Impact of Financial Crisis on International Trade free essay sample

The work described in this paper was substantially supported by a grant from the Research Grant Council of the Hong Kong Special Administrative Region, China (Project no. HKUST6212/00H). 253 254 Zihui Ma and Leonard K. Cheng Forbes (2001) went further to construct some statistics measuring the importance of trade linkages in transmitting crises. Because most economists agree that international trade is one of the important factors in explaining ? nancial crises, it seems natural and logical to ask the reverse question: what are the e? ects of ? nancial crises on international trade? Surprisingly, little research on this subject has been done. Perhaps the reason is that the answer appears to be obvious. Conventional wisdom would predict that a ? nancial crisis, by bringing about a recession in the macroeconomy, would lead to a drop in imports. Exports, however, may rise because of both a decline in domestic demand and a devaluation of the domestic currency. We will write a custom essay sample on Impact of Financial Crisis on International Trade or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A weakening or collapse of the ? nancial system, in particular the banking system, however, might weaken the country’s export capability. So the aggregate e? ects of a ? nancial crisis on the macroeconomy are unclear. This paper tries to ascertain whether the ambiguity can be resolved empirically. We divide all the past ? nancial crises into two types: banking crises and currency crises. These two di? erent types of crises had di? erent attributes and di? erent e? ects on international trade. This paper begins by analyzing theoretically the e? ects of banking and currency crises on international trade. Then it uses bilateral trade data, macroeconomic data, and geographic data to test the theoretical predictions. Overall, the empirical results provide support for the theoretical predictions. This paper contributes to the literature in two ways. First, it provides a theoretical framework for understanding the impact of ? nancial crises on international trade and the channels of crises transmission through trade. Second, it estimates the e? ects of banking crises and currency crises on imports and exports. The estimated results can be used to predict the impact of ? nancial crises on trade, thus providing useful information for risk management to policymakers. The remainder of the paper is organized as follows. Section 8. 2 reviews previous works on the relationship between international trade and ? ancial crisis. Sections 8. 3 and 8. 4 analyze the e? ects of banking crises and of currency crises on trade, respectively. Section 8. 5 describes the data and methods used to estimate the e? ects of these crises. Section 8. 6 reports the results of empirical estimation and statistical testing. Section 8. 7 concludes. 8. 2 Literature Review: Trade and Financial Crises Economists pay attention to the role played by trade in ? nancial crises for two reasons. First, trade imbalance has been shown to be one of the important factors that trigger ? nancial crises. Current de? cits may decrease foreign reserves. As Krugman (1979) pointed out, a currency crisis is more likely to happen in an economy that does not have enough foreign reserves. The E? ects of Financial Crises on International Trade 255 Second, ? nancial crises may be transmitted through trade linkages from an a? ected country to others despite the latter’s relatively good fundamentals. In explaining such contagion e? ects, economists have tried to identify the channels through which contagion was spread. As trade is the most obvious economic linkage between countries, much research has been devoted to this connection. While the importance of trade imbalance in triggering crises is widely accepted, there is no agreement on the importance of trade in transmitting ? nancial crises. Eichengreen and Rose (1999) used a binary-probit model to test whether bilateral trade linkages transmitted crises between industrial countries between 1959 and 1993. They found that the probability of a ? nancial crisis occurring in a country increased signi? cantly if the country had high bilateral trade linkages with countries in crises. They concluded that trade was an important factor. Glick and Rose (1999) conducted a similar analysis with more countries between 1971 and 1997 and obtained a similar result. Forbes (2000) used a company’s stock market data to study the importance of trade in ? nancial crises transmission, and his result also showed that trade played an important role. However, other papers have provided di? erent answers to the problem. For instance, Baig and Goldfajn (1998) thought that trade linkage was unimportant in the East Asian Crisis because the direct bilateral trade volumes between these economies were very small. Masson (1998), analyzing the Mexican crisis and the Asian crisis, obtained similar results. All the papers that analyzed the relationship between trade and ? nancial crises ignored the reverse question: how did ? nancial crises a? ect international trade? We argue that the e? ects of ? nancial crises on trade are a precondition for discussing whether trade transmits crises. If ? nancial crises do not a? ect countries’ imports and exports at all, how can ? nancial crises be transmitted through the trade channel? So before we analyze the importance of trade in transmitting ? ancial crises, we need to clarify the e? ects of ? nancial crises on international trade. As pointed out previously, little work has been done on this topic to date. It seems there is a belief that ? nancial crises only a? ect countries’ imports and exports through changes in the exchange rates. Because the e? ects of exchange rates have already been thoroughly analyzed before, it may seem that there is no need to study the question. However, this view may not be correct. A devaluation of a national currency will increase the volume of exports and reduce the volume of imports. Classic international trade theory shows that a devaluation improves the trade balance if the Marshall-Lerner condition is satis? ed. Because in a ? nancial crisis a country usually experienced a devaluation of its national currency, the same analysis would apply, that is, the a? ected countries’ imports will decrease, but their exports will increase after the crises. Furthermore, ? nancial crises (including currency crises, banking crises, 256 Zihui Ma and Leonard K. Cheng or both) could also a? ect trade through channels besides the exchange rate. Calvo and Reinhart (1999) pointed out that ? nancial crises usually caused capital account reversal (sudden stop) and triggered an economic recession. Mendoza (2001) showed that in an economy with imperfect credit markets these sudden stops could be an equilibrium outcome. The economic recession reduces not only domestic demand but also total output and export capability, whereas capital out? ow forces the country to increase export. Thus, whether exports increase or decrease after ? nancial crises is unclear without further analysis. Before we analyze how ? nancial crises a? ct the crisis countries’ imports and exports, let us ? rst de? ne ? nancial crises. Eichengreen and Bordo (2002) have provided de? nitions of currency crises and banking crises: For an episode to qualify as a currency crisis, we must observe a forced change in parity, abandonment of a pegged exchange rate, or an international rescue. For an episode to qualify as a banking crisis, we must observe either ba nk runs, widespread bank failures and suspension of convertibility of deposits into currency such that the latter circulates at a premium relative to deposits (a banking panic), or signi? ant banking sector problems (including but not limited to bank failures) resulting in the erosion of most or all of banking system collateral that are resolved by a ? scally-underwritten bank restructuring. (15–16) The above de? nitions are adopted in this paper. In the next two sections, we analyze the e? ects of banking crises and currency crises on the macroeconomy and trade. 8. 3 Impact of Banking Crises A classical framework of bank runs was developed by Diamond and Dybvig (1983). Let us recapitulate the key elements of their model. Agents are endowed with goods that can be invested in a long-term project or stored without costs. The long-term project is pro? table but illiquid, that is, if investors do not liquidate the project before it matures, its return is greater than the initial investment; however, if the project is liquidated before it matures, the ? re-sale return is less than the initial investment. Each agent can be impatient or patient with ? xed probabilities, but there is no aggregate uncertainty, that is, the total number of impatient agents is ? xed and known by all agents. At the beginning, agents do not know their own types but must decide if they will invest in the project. After they have invested (or have decided not to invest), but before the project matures, each agent realizes his or her own type. Impatient agents must consume immediately, whereas patient agents do not consume anything until the project matures. Agents’ types are private information, so even if each agent knows his or her own type, other people do not know. The E? ects of Financial Crises on International Trade 257 On the one hand, if an agent does not invest in the project but turns out to be patient, then the agent has missed a pro? table investment opportunity.

Water Essays

Water Essays Water Essay Water Essay The commonest of all elements on earth is water, â€Å"which covers about 75% of the earth’s surface.† (Crystal, 1990). It is essential to life and living organisms. Today’s water problems are â€Å"scarcity, depletion, pollution, lack of sanitation, falling rains due to global warming, cross-border conflict, profligate use and mismanagement.† (Godrej, 2003). Overuse is exemplified by us humans by â€Å"tapping them like there is no tomorrow.† (Godrej, 2003). We are pumping out about 200 million cubic meters more than can be recharged. Approximately â€Å"three-fourths of this Earth is covered by the ocean.†( Allen, 1993). But â€Å"97.5 percent of the water is salt water, not fit for human use.† (New Internationalist, 2003). Dirty water is the cause of numerous diseases but improving â€Å"hygiene and sanitation are equally-important in order to curb water-related diseases, and by 2025, two thirds of the world’s people will be facing stress.† (New Internationalist, 2003).Water pollution affects oceans streams, rivers, lakes, ponds and ground water and can also cause natural impurities and   human activities that the nearby does. According to Patricia Barnes-Svarney in 1996,   â€Å"Human activities are also of localized water pollution as water become contaminated with heavy metals, chemicals and bacteria, or untreated sewage runoff   from homes and industries†Ã‚   (Barnes-Svarney, 1996). Some 1.2 million people around the world lack access to clean water, twice that number have no sanitation, and most of the world will not have enough water within 30 years.† (Vidal, 2002). â€Å"Some 70% of all the world’s fresh water used by man goes to grow food, and in the US, North Africa and Asia, the farmers can take up 95%.† The global consumption of water is multiplying every 20 years and new sources are becoming scarcer and more expensive to develop and treat.

The UAE 2 and 3 Essay Example | Topics and Well Written Essays - 1250 words

The UAE 2 and 3 - Essay Example Nike Company was started by two visionary men that redefined the sportswear industry. Bill Bowerman worked as a field coach and Phil Knight was a middle distance runner at Oregon University. Phil Knight sent his footwear ideas to manufacturing companies in Japan after completing his MBA from Stanford University but his ideas were rejected. He was then associated with Tiger Shoes Company and sent free samples to his Oregon University field coach. The idea struck Bowerman and became his partner to form Nike Company (Nike Inc, 2012). The concept of CSR is the commitment of companies to act in accordance with ethical guidelines and to participate in economic development of the country to improve lives of the people. The main objective of a business is to earn economic profits, but if social objectives of the community are met then it can offer company with huge financial gains in the longer run. The companies that apply CSR must comply with norms, duties and laws of the particular society. Corporations have a duty towards a society as they have an impact on the decisions of companies. Ethical disposing of waste materials carried out by factories or strategic decisions made by a company are all counted CSR key activities (Schwartz, 2011). Nike has a strong ethical base for participating in community work and proving themselves to enhance the development of the society. Social objectives are maintained by the company to achieve them accordingly (Nike Inc, 2009). The company aims to minimize the utilization of toxic chemicals which are used as an ingredient to manufacture a product. Nike Inc has a stance that the wastes of toxic chemicals are damaging for the environment (Nike Inc, 2012). Nike support communities through innovation in their products and advocacy. The company has a target to invest more than 1.5% from the total amount of income before tax for community serving purposes (Nike Inc, 2012). Nike believes that corporate

Operation management Assignment Example | Topics and Well Written Essays - 3000 words

Operation management - Assignment Example Amongst these, the work responsibilities of operations department can be duly considered to impose considerable impact upon business. Operations management is regarded as one of the forms of management, which deals with the aspect of designing along with controlling the production procedures within the business. It is apparent that operations management is regarded as one of the imperative aspects of business in the modern day context. It will not be ambiguous to depict that success and failure of any business is largely dependent on the efficiency in the operations department of the business (Heizer & et. al., 2009). 1. Task and Operational Selection Operational Process to be Improved As per the above discussion, it is clear that operations management is one of the decisive activities, which perform by organisations in this modern day business scenario. The efficiency in the performance of any business is largely dependent on how various operational functions are managed. Contextual ly, it would be crucial to depict that there are several operational processes that are being managed in the process of supply chain or supply network design. Among the various operational processes availability, this assignment will evaluate the operational process of supply network design with regard to determine the need for certain improvement in this particular aspect. It is evident that companies in the modern day business scenario must need to understand their respective supply network design in order to attain superior competitive position in terms of offering quality products or services to the customers. It has been noted that the supply chain network

Corporate Finance and Governance Essay Example | Topics and Well Written Essays - 2500 words

Corporate Finance and Governance - Essay Example "It has long been recognised that the recognition of risk is an important component in capital budgeting decisions. The future is uncertain and investment appraisal techniques that fail to recognise this fact will almost certainly lead to incorrect conclusions and erroneous recommendations." (Brookfield, 1995) "In a longitudinal survey of capital budgeting practices of large UK companies between 1975 and 1992, substantial increase in the usage of discounted cash flow (DCF) and risk appraisal techniques were reported. Despite the increased usage of the more theoretically sound discounting techniques, several writers in both the UK and US have claimed that companies are underinvesting because they misapply or misinterpret DCF techniques. It has been asserted by several writers that firms are guilty of rejecting worthwhile investments because of the improper treatment of inflation in the financial appraisal. Many firms are understating NPVs and IRRs because of the incorrect treatment of inflation and the use of excessively high discount rates. Concern has also been expressed by various commentators that many companies are failing to invest in advanced manufacturing technologies (AMT) as fully as they should. Financial appraisal techniques have been cited as a major reason for the under-invest ment in new manufacturing technology. DCF procedures should not be ignored or relegated in importance merely because they might be used incorrectly. Instead, decision-makers should recognize potential problems and be careful to ensure that the financial appraisal is performed correctly." (Colin and Mike, 1986) "In a world in which information is not costlessly and symmetrically available to all economic agents, corporate project choices do not abide by the golden rule that all positive NPV projects should be accepted. In a sense, this is somewhat unsettling because it is difficult to prescribe simple rules for managers, and there has been little normative research into optimal capital allocation policies in different types of informationally constrained environments. However, the contemporary research highlights the pitfalls of policy-oriented discussions about corporate investment behaviour and managerial compensation packages that rely on the prescriptions of the traditional, symmetric-information paradigm of capital budgeting and financing. The research done to date indicates that many interesting things can happen under asymmetric information, none of which may be irrational, but some of which could be deleterious to the shareholders' welfare." (Thakur, 1993) Given these observations about investment appraisal techniques and DCF techniques, in particular, this report aims to assess the feasibility of using traditional investment appraisal techniques, while incorporating real-time variables such as risk and uncertainties. In particular, the report focuses on NPV as a basis for capital budgeting and evaluates how the concepts of risk-adjusted discount rates and sensitivity analysis can bolster traditional NPV estimation and thus provide business managers with realistic and flexible options when it comes to assessing the suitability and profitability of a particular investment or project. Accordingly, the  management approach should not be limited to using a fixed number of investment appraisal techniques; rather they should be more flexible while appraising the gains from a particular investment.     

Role of International Institutions: Effects of Globalisation

Role of International Institutions: Effects of Globalisation Introduction Different theories and scholars exist in the literature regarding different â€Å"globalisation† definitions.While BBCNews (2015) indicated that globalisation is the process by which the world is turning out to be gradually interconnected as a consequence of vastly expanded exchange and social trade, which expanded the generation of the production of goods and services. Besides, according to Baylis et al (2014: P.19) argued that†globalisation denotes the growing extensity, intensity, velocity, and deepening impact of world interconnectedness†, which stands for four characteristics of today globalisation. In another words, globalisation links the world and relate activities together on a global scope. This literature review aims at exploring role of international institution in relations with four features above of globalisation. It also evaluates the link between IPE theories and characteristics of globalisation. Finally, the relationship between globalisation and poverty and inequality will be assessed. II. Literature review According to Krieger (2001:p 325) extends our knowledge of four characteristics of today globalisation, which is explained below such as : â€Å"Extensity: the stretching of social, political and economic activities across political frontiers, regions and continents† ( Krieger (2001:p 325). Intensity: the â€Å"growing magnitude and concentration of interconnectedness and flows of trade, investment, finance, migration, culture, etc† ( Krieger (2001:p 325) Velocity: â€Å"speeding up of global interactions and processes, as the evolution of world-wide systems of transport and communication increases the velocity of the diffusion of ideas, goods, information, capital, and people† ( Krieger (2001:p 325). Deepening impact: â€Å"the effects of distant events can be highly significant elsewhere and even the most local developments may come to have enormous global consequences. In this sense, the boundaries between domestic matters and global affairs can become increasingly blurred.† ( Krieger (2001:p 325) The role of international institutions in the effects of globalisation Globalization catches components of a broad observation that there is an expanding, extending and accelerating of overall interconnectedness in all parts of life, from the social to the criminal, the monetary to the natural. At issue has all the earmarks of being a worldwide changing; that is, a world being formed, by monetary and innovative powers, into a common financial and political enclosure ( Polity.co.uk, 1999). The one obvious effect of globalisation is to transform the world order from a state-centric geopolitics to a global politics. There is no clear departure between domestic and foreign governing; instead a hiding border is appearing in all aspects of human activities. The states are increasingly embedded in setting and covering of the World Wide Web (Baylis et al, 2011: p25). Obviously, international institutions appear and reinforce that transformation by executing the global policies and developing the four characteristics of globalisation such as growing extensity, intensity, velocity and deepending impact of worldwide interconnectedness. However, whether this strengthening is positive or negative is still controversial and highly depend on the nature and situation of the aspects it influences. As a result, the point of international organizations (IO) is to help manage the process integrating the developing economies into the world economy, however they have done more harm than good, leading to widened income difference and developing countries’ dependence on the industrialized. On the one hand, IO’s has a positive contribution in globalisation, which is indicated by many researches. Firstly, according to Milner el al (2005) stated thatIO make the application of force and power by states to achieve their objectives less likely; instead states are required to follow the rules, norms .One interesting finding isIO also supports society to harness power of the most powerful states (Ikenberry, 2001). It is such a crucial role in a world faced with heightened challenges of global governance. However, the developing countries have not gained much from trade roundsbut IMF/WTO make a contribution on tacit supporting of developed countries by giving them votes( Milner el al , 2005: p 838) . And make sure that all of voting actions should be fair- play negotiation in both developing countries and developed countries. Secondly, IO alsoprovides us the information and lowering transaction costs (Coleman Porter, 1999). IO facilitatesmutual cooperation in an anarchic world, reduce uncertainty by observing states’ behaviors, allow distributed enforcement through tradeoff strategies. Unfortunately, IMF/WB policiesadvices generally have been unhelpful because they failed to take into account conditions of developing countries. For example, there are some tradesrules are using toengage people in unfair agreements. In order to recover this issue, it needs to supply the requirement of technical info and expert knowledge in obstacle for more active participation, which is based on existing institutional arrangements. Thirdly, international institutions facilitate tradeoff strategies among countries in an anarchic environment (Milner el al, 2005: 840). Especially, IO aims at exchangereliable and practical.Although, developed countries used GATT/WTO to enforce tradeoff strategies and lower trade barriers, which could helpthese bigcountries can achieve more efficient and cooperative out-comes.For example, The United States, Euro-pean Union and Japan have applied the GATT/WTO toenforce tradeoff strategies andworse their trade barriers. But trade preferential access harms small developing countries, does not provide growth in the long run.Because, according to theories about the value of reciprocity in is that â€Å"Countries with small markets are just not attractive enough for larger trading partners to engage in meaningful tradeoff negotiations† (AadityaSubramanian, 2004). Finally, IO alsofacilitates reform in domestic politics for everlasting by IO rules can help domestic managers to activate interest parties to balance othergroups’ impressive and thus present different approaches than something else. However, the poorest countries have not used WTO to make commitments (Milner el al, 2005: 841). Thus, they ought to give themselves a large adaptability of flexibility to turn around their exchange strategies. On the other hand, IO has caused bad affect into society such as: Due to tech innovation, IO reduced communication between countries in the world and raised the transportation costs. And the policies also are changed that leads to differences in standards may reflect different conditions or preferences inside of countrystates which more than justify different, even higher standards. As a result developing countries have been more uncovered to world economy. In short, IO roles have not only grown balance, but also causeproblem (Coglianese, 2000). IPE theories’ explanation of increasing interconnectedness Neoclassical or economic liberalism have a long standing traditional in world politics. People are Liberalism characteristic is â€Å"perfectible†, that democracy is needed for that compeletely to improve and they they believe that â€Å"the war is being natural condition of world politics† (Baylis et el, 201: p4). By another words, it means the realisation of a global competitive marketplace, or rather argues that the understanding of such an economy is unavoidable, and that its emergence is now apparent( Berry.C, 2008). But this process is not necessarily simplistic view of the economic processes associated with globalisation. Although, this theory also brings a belief in the efficiency and freedom-enhancing properties of the market economy, private property, the ultimate sovereignty of the individual, and the rule of law, but only through the concept of â€Å"minimal state†, with the laissez-faire principle, i.e. with its singular role to maintain and warrant â€Å"fair† relations on the free market. Financial aspects, as brought about by neoclassical economic theory, is still the focal main force of globalization, however neoclassical globalization hypothesis contends, that elements, for example, corporate association and innovative advancement help to give contemporary business sector relations their particularly worldwide character ( Berry,2008). With regarding the multilateral institutions, agencies such as the IMF, the WTO and the. OECD have continually linked globalizationwithliberalization. Globalization has promoted non-national, i.e. supra-national institutions and communities with trans-border mutual relations. Globality has transcended area and upset state sovereignty. Forces of globalization have undermined the democratic capacities of national governments. States cannot tame the tyranny of global corporations. Global financial markets, too, have often forced the possibilities for democratization (Kukoc. M, 20019 Marxism: Marxists generally relate agency only to given material interests. Ideas are seen as either functional of those interests or, for some theorists, devices employed in service of those interests (Berry,2008). Moreover, it seems that with the apparent advent of globalisation, Marxists can confidently proclaim the victory of the structural forces of entrepreneurship over the potential mediatory power of states. A global class choice which incorporates the (neoliberal) leaders of nation-states, institutions of ‘global governance’ and TNCs, and which acts to reproduce and establish the global capitalist system, is theorized. In combining with the emergence of global class elite, the emergence of a global public is expected; resistance to global capitalism is often interpreted as signalling the growing relevance or power of the global public. Neoliberal institutionalism: mains technique of globalisation conditions that present quickening reliance and its effect on how states see their hobbies (Keohane, 2002). In a state of complex relationship, states will perceive a shared interest for collaboration . This approach perceive the same helplessness and affectability of association that realists do ( Kay, 2014). . However, rather than seeing globalization as education conflict, neoliberal scholars see states as having an interest in cooperation. In perceiving a state-based enthusiasm for all in all dealing with a globalized world, states try to decrease coordination issues, to build up concurred standards, standards, guidelines, and choice making strategies, to encourage straightforwardness, to expand the limit for bartering and â€Å"issue-linkage† (Kay, 2014). Constructivism: draws on social hypothesis of human collaboration and sets that the structure and substance of worldwide relations are the by-items of social connection . (Kay, 2004: P 13) . Just as the domestic content of politics and culture shapes the analyse of the nation-state issue, thus does the nation-state concurrently shape the international environment. The worldwide environment consequently turns into an impression of the intersocial connections among states, and in the meantime can input to impact the household substance of country states. Globalisation and poverty/inequality Porverty: On the one hand, the negative factors of globalisation has been examined clearly through many reports, which are discussed below. As a report of the Development Program of the United Nations (UNDP) announced in 2014 showed that over 2.2 billion people, totally for one-third of the worlds population, live in poverty line because of being scarcity and lack of access to health care services, education and minimum living standards. Based on a scholar named Sustaining human progress: reducing vulnerability and building resilience, the report gaved the whole imagation of the hardships of the conflict to avoid poverty across the global. In spite of the fact that the poverty rate is diminished by the general globalisation tendency, but there are 800 million people could become poor due to the changing life circumstances or dangers. Despite the fact that poverty rates have a tendency to minimise, UNDP(2014) additionally announced that rising inequality is creating the expanding defenseless issue. Also, neo-liberal monetary methodologies has brought about greater imbalances inside and between nations, yet views disparity positive as a goad to rivalry and the entrepreneurial soul ( Baylis et al, 2011: p465). As a result, they are not simply only lessening the rate down to tiny, but also must ensure those individuals who are undermined by natural disasters, environmental change and fincancial crisis. Inequality Inequality is relied on people and can only be solved by them self. The blank between the rich and poor people now touchs the highest amount in 30 years( OECD, 2014). According to Karl Marx ( 1967) indicated that with the aims at helping society to exist, the total distributed to personal consumption impossible exceed the total of social income. The neoliberal contention says that the appropriation of wage between the whole worlds population has turn out to be more equivalent in the course of recent decades and the quantity of individuals living in great neediness has fallen (Wage, 2004: p567–589). More open economies are more rich, economies that change more experience a quicker rate of advancement, and individuals who oppose further financial liberalization must be carrying on of vested or â€Å"rent-seeking† interests. In a nutshell, World Bank claimed that â€Å"globalisation generally reduces poverty because more integrated economies tend to grow faster and this g rowth is usually widely diffused† ( Neutel Heshmati, 2006). To sum up, standard left supposition, interestingly, is that the rich and intense nations and classes have minimal enthusiasm for more greater fairness. Consistent with this view, the â€Å"anti-globalization† (more accurately, â€Å"anti-neoliberal†) argument asserts that world neediness and imbalance have been rising, not falling, because of powers unleashed by the same globalization. The line of arrangement is some level of fixing of open approach constrains on the operation of business sector strengths; however the anti- neoliberal camp grasps a much more extensive scope of arrangements than the liberal camp (Wage, 2004: p567–589). Referrences: Helen V. Milner, William Easterly, Thomas Pogge, Joseph E. Stiglitz, Randall Stone, James Raymond Vreeland. (2005). Globalization, Development, and International Institutions: Normative and Positive Perspectives . . Vol. 3/No. 4 (1), http://faculty.georgetown.edu/jrv24/milner_05.pdf BBC. (2015). Globalisation. Available: http://www.bbc.co.uk/schools/gcsebitesize/geography/globalisation/globalisation_rev1.shtml. Last accessed: 15th June 2015. Ikenberry, G. John. 2001. After victory: Institutions, strategic restraint, and the rebuilding of order after major wars. Princeton: Princeton University Press. William D. Coleman, Tony Porter. (1999). INTERNATIONAL INSTITUTIONS, GLOBALIZATION AND DEMOCRACY: ASSESSING THE CHALLENGES. Available: http://www.opencircle.mcmaster.ca/institute-on-globalization-and-the-human-condition/documents/IGHC-WPS_99-4_ColemanPorter.pdf. Last accessed: 15th June 2015. Mattoo, Aaditya, and Arvind Subramanian. 2004. The WTO and the poores countries: The stark reality. IMF Working Paper 04/81 Cary Coglianese. (2000). Globaliz ation and the Design of International Institutions . Available: http://www.hks.harvard.edu/mrcbg/research/c.coglianese_governance_globalization.and.design.pdf. Last accessed 22th June 2015. Craig Berry. (2008). I NTERNATIONAL P OLITICAL E CONOMY , THE GLOBALISATION DE BATE AND THE ANALY SIS OF GLOBALISATION DISCOURSE .. Available: http://www2.warwick.ac.uk/fac/soc/csgr/research/workingpapers/2008/24708.pdf. Last accessed 25th June 2015. Keohane, Robert O., 1989. International Institutions and State Power. Boulder, CO: Westview. Keohane, Robert O., 2002. Power and Governance in a Partially Globalized World. New York: Routledge. Sean Kay. (2004). Globalization, Power, and Security. Available: http://www.comw.org/pda/fulltext/0403kay.pdf. Last accessed 25th June 2015. Robert Hunter Wade. (2004). Is Globalization Reducing Poverty and Inequality?. In: Arun Agrawal Worl development. UK: London School of Economics and Political Sciencer. 567–589. Marcel Neutel Almas Heshmati (2006). Globalisation, Inequality and Poverty Relationships: A Cross Country Evidence. Germany: IZA DP No. 2223 Globalisation, Inequality and Poverty Relationships: A Cross Country Evidence Marcel Neutel Almas Heshmati DISCUSSION PAPER SERIES Forschungsinstitut zur Zukunft der Arbeit. 3. UNDP (2014), Human Development Report 2014. Available : http://hdr.undp.org/sites/default/files/hdr14-report-en-1.pdf Last accessed 25th June 2015. OECD (2014) â€Å"Focus on Inequality and Growth†. Available : http://www.oecd.org/els/soc/Focus-Inequality-and-Growth-2014.pdf . Last accessed 25th June 2015 Marx, K. (1967) Capital, vol. 1, New York: International Publishers. Krieger Joel (2001). The Oxford companions to politics of the world. 2nd ed. NY: Oxford University Press. 325. David Held, Anthony McGrew, David Goldblatt, Jonathan Perraton. (1999). What is globalization? . Available: https://www.polity.co.uk/global/whatisglobalization.asp. Last accessed 15th June 2015. 1

Essay --

The five senses include sight, smell, touch, taste, and hearing. Sight is the power of seeing objects and people. To see we use our eyes, our eye is a sphere with a diameter of about 2.5 cm or 1 inch. Our eyes include the eyebrows, eyelids, conjunctiva, lacrimal apparatus, and extrinsic eye muscles. The eyelids are thin, skin covered folds supported by the connective tissue sheets called tarsal plates and are separated by the palpebral fissure and meet at medial and lateral angles of the eye. The eyelid muscle cause blinking every 3-7 seconds and when the objects get in your eye, the flexibility is activated to protect the eye. The eyelashes also protect the eye. Anything that touches the eyelashes is blown away because it will cause your eye to blink. The conjunctiva in our eyes is a mucous membrane; it helps to line the eyelids. The function of the conjunctiva is to produce a lubricating mucus that prevents the eyes from drying out. A conjunctival sac is where contact lens lies and occurs when the eyes are closed and a slit like space occurs. An inflammation of the conjunctiva is called conjunctivitis and happens when the eye get red and really irritated. The lacrimal apparatus in our eyes drains the lacrimal secretions into the nasal cavity. The lacrimal fluid in the eye cleans and protects eye as it moistens. The fluid contains mucous, antibodies, and lysosome. The extrinsic eye muscles originate and insert into outer surface of the eyeball. The extrinsic eye muscles allow the eye to follow a moving object and provide wires to maintain shape of eyeball and hold it in orbit. When movements of these muscles are not the same, a person cannot focus on images correctly and see two images instead. The eye is called an eyeball and ha... ...cines. They may also help you cope with it by teaching you how to cooperate with noise around you. When doctors check your ears that may find OME, it’s thin and watery. If fluid is still present after six weeks the treatment may include having more observations and having to take tests. For us to tell what foods and scents delight us, we use our sense of smell. Your sense of smell helps us to determine what we like to have to eat and wear on different types of occasions. Your sense of smell can also be used for other things like smelling nature around you and smelling the different kind of foods there are around the world. Smell has a chemoreceptor that respond to chemicals in an aqueous solution. Smell receptors are excited by the airborne chemicals that dissolve in fluids coating nasal membranes. The organ of smell is a yellow patch of pseudostratified epithelium.

Most Valuable Things

The first thing valuable to me is God, he gives me the strength to get up everyday and want better, he gives me health, a wonderful life, a blessed mother and family. He also valuable, because he watches over me everyday and makes sure I’m ok, he made very unique and I thank him everyday. The second thing valuable to me is my mother. She motivates me to get a education and want to become a better person. She is one person that I can rely on to get anything I need and everything I want. The third thing valuable to me is phone, I love my phone with all my heart. I don’t know why my phone is so interesting but it is I can rely on my phone to tell me the truth, even though sometimes we have some difficulties we still all good. Candice Wilson 2nd Period May 1, 2011 The first thing valuable to me is God, he gives me the strength to get up everyday and want better, he gives me health, a wonderful life, a blessed mother and family. He also valuable, because he watches over me everyday and makes sure I’m ok, he made very unique and I thank him everyday. The second thing valuable to me is my mother. She motivates me to get a education and want to become a better person. She is one person that I can rely on to get anything I need and everything I want. The third thing valuable to me is phone, I love my phone with all my heart. I don’t know why my phone is so interesting but it is I can rely on my phone to tell me the truth, even though sometimes we have some difficulties we still all good. The first thing valuable to me is God, he gives me the strength to get up everyday and want better, he gives me health, a wonderful life, a blessed mother and family. He also valuable, because he watches over me everyday and makes sure I’m ok, he made very unique and I thank him everyday. The second thing valuable to me is my mother. She motivates me to get a education and want to become a better person. She is one person that I can rely on to get anything I need and everything I want. The third thing valuable to me is phone, I love my phone with all my heart. I don’t know why my phone is so interesting but it is I can rely on my phone to tell me the truth, even though sometimes we have some difficulties we still all good.

Competency Differences between Baccalaureate nurses and Associate degree nurses Essays

Competency Differences between Baccalaureate nurses and Associate degree nurses Essays Competency Differences between Baccalaureate nurses and Associate degree nurses Essay Competency Differences between Baccalaureate nurses and Associate degree nurses Essay The National Advisory Council on Nurse Education and Practice (NACNEP), policy advisors to Congress and the Secretary for Health and Human Services on nursing issues, has urged that at least two-thirds of the nurse workforce hold baccalaureate or higher degrees in nursing by 2010. Baccalaureate Nursing ProgramBaccalaureate nursing programs encompass all of the course work taught in associate degree and diploma programs plus a more in-depth treatment of the physical and social sciences, nursing research, public and community health, nursing management, and the humanities. The additional course work enhances the student’s professional development, prepares the new nurse for a broader scope of practice, and provides the nurse with a better understanding of the cultural, political, economic, and social issues that affect patients and influence health care delivery.There are distinct differences between the 72 ADN credits and 125 BSN credits required in each of the nursing programs curriculum. The baccalaureate curriculum has a different focus, emphasizing evidenced-based clinical practice and leadership. Additional courses are offered in the baccalaureate curriculum, such as research, statistics, critical thinking, and public health/community health. In addition, the additional units prepare the baccalaureate nurse to pursue graduate study, leading to an advanced degree in nursing.Baccalaureate nursing programs encompass all of the course work taught in associate degree and diploma programs plus a more in-depth treatment of the physical and social sciences, nursing research, public and community health, nursing management, and the humanities. The additional course work enhances the student’s professional development, prepares the new nurse for a broader scope of practice, and provides the nurse with a better understanding of the cultural, political, economic, and social issues that affect patients and influence health care delivery. Associate Nursing ProgramOn the other hand, students entering associate degree nursing programs are focused on learning the technical aspects of nursing appropriate to providing direct care to patients and families, mostly in acute care settings. The associate degree nursing students learn the knowledge and skills required to care for individuals and families during illness and restoration after medical treatment, and usually practice a more restricted level of nursing care. The knowledge and nursing competencies are limited to direct hands-on patient care in the hospitals and community he alth facilities.The associate degree nursing programs have fewer units and teach only the basics of leadership needed for RN supervision of other health providers. The associate degree nursing programs do not prepare the nurses for graduate study. One might think, Well I want to be a bedside nurse and not a manager. The BSN nurse can and does provide excellent direct patient care. In fact research shows they use evidenced-based practice for better patient outcome, another difference in the ADN vs.BSN level of education. Numerous research studies have demonstrated that the ADN and BSN nurses are not different in skill competency when they graduate, but within a year, the BSN nurses show greater critical thinking skills, better problem solving, and the development of clinical judgment; three skills of increasing importance for the increase in acuity of patients in hospitals and other health care settings. Today, many hospitals are applying for the ANA Magnet status and prefer to empl oy BSN graduates.They encourage their own staff to go back to school for their BSN degree or they give preference in hiring to new BSN graduates. Many hospitals will pay the BSN graduate more, either to start, or through more frequent increases in his/her salary. In conclusion, the answer to the question, What is the difference between an ADN and BSN nurse? is to first answer the question, What do you want to do as a nurse, not just upon graduation or in two years but five and ten years from now? Think of a long term goal, your age, your interests and other personal facts.NACNEP found that nursing’s role calls for RNs to manage care along a continuum, to work as peers in interdisciplinary teams, and to integrate clinical expertise with knowledge of community resources. The increased complexity of the scope of practice for RNs requires a workforce that has the capacity to adapt to change. It requires critical thinking and problem solving skills; a sound foundation in a broad range of basic sciences; knowledge of behavioral, social and management sciences; and the ability to analyze and communicate data.Among the three types of entry-level nursing education programs, NACNEP found that baccalaureate education with its broader and stronger scientific curriculum best fulfills these requirements and provides a sound foundation for addressing the complex health care needs of today in a variety of nursing positions. Baccalaureate education provides a base from which nurses move into graduate education and advanced nursing roles.

The Seternoclavicular Sprain essays

The Seternoclavicular Sprain essays The shoulder complex is an extremely complicated region of the body. There are four major articulations associated with the shoulder complex: the sternoclavicular joint, the acromioclavicular joint, the coracoclavicular joint, and the glenohumeral joint. This paper will concentrate on the sternoclavicular joint, which is the main axis of rotation for the movements of the clavicle and scapula. The sternoclavicular joint is one of the least commonly injured joints in the body. However, it is possible to sprain or even dislocate this joint. The etiology (mechanism/cause of injury), pathology (damage caused by the injury), common signs and symptoms, and the management and rehabilitation of sternoclavicular sprains will all be discussed. A brief anatomy of the sternoclavicular joint will help in the understanding of the joint sprain. The clavicle articulates with the manubrium of the sternum to form the sternoclavicular joint, the only direct connection between the upper extremity and the trunk. The sternal articulating surface is larger than the sternum, causing the clavicle to rise much higher than the sternum. A fibrocartilaginous disk is interposed between the two articulating surfaces. It functions as a shock absorber against the medial forces and also helps to prevent any displacement upward. The articular disk is placed so that the clavicle moves on the disk, and the disk, in turn, moves separately on the sternum. The clavicle is permitted to move up and down, forward and backward, in combination, and in rotation (Arnheim, 1993). The sternoclavicular joint is extremely weak because of its bony arrangement. Because of this lack of bony stability, it relies on a dense set of ligaments for most of its stability. The main ligaments are the anterior sternoclavicular, which prevents upward displacement of the clavicle; the posterior sternoclavicular, which also prevents upward displace ...

Effects of Quantitative Easing on Food Prices Research Paper

Effects of Quantitative Easing on Food Prices - Research Paper Example Eventually, this leads to inflation. This paper demonstrates the effects that come about because of employing quantitative easing on food prices. Rise in food prices One of the established effects of quantitative easing is that it results to a rise in food prices. The reason behind this fact is that quantitative easing entails making of more money in order to assist in solving the situation affecting the economy. However, making of more money contributes in undervaluing the present ones in the economy of a country. Therefore, the country tends to experience hyperinflation. The inflation results to a rise in various commodities. Some of these commodities include raw materials associated with the production of food. Rise in raw materials especially in the agricultural sector forces most of the producers to increase the selling price of their products. Eventually the final consumer ends-up buying food at a higher price than usual. In every financial year, food producers tend to look on when they can be able to make more profits from the price of their commodities. Therefore, the producers are forced to increase their prices with an aim of avoiding incurring losses when inflation occurs especially because of quantitative easing (Duncan 162). ... Most of the small-scale farmers stops farming because of rising prices of various agricultural commodities ending up reducing their production. When most of the small-scale farmers fail to produce more goods as expected, the price of food in the market rises. In some cases, most of the small-scale farmers’ stops enacting agricultural related activities because of farming difficulties due to rise in prices of commodities. This creates a high deficit on the farm products hence a rise in food prices. Rise in international prices of raw materials and agricultural products Apart from the small-scale farmers being affected by inflation because of quantitative easing, large-scale farmers also tend to experience the same effects. Apart from the above outlined examples, showing effects of inflation due to quantitative easing, inflation also causes a rise in the import price index. This means that various raw materials related to agriculture like farming inputs that include fertilizers tend to rise in their prices. Some of other imported agricultural inputs that tend to rise in their prices because of inflation include farming machines and chemicals. Moreover, some of the seeds imported from other countries rise in their costs due to inflation. Failure of farmers to access the inputs contributes to low production of food hence rise in their prices. High cost of inputs makes most of the farmers fail to buy much of the products contributing to a decline in their activities. A decline in farming activities means that the production of law materials will eventually be low. This contributes in making the prices of the produced food rise. Rise in cost of activities in food manufacturing industries There is established evidence that inflation cause

Hydropower Resource Analysis Assignment Example | Topics and Well Written Essays - 1500 words

Hydropower Resource Analysis - Assignment Example This paper also reviews in depth about the hydroelectric scheme and discusses the methods of determining its sustainability by way of presenting methods of selecting appropriate turbines in relation to the head and flow of water source. It uses tables of generation tariffs in U.K. and shows how and what revenue is achievable with possible periods of payback of huge initial investment needed for the project. The power of water is dependent upon its pressure which is built by the height of water source. The pressure is found at the point from where water is released. The vertical distance between the water releasing point and water source such as reservoir, tank, etc. determines the water pressure. It is this elevation which is known as â€Å"Head† and measured in meters as a vertical distance. Water ‘Flow’ is the amount of water quantity or ‘volume’ in a given time. It is therefore measured as cubic meter per second (m3/s) representing volume of water and time in which it flows. The density of water and earth gravity also affects the flow of water. The density of water is commonly taken as 1000 kg/m3 and earth gravitational force is a constant having value of 9.81 m/ s3 (ESHA 2004) Pipelines are most commonly used for moving water from higher source point to a lower release point. There are many barriers in the way of water travel that reduces water distance. This includes size and shape of pipelines, friction of water with pipe material, the joints, design flow and the sides. All of these and many other factors create loss and therefore Head is always taken as net; the vertical distance is subtracted with expected loss in transit and Net Head is derived. All calculations in this paper are based on net head. The word Hydropower refers to the force of water. It is also referred mostly as hydraulic power. Generation of electricity from hydropower or hydraulic power is referred as Hydroelectric or hydraulic electricity. Figure 1 illustrates