Economic and Financial Committee (ECOFIN)
Chairs: Lucas Kim & Jacob Mitovich
Topic A: Preventing the "Brain Drain" from Less-Developed Countries
The “brain drain”, also known as human capital flight, is a pressing issue faced by numerous countries, both developed and developing, throughout the world. Brain drain refers to educated, skilled individuals leaving a region in search of better opportunities in another region. Many of these individuals leave underdeveloped or developing nations for developed nations. Alternatively, an individual might leave a post-industrial, declining developed nation for a metropolitan, modern developed nation with more opportunities. The brain drain causes problems for countries that experience brain gain, for the supply of workers becomes greater than the demand, and wages fall. It also causes problems for countries bleeding workers, because they are bleeding human capital that they need in order to develop. This committee will deliberate on how to prevent the brain drain.
Topic B: Illicit Trade of Counterfeit Goods
Illicit trade refers to the illegal transfer and selling of goods and items. It includes organized crime, the production and selling of knock-off luxury goods, the illegal trade of animal parts, and more counterfeit processes. The problem of illicit trade has been worsening in recent times. According to the OECD, the global counterfeit trade volumes were $509 billion in 2016, which is greater than the $461 billion volume in 2013 and 2.5% of the world’s trade volume, compared to $200 billion in 2008, or 1.9% of the world’s trade volume. The OECD recently stated, “Trade in fake goods is now 3.3% of world trade and rising.” This committee will discuss this growing problem and ways to combat and mitigate it.