This website uses cookies to ensure you have the best experience. Learn more

The Economy Of Albania Essay

1381 words - 6 pages

An analysis of the Albanian economy in the past, current, and future demonstrates how an economic structure fluctuates with the type of government present at the time. Albania, a newly found member of the European Union, is a midst its battle to stabilize its vigorous economy that has had trouble since before the 1940’s. An explanation of this instability can be found looking through Albania’s history, government structure, currency and exchange rates, imports and exports including natural wealth, national education, unemployment rates, and the country’s overall integration on a global scale.
The fall of communism in Albania began in 1985 when Dictator Enver Hoxha died. Before his death, he ruled Albania with communist and socialistic policies which led to a steadily decreasing economy. After Hoxha’s death, Ramiz Alia succeeded the dictatorship and continued with the same policies, but began to lighten the stronghold with allowances on the economy to let it begin to self-sustain (Eastern Europe 15). With the communist government letting go of some of its grip, the society of Albania began to rebel against the government, demanding more democratic policies and less communism. In 1991, communist rule fell and new policies began to be created focusing more on democratic ideals with a socialistic influence. Alia became the president during this time but was voted out of office in 1992 (Fund 1). Since then, Albania’s economy has varied extremely but is slowly improving.
To comprehend the variations in the more recent economy fluctuation, reviewing currency alterations and balancing of foreign and domestic currencies can provide understanding. Since the establishment of the democratic government, the country began borrowing from other countries to allow for reform. Albania’s currency, the Lek, was in discussion of being formally changed to the euro. Much of Albania’s economic reform is from borrowing from countries whose currency is in euros. Although the proposal to change did not follow, the value of the Lek has not seen much change in value since 2008 in comparison to the euro. Being the least-integrated economy, Albania’s Lek has not seen much change when compared to the international down-turn in economy. During the international financial crisis in 2008, the Lek’s value varied from 121.7:1 to 140:1 in comparison to the euro respectively (Economist Intelligence 2). Although the Lek’s value has not varied as much as predictions may prove, it also revels the isolation of Albania. The depression of Europe between 2007 and 2009 was so substantial that suicides saw a rise of 5% in 2008 (Financial Crisis 1). Albania’s seclusion has very few constructive values, but if it were not for the seclusion, Albania would have been brought down to the crashed economy and forced to rebuild once again. This stability, caused by seclusion, is crucial for the continuation of the reconstruction of the Albanian economy during the European depression of 2008.
...

Find Another Essay On The Economy of Albania

The Economy of the Netherlands Essay

702 words - 3 pages The economy of the Netherlands is a wealthy, but small trading nation. The Netherlands has a population of 16.8 million and it accounts for 0.24% of the world’s population, 3.6% of the world’s exported goods and 0.9% of the world’s GDP. While the Netherlands hold the 18th spot of the largest economy, it is the world’s eighth largest exporter of goods. The economy of the Netherlands was badly affected by the Global Financial Crisis due to its

To what extent did the Cultural Revolution in China affect the destruction and elimination of all religious institutions in Albania (1967-1970)?

1847 words - 7 pages A. Plan of InvestigationThe aim of this investigation is to analyze the extent to which the Cultural Revolution in China affected the destruction and elimination of all religious institutions in Albania from 1967, because of the two countries' strong relationship at the time.The methods to be used to give a relevant and precise answer to this question consist of researching primary and secondary sources (the most recommended books

Mix of the UK Economy

1321 words - 5 pages Mix of the UK Economy The UK economy combines factors of both a free market economy and one which is fully planned. This brings both advantages and disadvantages as it limits the power of market forces, but on the other hand restricts the influence the government has over supply and demand. Since the 1980s the government in the UK has steadily reduced its involvement in the economic system. This has been done through

Economy of the Ming Dynasty

817 words - 3 pages Tommy HuApril 25, 2008First DraftEconomy of the Ming DynastyBeginning from 1368, and ending in 1644, the Ming Dynasty was a very prosperous dynasty. The economy during this time had a major divide in the north and south. The north was devastated by the wars and corrupt government remnants from the Mongol ruling Yuan Dynasty. Natural disasters during the end of the Yuan Dynasty had caused a population decrease in the Yellow River Basin and

The Economy of Algeria, Africa

1331 words - 5 pages Second largest country in Africa, tenth largest country in the world, diverse culture extending from the Mediterranean coast to the dunes of the Sahara Desert...Algeria. Even with its massive size the current status of Algeria’s economy is quivering in the lofty winds of the Tell Atlas Mountains. The economy tends to remain dominated by the state, which is accordingly a legacy of the country’s socialist post-independence development model

The Bubble Economy of Japan

4460 words - 18 pages The Economy of Japan had experience a tremendous growth since the end of the Korean war. The growth of GNP in 1967 and 1968 was above 10 % (double digit growth period) which exceed countries such as Britain, France and Germany. Theeconomy experienced a boost is due to many reasons, such as: enlargement of industrial facilities, massive adaptation of western technology and education,lower the military expense to 1% of GNP, relation with power

The State of France's Economy

2383 words - 10 pages largest economy. According to The Columbia Electronic Encyclopedia, “The government has since reduced its holdings in many companies, although it still controls energy production, public transportation, and defense industries” (infoplease.com). France is the wealthiest nation in Europe and fourth in the world, in terms of household wealth. The country is the most visited country in the world and is very famous for its culture and one-of-a-kind

The Political Economy of Globalization

1180 words - 5 pages Globalization exists when neither distance nor international boundaries obstruct economic transactions. Furthermore, globalization increases political relations among a wide variety of people and nations. Globalization, according to L. Mosley “disregards political boundaries” (Mosely, 2007, p. 107); it establishes a sense of openness and acceptance throughout corresponding countries. In “The Political Economy of Globalization”, Layna Mosely

Analysis of the Turkish Economy

5870 words - 23 pages IntroductionWith the recent discussions being made by the European Union about the upcoming introduction of Turkey in the Union, an opportunity has been given for the analysis of the Turkish economy in order to evaluate the path that the economy is taking.Turkey is a country of Eastern civilization, ideology and religion which has been trying to bring it's social, political and economical way of conduct up to par of the Western, European

The Economy of Sri Lanka

1546 words - 6 pages , agriculture and economy are responsible for the steady growth i.e. increase in economic growth. POPULATION • The birth rate in Sri Lanka has risen in the last few years to around 17.64 births per population of 1000 people. (2013) • The median age of people in Sri Lanka is estimated to be 31.1 years of which the median age of men is 30.1 years and females 32.2 years. (2013) (countryeconomy, 2013) Figure 1: Graph of Population Growth in Sri Lanka

Elements of The Global Economy

1962 words - 8 pages Gold Standard was the cause countries became preoccupied with keeping their gold instead of improving their business environment. The Gold Standard frustrated the Great Depression because the Federal Reserve increased interest rates to make dollars more valuable, and therefore restrain people from demanding gold. Instead of increasing interest rates, the Federal Reserve should have lowered rates in order to stimulate the economy. During the

Similar Essays

The Neolithic In Albania A Very Exellent Description Of The Neolithic Era In Albania, Very Rare Topic!!!

4310 words - 17 pages The Neolithic in Albania Introduction: The Neolithic culture in Albania is very broad and has been studied intensively beginning from after World War II. "During the Neolithic Age (7000 to 3000 years BC) Albania's territory has been widely inhabited. This is proved by tens of settlements discovered, which were set up on fertile fields and terraces close to rivers and caves." (Cultural Heritage) "Excavations carried out at Maliq, Dunavec, and

The Discovery Of Economy Essay

3532 words - 14 pages and barriers will have to be braved by the people as for the flow of people, goods and services from one state to the other. Bureaucratic interference will always remain whenever there is an exchange of business, trade or travel between any two nations from among the fifty. On the contrary if the fifty are again merged into a union of the USA, then there is no need for working out on policies, sovereignty, constitutional amendments, economy

The Economy Of Japan Essay

901 words - 4 pages The Macroeconomic of JapanIntroduction:This essay is mainly about a brief introduction of the outline of the macro-economy of Japan. It briefly introduces the current situation of the agriculture, Industry and Service of Japan.Main body:With the population of about 0.2 billion, Japan is the 4th largest economy in the globe behind The USA, The EU and China. Its GDP was about USD6 trillion in 2012. But due to its vast investment oversea, its GNP

The Fence Of Economy Essay

721 words - 3 pages dollars looks at both illegal and legal immigrants. It is not immigration the wall seeks to stop, but simply illegal immigration. Moreover, would not illegal immigrants send more money home than a quarter of their income, as they are not in this country as legal citizens? If this is true, illegal immigrants act not as a boost to the economy but leeches sucking jobs and money. Finally, the argument which truly bites Vargas Llosa in the back is