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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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===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. | 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== | ||
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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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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. | 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=== | ===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 | 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=== | ||
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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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==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}} | ||
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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. 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. | 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. | ||
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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]] | |||