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Economy of Urcea: Difference between revisions
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The '''economy of [[Urcea]]''' is a highly developed {{wp|Social market economy|social market economy}}. As part of the [[Occident]], Urcea has an industrialized, advanced economy. It has the world's largest GDP. The [[Taler]], currency of Urcea and the [[Levantine Union]], is one of the world's currencies of record, and its strength is partly attributable to its basis in the Urcean economy. The Urcean economy is fueled by high worker productivity, a well developed transportation infrastructure system, a large labor force, and considerable natural resources. Urceans enjoy one of the highest average incomes in the world, and Urcean society is characterized by relatively small income inequality. The impact of {{wp|Catholic social teaching}} is significant on the economy, both in its institutions and outlook. The collaborative [[Guilds (Urcea)|Urcean guild system]] is designed along Catholic principles to avoid labor conflict, and the Urcean finance system is based on the principles of [[Levantine banking and finance|Levantine finance]]. | The '''economy of [[Urcea]]''' is a highly developed {{wp|Social market economy|social market economy}}. As part of the [[Occident]], Urcea has an industrialized, advanced economy. It has the world's largest GDP. The [[Taler]], currency of Urcea and the [[Levantine Union]], is one of the world's currencies of record, and its strength is partly attributable to its basis in the Urcean economy. The Urcean economy is fueled by high worker productivity, a well developed transportation infrastructure system, a large labor force, and considerable natural resources. Urceans enjoy one of the highest average incomes in the world, and Urcean society is characterized by relatively small income inequality. The impact of {{wp|Catholic social teaching}} is significant on the economy, both in its institutions and outlook. The collaborative [[Guilds (Urcea)|Urcean guild system]] is designed along Catholic principles to avoid labor conflict, and the Urcean finance system is based on the principles of [[Levantine banking and finance|Levantine finance]]. | ||
The Urcean economy has always been among the world's largest due to its large population size and extensive commercial history. It became the world's largest without rival during the {{wp|industrial revolution}}, which completely altered life in the country and led to extensive urbanization. The Urcean economy experienced rapid growth in the late 20th century due to increasing economic modernization and technological innovations, allowing an average 3.1% growth rate between 1972 and 1999, after which point the economy began to slow down and "normalize" relative to potential growth in productivity. The economy has additionally seen a major growth period since the end of the [[War of the Northern Confederation]], as the "nuclear revolution" in energy has fueled a major boom due to plentiful and cheap energy. | The Urcean economy has always been among the world's largest due to its large population size and extensive commercial history. It became the world's largest without rival during the {{wp|industrial revolution}}, which completely altered life in the country and led to extensive urbanization. The Urcean economy experienced rapid growth in the late 20th century due to increasing economic modernization and technological innovations, allowing an average 3.1% growth rate between 1972 and 1999, after which point the economy began to slow down and "normalize" relative to potential growth in productivity. The economy has additionally seen a major growth period since the end of the [[War of the Northern Confederation]], as the "nuclear revolution" in energy has fueled a major boom due to plentiful and cheap energy. Very low energy costs have led to the mass electrification of many sectors of the economy. | ||
Urcea's economy is divided into forty statutory industries; within these industries, every firm and their workers are federated together into [[Guilds (Urcea)|guilds]]. Unlike many other industrialized countries, much of Urcea's economic regulation takes the form of self-regulation within the guilds. The guilds, which feature equal representation between employers and labor, are responsible for setting labor conditions, minimum wage, and other related policy areas. Most guilds also pool resources in order to provide benefits of some form, reducing the burden of businesses within the guild while simultaneously providing sound retirements and, in some cases, health insurance, for its members. Urcea's guilds exercise wide authority over the economy, as they not only self-regulate but also are responsible for approving any proposed trade deals with foreign nations through the [[Gildertach]]. | Urcea's economy is divided into forty statutory industries; within these industries, every firm and their workers are federated together into [[Guilds (Urcea)|guilds]]. Unlike many other industrialized countries, much of Urcea's economic regulation takes the form of self-regulation within the guilds. The guilds, which feature equal representation between employers and labor, are responsible for setting labor conditions, minimum wage, and other related policy areas. Most guilds also pool resources in order to provide benefits of some form, reducing the burden of businesses within the guild while simultaneously providing sound retirements and, in some cases, health insurance, for its members. Urcea's guilds exercise wide authority over the economy, as they not only self-regulate but also are responsible for approving any proposed trade deals with foreign nations through the [[Gildertach]]. | ||
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The Urcean economy is highly integrated with that of its [[Levantine Union]] neighbors. It is among the world's largest exporters and importers. | The Urcean economy is highly integrated with that of its [[Levantine Union]] neighbors. It is among the world's largest exporters and importers. | ||
==Employment== | ==Employment== | ||
The Urcean economy is characterized by a large number of professional employment opportunities. The majority of Urceans work under a four day, 32-hour work week. | |||
===Guilds and labor=== | ===Guilds and labor=== | ||
{{Main|Guilds (Urcea)}} | {{Main|Guilds (Urcea)}} | ||
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==Budget and public finances== | ==Budget and public finances== | ||
===Debt=== | ===Debt=== | ||
The [[Government of Urcea]] run a budget deficit every year betweem [[1967]] and [[2026]]. Traditionally, relatively low nation-wide taxation and a [[Royal_and_Provincial_Tax_Act_of_2020#Background|complicated tax code]] were combined with generous social safety net programs and a large military to create large budget shortfalls every year, beginning in the [[Occidental Cold War]]. However, the passage of the [[Royal and Provincial Tax Act of 2020]] dramatically increased government revenues beginning in FY2021-22, though deficits persisted due to costs associated with the large-scale rearmament necessary to fight the [[Final War of the Deluge]]. In FY2026-27, Urcea ran its first budget surplus in sixty years as the military returned to peacetime footing but the increased tax revenues remained from the 2020 reform. | |||
Urcea's subdivisions and municipalities are generally prohibited by law from passing unbalanced budgets, meaning that most provincial and local governments run small incidental deficits. The majority of provincial and local government debt occurs through publicly approved bonds. | |||
==Regulation== | ==Regulation== | ||
As a {{wp|social market economy}}, the Urcean economy is subject to significant regulations. The primary regulator is the [[Ministry of Commerce (Urcea)|Ministry of Commerce]] on most issues, especially trade and finance. The [[Guilds (Urcea)|guilds]] themselves, in tandem with the Ministry of Commerce, oversee labor conditions within the country. | As a {{wp|social market economy}}, the Urcean economy is subject to significant regulations. The primary regulator is the [[Ministry of Commerce (Urcea)|Ministry of Commerce]] on most issues, especially trade and finance. The [[Guilds (Urcea)|guilds]] themselves, in tandem with the Ministry of Commerce, oversee labor conditions within the country. | ||
===Public regulation=== | ===Public regulation=== | ||
"Public regulation" refers to mandates and regulations imposed by the Urcean government or the provinces, crownlands, and states within Urcea. This is the least common form of regulation due to the role of guilds in the economy. Although the government in many cases does not directly impose regulations, it has an important role to play with regard to negotiating with the guilds for the imposition of certain regulations. | "Public regulation" refers to mandates and regulations imposed by the Urcean government or the provinces, crownlands, and states within Urcea. This is the least common form of regulation due to the role of guilds in the economy. Although the government in many cases does not directly impose regulations, it has an important role to play with regard to negotiating with the guilds for the imposition of certain regulations. The government does have some role in imposing certain regulations in the form of {{wp|consumer protection}}, as consumers are the one part of the economy not represented within the guild apparatus. The [[Ministry of Commerce (Urcea)|Ministry of Commerce]]'s [[Ministry_of_Commerce_(Urcea)#Office_for_Equitable_Economic_Activity|Office for Equitable Economic Activity]] is generally responsible for negotiating consumer protections with the guilds, but does have authority to impose regulations on its own fiat. The Office is also responsible for enforcing various regulations on the financial sector, especially with regard to ensuring that banking and finance complies with Catholic ethics. | ||
===Private regulation=== | ===Private regulation=== | ||
"Private regulation" - those regulations self-imposed by [[Guilds (Urcea)|guilds]] - are the most common form of regulations within the Urcean economy. | "Private regulation" - those regulations self-imposed by [[Guilds (Urcea)|guilds]] - are the most common form of regulations within the Urcean economy. Guilds have a relatively wide berth of authority over their associated industry, ranging from minimum wage and workplace conditions to industry standards for manufacturing and generally-enforced best practices. The guilds - which collectively represent both labor and capital within them - typically negotiate most points of regulation, ensuring that the enacted regulatory scheme benefits both the workers as well as business proprietors. | ||
===Union regulation=== | ===Union regulation=== | ||
Urcea's membership within the common market of the [[Levantine Union]] means several Union-originated regulations also exist within the economy. These are primarily related to product standardization. | Urcea's membership within the common market of the [[Levantine Union]] means several Union-originated regulations also exist within the economy. These are primarily related to product standardization. | ||
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===Manufacturing=== | ===Manufacturing=== | ||
Urcea's manufacturing industry, like much of the [[Occident]], reached a peak during the mid-20th century but entered a period of decline due to global trade and increasing automation. However, the sudden availability of cheap and plentiful power brought on by the nation's nuclear revolution created huge domestic demand for electric cars, appliances, and other goods. Accordingly, high-tech industrial manufacturing became a major boom industry in Urcea in the 2010s. | |||
====High-tech manufacturing==== | |||
====Arms manufacturing==== | ====Arms manufacturing==== | ||
Arms manufacturing is | Arms manufacturing is an important part of Urcea's manufacturing sector. It encompasses a wide variety of activities, ranging from the production of small arms to large ships for the [[Royal Navy (Urcea)|Royal Navy]] as well as various aircraft. This sector also produces significant goods for the civilian economy in the form of surplus, not only small arms but shipping, vehicles, and other logistical equipment. | ||
===Tourism=== | ===Tourism=== | ||
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===Real estate=== | ===Real estate=== | ||
{{Further|Housing in Urcea}} | {{Further|Housing in Urcea}} | ||
Due to Urcea's very large population, housing is always a highly sought-after commodity. This, combined with Urcean social preferences for and beliefs about the benefit of relatively lower-density and single-family housing, has created a massive real estate industry. | |||
===Construction=== | |||
Urcea's lower-density housing and large housing need created a massive construction boom in the mid-20th century, as the advent of the car provided for the construction of sweeping suburbs throughout [[The Valley (Urcea)|the Valley]] and other parts of the country. Between [[1950]] and [[1990]], construction was one of the country's largest industries. By [[1995]], however, suburban homes and apartments had been built in such a way that far outstripped need at the time, leading to a major construction bubble collapse in the late 1990s. After the [[Family Living Act of 2003]], the construction of new major-scale suburbs in the Valley essentially became illegal, and the construction industry was forced to downsize and coalesce as a new focus emerged on smaller [[Housing_in_Urcea#Exurban|exurban developments]] and the [[Housing_in_Urcea#Urban_town_and_country|urban town and country]] design. Construction remains a major Urcean industry in the 21st century, but is significantly smaller than its late-20th century peak. The sector received a massive boost in the mid-2010s as the need for new nuclear power plants and the associated infrastructure swept the country; as this infrastructure was completed by the early 2020s, the boom receded; most economists have stated the construction recession is "stable" and avoided a bubble burst at that period due to lessons learned in the 1990s. | |||
===Finance=== | ===Finance=== | ||
{{Further|Levantine banking and finance}} | {{Further|Levantine banking and finance}} | ||
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===Public sector=== | ===Public sector=== | ||
The public sector is an important part of Urcean economic life, but its impact is spread disproportionately. It is one of the largest economic sectors of the [[Urceopolis (Archduchy)|Archduchy of Urceopolis]], where the Urcean government and bureaucracy are based, but has a smaller impact by contrast in the | The public sector is an important part of Urcean economic life, but its impact is spread disproportionately. It is one of the largest economic sectors of the [[Urceopolis (Archduchy)|Archduchy of Urceopolis]], where the Urcean government and bureaucracy are based, but has a smaller impact by contrast in many provinces and crownlands. Government employment remains an important part of the economy of many of the nation's smaller provinces, where the provincial government represents an outsized part of the economy; this especially presents itself in provinces in [[Transionia]] and the [[Urcean frontier]], with [[Cities_of_Urcea#Ardricampus_2|Ardricampus]] serving as a prime example. | ||
===Energy=== | ===Energy=== | ||
The energy sector in Urcea has been one of the fastest growing and most robust sectors of the economy since the beginning of [[The Deluge|the Deluge]]. | The energy sector in Urcea has been one of the fastest growing and most robust sectors of the economy since the beginning of [[The Deluge|the Deluge]]. Brought on by regulatory changes allowing mass construction of nuclear energy facilities combined with cheap and plentiful {{wp|uranium}} and {{wp|thorium}} from [[New Harren]], Urcea underwent massive economic transformation as the country transitioned from traditional fossil fuels to a nuclear-based electric economy. Accordingly, the energy sector is viewed today as one of the most distinguishing aspects of Urcea's economy, as electric energy is available for far cheaper than most other places abroad, and the plentiful transmission lines and new transmission infrastructure makes energy easily available throughout most of the country. | ||
===Others=== | ===Others=== | ||
====Railways==== | ====Railways==== | ||
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==Currency== | ==Currency== | ||
{{Main|Taler}} | {{Main|Taler}} | ||
The Levantine Union [[Taler]] is the unit of currency of [[Urcea]]. It is the official currency of the [[Levantine Union]], and is one of the most widely used currencies in transactions worldwide. As a member of the Union, Urcea has relatively limited control over {{wp|monetary policy}} and the value of the Taler; regardless, the strength of the Urcean economy is widely considered to be one of the sources of the Taler's strength. Urcea is viewed by many nations as the de facto guarantor of the worth of the Taler. | |||
==Health care== | |||
{{Main|Healthcare in Urcea}} | |||
Urcea employs a universal {{wp|multi-payer healthcare}} system wherein private insurers exist alongside a government health insurance system known as the King's Health Aid. | |||
==Regional differences== | ==Regional differences== | ||
The economy of Urcea is varied and cannot be understood without taking | The economy of Urcea is varied and cannot be understood without taking regional differences into account. | ||
===The Valley and Ionia=== | ===The Valley and Ionia=== | ||
{{Further|The Valley (Urcea)|Ionian Plateau}} | {{Further|The Valley (Urcea)|Ionian Plateau}} | ||
The Valley represents the heart of the Urcean economy and its major demographic center. The Ionian Plateau region, though not considered part of the Valley, exists as an important peripheral | The Valley represents the heart of the Urcean economy and its major demographic center. The Ionian Plateau region, though not considered part of the Valley as a cultural region, exists as an important peripheral part of the Valley as an integrated infrastructure and economic unit. This region is extensively urbanized, hosting some of the world's largest cities. At the center of the Valley, both figuratively and geographically, sits [[Urceopolis (City)|Urceopolis]], the seat of power and culture for the country as well as the nation's main economic driver. Although the Urceopolis metropolitan area economically dominates the Valley, the western coastline of the Valley has traditionally been an economic center of gravity as well, with the major maritime cities there playing an important part in international trade. | ||
The Valley had Ionia have an extremely diverse economic portfolio, ranging from massive real estate and service sectors near the major cities to agriculture in the outlying sections. The Urceopolis metropolitan area alone hosts many different global industries, with the finance, government, and ecclesiastical sectors employing several hundred thousand people combined in the metropolitan area. Education and tourism are also massive economic drivers in that metropolitan area and throughout the Valley. | |||
Ionia, to some extent, lacks the economic dynamism of many parts of the Valley, but still retains significant agricultural and tourism sectors. In the last century, infrastucture innovations have also made it an important transportation corridor where it was previously isolated by the [[Ionian Mountains]]. | |||
===Eastern Corridor=== | ===Eastern Corridor=== | ||
{{Further|Gassavelia|Transionia}} | {{Further|Gassavelia|Transionia}} | ||
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===Canete Region=== | ===Canete Region=== | ||
{{Further|The Islands (Urcea)|Nova Istroya}} | {{Further|The Islands (Urcea)|Nova Istroya}} | ||
The Canete Region, referred to some economists as Urcea's "Economic Periphery", is an economic area which encompasses Urcea's territory in and around the [[Sea of Canete]]; namely, the Islands and Nova Istroya, encompassing the provinces on [[Crotona]], [[Tromarine]], [[Halfway]], and the mainland southeastern shore provinces of Urcea. While distinct culturally, these regions generally share an orientation towards trade with [[Sarpedon]], and in this respect they are also both tied to the coastal cities of the [[Archduchy of Urceopolis]] which conduct Urcea's primary maritime shipping. Of the entire Canete region, only the two provinces of [[Crotona]] could be considered an "independent" economic driver in the sense that its economic activity is not largely dependent on other locations. | |||
==Trade== | ==Trade== | ||
Urcea's trade relations are significantly focused on countries in Levantia owing to the lack of tariffs within the [[Levantine Union]], though trade agreements between Urcea and other countries, such as [[Kiravia]], have been growing more prevalent in the 21st century. | Urcea's trade relations are significantly focused on countries in Levantia owing to the lack of tariffs within the [[Levantine Union]], though trade agreements between Urcea and other countries, such as [[Kiravia]], have been growing more prevalent in the 21st century. | ||
Although Urcea's major trade partners are within the Levantine Union, it conducts a large amount of overseas trade. Urcea's shipping industry is one of the largest in the world, and foreign trade with Crona, Sarpedon, and other partners have greatly enhanced the shipping and air freight industries. Urcean economic interests in Crona have | Although Urcea's major trade partners are within the Levantine Union, it conducts a large amount of overseas trade. Urcea's shipping industry is one of the largest in the world, and foreign trade with Crona, Sarpedon, and other partners have greatly enhanced the shipping and air freight industries. Urcean economic interests in Crona have led to greater trade across the Levantine Ocean, with a particular emphasis on new markets in [[New Harren]], which serves as a hub for trade goods in the eastern hemisphere and a gateway for goods to flood back to Levantia. Urcea traditionally suffered a fairly large trade deficit mostly reliant on exporting food and other goods to [[Sarpedon]], but with the rise of the [[Nysdra Sea Treaty Association]] and development of markets in [[Crona]] - in addition to increased trade with [[Caphiria]] - the nation has enjoyed a trade surplus fairly regularly since [[2014]]. | ||
==Business culture== | ==Business culture== | ||
Urcean society exhibits a unique business culture due to a number of different social traditions and institutions, including and especially the [[Catholic Church]] and [[Guilds (Urcea)|guild]] system. Many cultural observers have noted a high level of "democratization" of the Urcean economy based on both regulatory climate and social expectations. Industry-spanning megacorporations are generally considered to be difficult to form in Urcea for these reasons. Instead, scholars note that corporate leaders tend to focus on very long-term planning and possible innovation rather than competitive domination and cornering markets. | Urcean society exhibits a unique business culture due to a number of different social traditions and institutions, including and especially the [[Catholic Church]] and [[Guilds (Urcea)|guild]] system. Many cultural observers have noted a high level of "democratization" of the Urcean economy based on both regulatory climate and social expectations. Industry-spanning megacorporations are generally considered to be difficult to form in Urcea for these reasons. Instead, scholars note that corporate leaders tend to focus on very long-term planning and possible innovation rather than competitive domination and cornering markets. The regulatory and social systems that dominate Urcean economic life are viewed, outside of Urcea, as being cumbersome and daunting, and accordingly most foreign capital prefer to operate entirely within the context of Urcean-operated companies due to familiarity with the various institutions governing commerce. | ||
===Regulatory impacts=== | ===Regulatory impacts=== | ||
The extensive system of regulation imposed on businesses in Urcea through the guild system generally discourages the practice of monopoly forming or market cornering. | |||
===Trust culture=== | ===Trust culture=== | ||
The Urcean business world is characterized by a high degree of trust exhibited between business owners as well as between businesses and customers. Observers have suggested that both the guilds and share Catholic ethics have a role to play in the development of this degree of trust. Within the guild system, most local businesses are bound together, ensuring that long-term relationships between them are not only possible, but in many cases required. This is due to the common voting interests within the guild as well as the basic physical proximity that proprietors are required to take part in as part of guild meetings and membership. Additionally, the high degree to which Urcean society adheres to Catholics ethics means that a relatively high bar for proper behavior between individuals exists, so significant social pressures exist for individuals to keep their agreements. | The Urcean business world is characterized by a high degree of trust exhibited between business owners as well as between businesses and customers. Observers have suggested that both the guilds and share Catholic ethics have a role to play in the development of this degree of trust. Within the guild system, most local businesses are bound together, ensuring that long-term relationships between them are not only possible, but in many cases required. This is due to the common voting interests within the guild as well as the basic physical proximity that proprietors are required to take part in as part of guild meetings and membership. Additionally, the high degree to which Urcean society adheres to Catholics ethics means that a relatively high bar for proper behavior between individuals exists, so significant social pressures exist for individuals to keep their agreements. | ||
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===Degree of regulation=== | ===Degree of regulation=== | ||
==See also== | |||
[[Category: IXWB]] | *[[List of Urcean companies]] | ||
{{Template:Award winning article}} | |||
[[Category:2023 Award winning pages]] | |||
[[Category:IXWB]] | |||
[[Category: Urcea]] | [[Category: Urcea]] | ||
[[Category: Economy]] | [[Category: Economy]] | ||
[[Category:Economy of Urcea]] | |||