Friday, November 29, 2019

Shapiros Auto Wreck Interpretation Essays - Auto Wreck,

Shapiro's "Auto Wreck": Interpretation Philosophers have pondered the meaning of life and death since the beginning of time. There are many hypotheses. From reincarnation to Valhalla -- then on to heaven. There have been many proposed solutions. Yet no one fully understands dea th. In Shapiro's poem "Auto Wreck," he illustrates the irrationality of life for it can be taken away at any given time for no rational reason. Shapiro uses metaphors to emphasize the fantasy-like and wild setting of the auto wreck. The following is an excerpt taken from "Auto Wreck": "And down the dark one ruby flare Pulsing out red light like an artery." This statement contrasts the red light emitted from an ambulance to the blood of an artery. The idea that a light is spurted out like blood is abstract and bizarre. In addition to that metaphor, Shapiro writes: "One hangs lanterns on the wrecks that cling Emptying husks of locusts, to iron poles." This rhythmical sentence paints a picture of locusts, grass? hopper like creatures, clinging to a luscious green jungle of grass. Yet symbolically this jungle is the twisted, black, and crisp auto wreck. This depiction of the auto wreck is extravag ant and almost unreal. Using metaphors, Shapiro portrays the fantasy-like auto wreck in which wildness is indispensable. In addition to Shapiro's use of metaphorical phrases, he emphasizes the lack of comprehension of the on-lookers as a result of death's inconsistency with logic. Shapiro directly tells the reader, "We are deranged." The word "we" symbolizes u s, as a whole institution or better yet -- society. He goes on further to say, "Our throats were tight as tourniquets." By this he means that the on-lookers were stopped, almost speechless, as they gazed upon the wreckage contemplating the reason b ehind death. Finally, Shapiro writes: "We speak through sickly smiles and warn With the stubborn saw of common sense." What the writer is getting through is that the on-lookers attempted to rationalize the accident with their common sense. But their "common sense," or their logical reasoning ability, was being sawed upon as they continued to puzzle over death. Once again, the old age question of "What is the meaning of death?" was tackled at the scene of the auto wreck. Finally, Shapiro asks rhetorical questions which could never be answered by logical means. One question which Shapiro asks is "Who shall die [next]?" This question could never be answered for death strikes without cause but randomness. The second question Shapiro asks is "Who is innocent?" No one knows who is innocent. The driver might have been suicidal. Maybe he might not have. Who knows, for this is death that is being dealt with. These hard questions could not be reasoned with deductively. Only an irrational source such as an all-supreme and omniscient being could answer these questions. In death, there exists strictly irrational causes for the loss of life. Death is an eccentric jungle whose twisted, convoluted, and entangled vines represent the causes of death which can not be mapped out mathematically, but can be mapped o ut by the deranged explorer or sole creator of that jungle, both of whom are irrational persons in themselves.

Monday, November 25, 2019

Values in King Lear

Values in King Lear King Lear can be valued in different ways and for different reasons. The story of King Lear encompasses many different ideas and themes pertaining to the central and sub plots. Whilst there are many different ways of reading Shakespeare's King Lear there are three prevalent readings in which to observe the main idea's put across. These readings are a family reading, a nihilistic reading and a Christian reading. There are three main scenes wherein these readings are portrayed. Fundamental themes in King Lear include justice, authority versus chaos, reconciliation.A family reading focuses mainly on relationships between characters and the individual psyches in comparison with each other. King Lear starts his tragedy by trying to quantify the love of his three daughters " Which of you shall we say doth love us most. That we our largest bounty may extend.""Love is whatever you can still betray. Betrayal can only happen if you love."English: A cartoon version of King Lear by William...

Friday, November 22, 2019

AU-C 315 project Assignment Example | Topics and Well Written Essays - 250 words

AU-C 315 project - Assignment Example Indeed, ExxonMobil Company focuses on refining and supply of fuels, lubricants, and other petroleum products through integrated, reliable, and efficient means. To achieve these objectives, the company adopts fundamental strategies that include developing its labor force at all levels across the globe. The company maximizes its profitability, identifies, and pursues all attractive perforations opportunities as well as investing in projects with superior returns and low cost. Indeed, the company’s strategy is to invest in new exploration, unconventional resource, expansions, and discoveries. ExxonMobil also seeks to offer high quality products and service to customers in an efficient and effective manner. The company guarantees maximum value to all its stakeholders including customers, employees, and shareholders. Nevertheless, in pursuing its business objectives through the defined strategies, ExxonMobil faces significant risks. The company requires executives who can execute its mandate in the uncertain and volatile oil industry (Thunderbird School of Global Management, 2015). The rise of resource nationalism, reduced oil prices, and increased instability in many oil-rich countries pose a great business risk to the company (Crooks, 2015). The company also faces a risk in i dentifying business opportunities with high uncertainty but high returns on investment. Exxon Mobil Corporation. (2015). Operations Integrity Management System. Retrieved from

Wednesday, November 20, 2019

Marketing mix Coursework Example | Topics and Well Written Essays - 500 words

Marketing mix - Coursework Example With the high level of obese cases in the country, there is a high demand of healthy foods. To address this, the supermarket has come up with the production of healthy foods. To make this come into a reality, the supermarket will go an extra mile to deliver high quality food products with minimal contents of sugar, fat and salt. According to scientific research, all these have been responsible for obesity. Therefore, by getting access to purely organic and chemical-free fresh food products, all our clients will feel satisfied. Meaning, they will not buy food from any other supplier, but consider At Eat Smart Supermarket as the best alternative in the market. Since the supermarket is targeting a larger market, it will be incumbent upon the management to ensure a proper distribution of its products. For all the potential clients to be accessed wherever they are there needs to be an even distribution. This will be done by establishing distribution points in different parts of the country. These include grocery stores and a chain of supermarkets. If it is properly done, the clients will have confidence in the supermarket and its products. Once the supermarket resorts to even distribution of its food products, it will definitely appeal to potential clients. As a result, they will not wait for supplies from other competing firms, but buy the readily available commodities from its outlets. The other important tool to employ by the supermarket is pricing mix. As a matter of fact, price is one of the factors which determine the success of a new product in the market. Since the market is free for everyone, each and every player needs to come up with competitive prices. This is necessary because it can help in attracting clients and making some profit. In this regard, as a new player in the market, Eat Smart Supermarket will have to set reasonably fair prices. Meaning, they should be

Monday, November 18, 2019

Patient centred care Essay Example | Topics and Well Written Essays - 500 words

Patient centred care - Essay Example But as time has passed by increasing the number of patients many times amongst the system, centre of attention has not been a patient's personal health care rather then saving the system itself. Patient-centered care helps in bringing patients voice to the center of the health care system. It is responsive to the individual patient's preferences, needs and values. It ensures that the patient's voice your voice guides all clinical decisions. Patient centeredness is becoming a widely used, but poorly understood, concept in medical practice. It may be most commonly understood for what it is nottechnology centered, doctor centered, hospital centered, disease centered. Definitions of patient centered care seek to make the implicit in patient care explicit. Such definitions are, we recognize, oversimplifications which help in teaching and research but fail to capture the indivisible whole of a healing relationship. Perhaps qualitative research comes closer to conveying the qualities of such care. What is Patient Centered Care Do patients need and do doctors really practice it What are its benefits We will focus it through these two questions.

Saturday, November 16, 2019

Theoretical Analysis of the Banking Crisis

Theoretical Analysis of the Banking Crisis Crisis in the banking sector The current crisis and the Great Depression Theories and the crises: Several theories exist connected to the financial crises that have happened since the banking system was established. Some of them tried to explain the reasons and the origin of them however none of these theories could provide an acceptable solution how to prevent the crisis. To determine the continuity in the timeline and the spread of the crisis it was not enough to create just an economic comparison. The analysts set some mathematical and other type of model to investigate the behavior of the market. The two mostly accepted models of banking panics are the Diamond and Dybvig model and the Calomiris and Kahn model. These models were set in the 1990s as the reflection of the systematic banking crisis since 1970.Both of the two theories were accepted the fact that the banks liabilities are more liquid than its assets. In the Diamond and Dybvig model they set a hypothetical world without the banking system. The banks make contract to transform its illiquid assets.( Federal Reserve Bank of Minneapolis Quarterly Review Vol. 24, No. 1, winter 2000, pp. 14-23, Dybvig: Bank Runs, Deposit Insurance, and Liquidity).The problems with the contract is that it doesnt include any risk-sharing option. The deposit insurance is the only way to reduce the risk because its decrease the ability of the bank to transform its assets. The asymmetric information affects the liquidity demand. The final conclusion of this model is that the bank run is triggered only because patient agents believe.†This result is a self-fulfilling prophecy (panic): Because patient agents expect other patient agents to withdraw their funds early, they do the same. As a consequence too many funds are actually withdrawn, which otherwise would have not been the case. (Banking and Finance /Banking Crises.ppt/2008.12.03)† The Calomiris and Kahn model basis is the Diamond and Dybvig model, but it is more complex (Charles W. Calomiris, Charles M. Kahn, â€Å"The Role of Demandable Debt in Structuring Optimal Banking Arrangements† in American Economic Review, Vol. 81, 1991). They introduced one other potential option that the banks follow a risky behavior and put their investors money into risky projects. Because the asymmetric information the investors dont know about this step. Then, two possible things can happen; the project turns out well or not. If the project turns out negatively the bank starts to invest again. In the model the depositors can purchase information, but if is shows a negative indicator they withdraw their money. If there are a huge number of the depositors who want to withdraw the bank has serious liquidity problems and the bank panic starts. The only possible solution, according to this model, is to increase monitoring in the banking sector and strengthen the regulation to avoid moral hazard. I. The Great Depression 1. The beginning of the Great Depression (1928-30) The history of the Great Depression is important to analyze the main aspect of the crisis. From May of 1928 the stock market rise continuously and the average stock price increased because the FED raised its discount rate, and saw the stock market was booming and the stock price doubled, as excessive speculation. They tried to resolve this by increased monetary policy to raise interest rate and a new deflationary policy was introduced. As a consequence, a huge financial bubble evolved. In October 22, 1929 New York Times published an article; â€Å"Fisher Says Prices of Stocks Are Low†. (The 1929 Stock Market: Irving Fisher Was Right, Ellen R. Mc Grattan p.1) Then, two days later the stock market went crashing and the stock prices had fallen by 30 %: According to Irving Fisher the problem was that the people have been speculating on the small margins. It was not that the stock market was too high, but the people so enthusiastic to making money that they properly expected to mak e. It created debts because the people bought stocks on borrowed money. The politicians issued optimistic predictions to prevent the selling panic in the U.S. market (The causes of the 1929 stock market crash, Harold Bierman).The secretary of the Treasury, Andrew W. Melon stated: â€Å"There is no cause to worry. The high tide of prosperity will continue†. The stock market did come back in the middle of 1930, more than half of the stock that has been decline as been reversed. People thought it was over recession turned into something different. The agriculture sector stocks continued to decline. This regressive tendency was intensive not only because the Great Depression. Massive overproduction started in the European agricultural production sector after the World War I to recover the lack of the agricultural goods. To increase the legislative protection of the domestic farmers the Smoot-Hawley Tariff Act of June 1930 raised U.S. import tariffs (U.S Department of State, http://future.state.gov/). The Smoot-Hawley Tariff declined the international trust and cooperation and caused some problems in international trade. As a result of market crush bank collapsed from October 1930 until March 1933 by this time over a third of Americans bank was out of business. It continued to decline by mid 1932, the stock had declined to 10% their value in the peak 1929 and the increase in this in uncertainty from unsettled business conditions created by economic contraction made adverse selection and moral hazard problem worse in credit market. (The great crash, 1929, John Kenneth Galbraith) There was reduction in the number of intermediation due to loss of one-third of banks. This only increases adverse selection and moral hazard problem. Funds to firm with productive investment opportunities were greatly decreased due to this problem. In some sectors like manufacturing sector the production fell dramatically which was the basis of the Firms wage rates cuts. The level of price fell by 25% in the period of 1930-1933. Debt deflation was triggered in which net worth fell C:Documents and SettingsJudyAsztalunemploymen t.gifbecause of the increase burden of indebtedness borne on the firm. One sector problems affected the others. Millions of people lost their jobs. In the period of 1900-1947 two types of unemployment were made. These researches were developed the data set for the civilian labor force and for the Non-farm employees. (Historical unemployment in relation to today, A. Andrews)The employment rate declined by approximately 20% and the economic contraction and unemployment rose to 25 percent because of the decline in net worth. The result was more increase in adverse selection and moral hazard in the credit market. This was the worst ever experienced in the United States of America. 2. The FED This system was introduced to the public as economic stabilizer in 1913 to prevent further economic crisis although Federal Reserve System was totally passive during the Great Depression. In general, the Federal Reserve controls the interest rates and the money supply (inflation).The FED is controlled by its Board members and the majority of the twelve member Constitute the Federal Open Market Committee with five Reserve Bank The Fed not only supply the money to economy, it loans the money to them at interest. Besides, it regulates the value of the currency being issued. It should have acted as the last resort to lend as that its role. For the period of 1921-1929 the FED increased the money supply by 62% .The main reasons they did nothing was they never anticipated the negative of bank failure could have on money supply and economic activity. They thought a bank failure is as a consequence of poor bank management or bad banking practice. Small banks failures were the first to be affe cted in the bank panics in the early stages. And since the big city bank was the most influential they saw the failure of the small banks as complacency. Some suggested that political role might have played an important role in the passivity of the Federal Reserve System at that period. The New York Federal Reserve System was the most dominant force in the 1928, and it supported the Fed in open market purchase to lend money to the banks during the bank panics. This was opposed by other powerful member in the Federal Reserve System and the New York position was out voted. There were multiple causes and many theories about the origin of the Great Depression. According the monetarist theory the Crisis is the consequence of the lack of the FEDs policy making. The level of government influence on a bank varies from one country to another let say for example, in China the government regulation is very high probably the highest in the world and in United Kingdom the government regulation i s very low .It can be said that in the United Kingdom it high if we compare with the United State. So depending of which countries are comparing to another, government influence is usually different. 3. The economic decline (1930-32) Thanks to the Tariff Act the world market suffered a huge damage but, the act was not enough to recover the U.S. economy. People starting lose their jobs, homes and their confidence to the system and they take out their money from the banks and in the end they couldnt repay their loans. The continuous decline shows the effect in political elections in November 1930 when the representatives of the Republican Party lost their places in the Senate and their number and voting power reduced dramatically. In 1931 some new predictions appeared in the news which says that the depression would be over in the end of that year. During this year the deepening economic depression hit Europe and credit structures collapsed there. The media blamed United States for create this depression by cutting back on imports. Various conspiracy theories were voiced about the Soviet Union and some Biblical prophecy appeared too. In1932 a new presidential campaign started where Hoover and Roosevelt describe two different political aspects about the Depression. Hoovers economic aspect based on voluntarism and individualism, but the natural economic forces and the voluntary action by business groups couldnt work in the last 3 years. So his voters lost the trust in Hoover and he was easily beaten in the election (Burner David, Herbert Hoover: Alfred A. Knopf, New York, 1979). 4. The New Deal Roosevelt the new president was introduced a new program called the New Deal that contained social and economic reforms in 1933. He settled up new governmental agencies with the Glass-Steagall Act. â€Å"It gave tighter regulation of national banks to the Federal Reserve System; prohibited bank sales of securities; and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with a pool of money appropriated from banks. (New York Times, http://topics.nytimes.com /topics/reference/ timestopics/subjects/g/glass_steagall_act_1933/index.html )â€Å" The senate tried to restore the peoples trust in the U.S financial system with the Glass-Steagell Act .It made a clear separation between the investment and the commercial banks .To handle the banks poor asset management Franklin Roosevelt declared a â€Å"bank holiday â€Å"as a result of bank panic in March 1933.The† bank holiday† regulated that the banks had to be until the governmental inspecto r investigation. The inspector after a monitoring process judged about the banks reopening. Another program was started namely in that time: the Agricultural Adjustment Act which helped to increase the income of the farmers. The overproduction created corps surplus and the government pay the farms, in the frame of this program, to leave the fields fallow and not to raise pigs and lambs. (Ronald Edsforth: The New Deal: Americas Response to the Great Depression, 2000) The Act aimed to raise the value of the corps, but few months later, natural disasters destroyed almost all the corps and the machinery. To help the farmers and teach them how to measure and reduce erosion the government established the Soil Conservation Service. This program stopped in 1936 when a new agricultural act had been accepted. The new regulation provides a possibility to the farmers to get federal subsidies. Besides of this, NIRA (National Industrial Recovery Act) had been accepted by the government to generate more jobs, strengthen the right of collective bargaining. The unemployment increased since the Great Depression had started. Based on this reason, they provided jobs in government projects such as work camps. Approximately two million people participated in this program until 1934. The unskilled workers got hard work like digging and railway repairs but they earned only a little money. National Labor Relations Act introduced new fair labor practices in 1935.The New Deal program had helped the US economy but didnt bring the end of the Great Depression. The roots of the economic problem came from the financial insecurity and the distribution of money, because the people on relief lived from one day to another (Bernardit Bellushit, The Failure of the NRA (1975)). The investors were afraid of buying sto cks and lose their money. The companies couldnt sell their new products because the people spent their money to food. The inventories were full and nobody wanted to produce more and that stopped the cycle of the economy. 5. The Second New Deal President Roosevelt decided to set a group of new economic and social measures and provided some legislative initiatives. The public and political forces lead the president to make some radical steps. . In 1936 Roosevelt won the election but the Americans wanted the government to take greater responsibility for the welfare of the nation. The Second New Deal as legislative program established some government controlled agencies and projects. He allocated billions of dollars to start and give a financial budget for the Work Progress Administration (WPA).Roosevelt nominated the social worker Harry Hopkins to be the head of the WPA. In its early years it focused on the construction programs such as build schools and government buildings. Attempt to the population of the United States it found that the one of every six people was unemployed and most of them was unskilled (http://www.u-shistory .com /pages /h1599.html). Unskilled laborers the forgotten man of past generation works at decen t wages. The nation was building and repairing schools, public buildings, community centers and airports to meet the changing needs of the modern world. In one project twelve hundred men were employed to improve bowling field and construct building hangers and administration buildings. In addition to the hundreds of the unskilled laborers, many skilled workers were employed in this improvement project. Hundreds of homes have been treated from bondage of property. In New York City WPA housing demolisher project was started which improved the families living conditions. In many other cities of the country old firetraps are being demolished to make way to modern buildings. Swimming pools and parks were constructed to make more public value to the community and remove the children from the streets. In many parts of the country nursery schools were established to where almost 10 thousand children got hot meals, supervised train activities. In these projects employment has been provided 6 00 hundred teachers nurses dieticians and cooks. More than 300 thousand adults learned to read and write first time in their life and started to learn foreign languages from native teachers. In cooperation with the national youth administration 26500 young man and women were employed as instructors laboratory assistants and clerical helpers.( Historical unemployment in relation to today, A. Andrews) Clerical white -collar workers find employment at filling and checking important land records. As part of the program of rehabilitation of the conservation of human resources a number of household training school were established by WPA. In these school girls from relief families are prepared for domestic works. Health education is an important part of the WPA program in a number health centers in large cities teaches the proper care of the children and adults. In some cities sawing rooms were established to support the poor families with clothes. Another type of permanent construction was the community stadium as a representative a large group of project provides the public gatherings all over America. Hundreds of new bridges were constructed thousands of old bridges have been repaired and made safe. In Many cities the construction was undertaken with the cooperation of the public health agencies. The rapid growth of air traffic gives the opportunity to built modern airports and gives a job to thousand s to improve and repair the existing facilities. The increased air transportation also made necessary the development of hundreds of emergency landing fields. In cooperation with the local police departments in several cities automobile inspection stations were established to reduce the unsafe vehicles on the roads. Women who had the principle to support their families are paid for the work. And the product they made was distributed free to the families on relief (John Salmond, The New Deal: The National Level (1975). pp. 188-89). Many other type of employment was provided for women and other part-time jobs were provided in kitchen and in libraries and schools. As a result of some projects thousand of books and maps were translated. This program also contained training for adults t o learn tailoring. The financial support of the administration was enough to invest into more projects like Federal Writers Projects , Federal Theater Project, Federal Art Project, National youth Administration ,to generate more jobs for white-collar workers.â€Å"Because Harry Hopkins believed that the work provided by the WPA should match the skills of the unemployed, artists were employed to paint murals in public buildings, sculptors created park and battlefield monuments, and actors and musicians were paid to perform. These white-collar programs did not escape criticism and the term â€Å"boondoggling† was added to the English language to describe government projects of dubious merit.( Jim Crouch, The Works Progress Administration Eh. Encyclopedia(2004)). The WAP was a long program and finally was abandoned in 1943.Social security act created a new health insurance system based on employer and employee contributions, supported by taxes 6. The SWOT Analysis of the WPA SWOT Strengths: Weaknesses: Education to unskilled workers Started project didnt wanted Various types of jobs WPA as Financial â€Å"black hole† Provide part-time jobs Political influences Jobs for Artist and Black people and Women No ability to control the workers productivity Improve the health care system Opportunities : Threats: Starting more useful projects Instable economical environment Decreasing political aspects of the projects Living expenses increases, because import stop Strengthen the economy throughout projects Potential health problems, disease could stop projects Developing international export-import partnerships Other political parties critics-political intervention Support the banking act, provide more financial security The SWOT analysis is for compute the Strength, Weaknesses, Opportunities and Threats of a sector or a company (Mehta, S. (2000) Marketing Strategy). It is used for strategic planning to create a way to the desired goal or objective. In this case it was decided to apply this technique to set a real picture about the Second New Deal through WPA. The main aim of the current analysis is not generate alternative strategies, but to summarize the situation of WPA and the critiques in 1930s.Starting with the strength of the WPA it can be seen that the group of different types of jobs were provided to a high-scale target area. People could achieve different skills by the WPAs trainings and educations, and they got motivation to learn and use their knowledge in long-term. There were several weaknesses of the program from the beginning. As a governmental project the WPA needed a huge financial background to work and in some cases they only waste the money. The critiques described that some part of the program was only started to get more votes. The real leaders of the WPA had no ability to control the workers productivity and their effectiveness. To mention some real threats the instable economic environment remained the same. The diseases could spread faster among the workers and it may stop many constructing projects and it may indicate more financial problems in the health care system. One of the most important opportunities was to prevent more political fight and decrease the obvious political aspects of the projects. It would have been useful if they could solve the import problems. The following table above contains the main strength, weaknesses, opportunities and threats. 6.1. The external factor analysis EFAS (External Factor Analysis Summary) External Factors: Weight Ratings Weighted Score Opportunities: O1 Starting more projects 0,1 3 0,3 O2 Decreasing political aspects of the projects 0,2 4 0,8 O3 Strengthen the economy through projects 0,05 3 0,15 O4 Developing international export-import partnerships 0,1 2 0,2 O5 Support the banking act, provide more financial security 0,05 3 0,15 Threats: T1 Instable economical environment 0,2 4 0,8 T2 Living expenses increases, because import stop 0,1 3 0,3 T3 Potential health problems, disease could stop projects 0,05 2 0,1 T4 Other political parties critics-political intervention 0,15 3 0,45 Total Scores: 1 1,0-5,0 3,25 The SWOT table can be used to introduce three other type of analysis the EFAS, the IFAS and the SFAS. The External factor analysis and the internal factor analysis are calculated in a same way. The external factors (opportunities, threats) are used to show the economic background of the company or the sector. The elements of the SWOT table are the main factors of these tables. Every row contains weights and the rates and the multiplied result; the weighted score. The sum of every weight has to equal by 1, and the factors ratings should be between 1 and 5.The total score will be the sum of the weighted scores and it shows a real picture about the companys position. The company is in danger if the result is less 3,5 than. 6.2 The internal factor analysis IFAS(Internal Factor Analysis Summary ) Internal Factors: Weight Ratings Weighted Score Strenghts: Education to unskilled workers 0,15 3 0,45 Various types of jobs 0,15 4 0,6 Provide part-time jobs 0,1 3 0,3 Jobs for Artist and Black people and Women 0,2 2 0,4 Improve the health care system 0,1 3 0,3 Weaknesses: Started project didnt wanted 0,05 3 0,15 WPA as Financial â€Å"black hole† 0,05 2 0,1 Political influences 0,1 4 0,4 No ability to control the workers productivity 0,1 3 0,3 Total Scores: 1 1,0-5,0 3 If the result is more than 3,5, the company is in safe. The internal factors (Strengths, Weaknesses) are closely related to the object of the analysis. The internal strengths and weaknesses summarize the main topics the company has to deal with. The total score is 3 and this means that the company is not in safe and for a long -term basis the management has to handle the weaknesses to strengthen the company position in the market. SFAS(Strategic Factor Analysis Summary ) Factors: Weight Ratings Weighted Score Duration (in terms) S Strenghts: Short Medium Long S1 Education to unskilled workers 0,2 3 0,6 X S4 Jobs for Artist and Black people and Women 0,2 4 0,8 X W Weaknesses: W3 Political influences 0,15 4 0,6 X W4 No ability to control the workers productivity 0,1 2 0,2 X O Opportunities: O1 Starting more projects 0,05 5 0,25 X O2 Decreasing political aspects of the projects 0,05 1 0,05 X T Threats: T1 Instable economical environment 0,2 4 0,8 X T4 Other political parties critics-political intervention 0,05 3 0,15 X Total Scores: 1 1,0-5,0 3,45 6.3. The Strategic Factor Analysis Summary The Strategic Factor Analysis Summary (Business Policy and Strategy lecture SFAS power point presentation 2008.12.03) has an additional column, the duration that is separated into three different parts; long-term, medium-term, and short-term .The most important factors are listed here with weights and ratings to represent the main internal and external aspects of the WPA and to make a summary about the problems and possibilities. As a conclusion, based on the analysis listed below, the SFAS ‘s weighted score is 3,45.It means that the WPA could work in a long-term if the leadership could handle the problems. The WPA project stopped in 1944; therefore the main reasons did not connected to the internal factors, but only the externals. Some critiques had right the all the projects of WPA had only a political step to achieve more cotes in the elections. 7. The worlds reaction to the Great Depression (Theories) The world reacted in a several way to the Great depression and created a lot of theories how to solve the situation. The most famous reaction was the communism, fascism and the Keynesian theory. The fascism took place in Germany, Italy and it represented a highly centralized economy. The public construction programs provided jobs for unskilled labourers to built roads, work camps and military facilities. It increased the demography of the population, but the system was highly dictatorial. According to the statistics the unemployment rate decreased dramatically from 6 million to 0.2 million people.The Communism, as a highly bureaucratic and centralized system, was one of response to the Great Depression. It focused to fully employ the people in a strictly regulated obligatory way. The Keynesian theory: It states that the fully employment is needed, but only the intervention of the government can create this possibility. It can be long -term purpose of the existence of the government. The Keynesian theory changed the way of the thinking about the unemployment. The idea of the welfare state was another solution of the crisis. The education, the minimal guarantee of a job to every citizen is the basis of a welfare system. It guarantees the minimum wages and the minimum social and healthcare system. II. The Current Financial Crisis 1. The beginning of the Current Crisis The current financial crisis started in 2007, but it was not until the last quarter of 2008 .Firstly, this part of the thesis going to show how it all started, the causes and those who were affected by the crisis and how they are trying to deal with the crisis. Most of the people are pointing directly to real estate as the major cause of the current financial crisis even financial institutions that not directly involve with real estate are affected. It can be seen how the subprime mortgages and unscrupulous lenders has caused the unsustainable real estate bubble which began to collapse in 2006.There was increase in homeownership in the United State to about 5 million in little more than six years thanks to the increase in subprime lending. Within these six years constructions of new house sing units grew more but this housing bubble could not grow forever. In this period the price of house went so high and rent price went so low. When the price of housing began to decrease in the lat e 2006 to early 2007, many subprime borrowers had very hard time to make their payment. The housing bubble or the excesses of the subprime mortgage market became even more evident when subprime mortgage lender filed for bankruptcy. All the sectors like households, businesses (including financial institutions), and government are the main participants in the financial market and hit by the crisis. The secondly related financial groups are the surplus units provide funds and while the other group that enter the financial market to obtain fund are the deficit units. If market securities yield low returns why invest in it? Three factors can be seen to why it important to make investment in market securities these are, as we have said before the advantage to convert to cash rapidly so it can be substitute as cash. The second reason is that when a firm has excess cash let say for a month it can invest the excess cash in form of securities as not to hold too much cash in hand. The third reason is that when a firm know it going to pay a loan soon it gathers the money monthly to pay and this money could be invest in market securities before the loan is to be paid. As it have seen when the financial crisis started the public could see that the financial system is in a deep trouble some even call it recession because the stock market came crashing and lost almost 42% of it original price. Before the peak of the financial crisis the total world stock market worth $62.5 trillion and now it $36.6 trillion so it lost $25.9 trillion. Let compare the stock market of leading countries of one day and another day and see how it doing. STOCK MARKETS May 5 prev %chg SP 500 903.8 907.24 -0.38 Nasdaq Comp 1754.12 1763.56 -0.54 Dow Jones Ind 8410.65 8426.74 -0.19 FTSEurofirst 300 846.81 842.7 +0.49 DJ Euro Stoxx 50 2407.55 2419.53 -0.50 FTSE 100 4336.94 4243.22 +2.21 FTSE All-Share UK 2226.6 2174.64 +2.39 CAC 40 3225.0 3237.97 -0.40 Xetra Dax 4853.03 4902.45 -1.01 Nikkei (c) 8977.37 Hang Seng 16430.08 16381.05 +0.30 FTSE All World $ 153.46 153.19 +0.18 ( source New York Times May 5 2008) There was turmoil in the all over the international financial system due to the losses in the subprime mortgage in the mid-2007.This was wide spread global crisis even thus firm not associated with the mortgage firm. This made the financial institutions very nervous and the stock market got very weak. Between July 2007 and March 2008, there was a significantly drop in the price of shares in the large, small and investment bank. A Theoretical Analysis of the Banking Crisis Theoretical Analysis of the Banking Crisis Crisis in the banking sector The current crisis and the Great Depression Theories and the crises: Several theories exist connected to the financial crises that have happened since the banking system was established. Some of them tried to explain the reasons and the origin of them however none of these theories could provide an acceptable solution how to prevent the crisis. To determine the continuity in the timeline and the spread of the crisis it was not enough to create just an economic comparison. The analysts set some mathematical and other type of model to investigate the behavior of the market. The two mostly accepted models of banking panics are the Diamond and Dybvig model and the Calomiris and Kahn model. These models were set in the 1990s as the reflection of the systematic banking crisis since 1970.Both of the two theories were accepted the fact that the banks liabilities are more liquid than its assets. In the Diamond and Dybvig model they set a hypothetical world without the banking system. The banks make contract to transform its illiquid assets.( Federal Reserve Bank of Minneapolis Quarterly Review Vol. 24, No. 1, winter 2000, pp. 14-23, Dybvig: Bank Runs, Deposit Insurance, and Liquidity).The problems with the contract is that it doesnt include any risk-sharing option. The deposit insurance is the only way to reduce the risk because its decrease the ability of the bank to transform its assets. The asymmetric information affects the liquidity demand. The final conclusion of this model is that the bank run is triggered only because patient agents believe.†This result is a self-fulfilling prophecy (panic): Because patient agents expect other patient agents to withdraw their funds early, they do the same. As a consequence too many funds are actually withdrawn, which otherwise would have not been the case. (Banking and Finance /Banking Crises.ppt/2008.12.03)† The Calomiris and Kahn model basis is the Diamond and Dybvig model, but it is more complex (Charles W. Calomiris, Charles M. Kahn, â€Å"The Role of Demandable Debt in Structuring Optimal Banking Arrangements† in American Economic Review, Vol. 81, 1991). They introduced one other potential option that the banks follow a risky behavior and put their investors money into risky projects. Because the asymmetric information the investors dont know about this step. Then, two possible things can happen; the project turns out well or not. If the project turns out negatively the bank starts to invest again. In the model the depositors can purchase information, but if is shows a negative indicator they withdraw their money. If there are a huge number of the depositors who want to withdraw the bank has serious liquidity problems and the bank panic starts. The only possible solution, according to this model, is to increase monitoring in the banking sector and strengthen the regulation to avoid moral hazard. I. The Great Depression 1. The beginning of the Great Depression (1928-30) The history of the Great Depression is important to analyze the main aspect of the crisis. From May of 1928 the stock market rise continuously and the average stock price increased because the FED raised its discount rate, and saw the stock market was booming and the stock price doubled, as excessive speculation. They tried to resolve this by increased monetary policy to raise interest rate and a new deflationary policy was introduced. As a consequence, a huge financial bubble evolved. In October 22, 1929 New York Times published an article; â€Å"Fisher Says Prices of Stocks Are Low†. (The 1929 Stock Market: Irving Fisher Was Right, Ellen R. Mc Grattan p.1) Then, two days later the stock market went crashing and the stock prices had fallen by 30 %: According to Irving Fisher the problem was that the people have been speculating on the small margins. It was not that the stock market was too high, but the people so enthusiastic to making money that they properly expected to mak e. It created debts because the people bought stocks on borrowed money. The politicians issued optimistic predictions to prevent the selling panic in the U.S. market (The causes of the 1929 stock market crash, Harold Bierman).The secretary of the Treasury, Andrew W. Melon stated: â€Å"There is no cause to worry. The high tide of prosperity will continue†. The stock market did come back in the middle of 1930, more than half of the stock that has been decline as been reversed. People thought it was over recession turned into something different. The agriculture sector stocks continued to decline. This regressive tendency was intensive not only because the Great Depression. Massive overproduction started in the European agricultural production sector after the World War I to recover the lack of the agricultural goods. To increase the legislative protection of the domestic farmers the Smoot-Hawley Tariff Act of June 1930 raised U.S. import tariffs (U.S Department of State, http://future.state.gov/). The Smoot-Hawley Tariff declined the international trust and cooperation and caused some problems in international trade. As a result of market crush bank collapsed from October 1930 until March 1933 by this time over a third of Americans bank was out of business. It continued to decline by mid 1932, the stock had declined to 10% their value in the peak 1929 and the increase in this in uncertainty from unsettled business conditions created by economic contraction made adverse selection and moral hazard problem worse in credit market. (The great crash, 1929, John Kenneth Galbraith) There was reduction in the number of intermediation due to loss of one-third of banks. This only increases adverse selection and moral hazard problem. Funds to firm with productive investment opportunities were greatly decreased due to this problem. In some sectors like manufacturing sector the production fell dramatically which was the basis of the Firms wage rates cuts. The level of price fell by 25% in the period of 1930-1933. Debt deflation was triggered in which net worth fell C:Documents and SettingsJudyAsztalunemploymen t.gifbecause of the increase burden of indebtedness borne on the firm. One sector problems affected the others. Millions of people lost their jobs. In the period of 1900-1947 two types of unemployment were made. These researches were developed the data set for the civilian labor force and for the Non-farm employees. (Historical unemployment in relation to today, A. Andrews)The employment rate declined by approximately 20% and the economic contraction and unemployment rose to 25 percent because of the decline in net worth. The result was more increase in adverse selection and moral hazard in the credit market. This was the worst ever experienced in the United States of America. 2. The FED This system was introduced to the public as economic stabilizer in 1913 to prevent further economic crisis although Federal Reserve System was totally passive during the Great Depression. In general, the Federal Reserve controls the interest rates and the money supply (inflation).The FED is controlled by its Board members and the majority of the twelve member Constitute the Federal Open Market Committee with five Reserve Bank The Fed not only supply the money to economy, it loans the money to them at interest. Besides, it regulates the value of the currency being issued. It should have acted as the last resort to lend as that its role. For the period of 1921-1929 the FED increased the money supply by 62% .The main reasons they did nothing was they never anticipated the negative of bank failure could have on money supply and economic activity. They thought a bank failure is as a consequence of poor bank management or bad banking practice. Small banks failures were the first to be affe cted in the bank panics in the early stages. And since the big city bank was the most influential they saw the failure of the small banks as complacency. Some suggested that political role might have played an important role in the passivity of the Federal Reserve System at that period. The New York Federal Reserve System was the most dominant force in the 1928, and it supported the Fed in open market purchase to lend money to the banks during the bank panics. This was opposed by other powerful member in the Federal Reserve System and the New York position was out voted. There were multiple causes and many theories about the origin of the Great Depression. According the monetarist theory the Crisis is the consequence of the lack of the FEDs policy making. The level of government influence on a bank varies from one country to another let say for example, in China the government regulation is very high probably the highest in the world and in United Kingdom the government regulation i s very low .It can be said that in the United Kingdom it high if we compare with the United State. So depending of which countries are comparing to another, government influence is usually different. 3. The economic decline (1930-32) Thanks to the Tariff Act the world market suffered a huge damage but, the act was not enough to recover the U.S. economy. People starting lose their jobs, homes and their confidence to the system and they take out their money from the banks and in the end they couldnt repay their loans. The continuous decline shows the effect in political elections in November 1930 when the representatives of the Republican Party lost their places in the Senate and their number and voting power reduced dramatically. In 1931 some new predictions appeared in the news which says that the depression would be over in the end of that year. During this year the deepening economic depression hit Europe and credit structures collapsed there. The media blamed United States for create this depression by cutting back on imports. Various conspiracy theories were voiced about the Soviet Union and some Biblical prophecy appeared too. In1932 a new presidential campaign started where Hoover and Roosevelt describe two different political aspects about the Depression. Hoovers economic aspect based on voluntarism and individualism, but the natural economic forces and the voluntary action by business groups couldnt work in the last 3 years. So his voters lost the trust in Hoover and he was easily beaten in the election (Burner David, Herbert Hoover: Alfred A. Knopf, New York, 1979). 4. The New Deal Roosevelt the new president was introduced a new program called the New Deal that contained social and economic reforms in 1933. He settled up new governmental agencies with the Glass-Steagall Act. â€Å"It gave tighter regulation of national banks to the Federal Reserve System; prohibited bank sales of securities; and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with a pool of money appropriated from banks. (New York Times, http://topics.nytimes.com /topics/reference/ timestopics/subjects/g/glass_steagall_act_1933/index.html )â€Å" The senate tried to restore the peoples trust in the U.S financial system with the Glass-Steagell Act .It made a clear separation between the investment and the commercial banks .To handle the banks poor asset management Franklin Roosevelt declared a â€Å"bank holiday â€Å"as a result of bank panic in March 1933.The† bank holiday† regulated that the banks had to be until the governmental inspecto r investigation. The inspector after a monitoring process judged about the banks reopening. Another program was started namely in that time: the Agricultural Adjustment Act which helped to increase the income of the farmers. The overproduction created corps surplus and the government pay the farms, in the frame of this program, to leave the fields fallow and not to raise pigs and lambs. (Ronald Edsforth: The New Deal: Americas Response to the Great Depression, 2000) The Act aimed to raise the value of the corps, but few months later, natural disasters destroyed almost all the corps and the machinery. To help the farmers and teach them how to measure and reduce erosion the government established the Soil Conservation Service. This program stopped in 1936 when a new agricultural act had been accepted. The new regulation provides a possibility to the farmers to get federal subsidies. Besides of this, NIRA (National Industrial Recovery Act) had been accepted by the government to generate more jobs, strengthen the right of collective bargaining. The unemployment increased since the Great Depression had started. Based on this reason, they provided jobs in government projects such as work camps. Approximately two million people participated in this program until 1934. The unskilled workers got hard work like digging and railway repairs but they earned only a little money. National Labor Relations Act introduced new fair labor practices in 1935.The New Deal program had helped the US economy but didnt bring the end of the Great Depression. The roots of the economic problem came from the financial insecurity and the distribution of money, because the people on relief lived from one day to another (Bernardit Bellushit, The Failure of the NRA (1975)). The investors were afraid of buying sto cks and lose their money. The companies couldnt sell their new products because the people spent their money to food. The inventories were full and nobody wanted to produce more and that stopped the cycle of the economy. 5. The Second New Deal President Roosevelt decided to set a group of new economic and social measures and provided some legislative initiatives. The public and political forces lead the president to make some radical steps. . In 1936 Roosevelt won the election but the Americans wanted the government to take greater responsibility for the welfare of the nation. The Second New Deal as legislative program established some government controlled agencies and projects. He allocated billions of dollars to start and give a financial budget for the Work Progress Administration (WPA).Roosevelt nominated the social worker Harry Hopkins to be the head of the WPA. In its early years it focused on the construction programs such as build schools and government buildings. Attempt to the population of the United States it found that the one of every six people was unemployed and most of them was unskilled (http://www.u-shistory .com /pages /h1599.html). Unskilled laborers the forgotten man of past generation works at decen t wages. The nation was building and repairing schools, public buildings, community centers and airports to meet the changing needs of the modern world. In one project twelve hundred men were employed to improve bowling field and construct building hangers and administration buildings. In addition to the hundreds of the unskilled laborers, many skilled workers were employed in this improvement project. Hundreds of homes have been treated from bondage of property. In New York City WPA housing demolisher project was started which improved the families living conditions. In many other cities of the country old firetraps are being demolished to make way to modern buildings. Swimming pools and parks were constructed to make more public value to the community and remove the children from the streets. In many parts of the country nursery schools were established to where almost 10 thousand children got hot meals, supervised train activities. In these projects employment has been provided 6 00 hundred teachers nurses dieticians and cooks. More than 300 thousand adults learned to read and write first time in their life and started to learn foreign languages from native teachers. In cooperation with the national youth administration 26500 young man and women were employed as instructors laboratory assistants and clerical helpers.( Historical unemployment in relation to today, A. Andrews) Clerical white -collar workers find employment at filling and checking important land records. As part of the program of rehabilitation of the conservation of human resources a number of household training school were established by WPA. In these school girls from relief families are prepared for domestic works. Health education is an important part of the WPA program in a number health centers in large cities teaches the proper care of the children and adults. In some cities sawing rooms were established to support the poor families with clothes. Another type of permanent construction was the community stadium as a representative a large group of project provides the public gatherings all over America. Hundreds of new bridges were constructed thousands of old bridges have been repaired and made safe. In Many cities the construction was undertaken with the cooperation of the public health agencies. The rapid growth of air traffic gives the opportunity to built modern airports and gives a job to thousand s to improve and repair the existing facilities. The increased air transportation also made necessary the development of hundreds of emergency landing fields. In cooperation with the local police departments in several cities automobile inspection stations were established to reduce the unsafe vehicles on the roads. Women who had the principle to support their families are paid for the work. And the product they made was distributed free to the families on relief (John Salmond, The New Deal: The National Level (1975). pp. 188-89). Many other type of employment was provided for women and other part-time jobs were provided in kitchen and in libraries and schools. As a result of some projects thousand of books and maps were translated. This program also contained training for adults t o learn tailoring. The financial support of the administration was enough to invest into more projects like Federal Writers Projects , Federal Theater Project, Federal Art Project, National youth Administration ,to generate more jobs for white-collar workers.â€Å"Because Harry Hopkins believed that the work provided by the WPA should match the skills of the unemployed, artists were employed to paint murals in public buildings, sculptors created park and battlefield monuments, and actors and musicians were paid to perform. These white-collar programs did not escape criticism and the term â€Å"boondoggling† was added to the English language to describe government projects of dubious merit.( Jim Crouch, The Works Progress Administration Eh. Encyclopedia(2004)). The WAP was a long program and finally was abandoned in 1943.Social security act created a new health insurance system based on employer and employee contributions, supported by taxes 6. The SWOT Analysis of the WPA SWOT Strengths: Weaknesses: Education to unskilled workers Started project didnt wanted Various types of jobs WPA as Financial â€Å"black hole† Provide part-time jobs Political influences Jobs for Artist and Black people and Women No ability to control the workers productivity Improve the health care system Opportunities : Threats: Starting more useful projects Instable economical environment Decreasing political aspects of the projects Living expenses increases, because import stop Strengthen the economy throughout projects Potential health problems, disease could stop projects Developing international export-import partnerships Other political parties critics-political intervention Support the banking act, provide more financial security The SWOT analysis is for compute the Strength, Weaknesses, Opportunities and Threats of a sector or a company (Mehta, S. (2000) Marketing Strategy). It is used for strategic planning to create a way to the desired goal or objective. In this case it was decided to apply this technique to set a real picture about the Second New Deal through WPA. The main aim of the current analysis is not generate alternative strategies, but to summarize the situation of WPA and the critiques in 1930s.Starting with the strength of the WPA it can be seen that the group of different types of jobs were provided to a high-scale target area. People could achieve different skills by the WPAs trainings and educations, and they got motivation to learn and use their knowledge in long-term. There were several weaknesses of the program from the beginning. As a governmental project the WPA needed a huge financial background to work and in some cases they only waste the money. The critiques described that some part of the program was only started to get more votes. The real leaders of the WPA had no ability to control the workers productivity and their effectiveness. To mention some real threats the instable economic environment remained the same. The diseases could spread faster among the workers and it may stop many constructing projects and it may indicate more financial problems in the health care system. One of the most important opportunities was to prevent more political fight and decrease the obvious political aspects of the projects. It would have been useful if they could solve the import problems. The following table above contains the main strength, weaknesses, opportunities and threats. 6.1. The external factor analysis EFAS (External Factor Analysis Summary) External Factors: Weight Ratings Weighted Score Opportunities: O1 Starting more projects 0,1 3 0,3 O2 Decreasing political aspects of the projects 0,2 4 0,8 O3 Strengthen the economy through projects 0,05 3 0,15 O4 Developing international export-import partnerships 0,1 2 0,2 O5 Support the banking act, provide more financial security 0,05 3 0,15 Threats: T1 Instable economical environment 0,2 4 0,8 T2 Living expenses increases, because import stop 0,1 3 0,3 T3 Potential health problems, disease could stop projects 0,05 2 0,1 T4 Other political parties critics-political intervention 0,15 3 0,45 Total Scores: 1 1,0-5,0 3,25 The SWOT table can be used to introduce three other type of analysis the EFAS, the IFAS and the SFAS. The External factor analysis and the internal factor analysis are calculated in a same way. The external factors (opportunities, threats) are used to show the economic background of the company or the sector. The elements of the SWOT table are the main factors of these tables. Every row contains weights and the rates and the multiplied result; the weighted score. The sum of every weight has to equal by 1, and the factors ratings should be between 1 and 5.The total score will be the sum of the weighted scores and it shows a real picture about the companys position. The company is in danger if the result is less 3,5 than. 6.2 The internal factor analysis IFAS(Internal Factor Analysis Summary ) Internal Factors: Weight Ratings Weighted Score Strenghts: Education to unskilled workers 0,15 3 0,45 Various types of jobs 0,15 4 0,6 Provide part-time jobs 0,1 3 0,3 Jobs for Artist and Black people and Women 0,2 2 0,4 Improve the health care system 0,1 3 0,3 Weaknesses: Started project didnt wanted 0,05 3 0,15 WPA as Financial â€Å"black hole† 0,05 2 0,1 Political influences 0,1 4 0,4 No ability to control the workers productivity 0,1 3 0,3 Total Scores: 1 1,0-5,0 3 If the result is more than 3,5, the company is in safe. The internal factors (Strengths, Weaknesses) are closely related to the object of the analysis. The internal strengths and weaknesses summarize the main topics the company has to deal with. The total score is 3 and this means that the company is not in safe and for a long -term basis the management has to handle the weaknesses to strengthen the company position in the market. SFAS(Strategic Factor Analysis Summary ) Factors: Weight Ratings Weighted Score Duration (in terms) S Strenghts: Short Medium Long S1 Education to unskilled workers 0,2 3 0,6 X S4 Jobs for Artist and Black people and Women 0,2 4 0,8 X W Weaknesses: W3 Political influences 0,15 4 0,6 X W4 No ability to control the workers productivity 0,1 2 0,2 X O Opportunities: O1 Starting more projects 0,05 5 0,25 X O2 Decreasing political aspects of the projects 0,05 1 0,05 X T Threats: T1 Instable economical environment 0,2 4 0,8 X T4 Other political parties critics-political intervention 0,05 3 0,15 X Total Scores: 1 1,0-5,0 3,45 6.3. The Strategic Factor Analysis Summary The Strategic Factor Analysis Summary (Business Policy and Strategy lecture SFAS power point presentation 2008.12.03) has an additional column, the duration that is separated into three different parts; long-term, medium-term, and short-term .The most important factors are listed here with weights and ratings to represent the main internal and external aspects of the WPA and to make a summary about the problems and possibilities. As a conclusion, based on the analysis listed below, the SFAS ‘s weighted score is 3,45.It means that the WPA could work in a long-term if the leadership could handle the problems. The WPA project stopped in 1944; therefore the main reasons did not connected to the internal factors, but only the externals. Some critiques had right the all the projects of WPA had only a political step to achieve more cotes in the elections. 7. The worlds reaction to the Great Depression (Theories) The world reacted in a several way to the Great depression and created a lot of theories how to solve the situation. The most famous reaction was the communism, fascism and the Keynesian theory. The fascism took place in Germany, Italy and it represented a highly centralized economy. The public construction programs provided jobs for unskilled labourers to built roads, work camps and military facilities. It increased the demography of the population, but the system was highly dictatorial. According to the statistics the unemployment rate decreased dramatically from 6 million to 0.2 million people.The Communism, as a highly bureaucratic and centralized system, was one of response to the Great Depression. It focused to fully employ the people in a strictly regulated obligatory way. The Keynesian theory: It states that the fully employment is needed, but only the intervention of the government can create this possibility. It can be long -term purpose of the existence of the government. The Keynesian theory changed the way of the thinking about the unemployment. The idea of the welfare state was another solution of the crisis. The education, the minimal guarantee of a job to every citizen is the basis of a welfare system. It guarantees the minimum wages and the minimum social and healthcare system. II. The Current Financial Crisis 1. The beginning of the Current Crisis The current financial crisis started in 2007, but it was not until the last quarter of 2008 .Firstly, this part of the thesis going to show how it all started, the causes and those who were affected by the crisis and how they are trying to deal with the crisis. Most of the people are pointing directly to real estate as the major cause of the current financial crisis even financial institutions that not directly involve with real estate are affected. It can be seen how the subprime mortgages and unscrupulous lenders has caused the unsustainable real estate bubble which began to collapse in 2006.There was increase in homeownership in the United State to about 5 million in little more than six years thanks to the increase in subprime lending. Within these six years constructions of new house sing units grew more but this housing bubble could not grow forever. In this period the price of house went so high and rent price went so low. When the price of housing began to decrease in the lat e 2006 to early 2007, many subprime borrowers had very hard time to make their payment. The housing bubble or the excesses of the subprime mortgage market became even more evident when subprime mortgage lender filed for bankruptcy. All the sectors like households, businesses (including financial institutions), and government are the main participants in the financial market and hit by the crisis. The secondly related financial groups are the surplus units provide funds and while the other group that enter the financial market to obtain fund are the deficit units. If market securities yield low returns why invest in it? Three factors can be seen to why it important to make investment in market securities these are, as we have said before the advantage to convert to cash rapidly so it can be substitute as cash. The second reason is that when a firm has excess cash let say for a month it can invest the excess cash in form of securities as not to hold too much cash in hand. The third reason is that when a firm know it going to pay a loan soon it gathers the money monthly to pay and this money could be invest in market securities before the loan is to be paid. As it have seen when the financial crisis started the public could see that the financial system is in a deep trouble some even call it recession because the stock market came crashing and lost almost 42% of it original price. Before the peak of the financial crisis the total world stock market worth $62.5 trillion and now it $36.6 trillion so it lost $25.9 trillion. Let compare the stock market of leading countries of one day and another day and see how it doing. STOCK MARKETS May 5 prev %chg SP 500 903.8 907.24 -0.38 Nasdaq Comp 1754.12 1763.56 -0.54 Dow Jones Ind 8410.65 8426.74 -0.19 FTSEurofirst 300 846.81 842.7 +0.49 DJ Euro Stoxx 50 2407.55 2419.53 -0.50 FTSE 100 4336.94 4243.22 +2.21 FTSE All-Share UK 2226.6 2174.64 +2.39 CAC 40 3225.0 3237.97 -0.40 Xetra Dax 4853.03 4902.45 -1.01 Nikkei (c) 8977.37 Hang Seng 16430.08 16381.05 +0.30 FTSE All World $ 153.46 153.19 +0.18 ( source New York Times May 5 2008) There was turmoil in the all over the international financial system due to the losses in the subprime mortgage in the mid-2007.This was wide spread global crisis even thus firm not associated with the mortgage firm. This made the financial institutions very nervous and the stock market got very weak. Between July 2007 and March 2008, there was a significantly drop in the price of shares in the large, small and investment bank. A

Wednesday, November 13, 2019

Review of the 2005 Film version of Pride and Prejudice Essay -- essays

For any great reader, it is known that the 'book is always better than the movie.' Try as they may, moviemakers can never fully capture the author's magic from the original text. I am happy to say that this is not the case in the 2005 movie version of Pride and Prejudice. Jane Austen was a fabulous writer and her novels have captured the attention of booklovers for centuries. The screenwriter, Deborah Moggach, takes Austen's slightly rambling story and polishes it up and makes it easy for modern day people to understand. In the days when fathers were forbidden, by law, to leave property to their daughters, two sisters, Elizabeth and Jane Bennet are being pressured to marry rich gentlemen. It is luck then, which brings two such young men, Fitzwilliam Darcy and Charles Bingley to their sma...

Monday, November 11, 2019

Wage Determination

Methods of Wage Determination in India 1. Fixation of wages is a recent phenomenon in India 2. There was no effective machinery until 2nd world war for settlement of disputes for fixation of wages. 3. After independence of India, industrial relations become a major issue and there was phenomena increase in industrial dispute mostly over wages leading to substantial loss of production. 4. Realizing that industrial peace is essential for progress on industrial as well as economic front, the central govt. convened in 1947, and a tripartite conference consisting of representatives of employers, labour and government. Govt. of India formulated industrial policy resolution in 1948 where the govt. has mentioned to items which has bearing on wages †¢ statutory fixation of minimum wages †¢ Promotion of fair wages. 5. To achieve 1st objective, the minimum wages act, 1948 was passed to lay down certain norms and procedures for determination and fixation of wages by central and state govt. 6. To achieve 2nd objective govt. of India appointed in 1949, a tripartite committee on fair wages to determine the principles on which fair wages should be fixed Wages and salary incomes in India are fixed through several institutions. These are Collective bargaining †¢ Industrial wage bound †¢ Govt. appointed pay commissions †¢ Adjudication by courts & tribunals 1. COLLECTIVE BARGAINING:- †¢ Collective bargaining relates to those arrangements under which wages and conditions of employments are generally decided by agreements negotiated between the parties. †¢ Broadly speaking the fo llowing factors affect the wage determination by collective bargaining process ? Alternate choices & demands ? Institutional necessities ? The right and capacity to strike †¢ In a modern democratic society wages are determined by collective bargaining in contrast to individual bargaining by working. In the matter of wage bargaining, unions are primarily concerned with ? General level of wage rates ? Structure of wages rates (differential among occupations) ? Bonus, incentives and fringe benefits, Administration of wages. 2. INDUSTRIAL WAGE BOARDS:- †¢ Concept of wage board was first enunciated by committee on fair wages. †¢ It was commended by first five year plan and second five year plan also considered wage board as an acceptable machinery for setting wage disputes. †¢ Wage boards in India are of two types ? Statutory wage board ? Tripartite wage board Statutory wage board means a body set up by law or with legal authority to establish minimum wages and other standards of employment which are then legally enforceable in particular trade or industry to which board’s decision relate. Tripartite wage board means a voluntary negotiating body set up by discussions between organized employers, workers and govt. to regulate wages, working hours and related conditions of employment. †¢ Wage board decisions are not final and are subjected to either executive or judicious review or reconsideration by other authority or tribunals. The powers and procedure of wage boards are same as those industrial tribunals unsaturated under ID Act 1947. 3. PAY COMMISSIONS:- †¢ First pay commission was appointed by govt. of India in 1946 under chairmanship of justice vardachariar to enquire in to conditions of service of central govt. employees. †¢ The vardachariar commission in its report said that in no case should a mans pay less tha n living wage †¢ The 2nd pay commission was appointed in aug. 1957. and commission submits its report in 1959, examined the norms for fixing a need based minimum wage set up 15th session of ILC. †¢ Govt. f India appointed third pay commissions in 1970’s which submit its report in April 1973. In this report commission express its support for a system in which pay adjustments will occurs automatically upon an upward movement in consumer price index. †¢ After thirteen years, govt, appointed fourth central pay cimmissions under chairmanship of justice P. N. Singhal on July 26, 1983 to examine structure of all central govt. employees, including those of union territories. Officers belong to all India service and armed forces. Commission submits its report on July 30, 1986 and recommended drastic changes in pay scale. The 5th pay commission (1952-1996) made certain recommendation regarding restricting of pay scales. †¢ The 6th pay commissions was established on 2006 and committee submit its report on March 2008. 3. Adjudication Since independence adjudication has been one of the main instruments for settlement of disputes, improvement in wage scales and standardization of wages and allowances. Though courts and tribunals were primarily intended to deal with settlement of industrial disputes, in practiae, wage fixation has become an important element in their work and functioning. This is because of large of disputes concerning of wages and allowances. Numerous wage disputes in many industries have been referred for adjudication to labour courts and tribunals during past ten decades. The high courts and Supreme Court have also adjudicated upon such disputes. The awards given by these authorities not only helped in formulation of a body of principles governing wage fixation but laid foundation for present wage structure in many of major industries. Some major legislation which governs the principles of wage fixation -Minimum wages Act 1948, Payments of wages Act 1936, Equal Remuneration Act 1976, Industrial Disputes Act 1947, and Companies Act 1956.

Saturday, November 9, 2019

Poverty in India Essay

With 44 percent (44%) of the global outsourcing market in the off shore sector for software and other business process currently being hosted by India, it has fast gained global recognition as the premier global destination for business process outsourcing.   With generated revenues totaling over US$ 17.2 billion and employment related to outsourcing at 1.05 million as of March 2005, India has greatly increased its economic output and per capita GDP.   This economic growth of India has been heralded as one of the most amazing success stories of the 20th century.   The growth rates that India has been posting over the past five years have made it one of the reasons why investments have risen in the area. The problem is that even with the robust economic growth of India the schism between the rich and the poor continues to grow.   Outsourcing, while creating a boon for the Indian economy, has also intensified that gap by creating new social classes and spawning new cultural changes.   Therefore, because of the weak economic fundamentals of the Indian Economy, instead of narrowing the gap between the rich and the poor, it is instead widened and fewer jobs are created thus leading to more widespread poverty. The greatest problem that these poor fundamentals present to society however is the widening of social divisions that are already existent in society.   In the Indian model the social rifts that are created deal with the differences from within the family unit in relation to the outside society.   The creation and birth of a new type of middle class society which is predominantly comprised of members of the youth sector is creating a class that is being socially and culturally alienated from the rest of society, particularly in the traditionally conservative Indian society. New work habits and consumer patterns have created a new class that enjoys the more expensive and extravagant lifestyle that is supported by the relatively high wages that receive as compared with the rest of Indian society.   There is very little time to spend in the household where more solid and fundamental values are instilled and nurtured and instead the constant exposure to western society has resulted in a degradation of whatever morals were created or instilled in the first place.   For others, the pressure of keeping the job and maintaining the accustomed lifestyle isolates them from other members of society in their efforts to generate more income. In India where the economic disparity was historically at lower levels, the introduction of higher paying jobs as a result of business process outsourcing has increased the rift between social and economic classes as well.   The newly emancipated and empowered women as well as the new rich employees of outsourcing firms are now experiencing things that their parents could never have enjoyed in their lifetimes such as televisions, ipods, cars and cellular phones.   The rift would not be so great however were the opportunity available equally to all sectors of society.    As it is however, only those with certain qualifications and training are allowed those opportunities and this has created a new resentment for those who have gained so much in so little time. While this has certainly generated more income for the Indian government to utilize in other social welfare projects, the income from taxes is not spent on decreasing the economic divide that exists but has actually been spent on infrastructure projects in IT designed to drum up more business and thus increasing the social gap even more.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Another reason for the widespread poverty in India lies in the failure of the government to enact programs to ensure that the economic developments that benefit certain sectors of society also trickle down to the masses.   The Indian Planning Commission has estimated that as of the year 2004 and 2005 nearly 27.5% of the Indian population was living below the poverty lines. Nearly 75% of all those living below the poverty line are located in the rural areas of India.   This shows that while most of the developed cities in India are beginning to grow, the rural areas of India are not able to benefit from this economic development.   With over 836 million citizens living on less than US$ 0.50 cents, it seems that the poverty problems of India are more rooted on the poor economic structure than anything else. Another reason for this is because of the different social, religious and economic groups that are in India.     The fact that the caste system was encouraged until the early 20th century has also added to the poverty rate in India because of the special rights and privileges that were given to others.   Coupled with the lack of property rights, since the right to property is not constitutionally declared in India, these barriers effectively prevent those from the lower economic classes of India from entering the middle class. There are a number of other reasons that can be cited as the cause for poverty in India.   Most of these theories are based on the poor economic fundamentals that were established during the British Regime and during the resulting political turmoil that resulted immediately after the transfer of power in 1947.   Be that as it may, such poor fundamentals have also given birth to other economic problems such as the growing divide between the different economic classes in India. The recent economic growth of India due to its growing role as a major player in the outsourcing industry has indeed granted a number of benefits to Indians but at the same time it has served to increase poverty in certain areas because of the failure of the government to ensure a more equitable distribution of income among the masses.   Lack of government infrastructure projects and rampant corruption remain to be the deterrents for India’s true economic growth.   Until India is able to address these problems, poverty will remain to be synonymous with the Indian Economic system for years to come.    References: Agrawal, A. N.: Indian Economy. Problems of Development and Planning. 18th edition, New Delhi: Wiley Eastern Limited 2002 Ahluwalia, Isher Judge: New Economic Policies. Reform of Public Sector Enterprises and Privatisation in India. mimeo, February 2004, paper presented for the Conference on Economic Liberalisation in South Asia at the Australia Singh, Ajit Kumar: Social Consequences of New Economic Policies. With Particular Reference to Levels of Living of Working Class Population. In: EPW, February 13, 1993, p. 279 – 285 Sridhan, E.: Economic Liberalisation and India’s Political Economy: Towards a Paradigm Synthesis. In: The JCCP, vol. XXXI, no. 3, November 1993, pp. 1 – 31 A overview and critical discussion on theoretical explanations of the Indian political economy Varadarajan, P.; Bharadwaj, S.; Thirunarayana, P.: Executives attitudes toward consumerism and marketing – an exploration of theoretical and empirical linkages in an industrializing country. In: Journal of Business Research, 1994, vol. 29, no 2, pp 83-100

Wednesday, November 6, 2019

Gores Personalailty Has Helped and hurt essays

Gores Personalailty Has Helped and hurt essays The qualities that have enabled the studious vice president to lead from behind the scenes, self-assurance and decisiveness, also can come off as arrogance and inflexiblity. Gore is an intensely studious and driven man who makes dicissions methodically and with little angst, however a person so self assured of his convictions that he strikes his opponents as arrogant, self-righteous, and even close minded. He strives to be fair, examining all sides of an arguement, but once his mind is made up, he has little patience with dissent. His decisions are firm and final, and when he deems it important, Gore is willing to stick his neck out in a way few politicians do. He does not back down. More than any otehr previous vice president, Gore took a leading role on the issues he knows best, science, technology, communications, community, empowerment, reducing the size of government, and foreign policy. Yet, there's no other subject that is closer to Gore's heart than the enviorment. His book adn his feelings are one of the reasons President Clinton selected him as his running mate. Though Gore may come off as stubborn and overly poised, he does this to show everyone that he feels that he knows what he was talking about. ...

Monday, November 4, 2019

Midterm creative response paper Term Example | Topics and Well Written Essays - 750 words

Midterm creative response - Term Paper Example Hearing the news as a family we were filed with mixed emotions as we were placed in the balance between joy for victory and fear of the unknown. Not only was the event a surprise as the ending of the war was almost instantaneous after the bombings. One thing that mainly stood out to us was that the Japanese had been defeated a long time ago, however still continued to fight. The American troops had gained control of the majority of the Japanese waters. In addition, the Japanese army had lost many troops and was experiencing financial difficulties which further increased the element of surprise when the news came that the war was over. The first question was why, after the Japanese continued to fight in such a compromising position, they decided to quit after just two bombings. We had heard some information on the nuclear bomb; however, we were not completely aware of the extent of damage it can cause. Upon hearing the news that the war was over, the primary emotion that was present among members of the community was joy and relief that the war had ended. We celebrated together with our neighbors as the conflict was long and scarred with destruction, death and terror. Many of our neighbors including our family were waiting for the return of our relatives. However, we often engaged in some concerning discussions on the sides. I was all too careful in such encounters as opinions may differ, and change the jovial atmosphere that was in the community. One question that we mainly discussed in small but close company was whether the use of nuclear weapons was justified. To a certain extent, I would say yes, the use of the atomic bomb was justified. Without the intention of using this term too loosely, all is fair in love and war. The Japanese had previously misrepresented themselves, which led to the deaths of numerous America citizens. In addition, I feel Truman was running out of opti ons as the Japanese were refusing to surrender. During

Saturday, November 2, 2019

Films Essay Example | Topics and Well Written Essays - 2000 words

Films - Essay Example The premise that there is no relation between the viewer and the film, almost telling the audience directly that "it is only a movie" is "a symptom of an imagined loss of concrete, physical bond of belief between the viewer and the film";1 hence reinforcing the statement that all films are illusions. It is this connection between the film and the viewer is one that sets the illusion. Films are a wide array of pictures that move, creating motion that gives way to the creation of real movements. Since their creation, viewers have been accustomed to watch films regularly as part of entertainment. The narrative, special effects, sound, and cinematography all contribute in creating one interesting and engaging motion picture. However, technically speaking, films are just illusions. This illusion-character of films is important in a technical pursuit of using elements such as sound, cinematography, special effects, narrative, mise-en-scene, and the like in order to put across a film of good taste. Special effects are illusions used in order to stimulate imagined series of events in films. These are used in order to make film frames or images appear photographically. Illusions in special effects are seen in the use of mechanized props, scenery, or atmospheric effects producing physical rain, snow, clouds, or fog. Mechanical facts can be used to make a car drive by itself, or a building blowing up. Mechanical effects as a form of special effects are formed in a set that suggests a certain atmosphere or sight, such as break-away doors or walls. It is apparent that films use visual magic in order to create illusions and some trick effects in order to affect the audience to startle. The persistence of vision through special effects is proved to produce smooth, flowing action when projected, just as what is mentioned earlier. In-camera effects are common features of special effects, such as making a miniature appear bigger as in the case of robots in Japanese television programs, o r the use of back projection or matte paintings. Three-dimensional models are also used in order to establish in-house special effects such as in the movie King Kong and Terminator II which used three-dimensional effects. With the use of special effects, there is no need to capture a scene with the use of real-life objects and events that endanger the lives and limbs of people. Rather, through the visual illusions depicted in films through the use of technical effects, objects are made to appear larger or smaller; buildings are made to appear uprooted from the ground, and ships are made to appear sinking. However, in King Kong's production, the usage of sets was not maximized due primarily to the unfamiliarity of sets in the 1920's and 1930's. Thus, in King Kong, the camera/gun trope was used, with the cameraman takings shots of animals in the jungle of the African veldt.2 The special effects during the production process enhanced the photographed animals and sceneries. This enhancement is again, to create further illusion among the audiences. In Forbidden Planet (1956), the special effects are seen to stimulate the imagination of the audience in order for them to