Volume 7 Issue 2

A burning topic today is the freedom of international trade, namely the degree of intervention of the state in the economy. Like most of the developed countries, the U.S. got rich and promoted its young industries by applying tariffs and quotas. Protectionist measures proved to be beneficial in the short term, but if prolonged, they are likely to discourage trade and confer too much power to the state. The U.S. President Donald Trump has decided to turn from free and open trade toward so-called fair trade based on "America first" policy. Thus, the U.S. free trade began to lose the fight with economic protectionism, and national interest gained ground at the expense of economic cooperation. The desire to make America great again will benefit some national companies, but others will suffer major losses.

From 2014-2018 Romania recorded the fastest growth rate among the CESE-6 countries (Bulgaria, Croatia, Czech Republic, Poland, Romania and Hungary). To achieve this performance, it embraced an economic growth model based on consumption rather than investment. The government's strategy was to cut indirect taxes, increase public wages and old-age pensions but this generated higher inflation rates and larger budget and current account deficits. Thereby, according to the most recent Convergence Report issued in 2018 by the European Commission, Romania turned out to be the least prepared among the CESE-6 countries to adopt the euro. Reality has shown that an economy that relies too heavily on consumption and neglects investments is more vulnerable and has difficulties in supporting long-term economic growth. In order to improve the performance of its macroeconomic indicators and increase the living standard of the population, Romania must shift the growth model to investment.

Although it is not still clear if the time passing is a result of world changing, or reversely, the world changing is a result of the time passing, I think it is very clear the changing in the external and internal world of the subject is real. The paper examines, from a logical point of view, the abstract categories of changing, no matter the field involved. More precise, it provides the complete list (in the author's opinion) of distinctive types of changing, classified in two fundamental types: a) changing of first order, and b) changing of the second order. Based on this classification, certain analyses and assessments are delivered, regarding the logical features of them.

Globalization disrupted the seemingly solid construction emerged in the aftermath of WW II, called the international trade system. For over fifty years, the system grew constantly thanks to the increasing number of countries that joint it as well as to its ubiquitously-accepted rules. For better and for worse the system has worked according to traditional theory principles, whose core credo was that all participating countries would gain more if engaged in trade than if in autarchy. Globalization has muddied the waters. The contemporary order in which multinational companies make the rules has made these predictions look elusive. One serious implication is today's unorthodox approach of trade policy, free trade being sacrificed in favor of managed trade, with the whole string of good and bad consequences that derive from states' intervention.

The Costa de Hermosillo is an agricultural region of the state of Sonora, Mexico, with a semi-desert climate which has been closed for water extraction for more than fifty years. This region played an important role as a barn in Mexico during the import substitution industrialization model, through the cultivation of grains and cotton, at the same time important organizations were formed that integrated producers, which mostly disappeared in the change of export-oriented economic model. The goal of this work is to analyze the actions taken by farmers in order to migrate to agriculture by contract and the effects of this form of production, by examining the main crops that are produced in the Costa de Hermosillo, Sonora under this modality. To achieve this goal, a qualitative cross-sectional research was followed, using semi-structured interview, as well as a desk research with data from government institutions. As a conclusion the farmers of the Costa de Hermosillo, facing a change of economic model, turned towards agriculture by contract, in order to have certainty in their production and the price in dollars agreed in advance. The observed effects are mixed. On one hand, Sonora state is the leader in the national production of agriculture by contract, as farmers have invested in infrastructure to improve their water use efficiency and develop more technified crops, in order to ensure quality as established in production contracts. On the other hand, the agreed production is almost entirely destined for foreign markets and local consumers have to pay higher prices for those products.

This paper discusses how to obtain the Black-Scholes equation to evaluate options and how to obtain explicit solutions for Call and Put. The Black-Scholes equation, which is the basis for determining explicit solutions for Call and Put, is a rather sophisticated equation. It is a partial differential equation of the second order, parabolic, similar to the heat equation. The terms of the equation express diffusion in a homogeneous environment, convection and reaction. The main objective of the paper is to present the Black-Scholes methodology and apply this methodology on the underlying asset of the nature of the listed stock on the Bucharest Stock Exchange. Also, a secondary objective is to compare the results obtained in this paper with our results in an article where we determined the values for Call and Put by Monte Carlo simulation.