Economic and Financial Committee
The Economic and Financial Committee of the United Nations deals with issues relating to economic growth and development on a global scale.
Chair: Larry bao
My name is Larry and I come from Princeton, NJ. My major is Operations Research & Financial Engineering with certificates in finance, computer science, and machine learning / statistics. I am on the heavyweight rowing team and part of Tiger Investments.
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Topic A: Wages in Developing Countries
Globally, people compete to sell their time and labor to factories and farms for any price, creating intense competition for jobs and resulting in extremely low wages. In developing countries, there are few labor laws in place to protect the rights of the poor, so big corporations outsource production to poorer countries to take advantage of these low labor costs. However, to survive, people in these poorer countries must work for these low wages, and the masses of people looking for jobs create a downward pressure on wages. However, these companies still bring jobs to poorer regions, and without them, the GDP and economic growth of these developing nations would fall. How can we find the balance between workers' rights and economic growth?
Topic B: Black Markets and Cryptocurrency
Fiat money has traditionally made it easier for governments to track black markets. For instance, the wiring of large amounts of money from a United States bank account to a bank account in China would raise red flags for the government to investigate. However, the rise of cryptocurrencies takes this scrutiny away - and thus, cryptocurrencies have made it easier to launder money across international borders. There is no regulation on cryptocurrencies, so governments fear that any shocks to the currencies could also result in economic destabilization. Should cryptocurrencies be regulated? Should we in the United Nations take steps to ban them, or ease them into the global economy? Should they be monitored at all?