhance high taxes on products on which demand is inelastic
while low-level rates can also be imposed on elastic demand of such products. For
instance, policies of government that need to be followed by Marriott to create effective
results.
Factor pricing
Elasticity of demand assists to demonstrate price that is paid to factor which is
done through production. Each factor is share their participation in national product that
involves various dimensions for enhance demand that increase productivity as well. If
demand of particular factor is inelastic from comparing to another factor, it attracts more
rewards. For example, pricing need to be set according to market culture and system
that assist to attract customer of different areas.
Decision of monopolist
Monopolist is considering with nature of demand with fixing the price of Marriott
hotel services and products. If demand of the particular product or service is elastic,
then Marriott can fix low price. On the other hand, if demand is inelastic, then they can
demonstrate high price for it (Chand, 2016). In monopolist, decisions are carry as per
their own values and perception. It is beneficial to grow performances and outcomes in
successful manner.
TASK 2
2.1 Implications of pricing and corporate objectives on organisation’s operations
Pricing and corporate objectives create impact on Marriott in the following
context:
It enhances profits: In respect to make effective results, Marriott has positive
impact from the help of pricing and corporate objectives. With undertake roles and
responsibility, employees grow their performances that maintains effective results.
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Further, it creates positive impact on the organisation to carry diversification and many
other aspect.
Profit allows make growth: When objectives assist to get high profits and
revenue, Marriott will easily enhance their productivity. In this way, operations will be
develops positively that makes target positively and effectively.
Profit improves livelihood of employees: With the help of improvement profits,
employees of the organisation has opportunity to enhance their outcomes and results in
successful manner. Therefore, it creates positive impact on the business operations.
Pricing is one of the most important elements in marketing of Marriott. Supply
and demand of pricing decision are based on objectives. In this aspect, the organisation
can make their brand image which determines perception about the company. With
setting pricing strategy, the enterprise will easily aware with pricing strategy and tactics
that make strong signals with philosophies and beliefs. An organisation is also reduces
their prices when cost of raw-material has also goes down (Galí, 2015). Hence,
customer have different perception towards different businesses that enhance price
steeply due to demand is high. In this context, there are four types of pricing objectives
in firm that are as follows:
 Survival: Prices are need to be set flexible. This is because, the enterprise can
make lower their prices to enhance sales which keep going business
continuously. With the help of survival based pricing strategy, price objective can
be attain which is willingly accepts in short term losses for long term viability
(Harriss-White and Basile, 2014).
 Profit: Pricing possesses both types of effects, that is, direct and indirect. In this
aspect, pricing is effect to the company through covers cost of goods that occur
at time of production. It can be creates impact that influence to Marriott that how
many customers are attracting. There are high number of products sold that
influence the profit of company with economies of scale. It ensures high
productivity to earn more profits.
 Sales: It is another effective pricing objective that encourages sales through
producing more products at low price. Hence, market share of Marriott will be
enhance easily. Volume in enhancing when sales is measure with specific time
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periods. Market share of the enterprise assess sales against another enterprise
within the market. In addition to this, volume and market share are independent
each other. Hence, changes in one is not creating impact on another element
changes (WANG and ZHANG, 2013).
 Status quota: Price objective is also an effective goal which influences
competition. It focuses on maintaining growth through matching competitor’s
price set. Status quota have stabilizing effect on the requirement for business
goods.
2.2 Comparing the way in which prices are set in different market structures
Price determination is crucial aspect in economics. Manager of the company has
expected to demonstrate perfect decision that is based on knowledge and judgement.
Following are comparison between different market decisions to set price:
Market structure Description Pricing decision
Perfect competition Perfect competition is a
situation that prevailing in
the market. In this aspect,
there are various buyers
and sellers are exists.
Pricing decision in this type
of market is setting as per
the market demand. Hence,
there are products that
beyond the control of
individual buyers and
sellers. If Marriott comes
under this type of market
structure and provide
services at low cost from
other businesses,
customers are easily
attracted. Therefore it create
positive impact on them.
Monopolistic competition Monopolistic competition is
a market structure in which
large number of
In this aspect, large number
of independent sellers are
making their product
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independent firms are
supply their products which
slightly differentiated as per
point of buyer (Cohen and
Kietzmann, 2014).
different from other
competitor which assist to
make high price for goods.
When Marriott follows this
type of structure, they can
easily capture the whole
market through setting
prices according to their
own decisions.
Oligopoly In oligopoly market, there
are few firms exist so that
seller is conscious for their
independence. Competition
is not effective in this, until
rivalry among firm is high.
In this structure few firms
are competing for particular
product and services. When
Marriott operating in this
type of market structure,
they are competing with few
firms. Thus, they have to set
prices according to all same
businesses that are deals in
same products and services
within the market.
2.3 Way in which the market structure and operation decision affect chosen firm’s
operations
In order to make effective results, Marriott need to follow market structure
according to their area. There are different types of market structure will create impact
on the firm operations. They are as follows: Perfect competition: When Marriott comes under this competition market, they
have perfect knowledge of market. There are various competitors and customers
are take place in this area. In this way, the company is not setting price as per
their own decision. Thus, they have to sell products and services as per market
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pricing (Harriss-White and Basile, 2014). This market structure create impact on
the chosen firm operations, when they have no knowledge regarding customer
demand and perception. It creates difficult to enhance diversification and attain
overall profits as well. Monopolistic competition: This is another market structure which determines
various number of buyers and only one seller. One seller is charging price for
goods as per their own decision that is quite different from other. Hence, when
Marriott operating in this element in short run they are getting abnormal profit. In
this structure, Marriott needs to be revealed with unique features and attributes in
products and services to develop effective results.
 Oligopoly competition: In this aspect, number of sellers is small. If the chosen
business performing function in this structure, they working as clear dominant
position in the market. They are also making themselves price leader in which
the company can choose prices to minimize participation of small firms. This
structure is creating impact on operations due to decision of few firms that are
operating in same services and products.
2.4 Evaluates how UK regulation affect the market power in Marriott
There are different types of UK regulation exist within the market that affect to the
market power in Marriott. They are as follows:
The competition Act 1988
This Act prohibits various human activities that are performed by the enterprise. It
includes formation and operation of cartels, abuse to dominant position of the company
and concerted practice. For example, if Marriott set fix price it creates impact to resale
for determining the pricing. This act assist to make proper competition in market
regarding products and services. With following competition law, enterprise will easily
develop functions in systematic way.
The Enterprise Act 2002
The Enterprise Act has changed with competition Act which demonstrates power
of different controllers. For defining and punishing the business, this act is determines
dominant market area. This regulation concerns with the effect of behaviour on
11

competition that is related to operations of Marriott hotel. This act is providing updated
framework that assist to identifying and dealing with business practices for dominant
market position.
Enterprise and Regulatory Reform Act 2013
This regulatory act defines new competition and market authority. This act was
imposed on 1st April 2014. In this aspect, CMA determines competition and protection of
consumer function of OFT and CC. This act has aim to reform the regulatory
environment that faced small medium sized businesses. Therefore, in the chosen
business several aspects are established with employment law.
TASK 3
3.1 Analysing the change in structure of economy in 21st century along with its effect on
business environment of Marriott
Globalisation is leads with increasing competition. The competition can be
related to the products and services with price, target market and quick responses, etc.
When the business determines their products and services at low cost, they can make
cheaper goods to enhance market share. In the 21st century, following changes has
been implemented at workplace of Marriott: Rising economies: Within the past decades, there are several changes
implemented in 21st century. In this aspect, Marriott has rising economies that
annualized growth which also determines part in GDP.
 Closed market system: Economic expansion is developing for presence of
global companies that assist to bring employment around the intellectual capital.
In the successful emerging markets, development has been granted for enhance
profitability in Marriott hotel. It involves property rights, legal process and
published regulations.
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 Infrastructure improvement: Globalisation also influence infrastructure
improvement that assist to make efficient transportation in spotty areas.
Experiences also decade that helpful to make comfort experience in UK.
With respect to describes economic impact, in 21st century forecasting is highly
developed that involves for degree of uncertainty. In 21st century, government
determines wide variety in market. In this aspect, government predicted reduction with
several percentages of GDP which is related to increasing or decreasing of climate
13
Illustration 4: Globalisation
Source: (A. Pushparaj, 2017).

effect to deals with event and stresses. After 21st century, there is enhancing in
application of technology that create positive impact on Marriott operations. In this way,
there are various outcomes are take place in improvements in economic, social and
technical changes (WANG and ZHANG, 2013).
In addition to this, with enhancement in outcomes, significant progress of the UK
nation enhance that create effective results in Marriott hotel. Improvement in quality and
quantity information has also transformed which make rapid advances to collects digital
information. With these regards, the enterprise need to make structural changes with
continuously review for growth of economic conditions.
3.2 Evaluating tools to meet policy of macroeconomic
For stability and sustainability growth of the economy is defines for strong
position that develops through macroeconomic policy. It makes effective results and
performances for conductive growth of the nation. Key pillars of macroeconomic policy
are as follows:
Fiscal policy
This policy is operates with making changes by government in term of spending
level. This is because, it is determines taxes that conducted by government. It is directly
influence with economic activity with capital expenditure. This tool put a huge impact on
taxes, spending and various other elements that are related to government (Cohen and
Kietzmann, 2014).
Exchange rate policy
Exchange rate is determines worth of domestic market that is different from
another currency. In this aspect, UK determines their value of money in market forces.
Monetary policy
It is very important element to make decisions that are implemented with
changes in cash rates. It is determined with market of money that force to supply and
demand overnight funds.
3.3 Evaluating government policies which assist to achieve macroeconomic objectives
For making successful government policies, it will assist to achieve
macroeconomic objectives. There are four major objectives which explains underneath:
Full employment
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In respect to attain objectives, government policy is providing employment
opportunities for unemployed people who are eligible to do work. In addition to this,
international comparison is the also measure through providing paid benefits to various
people (Harriss-White and Basile, 2014).
Price stability
Further, inflation can be defined as the rising of sustainable development in level
of price in a general way. It is determines measurement with assessment of annual rate
with changes in retail price index. It makes sense for the government to use
measurement due to control of inflation, interest rate which affect to RPI.
High growth of economy
Growth of economy help in measuring the rate of changes that exist in real GDP.
GDP is measure of annual output of a nation. Many times, GNP also determines the
GDP of nation (Cohen and Kietzmann, 2014).
3.4 Evaluating the economic performance of UK economy in global market
In order to make growth of UK market, international monetary fund assist to
forecast for future development. In global market, international economic relations is
serving with strain despite the aggregate benefits which is delivered for precisely
growth. British economy is turned with steady performances in 2016. It is the only nation
which possess highest and strongest position within different economies of G7. With
respect to growth, EU is importing outcomes and performances importantly.
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IMF demonstrates growth of UK economy around 1.1% in 2017. Now they also
forecast, it will increase in January 2015 up to 1.5%. Through highly uncertain, and
medium growth prospects is also diminished because of increasing in trade and
migration as well as potential downsizing of the financial services' sector.
TASK 4
4.1 Describing theory of comparative advantage with examples
Comparative advantages is very important concept which describes importantly.
It assists to make effective outcomes in comparative in international theory. In this way,
following example can be explains in comparative advantages of Marriott hotel:
David Ricardo's example
In this aspect, Ricardo imagine two nations such as England and Portugal to
producing two type of product such as clothe and wine. It seems to determine
productivity of labour in different countries. As per his explanation, Portugal is more
productive nation to produce both type of goods. However, Adam Smith assumes that
16
Illustration 5: GDP growth rate of UK
(Sources: Galaskiewicz, 2016)

England is more productive in production of one product and Portugal is productive for
another (WANG and ZHANG, 2013). Hence, modern version of Ricardo model is giving
results which is presented through constructing and analysis the economic model on
international economy. This model is determines that two countries produce two types
of products that is using through labour which determines factor of production only.
4.2 Advantages and disadvantage for free trade
Free trade assists in setting lower prices for consumers, enhancing the level
exports and various benefits from different economies of scale. It helps in making great
choice of goods (Harriss-White and Basile, 2014). From the help of case studies
following are advantages and disadvantage of free trade within the market:
Advantages
Free trade agreement design to enhance trade between two different nations. It
enhances economic growth, dynamic business climate and lower government spending,
etc. In addition to this, local company in UK can also transfer technology from
multinational partner.
Disadvantage
However, free trade agreement also possess some disadvantage such as lower
government spending, theft of intellectual property and crowd out domestic industries. In
addition to this, multinational companies also affected through poor working conditions
that create adverse impact on customers (Cohen and Kietzmann, 2014).
4.3 Impact of emerging economic in developed nation
Wirth respect to considering effective results in developed economies, emerging
is creating positive impact. UK, China and many other economies facing issues such as
challenges, etc. In addition to this, exchange rate flexibility can affects to external
shocks that are face in global areas. However, challenges are creating advantages to
creating innovation within the country. It assists to increase revenue from various
activities and products. With the help of innovation, facilitate also creating sharing of
technology between different nations. With ascertain international monetary system, the
country can also moves towards new investment plan. It enhances profitability with
global financial safety meet (Harriss-White and Basile, 2014).
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4.4 Assessing the consequences of current domestic and global shocks of economy of
UK
World shocks economy is very important element for UK. It determines structure
of financial market and aspect in duration of 2007. With the passing time, global
economy release outcomes and performances in specific aspect in 2007-09. In addition
to this, steep fall and enhances in commodity of global prices in year of 2008-11. It
assists to make proper shape in macroeconomic development in the UK. In recent time,
it has been estimated that there are four different structural Vector Autoregressive
models describes that also defines importance of world shocks on UK output in every
time. With regards of all these elements, world and UK blocks has been determines in
easy way. This is helping the country in determining different shocks and assessing
their impact on output among which some are like:
 World demand shocks
18

 World supply shocks
19
Illustration 6: World demand shocks
(Source: Pettinger, 2012)

 World financial shocks
20
Illustration 7: World supply shocks
(Source: Pettinger, 2012)

CONCLUSION
From the above report, it could be articulated that scarcity and demand resource
allocation assist to manage economy system within the UK. Furthermore, it summarized
about importance of differing market system which determines effective market
economy decisions. Moreover, it articulated about implication of pricing and corporate
objectives on the operations of Marriott. In addition to this, it concluded about regulation
which affects to market power of the company that affect to the market structure of the
company.
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Illustration 8: World financial shocks
(Source: Pettinger, 2012)

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