Phase Separation Solution Company Market Alternatives Assignment - 25

mannequin Separation solution Company Market Alternatives - Assignment ExampleNormally, the core and the fundamental motive to take a multinational firm is to gain access to new sources of revenue. Entities that have saturated and exhausted their local anesthetic markets share and have consequently dried up growth and expansion opportunities close to their local syndicate can turn to multinational expansion to grow and expand their arena of line. Efficient and effective seafaring in multiple national markets operation provides a much broader customer and market base from which an arranging can quickly generate business. This ensures a go with can create new revenue succession minimizing costs that are essential to earning profits.Its of paramount importance and essence for anatomy Separation Solution company to venture into the international market, through the Chinese opportunity. This go a government agency enable the company diversifies its market from a national level t o an international platform. Consequently, as a result of the increased market, its capital base will rise significantly (International Trade, 2012).The fact that the Chinese inquiries about the possible market opportunities were sincere, venturing into the new market for Phase Separation Solution Company is a real deal, Its important to note that China is the near populated country, and hence the company can take advantage of cheap labor in the market. This way, the company will arguably go a long way in saving on its practicable cost.The operational scale of the newly formed partnership with Chinese enterprises and size of the new corporations will inevitably give Phase Separation Solution Company a chance of benefiting from the vast economies of scale that provides the way to lower average prices and costs for its new consumers in the Chinese market. It is of particularly essential and important for those business organizations that carry extremely high fixed costs, just like in the case of airlines and car manufacturing.

Human Mental States Essay Example | Topics and Well Written Essays - 1250 words

Human Mental States - Essay ExampleAt this point, I would support the position taken by Doctor 2 about the impossibility of determining whether a person has some psychological states. This matter cannot be determined with unconditional certainty. However, I still hold onto the view that determining psychic states remains a complex issue and could only be subject to matters of observation.The patient has shown some rum strength of character including good memory. She also behaves in a manner that is perfectly logical and determinate. It is distinguished to consider some of the factors that determine the existence of a soul outside the condition of an organic brain. This brings into attitude the question of the soul and body. I hold the view that the object and body are not just connected. The mind is independent of the body. The soul relates to the body through some kind of a complex alliance that may not necessarily relate to the organic brain. On this note, it becomes nece ssary to inquire into the relationship mingled with the immaterial soul and the body. Such an inquiry could also involve a study of the relationship amongst the mind and the body.A non-material soul could exist even in the absence of the non-organic brain. This is because there is no absolute evidence that links the non-material essences of existence to the material. The relationship could be more complex than the presumed correspondence between the mind and the body. On this matter, it becomes necessary to investigate the precise relationship between the mind and the body from the dimension of their points of contact.

Contemporary Masculinity Coursework Example | Topics and Well Written Essays - 7000 words

Contemporary maleness - Coursework ExampleSome say the shift was caused by the womens movement, which brought men and women on equal footing. Others argue the intellect is simple economics, with men needing to be well groomed to be more competitive in a tightening job market. Still others trace the phenomenon to the proliferation of media and the changing face of consumerism.Whatever the reasons, the men exhibiting the old attributes of man ar held less likely to play a significant part as graphic symbol models for the early days in modern civilised life. Todays examples of modern manliness are David Beckham and his courtliness, Peter Mandelson and his buttoned-up punctiliousness, and Ruth Kelly and his persistent refusal to buckle under pressure 1. The new models of masculinity, according to the growing literature on the subject, require that they no longer engage in barroom brawls and out-drink everybody. They get themselves into trouble now and then but they are not above re gretting their actions and feeling contrite for these, as gleaned from the frequent outbursts of Beckham on court, for which he would apologize to the sports fans subsequent on. More important, the new icons of masculinity are fastidious close to their appearance such that this has given muster up to the unisex beauty salons, which used to service an all-female clientele. What brought about this marked shift in perception about the concept of true masculinity Were there any events or male personalities then and now that influenced this phenomenon If so, how exactly did it happen These then are the major questions that this paper will seek answers to. The objective is to see what agent or conglomeration of factors and events brought about the change in the new concept of masculinity, and why characteristics previously considered indecent of a real man now seem to make up the epitome of manliness. Toward this end, the dissertation explores both the field and the literature for p ossible explanation. Section 1 will address metrosexuality, the name by which coeval masculinity is now known, by focusing on its origin, spread and influences. Section 2 discusses the possible role of celebrities from the movie world, politics and the upper crust of society in bringing about this fascination with a new kind of

Why standards Essay Example | Topics and Well Written Essays - 1500 words

Why steps - Essay ExampleAlthough this paper will focus most on standards in character reference to technical scientific requirements and standards, they atomic number 18 of course important in general too, and have super widespread importance and relevance. Introduction A standard in its definitive sense is a compulsory or agreed level of quality or attainment (Merriam-Webster). In other words, it is a promulgated set of guidelines that defines a certain criteria that an object, measurement, procedure or otherwise should fit into. It set out rules that spell as definitions or references for anything in particular and are expected to be enacted exactly as they are without change or adjustment. Standards are generally enforced not as rigid rules to make things more than complicated but rather to simplify things when viewing from a bigger picture. Standards allow all complicated in something, whether it is a researcher looking to publish a bit of in take a leakation, or a scho ol-age child wish to learn something, or a manufacturer aiming to sell a harvest-feast, or a consumer wishing to buy maven, to effectively and exactly explain what they are offering or understanding, without ambiguity or confusion (Brownell, 1917). Where these standards are used and how they are used is what this paper will now begin to examine. Consider the standards apply by a manufacturing industry. To a certain measurable level as a standard reference breaker point is very important for them for a great number of reasons. Without manufacturing norms, products would have little to no mobility. to each one country and manufacturer would be working on their own terms of reference, thereby making it ticklish for a consumer. A typical consumer will buy products from different manufacturers or will use function from different companies, and will ultimately have them all at use in one place. It would therefrom be redundant and a hassle to have one particular product in one sp ecific room only and be unable to use anything else with it, as they would not be standardised to work with each other. Furthermore, if you consider using the product or service in another country, unless the plugs, sockets, potential drop supply required, power consumed etc were not standardized, it would be impossible to import or export a product for any widespread use. In terms of scholarship though, standards have an importance so immense that without them acquirement would not only be unable to progress, rather they would face setbacks so severe in the fake of chaos and confusion that it would ultimately do more damage than good. One main reason for this is that science is not localized. It is universally applicable, universally required, universally used and therefore, universally researched upon and worked with. When there is a subsidized standard in place, a scientist in Muscat can pick up the thesis of a scientist in Russia, build upon it, research it further and prod uce a paper with terms and references of a specific stage so that tomorrow, when someone in yet another country wishes to learn from it, they will do so without confusion and conflict. Communicating on a standardized subject is far easier than having to communicate on a relative subject where first you would have to explain your terms of perspective and then get your point across. Luckily, some standards have been in use for so long and so widespread that they have croak second nature to use and alternates are not even considered. For example, when illustrating the size of an object, without a standard form of measurement, we would have to employ words like crushed and big, which are relative terms. To say something is very small could mean a very large number of things,

Destination Report & Presentation Assignment Example | Topics and Well Written Essays - 1750 words

Destination Report & Presentation - Assignment caseThe paper intends to make a comparison between 2 universal tourist end points of the country and eventually make a few important recommendations for the policy maker associated with the tourism industry of the nation. Overview The world of the twenty-first century is moving at a fast pace. The fast pace of advancement of the modern mean solar day world is happening more on the lines of rapid change and tremendous development. It is of high importance to acknowledgement that the evolution of the telecommunication technology along with the process of emergence of high speed internet and various(a) kinds of technology enabled gadgets has government issueed in the process of playing a tremendous amount of influence in the lives of the bulk around the world. It needs to be mentioned that because of the lines of emergence of high speed internet connectivity, the network of communication channel has improved in a drastic manner a ll over the world. Because of this technology powered transition of the world around us, there has always been a steady evolution of various kinds of trends associated with the factor of worldwideization. The trends of globalization, is resulting in the process of evolution of various kinds of new types of consumer demands. These new consumer demands are increasingly paving the way for a significant amount of business opportunity. Because of the rise of business opportunities, many firms located in different global markets are increasingly entering new markets. This is automatically triggering an increase in competition in the market. For the conclude of sustaining themselves, while retaining their competitive edge, the companies are increasing the pressure of performance on the employees. As a result of increasing stress in the workplaces, the people around the world are increasingly looking transport to relax by taking some highly enjoying vacations. The focus of this project is to compare and contrast two different tourism locations of Canada while judging them on the basis of factors like tourism planning environments, destination components as well as relative position in regards to tourism destination cycle. The two popular tourist destinations that have been chosen in this case are Harbourfront Centre as well as Banff National Park of Canada. Comparison of Harbourfront Centre and Banff National Park Harbourfront Centre Brief Overview The Harbour bird-scarer Centre is a neighbourhood located on the north shore of Lake Ontario, within the premises of city of Toronto of Canada. The history of the region highlights that the harbour of Toronto has been using since the days of founding of Toronto for industrial as well as shipping purposes. However, the Harbourfront Centre was formed on the first day of the year 1991 as a non usefulness organization dedicated towards charity. It has a mandate to organize as well as present usual events over a regional spread of around 94 acres. As of the current times, the Harbourfront Centre was change into a popular all year round tourist destination. The offering of the tourist site comprises of a sizzling blend of culture, arts, recreation along with indoor cafe and outdoor patio. Various events of

Consequences of Innovation Essay Example | Topics and Well Written Essays - 250 words

Consequences of Innovation - Essay fashion model, people with big cameras at home, adventurers, non-governmental organizations that collect and distribute employ cameras to the needy, and the press experience the creation and public exposure of the digitalcamera. The student organizations, photography clubs, and the press are winners in this case since they enjoy the aspect of configuring the digital camera to operate in a low-resolution refocusable mode and a high-resolution non-refocusable mode.These social groups image and organize so farts that require them to operate in different resolutions. These groups can now take digital photographs even at night since the digital camera have an image sensor that captures digital images (Border and Young 1). Indeed, investigators and police can now take clearer and authentic images as forms of criminal evidence. Moreover, the winners can now take images that harmonize to their specified virtual image planes (Border and Young 1). On t he other hand, camera retailers and non-governmental organizations that collect and distribute used cameras to the needy are losers in this case. Indeed, camera retailers get out suffer losses from the old camera since consumers will shift to the digital cameras platform. Non-governmental organizations that collect and distribute used cameras will be dealing with cameras with outdated features indeed limiting their value.Border, John Norvold, and Richard D. Young. Digitalcameraincluding refocusable imaging mode adaptor. Nov 26, 2013. Web. 3 March 2015.

Environmental Scan Paper Research Example | Topics and Well Written Essays - 1000 words - 1

Environmental S whoremaster - Research Paper ExampleWith strong engineering science capabilities, intersection has highly skilled managers and builders to manufacture automobiles meeting stringent needs of the market. The companys brand name has evolved everyplace time for last several decades and it is known as the reliable auto-manufacturer among customers. It has well-established R&D facilities to develop fuel-efficient engines that can meet the most stringent norms of the market in terms of flue gas emissions. As per companys website information, match 77 units either full-fledged assembly lines or component manufacturing units atomic number 18 in operation globally. At least one-third of these installations are in the US alone (List of Operations Worldwide, 2013). It is pertinent to note that hybridization continues to attract committed workforce with diverse background that include ethnicity, race, culture, age, religion, and gender and the company puts considerable eff orts in imparting training to their workers for the organization development (Diversity, 2013). External Environment of cover External environment of Ford Motors is quite challenging. ... Source http//corporate.ford.com/microsites/sustainability-report-2011-12/blueprint-strategy Its recently launched model Fusion with an array of technology features that matches with the luxury features of the Aston-Martin a grand sports car has been able to grab one of the top slots in prestigious markets of California. Its sales are up significantly in North California replacing Toyotas and Hondas of customers (Ramsey, 2013). Current trend is towards developing and offering brightness gadgets to consumers and accordingly, Ford has tied up with Microsoft to develop a Smart Car with some fancy features that are not available anywhere so far. Since early 2012, Ford Motors business strategy lies in implementing its atomic number 53 Ford Plan. It essentially consists of four-point business plan fo r achieving success in the market place and they are restructuring operations precipitously to meet needs of the market developing new models/products as per the need of customers directing workforce to work effectively as one cohesive team and working towards improving the companys residuum sheet. ONE Ford Plan encourages teamwork, brings focus on its objectives with a single global approach. Much of the focus has been put on working as a single team to achieve business leadership. ONE Ford Plan is supported by a set of behaviors that govern all employees of the organization. Strategic success is measured through satisfaction levels of customers, employees, and associates such as dealers, suppliers, investors and the communities in which the company operates. ONE Ford decides intimately goals and expectations of employees regardless of which global plant they work at. The focus is on behaviors and skills that all workers must demonstrate to

International Marketing - Hofstedes Cultural Framework Essay

International Marketing - Hofstedes Cultural mannikin - Essay Example(Answer.com) Air conditioner, refrigerator, tube-lights, bulbs, electric fans, heaters etc also come under the same definition. Since the contemporary geezerhood is the age of technological advancement, computerization, automation and mechanization, electronics goods and items have become an essential part of everyday life during the in advance(p) age and are used in offices, residences and all other institutions at large all all over the world.Japan based worlds renowned electronic entrepreneur Hitachi Consumer Electronics accompany is one of the arbitrary electronic organizations of the world, which maintain a wide range of products including air conditioners, refrigerators, heaters, switch-boards, juicers, grinding machines, domestic equipments, medical equipments, allergic reaction diagnostics, automotive components and long list of electronics spare move. Their consolidated sale is estimated around 10,24 8 billion Japanese long during the fiscal year 2006-07 (wikipedia.org) Recently, it has also introduced computer accessories to provide the customers with high quality products related to information technology. Hitachi Ltd. is drag out of the household computer business in the latest shift among Japanese electronics makers to refocus their winding operations. (GMA News TV) The Company has hired the services of nearly 400,000 employees working in hundreds of its branches in all parts of the globe, which work very hard from dawn to dusk for the good name and fame of the company. It is therefore the products of Hitachi Consumer Electronic Company are thought to be the sign of high quality and the consumers in different countries of the world withdraw its products for office, domestic, commercial and industrial use. The global parts procurement capability of Hitachi, coupled with its state-ofthe-art manufacturing facilities, allows to realize

P.Sc.1001 term paper Example | Topics and Well Written Essays - 2500 words

P.Sc.1001 - Term Paper ExampleEnsuring the public good is no simple task, but nonetheless with good policy it is very possible to work toward a give out future. The public good is substantively defined as the safety, liberty, health, and welf are of the United States. Safety is mentioned because it is in the better interest of Americans to be entertained from all dangers. Ensuring the public good would therefore include fortress from crime, from di sease, from inadvertent accidents, from foreign attacks and invasion, from atmospheric and environmental threats, and any risk to health or life that can be minimized or controlled. Health is a similar depicted object, and in the case of government responsibility calls for sanitation and prevention of exposure to dangerous materials or illnesses. Thus, this calls for short air, clean water, and even clean streets. In addition, it calls for regulations of food for thought and other consumable items that may cause illness. Liberty and welfare are both part of a much less physical and concrete realm than safety and health. These two aspects of the public good are largely philosophical, and largely tied to the founding topicls. Americans are familiar with the phrase life, liberty and pursuit of rejoicing, as well as the similar life, liberty and property. A combination of these two encompasses the overall idea of liberty and welfare. These two can be separated however when taking a paternal follow for one and a maternal view for the other. Liberty is generally paternal, and thus is something that the state protects rather than provides. The American government should pursue the concept of an island of constitutionality, where the law applies to small areas here and there within a sea of liberty. A poor alternative to this is having islands of liberty that are afloat upon a sea of legality, where the government regulates closely everything unless specified. The former approach is in the interest of the publ ic good. Welfare is a maternal concept, and involves the government providing for its citizens. Basically, this encompasses the essential services that must be paid for with tax dollars, to include roads, postal service, and the other agencies that basically cover health and safety. Welfare also includes, beyond health and safety, the opportunity to pursue happiness, and thus provides for equal protection under the law, prohibition of slander and libel, prohibition of fraud, regulation of work hours, and other laws that dont protect health or physical safety but more the emotional and mental wellbeing of citizens plot of land ensuring that all business is conducted fairly and with equal opportunity. Welfare is therefore the assurance of social fluidity and fairness, and emptying of discrimination and exploitation. If American society therefore provides for safety at home and abroad, keeps the environment and the population clean and healthy, ensures liberty is granted and protect ed, and also regulates society to guarantee a fair and equal field of play, whence the public good has been well served. These issues are those that are most important to Americans and that the government is entrusted with addressing. The first issue on which a recommendation is necessary is on health care. The current state of American health care is well summarized in a report by the American College of Physicians, where the group points out what is lack and what it

What is Fibromyalgia Essay Example | Topics and Well Written Essays - 250 words

What is Fibromyalgia - Essay Example somewhat of the master(prenominal) symptoms relied upon by the doctors during the diagnosis atomic number 18 fatigue, pain and sleep misgiving (Bellato et al. 2012). The above mentioned symptoms are also direct primary symptoms. A study by Medifocus.com, Inc. Staff, (2012) acknowledges that, these symptoms in almost 80% to 100% of the patients. On the other hand, there are other symptoms leveled as associated symptoms of fibromyalgia. They include headaches, irritable bowel syndrome, chronic pelvic pain, vagary illnesss, irritable bladder symptoms and hypersensitivity to cold temperatures.The disorder can be classified into primary and secondary Fibromyalgia. endeavor of the latter can be evaluated but the former, primary fibromyalgia is quite hard to ascertain. According to Medifocus.com, Inc. Staff, (2012), primary Fibromyalgia is also referred to as idiopathic Fibromyalgia, this kind of disorder is hard to target its main causes. Howe ver, secondary fibromyalgia is easy to identify its main causes because it arises after a long time of living with disease such as arthritic arthritis. Research also reveals that trauma or brain injury can cause fibromyalgia due to the disturbance to the central nervous system.The main aim of treatment of the disorder is to reduce pain, develop physical functions and to fire sleep disturbances. Common symptoms such as depression, pain and others show that the cause of the disorder is quite complex. The disorder can be inherited or caused by environmental issues. This calls for both medication and non-pharmacological treatment (Bellato et al. 2012). Some of the drugs used for treatment of fibromyalgia include analgesics, muscles relaxants, antidepressants and anticonvulsants. Some of these drugs are meant to reduce stress and reduce sleeplessness. For example, Tricycle antidepressants are prescribed to patients with sleep disturbance (Medifocus.com, Inc. Staff, 2012).Bellato,

Laws and regulation relating to the kentucky board of embalmers and Essay

Laws and regulation relating to the kentucky board of embalmers and funeral directors - Essay fashion modelA funeral establishment cannot operate unless under direct supervision by a display panel clear embalmer or funeral director and each of these gameboard licensed individuals cannot operate more than one establishment at any given time. Each year, a license must be issued and processed by the calling card along with the applicable reincarnateal license fee of $100. Along with this yearly renewal fee, every Board licensed embalmer and funeral director must attend a minimum of four hours in a continue education program or programs approved by the Board.If a license has expired and failure to renew within three years of the license expiration date, the applicant pays a late fee and provides establishment of attendance at the continuing education course along with die harding an examination outlining the ability to pass a competency examination.It is possible for a person ho lding an embalmers or funeral directors license from another relegate or federal district to obtain a Kentucky license provided this individual has met the same or convertible requirements for a license set out in provision KRS 316.030 and pays the required fees and license renewal fees to the Board.The Board can revoke or suspend a license should there be a violation of provisions of the Board g

Proposal on Higher Education in Qatar Research Paper

Proposal on higher(prenominal) Education in Qatar - Research Paper Example1. Introduction Satellite campuses are normally plotted to facilitate those who cannot visit the main campus because of the distance. Programs offered at these campuses offer access to higher education for learners who cannot go to tralatitious campus because of the travel time. It as tumefy offers a cost-effective way to for students within nearby regions (Rovai et al, 2008). Satellite campuses in Qatar are developed to facilitate learners who cannot travel a long way from home for their education proscribed-of-pocket to personal responsibilities, monetary restraints, and / or other issues. The accessibility of such campuses likewise boost higher tuition enrollment by non-conventional learners (Mohamed, 2005). Qatar foundation has adopted electronic communications technology to ease the functions of send campuses. Classes carried out in main campus can be broadcasted to other places by means of distanc e education, students in satellite campuses can browse library materials on the main campus by electronic means, and technology permits the institution to administer registration, enrollments, and monetary assistance dealings distantly. 1.1 Background and Significance Satellite campuses give a chance to learners to glide by higher studies without the need of traveling far from their residences. They have been developed to offer financial incentive to a depressed region, and have provided access to students who would otherwise not have had a university option (Simonson et al, 2011). These learners are also from lesser financial status, maybe educationally underprivileged. They are no less worthy for a equitable quality learning experience than their associate students in city or main provincial campuses, where economies of dental plate are feasible, amenities are well recognized and workforce is additionally skilled. Flexible deliverance via contemporary interactions in addition to information technology can productively sustain small and distant satellite campuses. 1.2 Research Statement To investigate Qatari students preferences toward diametrical higher education systems in Qatar 1.3 Research Questions 1. wherefore did students opt for satellite campus instead traditional campus? 2. Were the learning outcomes ( tasked by grades and perceived level of learning) are different for satellite campus and traditional campus? 3. What is the perception of students about quality of education in satellite campus versus traditional campus? 2. writings Review It has been the policy of Qatar Government during recent times to raise admission to higher education. Total numbers pool have increased and a bigger percentage of school dropouts have taken admission again. in that location have been courses to aim at and support recognized justice groups. There have been actions taken to assess the access, involvement, achievement and maintenance of these factions of stud ents in every higher education institute. When the expressions flexible delivery as well as flexible education initially linked with admired educational jargon, they meant little more to legion(predicate) people than paper-based distance learning, like the correspondence courses which had been around for some decades, and the way many students had already pull in their degrees

Mission, Vision and Stakeholders Essay Example | Topics and Well Written Essays - 2000 words

Mission, Vision and Stakeholders - Essay Example6). In order to assess the operations of Better seat from the perspective of its stakeholders, it is important to assess the foundation on which the organization has been established. Being a part of the car industry, the business plan of Better dwelling is swinishd on a revolutionary and visionary political theory which aims to challenge the conventional dynamics of political machine development by intending to establish a countrywide web of electric cars. The companys program rests on the teachings of social entrepreneurship, which in this particular case aspires to decrease and gradually eliminate the automotive industrys reliance on oil through the internalization of research and development efforts (Etzion and Struben 2011, p. 2). Stakeholders Indeed, Better Place exists in the business because it believes that change is the most fundamental fatality of the automotive industry and it is possible to inspire this change by c ooperating with the stakeholders of the organization. By assessing the environment in which the company operates, its stakeholders can be identified as follows 1) Israeli government 2) National electric utility 3) political machine manufacturers 4) Battery companies 5) Venture capitalists and Investors 6) Potential customers of electric cars 7) Local authorities 8) International firms 9) International Governments United States, Japan, Canada, Denmark and Australia Stakeholder office In order to conduct an effective analysis of Better Places stakeholders, the tool of stakeholder mathematical function can be implemented to 1) highlight the level of stakeholders interest in favoring or contesting a schema that is forwarded by the firm and 2) identify the extent to which the organizations stakeholders have the power to do so (Johnson, Scholes and Whittington 2008, p. 156). The key realise of categorizing the firms stakeholders on the basis of the variables of power and interest is that such knowledge is critical to the formulation of strategy as it reveals the firms true dependency on its stakeholders. The diagram presented below demonstrates the stakeholder mapping for Better Place. A Minimal Effort B Keep Informed Local authorities C Keep Satisfied Venture capital firms Potential customers of electric cars D Key Players Israeli government National electric utility International governments and firms Car manufacturers Battery companies Referring to the diagram, venture capitalists firms and potential investors must be kept satisfied with the progress of the project in order to ensure that continued funding is provided by the firms in the third and subsequent rounds of funding. The key players in the venture are external actors namely the Israeli government, international governments and firms. The feasibility and viability of the project is greatly dependent upon the establishment of partnerships with organizations such as the Big ternion auto manufactu rers in Detroit as well as Toyota which have access to a customer base that would be otherwise inaccessible to Better Place. A concluding assessment of the diagram demonstrates that Better Place exhibits dependency upon external partners who must be convinced regarding the viability of the venture to sustain long-term associations. Topic 2 Industry and Scenario Analyses Porter Five Forces The assessment of the in which Better Place operates draws from the forces which exist in the automobile industry, the personal transportation industry and the EV market in specific. Discussing the current scenario with regards to the development of electric and fuel-efficient vehicles, Etzion and Struben

Social Media and Loneliness Essay Example | Topics and Well Written Essays - 1500 words

Social Media and Loneliness - see ExampleThe irony of situation is that amicable media has isolated man from man. At one level it has brought strangers across the globe close together and at the same time the neighborly media have dissociated people from their prompt environment. Young Internet users become so engrossed in their virtual affable interactions that they are on the whole unaware of the people sitting around them. This behavior results in isolation and loneliness of the youth. The connection with social media disconnects them from their real life friends, family and other acquaintances.Many researchers, psychologists and educationist have showed concerned towards the heavy use of profit by teens and in this connection, they have, tried to find out the impact of this excessive use on the social life and education of adolescents. Subrahmanyam and Smahelcite a study conducted in Pittsburg which collected the data almost teen internet users of 93 families and through questionnaires and interviews found out that more heavy users of the internet showed a decline in social involvement ( communication within the family and size of peoples social networks) and increases in loneliness and depression (131).Jordon while looking into educational implications of excessive use of social media by adolescents has also tried to connect it with loneliness and depression of the youth. He has suggested control of such activity by parents and teachers for the proper health and development of young persons (qtd. in Mcwhirter et al. 125).In March this year, theNSPCCpublished a fine breakdown of calls made to ChildLine in the last five years. Though overall the form of calls from children and teenagers had risen by just 10%, calls about loneliness had nearly tripled, from 1,853 five years ago to 5,525 in 2009. Among boys, the number of calls about loneliness

India Essay Example | Topics and Well Written Essays - 1000 words

India - Essay workoutHinduism practices a diversity of beliefs. The first and major belief of Hinduism is the belief in the sacred reality, which is founded upon brahman. Brahman is the ultimate authority on sacred reality. He is considered as the manifest basis of the entire unmanifest (Griffin, 1). This mean that Brahman is the manifestation of either the Vedic gods and this makes him the creator and the mental home itself. He thus considered being eternal, changeless, perfect and domineering (Griffin, 1). The effect of this belief in gentleity is the foundation of the belief in a supreme being. benevolent beings practice religion due to the belief in a supreme being, which is seen as the radical of creation and authority on earth. The Supreme Being is depicted as one that must be accorded lever and obedience to its laws and teachings. It is this belief in a Supreme Being that evidences the aspect of universe that demands respect to be accorded to the Supreme Being. The b elief on life, death and reincarnation taught by Brahman is an indication of the perceptions held by human beings on life after death and the origin of life. The second vision of India is founded upon the teachings of Buddha. Un deal Hinduism, Buddhism dies not reckon in creation or the existence of a creator god. It instead teaches on the impermanence of all reality and the need to focus on experiencing the present. It also teaches on the absence of an entity within the human body. This means that contrary to other human religions that lay an emphasis on the human soul, Buddhism does not place whatever belief on the existence of the human soul. Rather, it places belief on reincarnation and the need to preserve racy standards of righteousity. In this respect, Buddhism explains humanity as independent existence guided by faith and high moral codes (Griffin, 1). Sikhism, on the other hand, has some degree of monotheism. It places belief on all powerful, magnificent, and immanent b eing. As strange to the other visions, Sikhism place belief on creation. It insists that the world was created by the utterance of god. This view explains the source of humanity as originating as a creation by the divine being. According to this vision, humanity arose by creation. Jainism, like Buddhism and Hinduism, does not believe in creation but rather in reincarnation as the source of humanity. However, as opposed to the other visions, it places firm belief on the law of nature. This is the law of Karma, which may be described as the human soul, and is responsible for governing human conduct through the notion that speculative deeds collect on the karma making it sticky. All these visions of India, though dissimilar in some aspects, take on on the insistence of divinity arising from nature. It is this convergence in these visions that may be used to argue that these similarities ashes the Indian vision on humanity. 2 The views of the visions of India are divers(prenominal) from Europe and North East countries. The set out vision of India is Hinduism that has influenced other religions in a great way. The religions affected in India are Islam, Christianity, Sikhism, Buddhism, Jainism and Bahai. India has accepted divers(prenominal) religions to be practiced by its citizens and has fostered on the freedom of worship, which has been the main factor that has promoted the diverse worship of religion. The vision, Hinduism refers to different types of believes and religion practices that religious individuals practices to their different

Critical Analysis of A Mother in Dubliners Essay Example for Free

Critical Analysis of A Mother in Dubliners Es narrateIn the short story, A Mother, James Joyce highlights four different aspects Theme, Style, Language used, and the Characteristics of the Characters. There argon five different themes highlighted in the story. The foremost one is palsy, which is the central theme for all the stories in Dubliners. In this story, paralysis is shown with the storys main character, Mrs. Kearney, who is constantly relying and depending on her daughter, providing her with a very best education and making her follow a career in music. Paralysis could also be seen with Kathleen Kearney, who was forced by her mother to follow a musical career, and the elbow room approximately people eventually say that she has no future in music whatsoever. The second theme, marriage, deals with the way it is visualized in a negative way. Mrs. Kearney got married out of spite, and there isnt much romance in the race between her and her preserve, although this doesn t suggest that she has completely given up her romantic ideas. We also see the portrayal of husbands and wives, or family life in general, in a negative way.See more how to write a good critical analysis essayThe third theme is class distinction. This is to do with how Mrs. Kearney keeps on bragging to her friends that her husband is taking her and her daughter to Skerries and they spend their money on Kathleens education and music lessons, to help prepare her for the concerts. some other aspect that highlights this theme s Ms. Kearnys use of language, which is that of an upper class, and this shows that she legitimate an education that was as good as her daughters. The fourth theme is culture and religion.Certain aspects of culture are highlighted when we are told nearly the grand concerts, which are part of the Irish revival. Also, we see the way the Irish language is kept alive, like the way Mrs. Kearney and her friends say good-bye in Irish. As for religion, we find out that Mr. Kearney was very religious and he often went to church by himself. The final theme is materialism. This is to do with the way Mrs. Kearney is opportunistic, and how she is persistent with her daughter receiving money for all her performances.Joyce uses a satirical writing style in this story. This means that he is making fun of the characters indirectly/subtly. For example, the fabricator refers to the concerts as grand, when in reality they are a failure, and the way Mr. Holohans friends call him Happy Holohan. Also, the way he refers to the artists in the concert as artistes. Another aspect of Joyces style is impressionism. This is to do with how the narrator just tells us about the story (gives us a feedback) without revealing anything to us.For example, the narrator tells us the story through the way he sees it. He does not state his opinion, but instead he leaves us with what information we received from him to come up with our own conclusions of the characters. Naturalis m is another aspect of Joyces style. He uses real places and real name in the story to give the reader a sense of place. The language Joyce assigned to the narrator is primary and flamboyant. For example, People said she was very clever, a very nice girl and a believer in the language movement (p. 155).There are two forms of language spoken by the narrator talk about the characters and providing information (Miss Devlin had become Mrs. Kearney out of spite She was educated in elegant convent ), and speaking on behalf of the characters (People said she was a very nice girl ). When reading the story, we reach a few conclusions about the characters. Mrs. Kearney is revealed as a snob, conceited woman living in middle-class Dublin, and received a high-class education. We see that she has a harsh and cold attitude (Her ivory manners were admiredShe sat among the chilly circle of her accomplishments). Mr. Kearny is a pious and sober man, he does not have a romantic relationship with his wife (not enough love), but he is always there to help and support his wife. Mr. Fitzpatrick represents the negative positioning of the male characters. Because of him, the concert ended in failure. In this story, Joyce has highlighted many aspects, ranging from themes to style, and he elaborated on them with detail, which helps the reader understand the way he portrays real life in Dublin.

Fitzgerald the Misogynist Essay Example for Free

Fitzgerald the Misogynist seekAt first, the female characters in Fitzgeralds The Great Gatsby seemed to be rather dissimilar. Daisy was the angelic and innocent beauty, Jordan was the androgynous golfer, and myrtle was the sensuous and vivacious seductress. One was from the holy heavens above, another from the sinful depths below, and the last from the neutral in between. Seems like a good balance, however, as the story progresses, we see more and more that the angle is a fallen one, and that the human is a demon in disguise. All third women in this fiction utilisation men in some form to get what they want. Looking at the depictions of the female sex in this novel, I believe that, yes, Fitzgerald was a misogynist.Daisy is a railcareless siren who uses everything given to her by birth to gather what she loves, namely attention, adoration, and social status. The only thing that will give her the three is wealth, and the only thing that corporation give her wealth is Tom Bu chanan. Despite having supposedly change her mine (Fitzgerald 74) just prior to their wedding, Daisy inactive married Tom Buchanan without so very much as a shiver (75), and very eagerly uses her new-found currency and power to buy her way to the top. It is evident that, from Daisys point of view, true love cannot compare to the money and panegyric she craves.Upon her reunion with Gatsby, the first in five years, she breaks down into tears because shes never seen suchbeautiful shirts before (89). The beautiful shirts have by Gatsby have proven to Daisy that he is even wealthier than Tom, and this fact s ends Daisy into a deep lament. That is, if she had just stayed with Gatsby from the beginning, confuse be receiving even more attention and adoration than the already considerable amount she possesses at commit because Gatsby could have offered her even more than the immense fortune she already holds. Poor, poor girl.Jordan is the least female of the three females, and I belie ve this is the reason why Fitzgerald did not have her meet an untimely death, destroy familial relations, or come to any other end she could have at the mercy of a woman-hater. Jordan is part of the wives and daughters who emerged from WWI as androgynous, self-esteemed, and slightly misandric new women. When Nick first meets Jordan, she was perceived as balancing something on it her chin which was quite a likely to fall (14). Though it isnot directly stated, I think Jordan is balancing men on her chin. New women like Jordan dont need men, and thus they must use men to prove just that.myrtle is the home wrecker of the novel. As a direct result of her affair with Tom, she gets herself killed, which leads Wilson into shooting Gatsby, which obviously puts an end to the Gatsby and Daisy affair, the result of which leaves Nick disgusted and breaks it off with Jordan. Besides ruining the lives of everyone around her, Myrtle also meets the most tragic end of all the females in the novel. She is killed on impact in a gruesome car accident, while both Daisy and Jordan are at least left with the prospect of a fresh start. I believe this is because Myrtle is the most feminine of the three. Nick describes her as sensuous, and despite possessing no facet or gleam of beauty, there was an immediate perceptible vitality about her as if the nerves of her body were continually smouldering (28). If Fitzgerald was not a misogynist, then how could someone whose vice is simply being too much of a woman deserve an end as graphic as a left summit hanging loose like a flap (131)?This novel is certainly not one of blithely ever afters, and I believe the fact that women are portrayed as the causes of all the tragedies within this novel is reason enough to proclaim Fitzgerald as a misogynist.

Discrimination and Children Essay Example for Free

Discrimination and Children EssayThis Act was put in sharpen to cherish individuals so they will non be discriminated against age, gender, disability, race, religion, sex, civil partnership, sexual orientation. We mustiness give a minor an equal chance to participate and make appropriate resources available to reach their full potential. Children be unequalled individuals and go the right to be tough fairly with equal respect.Disability Discrimination Act 1995-2005When children with disabilities are discriminated against this causes them to loose confidence and are made to feel isolated. This policy was put in place to protect them for being disadvantaged. They should not be treated less favourably that non-disabled student without justification. They are entitled to have adjustment made for the purpose of education and association.2.3Evaluate how own attitudes, values and deportment could tinct on take to the woods with children and deal. In my setting, at Al-Ameen primary direct every one has their own values and opinions hardly share the same belief and this is vital in making personalities. However as captains take a leaking with children we must have a diverse approach. I never make sudden judgement on people or children. I am placid natured so I give children time to shine by and understand the objective. I present myself as a positive role model. As a professional makeing with children it is important that our attitude reflect our opinion and belief.eg. Children pray after lunchtime and I as a TA I supervise the children when they pray. However I dont pray at that time so I never discourage them, they choose to for themselves to participate. That is their opinion and belief as an individual. It is as well as important I do not let my own personal opinion have an impact on the childs judgment.2.4Explain how to promote anti discriminatory practice in work with children and green people. At my setting we have children from differen t backgrounds and cultures. In every day practice and to vacate anti discrimination we must show interest in learning about other cultures, lifestyles and work on building positive relationships. We also have a student from France who has a language bulwark so I would recognise this and make provisions so that he/she is not discriminated in whatsoever way such as helping the children to write or draw in their books. Speak slowly, or use French words. When I started in year three I noticed some children were essay with thick pencil so I made the teacher aware of this and changed to thin pencil and without delay we notice children enjoy writing. Moving the tables around to give children easy access. Moving the children closer to the board or reading out the questions. I would give some children extra time to complete the set task. This would go over all children have the same opportunity to learn and be included in all aspects of aim life.2.5Explain how to challenge discriminat ionThe discrimination must always be challenged, according to the school policies, this is through with(p) through the behaviour policy, equal opportunity or Anti-bulling policy. Staff must follow the policies and procedures in place for discrimination. It has to be dealt with immediately. This whitethorn need to be recorded in a incident book. The discriminatory behaviour and comments may also need to be recorded. Sometimes children may say something without understanding the implication of their comments in such cases they must be made aware that such comments would be reported. They should be reminded that everyone in the school should be treated fairly and respectfully.If I heard a white girl making comments to a murky girl such as you shtupt be queen you are black. I would explain to that child that her remarks are hurtful and that every one has the right to be treated fairly so you should not judge people by the colour of their skin.Three boys tell a girl you cant help buil d the wall its mens work. As a TA I would go and talk to the three boys by asking wherefore they think that and where they heard it . I would tell them that every one should be treated equally hold they are a boy or girl because we can all do the same job. Eg. Your soundless cooks and she is a women but when you go to restaurants why are there men who are chefs. When you go to hospital there are men who are nurses.2.1Explain ways in which children and young people can experience prejudice and discrimination There are many different ways in which children and young people can experience prejudice and discrimination at school. One way might be trying to fit in with the expected appearances and behaviour. They may face discrimination or even be bullied. If a child is deprived of basic necessities like not having the enough food, looking untidy, not patch up school uniform then this could lead to the child being discriminated against by other children. Some children may face sexism because boys may not include girls in certain activities eg. When a boys shrink from with ball they think girls do not play with a ball. Children from other cultural backgrounds may not play with other children because they should only play with children from same background. Children with disabilities may not be involved in an activity with other children that could mean they have been discriminated against.

The Structure of Scientific Revolutions by Thomas A. Khun Essay Example for Free

The bodily structure of Scientific Revolutions by Thomas A. Khun EssayIn The Structure of Scientific Revolutions, Thomas A. Khun argues that scientific f all in all out is not a matter of the slow, steady accumulation of knowledge over cartridge h ageder all if, rather, that it is char exertionerized by long-standing beliefs round the world being radically overturned by the denudation of in the altogether info that fails to conform to animated frame industrial plant. He also argues that the nature of the progress of cognizance tends to be mischaracterized in textbooks and in educational practices, which typically cast the progress of acquisition as a accumulative acquisition of knowledge where virtuoso breakthrough follows logically from the last. In the essay, Khun uses the term substitution class to describe what knowledge at large legitimately h some date(a)s to be avowedly about nature. The explanation of a figure is a temporal one(a) subject to c argon en and any given figure of speech only survives so long as it is useful to the running(a) scientist. These range of a functions I take to be universally recognized scientific achievements that for a time provide model riddles and solutions to a resolveicipation of practicians (p. ix), he states in the books foreword. This definition of a scientific mental image is inseparable to Khuns reasoning. Kuhn goes on to deconstruct the process by which transitions take place, how they atomic number 18 generally brought to be authentic and how they influence the consummation and attitudes of the scientists that work within their parameters. For Kuhn, a regeneration in epitome equals a revolution in science. The icon is central to the work of what Khun calls design science which he defines as firmly ground upon one or more than past scientific achievements, achievements that some relegateicular scientific community acknowledges for a time as supplying the foundation for its further practice. (p. 10) This is the stuff of text books, the academy and what forms the majority of scientific look for.Much of universal science business c erst timerns itself with trainting what information is gathitherd by practitioners into the predefined box provided by the real paradigm. Described by the author as mopping up operations, these endeavours occupy the working lives of closely scientist. Practitioners of normal science are not concerned with the separatey of peeled information that fails to fit the existing paradigm (p. 24). In the workplace, the word paradigm has taken on a much less structured definition than that apply by Kuhn. A paradigm may well describe a stream consensus of scientific thought and practice or it might describe a series of declarations expected of the practitioner by they who fund the experiments. It could describe a corporate paradigma word that corporations do not flicker to use and stretch to the point of nonsense-that serves as a working model for how the business at apply ought to be carried out. The use of the word paradigm in the workplace differs significantly from Khuns. Where Kuhn is careful to offer a complete, concise definition of the term, in the casual language of the workplace a paradigm can restore to almost anything that serves as a model from which something is expanded. The story of the evolution of science is a story of one paradigm being replaced by another. For a new paradigm to emerge, it moldiness be so get and so better-suited to explaining the observed instauration that it perpetrates scientists a government agency from the old paradigm which preceded it. It also essential(prenominal) leave ample to be discovered that those who engage in seek are compelled to embrace the new paradigm (p. 10). at a time the new paradigm becomes the ensnarement view, the work of normal science becomes concerned with finish the empirical research that necessitated the creation of the new paradigm. The work of meeting factual information about the universe and the influence of the current paradigm on that collection is a defining characteristic of normal science. Kuhn breaks the process of fact gathering into three distinct categories the gathering of facts that the paradigm coming into courts to be grouchyly revealing the gathering of facts that can be compared to the predictions of the theory and, the gathering of facts which allow the resolution of ambiguities in the existing paradigm. The first type of fact gathering often concerns itself with refining data to a outstandinger degree of accuracy than was previously possible. The accuracy of the data scientists are able to gather utilise a refractor telescope is far exceeded by the accuracy of the information they are able to gather with a radio telescope. The pursuit of such refinements takes up a great patronage of the resources of normal science. It is precisely because the existing paradigm holds that the accuracy of data describing the personate and movement of astral objects is of the utmost importance that resources are committed to such pursuits. In the field of battle of normal science, a practitioner may become regarded as sectionalizationicularly accomplished through these endeavors. As Kuhn puts itFrom Tycho Brahe to E.O. Lawrence, some scientists have acquired great reputations, not from any novelty of their discoveries, just now from the precision, reliability, and scope of the methods they developed for the redetermination of a previously cognize manakin of fact . (p. 26)In this instance, normal science seeks not to innovate, but to refine the gist by which the paradigm is validated. It is also imperative for the paradigm to more unblemishedly quarter useful predictions and a second charge of normal science concerns itself with this. To this end, specialized equipment is created that allows more precise measurements of natural phenomena which serves to fix about data more in line with the predictions of the paradigm. In these cases, the paradigm not only dictates the headspring, but the methodology by which the answer is to be obtained.The existence of the paradigm sets the problem to be solved often the paradigm theory is implicated right away in the design of the apparatus able to solve the problem (p. 27). As Kuhn sees it, the machinery, method and the question itself all owe their design, and the nature of their application, to the paradigm they are intended to investigate. Kuhns third class of fact-gathering endeavors concerns itself with further refining the paradigm itself. This is the most important class of fact-gathering in normal science (p. 27) and Kuhn divides it into subtypes, being those which seek to establish a mathematical constant, those which aim toward the creation of qualitative laws and those which aim to articulate a paradigm in ways that describe phenomena closely-related to those which the paradigm wa s originally designed to describe. He describes this third class of data-gathering activities as more closely resembling exploration than the others (p. 29). Kuhn observes that normal science scrape ups itself with a lot of mopping up to be through on behalf of the paradigm. Mopping up can be downstairsstood as the work necessary to make findings fit the paradigm. Mopping up can also be understood by what it does not endeavor to do. Normal science, in its mop up efforts, does not strive to find anomalies and novelties that do not fit within the relevant paradigm, nor does it tend to pay much attention to those anomalies it does discover. Normal scientists dont concern themselves with inventing new paradigms nor are they particularly tolerant of those who do (p. 24). While this could be interpreted as an to a fault narrow, almost dogmatic, situation, Kuhn holds that such experimentation facilitates travelment within the paradigm and, thus, the resurrectment of science as a whole . Even though the work may be being done in the service of the paradigm more than in the interest of novel discovery, it still serves a useful purpose. As in many other instances in the book, Kuhn gives an historical mannikin to shore up his argument. the men who designed the experiments that were to distinguish amongst the various theories of heating by compression were generally the homogeneous men who had made up the versions being compared. They were working both with fact and with theory , and their work produced not simply new information but a more precise paradigm, obtained by the elimination of ambiguities that the original from which they worked had retained(p. 34). In this way, normal science working under a paradigm does increase the accuracy and misgiving of the natural world, how eer inflexible the reason for that work may be.An element of normal science that Khun finds characteristic is that it contains an aspect of puzzle- declaration(p. 36). Puzzles are a fel lowship of problems that require one to think creatively to find a solution. What makes puzzles particularly relevant is that in that location is only one correct answer to the puzzle. While a puzzle-solver may find a novel way to fit together the pieces of a jigsaw puzzle, it would be judged as wrong if that novelty did not result in the picture offered as the correct solution. Similarly, much of normal science concerns itself with finding answers which are known in advance of whatever effort is made to find them. A practitioner of normal science seldom sets out to conduct an experiment for which he does not already suspect he has the result. The big businessman of the paradigm is to make those predictions high-fidelityly and the lure of the puzzle is that it presents a problem where the skill of the scientist can be as realed by their ability to find answers that may have eluded previous researchers (p. 38). at that place is a certain minimal brain dysfunctionictive property in this, to be sure, particularly to those with the sort of curiosity-driven personality that lends itself to the practice of science. There mustiness also be rules that limit both the nature of acceptable solutions and the steps by which they are to be obtained (p. 38) . Again, the box with all its rigidity serves to paradoxically advance understanding the universe through its restrictions.There must be expectations for without expectations at that place is no way to define what is abnormal no way to determine what is novel. Kuhn uses the example of a machine that measures wavelengths of light. The machines designer must demonstrate that they are, indeed, measuring the wavelengths of light as they are understood by current theory. Any unexplained anomalies that fail to fit with what is expected are likely to be seen as a flaw in the design of the experiment that renders its findings essentially vain (p. 39). There is an obvious workplace connection to Kuhns description of how a paradigm functions to at once restrict and advance science. Were an anomaly to become commonplace enough that it merited investigation, then perhaps resources and time will be allocated to that pursuit. However, the tendency of normal science being to ignore or suppress anomalous findings, it is more likely that those anomalies will be disregarded altogether for cause of their adding nothing to the existing paradigm under which the scientists, and thus the workplace, operate. But, in cases where those anomalies cannot be ignored, where they are not sincerely yours anomalous but, rather, repeatedly-observed novel facts, the seeds for knowledgeability are sewn. A novel discovery can shatter a scientific paradigm and bring about changes that could have never been expected. After they novelties have become separate of science, the enterprise, at least of those specialists in whose particular field the novelties lie, is never quite the same again (p.52) . For a discovery to be truly no vel, it must satisfy two criteria it must not be predicted by the current paradigm and it must be something for which the scientist was not prepared. When this situation occurs, the paradigm cannot simply be added to in order to explain the novelty. The scientist must learn to see nature in a different way (p. 53) before the fact becomes a scientific fact. Seeing nature in a different way, however, presents a crisis. If the anomaly, upon investigation, becomes recurrent, a process get crackings where it becomes clear the that the paradigm must change. This cause a great deal of anxiety in the scientific community as a paradigm shift inevitably means that the techniques and foundations of science need rewritten. Kuhn remarks As one might expect, that insecurity is generated by the grim failure of the puzzles of normal science to come out as they should. Failure of existing rules is the prelude to a search for new ones (p. 68).This is an important observation for the practicing scie ntist. While it is voiced enough to regard anomalies as a failure of equipment design or of the practitioner, keeping ones mind open to the possibility that a novel, and potentially important, phenomena has been observed is imperative to the progress of science. Further assume within the paradigm may serve to identify the anomalous as the norm and thereby advance the paradigm as a whole.The study of the anomalies within the paradigm is, perhaps ironically, the best way to advance the paradigm itself. So long as the tools a paradigm supplies continue to prove capable of solving the problems it defines, science moves fastest and penetrates most deeply through confident employment of those tools (p. 76). Khun regards the crisis as an opportunity. The significance of crises is the indicator they provide that an occasion for retooling has arrived (p. 76) . Now that the crisis is at hand, what remains to be seen is how the scientific community will act toward it. It may seem that Kuhn is sometimes disparaging toward science for its rather strict adherence to its guiding paradigms. However, there are counterinstances to any paradigm that occur in most any research and, therefore, any research presents crisis (p. 81).Normal science does well to be pragmatic in the face of anomalous data, if only for the sake of saving time and money that can be directed toward more useful research. Scientists generally do not line up to renounce their existing paradigm in the face of anomalies. Even persistent anomalies that cannot be explained by a mistake do not generally present a crisis (p. 81). Oftentimes, proceed work within the existing paradigm will serve to resolve the anomalies. Sometimes these counterinstances are set aside to be resolved later if they prove not particularly disruptive. The process of a paradigm being rewritten has its own historical pattern. All crises begin with the blurring of a paradigm and the consequent loosening of the rules for normal research (p. 84) . When this occurs, science returns to a state similar to that which existed before the creation of the paradigm now in question. There is ambiguity, the opportunity for basis and creativity but within a small, clearly defined area. This situation, however, is where revolution is fermented. The construction of the new paradigm is not a slow, cumulative process, it is a complete reconstruction of the field from new fundamentals (p. 85). There will be a closure where both paradigms are used to solve problems but the difference in the midst of the means by which the problem is solved will be decidedly different in each model. The process of redefining the paradigm is part of extraordinary science. When scientists are confronted with crises, they defend by embracing different attitudes toward the existing paradigm.The proliferation of competing articulations, the willingness to try anything, the expression of explicit discontent, the recourse to philosophy and to overturn o f fundamentals, all these are symptoms of a transition from normal to extraordinary research (p. 91). After setting up the playing field, Kuhn begins to describe the actual process by which a revolution takes place. He references the nature of governmental revolution as a parallel. Political revolutions are inaugurated by a growing sense, often cut back to a segment of the political community, that existing institutions have ceased adequately to meet the problems posed by an surround that they have in part created (p. 92) .Possibly more than in any other part of the essay, Kuhn start to flex his intellectual power in this chapter. He uses as one example of the parallel the discovery of the X-ray. For most astronomers, x-rays presented no real problem and were easily enough assimilated into their existing paradigm. For a particular class of scientists, however, specifically those who worked with radiation theory or whose work involved the use of cathode ray tubes, x-rays violated the laws of the paradigm under which they worked. Like a political revolution, the new paradigm seeks to replace the old in part because the old paradigm does not allow for the existence of the new. They are not compatible in the same way that ruler by a hereditary monarch was not compatible with the new paradigm of representative democracy that characterized the American revolution. For there to be a need for a new paradigm, the old must be logically incapable of providing an explanation for the anomaly, or anomalies, that served as the impetus for its being questioned. It follows that the new paradigm must make predictions that are inherently different from those of its predecessor (p. 97). For the new to come into its own, parts of the old must be sacrificed (p. 93). As the crisis deepens, competing camps vie for relevance, each offering its own solution to the problem at hand. They each attract their adherence and the auspices of the old paradigm are no long-lasting sufficient to unite the divided camps. As is the case with political revolutions, there is a freewheeling period where there is no clear authority. The debate between the new paradigms is essential. Each one lures adherents with its promises of usefulness and its mass of life under the new paradigm. Scientists do not leave their paradigms easily. In fact, rather than being left over(p) out in the cold, most scientists will not reject their existing paradigm until a executable alternative is offered (p. 77). Kuhn holds that the study of persuasive argument is as important as the study of logical and good argument in periods during which practitioners are undertaking the process of finding a viable alternative to a no-longer adequate paradigm (p. 94). Kuhn holds that scientific revolutions invariably resolve with the world view of the scientific community having been invariably changed (p. 111). What was once familiar is now new, what was once established as accurate is now proven to be so mething less than that by the new paradigm.Paradoxically, the new perception depends upon the new paradigm just as the old mode of seeing the world depended upon adherence to the discarded paradigm. Without a point of reference, the world becomes incoherent. Where scientific revolutions are concerned, there may be a shift in paradigm but there is ceaselessly a paradigm, whether it be contemporary or past its relevance. As Kuhn argues in previous chapters, it is from this structure that innovation flows and, therefore, the constant presence of a paradigm is not necessarily a failing on the part of science. Though the world of science may have been turned on its ear, one is unlikely to ever get this impression from textbooks and courses. The paradigm, once established, becomes victim to what Khun calls the invisibility of scientific revolutions. This could be seen as a true(a) weakness in the scientific community. Like those that ferment and enable political revolutions, scientists tend to rewrite invoice in such a way that omits the conflict, controversy and creativity that led to the revolution that gave birth to the current paradigm.scientists are more affected by the temptation to rewrite history, partly because the results of scientific research show no obvious dependence upon the historical context of the inquiry, and partly because, expect during crisis and revolution, the scientists contemporary position seems so secure (p. 138). Thus, this notable history of revolution in thought, in practice and in populaces knowledge of the universe is glossed over in textbooks. The revolutions that once turned the world on its ear, at least for scientists, become the realm of normal science and the practitioners go back to mopping up reality to make it conform to the predictions of the new paradigm just as they did in the service of the old. Kuhn makes his case largely by citing textbooks as an example of how history is rewritten but, since text books are the tool of the trade where the teaching of science is concerned, the significance is obvious. However, the way in which the paradigm is regarded has its advantages.once the acceptance of a common paradigm has freed the scientific community from the need constantly sic re-examine its first principles, the members of that community can concentrate exclusively upon the subtlest and most esoteric of the phenomena that concern it. Inevitably, that does increase both the effectiveness and the efficiency with which the group as a while solves new problems (p. 164) .Here, again, is the theme of the box of the paradigm allowing scientists to explore beyond its limits. The efficiency with which scientists can work under a shared paradigm and the reliable set of tools with which it provides them are priceless. Perhaps, this is the reason the scientific community works so hard to preserve whatever paradigm is relevant at the time it is not the upkeep of the new but the fear of the loss of what ha s proven itself valuable. What is interesting about Kuhns essay is that he does not use the word truth-excepting in a quotation from Francis Bacona fact that he point out himself (p. 170). Kuhn holds that there may not be a need for any such lofty goal. Can we not account for both sciences existence and its success in term of evolution from the communitys state of knowledge at any given time? (p. 171) This is a powerful idea. Perhaps, a better understanding of the universe is not a goal but a thing better defined-and accomplished-if it is understood to be an ongoing process. Kuhn also provides a powerful question for those who would regard, or characterize, science as a form of dogma Does it really table service to imagine that there is some one full, objective, true account of nature and that the proper measure of scientific achievement is the finale to which it brings us closer to that ultimate goal? (p. 171) A poignant question, indeed. Is there an endpoint to science? Is there a point where there will be nothing left to learn, nothing left to explore and when the collected work of science will entail all that there is to know about the universe? If history is any indication, such a situation is unlikely. The story of science, and Kuhn argues this convincingly, can be seen as a continuing process without any particular goal in site.There may be the subset of goals toward which the practitioner of normal science works, but these are simple goals relating to the desired outcome for one experiment or another, not goals set for science as a whole. That is to say, to work toward a better understanding of the range of mountains of Jupiter is not to work toward anything so esoteric as a better understanding of the universe, it is to simply add to the ongoing process of scientific revolution by examining one subset of data within a paradigm.The appreciate of Kuhns essay extends beyond what value it may have to practitioners of science. It provides a framework t hat can help anyone, scientist or not, understand the means by which science determines what is an accurate description of the natural world. Science shortly finds itself challenged on many fronts for many reasons, most of them having little to do with science and a great deal to do with politics and theology. Kuhns essay provides a potent reply to the casting of science as dogmatic or religious in nature. Personally, I feel that this book is of the utmost value to anyone tenanted in the practice of science at any level. What Kuhn manages to do in this essay is to communicate what amounts to an understanding of understanding itself. The scientific method has proven over and over again to be the most accurate means that humanity has devised to make sense of the universe. But science must strive to understand itself as much as it strives to understand the universe. The only sure protection against dogmatism is the acknowledgement that all theories are temporal, subject to unexpected and radical change and that they function to explain nature as it is currently understood. There is an important distinction between our current understanding of the universe, our paradigm, and the reality of the universe. Our understanding is always limited to the cumulative experiences of scientists past and present, which, along with those significant moments of revolution have provided the best means available to make accurate and useful predictions. The nature of science, however, is one of constant evolution.As Kuhn argues, this evolution is not a process remarkable for its consistency so much as it is a process remarkable for being punctuated by research and discoveries that cause huge leaps forward in understanding. A scientist who does not understand this may well find themselves consigned to a life of puzzle-solving exercises designed to confirm what is already known rather than experiencing what I would picture is the true passion-inducing aspect of science, the discover y of novel facts that turn the world of science upside down and test the limits of the scientific communitys ability to assimilate and understand those discoveries.Probably the most radical contrast between science and dogma is that science, in its best practice, never shies away from examining itself, its conclusions and the accuracy of the beliefs it encourages. It may not submit itself easily to such tests but it will given time and the impetus of novelty. Kuhns essay provides a means by which one might acquire much insight into the workings of science and the scientific community and it provides a celebration of the many crises that have pushed science, and therefore humanity, forward in thought and understanding. I find myself in agreement with Kuhns conclusions about the ways in which the scientific community reacts to and finally assimilates novel discoveries. Science, indeed, has been forced to concede long-held beliefs about the universe in the presence of new evidence whi ch did not fit with old paradigms. The case of the evolution of life, where scientists once worked mightily to ensure that there was some mode for theology, is one such instance. In the face of Darwins observations, science was forced to accept a new paradigm where the nature of living organisms was changed not by providence but by the environments in which they lived. more importantly than Darwins impact on theological theories of evolution, or the lack thereof, however, was the concept that evolution was not a goal-driven process (p. 171). This conflicted not only with the theologians of Darwins time, but with the accepted scientific theories, the paradigm, of biology as well. No longer was the march of life seen as a march forward toward any particular destination.It had now been more accurately described as a process dictated by the situations of private organisms rather than the result of some grand design. There was no particular better or worsened aspect to the wildlife on the Galapagos evolving to fit the islands on which they lived, the modifications inherited by way of natural selection simply flowed from the natural environment and, given a different environment, they would change again. From that new paradigm and from the practitioners of normal science who worked and continue to work within it came modern medicine, agricultural practices and many, many more achievements that are directly trackable to the current paradigm where life is believed to have evolved into its present state over billions of years of slow, cumulative changes. Without the tractableness to change the existing paradigm, we may have found ourselves unavailed of the knowledge of the double-helix, the methods by which bacteria develop confrontation to antibiotics and the roots of genetic disease.As Kuhn points out, a radical paradigm shift such as that started by Darwin is necessary for a scientific revolution but the work of those practicing normal science, the geneticist wo rking in the lab, the geologist using the paradigm that explains how a layer of rock strata may be assigned a probable age, the physicist whose work allows for technology such as carbon dating, are all as necessary for the acquisition of a better and more accurate understanding of the universe as is the revolution itself. And, further, that paradigm-driven research is the usual means by which revolutions in the scientific paradigm come to pass. That puzzle-solving work of the normal scientist will always draw some to the practice of science. The allure of finding a solution, of ones research becoming part of the evidence that defines the current scientific understanding of the universe is a powerful one and one that should be encouraged. Normal science may have its elements of drudgery and it could be characterized as only confirming what is already known but that would be inaccurate. Science forms theories based on facts.The power of science to constantly discover new facts about o ur universe has for a long time been a source of hope and warmth to humanity as a whole. However, the work of better refining our understanding is of equal value. Science must keep an open mind while continuing to adhere to the paradigms that have provided the best answers. Kuhns observant, advertent and enlightening essay provides a means for practitioners to better understand the importance of both.ReferencesKuhn, T. (1991). The Structure of Scientific Revolutions. third Ed. Chicago The University of Chicago Press.

Early years education Essay Example for Free

Early years knowledge Essay1.1 sum entitlement and provision for wee years education There are many different types of early years provision which has been funded by the government for early years education. All three and intravenous feeding year olds are entitled to 15 hours of free early years education entitlement per calendar week across the 38 weeks of the annual year. Theirs are five different settings where Parents can choose to give their baby for their Free EY Entitlement they arePre-school mashgroup-. It is an early childhood program in which children combine learning/education with play and it is an organization that is provided by fully trained and qualified staff Private Day nursery- A installing provided for the care and learning for children from the birth to 5 they are usually run by a melodic phrase or a private organisation and are not linked with the government. Child-minder (who belongs to a registered child-minder network)-child minders are freelanc e(a) providing the care for children in their own homes , they offer full time or part time places or flexible arrangements. Child minders are registered with the Ofsted and are inspected in accordance with the Ofsted procedures and regulations to ensure that he child-minder is providing and safe and suitable environment for the children.Maintained nursery school- is a school for children between the age of 3 and 5. It is run by fully qualified and trained to staff who encourage and supervise education play and learning preferably than just providing childcare. It is part of early childhood education.Nursery or reception class in a primary or strong-minded school -Nursery schools provide a more direct and structured education for early years children aged 3 to 5 Some may be part of an independent school for older age groupseg infant and primary schools. Reception classes are run by a qualified teacher.1.3 Explain the post 16 options for young people and adults.

Mintzberg - the Fall and Rise of Strategic Planning Essay Example for Free

Mintzberg the Fall and jump-start of Strategic Planning EssayThe Fall and Rise of Strategic Planning by Henry Mintzberg When strategical planning arrived on the scene in the mid-? 1960s, corporate leaders embraced it as the one best focus to devise and implement strategies that would enhance the competitiveness of each ancestry unit. True to the scientific management pioneered by Frederick Taylor, this one best way involved separating thinking from doing and creating a new function staffed by specialists strategic planners. Planning systems were expected to produce the best strategies as well as step-? by-? step instructions for arrying knocked out(p) those strategies so that the doers, the managers of businesses, could not get them wrong. As we now know, planning has not exactly worked out that way. term certainly not dead, strategic planning has long since fallen from its pedestal. But even now, few quite a little fully understand the reason strategic planning is not st rategic thinking. Indeed, strategic planning a good deal spoils strategic thinking, causing managers to confuse real vision with the manipulation of numbers. And this confusion lies at the heart of the bed the most successful strategies are visions, not plans. Strategic planning, as it has een practiced, has really been strategic programming, the articulation and enlargement of strategies, or visions, that already exist. When companies understand the difference between planning and strategic thinking, they can get vertebral column to what the strategy-? making process should be capturing what the manager learns from all sources (both the soft insights from his or her personal experiences and the experiences of others throughout the giving medication and the hard data from market research and the like) and then synthesizing that learning into a vision of the direction that the business should pursue.Organizations isenchanted with strategic planning should not get rid of their pl anners or conclude that there is no deficiency for programming. Rather, organizations should transform the conventional planning job. Planners should make their contribution around the strategy-? making process rather than indoors it. They should supply the formal analyses or hard data that strategic thinking requires, as long as they do it to broaden the consideration of issues rather than to discover the one right answer. They should act as catalysts who detain strategy making by aiding and encouraging managers to think strategically. And, finally, they an be programmers of a strategy, helping to specify the series of concrete steps needed to carry out the vision. By redefining the planners job, companies will screw the difference between planning and strategic thinking. Planning has always been about analysisabout jailbreak down a goal or set of intentions into steps, formalizing those steps so that they can be implemented almost automatically, and articulating the anticipa ted consequences or results of each step.I favour a set of analytical techniques for growing strategy, Michael 1 Porter, probably the most widely read writer on strategy, wrote in he Economist. The pit strategic planning has been applied to all kinds of activities, such as going off to an informal hit the sack in the mountains to talk about strategy. But call that activity planning, let conventional planners organize it, and keep up how quickly the event becomes formalized (mission statements in the morning, assessment of corporate strengths and weaknesses in the afternoon, strategies carefully articulated by 5 p. m. ). Strategic thinking, in contrast, is about synthesis.

Religious and Ethnic Groups Essay Example for Free

ghostlike and Ethnic Groups EssayBuddhism is a religious group as depicted from the worlds tarradiddle that began in the 6th century BCE, in todays Northern India. Buddhism was founded by a squiffy man of Indian dysentery called Siddhartha Gautama. Siddhartha Gautamas main concern was to teach people how to realize great eldritch development. These teachings focus on areas like tradition/customs, beliefs, ethics, speculation and philosophy and making people more learned person Buddha means to awaken. To the religious group boast of a huge following of about 300million across the world including 0. 7 percent of U. S. As religious composition based on U. Ss Census Bureau Document (Seager, 2012). Buddhism is a religious group that differs broadly from other groups in the States. The difference is eminent in the way they carry out various invest. Some examples are worship, beliefs, culture, beliefs, and in other routine practices. Buddhism, unlike other religious groups, bel ieves in the existence of only one compulsory Being God. In contrast to most groups, Buddhism spirituality is of personal discipline rather than faith in God.A lot of differences may be present when attempting to draw a comparability between Buddhism and the other religious groups in the States. Buddhistics Experience in America Buddhism has received its fair volume of mixed reception from other religious avenue. Some people extradite good perception and commiserate their teachings seek to uphold good morals and values. Buddhism in addition seeks a harmonious co-existence with other people in society even if they are not practicing the same religion.Others have perceived them as having a anomalous view deeming its operation as being mysterious. Buddhism is unique in conducting their routine religious practices and beliefs. Some religious groups have upheld Buddhism, not as a religion but merely a philosophy (Seager, 2012). They have even incorporated some practices like medi tation as an art of realization physical and mad well being as yoga in pursuit of reliving off stress. They have also screen in some Buddhism cultural element and used them to perfect their own religions.Contribution and dissimilitude of Buddhism historically in American culture Buddhism has contributed adversely in development of Americas culture. M whatsoever Buddhists doctrine and daily routine practices are borrowed and used to blend Americas culture. Example of such practice teachings of how people perceive life and attitude, changed Buddhism has mentored Great Americas scientists and philosophers (Seager, 2012). They borrow ideas from Buddhism teachings. Some of the ways in which Buddhism is practiced in America include stress reduction treatment.In addition, famous movies and songs based on Buddhism, such as Seven Years in Tibet, Little Buddha, The Matrix, and Star Wars, has helped the advertisement industry. Another warrant is the Master Card commercial that shows an ima ge of Woman Meditating. There is an increasing number of Americans who visit the Buddhist temples and also practice meditation in privacy. Buddhist Fellowship organization is a very greathearted group that promotes peace, environmental advocacy, and conducts homeless and prison outreach.Buddhism has experienced discrimination minimally compared to other religious groups. Discrimination happens within its own religion and culture primarily against Buddhist women. All Buddhist women are ordain to follow laws and disciplines such as bhikkhunis. However, Buddhist nuns have come together to fight for their rights. The source of this impairment was because the Buddhist nuns have increased in number and they want to eliminate them from the religion. Buddhism has helped me learn about meditation which can be used in reducing stress and as a way of relaxing. Asiatic Ethnic Group The Asiatic American comprises of a 5% of the American population (Espiritu, 2011). In the new-fangled years, the Asian ethnic group is considered among the fastest growing group in America. The Americans refer to subgroups such as the Chinese, Filipino, Indians, Koreans, Japanese and Vietnamese. Most Asian Americans were born in America while others have been the immigrants who have colonized in America. Asian differs from the other ethnic groups because from history Asians have continued to follow their religions, unlike many another(prenominal) other groups.The Asian Americans are known for their diligence, strong family values and their respect for education, authority, and discipline unlike any other ethnic group in America. Asian American Contribution and Discrimination The Asian American has contributed greatly in the formation of American society. These contributions include constructions of railway, joining the military and protecting the Americans. Asians have also contributed in creating internet sites such as youtube and yahoo. The Asians have influenced other areas like fashi on, religion, science and culture.For instance, the kung fu culture of the Chinese is greatly employed in Hollywood while creating action movies. Acts of discrimination towards Asian Americans in America are similar to other minority group. This racial discrimination bars the Asian American from take part in politics (Espiritu, 2011). The reason Asian Americans are discriminated against is Americans consider them foreigners. In conclusion, Buddhism is an Asian practice which the Asian have practiced almost all their lives, but this practice came to be known only in recent years.Discrimination of Asian Americans means that their religion, cultures, and practices are discriminated against. Buddhism is different from Asian Ethnic group because Buddhism is a practice done by the Asian communities. Discrimination should never be practiced in America because America is a multicultural society and the majority of people in America are citizens by birth. References Espiritu, Y. L. (2011). Asian American pan ethnicity Bridging institutions and identities. Philadelphia Temple University Press. Seager, R. H. (2012). Buddhism in America. New York Columbia University Press.

Russian Financial Crisis in 1998 Essay Example for Free

Russian pecuniary Crisis in 1998 targetThese events head for the hills Russias planetary militia to f all told by $13. 5 gazillion and to the dissolution of the Kiriyenko presidential term. ace month afterward, prototype and Poors dgetgraded its rating of the Russian ruble to CCC, the final possible hackneyed and Poors rating, for its long-term protrudelook and C for neat-term outlook. These events signalight-emitting diode the attack of the Russian pecuniary crisis, which had its root in the fundamental lines in the Russian parsimony tho was triggered in pct by the proceed pecuniary crises in appear commercializes in Asia and around the domain. What were the causes of this crisis and near financial collapse? What be the supposed experts saying near the crisis and its spill everywhere effects on other ENI countries? What argon the possible courses of accomplish that could minimize the uncomely effects of the crisis and reduce the likelihood of future occurrences? The purpose of this written report is to summarize the diverging viewpoints expressed by leading scholars and practitioners in the field of multinational development and finance.By surveying the literature, it is appargonnt that the Russian crisis, and to rough extent the Asian crisis that preceded it, was caused by a cabal of internal geomorphologic problems in the municipal providence (especially in the bordering and financial governing bodys) and growing problems with the international financial scheme that permits excessively rapid outflows of roof. However, in that location is momentous divergence of opinion among scholars and practitioners as to which set of doers, those rel haved to the Russian economy or those related to the international financial sy report, argon the cause of the crisis.In asset to the differences of opinion as to the causes of the crisis, dis understanding exists as to the remedies to the crisis. As a proceeds, each separate has recommended its own set of policy prescriptions. The setoff section of this paper discusses the divergent opinions on the causes of the crisis. The second section highlights the frugal, social, and semipolitical effects of the crisis. The third section provides a list of the proposed remedies offered by the divergent camping grounds. The final section summarizes the main findings and includes a timeline of the Asian and Russian crises.Divergent Opinions Causes of the Russian and international pecuniary Crises The divergent views regarding the causes and cures of the Russian and Asian financial crises plenty be broken down into cardinal camps (1) those that cogitate that the crises derived principally from problems in the international financial system and (2) those that place tear primarily on the structural problems indoors the countries themselves which left them vulnerable to large(p) flight and other problems arising from external financial instabil ities.Members of the first group tend to be critical of the IMF and other international financial institutions, saying that these institutions played a role in creating and exacerbating the financial crises rather than helping to reduce the negative impact, although the fructify the system critics do agree that each of the crisis countries did suffer from internal structural problems as well.The second group of analyststhe fix the countries groupbelieves that the international financial system and the forward motion of the IMF in assisting these countries are more or little peeing, and that the current crises derived from a lack of sufficient regulatory and fiscal reforms in Russia and Asia. Fix the Global financial System Critics Jeffrey Sachs. harmonize to Sachs, the exchequer and the IMF view driven a large part of the developing world into recessionAnd the Brazil case influences absolutely clear that the first step is not to defend overvalued currencies.The punishing cos t of this is overwhelmingly high. This is a lesson that the IMF and the Treasury put one across have-to doe with to ignore (Uchitelle 1999). In his view, the IMF exacerbated the crisis by demanding peeved fiscal and monetary policies. He claims that perceiving the crisis to be one of difference of payments, rather than a financial panic, the IMF chose an approach similar to the misinterpreted policies implemented by the United States in the earlier stages of the Great Depression of the thirties (Radelet and Sachs 1999).Furthermore, Sachs insists that since high concern rank and austerity mea certainlys are bringing disaster to many appear markets, pursual evaluate should be kept down to encourage economic activity and allow transfigure range to find their own correspondence level. He does not attri stille the devaluation of change over rates as a cause of the crisis in Russia, nor does he believe that a currency board arrangement would consume save the soil.He res igns that when pegged rates become overvalued, this forces countries to deplete their exotic exchange reserves, in a vain defence of the currency peg. In his view, it was the combination of broken promises (i. e. , the ruble willing not be devalued) and depleted reserves that left the country vulnerable to panic (Radelet and Sachs 1999). He believes that a growing economy is more in all probability to restore investor federal agency than a recessionary one burdened by high interest rates (Uchitelle 1999). An redundant contri notwithstandinging factor to the crisis, according to Sachs, was moral hazard. Investors clearly had doubts around Russias medium-term stability, and talked openly about the risk of collapse and about the safety net that they expected the IMF and G-7 to provide to Russia. Knowing that these international lenders would legal transfer Russia and guarantee investments in the event of a financial meltdown in Russia, international investors tended to lowest imate the risksand whence tended to over-invest in Russia. Russia was viewed as too big to fail, and this led to an inflow of jacket crown that was larger than appropriate for the true(a) level of risk (Radelet and Sachs 1999).George Soros. As one of the worlds most successful international investors, an distinguished philanthropist with millions of dollars invested in democracy projects throughout the ENI region, and a public intellectual who has proposed that sweeping changes be do to the international financial system, George Soros is a key figure in the Russian and Asian financial crises. His disparate roles often create a conflict, as Soros-the-intellectual appears to many an advocate of the regulation of international capital flows to delay potential drop damages from speculations by people like himself (Frankel 1999). Soros was Russias biggest individual investor former to the crisis in lofty 1998. He held a $1 billion stake in Svyazinvest, a telecommunications conce rn, and millions in shoots, bonds, and rubles. In mid-August 1998 Soros sprang into action to try to stop the crisis. He contacted the U. S. Treasury department, influential former members of Yeltsins administration, and published a earn in The fiscal Times saying that the meltdown in Russian financial markets had reached the terminal signifier (OBrien 1998).In his letter, Soros called for immediate actiona devaluation of the ruble and institution of a currency boardthat would accommodate eliminated the Russian central brims discretion over monetary policy. non realizing that a letter from Soros would be perceived as coming from Soros-the-investor instead of Soros-the-intellectual, his letter helped to prompt a panic in Russian markets, where investors believed Soros was shorting the ruble. Soros funds ultimately lost $2 billion in Russia as a result of the financial crisis there. consort to his testimony to the Congressional Committee on slanging and Financial Services on 15 September 1998, Soros pointed out that the Russia meltdown has revealed certain flaws in the international banking system which had priorly been disregarded (Soros 1998a). These flaws can be summarized as follows (1) Banks engage in swaps, forward transactions, and derivative heaps among each other in addition to their exposure on their own balance sheets alone these additional transactions do not show up in the banks balance sheets.So when Russian banks defaulted on their contracts to western banks, the western banks continued to owe their own clients. As these transactions form a daisy chain with many intermediaries, and each intermediary has an obligation to his/her counterparty, no simple way could be found to offset the obligations of one bank against another. As a result, many hedge and speculative funds sustained large losings, and had to be liquidated. This systemic failure led most market participants to reduce their exposure to emerging markets all around, and this cau sed bank stocks to plummet and world(prenominal) assent market to enter a crunch phase. 2) As individual countries attempt to prevent the exodus of capital from their economy by raising interest rates and placing limits on foreign onanism of capital (as in Malaysia), this beggar-thy-neighbor policy tends to hurt the other countries that are trying to keep their capital markets open. (3) Another major factor working for the disintegration of the global capitalist system is the evident softness of the international monetary regime to hold it together The response of the G7 judicatures to the Russian crisis was woefully inadequate, and the loss of control was kind of scary.Financial markets are rather peculiar in this respect they resent any kind of regime interference but they hold a belief deep down that if conditions get really rough the authorities will step in. This belief has now been shaken (Soros 1998a). He as well as adds that financial markets are inherently unstable. The global capitalist system is based on the belief that financial markets, left to their own devices, tend toward equilibriumThis belief is false (Soros 1998a). 3 His proposed cure is to reconsider the mission and methods of the IMF as well as replenish its capital base.Additionally, hed like to see the establishment of an supranational Credit Insurance corp to help create sound banking systems, which would be subject to close supervision by the international character agency, in developing countries (Soros 1998b). His last recommendation is to reconsider the functioning of debt-swap and derivative markets (Soros 1998b). Academia and Other Nongovernmental Organizations. signly, capital of Minnesota Krugman, an economist at MIT, argued that problems with the Asian economies, combined with corruption and moral hazard, led to wild over-investment and a boom-bust cycle. much recently, however, Krugman explains that such lightheadednesses cannot explain the depth and severity of t he crisis, nor the fact that it occurred in so many countries simultaneously, and instead he places the blame on financial panic and overly liberalized international and domestic financial systems (Radelet and Sachs 1999). According to Krugman, all short debt constitutes potential capital flight. The train to fix structural problems in individual countries should not defend in the way of broader macroeconomic measures, in particular those designed to stimulate growth in disfranchised times.He states that it is hard to avoid concluding that sooner or later we will hand over to ferment the clock at least part of the way back. To limit capital flows for countries that are unsuitable for both currency unions or free floating to regulate financial markets to round extent and to seek low, but not too low, inflation rather than price stability. We must heed the lessons of Depression economics, lest we be agonistic to relearn them the hard way (Uchitelle 1999). In other speech, t he global financial system is largely to blame for the recent crises. Fix the Countries Analysts IMF. According to the IMF, Russias financial crisis was brought on by a combination of (1) weak economic fundamentals, especially in the fiscal area (2) unfavorable developments in the external environment, including contagion effects from the Asian financial crisis and falling prices for key export commodities such as oil and (3) its vulnerability to changes in market sentiment arising from the financing of balance of payments through short-term treasury bills and bonds placed on international markets (IMF December 1998).The IMF had pointed out in May 1998 that Russia had made insufficient progress in improving reckon procedures and value systems, establishing competent agencies to collect taxes and control expenditures, clarifying intergovernmental fiscal relations, and ensuring transparency at all levels of government operations. By August 1998, investor confidence in the ability o f Russian authorities to bring the fiscal system under control began to decline, immediately leading to the financial crisis, after the Duma failed to approve fiscal measures planned under the augmented Extended Fund Facility (EFF).These measures were aimed at reducing the fiscal shortage, implementing new structural reforms addressing the problem of arrears, promoting private domain development, and reducing the vulnerability of the governments debt position, including a voluntary restructuring of treasury bills. 4 The extent to which the Russian crisis is attributable to contagion effects from the Asian crisis instead of to internal problems stemming from insufficient reforms in fiscal management is difficult to determine.According to the IMFs May 1998 assessment of spillover effects from the Asian crisis, Russias stock market was seriously hit by the crisis and by early spring 1998, stock prices in Russia had indeed not yet fully re wipeed from the lows reached in fall 1997. Th e Russian ruble had excessively been hit hard and the central bank had to intervene heavily in the foreign exchange market just to keep the currency within the new exchange rate band.As international capital fled from the risky Asian economies in the fall and winter of 1997, investors who were similarly wary of risky investments in the change economies began to reduce their exposure to Russian and other ENI markets. Nevertheless, emerging market investors quickly began to differentiate between high- and low-risk countries. By first quarter 1998 the Czech Republic and Poland had become relatively attractive to investors, receiving considerable short-term capital inflows and by January 1998 Standard and Poors credit rating for Hungary had greatly improved.Russia and Ukraine, on the other hand, continued to suffer from structurally weak financial sectors and an over-dependence on short-term borrowing. To attract investment back into Russia, the Russian government had to tack interes t rates in order to offer yields well above pre-crisis levels to cover for the change magnitude perception of risk. As a result, foreign investment had started to flow back into Russia by early 1998.According to the IMF, differences in the severity of interest rate and lawfulness price movements among the transition countries illustrate the grandness of appropriate domestic macroeconomic and structural policies to limit vulnerability to international financial crises. In Russia and Ukraine, financial sector weaknesses and a high dependence on government borrowing, in addition to chronic gross problems, especially in Russias case, explain why these both countries were more ingrained by the Asian crisis than the fundamental and East European countries.In other words, the Asian crisis exposed Russias underlying structural problems and made the need to address them more apparent. The IMF continues to assert that the financial crisis in Russia was a crisis of the state. Nearly a yea r and a half ago, Michel Camdessus, Managing Director of the IMF, claimed that the Russian state interferes in the economy where it shouldnt age where it should, it does nothing. Camdessus pointed out that the Russian state needs to make progress in promoting an efficient market economy through transparent and effective regulatory, legal, and tax systems. At present, the IMF still supports these recommendations (IMF November 1998). Existence of a Virtual Economy. Clifford Gaddy of the Brookings intromission and Barry Ickes of Penn State University argue that although the immediate causes of Russias financial crisis are the large cipher deficit, resulting from nsufficient revenue collection, and an inability to service the debt, especially short-term dollar liabilities, there are more fundamental problems with Russias economy. These problems stem from illusions regarding prices, leases, taxes, and budgets that permeate the Russian economy to such a great extent that the economy has become virtual(prenominal) rather than actual. This virtual economy 5 is derived from a public pretense that the economy is bigger and issue more valuable than they really are.According to Gaddy and Ickes, the virtual economy primarily originated from the unreformed industrial sector transmissible from the Soviet era, in which enterprises produced output that was sold via barter at prices that were higher than they would be if sold for cash. In general, these enterprises operate without paying their bills, as wages that should be paid to employees (but are not paid) become wage arrears, and required payments for inputs (which are also not paid) emerge as interenterprise arrears and payments through barter.In fact, Gaddy and Ickes assert, people make an effort to avoid cash transactions because they would expose the pretense of the virtual economy. They go on to state that although the virtual economy acts as a safety net for Russian conjunction, it has serious economic reperc ussions since it negatively affects enterprise restructuring, economic performance measuring, and public sector reform (Gaddy and Ickes 1998). At this point, they argue that the West has two choices on how to help Russia.First, the West can concentrate on keeping Russia stable in the short term by bailing out the virtual economy, which will lead to save consolidation of a backward, noncompetitive economy and will guarantee the need for future emergency bailouts. The second option would be to fend the bailout. The consequences of this option would be drasticthe ruble will lose its value, foreign capital will bunkbut on the positive side, the Russian economic policy that is so addicted to borrowing would set about to kick the habit as it found its supply of international credit cut off.They state that denying Russia a bailout is not without risks. But bailing out the virtual economy is sure to increase those risks for the future (Gaddy and Ickes 1998). U. S. Government. The U. S. Treasury section points out that despite the many important reforms that down been carried out in Russiaincluding extensive privatization, price liberalization, and reducing of government passreforms in a few critical sectors have lagged behind, leading to the financial crisis.According to David Lipton, the principal problems include the failure to control the budget deficit and extensive government borrowing. The budget problems are a manifestation of the political struggle over the countrys economic direction and as long as these disputes over the proper role of government remain unre exercised, he believes that budget difficulties and inessential government borrowing will continue unabated.He also argues that Russias high fiscal deficits have led to the countrys high interest rates since Russias macroeconomic problem is fundamentally fiscal interest rates are more properly viewed as a symptom of that problem, not a cause (Lipton 1998). Lastly, he argues that the failure to bu ild a favorable investment climate and adhere to the run of law also helped to sow the seeds of the financial crisis (Lipton 1998). The Treasury Department also points to external factors that led to the crisis. According to Deputy Secretary Lawrence Summers, the Russian crisis was not inevitable.He avers that if the Asian crisis had not decreased confidence among emerging markets investors, and had the prices of export commodities (e. g. , oil) not fallen so dramaticallythe August 1998 crisis might not have taken place (Summers 1999). Nevertheless, the crisis did occur because the Russian government attempted to pursue an enormously risky course of simultaneously 6 devaluing the ruble, imposing a debt moratorium, and restructuring government bonds in response to the external force per unit areas (Lipton 1998).To avoid future crises, Summers points out that Russia needs a tax system that supports the government and legitimizes enterprises, which probably involves a new allocation of spending and revenues between central and regional governments. Summers, however, is also quick to point out that it is much easier to talk about what tax reforms need to be implemented than to discuss how the reforms can be accepted politically. He adds that bank restructuring is another area where reform is needed and that it should be done in a fair nd transparent way within a legal framework that makes current owners take responsibility for their losses sooner scarce public funds are used (Summers 1999). Russian Government and Nongovernmental Analysts. Yegor Gaidar, former boot minister of Russia, attributes the crisis to the combined continuation of soft budget constraints from the socialist period along with the weakening of previous administrative controls and government corruption, which led to the bankruptcy of state enterprises.The early years of transition in Russia were marred by inefficient macroeconomic policy, weak budgetary and monetary constraints, and inflat ion that eroded budget revenues. Although later macroeconomic policy was more efficient and succeeded in controlling inflation, efforts to improve revenue collection or cut expenditure obligations have failed, leading to unsustainable deficits.The lessons learned here are that budget deficits should be reduced as quickly as possible, as inflation is also controlled, and the vulnerability of exchange rate regimes to potential crises should be addressed immediately (IMF 1999 Gaidar 1999). In terms of the current regime, Gaidar describes Primakov and his government as a commie government in post-communist Russia, because Primakov and his cabinet come from the traditional Soviet economics establishment and his post-crisis approach relies on strengthening and centralizing government control.According to Gaidar, the Russian government faced two possible paths to solve the crisis (1) return to the approach employed in 199294, with soft monetary and budget policies, or (2) maintain a tight monetary policy, stabilize the ruble, and carry out fundamental budget reforms to allow the government to balance revenues and expenditures. The first path would lead to the return of high inflation rates, as the government relaxed its control over the silver supply in an attempt to pay its debts, but the banks would benefit from the return of cheap money issued by the Central Bank.The second path would involve speeding up structural reforms, which would be peachy news for profitable enterprises but would mean painful consequences for unproductive enterprisesmostly firms in the industrial and financial sectorsas they would be allowed to go bankrupt if they could not compete in world markets. Both paths would be painful, Gaidar explains, but the first path of high inflation would also be inequitable, as the poorest layer of society tends to suffer most from increasing prices.Not surprisingly, Primakov chose to pursue a modified version of the inflationary approach, a sort of populi st economics policy that had been implemented in many Latin American countries. The originator Primakov opted for this path, as Gaidar states, is because in part, the lack of internal and external sources for financing after the 7 dismissal of the Kiriyenko government pushed the Primakov government toward choosing the inflationary variant (Institute for Economics in transformation 1999).Andrei Illarionov, Director of the Institute for Economic Analysis in Moscow, while noting the IMFs successes with respect to Russia, criticized the IMF for being too willing to compromise on Russian conditionality. Not one of the IMF programs developed in Russia, Illarionov claims, has been executed in full, as a result of the softening and change of conditions in original agreements. He states that decisions to provide financing for Russia, motivated by political rather than economic considerations, have presumptuousness rise to the problem of moral hazard. As a result, the Russian government be came spoiled after being granted unearned financial assistance, and policy became even more irresponsible than before (Illarionov 1998). lastly, Illarionov also criticizes the IMF for offering inappropriate policy recommendations to Russian authorities in two other areas exchange rate and fiscal policies. The IMF program (mid-1998, pre-crisis) stipulated that the exchange rate policy should remain unchanged for the remainder of 1998, in order to preserve the low inflation rates, and prescribed that the Russian government should concentrate mainly on raising revenue rather than reducing expenditures.Although many poor 9 O c t 9 8 J u l 9 8 A p r 9 8 egaw muminim laiciffo J a n 9 8 O c t 9 7 .9991/20 ,PECER ecruoS J u l 9 7 A p r 9 7 J a n 9 7 Dissatisfaction over the go on problem of wage arrears led to an increase in claims throughout the country toward the latter part of 1998 1873 strikes were registered in December 1998, nearly 3. 4 times the number during the previous December . aissuR ni ecnetsisbuS dna ,snoisneP ,segaW ecnetsisbus woleb era % 92 level ecnetsisbus laiciffo ecnetsisbus woleb era % 12 0 001 002 003 004 005 006 007 008 R u bl e s p e r m o n t h . eople have become poorer, the impoverishing effects of the crisis have also hit other groups within Russian society. Workers involved in the business of selling merchandise goods have found that demand for their products has nearly evaporated as not only consumer incomes have fallen, but also ruble depreciation means higher prices on imports. As a result, many of these trade businesses have shed labor or closed. One of the longer-term consequences of the economic crisis in Russia may be the strain on society, which is likely to weaken the Russian governments ability to continue to push for reforms.In whatsoever ENI countries, the crisis has given reform skeptics an excuse to abandon or reverse some reforms already implemented. The social oblige against further economic reforms, now seen by many as the cause rather than the cure for the economic crises, may become strong enough to counter-balance the pro-reform force. It may lead some ENI countries to get stuck in what Adrian Karatnycky describes as a state of stasis rather than of transition. Stability Versus Democracy Politically, the financial collapse has weakened Russia vis-a-vis the west, but its relative power in the region has in many ways increased.Not only has the crisis given Moscow an excuse to consolidate power over the regions throughout Russia, but it has also allowed many hard-liners within Russia to gain some ground in their push to reassert Russias traditional sphere of influence. In addition, many nigh regions have found themselves with large arrears on their payments to Russia for natural gas deliveries, and have had to strike deals with Russia to find ways to settle these debts through deliveries of food and other barter arrangements.Following the onset of the crisis in August, the Russian government proposed many changes intended to promote economic stability at the cost of democracy. In February 1999, Prime Minister Primakov argued that Russias governors should be appointed by the prexy, rather than elected by their constituents, so that Moscow can take back control over the regions and avoid a collapse of the country. President of Belarus Alyaksandr Lukashenko rejoiced in the crumbling of IMF-backed reforms in Russia, considering the crisis to be a indication of his position in favor of state readying and price controls. The old proposal regarding a possible political union of Belarus, Ukraine, and Russia has also resurfaced, as Russia and some neighboring countries have concluded that further integration will help solve their problems. In the words of Ivan Rybkin, President Yeltsins envoy to the CIS, the recent crisis taught us all that we must stand together in order to survive (Rutland 1999).Effects on Neighboring Countries The drop in real wages in Russiacoupled with t he devaluation of the rublehas translated into dramatically reduced Russian imports. For the neighboring countries that depend on Russia as a market for their exports, the shrinking market in Russia has been disastrous for their local economies. As Russians are shifting employment away from the relatively more expensive imported goods, the producers of these goods in neighboring countries are faced 10 with a dramatic fall in demand for their products.This has translated into falling output and increased unemployment for the countries that are most closely tied to Russia through trade, especially Moldova (more than 50 pct of Moldovan exports go to Russia) Belarus, Ukraine, and Kazakhstan, (gt33 part of exports to Russia, as of early 1998) and Georgia (gt30 percent of exports to Russia) (EC 1999). The drop in remittances from nationals living in Russia has led to decreased incomes in neighboring countries with large numbers of gastarbeiter working in Russia. Armenia, Georgia, and Az erbaijan have been most disadvantageously hit by this decline in remittances.In some cases the pattern seems to have been reversed, with families in neighboring countries now supporting relatives living in Russia (EC 1999). Finally, food prices have also increased in the neighboring countries of the NIS, as the cost of imports from outside Russia has risen as a consequence of the significant devaluation of local currencies. some of the specific effects and impacts on other NIS and neighboring countries are summarized briefly below. ArmeniaAccumulation of public sector arrears is likely, as government is facing difficulties in financing of education, health care, and other expenditures.Remittances from Armenians in Russia have decreased, placing additional pressure on family support systems, and this could result in increased poverty. AzerbaijanTrade-related consequences in the short term are less than for other NIS countries, as the political instability in the North Caucasus regi on has already bound trade ties with Russia prior to the crisis. Government spending was cut in 1998, and further cuts in 1999 will affect key social sectors. As in other Caucasus countries, decreased remittances from Azerbaijani nationals residing in Russia has reduced family incomes in Azerbaijan.Baltic RegionEstonia, Latvia, and LithuaniaThe Russian crisis compel some Baltic banks to fail, and several others to reveal their under-reporting of exposure to Russia in their September 1998 quarterly reports. Better developed financial systems, a reorientation toward western markets, and general political stability have helped to limit the damage and contagion effects from the Russian crisis. BelarusOne of the most abnormal countries in the NIS, Belarus was highly dependent on trade with Russia prior to the crisis. Exports to Russia plunged from $400 million/month in the first half of 1998 to just $170 million/month by September 1998.Shortages of basic foods forced the government to disclose rationing. GeorgiaThe Russian market accounted for 30 percent of Georgias exports prior to the crisis, and Georgian nationals living in Russia provided a significant amount of income to Georgian families through remittances. The trade deficit with Russia widened to 50 percent in October 1998, forcing the Georgian authorities to float the lari (which led to a shrill depreciation). 11 KazakhstanIn the first half of 1998, half of Kazakhstans exports went to Russia, and the impact of the crisis has been felt in Kazakhstan primarily through the reduction of exports to Russia.Kazakhstan introduced a temporary ban on the import of some Russian foodstuffs, in order to control the inflow of cheapened Russian goods spare-time activity the depreciation of the ruble. KyrgyzstanNearly 60 percent of Kyrgyzstans exports went to Russia, prior to the crisis, so this country was also one of the more vulnerable to negative shocks through the trade mechanism. In this most pro-reform of the Central Asian Republics, price liberalization of utilities and privatization may be threatened, as consumers are less able to pay the higher tariffs as a esult of fallen incomes. MoldovaTrade with Russia is important to Moldova, as 50 percent of Moldovan exports went to Russia prior to the crisis. Many farms and other agro-exporters have been unable to pay wages, as their export market has dried up in Russia. Here, too, the crisis has threatened the reform and liberalization process implemented by the government, as investors interest in the Moldovan economy has diminished and a heavy withdrawal from commercial banks have signaled a lack of confidence in this country.TajikistanLow commodity prices for cotton and meretricious had already damaged the Tajikistan economy before the Russian crisis, and the fragile peace held together in part with the support of the Russian military (serving as border guards) has certainly not gained strength from the crisis. Apparently, Tajikistan is n ot as dependent on trade with Russia as other NIS countries, and this has helped to insulate Tajikistan from the direct effects of the crisis. TurkmenistanExposure of Turkmen banks to Russian markets has been limited, as the Turkmenistan economy is tightly controlled by the state.The Russian crisis therefore is not expected to have a strong direct impact on Turkmenistan. UkraineClosely linked to Russia through trade and financial ties, Ukraine has suffered greatly as a result of the Russian crisis. The hryvnia lost half its value against the dollar following the crisis, and reserves have fallen (as of early 1999) to only one month of imports. Inflation surged to 12. 8 percent in October 1998 alone, following a long period of relatively stable inflation before the onset of the crisis (2 percent inflation in first half of 1998).UzbekistanAs Uzbekistan has been gradually reorienting its international trade visibleness away from Russia over recent years, the country has apparently been less affected by the crisis than other NIS countries. Further, the develop banking system and financial markets in Uzbekistan may have helped to insulate that country from the shocks emanating from Russia in August 1998, as Uzbekistan had relatively little exposure to Russias financial markets. 2 Proposed Remedies As discussed throughout this paper, two camps have emerged in academic and policy circles that seek to explain the causes of and remedies for the Russian financial crisis. This section highlights some of the remedies proposed by each camp. According to the fix the countries critics, such as the IMF and the U. S. Treasury Department, the Russian government must continue pushing for reforms in the public finance and banking sectors.According to Gaddy and Ickes, only two options exist for western creditors and international financial institutions keep Russia stable in the short-term by bailing out the virtual economy or refusing a bailout. Denying Russia a bailout would hav e negative effects in the short-term by leading to the expiry of large commercial banks and oligarchs, foreign capital flight, and currency devaluation. In the long run, however, Gaddy and Ickes prefer this option because they believe it will force Russia to adjust to economic life without a steady supply of credit useable and adapt sound economic policies.They dislike the first option simply because they believe it will lead to the further development of a nonmarket-oriented economy that would require bailouts in the future. The Treasury Department adds that bank restructuring and reforms in tax administration and collection are necessary as well. The fix the global financial system critics, such as Jeff Sachs and George Soros, urge that the international financial system be reformed so that short-term borrowing by banks and governments be limited so as to avoid potential investor panics.In addition, Sachs recommends that domestic banking regulations, in the form of enhanced capit al adequacy standards and policies that encourage partial bank-sector ownership by foreign capital, be implemented in order to limit vulnerability of the domestic economy to foreign creditor panics, and that exchange rates be kept flexile instead of pegged. In addition to these proposed remedies, others have gone further to propose mechanisms for geting losses (Sexton 1998). According to Sexton, foreign creditors have at their disposal four mechanisms to recover losses to Russian firms 1.Convertible debt securities debtors could issue convertible bonds to creditors although Sexton argues that this probably wont work too well in Russia 2. Treasury or redeemed shares company may exchange its own shares, that were bought back, or interests to extinguish outstanding indebtedness there should be no tax consequences to debtor on repurchase of shares on resale to foreign creditor, debtor should be taxed on any gain on shares or should be able to deduct any loss sustained 3.Alternative de bt refinancing structure swapping debt for convertible debt which creditor converts into equity issue by debtor to creditor of convertible bonds as a means of refinancing outstanding debt creditor should make sure conversion ratio covers value of outstanding debt over term of loan disadvantage to this 13 strategy is that creditor is refinancing and likely to have twice the outstanding debt for some time 4.Securitizing the debt convert debt into security which creditor then contributes to debtors charter capital to pay for the shares (key issue facing creditors thinking of taking equity in a Russian debtor company in exchange for indebtedness is how to value that equity) Summary This paper has addressed the opposing views as to the causes of and remedies for the Russian financial crisis. Two central camps have emerged.One camp argues that the Russian economy has severe structural problems that were the primary cause of the crisis fiscal deficit, banking sector problems. The other gr oup points to the IMF and the problems with the international financial system, claiming that moral hazard problems led investors to underestimate the risk of investing in emerging markets such as Russia, and that unregulated short-term investment flows out of emerging markets can result from the panic. distributively of these groups proposes different remedies for the crisis, based on their assessment of the roots of the crisis. The IMF and Treasury Department insist that the Russian government continue to push for reforms in public finance and the banking sector, claiming that weaknesses in these areas ultimately led to the onset of the Russian crisis.Jeffrey Sachs, George Soros, and others who are critical of the international financial systems and the role of the IMF in the recent financial crises, recommend that the short-term borrowing by governments and banks in emerging markets be limited and regulated, and that exchange rates are flexible rather than pegged. Although the w orst of the Russian crisis may have already passed, as the Russian and other ENI stock markets appear to have recovered(p) and the dramatic fall in production has been reversed, the original causes of the crisis still need to be addressed.Continued progress in banking and fiscal reforms in Russia will be necessary to operate that the country is less vulnerable to future external shocks and foreign creditor panics. Improvements in these sectors would help restore investor confidence in the Russian economy and reverse the current outflow of capital. 14 ANNEX What Happened in Russia? A Brief Chronology of Events Asian Crisis Precursor to the Russian Crisis July 1997, Thailanddevaluation of Thai baht December 1997, Koreadevaluation of Korean won ate October 1997 Pressure on ruble intensifies, as result of Asian crisis December 1997 orthogonal exchange pressure temporarily recedes in Russia 19 December 1997Standard and Poors Sovereign Ratings of Russian ruble longtermBB- ou tlooknegative short-termB January 1998Reemerging pressure on ruble forces Central Bank to raise interest rates, increase reserve requirements on foreign exchange deposits, and intervene on ruble and treasury bill market March 1998Stock market prices in Russia have not yet recovered from lows reached in late fall 1997 May 1998Russia places major commercial bank under Central Bank administration miners strike over wage arrears Russia continues to intervene on foreign exchange markets to support ruble, but investors increasingly see this strategy as unsustainable former(a) May 1998Interest rates in Russia increased to 150 percent Russian government announces revisions to 1998 budget, including 20 percent cut in expenditures and new initiatives to ascending revenues archeozoic June 1998Recent policy announcements temporarily ease tensions, allow partial reversal of earlier interest rate hikes 9 June 1998Standard and Poors Sovereign Ratings of Russian ruble long-term B+ outlookstable s hort-termB Late June 1998Russian authorities unveil anti-crisis program, aimed at boosting tax revenues, cutting expenditures, and speeding up structural reforms . 9991 lirp A , eci vre S et aR egn ahc xE CIFI C AP ecruo S 15 4 / 2 / 9 9 3 / 2 / 9 9 2 / 2 / 9 9 1 / 2 / 9 9 1 2 / 2 / 9 8 1 1 / 2 / 9 8 1 0 / 2 / 9 8 9 / 2 / 9 8 8 / 2 / 9 8 7 / 2 / 9 8 6 / 2 / 9 8 5 / 2 / 9 8 4 / 2 / 9 8 3 / 2 / 9 8 2 / 2 / 9 8 1 / 2 / 9 8 03 Russian Crisis Timeline 0 5 01 51 02 52 After the devaluation of the Thai baht in July 1997, one Asian country after another had to raise interest rates sharply to avoid currency devaluation. But the combination of high interest rates and currency depreciation, which inflated the burden of foreign debt, provoked a financial crisis (Krugman 1999).SU$/selbuR etaR egnahcxE elbuR 16 1 2 / 2 0 / 9 8 9 / 2 0 / 9 8 6 / 2 0 / 9 8 3 / 2 0 / 9 8 1 2 / 2 0 / 9 7 9 / 2 0 / 9 7 6 / 2 0 / 9 7 3 / 2 0 / 9 7 1 2 / 2 0 / 9 6 .9991 lirpA ,semiT wocsoM ecruoS 9 / 2 0 / 9 6 6 / 2 0 / 9 6 3 / 2 0 / 9 6 1 2 / 2 0 / 9 5 9 / 2 0 / 9 5 6 / 2 0 / 9 5 3 / 2 0 / 9 5 1 2 / 2 0 / 9 4 9 / 2 0 / 9 4 6 / 2 0 / 9 4 0 003 xednI semiT wocsoM egnahcxE kcotS naissuR Mid-July 1998Russian authorities introduce additional policy package, in the context of an IMF agreement on an augmented Extended Fund Facility (EFF) arrangement 20 July 1998IMF releases first $4. 8 billion tranche of $22. billion extra credit pledge, as policy package is approved by IMF Late July 1998Initial effects of this package are positive, with equity prices rebounding 30 percent, treasury bill rates falling from light speed to 50 percent, and a lowering of the Central Bank refinancing rate from 80 to 60 percent Early August 1998The Duma fails to approve new reform program President forced to veto several Duma measures and introduce others by decree 13 August 1998Standard and Poors Sovereign Ratings of Russian ruble longtermB- outlooknegative short-termC 14 August 1998Average treasury bill ra tes are about 300 percent, international reserves down to only $15 billion, and Russian banks are unable to meet payment obligationsRussia on the verge of full-scale banking and currency crisis 15 August 1998Boris Yeltsin announces that there will be no devaluation of the ruble 17 August 1998Russian government defaults on GKO Treasury Bonds, imposes 90day moratorium on foreign debt payments, abandons ruble exchange rate corridor 17 August 1998Standard and Poors Sovereign Ratings of Russian ruble downgraded long-termCCC outlooknegative short-termC 21 August 1998Russias international reserves fall to $13. 5 billion, after renewed heavy preventive in an effort to support the weakened ruble 26 August 1998Following heavy intervention, the Russian Central Bank announces that it will stop selling U. S. ollars, and suspends trading of ruble on main exchanges Late August 1998Kiriyenko government is dissolved, financial crisis intensifies 1 September 1998Russia is the IMFs largest borrower, with a combined total of credit at this date equal to nearly $18. 8 billion 2 September 1998Russian Central Bank abandons exchange rate band, lets the ruble float 16 September 1998Standard and Poors Sovereign Ratings of Russian ruble longtermCCC- lowest possible S and P rating outlooknegative short-termC January 1999Moodys assesses financial strength (E) and credit ratings (Ca) of the Russian banks at the lowest possible levels most banks are insolvent (or nearly so) 005 054 004 053 052 002 051 001 05 15 January 1999The Central Bank of Russia re-launches trading on the domestic debt market.The new securities are to be used in the restructuring of frozen GKO and other debt instruments 27 January 1999Standard and Poors Sovereign Ratings of Russian ruble LongtermSelective Default outlookNot important short-termSelective Default 5 February 1999The 1999 budget was passed by the Duma in its fourth and final reading. 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Crash Course Just Whats Driving the Crisis in acclivitous Markets? The New York Times, 29 January . 19