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Immigration is a powerful force shaping a country's population, and a nation's immigration policy often reveals who is welcome and who is not. "US Migration in Four Acts" offers an overview of migration to the United States and focuses especially on two major laws that have defined US migration policy. First, the 1924 Johnson-Reed Act became law toward the end of the mass migration that began in the 19th century. It imposed different immigration quotas for individual countries, restricted immigration from southern and eastern Europe, and, in effect, excluded it from Asia, Africa, and the Middle East. Second, the 1965 Immigration and Nationality Act, which has in essence remained unchanged, sought to impose a global cap on immigration and more uniform maximum quotas for individual countries. The case puts migration policies in the historical context of evolving US society, welfare policies, and race relations. It also offers theoretical approaches and models of immigration to assess those policies. At the Darden School of Business, this case is taught in the last module of the elective course on globalization, Managing International Trade and Investment.

This note works best when paired with two other Darden technical notes: ""The IS/LM Model"" (UVA-GEM-0126), and a note that directly supports this one, ""Determinants of Economic Growth"" (UVA-GEM-0202). This note provides a formal mathematical derivation to address recurring questions about the Solow model (see GEM-0202 for details). Using a detailed derivation that starts from the investment equation used in UVA-GEM-0126, it shows why population growth decreases capital per capita. Finally, it argues that productivity growth is the only path for a country to exhibit long-run output growth in per capita terms. Because this note uses mathematical tools to derive the Solow model, it is well beyond what is needed in an MBA program. It simply provides step-by-step derivations of the Solow model for interested readers.

Economic growth is a recent phenomenon in human history. This technical note explores this phenomenon in detail, examining the work of Nobel laureate Robert Solow, whose growth model is the dominant paradigm for practitioners when evaluating countries' growth prospects. For math-oriented readers, this note pairs well with a companion technical note, "Determinants of Economic Growth: Supplemental Note" (UVA-GEM-0204).

Dual-class share structures offer stakeholders real advantages, but more firms need to follow best practices in deployment to mitigate the risk of abuse. This article highlights four different ways that Canadian firms, including Rogers and Shaw, implement dual-class share structures. It also discusses the related advantages and risks. Advantages include how dual-class shares facilitate the execution of strategy; encourage founders to publicly list stock; insulate the firm and management from short-termism; protect founders from activist shareholders; and protect firms making capital expenditures with long pay-off horizons. Disadvantages include how dual-class shares create agency issues and conflicts of interest, especially when controlling shareholders have minimal economic interest; create an inferior class of shareholders; allow entrenchment of management with directors often elected by controlling shareholders; increase the likelihood of related-party transactions; and reduce the likelihood of independent/non-executive board leadership. The article finishes with some governance considerations, including how the Canadian Coalition for Good Governance developed a dual-class share policy that encourages best practices for companies with dual-class shares. Some of the key principles include subordinated rather than non-voting shares, meaningful equity ownership, and mandatory sunset provisions.

The case explores the direct investment strategy of CPP Investments, one of the largest and most influential pension funds and private equity investors globally. Through an analysis of its acquisition and later sale of a controlling stake in GlobalLogic, students follow the Canadian Pension Fund's private equity and venture capital investing strategy.

There is a pressing need for global reform of inheritance taxation systems. On average, only 0.5% of total tax revenues are sourced from inheritance taxes across the 24 OECD countries that levy them. If designed properly, inheritance taxes could play a greater role in raising revenues for cash-strapped authorities seeking to overcome mounting public deficits. A new equity-based approach to inheritance taxes could also prevent wealth inequality from becoming even more concentrated as the baby-boomers transfer intergenerational wealth. The case explores the challenges facing public policy makers as they seek to balance variables like tax exemption thresholds designed to ensure heirs receive a fair share of wealth tax-free, the operative word being fair. The case also explains the tools used to avoid paying a fair share of inhertance tax, such as trusts and tax havens. Extra teaching materials are available at https://publishing.insead.edu/case/inheritance-tax

In 1965, Smithtown, Arkansas, had virtually no natural resources, core competencies, human capital advantages, or infrastructure advantages. The local river was impassable and not suitable for transport, and the town had no rail line and no airport. Smithtown's young population (about 18,000 scattered across two counties) was pretty much stagnant and comparatively less educated than the rest of the United States. Although Smithtown had low-cost land and labour, which was ideal for tourism, it lacked anything that tourists typically looked for and had just a few natural attractions, although nothing spectacular. The town's leaders wondered what the future would hold and whether there was anything they could do to steer the town's future direction and avoid its ruin.

This case highlights the multifaceted challenges of sustainability and survivability face by Singapore. Being a Small Island Developing State (SIDS), much of Singapore development is concentrated in a very small area. High population density that is expected to increase puts Singapore in a vulnerable position for sea-level rise. Adding to the woe of small land size, most of the Singapore's land lies only 15 metres above Singapore's Height Datum. To address this complex issue, Singapore must create a new path that balances the triple bottom line (TBL). Tensions between the three bottom lines in managing this sustainable development for Singapore are real. The question is how to manage the scenario of rising sea levels with so many different permutations and considerations. Which reality do you foresee for this little red dot by 2065? How to manage the triple bottom line? How will you evaluate the impacts of measures adopted? What are the measures that Singapore need to carry out to fight against the rising sea level?

Case Supplement for Case HEC304

Presented in the form of a comic book, this two-part case follows the efforts (or lack thereof) of Richard, the Quebec regional manager of Frippe, a cross-Canada chain of fashion boutiques, to implement a new performance indicator. Four years earlier, Mary, the founder's daughter, had taken over the reins of the company and repatriated production to Canada. Her next goal was to improve the customer experience with the help of a new performance indicator: the conversion rate. Richard was not fully on board with the idea and paid little attention to its implementation, but, at the end of the fiscal year, he had to submit a progress report to Mary.

Spreadsheet supplement for UV3559.

The Sagrada Família was one of Barcelona's most popular tourist attractions. Designed by famed architect Antoni Gaudí, the as-yet unfinished basilica was set to be completed in 2026. Initiated in 1882, the basilica was one of the longest-running architectural projects ever undertaken, and its construction had faced both opportunities and challenges over the years, with obstacles such as inadequate funding, a change in leading architects, and no firm deadline in place. The most recent obstacle to the completion of the basilica's construction was the COVID-19 pandemic, which had cast uncertainty over when construction would resume. Despite the focus on the Sagrada Família's completion, there was potential for tension between the artistic process and traditional project management practices. The current construction team had to determine how to proceed with the project to ensure its long-term recognition while also honouring Gaudí's legacy.

What does it take to build the infrastructure to recycle plastic bottles that is economically viable? The case looks at the economics of the circular economy, focusing on the development of a business case for a beverage producer to create a closed-loop PET bottle recycling facility on the island of Malta.

Spreadsheet Supplement for Case IN1771

A 2010 global event had far-reaching effects on the Indian energy sector, when a change in Indonesian law affected the commercial viability of power plants in India that were based on imported Indonesian coal. There were serious implications for private participation in the electricity sector, which was slowly moving toward liberalization and privatization. The issue was convoluted and became all the more serious when, in 2017, a compensatory tariff allowed by regulatory bodies to provide relief for the increased coal prices was disallowed by the Supreme Court of India within the contractual framework.

This case follows Nwanneoma "Neena" Ngondai and her work on the proposed FasTracks program.

Spreadsheet Supplement for Case UV8844

In recent years, India had experienced a digital revolution, emerging as a forerunner in cashless payments and, in the process, dramatically raising the level of financial inclusion in the country. The National Payments Corporation of India (NPCI), established in 2008 with the mandate to improve national payment systems, became a global gold standard for facilitating innovative financial technology (fintech) solutions. NPCI was created as a not-for-profit "coopetitive" organization, initiated by India's central bank, the Reserve Bank of India, but owned by a consortium of India's leading banks and largely run independently. While NPCI's success in devising an open innovation platform had led to a new competitive playing field, it had also raised the question of whether or not its original coopetitive organizational design was still suitable for sustaining the flow of fintech innovations.

The case provides an alternative view of the antitrust dilemma facing Lina Khan, newly appointed commissioner of the US Federal Trade Commission. Her nomination to the FTC by President Biden sent a clear signal to tech giants like Amazon, Facebook and Google that their enormous power would be reined in by his administration. Khan takes up an antitrust complaint filed against Facebook by her predecessor that its acquisition of WhatsApp in 2014 violated antitrust regulations. This offers an opportunity to review current thinking about the acquisition of start-ups by large technology platforms and discuss the controversy over the privacy practices of social networking platforms. Beyond the legal dimensions, the case examines the growing competitive forces that could pose a threat to WhatsApp and its longstanding domination of the instant messaging market.

The COVID-19 pandemic is a once-in-a-lifetime health and economic emergency that has exacerbated longstanding structural weaknesses in economies worldwide. Policymakers therefore face a dual challenge: They must lay the foundation for a safe and sustainable recovery while at the same time, put in place a long-term plan for economic growth and prosperity for their country. The authors, executives with the Business Council of Canada, argue that the Canadian economy will recover best by focusing on three elements: people, capital and ideas. The tools the authors offer include a new approach to infrastructure; keeping taxes competitive; and getting better at commercializing research.