Outline labelling theory and consider its usefulness in understanding youth crime and anti-social behaviour in Britain today. Essay Example

Outline labelling theory and consider its usefulness in understanding youth crime and anti-social behaviour in Britain today. Essay Outline labelling theory and see its utility in understanding young person offense and anti-social behavior in Britain today. Labeling theory claims that aberrance and conformance consequences non so much from what people do but from how others respond to those actions, it highlights societal responses to offense and aberrance Macionis and Plummer, ( 2005 ) .Deviant behavior is hence socially constructed. This essay will depict in full the labelling theory and remark on the importance of the theory to the aberrant behavior of the young person and the anti-social behavior of the young person in Britain today. The labelling theory becomes dominant in the early 1960s and the late seventiess when it was used as a sociological theory of offense influential in disputing Orthodox positiveness criminology. The cardinal people to this theory were Becker and Lement.The foundations of this position of aberrance are said to hold been foremost established by Lement, ( 1951 ) and were later developed by Becker, ( 1963 ) .As a affair of fact the labelling theory has later become a dominant paradigm in the account of devience.The symbolic interaction position was highly active in the early foundations of the labelling theory. The labelling theory is constituted by the premise that aberrant behavior is to be seen non merely as the misdemeanor of a norm but as any behavior which is successfully defined or labelled as pervert. Deviance is non the act itself but the response others give to that act which means aberrance is in the eyes of the perceiver. Actually the labelling theory was built on Becker, ( 19 63:9 ) statement that Social groups create aberrance by doing the regulations whose misdemeanor constitute aberrance, and by using those regulations to peculiar people and labelling them as foreigners aberrance is non a quality of the act of a individual commits, but instead a effects of the application by others of regulations and countenances to an offender The pervert is one to whom that label has successfully been applied. We will write a custom essay sample on Outline labelling theory and consider its usefulness in understanding youth crime and anti-social behaviour in Britain today. specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Outline labelling theory and consider its usefulness in understanding youth crime and anti-social behaviour in Britain today. specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Outline labelling theory and consider its usefulness in understanding youth crime and anti-social behaviour in Britain today. specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Deviant behavior is behaviour that people so label. The manner out is a refusal to dramatise the immorality. The labelling theory connects to great sociological thoughts of Dukheim the symbolic interactionism and the struggle theory. The theory besides draws from the thought of Thomas ( 1928 ) that when people define state of affairss as existent they become existent in their effects. Lement, ( 1951-1972 ) distinguishes aberrance into primary and secondary aberrance in which he described primary aberrance as those small reactions from others which have small consequence on a individual s ego construct and secondary aberrance as when people push a aberrant individual out of their societal circles which leads the individual to be embittered and seek the company of the people who condone his behaviour.Lement farther argued that instead than seeing a offense as taking to command it may be more fruitful to see the procedure as one in which control bureaus structured and even generated offense. Secondary aberrance leads to what Goffman ( 1963 ) pervert calling. This will later leads to stigma which is a powerful negative societal label that radically changes a individual s ego construct and societal individuality. A condemnable prosecution is one manner that an person is labelled in a negative instead than in a positive manner. Stigmatizing people frequently leads to re trospective labelling which is the reading of person s past consistent with the present aberrance Seheff ; ( 1984 ) .Retrospective labelling distorts a individual s life in a damaging manner guided by stigma than any effort to be just. No societal category stands apart from others as being either condemnable or free from criminalism. However harmonizing to assorted sociologists people with less interest in society and their ain hereafter typically exhibit less opposition to some sorts of devience.Labelling theory asks what happens to felons after they have been labelled and suggests that offense may be highlighted by condemnable countenances therefore directing one to prison may assist to outlaw an single further. Stigmatizing immature wrongdoers may really take them into a condemnable calling. Howard S.Becker, ( 1963 ) one of the earlier interaction theoreticians claimed that societal groups create aberrance by doing the regulations whose misdemeanor constitute aberrance and by using those regulations to peculiar people and labelling them as foreigners. Furthermore the labelling theoretical attack to deviance dressed ores on the societal reaction to deviance committed by persons every bit good as the interaction processes taking up to the labelling. The theory therefore suggests that criminology has been given excessively much attending to felons as types of people and deficient attending to the aggregation of societal control responses. That hence means the jurisprudence, the constabulary, the media and the public publications helps to give offense its form. This is supported by the struggle theory which demonstrates how aberrance reflects inequalities and power.This attack holds that the causes of offense may be linked to inequalities of category, race and gender and that who or what is labelled as aberrant depends on the comparative power of classs of people.Cicourel s survey on Juvenile justness in California, ( 1972 ) pointed out that constabulary stereotypes result in black, white category young person being labelled felon. The struggle theory links aberrance to power in the signifier of the norms and the Torahs of most societies which bolster the involvements of the rich and powerful. The labelling theory links deviance non to action but to the reaction of others.The construct of stigma, secondary aberrance and aberrant calling demonstrates how people can integrate the label of aberrance into a permanent self-concept. Political leaders recognises that labelling was a political act for it made them aware on which regulations to implement, what behavior is to see as pervert and which people labelled as foreigners may necessitate political aid Becker, ( 1963-7 ) .Political leaders went on to bring forth a series of empirical surveies refering the beginnings of deviancy definitions through political actions in countries such as drugs statute law, moderation statute law, delinquency definitions, homosexualism, harlotry and erotica. Becker, ( 1963 ) examines the possible effects upon an person after being publically labelled as pervert. A label is non impersonal ; it contains an rating of the individual to whom it is applied. It will go a maestro label in the sense that it colours all the other positions possessed by an person. If one is labelled as a pedophile, condemnable or homosexual it is hard to reject such labels for those labels mostly overrides their original position as parents, worker, neighbour and friend. Others view that individual and respond to him or her in footings of the label and be given to presume that person has the negative features usually associated with such labels. Since an person s ego construct is mostly derived from the responses of others they will be given to see themselves in footings of that label. This may bring forth a ego carry throughing prognostication whereby the aberrant designation becomes the commanding 1. This links to the interactionist attack which emphasizes the im portance of the significances the assorted histrions bring to and develops within the interaction state of affairs. However the labelling theory has its failings which includes Liazos, ( 1972 ) who noted that although the labelling theoreticians aims to humanize the aberrant person and show that he or she is no different than other persons except possibly in footings of chance. It nevertheless by the really accent on the pervert and his individuality jobs and subculture the opposite consequence may hold been achieved. He farther suggested that while sing the more usual mundane types of aberrance such as homosexualism, harlotry and juvenile delinquency the labelling theoreticians have wholly ignored a more unsafe and malevolent types of aberrance which he termed covert institutional force. He pointed out that this type of force leads to such things as poorness and development for illustration the war in Vietnam, unfair revenue enhancement Torahs, racism and sexism. It is questionable whether labelling theoreticians should even try to discourse signifiers of aberrance such as this in the same manner as more platitude single offenses or whether the two should be kept wholly separate being so different in capable affair. Akers, ( 1994 ) besides criticized the labelling theory by indicating out that it fails to explicate why people break the jurisprudence while the bulk conform explicating that people go about minding their ain concern and so wham-bad society comes along and stops them with a stigmatised label. The theory fails to explicate why the moral enterprisers react in the mode described but instead incriminations society and portrays felons as inexperienced person victims which is non ever the instance. To counter for the negative effects of punitory steps to youth offense and anti-social behavior the British authorities introduced the ASBO and ABC which means anti societal behavior orders and acceptable behaviors respectively.ASBO and ABC are recent developments in Britain which were designed to set a halt to anti-social behavior by the person on whom they are imposed.ASBO is a statutory creative activity and it carries legal force where as an ABC is an informal process though non without legal significance. Both types of intercessions are aimed at halting the job behavior instead than penalizing the wrongdoer which may take an single into a aberrant calling. The ABC proved most effectual as a agency of promoting immature grownups, kids and parents to take duty for unacceptable behavior. These steps are being used to better the quality of life for local people by undertaking behaviors such as torment, graffito, condemnable harm and verbal maltreatment without outlawing the wrongdoe r. The offense and upset act ( 1998 ) contains the cardinal elements of labor s new young person justness system which saw the constitution of the young person justness and the restructuring of the non tutelary punishments available to the young person tribunal. The authorities believed that forestalling piquing promotes the public assistance of the single immature wrongdoer and protects the populace. The young person justness board oversees the young person piquing squads which has a figure of functions including measuring the hazard and protective factors in a immature individual s life that relate to their piquing behavior to enable effectual intercessions to be implemented, supplying support to immature people who have been released from the detention into the community and early intercession and preventive work both in criminalism and anti-social behavior. To further cut down the effects of labelling the British authorities is undertaking anti-social behavior and its causes by undertaking household jobs, hapless instruction attainment, unemployment, intoxicant and drug abuse. The most successful intercessions to be implemented where noted to be those that engage the person in altering their ain behavior. This is being done guaranting that an single understands the impact of their behavior to the community whilst offering the necessary support to conform. Rather than labelling and outlawing an single the British authorities came up with effectual advice, councelling and support that enable people who behave anti-Socially to alter their behavior. Perpetrators immature and grownups have issues in their lives that require the aid and support of professional, statutory or voluntary administrations. Issues like money direction and debt, communicating troubles with the household, immature people fighting within the educational or employment because of piquing behavior and victims of domestic force can all profit from available services in Britain today. This essay hence concludes that labelling theory is tremendously influential in directing attending towards the relation and slightly arbitrary nature of dominant definitions of offense and criminalism in Britain. It besides critizes the condemnable justness and the bureaus of societal control for it reflects on the effects of our societal reaction and advocators for alterations in public policy on juvenile justness, renewing justness, de-institutionalisation and communitarian attacks. The powerful penetrations of the labelling theory made the British governments to rethink once more on the tough on offense stance hence the debut of new renewing steps which does non label or outlaw immature wrongdoers. The labelling theory is hence rather utile in understanding that the rise in the yob civilization, gang civilization and hoody civilization in Britain was a consequence of outlawing immature wrongdoers instead than turn toing issues taking the immature into offense and anti-social beha vior. Mentions Berker and Howard, S ( 1963 ) Outsiders: Studies in the sociology of aberrance, New York: free imperativeness Goffman, E ( 1963 ) Stigma: Notes on the direction of spoilt individuality, Prentice-hall Hall, S ( 1978 ) Patroling the crisis, The Macmillan imperativeness LTD Haralambos, M and Holborn ( 1991 ) Sociology subjects and positions, Collins instruction. Macionis, J and Plummer, K ( 2005 ) Sociology a planetary debut, Pearson instruction limited. Taylor et Al, ( 1973 ) the new criminology for a societal theory of devience, Routledge

SPSS analysis on modern portfolio theory-optimal portfolio strategies in today’s capital market The WritePass Journal

SPSS analysis on modern portfolio theory-optimal portfolio strategies in today’s capital market Introduction SPSS analysis on modern portfolio theory-optimal portfolio strategies in today’s capital market IntroductionResearch MethodologyResults and Data AnalysisConclusion and Implications of Research FindingsReferencesRelated Abstract This paper provides information on specific ideas embedded in single index model/construction of optimal portfolios compared to the classic Markowitz model. Important arguments are presented regarding the validity of these two models. The researcher utilises SPSS analysis to demonstrate important research findings. This type of analysis is conducted to explore the presence of any significant statistical difference between the variance of the single index model and the Markowitz model. The paper also includes implications for investors. Introduction In the contemporary environment involving business investments, selecting appropriate investments is a relevant task of most organisations. Rational investors try to minimise risks as well as maximise returns on their investments (Better, 2006). The ultimate goal is to reach a level identified as optimal portfolios. The focus in this process is on initiating the portfolio selection models, which are essential for optimising the work of investors. Research shows that the Markowitz model is the most suitable model for conducting stock selection, as this is facilitated through the use of a full covariance matrix (Bergh and Rensburg, 2008). The importance of this study reflects in the application of different models so as to develop adequate portfolios in organisations. It is essential to compare certain models because investors may be provided with sufficient knowledge about how they can best construct their portfolios. In this context, the precise variance of the portfolio selection model is important, as it reflects portfolio risk (Bergh and Rensburg, 2008). Information on the parameters of different models is significant to make the most appropriate decisions regarding portfolio creation. Markowitz is a pioneer in the research on portfolio analysis, as his works have contributed to enhancing investors’ perspectives on the available options regarding specific models of constructing optimal portfolios (Fernandez and Gomez, 2007). Research Methodology The research question presented in this study referred to the exploration of ideas embedded in single index model/construction of optimal portfolios and comparing them with the classic Markowitz model. The focus was on the construction of optimal portfolios, as the researcher was concerned with the evaluation of constructed portfolios with specific market parameters (Better, 2006). Moreover, the researcher paid attention to the stock market price index, including stocks of organisations distributed in three major sectors: services, financial, and industrial (Fernandez and Gomez, 2007). The behaviour of this index was explored through the implementation of SPSS analysis. The data covered a period of seven years, starting on January 1, 2000 and ending on December 31, 2006. It was essential to evaluate the effectiveness parameters of the single index model/construction of optimal portfolios and the Markowitz model. The criteria for the selection of companies included that all organisati ons shared the same fiscal year (ending each year on December 31) as well as they have not demonstrated any change in position. Results and Data Analysis The research methodology utilised in the study is based on the model of single index/optimal portfolios and the Markowitz model. The exploration of the relationship between these two models required the selection of 35 equally weighted optimal portfolios, as two sizes of portfolio were outlined. An approximate number of 10 optimal portfolios represented the first size, which further generated 12 portfolios. In addition, the researcher considered the option of simulating of optimal portfolios represented at second sizes (Bergh and Rensburg, 2008). The criterion of queuing randomise portfolio selection has been used to generate approximate 23 portfolios from the second size category. The researcher selected five and 10 stocks to analyse the data. The portfolio size split allowed the researcher to explore how the portfolio size could be used to affect the relationship between the single index model/optimal portfolios and the Markowitz model (Fernandez and Gomez, 2007). Results of testin g the data are provided in the table below: Optimal portfolio number Variance of Single Index Model Variance of the Markowitz Model Optimal portfolio number Variance of the Single Index Model Variance of the Markowitz Model 10 0.0037 0.0039 5 0.0021 0.0023 10 0.0014 0.0017 5 0.0028 0.0038 10 0.0021 0.0028 5 0.0042 0.0051 10 0.0020 0.0021 5 0.0025 0.0030 10 0.0031 0.0035 5 0.0026 0.0024 10 0.0019 0.0019 5 0.0033 0.0038 10 0.0088 0.0086 5 0.0067 0.0071 10 0.0028 0.0037 5 0.0037 0.0053 10 0.0025 0.0024 5 0.0038 0.0043 10 0.0022 0.0023 5 0.0021 0.0020 10 0.0019 0.0020 5 0.0063 0.0061 10 0.0023 0.0026 5 0.0212 0.0202 Table 1: Variance of Five and 10 Optimal Portfolios Based on the results provided in the table, it can be concluded that the variance between the single index model/construction of optimal portfolios and the Markowitz model is similar. For instance, values of 0.0020 and 0.0019 for the variance of the two models are similar. This means that the results do not show substantial statistical differences between the two models. The tables below contain a descriptive summary of the results presented in the previous table: Measure Single Index Model Markowitz Model Mean 0.0044 0.0047 Minimal 0.0021 0.0020 Maximum 0.0212 0.0202 Standard Deviation 0.0037 0.0035 Table 2: Descriptive Summary of 10 Optimal Portfolios The results in Table 2 were derived from testing the performance of 10 optimal portfolios. It has been indicated that the mean for the single index model of 10 portfolios is 0.0044, while the mean for the Markowitz model is 0.0047, implying an insignificant statistical difference. The minimal value of the single index model is reported at 0.0021, while the minimal value of the Markowitz model is 0.0020. The difference is insignificant. The maximum value of the single index model is 0.0212, while the same value of the Markowitz model is 0.0202. Based on these values, it can be argued that there is a slight difference existing between the two models. The standard deviation of the single index model is 0.0037, while the standard deviation of the Markowitz model is 0.0035, which also reflects an insignificant statistical difference. Measure Single Index Model Markowitz Model Mean 0.0028 0.0031 Minimal 0.0014 0.0017 Maximum 0.0088 0.0086 Standard Deviation 0.0020 0.0019 Table 3: Descriptive Summary of 5 Optimal Portfolios Table 3 provides the results for five optimal portfolios. These results are similar to the ones reported previously (10 optimal portfolios). The mean for the single index model of 5 optimal portfolios is 0.0028, while the mean for the Markowitz model is 0.0031, implying an insignificant statistical difference. There are insignificant differences between the two models regarding other values, such as minimal and maximum value as well as standard deviation. Furthermore, the researcher performed an ANOVA analysis of 10 optimal portfolios, which are presented in the table below. It has been indicated that the effective score for the single index model and the Markowitz model is almost the same. Yet, an insignificant difference was reported between the two means and standard deviations for both models. ANOVA Analysis Sum of squares Df Condition Mean Standard Deviation Standard Error Mean F Sig. Between Groups .000 1 1.000 .003125 .0018704 .0005399 .089 .768 Within Groups .000 22 2.000 .002892 .0019589 .0005655 Total .000 23 Table 4: ANOVA Analysis for the Variance between the Single Index Model and the Markowitz Model of 10 Portfolios From the conducted analysis, it can be also concluded that the F-test presents an insignificant statistical value, implying that the researcher rejected the hypothesis of a significant difference existing between portfolio selections with regards to risk in both models used in the study (Fernandez and Gomez, 2007). Hence, the hypothesis of a significant difference between the variance of the single index model and the Markowitz model was rejected (Lediot and Wolf, 2003). In the table below, the researcher provided the results of an ANOVA analysis conducted on five optimal portfolios: ANOVA Analysis Sum of Squares Df Condition Mean Standard Deviation Standard Error Mean F Sig. Between Groups .000 1 1.000 .004852 .0036535 .0007618 .096 .758 Within Groups .001 44 2.000 .004509 .0038595 .0008048 Total .001 45 Table 5: ANOVA Analysis for the Variance between the Single Index Model and the Markowitz Model of 5 Portfolios The results from Table 5 show that the variance between the single index model and the Markowitz model of five optimal portfolios is almost the same. Regardless of the stock number in the selected optimal portfolios, there is no significant statistical difference between the single index model and the Markowitz model. The main finding based on the reported data is that the single index model/construction of optimal portfolios is similar to the Markowitz model with regards to the formation of specific portfolios (Bergh and Rensburg, 2008). As indicated in this study, the precise number of stocks in the constructed optimal portfolios does not impact the final result of comparing the two analysed models. The fact that these models are not significantly different from each other can prompt investors to use the most practical approach in constructing optimal portfolios (Haugen, 2001). Placing an emphasis on efficient frontiers is an important part of investors’ work, as they are focused on generating the most efficient portfolios at the lowest risk. As a result, optimally selected portfolios would be able to generate positive returns for organisations. This applies to both the single index model and the Markowitz model (Fernandez and Gomez, 2007). Conclusion and Implications of Research Findings The results obtained in the present study are important for various parties. Such results may be of concern to policy makers, investors as well as financial market participants. In addition, the findings generated in the study are similar to findings reported by other researchers in the field (Bergh and Rensburg, 2008). It cannot be claimed that either of the approaches has certain advantages over the other one. Even if the number of stocks is altered, this does not reflect in any changes of the results provided by the researcher in this study. Yet, the major limitation of the study is associated with the use of monthly data. It can be argued that the use of daily data would be a more viable option to ensure accuracy, objectivity as well as adherence to strict professional standards in terms of investment (Better, 2006). In conclusion, the similarity of the single index model and the Markowitz model encourage researchers to use both models equally because of their potential to generate optimal portfolios. Moreover, the lack of significant statistical differences between the variance of the single index model and the Markowitz model can serve as an adequate basis for investors to demonstrate greater flexibility in the process of making portfolio selection decisions (Haugen, 2001). The results obtained in the study were used to reject the hypotheses that were initially presented. As previously mentioned, the conducted F-test additionally indicates that the single index model and the Markowitz model are almost similar in scope and impact (Fernandez and Gomez, 2007). Investors should consider that portfolio selection models play an important role in determining the exact amount of risk taking while constructing optimal portfolios. Hence, investors are expected to thoroughly explore those models while they select their portfolios (Garlappi et al., 2007). Both individual and institutional investors can find the results generated in this study useful to facilitate their professional practice. A possible application of the research findings should be considered in the process of embracing new investment policies in the flexible organisational context (Bergh and Rensburg, 2008). Future research may extensively focus on the development of new portfolio selection models that may further expand the capacity of organisations to improve their performance on investment risk taking indicators. References Bergh, G. and Rensburg, V. (2008). ‘Hedge Funds and Higher Moment Portfolio Performance Appraisals: A General Approach’. Omega, vol. 37, pp. 50-62. Better, M. (2006). ‘Selecting Project Portfolios by Optimizing Simulations’. The Engineering Economist, vol. 51, pp. 81-97. Fernandez, A. and Gomez, S. (2007). ‘Portfolio Selection Using Neutral Networks’. Computers Operations Research, vol. 34, pp. 1177-1191. Garlappi, L., Uppal, R., and Wang, T. (2007). ‘Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach’. The Review of Financial Studies, vol. 20, pp. 41-81. Haugen, R. (2001). Modern Investment Theory. New Jersey: Prentice Hall. Lediot, O. and Wolf, M. (2003). ‘Improved Estimation of the Covariance Matrix of Stock Returns with an Application to Portfolio Selection’. Journal of Finance, vol. 10, pp. 603-621.

Horizontal Violence in Nursing Essay Example | Topics and Well Written Essays - 3250 words

Horizontal Violence in Nursing - Essay Example Although many healthcare stakeholders are aware of rampant horizontal violence, many of them are oblivious of its extent. Ditmer (2010) provides an overview of the scope of horizontal violence among nurses, establishing that â€Å"75%† of nurses have experienced aggression, harassment and bullying during their careers. To further exacerbate such grim statistics, majority of such acts go unreported. Besides, such horizontal violence may not be interfered with a reported â€Å"40%† of leaders remaining passive or quiet when witnessing such acts (Ditmer, 2010). Several explanations have been provided for the cause and nature of horizontal violence. In certain situations conflict within the group arises and horizontal violence is a symptom of an underlying problem. The ultimate result is that horizontal violence persists in the nursing workplace and the individual nurses learn it as an expected behavior, being oblivious that it should not be part of their culture. As a resu lt the nurses are vilified for this and develop a low self-esteem, such that by the time they enter the nursing practice they are already negatively socialized to certain submissive roles. Horizontal violence such as â€Å"disruptive and unprofessional behavior† is allowed to enter due to two factors; through acts of omission; and new nurses’ deficient of formal instruction to handle conflicts and assert their rights. In the former case, it is noted that failure of the management to act even after observing manifestations of horizontal violence contributes to its pervading and perception as part of normal culture in nursing practice. In the latter case, new graduate nurses are observed to lack the necessary skills to deal with being victims of horizontal violence. Some of them also... This essay approves that further analysis will be through correlating data for the day and night shifts as well as registered nurses and technical nurses. Correlations will also be done according to age category of nurses in the work place: baby boomers, generation X and generation Y, with the view of establishing which group is most affected by horizontal violence since it is appreciated that generational differences exist in terms of how these groups act and react in the workplace. This report makes a conclusion that Horizontal violence is a widespread and pertinent issue despite being addressed by legal and healthcare policies. Literature is indicative that it is the result of powerlessness and marginalization of nurses at the workplace accompanied by laxity or disregard of its impact by the management. It has very serious consequences on the individual nurse and quality of patient care availed besides translating into massive losses whenever nurses quit the field. On an institutional level, it is argued that horizontal violence contributes to poor retention. Research evidence for this is limited, and thus justifies an inquiry into it. This study develops a correlational research design to be used to study whether there is a link between horizontal violence among nurses and hospital nurse retention in two medical-surgery units. A horizontal violence measuring tool whose reliability and validity has been tested is proposed for use in data collection after assur ing participant protection through the IRB and hospital management.

How Corporate Tax Is Used by the United Kingdom Government to Support Essay

How Corporate Tax Is Used by the United Kingdom Government to Support Industry - Essay Example This report has looked at the way the UK is supporting the industry. This includes making the taxation system better by reducing corporate taxes, making the UK a better place to start and even grow a business by removing costs that would making businesses spend a lot. In addition, it encourages investment as a way of balancing the economy and finally, making the youth better in terms of education and giving them internship and apprenticeship programmes. This would help them to become more skilled on their areas of specialisation. This report makes a conclusion that these measures are just the start and the government is trying to streamline these ones and see if it can introduce others that will help in supporting the industry. It has been noted that, a better taxation system is through dropping the corporation tax system by one percent. This will help the investors and encourage other companies to increase their production. Another way is through changing the old rules of the Controlled Foreign Company with better and more attractive rules. The government is also removing the old taxation system and has put in a commission to create a newer, more effective and simplified ways of income tax. The reporter say that for the United Kingdom to be one of the best places to start and grow a business, the government should give start up loans at low interest rates and give the business people a longer time to repay the loans. This will help them work to make a profit and pay their loans on time.

Cleopatra - Her Influence & Effect on Culture Essay

Cleopatra - Her Influence & Effect on Culture - Essay Example What make Cleopatra’s influence on culture so strong are the remarkable facts of her life. Ascending the throne at a tender age of 17, she was forced to go into exile 3 years later. Languishing in exile in Arabia, she mustered all her resources in raising an army. The romantic side of her life has added to the allure of her legend. This includes â€Å"her enchantment of Caesar (smuggling herself into the royal palace, according to Plutarch, in a rolled-up sack) and her legendary appearance, dressed as Aphrodite in a gilded boat, before Mark Antony. Even Shakespeare's febrile description of the spectacle -- "So perfumed that/The winds were love-sick" -- is based on contemporary accounts.† (Denny, 2001, p.40) But her relevance to the contemporary world is not something immutable, as demonstrated by recent developments surrounding her legacy. As historians utilize forensic and other advanced research techniques to revise historical accounts, many unknown facts pertaining t o iconic figures like Cleopatra have emerged. One such is the logical deduction by American scholar Martin Bernal (the most prominent of a long line of Afro-centrist classical historians). Bernal claims that most previous historians underestimated the culture of Egypt as they were unwilling to acknowledge that Greek, and by extension all European, civilization had its beginnings in Africa. But, thanks to Bernal, this Afro-centrist view became more acceptable - indeed more fashionable to articulate. The clearest manifestation of this change in public perception and acceptance of historical facts is witnessed in the British theatre scene. â€Å"In the summer of 1991 two productions of Shakespeare's Antony and Cleopatra were running in London. In each of them  Cleopatra was played by a black actress: one of whom, Donna Croll of the Talawa Theatre Company, told a reporter 'the fable of the white  Cleopatra is just another way of bleaching out history'... Just as  Cleopatra had pr eviously been co-opted into playing a part in discussions about the ethics of suicide, the status of a wife and the comparative merits of aristocratic or autocratic government, so in the last years of the twentieth century she found herself at the centre of a debate about race relations.† (Hughes-Hallett, 2006, p.70) It should be remembered that Egypt and Rome of first century BCE were multi-racial societies. Being the centers trade and politics, the cities hosted tens of thousands of slaves. Cleopatra’s father was a Ptolemy, his stock being derived from descendants of one of Alexander’s generals. His roots could be traced to Macedonia, where natives tend to be fair of skin color. â€Å"Theoretically he, and all his forebears for over two centuries, had been the offspring of incestuous brother-sister marriages, and were therefore purebred (as well as inbred) Greeks. In fact, it occurred more than once that the heir to the throne of Ptolemaic Egypt was the child of a royal concubine of unrecorded origin. Cleopatra was one such case. We do not know who her mother was.† (Hughes-Hallett, 2006, p.70) It is highly likely that Cleopatra was thus inter-racial, thus adding to her exoticism. The fact

Globalization And Trade Liberalisation Economics Essay

Globalization And Trade Liberalisation Economics Essay The current period in the world economy is regarded as period of globalization and trade liberalisation. In this period, one of the crucial issues in Development and International Economics is to know whether trade openness indeed promotes growth. With globalization, two major trends are noticeable: first is the emergence of multinational firms with strong presence in different, strategically located markets; and secondly, convergence of consumer tastes for the most competitive products, irrespective of where they are made. In this context of the world as a global village, regional integration constitutes an effective means of not only improving the level of participation of countries in the sub-region in world trade, but also their integration into the borderless and interlinked global economy.(NEEDS, 2005) Since 1950, the world economy has experienced a massive liberalisation of world trade, initially under the auspices of the General Agreement on Tariffs and Trade (GATT), established in 1947, and currently under the auspices of the World Trade Organisation (WTO) which replaced the GATT in 1993. Tariff levels in both developed and developing countries have reduced drastically, averaging approximately 4% and 20% respectively, even though the latter is relatively high. Also, non-tariff barriers to trade, such as quotas, licenses and technical specifications, are also being gradually dismantled, but at a slower rate when compared with tariffs. The liberalisation of trade has led to a massive expansion in the growth of world trade relative to world output. While world output (or GDP) has expanded fivefold, the volume of world trade has grown 16 times at an average compound rate of just over 7% per annum. In fact, It is difficult, if not impossible, to understand the growth and development process of countries without reference to their trading performance. (Thirlwall, 2000). Likewise, Fontagnà © and Mimouni (2000) asserted that since the end of the European recovery after World War II, tariff rates have been divided by 10 at the world level, international trade has been multiplied by 17, world income has quadrupled, and income per capita has doubled. Incidentally, it is well known that periods of openness have generally been associated with prosperity, whereas protectionism has been the companion of recessions. In addition, the trade performance of individual countries tends to be a good indicator of economic performance since well performing countries tend to record higher rates of GDP growth. In total, there is a common perception that even if imperfect competition and second best situations offer the possibility of welfare improving trade policies, on average free trade is better than no trade. From the ongoing discussion, it is evident that trade is very important in promoting and sustaining the growth and development of an economy. No country can isolate herself from trading with the rest of the world because trade acts as a catalyst of growth. Thus Nigeria, being part of the world, is no exemption. For this reason, there is a need to thoroughly examine the nature of relationship between trade openness and output growth in Nigeria. Trade Openness And Output Growth: Historical Experience Of The Nigerian economy Today, Nigeria is regarded to have the largest economy in sub-Saharan Africa, excluding South Africa. In the last three decades, there has been little or no progress made in alleviating poverty despite the massive effort made and the many programmes established for that purpose. Indeed, as in many other sub-Saharan Africa countries, both the number of poor and the proportion of poor have been increasing in Nigeria. In particular, the 1998 United Nations Human Development Report declares that 48% of Nigerias population lives below the poverty line. According to the Report (UNDP, 1998), the bitter reality of the Nigerian situation is not just that the poverty level is getting worse by the day but more than four in ten Nigerians live in conditions of extreme poverty of less than N320 per capita per month, which barely provides for a quarter of the nutritional requirements of healthy living. This is approximately US$8.2 per month or US27 cents per day. Doug Addison (undated) further explained that the Nigerian economy is not merely volatile; it is one of the most volatile economies in the world. There is evidence that this volatility is adversely affecting the real growth rate of Nigerias gross domestic product (GDP) by inhibiting investment and reducing the productivity of investment, both public and private (see figure 1 below). Economic theory and empirical evidence suggest that sustained high future growth and poverty reduction are unlikely without a significant reduction in volatility. Oil price fluctuations drive only part of Nigerias volatility; policy choices have also contributed to the problem. Yet policy choices are available that can help accelerate growth and thus help reduce the percentage of people living in poverty, despite the severity of Nigerias problems. Figure During the period 1960-1997, Nigerias growth rate of per capita GDP of 1.45% compares unfavourably with that reported by other countries, especially those posted by China and the Asian Tigers such as Hong Kong, Singapore, Taiwan, and South Korea. Viewed in this comparative perspective, Nigerias per capita income growth has been woefully low and needs to be improved upon. (Iyoha and Oriakhi, 2002). In like manner, Ogujiuba, Oji and Adenuga (2004) wrote that the Nigerian economy has severally been described as a difficult environment for business. With a population growth of about 3%, it has been acknowledged that the current average output growth rate of less than 4% will see the country being poorer in the next decade. A study conducted by Iyoha and Oriakhi (2002) on Nigerias per capita GNP from 1964 to 1997 shows that it rose steadily from US$120 to US$780 in 1981. Thereafter, it fell almost steadily to US$280 in 1997. Thus, between 1964 and 1981, income per capita increased by 550% or at an annual average rate of 32.3% while between 1981 and 1997, it fell by 64.1% or at an annual average rate of 4%. It is worth noting that if income per capita had continued to increase beyond 1981 as it did before then, Nigerias GNP per capita would have equaled US$1,279 in 1997. The difference between US$280 and US$1,279, i.e., approximately US$1,000.00, is a rough measure of the cost to the average Nigerian of domestic macroeconomic policy mistakes and adverse international economic shocks. Likewise, in 1960 agricultural exports accounted for 70.8% of total exports while petroleum accounted for only 2.6%. Exports of other commodities like tin and processed goods amounted to 26.6% of total exports. By 1970 agric ultural exports only accounted for 33% of total exports while petroleum exports had started to establish dominance by exceeding 58% of total exports. By the time the oil boom began in earnest in 1974, petroleum exports accounted for approximately 93% of all exports. The relative share of agricultural exports in total exports had shrunk to 5.4% while other products accounted for the remaining 1.9%. Since 1974, with the exception of 1978 when the relative share of petroleum in total exports amounted to 89.1%, petroleums share in exports has consistently exceeded 90%. Indeed, since 1990, the relative share of petroleum in total exports has exceeded 96%. Agricultures contribution has fluctuated between 0.5% and 2.3% while the share of other products has fluctuated between 0.5% and 1.7%. Thus, petroleum exportation has totally dominated the economy and indeed government finances since the mid-1970s. Meanwhile, a puzzling and disturbing aspect of Nigerias export boom is that the growth it generated did not seem to be lasting or to have had a significant effect in changing the structure of the economy. For instance, in the 1970s, there was a major increase in measured GDP but the structure of the economy remained basically unchanged (see figure 2 below). This led Professor Yesufu (1995) to describe the Nigerian economy as one that had experienced growth without development. Figure During the period of 1970-1985, import substitution industrialization (ISI) strategy was a dominant feature of trade policy in Nigeria. The trade policy was generally inward oriented. Under this ISI strategy, infant manufacturing industries were protected using high tariffs, import quotas, and other trade restrictions like import licensing. Non-tariff barriers to trade such as import prohibitions were also utilized. During this period, trade policy was also adjusted in response to the exigencies of the balance of payments. Also, Nigeria was operating a fixed exchange rate regime under which the value of the naira was essentially tied to the U.S. dollar and gold. It is worth noting that the trade policy pursued during this period resulted in a rapid increase in manufacturing production and employment, particularly during the era of the oil boom (1975-1980) and that led to a rise in the share of manufacturing in Gross Domestic Product (GDP) from 5.6% in 1962/63 to 8.7% in 1986. (Iyoha and Oriakhi, 2002). In 1986, Nigeria adopted the Structural Adjustment Programme (SAP) of the IMF/World Bank in 1986. With the adoption of SAP in 1986, there was a radical shift from inward-oriented trade policies to outward-oriented trade policies in Nigeria. These are policies and measures that emphasize production and trade along the lines dictated by a countrys comparative advantage such as export promotion and export diversification, reduction or elimination of import tariffs, and the adoption of market-determined exchange rates. Some of the aims of the Structural Adjustment Programme adopted in 1986 were diversification of the structure of exports, diversification of the structure of production, reduction in the over-dependence on imports, and reduction in the overdependence on petroleum exports. The main SAP measures were: deregulation of the exchange rate trade liberalization deregulation of the financial sector adoption of appropriate pricing policies especially for petroleum products rationalization and privatisation of public sector enterprises and abolition of commodity Marketing Boards. However, as a result of trade liberalization gospel of the SAP, the Nigerian external sector has really grown in leaps and bound. For instance, the total domestic exports of Nigeria in 2006 amounted to à ¢Ã¢â‚¬Å¡Ã‚ ¦7555141.32 million as against à ¢Ã¢â‚¬Å¡Ã‚ ¦6621303.64 million in 2005 showing an increase of 14.10%. Domestic exports recorded negative growth rates in 1993(7.70%), 1994(45.5%), 1997(2.03%), 1998(38.48%), and 2001(27.06%). The largest increase in domestic exports was witnessed in 1995(448.42%). Total imports (c.i.f) stood at à ¢Ã¢â‚¬Å¡Ã‚ ¦2922248.46 as against à ¢Ã¢â‚¬Å¡Ã‚ ¦1779601.57 million in 2005 recording an increase of 64.20%. Total imports also recorded negative growth rates in 1994(45.72%), 1998(9.41%) and 2004(18.07%). The value of total merchandise trade amounted to à ¢Ã¢â‚¬Å¡Ã‚ ¦10477389.78 million in 2006 as against à ¢Ã¢â‚¬Å¡Ã‚ ¦45272.24 recorded in 1987. External trade was dominated by domestic exports between 1987 and 2006 averaging 67.17% while impo rts (c.i.f) averaged 32.82% (see figure 3 below). Consequently, the trade balance was positive between 1987 and 2006. Oil exports remains the dominant component of export trade in Nigeria between 1987 and 2006 accounting for about 93.33% of total domestic exports. On the other hand, non-oil exports accounted for a small value of 6.67% over the same period. (NBS report, 2008). Figure Therefore, it could be understood that SAP involved the deregulation and liberalization of the Nigerian economy. This policy thrust dovetailed nicely with the emerging international orthodoxy to the effect that deregulation and economic liberalization would yield the optimal allocation of scarce resources, reduce waste, and promote rapid economic growth in developing countries. Unfortunately, there has been no significant progress made in the achievement of these objectives. The economy is still excessively dependent on petroleum exports while the degree of openness of the economy has increased. The trade openness of the economy has significantly increased in the past three decades, with the trade-GDP ratio rising from 31.54% in 1970, to 46.91% in 1980, 57.23% in 1990, 88.16% in 1995, 85.26% in 2003 and 57.63% in 2007(see figure 4 below). Indeed, in the 1990s the ratio of trade to GDP has averaged 70%. This extreme openness of the economy could be disadvantageous in that it makes the country highly susceptible to internationally transmitted business cycles, and, in particular, internationally transmitted shocks (like commodity price collapse). A good example of this effect on the Nigerian economy is that of the global food crisis of 2007 and current global economic/financial crisis. Figure Statement of Research Problem Nwafor Manson (undated) noted that the Nigerias trade policy over the years has been determined by one/more of the following: Need to protect and stimulate domestic production (import capital goods at low prices etc) Need to ameliorate /prevent balance of payment problems Need to boost the value of the Naira Need to be competitive and enjoy the benefits of openness Need to increase revenue and International agreements. Today, as part of moving with the trend of globalization and trade liberalisation in the global economic system, Nigeria is a member of and a signatory to many international and regional trade agreements such as International Monetary Fund (IMF), World Trade Organisation (WTO), Economic Community of West African States (ECOWAS), and so many others. The policy response of such economic partnership on trade has been to remove trade barriers, reduce tariffs, and embark on outward-oriented trade policies. Despite all her effort to meet up with the demands of these economic partnerships in terms of opening up her border, according to the 2007 assessment of the Trade Policy Review, Nigerias trade freedom was rated 56% making her the worlds 131st freest economy while the countrys GDP was rank 161st in the world in February, 2009. The economy has struggled vigorously to stimulate growth through openness to trade. In fact, it seems that as the country put greater effort to boost her economic growth by opening up to trade with the global economy, the more she becomes worse-off relative to her trading partners in terms of country output growth. Having reviewed the related literatures and considering the structure of the Nigerian economy as related to trade openness and output growth, we may then ask the following questions: Does trade openness have any significant impact on output growth in Nigeria? Is there any other macroeconomic variable that has significant impact on output growth in Nigeria? Is there any linear association (correlation) between trade openness and output growth in Nigeria? Is there long run relationship between trade openness and output growth in Nigeria? Has there been any significant structural change in output growth between the pre-SAP and post-SAP period in Nigeria? Objective of the Study The broad objective of this research work is to study, in its entirety, the relationship between trade openness and output growth in Nigeria. This broad objective can be subdivided into the following smaller objectives: To examine the impact of trade openness on output growth in Nigeria. To identify other internal and external macroeconomic shocks that determine output growth in Nigeria. To determine the linear association (correlation) between trade openness and output growth in Nigeria. To ascertain the possibility of long run relationship between trade openness and output growth in Nigeria. To determine the possibility of structural changes (if any) in output growth between the pre-SAP and post-SAP period. Statement of Research Hypothesis In view of the foregoing study, with respect to trade openness and output growth in Nigeria, the following null hypotheses will be tested: Ho: Trade openness does not have any significant impact on output growth in Nigeria. Ho: There is no other macroeconomic variable (internal and external) that have significant impact on output growth in Nigeria. Ho: There is no linear association (correlation) between trade openness and output growth in Nigeria. Ho: There is no long run relationship between trade openness and output growth in Nigeria. Ho: There is no significant structural change in output growth between the pre-SAP and post-SAP period. Justification of the Study Nigeria is currently undergoing a series of transformation in every sector of the economy, including the external sector of the economy. The countrys economic policy in the last two decades had one dominating theme which is an integral part of the Structural Adjustment Programme (SAP) trade liberalization. This policy was espoused on the argument that it enhances the welfare of consumers and reduces poverty as it offers wider platform for choice from among wider variety of quality goods and cheaper imports. Today, there are many existing literature on the topical issue of trade openness and growth of which some support the axiom that openness is directly correlated to greater economic growth with the main operational implication being that governments should dismantle the barriers to trade. The focal point of this research work is to identify the short comings and benefits of this argument as well as check the validity of this mainstream axiom in Nigeria in the presence of various i nternal and external shocks. Significance of the Study The role of international trade in the developmental journey of an economy can not be overemphasized, especially with the current trend of globalization. Nigeria, being part of the global village, is not left out of this world development. This research work is carried out to study how trade openness has influenced the performance of the Nigerian economy through output growth in the presence of other internal and external shocks. The findings of this research work transcend beyond mere academic brainstorming, but will be of immense benefit to federal agencies, policy makers, intellectual researchers and international trade think tanks that occasionally prescribe and suggest policy options to the government on trade related issues. It will also help the government to see the effectiveness of trade liberalization policy on the economic growth of the nation over the years. This research work will further serve as a guide and provide insight for future research on this topic and related field for students who are willing to improve on it. It will also educate the public on various government policies as related to trade issues. Scope and Limitation of the Study This research work span through the period of 1970-2007 (38 years), and is within the geographical zone of Nigeria. Thus, it is a country-specific research. This research exercise, like every other research work, is really a rigorous one that consumes much time and energy especially in the area of data sourcing, data computation and modeling. The work is relatively limited base on time and financial constraints, data availability, precision of data and data range, and methodology adopted which could further be verified by future research. Nevertheless, the researchers have properly organized the research so as to present dependable results which can aid effective policy making and implementation at least for the time being. Chapter Summary and Prospect In this chapter, we have introduced the concept of openness and output growth, the problems this study seeks to address, the targeted objective of the study and the hypotheses this study seeks to verify. We have also explained the justification for and the significance of this study as well as the scope and limitations of this study. In the next chapter, we shall review the related literature, both theoretical and empirical, as well as limitations of the previous studies. CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction Openness refers to the degree of dependence of an economy on international trade and financial flows. Trade openness measures the international competitiveness of a country in the global market. Thus, we may talk of trade openness and financial openness. Trade openness is often measured by the ratio of import to GDP or alternatively, the ratio of trade to GDP. It is now generally accepted that increased openness with respect to both trade and capital flows will be beneficial to a country. Increased openness facilitates greater integration into global markets. Integration and globalisation are beneficial to developing countries although there are also some potential risks. (Iyoha and Oriakhi, 2002). Trade openness is interpreted to include import and export taxes, as well as explicit non-tariff distortions of trade or in varying degrees of broadness to cover such matters as exchange-rate policies, domestic taxes and subsidies, competition and other regulatory policies, education polic ies, the nature of the legal system, the form of government, and the general nature of institutions and culture (Baldwin, 2002). 2.2 Theoretical Literature The issue of whether trade and increased openness would lead to higher rate of economic growth is an age-old question which has sustained debate between pro-traders and protectionists over the years from classicalists like Adam Smith, John Stuart Mill, to John Maynard Keynes, Raul Prebisch, Hans Singer, Paul Krugman and so on. Theorists from both theses have influenced policy in many countries and at various stage of development. There has also been a huge policy debate about what constitute good and bad policies for these countries, especially the developing countries including Nigeria. Should these countries completely open up to international trade? Or should they instead, at least temporarily, protect some or all of their industries from the world market forces? Formal arguments have been developed pro and con of both theses. These arguments were discussed extensively by Maskus (1998) thus: Argument One: Economies will grow faster if they protect domestic industry from import competition. This is a general statement of the Infant-Industry Hypothesis, which states that manufacturing sectors in underdeveloped economies must be sheltered from competition in order to have the incentive to invest capital, learn how to produce goods efficiently, take advantage of scale economies through large-scale production, and develop innovative or distinctive products that can be sold on world markets. The broadest application of the infant-industry argument for isolation from global markets emerged in the widespread use of import substitution policies in developing countries. A policy of import substitution for industrialization purposes (ISI) involves extensively controlling virtually all components of the economy in order to direct resources into manufacturing. It is an old idea, but its modern origins come from economists writing in the 1950s and 1960s (Arthur Lewis, Raul Prebish, Hans Singer, Gunnar Myrdal, others), who claimed that developing economies faced two fundamental probl ems. First, their status as primary-commodity exporters left them vulnerable to world swings in commodity prices (e.g., oil, sugar, tin, copper, etc.) and also that over the long run, commodity prices would decline relative to manufacturing prices and costs of new technologies. Second, because developing countries have high population growth rates and abundant labor supplies, it would be difficult to absorb workers into primary production. Rather than waiting for comparative advantage to push resources into labor-intensive manufacturing, it would be better to force industrialization through ISI policies. Such programs became common in the 1950s throughout Latin America, Africa, the Middle East, South Asia and Southeast Asia. They are still much in evidence in many countries. Policies imposed in a thorough ISI program include the following. Escalating tariffs, or tariff rates that rise with the stage of processing. Thus, low tariffs on primary goods, medium tariffs on industrial inputs and machinery, and high tariffs on final goods, particularly consumer goods such as food products, clothing, cosmetics, automobiles, and so on. Such tariff structures establish very high effective rates of protection for final goods, meaning that auto factories and so on were strongly protected. Considerable taxes on production of primary commodities in order to push labor out of the countryside and into the cities for developing manufacturing. Such taxes include tariffs on imported fertilizers, price ceilings at very low rates for crops, export taxes on farm goods, and so on. For these reasons, ERPs in agriculture were often strongly negative, vastly reducing output and productivity in farming. Fixing exchange rates at expensive levels (i.e., overvaluing the domestic currency), again in order to discourage primary exports and production and also to reduce the cost of imported inputs for manufacturing sectors. Such exchange rates tended to generate large trade deficits, forcing governments to borrow from abroad and build up debt. It also required setting and controlling multiple exchange rates, so that capital and input transactions could take place at cheaper rates than goods imports in order to protect domestic industry. Extensive systems of quotas and licensing for imports and production. Rigorous controls on FDI coming into the country, requiring foreign firms to meet certain performance requirements. Also controls on imported technologies, with governments placing restrictions on costs of technology and under what terms it would be transferred to local firms. Extensive nationalization of industry to establish state-owned enterprises (SOEs) in key sectors, such as petroleum, steel, chemicals, construction, banking, and airlines. These industry champions received government subsidies and were favored in the process of capital allocation, typically being allowed to borrow at very low rates from state banks (usually at negative real interest rates). To some degree these policies successfully pushed industrialization, but rarely of an efficient kind. Developing countries are full of large manufacturing operations that operate at inefficiently low scales because market sizes are small and product quality is not good enough to penetrate export markets, which is a costly activity. These operations are partly supported by government subsidies, generating vested interests in keeping them going and opposing liberalization. Relative prices of goods are heavily distorted by the various subsidies, trade restrictions, and licenses. Other unintended effects include massive shifts of workers into the cities and worsened sanitation and health problems. However, the question is whether such policies have limited growth. Evidently many other factors are at work. What seems clear is that such countries have not performed well in terms of acquiring and improving technologies, have lagged significantly behind in product innovation and adaptation, have inefficient and distorted agricultural and manufacturing sectors, and have not performed well in building human capital, physical capital, and infrastructure. Some relevant figures are given later. Thus, these sources of growth have likely been limited in countries pursuing ISI programs. Argument Two: Countries will grow faster if they are open to international competition This is the basic hope underlying trade-reform programs that involve extensive liberalization of trade and investment barriers, reduction of controls on technology transfers, unification of tariff rates and domestic tax rates, removal of consumption and production subsidies, and deregulation of industry and privatization of state-owned enterprises. It is the essential philosophy behind World Bank loans to facilitate restructuring and IMF lending packages that require microeconomic structural reforms. It is also a very old idea (going back to Adam Smith and David Ricardo at least) but its modern translation into trade liberalization largely began with the reforms in Chile in the 1970s advocated by the Chicago School of economists (e.g. Milton Friedman, George Stigler). A somewhat different version of this approach is (to contrast it with ISI) called export promotion, which is the policy followed largely by East Asian and Western countries. These approaches are not necessarily liberal in the sense of free competition. There are many examples of sheltered and subsidized domestic firms or industrial groupings; much of this protection was designed to encourage infant industries to mature and export. However, the key component of export promotion programs is not to discourage exports, as is done under ISI programs. The basic policies under export promotion include the following. Properly valued exchange rates, meaning exchange rates that do not discriminate between imports and exports. This is accomplished either through flexible rates or pegged exchange rates that are allowed to move gradually to account for inflation differences between the country in question and major export markets. In this sense, the exchange rate did not impose any tax on exports. Remove taxes on export production and, indeed, make the tax and tariff system as neutral as possible across sectors of production. Thus, while in most of these nations agricultural production was protected from import competition, in manufacturing there was relatively little discrimination across types of goods. It is for this reason that export-promotion policies are far closer to open trade policies than are ISI policies. There were certainly major exceptions to this rule in many export-promotion countries, however. Rather than rely largely on import protection to promote infant industries, some active forms of export promotion in manufacturing and high-tech sectors were taken, including favorable allocation of loans and subsidies and rebates of import tariffs paid on imported industrial inputs. Recognizing that exporting is harder than cutting off imports because exports require improving levels of quality and considerable foreign marketing costs, East Asian firms have emphasized quality control and access to foreign technologies on favorable terms. Governments have supported this by ensuring strong public educational efforts, investments in infrastructure for exports, and technology transfer policies that attempted to force inward technology flows at cheap prices. Recent problems in some countries (especially Asian countries) indicate that while export-promotion strategies may have contributed to growth, they ultimately cause serious problems of overproduction (excess capacity) relative to the economys ability to consume commodities. (Maskus, 1998) The World Bank favors lifting the protectionist measures that have locked low-income countries out of rich-country export markets. In fact, most international bodies (WTO, IMF, World Bank etc) strongly support the case for trade openness and financial liberalisation when setting up programs for developing countries or when multilateral meetings occur. Some of the arguments put forward in favour of increased openness to trade include the following: Specialization: Gains from specialisation in the good in which the country has a comparative advantage such as productivity gains, lowe

Capital Punishment Must be Abolished :: Argumentative Persuasive Essays

Capital Punishment Must be Abolished       Evidence suggests that the death penalty does not deter people from committing crimes. It is a cruel and cold blooded form of punishment and there have been instances where innocent people were sentenced to death.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The most common methods of execution are hanging and shooting. Countries like the U.S. use electrocution, gas chambers and lethal injections to dispose of the convicted. Some countries, like the U.S., have tried to minimise the pain of execution by introducing the electric chair. In some parts of the world, more pain is deliberately inflicted on the condemned, such as in the Islamic countries and Nigeria. In Nigeria the executions are done in public by a firing squad. The convicted are executed slowly, by firing bullets at intervals, starting at the ankles. In Islamic countries the condemned are stoned to death. But there are   special rules for these executions; (Amnesty International article1), "The Islamic Penal Code of Iran stipulates: "In the punishment of stoning to death, the stones should not be so large that the person dies on being hit by one or two of them."1 This is the kind of cruelty which is inflicted on the executed in those countries. Other methods of execution, like the electric chair and hanging, are also quite cruel to the convicted.   That is one of the reasons the death penalty should be abolished.      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Does the death penalty really deter criminals?      Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   There is very little valid evidence to suggest that capital punishment deters criminals. The most recent study of research findings on the relationship between the death penalty and homicide rates, conducted for the United Nations Committee on Crime Prevention and Control, in 1988, has concluded that:"this research has failed to provide scientific proof that executions have a greater deterrent effect than life imprisonment."1. Many murders are committed under the influence of alcohol and drugs, some murderers might be mentally ill. If one of these factors influenced a person, how could he/she control and asses what he/she is doing or be deterred from committing the crime? It would be impossible, and after the incident he/she might not remember it. A cover story in the "Time"3 presents a report about a man called Doug McCray, then 32. He had a reasonable education after dropping out of college one and a half years later to enlist in the army. He was given a medical discharge seventeen months later.He married and went back to college. But his marriage didn't last long and he dropped out of college again and turned to alcohol. Sometime between October 13

Good vs Evil in King Lear Essay

Life will always bestow us with choices which we must wisely choose either a moral or immoral response to. Shakespeare exemplifies goodness and wickedness in King Lear. The play presents a powerful manifestation of loyalty, specifically through the characters Kent, Edgar, and Cordelia. Kent’s unrestricted loyalty to Lear remains stable throughout the play. He recognizes Lear’s tragic flaw and remains faithful, even after being banished. His reliability is further divulged when he attacks Oswald, Goneril’s loyal servant. Kent’s defensive actions result in him being placed in the stocks. This sacrifice adds to his loyal attitude of pursuing the King’s well-being and safety. Oswald is loyal to Goneril, and acts well as a contrasting character to Kent. They both share the attribute of loyalty; however Oswald’s loyalty is based on immoral decisions, while Kent’s is not. Following Lear’s death, Kent foreshadows that he too will pass on, reuniting himself with Lear. Furthermore, Edgar is betrayed by his evil, manipulative brother, and he is forced to disappear. Edgar’s goodness is displayed when he treats Gluocester with kindness, regardless of his father’s misjudgment. In addition, Edgar gives his father strength by saving his life making him believe a deity has saved him from jumping off a cliff. This renaissance causes Gluocester to think and act more wisely in future endeavors. Edgar and Kent’s morality and loyalty are not affected by their mistreatment provided by their superiors, which ultimately verifies them as accurate symbols of good. Cordelia is an exemplar for true virtue in her acts of forgiveness and loyalty towards her father. Lear, distressed by his beloved daughter’s response of â€Å"nothing† to his love test, banishes Cordelia and denies her any land and power. Lear turning his back on Cordelia foretells destruction, since she is one of the only people in Lear’s life that is loyal and express’s genuine feelings towards him. Furthermore, she foreshadows her death by returning to the kingdom to the aid of her father. She understands the dangers of returning, but despite these dangers she continues to emanate loyalty. Shakespeare delivers the existence of suffering through the presence of good and evil. Through Kent, Edgar, and Cordelia, Shakespeare has made it apparent that evil is unavoidable, yet virtue, loyalty, and forgiveness is rooted to everyone. It takes certain individuals to have the courage and power to be able to express these moral characteristics.

Lucas Carlson Think bigger for your books Reedsy

Lucas Carlson Think bigger for your books Reedsy â€Å"Think Bigger For Your Books†: An Interview with Lucas Carlson As you know, we are big believers in authors looking outside the publishing world for marketing inspiration, and what better world than the startup one to find â€Å"growth-hacking† ideas? After interviewing startup mentor and venture capitalist Sean Wise last week on what he and Brad Feld are doing to promote their new book, we thought we would sit down and chat with an actual startup founder and author. So today, we’re interviewing Lucas Carlson, hybrid author of Finding Success In Failure, the Ruby Cookbook and Programming for PaaS. Also CIO of CenturyLinkLabs and founder and CEO of AppFog.We discuss how non-fiction books can bring the author much more through their unexpected upsides than through the sales themselves. We also touch on Facebook, Twitter, Google ads and how to calculate your ROI (Return On Investment) for those. As usual, the lovers of the written word will find a transcript of the key takeaways just below! The value of your book goes beyond its salesâ€Å"One of the things that I didn’t realize about writing non-fiction is how you can take advantage of the books themselves in ways that you never expected. I’ve published three books so far, two traditionally and one was indie published, and the main thing that I got out of each one of them - even if they sold pretty well - wasn’t the book sales, but it was the optional things that happened outside of the book sales themselves.For example, after being a programmer for a long time I became an entrepreneur, and I started a company to help other programmers get their software on the cloud a lot easier. One of the things I didn’t expect when writing my programming book a few years before that, was how much the reputation that writing a book gives you helps you when you’re trying to raise $10 million from venture capitalists.Also, my second book, Programming for PaaS, didn’t sell as well as my firs t one. However, it’s brought me speaking opportunities that have much more return in terms of absolute dollar figures than the book sales ever had.So as an indie author, what really means the most to me is just getting my words in front of as many people as possible. Not necessarily in order to monetize the book itself, but because I have personally experienced multiple times in my life how much the optionality - the unexpected upside - can change your life. You can’t plan for these things: I didn’t know I was going to start a company when I wrote my first book. But you can cultivate this upside optionality by making sure your book gets in front of as many people as possible.†Indie authors have more flexibility and a bigger financial cushion to acquire readersâ€Å"The onus is on you whether you are traditionally published or indie published. The difference, though, is that if you’re self-published, you are getting 8 times more money every time you sell a book. So you are much more incentivized and, more importantly, it gives you much more flexibility.You are the decision-maker behind your marketing choices, which means you don’t have to ask anyone for permission if you want to run a giveaway or promotion. Moreover, indie publishing gives you more of a cushion to do certain things. When your margins are 70% of sales instead of 10%-15% of 70%, you can actually afford yourself to go and try doing Twitter ads, Facebook ads, Google ads. The cost per click (CPC) can usually be between $0.15 and $1, and if you’re selling a book for $4 and getting 70% of that, you can definitely afford to give away a third or a fourth of your revenue on the sale in order to attract a new reader.That’s not possible if you’re traditionally published: you don’t have enough of a cushion, so you depend on the publisher to do a lot of the advertising for you; but they’re not going to, because they don’t thi nk that way.†How to use social ads to target the right set of ‘customers’â€Å"Before Facebook and Twitter, when you had only Google, people were searching for search terms but you didn’t know what kind of person was searching.If you haven’t tried advertising with Twitter and Facebook, I highly suggest you give it a try. My book is Finding Success in Failure and it’s directed at people who want to start, or have started businesses, so I try to get into the mind of those people: usually, they like to watch Shark Tank. It doesn’t matter if you’re on Twitter or Facebook, you can actually target the people who watch Shark Tank via those social networks.You can be very, very specific about the kinds of people you’re after, to make sure you target an audience that is already predisposed to your books and products. This works better, of course, for non-fiction than fiction, and I’m actually finishing my first novel, so Ià ¢â‚¬â„¢m not going to do Facebook ads and Twitter ads for my novel, because to me it doesn’t make sense. I might play with it, just to see, targeting Dan Brown readers for example, but I don’t think it’s going to work.Amazon themselves have an advertising program where you can pay for your book to show up on other books’ pages. All of these are things that are much easier for me to play with as an indie author because of the cushions I mentioned.†Think bigger: include upside optionalities in your ROI calculationsâ€Å"It’s important to understand how you want to measure your return. If you measure it just in book sales, if you’re lucky you might just break even†¦ But if you think about the bigger picture, every reader you acquire is a potential reader of your future books. So the question becomes: what is the lifetime cost and the lifetime revenue of that reader? This is a very â€Å"startupy† way of thinking about recurri ng revenue software businesses, but it can totally be applied to an author who publishes regularly. You can almost think of it as a subscription model for your true fans.Even bigger than that, if you think that you can get speaking opportunities or further your career - if you can monetize your book in ways completely outside your readership itself - then the â€Å"Return† part of your â€Å"Return On Investment† (ROI) gets much bigger, thus giving you a bigger cushion to play around with marketing strategies.You’re not necessarily advertising to sell your book, you might be advertising to raise awareness around yourself and your brand across the world, to attract new opportunities.If you have that faith, then you do everything possible to spread the word about your book.†Capture the readers you get to turn them into lifetime customersâ€Å"Find people who have built fantastic platforms, who have captured their audiences and successfully turned a reader ship into an actively engaged audience, and read their work. If you need a starting point, read Secrets of the Millionaire Mind  and see what he does and how he does it. Ramit Sethi is another: take a look at his work, start reading it and see what it does to you.Study other people’s platforms and see not only what has worked, but what resonates with you. A lot of the time some things are not going to work for every author. Not everyone wants to do a podcast or prepare online courses.†Follow Lucas and Reedsy on Twitter: @cardmagic  and  @ReedsyHQWhat do you think about Lucas’ mindset for non-fiction books? Is it to risky to invest in the books, or to heavily discount them, in the hope they will bring more than sales? Have you tried social ads (Facebook, Twitter)? Leave us your thoughts, or any question for Lucas, in the comments below!

Free Essays on Santa Ana

â€Å"Antonio Lopez de Santa Anna† Santa Anna was born in Jalapa, in the province of Veracruz on February 21, 1795. At age 16, he began his military career fighting for the Spanish, but switched sides to support Augustin de Iturbine as the main man of an independent Mexico. As a young military officer, he supported Emperor Agustin de Iturbide, and at one time courted the emperor's sister. He later rebelled against the government and gained support. By 1833, he was elected to president of Mexico by a democratic election. He then thought that Mexico was not ready for democracy and pronounced himself dictator. In 1835, Texas, which was then a part of Mexico, revolted against the Mexican government. The population of Texas included many settlers from the United States, and cultural and legal differences between Mexicans and the settlers had led many Texans to oppose Mexican rule. Santa Anna rushed north to put down the revolt. He attacked San Antonio and stormed the Alamo in March 1836, with an army that outnumbered the Texans. Santa Anna's troops captured the Alamo, and then met the main Texas army under General Sam Houston at San Jacinto. Santa Anna's army was captured, and he was taken prisoner. The Texans forced Santa Anna to sign a treaty acknowledging the independence of Texas. But the treaty was rejected in Mexico City, and Santa Anna was removed from power. In 1838, the French attacked Veracruz. From 1841 to 1844, he was president of Mexico again. In 1844, there was a revolt against him, and he fled to Jamaica. War broke out with the United States in 1846. Santa Anna returned to Mexico and took command of the army. The American forces defeated him at Buena Vista, at Cerro Gordo, and at Chapultepec. After the fall of Mexico City, Santa Anna left Mexico for several years. In 1853, he returned to Mexico and became president again. He declared himself president for life but within two years was again overthro... Free Essays on Santa Ana Free Essays on Santa Ana â€Å"Antonio Lopez de Santa Anna† Santa Anna was born in Jalapa, in the province of Veracruz on February 21, 1795. At age 16, he began his military career fighting for the Spanish, but switched sides to support Augustin de Iturbine as the main man of an independent Mexico. As a young military officer, he supported Emperor Agustin de Iturbide, and at one time courted the emperor's sister. He later rebelled against the government and gained support. By 1833, he was elected to president of Mexico by a democratic election. He then thought that Mexico was not ready for democracy and pronounced himself dictator. In 1835, Texas, which was then a part of Mexico, revolted against the Mexican government. The population of Texas included many settlers from the United States, and cultural and legal differences between Mexicans and the settlers had led many Texans to oppose Mexican rule. Santa Anna rushed north to put down the revolt. He attacked San Antonio and stormed the Alamo in March 1836, with an army that outnumbered the Texans. Santa Anna's troops captured the Alamo, and then met the main Texas army under General Sam Houston at San Jacinto. Santa Anna's army was captured, and he was taken prisoner. The Texans forced Santa Anna to sign a treaty acknowledging the independence of Texas. But the treaty was rejected in Mexico City, and Santa Anna was removed from power. In 1838, the French attacked Veracruz. From 1841 to 1844, he was president of Mexico again. In 1844, there was a revolt against him, and he fled to Jamaica. War broke out with the United States in 1846. Santa Anna returned to Mexico and took command of the army. The American forces defeated him at Buena Vista, at Cerro Gordo, and at Chapultepec. After the fall of Mexico City, Santa Anna left Mexico for several years. In 1853, he returned to Mexico and became president again. He declared himself president for life but within two years was again overthro...

EXPLANATION AND ASSIGNMENT Essay Example | Topics and Well Written Essays - 1500 words

EXPLANATION AND ASSIGNMENT - Essay Example There is often an expectation that you will ‘follow in the footsteps’ of the family’s most successful members. Along with this pressure, there is also the pressure to accept help from your family and their associates. One can be left with the dilemma of deciding between following your own path and stepping into the destiny everyone around you assumes belongs to you. In my family, the American Dream is having your children do well. It is having your children continue in your footsteps, either in the family industry or attaining a higher level of success than your parents in another industry. The preferable path is that your children pick up the family business and carry it forward. There is a great desire to continue the legacy of the family. There is great pride for someone to pass on a legacy to their offspring. However, for the offspring, this situation is not always as desirable as it may look to other people. With so much decided for you and the ease of possib le success at your fingertips, it can be difficult to discern what you truly want for yourself. Additionally, you can begin to take future success for granted. With all of the advantages at your disposal, how could your future work out to be anything but bright? But there can also be guilt. Do you deserve the place that is being set for you? Are you the person that people think that you are? What if you don’t have the same qualities and characteristics that people assume you have? What if the genetic lottery did not imbue you with the traits that are expected of you? The idea that certain traits are indelible to certain people, specifically people with a higher socioeconomic status or a family history of a certain level is a long held notion. The concept that certain people are more deserving than others is not something new. In fact, â€Å"English social hierarchy privileges aristocrats by birth over those who distinguish themselves through intellectual labor† (Vaught 65). There is certainly a segment of our society who still clings to that idea—albeit most of them belong to the social class in question and harbor this belief in order to cling to their status. The belief and the associated practices are so prevalent, there is a name for them: nepotism. Nepotism is â€Å"favoritism to kinfolk† (Schumer 46). In some instances, the practice of nepotism is a practical practice. For instance, when universities hire married couples in recognition of the fact that academics tend to marry other academics, this is a practice that helps the institution maintain retention of quality professors—which is the topic and focus of Schumer’s piece, â€Å"The New Nepotism.† However, the nepotism that is a controversial issue for most people is not the case of married couples gaining employment in the same place. The nepotism that most people have such strong feelings about is the practice of the sons and daughters or someone alre ady enjoying advantages gains employment or favor because of who their parents are. Many people are opposed to this type of nepotism and opposition to this way of life is not new either. In fact, Thomas Jefferson explained his opposition to this concept in his letter to Adams. He referred to this idea as the ‘artificial aristocracy: â€Å"I agree with you that there is a natural aristocracy among men. The grounds of this are virtue and talents†¦there is also an artificial aristocracy, founded on wealth and birth, without either virtue or talents† (Jefferson qtd. in Cullin 51). Although Adams and Jefferson

Hypatia of Alexandria (350-415) Essay Example | Topics and Well Written Essays - 500 words

Hypatia of Alexandria (350-415) - Essay Example She followed the school of thought that was derived by Plato and developed by Plotinus. She was multitalented and this made people envious until they condemned her as a witch, which led to her murder in 415. All her works were burnt in the Great Library. Hypatia lived during a time of great change, in the late fourth and the beginning of the fifth centuries. She was born in around 350 A.D., though the time of her birth is not well known. During that time women were not allowed to contribute much in the society and were only treated as property. They had few options but Hypatia managed to freely move and maneuver in a tradition that was male dominated. Slavery was a dominant issue during that time, as it had sapped the vitality of classical civilization. In about 400 A.D. the philosophy of Neo-Platonism was taught. The philosophy was founded by Plotinus. Hypatia at that time taught philosophy and was the head of the school of Platonist at Alexandria. Religion was a major development at that time and most of the Christians were converted to paganism through the teachings of Hypatia. In the city, there used to be several riots between the Christians and non-Christians. The Christians felt that the works of Hypatia undermined and threatened the stability of their faith. These events became the turning point of the life of Hypatia. It was during the reign of the Roman governor, who had a good relationship with Hypatia. During this time, the people in the city of Alexandria were naà ¯ve and lacked formal education. Hypatia was a symbol of scholarship, especially due to the scientific knowledge she possessed. This made other people in the city, particularly the Christians to despise Hypatia and they decided to murder her. The works and remains of Hypatia’s body were burnt with an aim of the termination of her teachings. Although the Christians managed to undertake her murder, the teachings and works of Hypatia remain