Economy of Glanodel
|Economy of Glanodel|
National Bank Notes
|Currency||Gælder ₲ SGG|
|CDN, Lhedwin Council|
|GDP||₲0.783 trillion (nominal; 2016)|
GDP per capita
|₲50,659 (nominal; 2016)|
GDP by sector
|services: 70.2%, industry: 27.7%, agriculture: 2.1%|
Population below poverty line
|5.93 million (2015)|
Labour force by occupation
|services: 75.2%, industry: 23.5%, agriculture: 1.3%|
Average gross salary
|₲56,005 (annual, 2015)|
|consumer electronics · financial · insurance · paper and pulp · petroleum · metals · shipbuilding · textiles · tourism|
|beef, copper, dairy products, electronics and electronic components, petroleum and petroleum products, pulp and paper products, ships and boats|
Main export partners
tir Lhaeraidd 13.1%|
|arms and military equipment, chemicals, foodstuffs, motor vehicles, transportation equipment|
Main import partners
tir Lhaeraidd 9.3%
|₲732.693 billion (2016)|
Gross external debt
|45.47% of GDP (2014)|
|$331.9 billion (2014)|
Glanodel has a developed mixed economy that is predominantly composed of the private sector. Its currency is the gilder (Glanish spelling: gælder) which is pegged at approximately 0.78 gilder to one USD and is derived from the Old Glanish term meaning "to owe". Despite its comparatively low population, it sports one of the largest economies of the developed world and is consistently ranked among the five wealthiest countries in the world in terms of GDP per capita. It is also frequently ranked among the top ten most stable.
Primarily fueled by a service sector dominated by the financial, entertainment, insurance, and tourism industries, the Glanish economy also sports a large, knowledge-intensive, and export-oriented manufacturing sector. Glanodel has maintained a consist position as one of the largest producers of copper and iron ore, natural gas, petroleum, and timber, with hydropower increasing in importance during the 1970s. Major primary and secondary industries include refined metals, paper and pulp products, petroleum products, and shipbuilding, as well as biotechnology, medical equipment, musical instruments, and pharmaceuticals. Glanodel's manufacturing sector accounts for 50% of output and exports, while exported services account for a third of exports. While Glanodel is one of the smallest importers in the world by total amount and value of imports, Glanodel is one of the largest importers of goods as a percentage of GDP and the largest of Asuran nations. Agriculture accounts for 2% of GDP and employment.
Globalization and free trade have retained strong support among the Glanish population since the mid-1900s. As a result, The Glanish economy benefits greatly from foreign investments, which its economy has grown increasingly dependent upon. Furthermore, Glanodel claims one of the highest numbers of multinational corporate headquarters in the world. The largest Glanish companies by revenue are the commodity trading companies of Altenergi, Bendixen, Ekstrakt, Glankraft, Glantrae, and Rentbrenn Glanodæl, as well as Avansvare (consumer electronics), Bio-Farma (pharmaceuticals, medical supplies), Hanson Group (music), Inspirekom (film), P&F Publishing (publishing), and Telekom (telecommunications). There are also other multinational companies such as Glanish Airlines (national airline), Graylund Insurance Group (insurance, and the Nørgaard Group musical instruments). Most companies based out of Glanodel are small to medium-sized, mostly family-owned, enterprises, a Glanish economic tendency that has resulted in a revival of "félag", an Old Dalish term referring to a join financial venture.
As of 2012, the Glanish working population is just over 6 million and roughly half of all employed Glens belonged to a trade unions and the country ranks highly in workers' rights. Glanodel has one of the highest ratios of tertiary degree holders in the world. Glanodel is also considered to have one of the highest levels of social mobility in the world and compared to most Asuran nations, Glanodel has one of the lowest overall tax burdens.
- 1 History
- 2 Contemporary economy
- 3 Major companies
- 4 Government finance and public policy
- 5 Workforce and labor
Prior to the 19th century, the Glanish economy had been mostly agricultural (particularly fishing) and resource-based with timber and iron (steel industry) playing the biggest roles. Primarily through major port cities like Nebligen (Crylante), Graylund (Glanodel), and Ivgard (Navack), the industrial revolution reached the Lhedwin Islands and thus the United Kingdom of Lhedwin in roughly the start of the 19th century. By 1817, the parliament of the fledgling empire initiated a robust industrialization campaign throughout Lhedwin-ruled territories. The Lhedwin-appointed Governor-General Abel Flandin was tasked with implementing this campaign in Glanodel.
Despite the lack of an industrial base within the country at the start of the campaign, Governor-General Flandin pushed local economies and trade capabilities to near-capacity as an estimated 320 million tons of coal, heavy industrial machinery, and steam-powered equipment was imported into Glanodel between 1819 and 1828. Citizens from nearby, rural communities were conscripted to aid in the construction of new mines, factories, and dry docks. Within only four decades, most of the southern coast of Glanodel had become industrialized and urbanized at an estimated cost of 254% of the nation's treasury (equivalent to roughly $263 billion today). Additionally, the campaign is believed to have directly led to the deaths of over 20,000 Glens throughout the 40-year period due to dangerous working conditions and over exposure to coal mine environments.
As industrialization reached its peak in Glanodel during the mid-19th century, the debts incurred by the Glanish government, and to a lesser extent the UKL, would become a major concern for public finances. In response to the threat of bankruptcy, the Governor-General authorized the deeding of most industrial facilities built by the campaign. Factories and mines across Glanodel would be sold off and the profits would go to pay down the public debt. However, these sales would be made exclusively to the aristocracy, with any wealthy commoners being barred from attempting bids. This essentially led to what many economists and historians have referred to as neo-feudalism, wherein the majority of the economy is owned by a modern aristocracy. This emerging economic system inevitably severely weakened the bargaining power of the common class. Additionally, attempts at organized labor quickly became legally synonymous with "near-treasonous acts against the state", since the ruling political class were also the factory and mine owners.
This divide resulted in widespread economic inequality. Coupled with frequent recessions which coincided with financial crises, the Glanish economy alternated between brief periods of economic recovery and expansion and harsh recessions resulting in high unemployment. It is estimated that the Glanish economy lost and gained a total of $1.4 trillion (by today's standards) as its volatile nature resulted in frequent expansions and contractions in the total value of the economy throughout the 19th century. By the mid-19th century, workers who did protest against their employers became nearly half of prison camp populations.
Aftermath of the Great War
Following the Great War and the massive, war losses inflicted by the Allied Forces, the nation's economy became its new leadership's primary area of concern. By the end of the war, millions of Glens were homeless, much of its industrial infrastructure had been destroyed, and the Glanish economy had collapsed with production levels well below its pre-war capacity with few signs of growth. Agricultural production was 78% of pre-war levels, industrial production was barely 42%, and exports only 59%. Inland territories, however, were spared much of the damage inflicted on coastal regions, and these areas quickly became new industrial centers for producing the needed materials for reconstruction efforts. This led to the emergence of cities like Borsholm and Filholm as the first, inland, urban cities.
Reconstruction efforts began shortly after a series of reparations were paid to Glanodel (amounting to roughly $400 million in total) from Lhedwin throughout a two year process as the United Kingdom was dissolved. Glanodel's recovery was also aided by Newrey via the Newreyan-Glanish Recovery Program which involved nearly $200 million in aid from the government of Newrey over a decade. These funds were used for importing goods from abroad, beginning primarily with staples such as food and fuel. By 1904, purchases turned towards reconstruction needs.
As the economy began to show signs of stable and sustainable recovery starting in 1911, the Glanish government began diverting portions of their aid into counterpart funds to establish reserves of domestic currency which were used to invest in industry and further repairs to industrial infrastructure, as well as loans to emerging private enterprises.
Despite an ongoing, global depression, 1901-23 saw the fastest period of economic expansion in Glanish history as agricultural production surpassed prewar levels, poverty and starvation of the immediate postwar years disappeared, and standards of living for most Glens increased exponentially. Most economists attribute the nation's growth throughout the early 20th century in spite of the global depression experienced throughout the developed world to the nation's postwar economic isolation. New innovations and improvements in existing technology led to drastic improvements in the standard of living in Glanodel, further aiding with the recovery.
Many of the emerging enterprises began taking advantage of improvements in infrastructure and communication, as well, leading to many businesses starting nationwide operations. Concentration in these industries inevitably led to consolidation, raising concerns over monopolies as wages stayed relatively low, unions remained largely unheeded and lacked influence, and prices became controlled predominantly by a handful of trusts.
The economist Henry Thrane, grandfather of the first female President of Glanodel Margrete Thrane, is considered to be one of the most influential economists in the world. During the global depression which followed the Great War and amidst the struggles of the Glanish government to initially address the numerous economic problems that the country faced, Thrane served as the Secretary of the Treasury from 1912 to 1924. In his role, he made very broad interpretations of the constitutional authority of the state to regulate commerce and was the first of what would become several Treasury Secretaries to oppose the growing monopolies until their eventual dissolution in 1947. Additionally, he regularly made appearances before Congress petitioning the government to increase public spending and hire more state employees in order to raise employment to counter the continual decline of the economy. In doing so, however, he essentially advocated for the state to take on public debt which had been an almost nonexistent concept in Glanodel prior to the 20th century.
While not all of his positions were adopted by the government at the time, they gained widespread support from the population after being published in the book "The General Theory of Employment, Interest and Money", which is considered to be Thrane's magnum opus. His book essentially challenged the claims of socialism, which advocated the demise of capitalism in favor of collective ownership of the means of production, and instead advocated for increased public spending in times of crisis and stated that "the state could save capitalism from itself" when recessions inevitably occurred. His theories on economics would eventually be adopted as the official platform of the Liberal People's Party in 1951, the Green Party in 1961, and the Agrarian Party in 1973.
It was also during Glanodel's postwar re-industrialization that the modern Glanish entertainment industry first emerged. In 1910, the Ottesen Filmography Company was founded by the inventor of the first motion camera, Stig Ottesen. The company later fell under the leadership of Nicklas Birch who would innovate the first commercial uses sound film. Hanson Group, the largest recording studio in Glanodel and one of the largest in the world, would also be founded in the 1920s by Bothilde Hanson. Many other entertainment industry-oriented companies would emerge during this time as well, such as Axel Pictures, Kirk Records, Philms Motion Pictures, Betagende Photography, and Glimrende Company. The rise of the Glanish entertainment industries during this time is mainly attributed to the reemergence of patronage which resulted from an increasing desire among the Glanish population for a return to the former glory of the Glanish Renaissance. These industries continued to flourish due to the rapid expansion of the Glanish economy which followed over the next decade.
The growth experienced by the Glanish economy, as well as its position as one of the only growing economies during the global depression, resulted in high immigration into Glanodel between 1913 and 1946. In addition to drastically increasing and diversifying the population, this mass immigration also led to an influx of specialists into Glanodel, namely engineers and scientists looking for employment. This period also saw the rise of labor unions, drastic increases in workplace safety conditions, as well as the expansion of the federal and cantonal governments into the economy in the form of universal health care, unemployment benefits, publicly-funded pensions, and greater investments in both public and private education.
These investments, as well as the restructuring of the gradual refining of the nation's tax system and an effective model for the redistribution of wealth, resulted in one of the highest levels of income equality, per capita income, social mobility, and human development in the world. This also resulted in an annual economic growth rate of 2.4% between 1950 and 1978, and an overall increase of 80% in annual household incomes.
Glanodel's mixed market economy is characterized by high percentages of highly qualified workers, developed infrastructure resulting from heavy public investment, relatively low levels corruption, and high levels of innovation. It has the largest national economy of Lhedwin nations and one of the largest Asuran economies in terms of GDP per capita.
Strong regulatory oversight and governmental provisions of public goods, as well as a number of state-run enterprises play key roles in maintaining Glanodel's traditionally stable economy. The Glanish government influences macroeconomics indirectly through fiscal and monetary policies designed to counteract capitalism's history of instability and its tendency towards income and wealth disparity.
As of 2016, services constituted over 70% of the national GDP and employed over 75% of the population. The music and film industries, finance and banking, insurance, shipping, and tourism represent the largest percentage of the service sector by market value, net revenue, and jobs.
Accounting for approximately 8.3% of the national GDP, Glanodel's primary sector is centered around agriculture (2.1% of GDP), forestry (2.8%), and mining (3.4%), which collectively employs 6.7% of the population. Agriculture in Glanodel benefits from extensive modernization and government subsidies, and is highly mechanized. Despite a fairly productive agricultural sector, Glanodel only produces 70% of its nutritional needs with domestic production. The nation’s principal agricultural exports are beef and dairy products.
Glanodel has a rich resource base, with significant deposits of copper, iron ore, lead, and zinc, as well as precious metals like gold and silver, and valuable minerals such as uranium. Timber is also an abundant natural resource, with forests covering nearly one-third of the nation's territories despite its high levels of industrialization. Petroleum and petroleum products constitute the nation's most valuable natural resource and accounts for roughly 29% of the nation's profits from exports. Furs are also an important trade good, especially reindeer, foxes, and wolves.
Throughout the 20th century, the Glanish people were responsible for numerous technological innovations. Glanish companies have been influential in the electronics industry, designing many of the world's most cutting edge and highest grossing brands of laptops and tablet devices. Avansvare (a Glanish consumer electronics developer) has taken a leading role in programming with recent advances in quantum computing, nanoscale engineering, and linear optics.
In 2010, as a part of the Universal Internet Act, the government began nationalizing internet service by assimilating several of the country's largest telecommunication providers. Since these purchases began, the cost of internet access in Glanodel has dropped considerably while the ease of access, connectivity reliability, and overall internet speed has increased dramatically. As of 2015, the Glanish government has announced its plans to eventually make internet access a public service provided to all citizens and funded by tax revenue.
Additionally, Glanodel is considered to be the largest producer of filming equipment (cameras, audio recording devices, etc.) and other entertainment industry-oriented devices and equipment, and digital editing software. Hanson Group, Glanodel's largest music industry-based company in Glanodel, as well as one of the largest in the world, is responsible for numerous innovations in digital audio recording and pioneered the first uses of gramophone record for entertainment purposes.
The inventor of the first motion recording camera and the "father of motion picture" was the Glanish photographer and chemist Stig Ottesen, who later founded the first silent films studio, Ottesen Filmography Company in 1910. Upon his death, Nicklas Birch would take control of the company and would, in 1924, showcase the world's first commercial sound film, of which the company and especially Birch were key innovators. By the 1960s, the Ottesen Filmography Company had been renamed Ottesen Studios and is now a subsidiary of the Glanodel-based, multinational, entertainment company, Inspirekom and is the world's largest entertainment company, grossing more money and producing more widely distributed merchandise than that of any other country.
The Glanish public sector also supports numerous, international research and development projects, especially with Terncan companies and the Terncan government. Some of the country's recent international projects include: Sukhoi-Avansvare UCIP, aimed at designing remotely controlled, unmanned air crafts (drones) for military use.
Life sciences are also a key sector and Glanish engineers are world-leading in providing pharmaceuticals and biotechnological research and development, especially stem cell research. Graylund, Østbjorth is currently the technological research center of Glanodel and contains numerous life science and electronics companies and research institutions. Glanish pharmaceutical companies are world-leading in providing various medication products from Bio-Farma and, since 2000, the Glanish company's biotech-based subsidiary has pioneered the development of advanced prosthesis.
While part of the United Kingdom of Lhedwin, Glanodel provided roughly 60% of the empire's industrial base. Following the end of the Great War in 1900 and substantial investments in rebuilding its lost infrastructure and industries, Glanodel emerged as one of the largest manufacturers in the world until the 1950s. As of 2016, the nation's industrial output was estimated at $91.1 billion (13% of GDP).
Glanodel's main industries include consumer electronics, paper and pulp, petroleum, and refined metals. Glanodel has been one of the world's largest and most innovative ship manufacturers since 1947, which represents a large portion of its industrial output. Glanish companies such as Lauritz Industries, Nautical Construction, and Nautica Manufacturing (the three largest shipbuilding companies in Glanodel by gross production) manufacture over one-fifth of the world's civilian and military ships and boats.
While the nation's total industrial output has increased both in terms of productivity and estimated value, the Glanish economy has experienced substantial job loss due to automation and an increase in the importance of the service sector. Despite considerable efforts to prevent increased automation by national labor unions, automated manufacturing has received considerable investments from the government.
Infrastructure and energy
Glanodel's energy market is mostly privatized with some state ownership in key sectors like biofuel industries. Most economists attribute the regulated privatization of the Glanish energy market with the stabilization of electricity prices and Glanodel's position as a net exporter of electricity. In 2017, the nation's total electricity production reached 191.3 TWh, predominantly supplied by petroleum and natural gas, which account for roughly half of the nation's energy supply or 89.6 TWh. The second largest producer of electricity is hydropower which accounts for 17.3% (33 TWh) and wind is third, accounting for 14.1% (27 TWh). Nuclear power is the third largest producer at 11.5% of production (22 TWh). The remaining 10% is made up of various suppliers such as geothermal, among others. There is currently an ongoing effort by the government, as well as within many new commercial entities towards increased energy conservation, expanded use of green technologies, and the reduction of carbon emissions. Glanodel is also in the process of phasing out nuclear power plants from its energy grid. A process that is expected to be complete by 2025.
Glanodel has considerably large deposits of oil and natural gas along the coasts of Keledalr, Særmark, Fogilundr, and Ileinskali and is one of the largest net exporters of crude and refined oil and natural gas. Glanodel now aims to focus on intelligent battery systems (V2G) and plug-in vehicles in the transport sector, although most automobiles in Glanodel are imported. The country is also heavily active in recycling and anti-littering regulations and is one of the top recyclers in the world, with 66-96% of recyclable materials being recycled, depending on the area of the country. Additionally, the country has for many years pursued a strategy of indirect taxation as an instrument of environmental policy, including energy taxes in general and carbon dioxide taxes in particular.
Transportation in Glanodel is highly influenced by its low population density, mountainous terrain, and long coastlines. While road, rail and air transport increased in importance at the turn of the 21th century, Glanodel's numerous and densely populated, coastal cities still maintain old water transport traditions. Due to the low population density, public transport is somewhat less developed in the rural areas of Glanodel, however public transportation in and around cities is fairly well developed. The extensive road system is utilized by most internal cargo and passenger traffic. The annual state operated road network expenditure of around $27 million is paid with vehicle and fuel taxes. The main international passenger gateway is Vænholm International Airport with almost 70 million passengers in 2016. Most Glanish citizens own a personal vehicle, even those living in major cities outside of more rural, more agrarian, and mountainous areas.
All of Glanodel's energy and trasportation needs are estimated, supported, and monitored by the Department of Transportation and Energy.
2012 World Markets estimates value Glanodel's exports at $360.53 billion, a 19% increase from the previous year (2011 exports: $302.29 billion). 2012 imports were estimated at $341.9 billion, a 27% increase from the previous year (2011 imports: $269.21 billion). According to a 2014 World Markets estimate, Glanodel is one of the top five importers per capita in the world, and the largest exporter in Lhedwin.
Glanodel's most significant trading partners are Crylante, Navack, Newrey, and tir Lhaeraidd. In 2016, 10.6% of Glanish exports and 16.5% of its imports went to or came from Crylante, making it Glanodel's largest trading partner by net value of exchanged goods ($93.5 billion in total). tir Lhaeraidd was the largest importer of Glanish goods (13.1% of total exports) and Crylante was the largest exporter of goods to Glanodel (16.9%).
As a post-industrial, developed country, Glanodel sports a highly educated and skilled labor force and the majority of its profits from exports are made from high tech finished products and financial services. Petroleum and petroleum products, however, are the nation's most valuable, traded resource (29% of total profits from trade). Although Glanodel is well-known for several of its agricultural exports such as pickled herring, pumpernickel, Glanish whisky, and Glanish ale, they make up a very small percentage of the nation's overall exports.
Foodstuff (primarily fruits and vegetables) make up more than half of imported goods in Glanodel by quantity; while arms and military equipment, motor vehicles, and transportation equipment represent the largest percentage of the total value of imported goods.
In 2016, Glanish tourism grossed between 4-8% of its economy. Much of its recent, sudden growth can be attributed to the globalization and modernization of other nations as well as a rise in positive publicity and awareness. There are many attractions in Glanodel which brought over 24 million visitors in 2012. Glanodel's varied landscapes are a big contributor to its tourism appeal. With vast mixed forests, the giant winding fjords complemented with a labyrinth of lakes and inlets, rolling hills and high snowcapped mountains, Glanodel is often rated as one of the most beautiful tourist destinations in the world. Much of Glanodel is pristine and virgin as it contains 10 very large national parks as well as several smaller regional parks. It also has large, major urbanized regions with many cultural events and activities.
Commercial cruises between major coastal and port cities play a significant role in the local tourism industry. Above the Arctic Circle, in midwinter, there is a polar night, a period when the sun does not rise for days or weeks, or even months, and correspondingly, midnight sun in the summer, with no sunset even at midnight. Siwald, Norfell, and parts of Særland and Hafland are so far north that the Northern Lights, fluorescence in the high atmosphere due to solar wind, is seen regularly in the fall, winter and spring. Outdoor activities range from skiing, golf, fishing, yachting, lake cruises, hiking, and kayaking among many others. At Glanodel's northernmost point, in the heart of summer, the Sun does not completely set for 73 consecutive days. Wildlife is abundant in Glanodel. Bird-watching is popular for those fond of avifauna, however hunting is also popular. Elk and hare are common game in Glanodel, though most other species are prohibited from hunting.
Glanodel is also a popular tourist destination due to its legalization of prostitution and its numerous and well known red-light districts, as well as the legalization of numerous recreational drugs, many of which are not legal in most countries such as several club drugs, ecstasy, LSD, and marijuana.
Of the largest 500 companies in the world in terms of both revenue and market reach, 14 originate and are currently headquartered in Glanodel. Well-known global brands from Glanodel include Altenergi, Avansvare, Bio-Farma, Graylund Insurance Group, Hanson Group, Inspirekom, Nørgaard Group, P&F Publishing, and Telekom.
Glanodel is also known for its specialised small and medium enterprises, mostly family-owned, enterprises which have led to a revival of the term "félag", an Old Dalish term referring to joint financial ventures. Around 600 of these companies are global market leaders in their sectors. Mergers and acquisitions by Glanish owned companies reached record highs in 2010, with roughly 29,560 of these transactions involving a Glanish firm. Accounting for more than any other single nation within the global market, these transactions were valued in total to over $1.3 trillion. A thriving market for startup businesses, cultivated over the past three decades in Graylund, have also led to Glanodel becoming a leading location for venture capital funded firms.
The following is a list of the largest Glanish companies by revenue:
Government finance and public policy
Compared to most Asuran nations, Glanodel has one of the lowest overall tax burdens and sports a predominantly private sector economy. Roughly 40% of the Glanish population own their homes, a relatively low percentage compared with most Asuran nations, with the majority of the population living in apartments, resulting in a high rate of internal migration.
The federal budget had a size of $142.19 billion in 2016, which is equivalent to 18.16% of the country's GDP in that year. This figure did not include regional budgets of cantons or the budgets of local municipalities. When included, total government spending is closer to 36.8% of GDP. The Glanish government's primary funding mechanisms are the value-added tax, a modest federal income tax, and corporate taxes, while its main expenditures are public education and universities, healthcare, and social welfare.
Monetary policy in Glanodel is set and enacted by the nation's central bank, officially referred to as the National Reserve Bank of Glanodel (more commonly known as simply "the Reserve"). The Reserve has both private and public components and its structure is considered unique among central banks. The Reserve is headquartered in the Bank of Vænholm, located in the nation's capital. Also unique to the Glanish central banking system, the Department of the Treasury prints the currency used.
The National Reserve Banking System consists of four main components: the Board of Directors, the National Market Committee, the seven Regional Reserve Banks, and the nation's chartered banks. The ten members of the Board of Directors, as well as their supporting staff make up the federal agency responsible for overseeing the Regional Reserve Banks and the nation's central banking system in general, as well as regulating the nation's banks. Member of the Board are appointed by the president with the approval of the Council of State. Member serve for staggered 10-year terms, with one new member being appointed every three years.
The National Market Committee consists of 17 members, the ten members of the Board of Directors and the presidents of each of the seven Regional Reserve Banks. The NMC administers the government's open market operations, the primary tool of monetary policy.
There are currently seven Regional Reserve Banks in Glanodel, each administering monetary policy and regulating the banks within its district. The organization and charters of each Regional Reserve Bank are set by federal law and cannot be altered by its member banks. Each regional Bank is headed by a president, who serves as the Bank's chief executive officer. The President is elected from and by the members of their regional Bank's board of directors, but can be "relieved of duty" by the National Reserve Bank's Board of Directors. A Regional Reserve Bank's Board of Directors is composed of 9 members, 5 of whom are elected by the National Reserve Bank's Board of Directors, and 4 elected by the member banks of the Regional Reserve Bank.
All member banks of the nation's Reserve Banking System are a private institutions and own stock in their regional Bank. All nationally and canton chartered banks are obligated by law to hold stock in one of the regional Banks (for nationally chartered banks, stock obligations are based on the bank's headquarters). The amount of stock a member bank must own is equal to 5% of its combined capital and surplus. Stocks in a Regional Reserve Bank cannot be sold or traded, and member banks do not control their regional Bank as a result of owning this stock. Member banks receive a dividend equal to 10% of their purchased stock based on the profits made by their Regional Reserve Bank. The remainder of the regional Banks' profits is given over to the Department of the Treasury. In 2016, the National Reserve Bank made a profit of $20 billion, with $1.89 billion paid out to member banks and the remaining $18 billion returned to the Treasury Department.
The activities of all Regional Reserve Banks, the Board of Directors, and the National Market Committee are legally obligated to submit for an annual audit at the end of each fiscal year by the National Reserves Agency, which is subordinate to the Department of the Treasury. At the end of each audit, all records and findings from the audit are compiled into a publicly available report.
Since its establishment as an independent nation, Glanodel has opened trade relations with all developed nations and the majority of developing nations, as well as several undeveloped sovereign territories. Since October 2017, Glanodel participates in two major economic unions, the Lhedwin Open Market and the Commonwealth Single Market. As a result, Glanodel maintains free trade status with all nations along the Lhedwin Isles and all nations who participate in the CDN's single market. While the Glanish government has shown no signs of even considering a monetary union, the nation has maintained significant, strong support for free, open trade.
Workforce and labor
Glanodel's knowledge-intensive labor market is characterized by high rates of tertiary education and a high percentage of organized labor participation, with three quarters of the country's full-time workers are unionized. Labor-management relations are generally amicable, with both sides preferring to settle disputes "peacefully" instead of resorting to labor action. Most labor and wage negotiations take place between trade unions and branch associations (a collection of local, management representatives from a specific industry). There are roughly 1200 collective bargaining agreements in existence today in Glanodel and are most frequently renewed (usually annually) without major issues.
There is no country-wide minimum wage across sectors, and there are no federal, cantonal, or local minimum wage laws. Instead, minimum wages are agreed upon in employment negotiations and it is common for some sectors to be required as part of a collective bargaining agreement with that sector's union to provide a minimum wage to all current and future employees.
Glanish unions and employer organisations are officially independent of the government and receive the majority of their funding from payroll contributions from members and private donations. However, unions are not barred from officially endorsing candidates for office or running campaign ads on behalf of a candidate. The Glanish Worker's Party has consistently received the vast majority of union endorsements for its candidates.
Income and wealth distribution
As of 2015, the mean household income in Glanodel was SGG 78,097 (USD 100,125 nominal). After taxes and mandatory healthcare contributions, mean household income is estimated at SGG 55,395 (USD 71,020 nominal). The gross adjusted disposable income per household is estimated at SGG 25,203. This estimate accounts for utilities, average home repairs, rent costs, and food expenses, but excludes expenses related to transportation. As of 2015, Glanodel has one of the highest average of wealth per adult, at SGG 363,796.
Glanodel has a comparatively high Gini coefficient indicating an unequal distribution of wealth. The high average wealth is explained by a comparatively high number of individuals who are extremely wealthy; the median wealth of a Glanish adult is five times lower than the average.