Emerging Market Feasibility Analysis Assignment

Developing Market Feasibility Analysis - Assignment Example Brazil is likewise distinguished as an individual from the Organization for Brazil, Russia, India and China (BRIC), G-20, G8+5, and an establishing individual from the North American Free Trade Agreement (Fafchamps, 2003). These awards are anyway distinguished to be wide and summed up and can't impact any reasonable dynamic with regards to the risk of another contestant business in Brazil. To settle on such dynamic sound, objective and exact, a progressively specialized way to deal with survey Brazil as a developing business sector is required. It is thus that the current developing business sector practicality investigation to approach up with Brazil as a goal for the little scope organization. The motivation behind the examination is likewise to fundamentally break down the possibility of the business in getting by in the planned market. There will subsequently be center around the organization with some degree of accentuation on the company’s speculators, client issues, and money related necessities. In totality, the developing business sector possibility examination will be led from five targets given as: 1. To examine the quality of the business thought according to the picked advertise. 2. To distinguish any nation related issues that may influence the beginning up. 3. To investigate pertinent business and client standards in the recognized market. 4. To dissect potential budgetary issues that will emerge from beginning the business. 5. To propose a prototypical originator or gathering of organizers appropriate for the oil producing firm that is being proposed? Exploration Approach Generally, this task is a contextual investigation that reviews the particular instance of the possibility of another vegetable oil producing organization in Brazil as a little scope business. As a feature of the contextual investigation approach, there will be components of both essential and auxiliary information assortment to guarantee that information gathered for the examination is high organized, approved and decided as solid. Utilizing a joined methodology of essential and auxiliary information assortment will improve the inward legitimacy of the investigation since information that are gathered from the field of study as essential information can without much of a stretch be defended or confirmed utilizing optional information, which is a gre ater amount of information previously existing in writing. One significant methodology that will make the undertaking detailed, efficient and centered is the utilization of possibility investigation network. This lattice has been introduced so that it contains five significant meeting of information assortment, which have been disseminated among the five goals recorded previously. This implies every one of the five destinations is spoken to in one segment or line of the grid. Under every goal additionally, there will be five attainability pointers that will be basically investigated utilizing both essential and auxiliary information assortment. The investigation of the pointers will be done in a way that scores the plausibility of every goal of the undertaking. Finished possibility examination lattice will be introduced at the informative supplement area of the undertaking. Inside the venture notwithstanding, there will be an itemized conversation of the discoveries that are made un der every target of the investigation. Hypothetical Framework This segment of the venture named hypothetical investigation is basically helpful in offering a hypothetical foundation to the issue of little scope business section into developing markets. This will be done through unmistakably characterized information on writing introduced in one explicit worldview of hypothesis. In particular, center is given to the hypothesis of developing business sector improvement. This hypothesis began a lot of like a help administration given to new organizations that

Internship in an Investment Bank Essay

Entry level position is an arrangement of hands on preparing for desk occupations. It is a business related learning experience for people who wish to create hands on work involvement with a specific word related field. Most entry level position is transitory assignments. As such my understudy excessively was impermanent for a time of one month. My relationship with Goldman Sachs was during my semester excursion. To me temporary job is to join hypothesis with down to earth work understanding. As such my understudy period was of extraordinary assistance in that sense. By and large the goals of temporary jobs are: * Develop abilities in the use of hypothesis to handy work circumstance. * Aptitude test for a specific vocation. * Develop and seek after business morals. * Increase on the awareness of other's expectations. * Opportunity to comprehend casual hierarchical interrelationships. * Enhance work openings * Develop abilities and methods straightforwardly relevant to their professions. * Provides inside introduction to the structure, activities and choice procedure inside the association without a pledge to a changeless boss. A portion of the undeniable points of interest an entry level position offers incorporate reinforcing composed and oral aptitudes, assisting with making contacts to increase future work, to improve and fortify the intern’s continue. Addition an expanded familiarity with aptitudes, characteristics, individual characteristics and qualities. Aides an understudy to discover what it is to get a kick out of the chance to work in a business situation. Anyway obligations which aren’t organized either insufficient to do or arbitrary office work or nothing to do with the alleged temporary position may bring about only an exercise in futility and significant assets. Here and there the assistant might not have sufficient opportunity to gain proficiency with the subtleties of the business and no appropriate guide or a coach to direct the person through the procedure. It might likewise result as a weight monetarily and intellectually. About Goldman Sachs History 1869â€1930 Goldman Sachs was established in New York in 1869 by the German-conceived Marcus Goldman. The organization became well known spearheading the utilization of business paper for business people and was welcome to join the New York Stock Exchange (NYSE) in 1896. In the mid twentieth century, On December 4, 1928, it propelled the Goldman Sachs Trading Corp. a shut end support. 1930â€1980 In 1930, Sidney Weinberg accepted the job of senior accomplice and moved Goldman’s concentrate away from exchanging and towards speculation banking. It was Weinberg’s activities that assisted with reestablishing some of Goldman’s discolored notoriety. On the rear of Weinberg, Goldman was lead consultant on the Ford Motor Company’s IPO in 1956, which at the time was a significant overthrow on Wall Street. Under Weinberg’s rule the firm likewise began a speculation explore division and a city bond office. It additionally was right now that the firm turned into an early trend-setter in chance exchange. 1980â€1999 On November 16, 1981, the firm made a move by getting J. Aron and Company, a wares exchanging firm which converged with the Fixed Income division to get known as Fixed Income, Currencies, and Commodities. J. Aron was a player in the espresso and gold markets, and the present CEO of Goldman, Lloyd Blankfein, joined the firm because of this merger. In 1986, the firm framed Goldman Sachs Asset Management, which deals with most of its common assets and mutual funds today. Since 1999 Perhaps the biggest occasion in the firm’s history was its own IPO in 1999. The choice to open up to the world was one that the accomplices bantered for quite a long time. At long last, Goldman chose to offer a little bit of the organization to general society, with some 48% despite everything held by the association pool 22% of the organization was held by non-accomplice representatives, and 18% was held by resigned Goldman accomplices. Goldman Sachs Overview The Goldman Sachs Group, Inc. is an American worldwide lump section venture banking and protections firm that participates in worldwide speculation banking, protections, speculation the executives, and other budgetary administrations fundamentally with institutional customers. Goldman Sachs was established in 1869 and is headquartered at 200 West Street in the Lower Manhattan territory of New York City, with extra workplaces in worldwide money related focuses. The firm gives mergers and acquisitions exhortation, guaranteeing administrations, resource the executives, and prime business to its customers, which incorporate companies, governments and people. The firm additionally participates in advertise making and private value bargains, and is an essential seller in the United States Treasury security showcase. It is perceived as one of the most lofty speculation banks on the planet. Starting at 2009, Goldman Sachs utilized 31,701 individuals worldwide.Goldman Sachs is isolated into three organizations units: * Investment Banking * Trading and Principal Investments * Asset Management and Securities Services Speculation banking Speculation banking is separated into two divisions and incorporates Financial Advisory (mergers and acquisitions, instatements, corporate resistance exercises, rebuilding and side projects) and Underwriting (open contributions and private positions of value, value related and obligation instruments). Goldman Sachs is one of the main M&A warning firms, regularly besting the group tables as far as exchange size. The firm increased a notoriety for being a white knight in the mergers and acquisitions division by prompting customers on the most proficient method to maintain a strategic distance from threatening takeovers, moves for the most part saw as disagreeable to investors of focused organizations. Goldman Sachs, for quite a while during the 1980s, was the main significant speculation keep money with a severe approach against assisting with starting an antagonistic takeover, which expanded the firm’s notoriety massively among sitting supervisory groups at that point. The speculation banking fragment represents around 17 percent of Goldman Sachs’ incomes. The firm has been engaged with handling arrangements to privatize significant thruways by offering them to remote financial specialists, notwithstanding exhorting state and neighborhood governments †including Indiana, Texas, and Chicago †on privatization ventures. Exchanging and head ventures Exchanging and Principal Investments is the biggest of the three sections, and is the company’s benefit focus. The portion is isolated into four divisions and incorporates: * Fixed Income †The exchanging of loan fee and credit items, contract sponsored protections, protection connected protections and organized and subordinate items * Currency and Commodities †The exchanging of monetary standards and wares * Equities †The exchanging of values, value subsidiaries, organized items, choices, and fates contracts * Principal Investments †shipper banking speculations and assets This fragment comprises of the incomes and benefit picked up from the Bank’s exchanging exercises, both for the benefit of its customers known as stream exchanging and for its own record known as exclusive exchanging. Most exchanging done by Goldman isn't theoretical, yet rather an endeavor to benefit from offer solicit spreads in the process from going about as a market creator. By and large, around 68 percent of Goldman’s incomes and benefits are gotten from exchanging. Resource Management and Securities Services As the name recommends, the firm’s Asset Management and Securities Services section is partitioned into two segments: Asset Management and Securities Services. The Asset Management division gives speculation warning and monetary arranging administrations and offers venture items (essentially through independently oversaw accounts and mixed together vehicles) over all significant resource classes to a various gathering of foundations and people around the world. The unit basically produces incomes as the executives and motivation charges. The Securities Services division gives clearing, financing, authority, protections loaning, and detailing administrations to institutional customers, including multifaceted investments, common assets, and benefits reserves. The division produces incomes fundamentally as financing cost spreads or charges. About Operations Division Activities is at the center of Goldman Sachs. For each exchange concurred, each new item propelled or advertise entered, each exchange finished, it is Operations that empowers business to stream. Tasks is a dynamic, multi-faceted division that accomplices with all zones of the firm to convey banking, deals and exchanging and resource the executives abilities to customers around the globe. Also, Operations gives fundamental hazard the board and control, safeguarding and upgrading the firm’s resources and its notoriety. The Operations division speaks to roughly 14% of the firm, with in excess of 4,500 workers over the globe. Activities ranges over all product offerings and markets where business is directed. Every region of business offers differing openings that influence a typical center range of abilities. While there might be a gathering that intrigues you, it isn't important to recognize the gathering you might want to join while applying. †¢Clearing Operations gives clearing, execution and guardianship administrations for all significant exchanging items across 75 trades. We will likely convey predominant customer administration, expansive item offering and versatile innovation to our worldwide customer base and establishment exchanging organizations, while limiting operational hazard. Our customers incorporate mutual funds, resource supervisors, governments, corporates, representative vendors, Goldman Sachs establishment dealers, other expert speculators and market markers. †¢Derivatives Operations is liable for guaranteeing effective and exact exchange preparing over a wide scope of items. For the most part, the items upheld are perplexing instruments that require close arrangement with the business. A key concentration for the association is setting up solid hazard the board systems and controls to guarantee the firm and our customers are appropriately secured. Subordinates Operations is at the bleeding edge of forming and driving change in the business mind

How To Get the Best Out of Your Personal Injury Protection Policy

How To Get the Best Out of Your Personal Injury Protection PolicyThe best way to get your life insurance needs covered by a reputable company is to hire a professional who understands the importance of the written proposal. Although this form may seem like a small part of a larger picture, the proposal is integral in covering many of the needs of the individual insured. This is because the proposal is the document that explains all of the details of the coverage. Therefore, the organization should be one that can create a compelling proposal that all interested parties will be able to understand.The reason for this is that the proposal is the very first thing a person looks at when they receive an offer from their insurance provider. This is the document that shows the customer the entire length of the policy and its renewal process. Thus, it should provide the client with information about how many types of coverage are included in the policy, the price, what is covered, and what is not covered. Most clients are willing to spend a little more for a policy that offers them everything they need.The two most important parts of an effective personal injury protection policy are the proposal and the annual premiums. These two things form the foundation for many other issues that have to do with the premiums that will be charged. Most companies today give a simple two-page form to help customers understand the level of coverage offered in their policy. While this works fine for many people, it may not be enough to convince some people to pay a higher premium for the policy.Every client is different and will need to be determined on their own individual needs. Most people are willing to spend a little more money for something that gives them a better coverage than they would have with any other policy out there. The provider can also use the proposal as a marketing tool and help with the renewal process.Because the proposal is the very first thing that is requested b y the client, the provider should be able to address the customer's needs in the written document. In addition, they should explain why they feel the policy they offer is the best value for their client. It should be the first thing a client looks at to help them decide if the insurance company they have chosen is the right one for them.All of the above information is important to the insurance company because it helps to build a strong relationship with the client. It should be the part of the document that allows the client to know that they are being offered the best deal possible. It should also be presented in such a way that allows the client to read the entire policy in one fell swoop.Because the policy is the first thing that is asked for, it is also the first thing the client will read. This means that a good proposal should be able to captivate the interest of the client quickly and easily. To do this, the provider should make sure that it clearly shows all of the informat ion that the client is looking for.A written proposal is the key to a strong relationship between the client and the insurance provider. Using a professional service that understands the significance of the written proposal is an essential element in the renewal process. It allows the client to understand all of the aspects of the policy and their individual needs.

Kim Kardashians Of The Wild - 1452 Words

Kim Kardashians of the wild? Exaggerated sexual swellings in non-human primates: mechanisms and functions Oedemas of sexual tissue with extracellular water retention and swellings of the skin of the circumanal, subcaudal and paracallosal regions (Krohn Zuckermann, 1937; Dixson, 1998a) are observed in many species of non-human primates, baboons being famous for their large bright behinds. We know that this engorged feature has evolved independently 5 times as different tissue areas are involved in each of the species exhibiting the trait (Dixon, 1998b). Multiple independent evolutions of this trait suggests that the exaggerated swellings serve an adaptive purpose. (Tecumseh Fitch, 2011) The possibly quite significant added costs of simply†¦show more content†¦Analysis on faecal matter showed that turgescence of baboon ano-genital swellings links to the follicular phase of the ovarian cycle, while deturgescence links to the luteal phase, leading to the conclusion that the swellings are under the influence of hormonal control in primates (Gillmann and Gilbert, 1946). This suggests that the role of sexual swellings is to visually indicate the onset of ovulation to male non-human primates. It is observed that swellings indeed attract males independently of olfactory or behavioural cues (Bielert 1982; Saayman 1970) suggesting evolution of this attraction to larger swellings occurred due to the reproductive success associated with it. Males that are able to recognise swellings, discriminate between them and to mate with the female when hers are largest, would have higher chances to sire an infant, resulting in high selection pressure on males to react to swelling state. Ulterior motives Examples have been found where swellings also occur in other situations where ovulation is highly unlikely. For example in chimpanzees (Wallis, 1972) tumescence was observed in an irregular pattern throughout pregnancy, and in Sooty Mangabeys a swelling virtually identical in size to maximum conception swelling was observed consistently in the first trimester. (Hadadian Bernstein, 1979) This

To what extent is Frankenstein typical of gothic literature

To what extent is Frankenstein typical of gothic literature? In you answer make close references to its context and Mary Shellys use of language. This essay will assess how typical of the gothic genre writings is Mary Shellys Frankenstein. The novel was written at a time when electricity was first discovered and Galvanism was being explored, mainly for medical reasons. People at this time were ignorant and sceptical of medicine and so most people would have been disgusted by these studies. At this time the Romantic period was well under way, this movement (which Mary shelly and her husband Percy Shelly who was a poet belonged to) was about freedom of thought, the beauty of nature and the imagination. It was also a time of†¦show more content†¦In the gothic genre most of the characters ate isolated and lonely, and in the novel of Frankenstein the main characters are all both solitary and isolated protagonists. Frankenstein had all of his greatest loves and people who he cares about are murdered by his creation, which in its self is ironic. Even before his friends and family are taken away from him, he is lonesome because in guarding his secret he is pushing others away from him for fe ar that they would be discussed with him, due to the advancements in medicine at the time, people were sceptical of chances. We can see this in the novel with Frankensteins professor, he died because ordinary people had very little knowledge of medical that could be provided and what good it would do them, and when trying to give someone a injection to benefit there health, he unfortunately didnt see it like that and stabbed the professor, who died as direct result. The monster we can see is remote and friendless because he is so detestable, ugly and abhorrent, people attack him when they see him, and his only friends didnt know that he existed, till they too saw him and attacked him. He explains this to Frankenstein when they meat, solitude was my only consolation-deep dark, deathlike solitude Using alliteration to stress the solitude. The third main character that we see is again lonely because she is left behind for years at a time when Frankenstein if off creating hisShow MoreRelatedWhat is meant by the term gothic1187 Words   |  5 Pagesï » ¿What is meant by the term ‘gothic’? How far and in what ways is ‘Frankenstein’ a gothic text? Gothic literature, which is sometimes referred to as Gothic horror, is a genre that links horror and romance into one tale of ‘transgressing the boundaries’. Gothicism was unheard of until the late 1700’s, this movement into a new genre of literature. This was pioneered by the English author Horace Walpole, in his famous fictional book ‘The Castle of Otranto’, or as Walpole alternatively titled it ‘aRead MoreAnalysis Of Wuthering Heights And Dracula 1417 Words   |  6 PagesThe Thrilling Expedition to the Art of Gothic Novel in particular and literature in general is more than just a work of fiction but in fact the hidden reflection of a specific historical era. Although, Frankenstein, Wuthering Heights and Dracula were written in different times and each leaves its readers with different emotion and contemplation stages, they all share an affinity: the presence of Gothic elements. Indeed, these novels are designed to lead their reader into thrilling journeys throughRead MoreEssay Analysis of Chapter 5 of Frankenstein2339 Words   |  10 Pagesthat would change the view of literature forever. 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Eleven days after Mary Shelleys birth, her mother, the famed author of A VindicationRead More‚Äà ²for Me, the Story Is Less a Horror‚Ä ¶Than a Larger Than Life Gothic Fairytale‚Äà ´ (Kenneth Brannagh) How Far and in What Ways Do You Agree with This Description of the Text?1960 Words   |  8 Pages‘For me, the story is less a horror†¦than a larger than life gothic fairytale’ (Kenneth Brannagh) How far and in what ways do you agree with this description of the text? Mary Shelley’s Frankenstein is a novel which forces the reader to question whether it is a simple horror story or whether it is a gothic fairytale of many depths. 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I.nbsp;nbsp;nbsp;nbsp;nbsp;Life of Mary Shelley / Characteristics of Gothic Literature nbsp;nbsp;nbsp;nbsp;nbsp;A.nbsp;nbsp;nbsp;nbsp;nbsp;Life of Mary Shelley nbsp;nRead MoreMetamorphoses Within Frankenstein14861 Words   |  60 PagesThe Critical Metamorphoses of Mary Shelley’s Frankenstein You must excuse a trif ling d eviation, From Mrs. Shelley’s marvellous narration — from th e musical Frankenstein; or, The Vamp ire’s Victim (1849) Like Coleridge’ s Ancient Mariner , who erupts into Mary Sh elley’s text as o ccasionally and inev itably as th e Monster into Victor Frankenstein’s lif e, Frankenstein; or, The Modern Prometh eus passes, like night, from land to land and w ith stang ely ad aptable powers of speech Read MoreVictorian Novel9605 Words   |  39 Pagesshape and development. It was the novel that was the leading form of literature in the 19th century England. 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Questions On The Literature Review - 1322 Words

Table of Contents 1 CHAPTER TWO LITERATURE REVIEW 2 1.1 Introduction 2 1.2 The Fear of Allah 3 1.3 The Fear of Hell 3 1.4 The Fear of Apostasy 4 1.5 The Fear of their Life Situation 5 1.6 The Fear of Democracy 5 1.7 The Fear of the West 5 1.8 Al-Bassmala: the Verse of Mentioning the Name of God Being used to Instill fear in their Faithfuls 6 1.9 Surat Al-Ikhlas: Chapter 112, titled The Purity (of faith) Used by Muslim Leadership to inculcate Fear 13 1.10 Ayatul Kursi: The Verse of the Chair 15 1.11 Ayatun Nour: The Verse of the Light that Portrays Muslim God as light and anything else as Darkness that Must be Avoided at all Costs 20 Verses Mentioning God s Physical Characteristics as another weapon Subjugate Believers 24 1.12 Reference†¦show more content†¦They include: Chapter one Fear of the Foreign West Chapter two Fear of the Imam Chapter three Fear of Democracy Chapter six Fear of Freedom of Thought Chapter seven Fear of Individualism Chapter eight Fear of the Past Chapter nine Fear of the Present In looking at numerous of these groups, it is clear that the regular Muslim stays in fear. This is particularly factual to those who currently reside within the West. Here are 6 basis why Islam is a religion of fear. 1.2 The Fear of Allah He is not the affectionate God that we learn in Christianity except one who reigns by means of an iron fist. The Koran informs the readers that they must fear Allah. Not only do they fear their God but also they are deadly fearful of being forever ruined by an enraged Allah. Their religion does not present much guarantee of salvation (Abu-Raiya, Pargament, 2011, p. 95). The simply Muslims assured a spot in Heaven is those who pass on in a Jihad or those who pass on when on a pilgrimage to Mecca. They trust they will be permitted into Heaven, except there is no assurance. This is why Islam is the peak of a works religion. They have to do each that the Koran informs them to perform if they are going to have any possibility of entering Heaven (Abu-Raiya, Pargament, 2011, p. 103). 1.3 The Fear of Hell According to Qutb, (1996) In Islam, Hell is explained in

6 Characters In Search Of An Author free essay sample

? 6 Characters In Search Of An Author? Essay, Research Paper Pirandello # 8217 ; s play # 8220 ; 6 Fictional characters in Search of an Author # 8221 ; can in fact be interpreted as a calamity, with the tragic defect being destiny. The histrions are of a separate universe, they are non a portion of this calamity. It is entirely based upon all 6 of the characters who relive their written lives on phase. A drama, a film, a narrative will ever hold the same words and actions no affair how many times one sees it. Romeo and Juliet will ever decease, merely as Rhett Butler will ever go forth Scarlet O # 8217 ; Hara at the terminal of # 8220 ; Gone with the Wind. # 8221 ; The characters were written into this type of state of affairs and are fated to forever restage the same public presentation because of their fate. This is what is so tragic. In the concluding scene of Pirandello # 8217 ; s drama, the older boy wants urgently to go forth, to get away his world of the book but he can # 8217 ; t. We will write a custom essay sample on 6 Characters In Search Of An Author or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He must travel on to happen the immature girl drowned in the fountain. No 1 is allowed to go forth except the stepdaughter. One could state that the small boy # 8217 ; s decease was an flight from the drama. That H vitamin E felt so neglected by the remainder of his household that he had to get away his signifier. But so once more, his shot was written into the drama, it was meant to go on and there is no get awaying his destiny. It is rather tragic that they know their destiny and know that they can non get away it. At least Oedipus and Doctor Faustus kept hope that they could get away their destiny, though of class, fate led on. The 6 characters have been written into their book so good ; there is no flight, no loophole, no hope. The Mother is to forever weep with sorrow, as the Father must forever transport a face of guilt. The masks the characters wear besides signify calamity. The masks can non be taken off for they are the life and affair of the drama. They represent the character and the narrative. The manufacturer wants the Mother and the older Son to discourse about the narrative between them but that narrative had neer taken topographic point. If it wasn # 8217 ; t written into the book so the characters can # 8217 ; Ts make it up and travel on from at that place. It # 8217 ; s non allowed because their narrative, the book, is set in black and white with no alterations.

Iago Evil Incarnate Essay Example

Iago: Evil Incarnate Essay Iago: Evil Incarnate l follow him to serve my turn upon him. We cannot all be masters, nor all masters Cannot be truly followd (1. 1. 42-44). lagds speech to Roderigo in the first scene gives the audience their first glimpse at his true nature. He shows here that he only serves Othello in order to serve himself; this statement hints at his overarching scheme to bring down Othello in the end. Iago is unquestionably the villain in Othello, but beyond that, he perfectly personifies evil in every action he takes. Although his goal is apparent from the beginning of the play, the focus should not be on what, but how; he methods Iago uses to achieve his goals are what make him such a good villain. Iago is a great villain because of his effectiveness, and his effectiveness stems from the relentlessness in which he pursues his goal to ruin Othello. lagds personality, methods, consistent effectiveness, and pleasure in the harm he does all combine to make him the perfect villain and an excellent personification of evil. Iago does a masterful Job at deceiving those around him in many different areas, but one of the most important is his true nature. We will write a custom essay sample on Iago: Evil Incarnate specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Iago: Evil Incarnate specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Iago: Evil Incarnate specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In the same speech as the one quoted above, Iago epeats that same concept saying, In following him, I but follow myself (1. 1. 58). He is declaring that everything he does is working towards his own ends, including his service to Othello. One more time, at the end of his speech, he signifies that all is not as it seems with the statement, l am not what I am (65). This speech lets the audience in on his secret, and prepares them for the future evildoings that Iago will perpetrate in the pursuit of his goals. One of the interesting things about the speech is that it is not addressed to the audience, but to Roderigo. We can see early in the lay that he sees Roderigo as simply a pawn to be used in his greater goal of taking down Othello. Still, he is so confident in his deceitful skills that he admits to one of the people he is lying to that he is not what he appears to be. Of course, Iago is justified in his arrogance; this warning flies right over Roderigds head, and Iago continues to fool everyone around him. There is not one part of Iago that can be considered good; yet, he is continually referred to as Honest Iago, and there are repeated references to lagds honesty by the very people he is deceiving. Not only oes Iago deceive everyone and work to ruin his enemies, he receives great Joy in doing so. After he engineers Cassios downfall and begins the opening steps of his plan to destroy Othello, Iago reveals his enjoyment with the line, Pleasure and action make the hours seem short (2. 3. 379). This line is in reference to everything he accomplished that night towards his goal; all of his machinations and scheming made the hours pass quickly, and he is shocked to find it is morning. Throughout the play, there is evidence such as this that Iago takes pleasure in the harm he causes to hose he hates. This perhaps more than anything else declares to all that Iago is without a doubt an evil man. Shakespeare has created many villains in his long list of works, but almost all of them have a valid reason for what they do. In addition, their enjoyment is not in the act, but in the Justice that they are seeking while doing the evil acts. For example, in The Merchant of Venice, Antonio mistreats Shylock, and thoroughly enjoys the harm and the twisted maneuvering he accomplishes in the process. Another deceit that Iago carries out amazingly is the overall scheme to ruin Othello. Besides Othello, Iago also seeks to harm Cassio as part of his master scheme. One of the things that point to lagds evil nature is his seeming lack of convincing motive for his plans. Early on, it is obvious that Iago resents Othello and Cassio for the promotion he wanted and felt he deserved; however, these reasons are tenuous at best. Obviously, there is more to his resentment of Cassio than Just the promotion; even after Cassio is demoted and Iago given the promotion to lieutenant, Iago asks Othello that he be the one to kill Cassio saying, And for Cassio, let me be his undertaker (4. 211). The trespass against Iago does not seem to Justify this desire for blood that Iago has in regard to Cassio. The overblown reaction and desire to hurt his enemies is one of the things that make Iago such a good villain. He is not content simply to right the Wrong, he desires to grind his enemys face into the ground and destroy him. In addition, a promotion, or even the lack thereof, is not a ver y solid reason to attempt to ruin a mans life the way Iago does to Othello. It seems a bit overboard, and therefore it is likely that there is more to lagds hatred of Othello. For, atred is truly the driving emotion behind lagds actions throughout the play. Even lagds claim that ftwixt my sheets He has done my office (1. 3. 387-8) and the claim that his schemes are simply so that he will be evend with him, wife for wife (2. 1. 299) do not hold water. There is no evidence that Othello slept with Emilia, and the underlying insinuation is that this is a lie and an excuse. Much like everything that Iago does in the play, here he clouds the water with decoys and fabrications. lagds motivation is something the audience can only guess at, though it seems that he is evil is the most likely answer. Yet more proof of lagds evil is the lack of regard he has for anyone else; he is corrupt and focused only on his own evil desires. Iago sees the people around him only as pieces to use to further his own goals. He uses Roderigo, Cassio, Desdemona, Othello himself, and even his own wife Emilia to bring about the destruction of the Moor. Iago is like a spider sitting at the center of a huge web of lies and treachery; he pulls first on one string and then another, all in an effort to ruin Othello. Even when he uses the adultery excuse as one of the reasons he hates Othello, he reveals that his feelings are not for his wife ut himself only. If Iago truly loved his wife and thought that she was sleeping with Othello, his reaction would have differed considerably. More than likely, he would still have been angered, but Emilia would have fgured into his plans much more than she did. From the beginning to the end, Iago never shows one ounce of care for anyone other than himself. Iago is responsible for the death of almost every main character in this play, whether directly or indirectly. His death tally includes Roderigo, Desdemona, Emilia, Othello, and ultimately himself; that is five lives ruined with four f those totally ended by one man, and all for no discernible reason. Even though Cassio survived lagds plots, his life was still in a ruinous state by the end of the play. Through methodical planning and inexorable effort, Iago accomplished almost everything he set out to do. There was really only one flaw in all of his scheming, but one flaw is all it took for tragedy to strike. Though Iago does not get away with his crimes that still does not lessen the tragedy in the other five lives he destroyed. To be proclaiming, Demand me nothing: what you know, you know: From this time forth I never will speak a word (5. 2. 03-4). Ultimately, lagds personification of evil leads the audience to understand the insidious nature of evil. Like in Othello, Evil can be present in those you least expect, it uses deceit like a veil to hide its true nature. Also like Iago, evil is unrelenting in the pursuit of its ends, and it uses everything it can against those who oppose it. These very similarities make Iago such an excellent, effective villain and the ultimate incarnation of evil out of all of Shakespeares plays. Works Cited Shakespeare, William. Othello. Ed. Philip Weller. Othello Navigator. Shakespeare Navigators, n. d. Web. 9 Dec 2012.

Nelly Dean as Narrator essays

Nelly Dean as Narrator essays Nelly Dean is the narrator employed by Emily Bronte that helps in linking the present events of Wuthering Heights to that of their history since she is an eye witness, the first person participant narrator of the events that took place in the past. Hence, most of her accounts can be counted as credible. However, in several accounts, her apparent dislike for Catherine Earnshaw is witnessed and hence, her accounts of the past events is normally seen through colored glasses. Nellys apparent dislike for Catherine Earnshaw is apparent in chapter 9 of volume 1. Here, readers witness a distraught Catherine in distress with her face streaked with tears and her lips half asunder as if she meant to speak. However, irregardless of her subservient position as a servant, Nelly dismisses Catherines disconsolation and replies sarcastically that it is a pity that Catherine still cant be contented with so many friends and so few cares upon Catherines remark that she is very unhappy. Nellys dislike for Catherine reveals many gremlins in her narration. Firstly, her unsympathetic nature in regard to Catherine clouds the revelation of the true extent of how Catherine is feeling and misleads the reader into accepting Nellys views as their own since she is the only participant narrator in the events and hence, forming a bad impression of Catherine. Also, Nellys lack of regard for her status is linked to her being a motherly figure to the participants of Wuthering Heights and this allows for her to further narrate the intimate events that take place in Catherine and Heathcliffs life. Her motherly figure allows for readers to access to the inner thoughts of Catherine as Nelly is also portrayed as a confidante in this episode. Here, Catherine is seen kneeli ...

Nokia Mobil Phone Research Paper Example | Topics and Well Written Essays - 1500 words - 1

Nokia Mobil Phone - Research Paper Example A set of possible solutions that the company could have adopted have also been set down as recommendations for the company during 2006. The recommendations set down have been well thought out and is based on the performance of the company, the factors that impacted the business during that stage and also keeping the future in mind. Firstly, it is important to identify and discuss here the stage of the life cycle model that the company was in during 2006 in the US. The year 2006 was indeed recognised to be the peek for Nokia Corporation in the US. The company had grown to sell as much as 440 million handsets which contributed to almost 40% of the overall global cell phone sales. The company was then at the pinnacle of success and every product of the company, i.e. the mobile phones as well as the MP3s were all in high demand. The company had seen an increase of 25% for the demand of the phones in the emerging markets (Kharif). The company made a net profit of almost 1.2 billion Euros. The company has also seen a major increase in the revenues in the year 2006. On the whole, the company was part of the growth stage and the company has seen intense growth and development throughout the year throughout the world except in America (Kharif). In the case of America, Nokia has moved from the growth stage and to a great extent has moved closer towards the decline stage. There has been a massive jump in the company’s position in terms of the pro duct life cycle. The years prior to 2006, have clearly been very eventful and successful for the company however, the year 2006 led the company to be left way behind competitors like Motorola. Nokia lacked the style and new trends in the mobile designs and carried on focusing solely on the bar shaped cell phones (Kharif). There was clearly little or no attention paid to the customer

Housing and the Inclusive Society Essay Example | Topics and Well Written Essays - 1750 words

Housing and the Inclusive Society - Essay Example According to the EU, as per the Charter of its Fundamental Rights, and as quoted by the Joint Report by the Commission and the Council on Social Inclusion, adopted by the council (EPSCO) on 4th March 2004, the definition of Social Inclusion stands as â€Å"Social Inclusion is a process which ensures that those at risk of poverty and social exclusions gain the opportunities and resources necessary to participate fully in economic, social and cultural life and to enjoy a standard of living and well being that is considered normal in the society in which they live. It ensures that they have greater participation in decision making which affects their lives and access to their fundamental rights.† Poverty and other factors: Poverty is a factor that divides people into the haves and have not’s. However, when one looks at social inclusion, it is an aspect that can do away with poverty and in fact, unite people. Inclusion is a factor that stresses upon people that they should live together, and work towards a single purpose. Social exclusion takes place when certain people living in a society are pushed right to the edge because they do not have as many resources or means to live as others might. They do not possess the basic amenities and that is why, they are left out or face discrimination by other people. They do not have the ability to take control over their lives because they do not have any property to their name so they end up feeling so helpless and powerless. However, social exclusion is not always about only poverty; the term coined ‘les exclus’ referred to those whose income bracket did not meet sufficient standards. People can also face exclusion or be excluded from housing because they are disabled, or might have a different sexual orientation. When a person is excluded from society, this means that he has been stripped of all his participation powers and does not get a say in how things should work. That is why, much is being done to make sure that no citizen feels this way, and that everyone gets equal participation in the framework of tasks carried out within a society. (Atkinson, 1998) The private rented sector contributes to social inclusion and exclusion in the following ways: The housing systems in different economies are one of the main reasons why exclusion might take place. This includes that there might be many who are not able to afford the rent or pay their landlords the amount asked for, and thus are not able to get a house for themselves. People who have low or marginal incomes are not able to afford the rent and so are excluded from housing societies. The amenities provided inside, like the heating or the fuel systems and such other resources might not be affordable by the tenants waiting to take the house on rent. Apart from this, many disabled people just might not be able to live in homes that are not designed for their needs, for example, they might not have stairs for wheelchairs, an d thus these people cannot live in such accommodations. Many landlords still practice discrimination today, and everything cannot be checked by the governments at all times. Many potential tenants do not even have the information about housing locations and this leaves them out of the private rented sector, and otherwise, they are located in specific areas, thus leading to exclusion of people who do not belong to those areas. In order to fix these problems, much could be

Corporate Social Responsibility Essay Example for Free

Corporate Social Responsibility Essay Today doing business is no longer a matter of creating the best products or making the most profit, it has developed to a matter of how? Due to scandals including child labour, poor working conditions and neglect of safety and health regulations, companies worldwide have been forced to revaluate their moral and ethical standards. Consumers are now caring about much more than just the product, which compel companies to monitor manufactures, secure labour standards and to be aware of the environment. This new phenomenon is called Corporate Social Responsibility or by its shortening CSR. Some companies like HM or Zara have rejected to be involved in CSR. Others have taken CSR to a whole new level. Nike Inc. has during the past years not only followed the recent development within CSR but the apparel mastodon has also evolved to be a role model. Nike has as many other companies renewed their supply chain and methods of manufacturing. Their newest motto â€Å"Innovative for a better world† describes their efforts at the most, but their new system of ranking manufactures, their Materials Sustainability Index that provides designers with information on the potential environmental impact of the products they use, recycling program of old shoes and their new manufacturing process of their recent shoe â€Å"Flyknit† with minimal waste speaks for it self. Nike has with these investments proved they are willing to â€Å"Innovate for a better world† but how does it affect Nikes marketing environment and will these investments comply with the overall concept: Making money? Nike is market leader within athletic products worldwide and is considered the 26th most powerful brand by Forbes. The athletic brand has an annual turn over on 21.8 billion dollars and spends 2.7 billion dollars on advertising every year. The importance of Nike is not to be mistaken. Therefore their latest investments in CSR are a huge boost to the issue. Many huge companies such as HM and Zara have rejected to invest in CSR although their have been numerous scandals of poor working condition and child labour, which shows not all companies are willing to invest in sustainability and social causes. Nike has actually been involved in such  scandals, but denied all accusations. Nike has however with these new methods shut up all the critics. The company has been known for innovate shoes and closes to new standards and has used their strength in innovation to create new business methods: â€Å"Our vision is clear: to help NIKE, Inc. and our consumers thrive in a sustainable economy where people, profit and planet are in balance† . Nike is, according to this quote, trying to accomplish the almost impossible and create a win–win situation for the company it self and its marketing environment. But is this possible? I believe so! They have created better work conditions for employees of their manufactures because of the pressure Nike has put on theme. Nike rate the manufactures with gold, silver and bronze medals and have set the goal of all manufactures should have a bronze medal by 2020. And although Nike has made huge investments in innovating their products to new manufacturing and product standards with focus on low environmental damage and a lot of recycling and therefore probably raised their prices, consumers actually stand by Nikes new methods although raised prices usually do not get the approval of the average consumer. Nikes revenue has increased from 18,528 million dollar in 2009 to 25,313 million dollar in the fiscal year of 2013. This could be caused by the increased prices of their products but Nikes return on invested capital has followed the same development and has increased from 17.8 % in 2009 to 23,8 % in the fiscal year of 2013. What is more, all this is accomplished during a very difficult financial period, which only gives Nike extra credit. Furthermore Nike is increasing the competitive situation when they implement other competitive parameters than just product or price. Nike is also forcing the consumers to make a choice: Cheap products manufactured by brands, who do not have the same CSR – profile as Nike and therefore do not care about sustainability, the environment or employees of the manufactures, who often work under poor conditions and put their lives on the risk every day, just to make some close or Nike who are trying to do the right thing and change these things. I am a big fan of Nike’s new manufacturing methods! They seem to have made  the impossible and made a win – win situation. They keep innovating new clothing and shoes, which becomes popular the moment it hits the market. And they accomplish this wonder contemporary with investing in better work conditions, sustainability and low environmental damage. Additionally they keep improving their accounting figures, even in difficult financial times! Absolutely amazing in my opinion! B: Blog Then it happened again. A huge company forgot to do their research properly. We have seen it before when the Japanese car manufacturing giant Mazda named their car â€Å"MR2†, which means faeces in the French language or when Warner Brothers named their new big movie wonder â€Å"Free Willy†, which is not the nicest word in the British language. This time it was the American athletic brand Nike, which released their new shoe â€Å"Black and Tan† close to St. Patrick’s Day. It was a tribute to the huge beer brewery Guiness, which also inspires the shoe, which includes an illustration of a beer in the sole. Usually that kind of shoe would have been popular among the beer loving Irish people. But Nike’s marketing people forgot one thing: The Black and Tan was a violent British paramilitary, which ravaged the Irish independence wars and among this the atrocities of Bloody Sunday. Not a name you want to use for a shoe honoring the Irish peoples most favo rite company. And Nike has experienced the consequences of the mistake. Nike has put a lot of money into innovating and advertising the shoe, which only makes the fault bigger. Some simple research or a Googling of â€Å"Black and Tan† could have averted the problem. Nike has now made a shoe to tribute Guiness that they cannot sell in Ireland. It may have ruined Nikes reputation and brand in Ireland and it has cost Nike million of dollars in manufacturing the shoe and may even cost billions of dollars in losses of future sales in Ireland. Hopefully Nike and other companies have learned their lesson and in the future understand the importance of cultural research.

Dehydration Effect On Human Tissue :: essays research papers

The human body consists of massive amounts of different tissues and oranges, all doing different things. It’s inevitable that these tissues need a large amount of energy to maintain health and to stay productive. When the body encounters a famine, it reacts to the lack of food by many different starvation endorse tactics. When the body enters into a lack of water, there is very little it can do but stop the production of urine and sweat.   Ã‚  Ã‚  Ã‚  Ã‚  The human body consists a mass of eighty percent water plus or minus five percent. Water is in many forms of nature. There are three forms of water as the forms of water, ice and heated vapor in the air. Water also known as H2 O acts as a major component in plasma, liver function, and the aid of the lymphatic system of the human body.   Ã‚  Ã‚  Ã‚  Ã‚  When the body does not eat, many things go into affect to help you stay alive during a famine. They are: your hormones; blood sugar decreases to make you tired while conserving energy and your metabolism process decreases to make your retain fat from the food you do eat. It will take about three weeks to die from starvation when not consuming food. The average person should consume around 1800 calories a day.   Ã‚  Ã‚  Ã‚  Ã‚  When the human body goes with out water the whole system will start to shutdown. Without water the liver will stop filtering blood and cause kidney’s to fail. Also cell activities will stop because the water acts as a transition stage for nutrients going in and out of the cell. After the water is gone, cells can not survive for more then three days.   Ã‚  Ã‚  Ã‚  Ã‚  The cell during a lack of water goes in to a state of â€Å"suspended animation† which is when all cell processes slow down. The mitochondria slow down and reduce the production of energy forming materials. In plant cells the chloroplast stops responding to light and the energy of the cell then slows down and goes dominant. Dehydration Effect On Human Tissue :: essays research papers The human body consists of massive amounts of different tissues and oranges, all doing different things. It’s inevitable that these tissues need a large amount of energy to maintain health and to stay productive. When the body encounters a famine, it reacts to the lack of food by many different starvation endorse tactics. When the body enters into a lack of water, there is very little it can do but stop the production of urine and sweat.   Ã‚  Ã‚  Ã‚  Ã‚  The human body consists a mass of eighty percent water plus or minus five percent. Water is in many forms of nature. There are three forms of water as the forms of water, ice and heated vapor in the air. Water also known as H2 O acts as a major component in plasma, liver function, and the aid of the lymphatic system of the human body.   Ã‚  Ã‚  Ã‚  Ã‚  When the body does not eat, many things go into affect to help you stay alive during a famine. They are: your hormones; blood sugar decreases to make you tired while conserving energy and your metabolism process decreases to make your retain fat from the food you do eat. It will take about three weeks to die from starvation when not consuming food. The average person should consume around 1800 calories a day.   Ã‚  Ã‚  Ã‚  Ã‚  When the human body goes with out water the whole system will start to shutdown. Without water the liver will stop filtering blood and cause kidney’s to fail. Also cell activities will stop because the water acts as a transition stage for nutrients going in and out of the cell. After the water is gone, cells can not survive for more then three days.   Ã‚  Ã‚  Ã‚  Ã‚  The cell during a lack of water goes in to a state of â€Å"suspended animation† which is when all cell processes slow down. The mitochondria slow down and reduce the production of energy forming materials. In plant cells the chloroplast stops responding to light and the energy of the cell then slows down and goes dominant.

Globalization in the 1970s Essay

Globalization is not a new concept as there have been numerous cycles of globalization stretching as far back as the ancient civilizations. The wave of globalization prior to the oil embargo was after the Second World War. Although this period was marked with rapid economic growth, it came to an end in 1973 after the Arab oil embargo that resulted in a rise in oil prices. Financial globalization particularly can be termed as the integration of country’s local financial system with international financial institutions and markets. The main agents of financial globalization are the governments and hence they need to liberalize any restrictions on their domestic financial sector and capital account of the balance of payments if any form of integration is to take place (Schmulker, 2004:5). Dammasch (2010: 4) asserts that the economic environment in times of globalization changes rapidly with capital movements becoming larger and less controllable. Therefore there is usually a need to create a stabilizing system. The situation after the Second World War which was marked by falling credit institutions, mass unemployment, hyperinflation and bankruptcy of enterprises brought about such a necessity. The Bretton Wood system thereby came into creation. Bretton Woods’s agreement of 1944 was part of the decision by the industrialized countries to restructure themselves after the Second World War and the difficulties encountered especially after the First World War for the purpose of financial globalization. There was a great need for these nations to come up with workable rules and regulations which would direct them in the formulation of national policies that would facilitate the pursuit of common economic objectives (Kenen, 1994:11). The necessity and urgency of this legal structure was collectively agreed upon and accepted as it was viewed as a way of avoiding the negative effects that had marred the inter-war period (King, 2003:30). The Bretton woods years that spanned from 1946-1971 are seen in retrospect as a golden age of capitalism with exchange rate stability and rapid economic growth (King, 2003:30). This is because the system ensured that value of price increases was just and that the exchange rates remained fixed for unlimited periods in all key industrialized countries. Moreover, the national income in the G7 countries rose more rapidly than in any other comparable period. The system ensured long-run price stability for the whole world because the fixed price of gold provided an ostensible anchor to the world’s money supply. Therefore by pegging their currencies to gold, individual nations fixed their prices levels to that of the world (Bordor et al, 1993:1). King, 2003:30 emphasizes that the Bretton Woods system had two main characteristics which were: the existence of a set of rules that consisted of fixed rates of exchange, capital controls and independent policies of domestic macroeconomics on one hand and US domination on the other hand. Capital control as was stipulated in the Bretton Woods system was officially authorized and every government was highly encouraged and had the right and obligation to control its movement of capital. Capital control is the ability of the government to control the in and out flow of capital to and from their country. This meant that bank discount rates were not necessary when the central bank wanted to attract capital inflows or avoid flight of capital. As a consequence, the bank rate is maintained as low as possible (King, 2003:31). However, a country’s domestic economy can be adversely affected through inflation by in and out rapid flow of capital together with fixed rates of exchange. Capital controls essentially prevent rapid outflow of capital and can equip governments with the ‘tools’ to prevent economic crisis in the future. In this system capital control played a significant role whereby it effectively regulated the fixed exchange rate system that had been agreed upon by members during the Bretton Woods agreement. Whenever exchange rates required adjustments capital control was an integral component of the adjustment mechanism. These controls were fundamental to the reconstruction and growth of the international trading system that had been devastated by global depression, the two world wars and hyperinflation. This meant that capital flow was highly restricted with countries prohibiting convertibility. In capital control, currency non-convertibility was the most restrictive form of control. The government was the only one permitted to have the exclusive authority to hold foreign currency and to also to give it out to importers that had been approved by the government. Countries that fixed their exchange rates at levels that were unacceptable could therefore be monitored through this system (Eicher et al, 2009:470). Kitschel (1999, p. 38) further expounds that the capital controls were viewed as instruments of exchange rate stabilization and also as means of securing full employment and other national economic priorities. Additionally the system condoned the controls not only for short term management of balance-of –payment crises but also for the purpose of domestic economic management. The limited capital-account convertibility was the most common form of restriction. It enabled the system to place limits and know who had the right and accessibility to foreign exchange rates. Moreover, qualitative restrictions were also put in place which urged for the limitations on the external asset and liability position of domestic financial institutions. The controls were also placed on foreign banks domestic operations as well as on resident firms’ and on individuals’ direct savings, collection of foreign possessions and real estate property. Dual or multiple exchange rate system was another form of capital control that involved discrete rates for either commercial or financial transactions (Kitschel, 1999:39). Therefore the system allowed members to regulate international capital movements as long as they did not restrict payment for current external transactions. Although currencies would be freely convertible into one another after a transaction period, members were allowed to place capital controls on currency transactions if such capital flows threatened to overwhelm the nation’s balance on payment or exchange rate stability (McNamara, 2003:75). Forces challenging the system Although the Bretton Woods system was important to the economic prosperity after the Second World War, it nevertheless failed to support the equally rapid growth in the advanced countries over the next 25 years. One of the reasons according to Kenen (1994, p. 7) is the fact that the permanence and malleability of the system was slowly being destabilized by the postwar system. There were two vital roles of the Bretton Woods system. The first goal was geared towards producing exchange rates that were stable through the use of capital control and the second goal was meant to shield member nations from the shifting demands brought about by the flow of gold. Nonetheless, these goals highly contradicted each other because the system could not guarantee that global prices would remain stable as it lacked an effective technique. Additionally, the founders of the Bretton Woods system explicitly designed the system in an effort to disentangle international monetary relations from power politics. Nonetheless postwar monetary relations were highly politicized and required constant political interventions to keep the system functioning smoothly. Another flaw of the Bretton Woods design was that it lacked an effective, automatic mechanism to adjust and settle payment imbalances that inevitably arose between surplus and deficit countries. Under this system, a country that had a payment deficit most probably lost its gold which decreased the domestic monetary base and resulted in a decline in the currency’s purchasing power. Inevitably, the country’s imports would fall, exports would rise and the payment would eventually balance. However, the loss of gold and the decrease in money supply also meant that there would be a fall in the cumulative domestic demand, which meant deflation or even the possibility of depression. These structural problems assured that chronic balance of payments would mushroom into full-scale political problems, both domestically and between nations (Gavin,:6). Originally, the Bretton Woods system was designed to produce stable exchange rates while at the same time shielding national economies from demand shifts produced by the flow of gold (Gavin,:6). The founders wanted to set monetary arrangements that could combine the advantage of classic gold standard i. e. the exchange rate stability with the advantage of floating rates i. e. the independence to pursue national full employment policies. They mainly sought to avoid the defects of floating rates (destabilizing speculation and competitive beggar-than-thou-neighour policies). The disadvantage of fixed rates is that individual nations were exposed to both monetary and real shocks transmitted from the rest of the world via the balance of payment and other channels of transmission. The common world price level under the gold standard exhibited secular periods of deflation and inflation which reflected shocks to the demand for and supply of gold (Bordo et al, 1993:1). Countries like Germany and Japan were reluctant to import foreign inflation and this could have attributed to the eventual collapse of the system. In the long run this broke the credibility of the fixed exchange rate commitment among countries and the willingness of the central bank of several countries to cooperate in order to maintain the fixed parities. In other words the system failed because the commitment by the US of fixed equality was not reliable due to the inflation that was accelerating (King, 2003:33). The collapse of the Bretton Woods system is also related to the increasing speculative capital flows. With time as the dollar continued to decline, the US economy was unable to assure other countries that the dollar could be converted to gold at the fixed parity. In this view, the collapse of the system was related to the escalating in and out movements of capital and the lack of capacity of the dominant country, the US to control them (King, 2003:32). In conclusion the end of the Bretton Woods period can be said to have come when President Richard Nixon finally suspended the official conversion of the dollar into gold at $35 an ounce, shut down the gold window and cut the exchange rate system loose. Importance of the Euromarkets The growth of the Euromarkets has been directly linked to the expansion of the US multinational firms, and the consequent expansion of US banking abroad. This growth of the market and its development coincided with the increasing pressure of the US economy and the recoveries witnessed in the capitalist economy. The Eurodollar market therefore took over aspects of a developed domestic credit system since it was operating globally and independently from the central banks. Therefore, Britain which was a low-productivity and low-wage country became the center of global finance due to the contribution of the Eurodollar market. London developed as a center of global circulation of capital and hence became the world’s leading Eurodollar market. The regulation of the currency which allowed the partial and finally the full convertibility of the pound for those who were neither residents of the dollar or the sterling are some of the factors that brought about the growth and development of the Eurodollar market (Patel, 2007:1). This market was deemed important as it helped in redistributing surplus liquidity, in facilitating adjustments of internal liquidity in countries whose monetary systems rely on the import and export of short term funds through banks as a major monetary regulator. The Eurodollar market also helped to maintain world business activity at a high level by the availability of short term working funds. The Nixon Shock The Nixon Shock is termed as a series of economic measures that were taken by the then US president Richard Nixon in 1971. This decision was reached upon by various events which included: the Vietnam War that had become too costly and had drained the gold reserves of US, the increased domestic spending that accelerated inflation, the balance of payment deficit by US and trade deficit (Engdahl, 2003:1). Additionally, the US dollar foreign arbitrage had also caused the governments gold coverage of the paper dollar to decline by 33 points from 55% to 22%. Therefore in 1971, President Nixon imposed tariffs on all imports of 10 per cent to help reduce the trade deficit though it was removed in December the same year. At the same time, a freeze was put on wages and prices for a period of 90 days in a bid to lower inflation with the Federal Reserve Swap ending its support for other central banks. The convertibility of the dollar into gold was also ended and a limitation on gold transactions was put implying a decrease in the value of the dollar. This announced detached the US from the Bretton Woods system which collapsed from operation. After the gold convertibility of the dollar was suspended and flexible exchange rates emerged (James, 2010:1). After the Nixon shock, the US realized that it could exert more global influence through US treasury debt than from trade surpluses. In the 1970s oil was the only key commodity traded in dollars. This was due to the fact that the dollar was the only currency with the highest purchasing power and the only one that was backed by gold (Dammasch, 2010:6). As a result the US realized that the other nations would continue to demand for dollars for them to buy oil which was by now inflated in price. Thereafter, US trade partners had so many dollars in their reserves that they feared to create a dollar crisis. Instead they inflated and eventually weakened their own economies to support the dollar system as they feared a global collapse. Therefore when the price of oil increased in 1973 the dollar surprisingly continued to gain despite countries like Japan, Germany and the rest of the world suffering from severe economic destruction (Engdahl, 2003:1). Nonetheless, these measures did not help to restore or even quicken the economic growth rates of US or even correct the surplus reserves of dollars in Japan and Germany. From there henceforth, all the currencies of the Western nations began to ‘float’. There were no longer set exchange rates in the international market since the common link that was there before i. e. the Bretton Woods System, no longer existed. Ultimately, by the end of 1974, the price of gold had risen to $195 from $35 per troy ounce. As a result, due to unrestrained inflation there was a155% increase in the price of gold in a period of three years (James, 2010:1). Yom Kippur War The Yom Kippur War named after the Jewish holiest holiday, Yom Kippur began on October 1973 when Syrian and Egyptian forces backed by Soviet Forces launched attacks on Israel forces in the Golan Heights and Sinai in an attempt to recapture the land occupied by Israelites. However, despite the surprise attack on Israel, they emerged victorious due to the immense backing from US who provided them with weapons and intelligence. Therefore in a bid to punish the Western world for their aid to Israel, the Arab nations placed the oil embargo. This was initially political tactic meant to pressure the US into requesting Israel to withdraw from the Arab territories. However, with time the Arabs used it as an economic tactic when they realized the amount of power they had over the world through oil. The prices of oil thereafter quadrupled and continued to be a threat not only to America’s economy but also to the whole world. After the Yom Kippur war the OPEC member states struck back against the West for their support of Israel by imposing an oil embargo which increased oil prices by 70%. Lending by Private Banks to Developing Nations The origin of the debt crisis in the Third World countries has been attributed to the expansion of banking society in the US at an international level together with the rapid economic growth in the world. Before the oil price crisis of 1973-74 began, the real domestic product growth rate of developing countries averaged 6% annually. However, though the rate of growth had slowed down for the reminder of the 1970s it averaged 4-5%. This growth nonetheless generated new interests by the US corporate investment and similarly by other international banks. This multinationalism in providing financial services contributed to the emergence of the Eurodollar market which gave the US banks access to funds that they could undertake Third World Loans on a large scale. Additionally, the sharp rise in crude oil accelerated the expansion in lending (LCD debt crisis, 2010:192). The oil-exporting countries in the Arab world deposited their profits made during the oil crisis in banks in the European and US banks. This further fueled the lending boom. Since the banks had now been provided with more funds they became eager to make profits and hence invested it in developing nations by financing new development projects. The abrupt increase in oil prices brought about instant inflation into the prices of all other commodities. Moreover, the developing countries which had been crippled by these high oil prices saw this as an opportunity to borrow cheap money from the international banks so that they could offset the huge deficits ((LCD debt crisis, 2010:192; Schmulker, 2004:2). These funds that were known as petrodollars and had been recycled back to developing nations therefore generated inflationary pressures around the industrial world and created the debt crisis in developing nations (Cypher and Dietz, 2008:204). US High Interest Rates The developing nations during the 1970s were given loans at very low interest rates. However, this situation changed when the US in the early 1980s pushed up the interest rates of loans in an endeavor to stop inflation. This meant that the loans that had been lent out to Third World nations by US or other lending banks in Europe had to paid back with huge interests rates. Hence, by the 1980s the economy of Third World nations had began to stagnate and many nations were on the verge of bankruptcy due to the combination of mounting debts and low economic growth rates. The total debt had amounted to $567 billion and the high interest rates forced them to take out new loans which increased the burden (Jauch, 2009:1). This dismal situation was further compounded by the oil shock of 1973 and 1979. This decision by OPEC crippled the economies of many Third World nations with the cost of imported energy rising. Therefore, the culminative result of this crisis saw many developing nations especially those in Latin America unable to pay their debts during this period. IMF Structural Adjustment Programmes When it became evident that these nations would be unable to service their loans, the IMF came up with conditions which were dubbed Structural Adjustment Programmes (SAP) to solve the debt crisis among developing countries (Shimko, 2009:168). The SAP was proposed by the World Bank and the International Monetary Fund which were formed during the Bretton Woods period. These programmes imposed various conditions for countries especially developing ones that intended to borrow more loans (Jauch, 2009:1). IMF claimed that these reforms were necessary for promoting the economic growth needed to pay back the loans. The IMF required reforms to be carried out in the respective countries before aid could be provided. For example, Mexico whose debt burden grew faster than its own economy was loaned money by IMF to prevent a default. However, Mexico had to certain economic reforms before the loan could be dispatched. Although the conditions imposed on the developing nations differed, the same basic conditions were expected of all the nations (Shimko, 2009:168). The various key reforms according to Shimko 2009:169 included: †¢ Balancing of government budgets: this entailed either increasing the revenue for the government (providing new fees for government services) or drastically reducing the government spending. †¢ Reducing quotas, tariffs and other import barriers: this was aimed at subjecting the domestic industries to international competition. †¢ Liberalization of the capital market: this basically meant reducing the restrictions on foreign investment. †¢ Reducing government subsidies to domestic industries: these subsidies are those that had been part of import substitution strategies. †¢ Privatizing or selling the government-owned industries to the private sector. Nonetheless, these conditions did not alleviate the dire economic nor bring any economic development but rather the conditions intensified the existing situation. Although IMF studies claimed that the growth rates in countries under this programme increased from -15% in the 1980s to only 0. 3% in the early 1990s and 1% by mid-1990s, the World bank declared that there was no evidence whatsoever to account for any economic growth (Shimko, 2009:178). Additionally, lack of government subsidies or protection from foreign competition forced domestic industries to reduce their costs by lowering wages or by laying off workers. Therefore the liberalization of trade and the opening up of economies to unrestricted foreign investment had a deleterious impact on the poor nations and people (Shimko, 2009:177). Effects of the High Oil Prices in the 1970s As a result of the Bretton Woods system and the oil shock, a new wave of globalization began. Recession was prevalent with unemployment peaking at 9. 1% industrial production went down by 15% and high inflation in all areas. Additionally, when the Bretton Woods system of fixed exchange rates collapsed, countries were now opened up to greater capital mobility and they also retained the autonomy of their monetary policies. The Brandy Bonds came into existence when Mexico’s Minister of Finance announced that the country would be forced to default on its debt. The default on loans worsened as more banks in developing nations informed the IMF and Chairman of the Federal Reserve of their inability to service their debts in time (LDC debt crisis, 2010:191). The Brandy Bonds in a bid to resolve the debt crisis of the 1980 not only led to the subsequent development of the bonds market but also brought about a new phenomenon especially for emerging economies. Moreover, technological advancement, privatization and deregulation (which resulted in the corporate culture with national interests of decreasing consideration in business decisions) made foreign direct investment and equity investment in the emerging markets even more attractive for households and firms in the developed nations (Schmulker, 2004:2). Overall, there was a severe recession which hit the hardest the Western world. In Wall Street, oil stocks performed well due to the price increase as the profits soared as the rest of the market buckled under the low prices. Before the oil embargo was imposed by OPEC members, the price of crude oil was mainly determined by major oil companies in the West which retained 65% of the revenue of the oil. This type of arrangement was referred to as oligopolistic market arrangement. This meant that oil prices that had been posted in the market were established with the taxes and royalties paid to the exporting governments on the basis of this price. However following the embargo, property rights were transferred to the host countries from the major companies that had operated the industry and hence the cartel was able to take over the functions of the companies and retain more of the revenue generated Thereafter, the determination of crude oil price was passed into the hands of OPEC which set an official selling price for the best known among its crude. At the same time individual members were given the opportunity to adjust their selling prices in relation to this market according to the quality of the oil being produced (Trumbore, 2010:1). The continued high oil prices encouraged the exploration and subsequently the production of oil in high-cost oil regions such as Canada, Mexico, and North Sea. During the 1970, the increased demand of fossil fuels and increased prices for the product greatly reduced globalization. As the nations became more advanced, the rate of globalization declined. Although globalization grew for a while after the embargo, the rate of growth began to decline as the oil prices decreased (Okogu, 2003:1). The oil embargo impacted severely on the economy of Japan resulting in energy price inflation since by this time it was the only developed nation that relied heavily on oil with very few hydrocarbon reserves or any other alternatives. Japan was therefore forced to reconsider its industrial model. The oil shocks catalyzed the rapid turnaround which enabled Japan to become the leading energy efficiency country. The petroleum Supply and Demand Optimization Law was aimed at setting oil targets and restricting oil use. Japan’s vision after the oil embargo was to reduce its dependence of oil from the Middle East, therefore it started to charge import taxes on all petroleum products especially those that were used to generate power. Japan therefore became a pioneer in liquefied natural gas which today accounts for half of the worlds market. During this period, Japanese car brands like Toyota and Honda which had previously sold poorly enjoyed enormous success in the US market. Americans who had traditionally been fond of big cars were now confronted with a new challenge that included higher oil prices accompanied by long queues at the gas stations and rationing of gasoline. They therefore began to demand more of the Japanese brands for their small size and fuel-efficiency (Stewart and Wilczewski, 2009:1). Conclusion Even today, the Dollar System is still the real source of global inflation since t is the only global reserve currency as it has been witnessed worldwide since the 1971. Other countries in the world have to ensure that the reserves of their central banks are in dollars if they are to trade in the international market. This helps to guarantee against currency crisis, to back their export trade and to finance the importation of oil. Today, 67% of all central bank reserves are dollars (Engdahl, 2003:1). The debt crisis in the 1970s created by various variables including the oil embargo, the unprecedented borrowing and poor economic planning crippled the economy of many developing nations in Africa and Latin America. Despite efforts by the World Bank and IMF to offset these payment balances, the situation remained virtually unchanged. Ironically, other countries like Japan and US though they were affected by the rise in oil prices, were able to rise above the situation through oil exploration in their own countries which reduced their reliance on the imported oil from Middle East. Therefore, though the oil embargo did touch the economies of all the different nations, the degree and intensity was not the same. While other countries were completely devastated e. g. Third World nations others in the West found ways of reviving and even propelling their economies to greater heights. References Bordo, M, Eichengreen, B and National Bureau of Economic Research (1993). Bretton Woods System: A Retrospect. London. University of Chicago Press. Dammasch, S. (2010). The Bretton Woods System. [Online:] Available from http://www. ww. uni-magdeburg. de/fwwdeka/student/arbeiten/006. pdf Dietz, J and Cypher, J. (2008). Economic Development Process. New York. Taylor & Francis. Eicher, T, Mutti, J and Turnovsky, M. (2009). International Economics. Taylor & Francis. Engdahl, W. (2003). The Dollar System & US Economic Reality. [Online:] Available from http://www. engdahl. oilgeopolitics. net/1973_Oil_Shock/Dollar_System/dollar_system. html Garber, P, Dooley, M and Folkerts-Landau, D. (2005). International Financial Stability. [Online:] Available from http://people. ucsc. edu/~mpd/InternationalFinancialStability_update. pdf Gavin, F. The Cold War & Gold Battles. American Monetary Policy & the Defense of Europe, 1960-1963. [Online:] Available from http://www. utexas. edu/lbj/faculty/gavin/articles/gold_battles. pdf Jauch, H. (2009). How Africa was destroyed by the World Bank, IMF-& Structural Adjustment Programmes (SAP). [Online]: Available from http://www. newsrescue. com/2009/05/how-the-imf-world-bank-and-structural-adjustment-programsap-destroyed-africa/ Kenen, P. (1994). Managing World Economy. Washington. Institute for international Economics. King, E, J. (2003). The Elgar Companion Economics. Cheltenham. Edward Elgar Publishing Limited. Kitschelt, H. (1999). Continuing & Change in Contemporary Capitalism. Cambridge. Cambridge University. Okogu, B. (2003). Changing Oil Market in North Africa & Middle East. [online:] Available from http://www. imf. org/external/pubs/ft/med/2003/eng/okogu/okogu. htm Patel, H. (2007). The Eurodollar Market Contribution to the Modern Financial World. Online: Available from. http://www. pharmasuppliers. com/index. php? option=com_content&view=article&id=14&catid=13&Itemid=20

Survey of Art History - 778 Words

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