What is riba in Islam, and why is it forbidden? What are the bad impacts of riba? The bad impacts of riba (interest/usury) are numerous and far-reaching. They include: 1) Increased inequality: Riba disproportionately benefits those who are already wealthy, while harming those who are struggling to make ends meet. This leads to increased inequality … Read more
Involuntary bankruptcy is a legal process in which a debtor’s creditors force the debtor into bankruptcy. The most common reason for creditors to force a debtor into bankruptcy is because the debtor has failed to make payments on their debts. When a debtor is forced into bankruptcy, their assets are sold off and the proceeds … Read more
Nonfeasance is a term used to describe a failure to take action when action is required. It is the opposite of malfeasance, which is the commission of an illegal or wrongful act. Nonfeasance can be either criminal or civil in nature. Criminal nonfeasance occurs when a public official fails to take action to prevent a … Read more
The term “Grexit” is a portmanteau of the words “Greek” and “exit”, and refers to the potential withdrawal of Greece from the European Union (EU). The term has been used since the early 2010s, in the wake of the Greek government-debt crisis, to describe the possibility that Greece may be forced to leave the Eurozone … Read more
Organization of the Petroleum Exporting Countries (OPEC) is an international organization and cartel consisting of 15 nations, founded in Baghdad, Iraq, in 1960. OPEC has its headquarters in Vienna, Austria. The stated mission of OPEC is to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in … Read more
Zero-rated goods are defined as goods or services that are exempt from value-added tax (VAT). In other words, when a good or service is zero-rated, the consumer does not have to pay VAT on the purchase price. Instead, the seller pays the VAT to the government. Zero-rated goods are typically items that are considered to … Read more
Nationalization is the process by which the government seizes ownership of private companies or industries. Nationalization can happen for a variety of reasons, including to promote economic development, to secure strategic industries or resources, or to distribute wealth more evenly. In some cases, nationalization is used as a tool to punish companies or industries that … Read more
. The Secession of California. Is California its own country? No, California is not its own country. It is a state in the United States of America. Are people leaving California? There is no easy answer to this question. While it is true that many people are leaving California, it is also true that many … Read more
Redacted means that some information has been removed from a document before it is released to the public. The removed information is usually classified or sensitive in nature. What kind of information should be redacted? There are a few different types of information that are typically redacted from government documents. This includes information that could … Read more
Countervailing duties (CVDs) are special tariffs imposed by a government on imported goods in order to offset the “unfair” subsidies that foreign manufacturers receive from their own governments. CVDs are intended to level the playing field between domestic and foreign producers, and protect domestic industries from unfair competition. CVDs are typically imposed in response to … Read more
