Impact of Government Policies on Social Media Firms in US
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This essay briefly describes the impact of the government policies on the social media firms in US. The income of social media from the selling of data, issues regarding misuse of the personal data is discussed in the later part of the essay.
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Running head: SOCIAL MEDIA Social Media Name of the Student Name of the University Author Note
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1SOCIAL MEDIA Part B- a.Introduction In recent time the social media firms such as Facebook, Twitter are facing immense risks due to the government policies of US. This essay briefly describes the impact of the government policies on the social media firms in US. The income of social media from the selling of data, issues regarding misuse of the personal data is discussed in the later part of the essay. Generation of income by social media firm The social media firms earns a lot from the selling of the data and advertisement. It is estimated that $51.3 billion USD would be earned as a revenue at the end of 2018 from the social media advertising and the estimated amount per user is almost $17.24. Market studies showed that the annual growth of the revenue is almost 10.5 % per year. The price of the personal data selling is changed according to the health condition or the profession of the people. The value of a personal data of a health professional, accountant is almost $0.20. In case of diabetes patient, people with pain or headache, the amount jumps to 0.46USD per person (Ivanova, 2018). Misuse of the personal data According to a report ofThe Guardianby Graham-Harrison & Cadwalladr ( 2018),it is seen that the data analytic firm ,workingwith the Donald Trump’s election team , harvested almost a million of Facebook profile data of the US users in order to analyze the voters of the US. They used those data for making a powerful software that could predict the choices of the ballot box. It was investigated that the those data were collected through an app named thisisyourdigitallife. This incident was the biggest data breaching case by a tech giant till now.
2SOCIAL MEDIA Cambridge Analyticarevealed that they spent almost $1 million for taking the Facebook profile data (Graham-Harrison & Cadwalladr, 2018). Regulations Social media firms have to follow various laws and regulations in order to operate in US and they have to maintain those laws. The existing policies for the social media in US restrict the use of any logos or images by the third party without taking permission from them and the websites of the social media should not post any discriminatory, offensive, unlawful and racist content in their page and they have to maintain those regulations strictly. All the contents should be verified by the official sites of the government agency. The new law allow the online services to take the data only after taking permission from them (HHS, 2019). Impact of regulations on revenue and survival of the social media Due to the regulation of data protection, the revenue of Facebook is greatly hampered. Not only in US, but in Europe the new Data Protection Regulation (GDPR) would affect the revenue of Facebook. It is estimated that, the revenue of Facebook will be almost reduced by 7% of its previous amount and it will be almost 2.8 billion USD. In addition to this, the law breaking will reduce the global revenue of Facebook by 4% (The New York Times, 2018). Conclusion Lastly it can be concluded that, the unethical data harvesting of the US voters affected the Facebook by many ways such as their worldwide revenue is lowered and as well as the reputation of the tech giant is also reduced. This breaching is counted as one of the biggest breaching by a tech giant.
3SOCIAL MEDIA b.Introduction The economic policy of the president Trump will affect the economy of US and as well as other countries of this world like UK, China. In this essay, the nationalistic policy of Donald Trump, the economic policy and its impact on the global economy are highlighted. Trump’s nationalistic philosophy President Trump had labelled himself as a Nationalist who only would think about his own country and he would not care about the wellness of the world. While being a Nationalist he would implement policies only for the wellness and development of America. However, it is quite evident that, the Nationalist approach towards the US economy and policy will greatly hamper the condition of the US and as well as of the whole world. The president’s Nationalism policy is another invitation for the division among the people of the US. As a part of his Nationalism approach Trump had imposed tariffs on the aluminum and steel and this decision had made astonished the whole world along with the republicans of US. The withdrawal of free trading policy would affect the world economy in a large scale manner. All of the economist had agreed that, the nationalistic policy of president Trump will make an uncertain the condition for the investor in the worldwide manner (McCarthy, 2018). From the data assessment of the US Bureau of Economic Analysis, it was seen that, the economic policy had lowered the foreign direct investment (FDI) in US. In the first quarter of 2016, the net inflow of Chinese investment was $4.5 billion, whereas in 2018 the investment was lowered to $300 million (Buxbaum, 2018).
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4SOCIAL MEDIA Economic policy President Trump decided to impose a tariff of 25% on the steel and 10% on the aluminum and this will be applicable for the whole world. However, Mexico, Canada and the EU limited would get limited exemptions to continue the trade negotiations. The effect of this policy on the UK would be manageable as their economy is more flexible to the impact of tariffs and they would be less effective than Germany and China as those countries export more goods than the amount they import (The Week Business, 2018). The investment from China was greatly affected as the amount of investment dropped down to $89.7 billion in 2017 from $146.5 billion in 2016 (Buxbaum, 2018). Impact of economic policy The effect of the policy on the stock market cannot be avoided at all in the whole world. The impact not only affect the world economy, but affect the US economy also. The policy will affect economy of steel economy of China as well. According to a report of BBC news, the 20 million tonnes of Chinese steel has to send to other countries due to the new policies of the president Trump. The UK industry also suspected that, the steel industry not only would be affected by the policy but the oversupply of Chinese still will affect the industry also (BBC, 2018). Conclusion Lastly, it can be concluded that, the economic policy and nationalistic approach of president Trump will affect both the US economy and the economy of the World as well. The tariff on steel and aluminum will cause the oversupply of Chinese still in the market.
5SOCIAL MEDIA c.Introduction This essay briefly discusses the emerging economy and the reason of those economy for being an emerging an industry. In later part, the specific areas of the economy that has possibilities of expansion in the world economy. Emerging economy An emerging economy refers to that economy that has low to middle per capita income and the term was introduced in 1981 by Antoine W. Van Agtmael (Gwynne, Shaw & Klak, 2014). However, the term emerging economy has a large span and the countries of very small to very big economy are under this large span of this term. For example it can be said that China and Tunisia both belong to the emerging economy status. Although China is one of the biggest power house of economy and Tunisia is far behind. The reason behind this categorization is that, both the countries have entered into an economic development and reform programs (Gwynne, Shaw & Klak, 2014). According to the report ofBloombergChina, South Korea, Thailand, Peru, Malaysia, Indonesia are under the emerging economy category (Bloomberg, 2019). There are a few characteristics that make a country to be under the category of the emerging economy country. Firstly, the per capita income should be less than $4035. The economy must be dependent on the agriculture and export the raw materials. High volatility is another characteristics of the emerging economy. Capital Markets are generally have the lack of maturity while comparing with the developed market (Lee, 2018).
6SOCIAL MEDIA Areas of economy In case of assessing the specific areas of emerging economy in the world it can be said that, the market of a few countries have the highest chances of expansion in a worldwide manner. The rapidly developing BRIC countries are on the top of the list and the countries are Brazil, Russia, India and China. Brazil is the largest economy in the Latin America and many investors like Petrobras are investing in this country. The economic growth of India also crossed China as an emerging market in the world. India’s tech firm Infosys contributed to make India as a country of emerging country. Russia’s transformation from the communist country to a Wild west-like embrace of capitalism had affected the economy of Russia. However, Russia succeed in overcoming the situation with the help of the investors(The Economic Times, 2018). Conclusion In conclusion, it can be said that, the emerging economy is very much important forthedevelopingcountriesandbesidesthedevelopedcountriesthoseemerging countries are the pillar of the world economy. The BRIC countries are at the top of the list of emerging economy.
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7SOCIAL MEDIA References BBC. (2018). UK labels US metal tariffs 'absurd'. Retrieved from https://www.bbc.com/news/uk- 44320257 Bloomberg (2019). Top 20 Emerging Market. Bloomberg.com. Available at: https://www.bloomberg.com/news/photo-essays/2013-01-31/the-top-20-emerging- markets [Accessed 17 Jan. 2019]. Buxbaum, P. (2018). US is losing FDI | Global Trade Magazine. Retrieved from http://www.globaltrademag.com/global-trade-daily/us-is-losing-fdi Graham-Harrison, E., & Cadwalladr, C. (2018). Revealed: 50 million Facebook profiles harvested for Cambridge Analytica in major data breach. Retrieved from https://www.theguardian.com/news/2018/mar/17/cambridge-analytica-facebook- influence-us-election Gwynne, R., Shaw, D., & Klak, T. (2014).Alternative Capitalisms: Geographies of Emerging Regions: Geographies of emerging regions. Routledge. HHS. (2019). Social Media Policies. Retrieved from https://www.hhs.gov/web/social-media/policies/index.html#oasi Ivanova, I. (2018). Facebook let some companies exploit users' friends data, U.K. email dump alleges. Retrieved from https://www.cbsnews.com/news/facebook-gave-some- companies-preferential-user-data-according-to-uk-parliament/ Lee, X. (2018).Global problems threaten emerging economies but some are on firmer ground than others: Moody's. CNBC. Available at: https://www.cnbc.com/2018/11/16/emerging-
8SOCIAL MEDIA markets-face-multiple-challenges-but-some-are-resilient-moodys.html [Accessed 21 Jan. 2019]. (Lee, 2018) McCarthy, D. (2018). Opinion | The Case for Trump’s Tariffs and ‘America First’ Economics. Nytimes.com. Available at: https://www.nytimes.com/2018/03/08/opinion/trump-tariffs- economics.html [Accessed 17 Jan. 2019]. The Economic Times. (2018). Seven emerging market countries at risk of exchange rate crises: Nomura. Retrieved from: https://economictimes.indiatimes.com/markets/stocks/news/seven-emerging-mkt- countries-at-risk-of-exchange-rate-crises-nomura/articleshow/65752175.cms The New York Times. (2018). ‘No Morals’: Advertisers React to Facebook Report. Retrieved from https://www.nytimes.com/2018/11/15/business/media/facebook-advertisers.html The Week Business. (2018). How Donald Trump’s trade war will affect the UK economy. Retrieved from https://www.theweek.co.uk/trade-war/92665/how-will-donald-trump- tariffs-affect-uk-economy