On the 1st of May, 2004, the UK was one of three countries including Sweden and Ireland, to open its doors to the newly accepted eight former socialist countries (Hungary, Slovakia, Poland, Czech Republic, Latvia, Slovenia, Lithuania, Hungary, and Estonia) who joined the EU, known as the EU8/A8. Malta and Cyprus also joined at the same time but were exempt from having to partake in the monitoring process of its workers in the UK labor market.
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The basis of development in the economy is innovation, and as such, a fundamental part for advanced and developing economies to grow. It has become an ill-defined, but widely used term in the 21st century. Firms particularly in manufacturing have been encouraged to gain a competitive edge through innovation.
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As with any economy, local markets are extremely important in that they function well. This allows firms to compete and provide essential, better and more cost-effective products/services to their consumers. In an even level playing field, competition is beneficial first and foremost to the consumer, as better choices, services, and lower prices are available.
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Across continents and political systems, there has been a shift towards solving the delivery of social and environmental services through non-governmental funding. It is evident that the direct market mechanisms will not solve the delivery of these services. The question remains, in what ways can we improve and deliver better public services for society? There is a shift, governments are not able to handle the growing demand for social and environmental services. Impact investment could provide that solution to the shortage from government funding.
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