Economy of Passio-Corum
|GDP:||1,324,288 P (36.60 PSSC)|
|GDP by Sector:||
|Marketplace||Port of Storms|
|Major Industry (% of GDP):||Military (20.96%)|
|Largest Company (Value):||Shirley Stock Fund (267,609 P)|
|Labor Force (% of Total Population):||20,757,515 (62.8%)|
|Labor Force by Sector:||
|Nonemployment (% of Total Population):||12,270,129 (37.1%)|
|Budget Surplus or Deficit:||1,885 P|
|Reserves of Foreign Currency:|
- 1 History
- 2 Currency
- 3 Government Policies
- 4 Wealth Distribution
- 5 Major Industries
Passasian Economic Model
The New Zimian economy as it currently exists was first conceptualized in the early 720's and '30s WG, when business leaders first began to collaborate with the government of Passas on the establishment and expansion of a national marketplace based upon the Small Commonwealth Exchange, the stock market of the Standardized Currency and Unified Economy. This economic system, which flourished in Passas and parts of Haifa despite failing to gain appeal in other parts of the greater community, was based upon the notion that consumers could receive dividends in the form of goods and services sufficient for a decent quality of life, in return for their investment in the nation's companies and industries who relied on investments in order to operate. Ultimately, this early economic system, known as the Passasian Economic Model, failed to attain widespread appeal due to criticism that the system was poorly defined insofar as the connection between investment and production was vague, and technically complicated to the extent that potential participants in the economy were dissuaded from becoming involved in the first place. These criticisms were largely addressed in 781 WG, with the publication of the famous essay by Opyeme Time, "A Sustainable Economy".
Hammish Economic Model
Regarded by many scholars as one of the most important economic essays in the history of Micras, "A Sustainable Economy" attempted to adopt and refine the ideas of the Passasian Economic Model in an effort to construct a viable, structured economy for the Commonwealth of Hamland and its allies. The essay, which was immediately well received by the international community, laid the groundwork for the system of commerce which would define Hamland, and Passas, for nearly four decades, serving to boost the Hammish economy, and industry, to unprecedented levels. This system of trade, which is described in Time's essay a the "Hammish Economic Model," would also greatly promote the expansion of Passio-Corum. In the years following the publication of "A Sustainable Economy," New Zimia, a nation which was quick to adopt the ideas expressed in the essay, was able to rapidly expand its influence into central Corum, Eastern Eura, and Keltia. Hamland, in the meantime, was able to benefit from its economic model by similarly expanding its own influence into the Skerry Isles, Northern Eura, and Haifa.
Despite its benefits, and despite its overwhelming immediate success in Passio-Corum the Hammish Economic Model resulted in an increase in political tensions in Hamland, where disagreements between the nation's Social Liberal Party and Pallisican Imperial Party perpetually threatened the viability of the nation's government. Furthermore, a sense of elitist and polemicist attitudes alienated supporters of the Hammish Economic Model from the international community, particularly from other members of the Standardized Currency and Unified Economy. Relations between Hamland and Shireroth suffered especially during this period, as disagreements between Pallisican leaders of Hamland and leaders of Shireroth boiled over on more than one occasion. Relations between Hamland and Passio-Corum also suffered during this period, insofar as the latter regarded the former as being uninterested, and disengaged in the alliance between the two nations.
The Hammish Economic Model, though largely abandoned by Hamland following the ritual suicide of Opyeme Time, officially collapsed in 837 WG, with the removal of New Zimian companies from the Hammish marketplace. Following the collapse of the Hammish marketplace, Hamland would slide into a period of economic and political turmoil. In Passio-Corum, however, the ideas expressed in "A Sustainable Economy" would again be transformed, this time into a system existing separately from the Standardized Currency.
Post Standardized Currency
In 32.01 PSSC, after years of deteriorating relations between Passio-Corum and Hamland, the government of New Zimia voted in favor of establishing Grand Duke National Mall, a marketplace separate from that of Hamland, and independent of the Standardized Currency. This decision by the New Zimian government marks the establishment of the Post Standardized Currency, an economic model which continues to embody a modified version of many of the ideas expressed by Opyeme Time in his world famous essay, but which does not rely on membership within the Standardized Currency or on access to the market's currency exchange. Unlike the Hammish Economic Model, which was based upon an existing international banking institution, SCUE, the Post Standardized Currency allows adherents to maintain their own independent unique markets. Nevertheless, the Post Standardized Currency attempts to uphold the principles expressed in "A Sustainable Economy," to the extent that independent markets still operate such that investors receive goods and services in return for their investments. This notion, which has remained consistent since the days of the Passasian Economic Model, remains central to Pallisican economic philosophy.
Today the Post Standardized Currency is the primary economic model of Passio-Corum. The Post Standardized Currency furthermore, also today serves as the basis for the USSO Common Market. Through its role as such, the Post Standardized Currency has gained a following across the world, in particular in nations such as Jingdao, Gerenia, and the Maritime Markets of the Strait of Haifa. To a lesser extent the model has also enjoyed support in nations such as Nova England, and prior to the nation's departure from the USSO, the Florian Republic. Shireroth also employs limited use of the Post Standardized Currency, through its involvement in the Port of Blore Heath. The Kingdom of Constancia notably employed the use of the Post Standardized Currency in its effort to acquire Pallisican warships during the Euran War. As of 36.40 PSSC it is believed that around 120 million people around the world - 2.6% of the world's total population - directly benefits from access to financial markets which are based upon the principles of the Post Standardized Currency. With that said, the Post Standardized Currency represents the largest and most significant, coherent economic model in the world.
The official currency of the Realm of Passio-Corum is the Poli. A currency whose value is backed by levels of investment in Grand Duke National Mall, the Poli is the primary currency of ten major nations or regions, and is the secondary currency of at least four autonomous regions. Variants of the Poli, such as the Liev, exist in parts of central Keltia and other parts of the world. That said, the Greater Pallisican Trade Association is constituted by the ten regions which use the Poli as their primary currency. A comprehensive list of such regions is seen below:
|Country/Region||Currency||Year Adopted Currency|
|Kingdom of New Zimia||Poli||753 WG|
|Realm of Bayen||Poli||802 WG|
|Protectorate of the Wallis Islands||Poli||804 WG|
|Domain of the North Antarctic||Poli||804 WG|
|Eastern Eura Trade Association||Poli||812 WG|
|Realm of Redwood-Brugge||Poli||822 WG|
|Dependency of Tanah-Baru||Poli||823 WG|
|Realm of Alphaville||Poli||841 WG|
|Chelkran Kesh||Poli||853 WG|
Policies of King Lucien IV (753 - 799 WG)
The founder of Passio-Corum, King Lucien IV pursued an economic policy which attempted to lay the foundations for future economic development, and emphasized the development of industries in Corum. The most notable of the contributions of Lucien IV is the establishment and subsequent subdivision of the First National Bank of Passio-Corum, and the creation of the Shirley Stock Fund, which today plays a role as the largest single contributor to the size of the Pallisican economy. King Lucien IV, furthermore, also successfully worked towards the Pallisican annexation of the Haifan colony of the Protectorate of the Wallis Islands, though complete annexation would not occur until after his abdication.
Once regarded as a great Pallisican ruler, King Lucien IV is today remembered as a quiet and largely unimpactful ruler, especially in contrast to the rulers who succeeded him. Despite this, he is nevertheless remembered fondly for his significant role in establishing the Kingdom of New Zimia.
Policies of Queen Evahn I (799 - 853 WG)
The last of the Pallisican rulers to descend from the lineage of King Lucien, Queen Evahn I pursued an economic course drastically different from that of her father. In contrast to King Lucien IV, who primarily focused on the development of industry strictly within the Kingdom of New Zimia, and who generally opposed the establishment of overseas colonies, Queen Evahn I immediately upon ascension to the throne began implementing policies aimed at securing Pallisican footholds across Northern Corum, and around the Austral Strait and Sea of Storms. The reign of Queen Evahn is marked by rapid expansion across Corum, into the Domain of the North Antarctic, and finally into the pirate-controlled coast of eastern Eura and the swamplands of southern Keltia. Queen Evahn is widely regarded as the first military ruler of Passio-Corum to the extent that she often used the military to pursue economic interests for the nations. This is most notably the case in the Second Pirate Wars, where Queen Evahn I used a brief, relatively minor conflict against Jingdaoese pirates as a pretext for territorial expansion into the Skerry Isles and Anterran Isles.
Queen Evahn I, as a result of her economic policies, remains one of the most popular figures in the history of Pallisican Culture.
Policies of Queen Esper I (853 - 903 WG)
Although never officially recognized as such, Queen Esper I is the first of the Oracle Rulers, the lineage of rulers who succeeded the dynasty of King Lucien I following the abdication of Queen Evahn I, and who ascended to the throne of the Crown of Passio-Corum on the basis of spiritual appointment rather than genetic lineage. In terms of economic policies, Queen Esper largely served to continue the policies first implemented by her predecessor. During her reign, the longest of any ruler of Passio-Corum to date, Esper consolidated Pallisican interests around the Sea of Storms, especially in terms of expanding the territories controlled by the Eastern Eura Trade Association and the Dependency of Tahna-Baru. Most notably, however, the economic policies of Queen Esper I are defined by the expansion of the interests of Passio-Corum into Hammish Passas, and by the redefinition of the nation's relationships with pirates operating in the Sea of Storms, such that under the reign of Esper I piracy came to serve Pallisican economic interests rather than to oppose them. In the former case, Queen Esper I oversaw the expansion of Pallisican investments in Passasian industries, in companies such as Carol Stream Oil and Witham Fruit Exports, and the tightening of relations between the New Zimian and Passasian government especially by means of the expansion of the New Zimian Temple Authority into Chelkran Kesh. These increased investments and improved political ties, in the late 800s WG, finally culminated with the Treaty of Bel-Air, an accomplishment for which Queen Esper is regarded as a modern-day Enlightened One. Regarding the nation's relationship with the pirates of the Sea of Storms, Queen Esper I was responsible for the implementation of policies which served as the basis for economic ties between Pallisican Regional Investors and pirates operating under the banner of the Tax Guild of the Sea of Storms and the Maritime Free Republic of Fishermen, organizations which offered, in return for investment, lucrative financial rewards which could allow investors to further increase spending.
As a result of her role in bringing Passas back into Pallisican rule, Queen Esper I is regarded as the greatest of all Pallisican rulers
Policies of Oracle Opyeme Amor (903 WG - Present)
Wealth distribution in Passio-Corum is a measure of the extent to which individual citizens can access goods and services in each of the regions represented by a Major Regional Investor.
Low to Moderate Wealth
Moderate to Average Wealth
Average to High Wealth
High to Very High Wealth
Criticisms of Unequal Wealth Distribution
Recent analysis of wealth distribution in Passio-Corum has revealed stark inequalities between the nation's richest and poorest citizens. Revelations regarding these inequalities have prompted the government of Passio-Corum, under the administration of Oracle Opyeme Amor, to reevaluate the nation's financial allocation system, and to attempt to determine ways to reduce gaps between rich and poor by fostering a broad middle class. As of 34.89 PSSC such efforts remain underway.
Representing over 20% of the GDP of Passio-Corum, military industry alone represents a larger portion of the Pallisican economy than the entirety of the nation's agricultural and energy sectors. The primary contributor to the nation's military industrial complex, the Shirley Stock Fund enjoys a market value 1.5 times greater than the combined value of all of the companies representing the nation's agricultural sector, and 1.03 times greater than the combined value of all companies representing the nation's energy sector (as of 907 WG). The Shirley Stock Fund, furthermore, employs in total approximately 4.35 million people, around 1.2 million more people than live in the Region of the East, in the Kingdom of New Zimia, and nearly 2.7 million more people than are employed by the nation's next largest single employer, Trans-Pallisican Airways. As such, the Shirley Stock Fund, and the military industrial complex at large, plays an extremely central role in the Pallisican economy. The Pallisican military, as a result of this central economic emphasis on the development and maintenance of military industry, is among the most powerful, influential military forces in the world today.