Argumentative Paper Term Example | Topics and Well Written Essays - 2000 words

Factious - Term Paper Example This paper is an endeavor to comprehend the vexed issue of firearm control and the administrative intercessions in such manner as they relate to the responsibility for. The paper begins by confining the issue by clarifying the profoundly troublesome nature of the issue and how it is consuming the political procedure with the sour stand taken by the two sides. At that point I look at the contentions for and against weapon control and afterward I banter the issue further by expressing my remain on the equivalent. At long last, I finish up the paper with certain comments about the entire issue and an intrigue for mental soundness and rational to win in these disturbed occasions. The discussion over Gun Control is basically between the individuals who refer to the natural rights revered in the constitution concerning singular freedom and the privilege of the person to possess whatever the individual wants if the exchange is as per the law. This is the side of the individuals who guarantee that they reserve an option to claim weapons and subsequently any endeavors to grab away these rights is commensurate to denying them the rights that are ensured by law. One the opposite side is the individuals who call for end of weapons and point to the expanding paces of wrongdoing and murder as cases of possessions of firearms going crazy. Since the issue is so troublesome, it is appropriate to inspect the writing encompassing it to set up the contentions set forward by each side. In the first place, to begin, one needs to comprehend the issue and its centrality to American legislative issues To cite from a book by a notable master on the issue, â€Å"Few breaks in American life run as profound or as wide as the gap between weapon rights and firearm control advocates. Inundated with sound and image, the firearm guideline banter has to a great extent been characterized by powerful talk as opposed to considerable activity. Legislators cover themselves in discuss singular rights or open security while lobbyists on the two sides make fate and-melancholy declarations on the outcomes of

The Narrator as Literary Device in “Luck,” by Mark Twain

Imprint Twain utilizes the storyteller as an artistic gadget in his short story, â€Å"Luck.†Ã‚ The writer first uses his own voice to give the story a demeanor of authenticity.â He at that point changes storytellers, expanding on the first quality of credibility to make a second bona fide narrator.â By utilizing the abstract gadget of a first individual perspective for the two storytellers, Twain can control not just the activities that occur in the story, yet he is likewise ready to control the reader’s comprehension of, and their assessment of, the characters and occasions in the story. The storyteller that a writer picks makes the point of view of the story.â The storyteller is seldom equivalent with the writer; in any case, it's anything but an unfathomable event for the two to be identical.â Twain is quickly the storyteller of this story, given that he controls the readers’ viewpoint by proclaiming this story to be a genuine one and not â€Å"a extravagant sketch† (Twain page). He expands this legitimacy by marking his initials to the announcement, consequently infusing himself into the activity of the story.â Because this training is certainly not a typical one in anecdotal stories, in spite of the fact that it was increasingly normal at the time that this story was composed than it is presently, Twain’s â€Å"appearance† in his own anecdotal work gives it a proposal of being a work of true to life. The primary individual storyteller that Twain decides to recount to most of the story is apparently an anonymous pastor, once a â€Å"cornet† (second lieutenant) in the British armed force under a lieutenant-general the principal storyteller gives the pen name Simply by setting the fiction of the requirement for a nom de plume the lieutenant general, Twain has made the recommendation of exacting truth for the tale going to follow.â The subsequent storyteller, be that as it may, is a questionable one. By expressing that Scoresby’s achievement comes exclusively from karma, it is obviously evident that the clergyman’s conclusion would contrast from that of the lieutenant general.â There is some inquiry with regards to why these suppositions would vary, in any event from the clergyman’s perspective.â While it should not shock anyone that Scoresby would absolutely like to portray his prosperity as getting from aptitude, the minister could have one of three explanations behind having an alternate opinion.â All of these reasons stretch out from his insight into how Scoresby came to be an individual from the military.â First, it is conceivable that Scoresby is really an incompetent, yet fortunate, man. The peruser is left to explanation behind oneself whether Scoresby might be that fortunate.â Twain depends on the information that numerous individuals have had astounding karma in their lives, or know about individuals who have had such luck.â By neglecting to make reference to names of real fights and by neglecting to give the â€Å"real† name of the lieutenant general being referred to, the arrangement of occasions may appear to be conceivable. Second, priest may be working from a sentiment of blame that he permitted Scoresby to swindle his way into the military without making some noise about his job in that cheat.â His blameworthy emotions may shading his point of view on Scoresby’s real successes.â After all, having gotten into a military school, it appears to be legitimate that Scoresby may have taken in some commonsense information and abilities regardless of how he came to be enlisted. The storyteller has all the earmarks of being reluctant to recognize this reality, however.â Finally, the pastor may be working from the longing to have his name appended to that of a fruitful man.â By crediting himself for getting Scoresby into the school while simultaneously maligning the lieutenant general’s own aptitudes and information, the minister makes himself increasingly significant in his own military roleâ€at least in his own eyes. Twain utilizes the job of the storyteller as a scholarly gadget for controlling the reader’s point of view of the subject of the story.â By infusing a first individual storyteller into the activity of the story, Twain makes a circumstance whereby the reader’s discernment is effectively manipulated.â Ultimately, in any case, the peruser is left to settle on the genuineness of the story, because of the lack of quality of the storyteller.   In the end, the peruser must settle on the real job of both the storyteller and of the conceivable job of karma throughout Lieutenant-General Scoresby’s profession. Work Cited Twain, Mark.â â€Å"Luck.†  Publication. City: Publishing House, date.

IE The Most International Undergraduate Business Experience

IE: The Most International Undergraduate Business Experience by: John A. Byrne on February 25, 2019 | 0 Comments Comments 1,934 Views February 25, 2019IE Business School boasts the most international student body of any undergraduate business experienceAfter spending three years in the U.S. Navy as a nuclear machinist mate, Benjamin Reid Weber decided it was time to go back to school to get his undergraduate degree. The California-native spent a less than enthusiastic year at the University of Colorado in Boulder when Weber came to the conclusion he wanted both an international experience and a business education steeped in entrepreneurship.He did what many do today: he went to Google and typed in â€Å"top business schools in Europe.† Ultimately that search led him to Madrid and IE Business School, which boasts the most international undergraduate business program in the world and one with a heavy focus on developing an entrepreneurial mindset in its students.  Weber, now a senior and 25, will graduate this year with no regrets. HIs closest friends at school, he adds, are from all corners of the world: Argentina, Holland, Thailand, the United Kingdom, and Zimbabwe. â€Å"The international part of the experience was the appeal,† says Weber, 25, who is working on an energy startup at the school. â€Å"My end ambitions are more on the social side of things and going to school here helped. The classes here are much better based on how you want them to be.†2,100 UNDERGRADUATE BUSINESS STUDENTS FROM 75 DIFFERENT NATIONSMarc Smelik runs the undergraduate program at IE Business SchoolStarting from scratch 11 years ago with a cohort of fewer than 100 students, IE Business School began an undergraduate business program. Today, some 2,100 students from 75 different nationalities are enrolled in the four-year program on the school’s campuses in Madrid and Segovia. Over the next three years, IE plans to increase undergraduate enrollment b y a third to roughly 2,800 students and move the undergraduate program from Madrid’s Maria de Molina area to a 165-meter high campus tower now under construction in the north of the city.But what makes IE’s experience truly unique is that 70% of the students are from outside Spain. Only five years ago, when IE also had a Spanish-speaking version of the undergraduate experience that it has since canceled, students from Spain made up 40% of the enrollment. The school is now aiming to further increase the international student population to 85%, cutting the percentage of students from Spain in half. â€Å"We want to bring it down to 15% because it is an international program in Spain and not a Spanish program,† explains Marc Smelik, associate dean for the bachelor programs at IE. â€Å"For me, 15% is a natural cap for any truly international program.†Ã¢â‚¬Å"Most programs have a vast majority of students from their domestic market,† he adds. â€Å"We a re the most international BBA in the world. So when you come to our program, you’re going to be working in multicultural, multinational teams. This will give you an enormous amount of skills and insight into how you’re going to work in multinational companies or across borders when you graduate.†SMALL CLASS SIZES, A FOCUS ON THE PRACTICAL A RECENTLY REVISED CURRICULUMThe mix of cultures those students bring to the classroom makes IE’s undergraduate program which is taught in English a very different experience. IE says the international student contingent exceeds what students will find in other popular European undergraduate business schools, whether it’s Britain’s Warwick or Manchester business schools, Germany’s WHU Otto Beisheim. France’s ESSEC or Italy’s Boconni.In the U.S., international students are a distinct minority at top undergraduate business schools. At Wharton, they make up 19% of the undergraduate student s, the high-level mark for a top U.S. option. At Washington University’s Olin School of Business, just 4% of the students are from outside the U.S. At Michigan Ross, the number is 2%. At Notre Dame, it’s 6%, while at UVA McIntire it’s 8%.But it’s not only the cultural diversity of the program that many find appealing. What also differentiates the program are small class sizes, limited to 50 students, a focus on the practical versus the theoretical in business, and a recent overhaul of the curriculum that has put an even greater emphasis on entrepreneurship and technology.A LEARNING JOURNEY BROKEN INTO THREE PARTSâ€Å"We’ve created a learning journey so all the subjects hang together and that journey is very visible to all the students,† says Smelik. â€Å"The second part is we combine academic rigor but really focus on practice as well. We have practical courses in marketing, strategy, and entrepreneurship but practice is in every course. About 60% of the professors are practitioners.†IE’s learning journey is broken into three parts: the fundamental courses that cover the basics of finance, accounting, marketing, strategy and HR, then, a series of broadening options in such core humanities subjects as philosophy, history, and communication as well as technology. Finally, there are practical courses that allow students to execute projects and business plans. In the entrepreneurship course, teams of students not only come up with a business plan, but they also implement the idea.Nick van Dam, who had been a McKinsey Co. partner and the firm’s global chief learning officer, was brought into IE to consult on the curriculum overhaul. Van Dam, whose son is now in IE’s undergraduate program, joined IE as its chief learning officer in January. His main role was to provide guidance on exactly what employers expect from their undergraduate hires.â€Å"No one should graduate from a business school w ithout a knowledge of the basics in technology, analytics and big data,† he says. â€Å"If you are too stuck on your curriculum, your graduates will be stuck.† Page 1 of 212 »

Analysis Of Homer s Odyssey By Homer - 1202 Words

Telemachus, who is the son of Odysseus was seen to be insecure and immature that had trouble in making decisions in his life. He had trouble coping with the idea of losing his father and letting others to rule Ithaca. It is noticeable from the beginning of The Odyssey, written by Homer that Telemachus finds himself in a complicated situation where his life is seen to be in danger. He is a character of being distance from people. The idea of Telemachus becoming his own father, threatens suitor’s control in Ithaca. Homer describes Telemachus as a teenager who has not found himself and is on a mission to become an adult as his father. Telemachus wants to be seen as a powerful and respected man. Before his mission, Telemachus meets with Athena who gives him courage to go and find his father. The meeting with Athena makes Telemachus more confident in making decisions. His mission to find his father and meeting with different kings and queens changes Telemachus into a secure and con fident man. The people that he met during his mission made a tremendous change in his life in becoming more than he expected. Before meeting with Athena who came to Telemachus in a form of Mentes, Telemachus was an insecure and distant from people. He has no idea what is happening in his surroundings and does not know what do to in order to make changes in Ithaca. â€Å"Prince Telemachus/ sitting among the suitors, heart obsessed with grief/he could almost see his magnificent father, here†¦Ã¢â‚¬  The suitors wouldShow MoreRelatedAnalysis Of Homer s Odyssey By Homer1095 Words   |  5 Pagesused in Homer’s Odyssey is the digression. The digression is departure from the main storyline that does not alter the action of the story, but adds a layer of sentimental content to the plot which usually helps underscore themes central to the story. The digressions in the Odyssey are meticulously written with great attention to detail just like the rest of the epic, and they truly help readers grasp the important aspects of the story. The liberal use of digression in the Odyssey helps build a vividRead Mo reAnalysis Of Homer s Odyssey By Homer2018 Words   |  9 PagesThe Odyssey by Homer is more light in tone than the Iliad, of the same author: The good wins while the evil is punished. Even though the gods are still strict, the relationship between Odysseus and Athena is a more sincere and equal a relationship than between God and Man in the Iliad. Odysseus is distinguished not only by his bravery, but largely by his intellect and cunning. He is the type of resourceful man whom never gives up, thinks of the causes, is reverent and never gives in. The Odyssey isRead MoreAnalysis Of Homer s Odyssey, By Homer915 Words   |  4 PagesThroughout the Odyssey, the hero, Odysseus is portrayed in two different and contradicting lights: the wise hero and the capricious leader blinded by his own pride. The epic writer, Homer, embodies the theme of hubris throughout Odysseus’ journey home. The idea of hubris, a trait of excessive pride, significantly develops personalities of charac ters within The Odyssey, and Homer ultimately creates a statement about excessive pride. The dual portrayal of Odysseus leads the reader to ultimatelyRead MoreAnalysis Of Homer s Odyssey By Homer Essay1479 Words   |  6 Pages The word â€Å"Family†, according to Merriam Webster, is thought to be a group of people brought together by common affiliation. The same cannot be said for the culture in the Odyssey by Homer. In the Odyssey, Odysseus is trying to get back home from fighting in the Trojan War. He has been away from home for almost 20 years longing to just be reunited with his kinfolk. Along the way, he comes across many obstacles that hinders him from reaching his home and family in in Ithaca. Luckily, the memoriesRead MoreAnalysis Of Homer s The Odyssey 1483 Words   |  6 PagesViolence in The Odyssey Violence in Literature can take any form, whether it be natural disaster like and earthquake or a human based disaster like war (Campbell). In Homer’s The Odyssey both types are found†¦ whether it’s Odysseus’s hardships like making it home or dealing with the wrath of the god Poseidon. Every violent scene has its own reasons, some are more reasonable than others. For instance, the gods were angered by the disobedience of the mortals, this is more reasonable than the killingRead MoreAnalysis Of Homer s The Odyssey 795 Words   |  4 Pages Odysseus Epic Hero In the Epic, â€Å"The Odyssey, spoken by Homer, conveys a heroic tale of an epic hero named, Odysseus, who faces many challenges as he sails to get home. One of the tasks Odysseus faces is, The Sirens, who challenge Odysseus s will power. Another challenge Odysseus encounters is, â€Å"The Cyclops, who torments and slaughters some of Odysseus s men due to his curiosity. One of the hardest threats he had to confront was, â€Å"The Land ofRead MoreAnalysis Of Homer s The Odyssey1636 Words   |  7 PagesGreek society, Homer’s The Odyssey provides a detailed insight into the values of this intricate culture. In particular, this epic discusses the ways in which the deathless gods influence the fates of the mortals. The overall impact of the gods’ power is the mental straining that emerges from the unrelenting conflict of man versus immortal. Likewise, the actions and misfortunes of others also catalyze this extremely significant and powerful mental battle. Homerâ€⠄¢s The Odyssey reveals the values of ancientRead MoreAnalysis Of Homer s The Odyssey 1128 Words   |  5 Pages The Odyssey shows a lot of different stereotypes for women throughout the book, taking action to get what they want. Odysseus is trying to get back home after ten long years since the fall of troy, and his son is going out to find him. Throughout the book Odysseus meets lots of woman who vary in personality. He meets woman with the stereotypes: â€Å"mantis†- dominant, eats its mate, destroys to gain power, feared by many. â€Å"Damsel in distress†- persecuted maiden, woman placed in a dire predicament requiresRead MoreAnalysis Of Homer s The Odyssey 1455 Words   |  6 PagesMarch 4th, 2016 Odysseus’s Voyage from Pride to Modesty In the Odyssey, Homer portrays Odysseus as a strong, courageous leader who not only uses his physical strength, but also, his wit to problem solve and defeat his opponents. While Odysseus possesses many valuable traits that help him become the great leader he is, he also has one major character flaw--his hubris. Through his long trek back home to his wife and estate in the Odyssey, we see Odysseus slowly grow as a person and become slightly moreRead MoreAnalysis Of Homer s The Odyssey 1240 Words   |  5 PagesOdyssey Character List 1) Agamemnon - (ag-uh-men-non) In Greek legend, he was the king of Mycenae or Argos. When paris (Alexandros), son of King Priam of Troy, carried off Helen , Agamemnon called on the princes of the country to unite in a war of revenge against the Trojans. 2) Alcinous- (Al- KIN-oh-us) In the Odyssey, he was the king of Phaeacians. He offered Odysseus hospitality in his island kingdom of Scheria. Alcinous hears the story of Odysseus wanderings and provides him with safe passage

The Influence of Realism and Naturalism on 20th Century...

The Influence of Realism and Naturalism on 20th Century American Fiction After World War I, American people and the authors among them were left disillusioned by the effects that war had on their society. America needed a literature that would explain what had happened and what was happening to their society. American writers turned to what is now known as modernism. The influence of 19th Century realism and naturalism and their truthful representation of American life and people was evident in post World War I modernism. This paper will try to prove this by presenting the basic ideas and of these literary genres, literary examples of each, and then make connections between the two literary movements. Realism Modernism not only depicted†¦show more content†¦Literary naturalism invited writers to examine human beings objectively, as a scientist studies nature (Am. Lit. Comptons). In portraying ugliness and cruelty, the authors refrained from preaching about them; rather they left readers to draw their own conclusions about the life they presented. Generally, these authors took a pessimistic view to portray a life that centered on the negative part of mans existence. When dealing with society directly, naturalists generally detailed the destruction of people without any sentiment. To do this, they wrote more open about societys problems in a more open manner usually using nature as a symbol for society. Naturalistic literature, like! realistic, served as a catalyst for change but, in contrast, was a little more like propaganda. Even though only twenty years may have separated them, the transformation from realism/naturalism to modernism was a long one in terms of how much society had changed. The aforementioned rapid change in American society and Americas relation with the rest of the world left America in disarray. After the first World War, American society was divided and left without definition. This called for a new age of literary expression to co ntrol and document the isolationist fears, corruption, and disenchantment (Bradley 1339-1340) caused by the war. Authors looked to explain their generation and to respond to theShow MoreRelatedRealism in 19th Century American Fiction1014 Words   |  5 PagesREALISM IN 19th CENTURY AMERICAN FICTION The 19th century is considered to mark the origin of realism as a literary movement in the United States. American writers following the era of change in American life, moved steadily from Romanticism towards Realism, which was to lead the next step of Naturalism. The process was gradual, reflecting the periodic fluctuations in the history of American society. In this process, the Civil War provided a dramatic point of cleavage. In 1865 at the end of theRead MoreModernism in the Old Man the Sea3759 Words   |  16 PagesSea† Introduction: 1. The definition of Modernism 2. The definition of Realism 3. The definition of terms 4. The significance of the study Chapter one: 1. The theory of Modernism 2.1. Stream of consciousness 2.2. Internal monologue 2. Realism as a literary technique 3.3. Internal realism Chapter two: 1. the implication of American modernism through the main characters â€Å"Santiago† †¦ 2. The implication of stream of consciousnessRead MoreNaturalism Literary Period2601 Words   |  11 Pagesmany in bustling developing cities suffered from poverty and its poorly prevented consequences. The American naturalist movement was important due to the introduction of themes involving popular apprehension during this time period including; man vs. nature, man vs. society, sex trade, wasted potential due to uncontrollable forces, and man’s animalistic features such as basic instincts. Naturalism is a literary movement that developed into a literary style consisting of determinism, objectivity,Read MoreNaturalism : The Great. Who Has Read American Literature1368 Words   |  6 PagesNaturalism the Great Anyone who has read American literature will know of the significance of naturalism as a literary genre in American literature. Merriam Webster’s definition of Naturalism is as follows: A theory that art or literature should conform exactly to nature or depict every appearance of the subject that comes to the artist’s attention, specifically a theory in literature emphasizing the role of heredity and environment upon human life and character development. Naturalism went fromRead MoreNaturalism As A Literary Genre1367 Words   |  6 PagesAnyone who has read American literature will know of the significance of naturalism as a literary genre in American literature. Merriam Webster’s definition of Naturalism is as follows: A theory that art or literature should conform exactly to nature or depict every appearance of the subject that comes to the artist’s attention, specifically a theory in literature emphasizing the role of heredity and environment upon hum an life and character development. Naturalism went from being a movement in theRead MoreHistory of the Development of the Short Story.3660 Words   |  15 PagesElements of The Short Story. 1.1.History of The Development of The Short Story. 1.1.1.Early Forms.Origins. The short story refers to a work of fiction that is usually written in prose, usually in narrative format. This format or medium tends to be more pointed than longer works of fiction, such as novellas (in the 20th and 21st century sense) and novels or books. Short story definitions based upon length differ somewhat even among professional writers, due somewhat in part to the fragmentationRead MoreJack London Essay1251 Words   |  6 PagesJack London, an American author known for his thrilling adventure stories, showed the world that even an exciting story that takes place in exotic settings can include all the intricacies of great literature. This is seen in many of his stories with the implementation of symbolism, many times a recurring theme in his work. Also, London used many ideas of the day such as Darwinism and Spencerism in his writings in order to better portray his views. However, perhaps one of the most telling signs thatRead MoreAgency Of Punishment And Hedda Gable r1914 Words   |  8 Pagesto be executed. In Henrik Ibsen’s play Hedda Gabler, the protagonist, an aristocratic woman from prosperous 19th century Norway, asserts her freedom from societal oppression by killing herself. Considering the socio-economic and cultural differences of these female characters, how could their ends be so similar? In this essay, we’ll discuss why these late 19th century, early 20th century authors chose to make suicide, or the desire for death (or other drastic behavior), agency for their female charactersRead More American Literature: Kate Chopin, and Mary Eleanor Wilkins Freeman1506 Words   |  6 PagesOver the years American Literature has become an important part of the American history. In the other hand, it is really important for people to study the significant of the American literature, because in particular is associated with influence of the American culture. People should know more about their culture, because it is the place where they are living in. Literature was brought to the United States from the European culture. The American literature started to develop during the antebellumRead MoreA Brief Introduction to American Literature3396 Words   |  14 PagesIntroduction American literature, to my eyes, like American history, although short, however, still full of glories and shining masterpieces and writers. Those American writers, while conquering this wild America, also had conquered the great field of American literature. From its first imitative activities to innovative attempts nowadays, American literature gradually gains its unique style, theme and form, and I ¡Ã‚ ¯m always excited to see their works are more and more America in its true sense.

Impact Of Technology On Marketing In Today’s Business Environment

Question: Discuss about the Impact Of Technology On Marketing Research In Todays Business Environment. Answer: Introduction Technology has a great impact on the subject ofmarketing research along with every other speciality in the trade. In marketing, the impressions of technology are very wide spread. In the context of current business, organisations are tasked with dealing more marketing possibilities than before and customers are having more combined marketing figures that they had in the past. From the organisational view, the ability of collecting and organising data has completely changed. They have now more channels to reach customers and also gained various formats of advertising assets. This report will outline the impact of technology on themarketing research of business. It will portray how a market research firm such as ResMarket Pty could adopt new technologies in order to enhance their marketing research operations for their customers and to remain competitive in the market. The study will also identify what benefit the stated company would get if they adopt modern technologies. Impact of technology on market research Technology has completely altered the business presentation in the current business context. From the examination of e-mails to proof-reading a business exhibition, everything has changed. Improvements are helping associations to become more effectual and responsive (Irwin, 2007). The internet has changed the products and services available to the customers in a very big way. Internet is allowing organisations to promote their products and services to the customers in many ways (Gottinger, 2016). With the availability of big data collaborated with variety of digital media channels, now offers a substantial opportunity to marketing professionals. Here are the major ways that technology has impacted market research: The intervention of social media: Social media stages such as Facebook, Twitter, LinkedIn and Google+ have enhanced the stage in which marketing study is accompanied. It is developing an environment that harvests unfiltered feedback (Hamersveld and Bont, 2007). Implementing social media advertisement could help ResMarket Pty market researchers to collect information about various services from huge audiences. Utilising social media for market investigation will also improve the information attained from the target marketplace. Improvements in data collection: with the improvement in technology, there is now a continuous stream of new software to gather statistics. Outside the traditional approaches of collecting data such as focus sets, discussions, paper surveys, technology allows market investigators to be much more targeted in what they calculate (Earls, 2012). As for illustration, a mood-sensing retail method is personalising the shopping practice of the customers and is a powerful tool for the retail commercial to enhance the market share. Enhanced data analysis and big data research information: With a variety of options to gather information, the ability to examine that data is also important (Hamersveld and Bont, 2007). Technology is making the data analytics easier. With better analytics, ResMarket Pty can solidify the customer relationship management. The gathering of a large quantity of data from online and offline delivers market investigators with a huge work to analyse and frame the approaches with accurateness (Macer, 2012). But, the researchers of ResMarket Pty can feel more confident in analysing data with the implementation of big data information approach. Technology has had a noteworthy influence on how to progress the market research with the progressive abilities and an advanced method to data. Technology is making the job easier for the market researchers. Challenges in adopting technology It is evident that implementing new technology in business operations also brings some disadvantages. But the management of business enterprises has to make sure that the benefits overshadow the drawbacks. Some of the difficulties could comprise the initial reduction in the output or push back from the workers (Macer, 2012). Introducing technological change into ResMarket Pty delivers a different set of challenges to its management. However, management of the stated firm must be equipped with better education and experience in order to guide the technology development and its implementation. Adoption of any new technology comes out with a comparison of costs and benefits. The major challenges in adopting technology are lack of vision, lack of leadership, lack of money and infrastructure. It is important for ResMarket Pty to develop an appropriate vision for its technology adoption. Identifying the right areas for development is very crucial. The stated firm must start with small, focused implementation instead of trying one tool to solve all the issues (Mills, 2014). The firm must be as translucent as possible when it is about investigating new technologies as hiding will assist to aggravate the employees and users further (Cruz-Cunha, 2009). It is also important to remember the vision the firm has crafted for the technology implementation. Regular process monitoring is one of the biggest keys for successful meeting expectations. It will be beneficial for the ResMarket Pty if they communicate success and areas of improvement with their executives. Benefit of adopting technology Implementing modern technology can create high benefits for ResMarket Pty. However, the strategy requires the enterprise to abandon the technologies that never fully operationalized. The advantage of modern technology depends on the organisations specific mission. Using information technology, ResMarket Pty can reach a huge audience with just clicks of a button. Networked technologies give millions of internet users instance access to each other and this opportunity could be exploited by ResMarket Pty to get their services in front of the audiences (Abdullah and Aimin, 2015). Technology will also allow ResMarket Pty to respond quickly to the changes in the market. Different markets could be targeted with different style of promotions using digital technology without any prohibited costs linked. Though adopting modern technologies can be a source of expense to a business, but it a powerful method of eradicating bigger costs in business operations (Abdullah and Aimin, 2015). Social med ia platforms deliver an inexpensive stage that completely replaces the both international calling and video conferencing. There are many advantages waiting at the door of an enterprise if the implementation of technologies is done in an effective manner. Conclusion It has been found in the study that implementing modern technology can create high benefits for ResMarket Pty. However, the strategy requires the enterprise to abandon the technologies that never fully operationalized. The advantage of modern technology depends on the organisations specific mission. The study identified that modern technology has developed the narrative of gathering respondents globally. It has enabled the option of looking into real-time events of an organisation anytime anywhere. References Abdullah, A. and Aimin, W. (2015). Building a framework for market orientation impact on radical and incremental marketing innovation research. The International Journal of Management Science and Business Administration, 1(2), pp.71-83. Cruz-Cunha, M. (2009).Handbook of research on social dimensions of semantic technologies and web services. Hershey PA: Information Science Reference. Earls, M. (2012). Social: the new space for market research innovation.International Journal of Market Research, 54(2), p.285. Gottinger, H. (2016). Innovation, Dynamics of Competition and Market Dynamics`.Archives of Business Research, 4(1). Hamersveld, M. and Bont, C. (2007).Market research handbook. Chichester, West Sussex, England: John Wiley Sons. Irwin, K. (2007). Theatre, Performance and Technology: The Development of Technology in the Twentieth Century (review).Modern Drama, 50(3), pp.453-455. Macer, T. (2012). Developments and the impact of smart technology.International Journal of Market Research, 54(4), p.567. Mills, R. (2014). The value of networks in bringing materials research and innovation to market.Translational Materials Research, 1(2), p.020202.

Purchasing A Small Business Essays - Corporate Finance,

Purchasing a Small Business Purchasing a Small Business Outline I. Deciding to buy A. Why buy a small business? B. Starting out-the nine steps C. Initial details to consider 1. Are partners needed? 2. Economic factors 3. Is the location acceptable? 4. Tax strategy II. Where to start A. How much income is needed? B. The "Thirteen Steps" to acquiring a business III. Locating a potential purchase A. The Acquisition Plan B. Beginning the search-who can help? III. Negotiating a purchase price A. Valuation of a small business 1. Why do a valuation? 2. Choosing the method that is best for your situation 3. Some different methods of valuing a business a. Ability-To-Pay Method b. Discounted Cash Flow Method c. Excess Earnings Method B. Calculating goodwill C. Setting the purchase price D. The letter of intent IV. Finding the initial capital A. Sources of financing 1. Traditional sources 2. Nontraditional sources B. Guaranteed loan programs V. Closing the deal 1. Get a lawyer 2. Audit review 3. The closing VI. The rewards of working for yourself The decision to purchase a business of your own is not an easy task. There are many things to consider before the final decision is made. First of all, exactly what do you want to accomplish? To make millions of dollars, right? Or is it to have the freedom of being your own boss? Whatever the reason, you must be sure that it is something that you are ready to devote an exorbitant amount of time and energy into and that it is something that you really want. Otherwise, you might be stuck doing something that you hate. If you are ready to commit then you must ask yourself just how far will that commitment extend. How much of your own time, energy, and money are you willing to sacrifice? After the decision is made, the acquisition of a small business can be summed-up into nine steps, in which most will be elaborated upon later. "These are the nine steps to any business acquisition, regardless of its size or industry: 1. The search, locating a business available for sale. 2. Identifying alternative candidates. 3. Valuing the business. 4. Negotiating a price and terms. 5. Investigating the company. 6. Preparing the business plan. 7. Sourcing the financing. 8. Preparing the closing documents. 9. Managing the transition period." (Tuller, 10) Some considerations that cannot be avoided when purchasing a small business include: the question of needing a partner, the current economic factors, considering alternate locations, and developing a tax strategy. When debating whether or not a partner is needed or wanted, you need to know if you're going to need additional equity as well as sharing the risk of failure. For these reasons, a partnership seems to be a great idea, but there are also many cons that should be recognized. Having too many partners can alter the ease of decision-making, shared liability can cause obvious problems, and sharing profits means less for you. Added to this, getting out of a partnership can be very difficult. Evaluating the current economic factors simply means to know what you are getting into. Be sure to have some knowledge about the business itself and it's market. Know how to make and sell the product efficiently and in a service industry, be sure to know the current and correct way things are done-sometimes they are not one in the same. Location is key. "Location of the target can be a major determinate in both the financing of the deal and probable success in managing the business after closing.There's no sense spending time, effort, and money on a target located in the wrong place." (Tuller, 12) Along with this, the personal strife of having to travel a great distance to get to work can be very frustrating. So, be sure that the location of your potential business is profitable in every way. One the greatest minds of the 20th century, Albert Einstein, once said, "tax is the most difficult thing in the world to understand". Unfortunately, with the ever-changing laws, that problem gets worse every year. This means that you should have knowledge of the current tax laws. "'You will have a unique opportunity to make decisions on exactly how much money will change hands, and how I will allocated on the payment schedule."(Smorgenburg, 112) Maximizing profit for both you and the seller can only be done through proper knowledge of tax law, if you are not comfortable handling this alone, a consultant might not bad a bad idea. After all of the above is settled, the next thing to figure is the amount of initial income is required. Not only the income required to purchase the entity (which will be elaborated upon later), but also the amount of money that you need to survive for the years to

A Sample of Amateur Writing

A Sample of Amateur Writing A Sample of Amateur Writing A Sample of Amateur Writing By Maeve Maddox At a recent writers’ conference I heard a successful self-published author say, â€Å"Readers are not looking for great writing; they’re looking for a great story.† Does that mean that taking pains over grammar, diction, and syntax is a waste of time? Certainly not! Just because readers are not looking for â€Å"great writing† doesn’t mean that novelists shouldn’t be expected to produce good writing. Few writers have what it takes to produce â€Å"great writing,† but even a great storyteller requires professional writing skills to get the story across to the reader. The difference between amateur writing and professional writing is rewriting. Here is an extract from a self-published work. The fact that the book was self-published is not so important as the fact that the author published it before it was ready. Here the author describes a church interior: It had hat shelves and coat racks along both sides. There were double doors leading into the sanctuary, which was plain but neat. There was a carpeted main aisle that ran from the doors to the altar. There were neat rows of oak pews on both sides of the aisle. Secondary aisles ran along both sides of the church between the pews and the windows. On the raised platform in front, there was an altar, a lectern, and behind that were two rows of chairs for the choir. There was a fairly new piano on the left side of the platform The excerpt contains ten clauses, eight of which have was or were for the main verb. It contains 101 words, eight of them repeated at least once: aisle/s (3), pew/s (2), altar (2), rows (2), doors (2), platform (2), sides (3), neat (2). Of the seven sentences, four begin with There and one begins with It. The sentence that begins, â€Å"It had hat shelves,† produces a double take in the reader because the â€Å"had hat† looks like a typographical error. One paragraph like this every hundred pages might not trouble a reader, but this sample is typical of the book. Word choice is unimaginative, and passages abound that contain nothing to connect the scene to the story. Here is a description written by a professional novelist (P.D. James). The setting is the interior of a clinic for mental patients in a building that used to be a Georgian mansion: Behind the reception kiosk and with windows facing the square was the general office, part of which had been partitioned to form a small filing-room for the current medical records. Next to the general office was Miss Bolam’s room and, beyond that, the E.C.T. suite with its treatment-room, nurses’ duty-room and male and female recovery bays. This suite was separated by a hallway from the medical staff cloakroom, clerical staff lavatories and the domestic assistant’s pantry. At the end of the hallway was the locked side door, seldom used except by members of the staff who had been working late and who did not want to give Nagle the trouble of undoing the more complicated locks, bolts and chains on the front door. I’m not holding the second passage up as â€Å"great writing.† It resembles the previous passage in some ways. The word room–alone and in compounds–occurs five times; door and hallway occur twice each; was is used four times. But what James does that the other writer doesn’t do is vary language and syntax and relate the description to the story and the characters. The first writer could have done the same thing. Whether readers are looking for it or not, few novelists are capable of producing great writing. Anyone who aspires to publication, however, should know the difference between amateur writing and professional writing. It’s revision. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Fiction Writing category, check our popular posts, or choose a related post below:100 Whimsical WordsDifference between "Pressing" and "Ironing"January 1 Doesn't Need an "st"

The changing nature of competition within the global pharmaceutical Assignment

The changing nature of competition within the global pharmaceutical - Assignment Example The nature of the competition in this field has also been in a constant state of revolution along with its changing entities. While, in the 1960’s regulatory controls were held on a lighter end, due to rapid expansion of the industry along with the medical practitioners insensitive to the price entity; on the other hand, the industry demographics shifted in the 1970’s following a series of events, to constitute an environment that was ruled by strong regulatory bodies and increased patent protection. This is just the example of how industry shifted over a period of two decades alone. Over this period the competition started to get a boost through introduction of generic medicines competing on price. This entity of generics had a major impact on the level of competition in the pharmaceutical industry in terms of providing incentives and a race to market. In other words switching to generics is one of the most common and convenient ways to save cost. They are even being u sed as fist line treatment options with patent drugs used only once they fail. This also presents with it increased rivalry and competitiveness within the industry. Such challenges have been attempted by the organizations to counter using various strategic responses such as disease management initiatives or demonstrating added value offerings of the drugs in terms of various related entities. Porter’s Five Forces Analysis: Threat of Substitutes: When it comes to the pharmaceutical industry, the primary threat that the companies is faced with is of Generic Brand Medication. However, they may be countered through the factor of patents. Other than that, companies in the pharmaceutical industry can also be faced with threats from Complementary Alternative Medicine and alternative medicine which could serve as substitutes; with alternative medicine would serve as a substitute even more so based on the fact that it is not influenced by the pharmaceutical industry (What is CAM?). Th reat of New Entrants: The pharmaceutical industry is an industry that has exponentially high barriers to entry making the threat of new entrants as being relatively low. A few of such barriers are the great costs required to enter the industry, extremely high Research and Development investments, costly and time consuming production process, which combined with strict government regulations and patents makes it really hard for anyone to initiate an entity in this field be it even the big bees. Also, the established firms in this industry are strong enough and well differentiated along with having a loyal customer base making it extremely hard for anyone to develop a brand name and get it recognized (Pharma: Through Porter's Eyes, 2004). Bargaining Power of Suppliers: In terms of the supplier side of the pharmaceutical industry, we see that it constitutes of various entities such as raw material producer and suppliers, local- co-marketing partners, internal labour and even the patien ts for clinical trials etc. When it comes to the threat presented by the supplier side in terms of their bargaining power we see that though all the suppliers present with themselves varying degrees of threat, but it is no more bigger than the threat presented by any such suppliers in other industries either. So, we can say that though there is some extent of threat present, but it is not that exponentially high. Bargaining Power of Buyers: The biggest buyer of the pharmaceutical industry is the government sector and it is one that can impose pressures on the pharmaceutical companies to achieve their own purpose. In addition to that, big hospitals and drug stores can pressurize the company to lower its prices provided

Billy Elliot Essay Example | Topics and Well Written Essays - 500 words

Billy Elliot - Essay Example In the scene, he tap dances away his frustration to the music of ‘a town called malice’ by the jam. Dancing appears as a vocation for Billy as he fights stereotypes from his father and brother to pursue dancing rather than the coalmining embraced by his family. Billy’s tap dance scene is significant as the dialogue between the four characters in the scene collide. The scene witnesses Billy’s brother, father, himself, and Mrs. Wilkinson. The dialogue of the four characters on Billy’s future informs the audience much about them. Mrs. Wilkinson and Tony hurl abuse at each other showing both their concern and love for Billy, although from varying perspectives (Daldry). Their abuse shows that they both care for Billy’s future albeit from their own narrow views of what he should become and pursue. Both characters are frustrated about each other’s view on Billy’s future yet they all want the best for him. The scene opens up in the kitchen which provides the audience with a claustrophobia feeling. This setting is vital in displaying Billy’s internal conflict at the time. He struggles to deal with societal and familial expectations placed on him. Mrs. Wilkinson, his dance teacher expects him to becom e a potential success while he also gets tasked with caring for her grandmother suffering from dementia. He also struggles against the gender role stereotypes entrenched in society. The camera shots during the scene also indicate the difference in class and discourse between Billy and the three adults at the table. The camera moves back and forth from the high angle of Billy perspective to the eye level shots of the adults. The difference in points of view in the scene represents the discourse on Billy’s perception about himself and what the adults think of him. When Billy tap dances angrily in the scene, it represents that dancing is a vocation for him. His dance alludes to the fact that he can dance his pain away (Daldry). This shows that

Case Study- Democracy and Islam Study Example | Topics and Well Written Essays - 2000 words

- Democracy and Islam - Case Study Example After the overthrow of dictatorial regimes in Egypt, Tunisia, and Libya during the Arab spring, demands for a democratic form of government are also brewing up in the neighboring Arab states. The case study, written by Tessler and Brand in the year 1995, sheds some light on the present events happening in the Arab world as they reflect some repercussions originating from the historical realms of political Islam and democracy. The subject is of vital importance considering the current trend in Arab politics and its implications on international politics at large. The current events occurring in the Arab world have deep connections with the history of democracy and Islam in the region, and can be better understood with regards to the historical trends. According to Tessler and Brand (1995), Islam has significantly grown in its importance in the Arab world. Such sentiments are visible through the more apparent praying and veiling. And many campaigns seem to rake in a lot of support as they reinforce the Islamic banner. Such a support can materialize into successful election of the candidate provided that an electoral poll takes place. However, not all scholars agree with the supposed positive correlation between democracy and Islam. Many scholars argue that democracy and Islam are incompatible. To make a statement about the issue requires serious study into the current air prevailing across the Arab world while also seeking guidance from the theoretical frameworks. Political Islam is usually viewed as a conflicting concept to secularism or other liberal forms of democracy. However, in the Arab world, it is almost impossible to eliminate religion from political systems. The events of the Arab spring demonstrated the need to reconsid er the relationship between Islam and democracy as ideological rivals. Individual protests during the Arab spring grew immensely strong eventually changing the political system from authoritarian to democratic. More

Can People still rely on knowledge from experts? Essay -- essays resea

â€Å"There is no evidence that scientists always tell the truth, and the chances are that they are only marginally more honest than, say, politicians† (New Scientist) Knowledge can be defined as an organised body of information which through experience, theories and studies help the human mind discover and develop new information. Different forms of knowledge include medical, religious, scientific, and common-sense and these in turn have their own language and status and there is privileging of some knowledge i.e., scientific. Like everything, knowledge is also part of a social construction and in this assignment I will take a look back at the past and compare it to how we handle knowledge in today’s society. By evaluating different forms of knowledge and looking at the evidence given it will become clear that whether we can trust experts isn’t actually the problem, rather it’s that we really have no choice, if we can’t trust the experts and they are not as accurate as they make out, then who can we trust? This is actually quite a scary suggestion. When one hears the word ‘specialist’, one automatically assumes ‘important’, ‘accurate’ and ‘truthful’. One would never have criticized someone in the medical field say thirty or forty years ago, doctors were like ‘God’ and knew best for everybody. Experts being well trained through demanding and rigorous apprenticeships acquire good reputations and credentials and so obviously deserve our respect and trust, no? In the past the answer would have been ‘yes’ as it was only a handful of people who had the opportunity to go to university (mainly men). But in our day and age it is the expectation of nearly everybody to acquire a degree, and it has now become the ‘norm’. We have a society in doubt and not knowing who they can trust. This can be seen by book sales and search results on the Internet, the desire to acquire knowledge must mean we are less confident in believing the professionals. For example TV05 shows an increase in visitors to natural health clinics for advice on MMR jabs, this does show uncertainty but as one lady commented in the program, there is much more choice and flexibility than the past. But on the other hand, as Tim Smith pointed out, the search for alternative information other than that of an expert may have been solely for verification purposes. â€Å"Perhaps what they really wanted from the exper... ...day’s experts, tomorrow’s fools† (Kate Brown) Moreover, medicine being a key example, scientists constantly change their minds from one day to the next on what is good for us and what is not. One day a pill is prescribed with the best intentions then we find out later that we have put ourselves at risk by taking it. For example, â€Å"Thalidomide was a drug prescribed by doctors to combat morning sickness in pregnant women. Hundreds put their trust in the so-called experts with disastrous consequences. Despite acute denial, we are all now aware Thalidomide causes birth deformities.† (Kate Brown) So, can we trust expert knowledge? It seems very clear that we can’t, but do we have much choice over the matter being another question. References Nature. (London). August17th 1968 (editorial) New Scientist, September 5th 1968, p.497 TV05 Audio Cassette 9 side B Goldblatt, D (ed.) Knowledge and the Social Sciences: Theory, Method Practise, London, Routledge/The Open University http://www.unesco.org/courier/2000_04/uk/doss01.htm#top Dr David Goldblatt DD100 Course Team CoChair Kate Brown, Weald of Kent Grammar School. (www.culturewars.org.uk/2003-01/trustexperts.htm) www.godstruth.org/chap13

Adversary vs. Civil Law Essay

The two legal systems in question are the adversary system, most commonly practiced in the United States, and the civil law system, also referred to as the inquisitorial system, most commonly practiced in European countries. Both systems have the same goal; to find the truth. However, each system has a very different path to justice. The adversarial system implies that two parties assume opposite positions in debating the guilt or innocence of an individual. In this scenario, the judge is required to be neutral at the contest unfolding before him or her. The role of the judge in this arrangement is to ensure the trial proceeds according to the procedural rules of trial or due process of law and that evidence entered is done so accordingly. The basis of this approach in criminal matters in which two sides engage in debate and battle about the guilt or innocence of an accused and since each side wants to win, then the debate will foster a critical look at the issues and the evidence to be examined by both parties. See more:Â  Masters of Satire: John Dryden and Jonathan Swift Essay By engaging in this discourse, the truth should emerge as the judge watches on. This means that the roles played on both sides are very distinct. The defense counsel as one adversarial party gather the arguments to defend the client and attacks the credibility and worthiness of the evidence presented. The prosecutor puts forth the arguments on behalf of the state and gathers and presents the evidence pointing that the accused has committed an offense. The judge is the referee and arbitrator on issues related to clarifying what the law is. The judge does not intervene on any side except where procedural fairness is jeopardized by either party as dictated by the Sixth Amendment. In an inquisitorial system, a judge is involved in the preparation of evidence along with the police and in how the various parties are to present their case at the trial. The judge questions witnesses in depth and can even call witnesses to appear while prosecution and defense parties can ask follow up questio ns. The judge plays the central role in finding the truth and all the evidence that either proves the innocence or guilt of the accused before the court. The judge takes on the role of prosecutor and judge in the inquisitorial system. Some other major distinctions is that there are no jury trials in an inquisitorial system and a judge can force an accused to make statements and answer questions. This differs dramatically from the common law and adversarial right not to take the stand in one’s own defense. In my opinion, I prefer an adversarial system. I think it does a better job of protecting the rights of those accused of crime than does the inquisitorial system. One of the key reasons for this is the use of juries in an adversarial system. In an inquisitorial system, judges determine the facts, and then make their decision. Often a small number of judges would make that decision, and perhaps even just one man. In contrast, a jury is made up of 12 people, not always which a llows for a broader range of experiences and opinions, which ought to secure more consideration of what has been proved. Another weakness of the inquisitorial system is the role that the judges play. Not only do they act as the judge and the jury, they will often act as prosecutors. This is a huge conflict of interest, and is extremely harmful to the accused. A judge who is also acting as a prosecutor is not going to be unbiased, and will not act as a neutral decision maker. In an adversarial system, however, the prosecutor is separate from the judge, and appears before the judge like any other lawyer. The United State could never use the civil law system because of Constitutional problems. For instance, to avoid putting responsibility for the search of truth in the hands of judicial agents of the state the Sixth Amendment guarantees the right to trial by jury but of course civil law countries generally do not use juries except for certain countries in capital cases. Other rights include the right to effective council; to testify on his/her behalf; to compel the testimony of others; to confront accusers; and the right to cross examination. The Fifth Amendment privilege of self-incrimination further limits the powers of the states. Good job identifying multiple c onstitutional problems and pointing out where the protections are found in the Constitution. Case in Point: State of New Mexico v Valdez, 95 N.M 70 (Supreme Ct. of N.M., 1980) underline or italicize case name The defendant in this case, Richard Valdez, had been convicted of armed robbery in a district court. He appealed since a fellow inmate, Richard Garcia, had confessed to the crime in front of his former attorney, Alice Hector, who was a public defender. Also present during the confession was Garcia’s attorney, a public defender under Hector, the district public defender. This attorney warned Garcia that Hector was not his attorney and any statement Garcia made would be used at the defendant’s trial and could be detrimental to his own interests. Garcia repeated his confession to Hector and indicated his willingness to testify on defendant’s behalf. Garcia later changed his mind and exercised his Fifth Amendment right refusing to testify. The court upheld an o bjection to Hector’s testimony of the confession based on attorney-client privilege. Although Ms. Hector was not directly involved in the representation of Garcia, her staff was, and all information obtained by them was thereby imputed to her.

Literary Assignments How Do Memory, Symbol, And Pattern...

10 Literary assignments by: Chance Weston Introduction: How d He Do That? How do memory, symbol, and pattern affect the reading of literature? How does the recognition of patterns make it easier to read complicated literature? Discuss how your appreciation of your summer reading novel was enhanced by understanding symbol or pattern. Memory affects the reading of literature because it allows you make connections and will assist in recognize patterns in the novel. Patterns, in turn, can reveal hidden meanings in the text, for instance, if something is mentioned repeatedly through out the novel that is a large clue that it is of extreme importance to completely comprehending the piece of literature. Symbols reveal to you what text can t and guide you to a more complex and complete understanding of the underlying point the author is trying to make. Understanding of symbols and patterns within the novel catcher in the rye allowed me to better grasp the point that the author, J. D. Salinger, was trying to get across to me. It is u nlikely that I would have been able to grasp the message without the understanding of patterns and symbols and would likely have brushed it aside as a simple short story. Chapter 1 – Every Trip Is a Quest (Except When It s Not) A Quest consists of five elements: 1. a quester, so to speak, or the person who is on a quest. 2. a place to go. 3. a stated reason to actually go there. 4. challenges and trials on the way. 5. a real reason to go there.Show MoreRelatedEthnographic Observation2326 Words   |  10 Pagesgeneral, two kinds of writing: creative and expository. Creative writing tells about feelings, opinions, points of view, things that originate inside the writer. Expository essays tell about facts, things outside of the writer. Essays on literature examine a literary text, a thing outside the writer. Lab reports describe experiments with chemicals and other stuff that really exists and can be measured. 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The Career Of Becoming A Physical Therapist - 1299 Words

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My average salary will be dependent on how long I have been working, where I work, who I work for, who my patients are, how the economy is, and even where we are in the oldest generation (if they are starting to get a lot of replacements). I have spoken with physical therapists and some of their likes and dislikes about working as a physical therapists, and they said; â€Å"Being able to help heal people, as well as being able to experiment (more like play) with the innovative medical tools. On the other hand, the negative sides about becoming a physical therapist, is the long college education to obtain your license, you have toShow MoreRelatedMy Career Paper On Becoming A Physical Therapist1464 Words   |  6 PagesI chose to write my career paper on becoming a Physical Therapist. I’ve always loved how the human body attempts to heal itself due to injury. I’ve always been amazed at how the way the body works and how each organ contributes to the other. 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A couple of years ago, I have decided that being a physical therapist was what I wanted to do for my profession in the future. The reason why is that when I see people hurt around town it makes me want to put what I am doing down and go over there and help them.I have always wanted to find a way to help out the community and I figured becoming a physical therapist what right for me. I have always wanted to become one but I never could decide when I was younger. My mom told me that I could becomeRead MorePersonal Statement : Occupational Therapy866 Words   |  4 Pagesto help these patients reach their goals of becoming dependent again. The passion that I have to help those that are in needs of treatments. There are several reasons that I choose to become an occupational therapist, among those reasons are the desire I have to help thos e that are in need of medical treatments. To continue, I wanted a career that would not take too long to complete and not have a long waiting list. To begin, not onIy I wanted a career that would not take too long to complete butRead MorePersonal Narrative : Discovering The Dream1177 Words   |  5 Pagesadvantage in pursuing this career. 1.Those are my reasons for pursuing physical therapy and will serve as my fuel until I reach my goal. In order to be a physical therapist you must cover a handful of responsibilities. 2.According to OK Career Guide â€Å"Physical therapist must assess, plan, organize, and participate in rehabilitative programs that improve mobility, relieve pain, increase strength, and improve or correct disabling conditions resulting from disease or injury†(OK Career Guide). This providesRead MoreMy Life At An Outpatient Rehabilitation Center1444 Words   |  6 PagesJuly 2015 Abstract Ever since my mother started working at an outpatient rehabilitation center, I have always wanted to be a physical therapist. I chose to right my paper on this field for the fact that I have seen the ins and outs of the career field. I have spent the majority of my teen life in the gym working out next to many of the physical therapists as they worked and have become quite close to many of them. I feel as though this field is great for those that care for their patientsRead MoreActuaries and Physical Therapists1322 Words   |  6 PagesCopy April 1, 2013 Actuaries and Physical Therapists Does anyone have a hard time choosing what career or job which they really want to do in the future? I personally have two jobs that I am considering right now: actuary and physical therapist. Actuaries basically manage risk. They help organizations plan for the future and protect themselves from loss. Physical therapists  use a variety of techniques to improve mobility, relieve pain and prevent permanent physical disabilities in their patients

The Issue Of Global Warming - 941 Words

The topic I selected was that of global warming. So far, I seem to want to change my thesis everyday; but this is how it stands for the moment. Americans need to work together as well as with other nations to take immediate action to reduce our environmental footprint in efforts to reverse or cease global warming. I feel this thesis clearly states my position, as well as the point of the paper. I still want to play around with the wording, especially at the end of it. I feel that global warming is a serious issue that should be addressed directly by not only the U.S. but by other nations as well. While there are several groups and movements dedicated to this cause not much has been done. This is why there continues to be groups, events and movements to try to bring attention to the issue. I feel the American government needs to step in to make everyone take the issue more seriously. I have selected the following points to be the main supporting points for my persuasive paper. A switc h to cleaner energy sources should be made. Generating energy from the sources such as wind, solar and geothermal power are all viable options. This may seem extreme, but the damage that has already been done to our environment is also extreme.We should be taking considerable measures to lessen the damage we are doing to the environment we depend on for life. If the technology and ability is there why not use it? Making the switch would initially may seem like a hassle, but in the long run itShow MoreRelatedThe Issue Of Global Warming1338 Words   |  6 Pagesyears, the controversial issue of global warming has been primarily brought to the attention of the public. Global warming is generally assumed to be the main cause of rising average global temperature. The climate on the Earth is changing and there is no big surprise. It is believed that global warming is caused by many natural and manmade activities, which is affecting the planet by the seconds, minutes, hours, days, and ye ars. Many may not even care about this serious issue, but others harm for theRead MoreThe Issue Of Global Warming1652 Words   |  7 PagesWhen the issue of global warming comes up in conversations, people usually groan and avoid conversation, and many roll up their sleeves and prepare for a heated debate. Some people feel culpable and concerned; others simply do not care. There exist many contrasting viewpoints which yield very distinctive stances on the subject. While many people may claim disregard on the issue, the media has broadcasted substantial data showing gradual rise in global temperature and the topic has been discussedRead MoreThe Issue Of Global Warming1605 Words   |  7 PagesThe issue of global warming is controversial and there are people claiming that global warming is only a fiction instead of a fact. However, research from scientists found that at the beginning of 2000, unprecedented warming was recorded and the Arctic ice has melted to the lowest levels in th e recorded history. Moreover, the sea level has also risen by eight inches since 1870 (â€Å"The Scientific Truth about Climate Change†). Although natural forcing mechanisms alone cannot explain the formation ofRead MoreThe Issue Of Global Warming1504 Words   |  7 Pagesaffecting you all. It’s about global warming. This issue will more than likely take away from everyone in the end, or at least humanity’s efforts to be a greater civilization, if you don’t take care of it. My question is, why aren’t you? For billions of years your Earth withstood countless hardships and has since lived among the cosmos, but now it’s going to be intoxicated and fall ill in a manner of hundreds of years, because of you? 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However, in reporting our carbon emissions, many people are jumping to conclusions byRead MoreThe Issue Of Global Warming978 Words   |  4 Pagesbecause of global warming, yet there are some who ignore it and there are some who even deny the plausibility of global warming. An article written in 2016 from LiveScience.org proves the Earths temperature has been increasing at an average of 1.35 degree’s Celsius per year. This slight change is drastic for northern territories. Countries such as Greenland have reached temperatures they haven’t reached for thousands of years since humans first began walking the planet. Global warming is caused fromRead MoreThe Issue Of Global Warming1701 Words   |  7 Pages The Issue of Global Warming Even though some people believe that there is no such thing as global warming, there has been significant evidence that the Earth is warming. Most scientists believe that the main cause of global warming is human influence. 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Indian Economic Scenario Free Essays

string(210) " over the next few years as| |it expands and adapts environment-friendly measures to garner global market share | |Indian infrastructure landscape would attract investments worth Rs 49,000 billion \(US\$ 904\." GLOBSYN BUSINESS SCHOOL STUDY OF THE INDIAN AND CHINA ECONOMY PRESENTED BY: Learning Group 6 (PGPM-11B) – Vasundhara Kedia – Sourabh Soni – Sudeshna Chowdhary – Niloy Biswas – Sauryadipta Basu – Mandeep Pradhan ACKNOWLEDGMENT The time spent in the making of this project, as a part of our curriculum requirement of PGPM course, is invaluable in terms of learning. The application of concepts to the project added more depth and meaning to the knowledge gained in the classroom. We wish to extend our gratitude to our faculty guide Prof. We will write a custom essay sample on Indian Economic Scenario or any similar topic only for you Order Now S Chatterjee, for guiding us through the project with ample patience and understanding. We would also like to thank him for reminding us of the core objectives of the project every time we diverted from it. TABLE OF CONTENTS Abstract PAGE NO. 1. Introduction 4-6 THE INDIAN ECONOMY 2. Pre colonial, colonial and post-colonial India 7- 15 3. Indian Planning Commission Liberalisation 16-20 4. India’s Economic Reforms and Currency Devaluation 21- 29 5. The Five Year Plans In India 30- 56 6. Fiscal Policy of India 57- 63 7. Monetary Policy of India 64- 65 8. Impact of Financial Crisis on Indian Economy 66-68 THE ECONOMY OF CHINA 9. Overview of the China Economy 69 10. Fiscal policy, Monetary policy, Inflation 70-73 11. Contrast between India and China’s Economy 74-80 ANNEXURE 1. INTRODUCTION Indian Economy Overview | | | | | |[pic] | | | | | |Indian economy is growing, despite the economic crisis that engulfed the world, stated Mr Anand Sharma, Union Minister for Commerce, | |Industry and Textiles, Government of India, while addressing a session at the 11thPravasi Bharatiya Divas 2013. Mr Sharma further | |highlighted that the national investment rate is around 33-34 per cent, and is expected to increase to 36 per cent by the end of | |12th  Five Year Plan (2012-17). |India has been adjourned the fifth best country in the world for dynamic growing businesses, as per the Grant Thornton Global Dynamism| |Index. The index gi ves a reflection of how suitable an environment the country offers for dynamic businesses. | |Indian tax climate was also considered to be reasonably favourable and India continued to be an attractive investment destination, | |according to a survey conducted by Deloitte Touche Tohmatsu Ltd (Deloitte). | |Moreover, India was ranked fourth on Ernst Young’s (E) renewable attractiveness index, second on the solar index, and third on the| |wind index, as per the latest  study  by E and UBM India Pvt Ltd. | | |The Economic Scenario | |India is expected to be the second largest manufacturing country in the next five years, followed by Brazil as the third ranked | |country, according to Deloitte. | |Some of the other important economic developments in the country are as follows: | |The HSBC’s Services Purchasing Managers’ Index (PMI) touched a 12 month high at 57. 5 points in January 2013 as compared to 55. 6 in | |December 2012 | |The net direct tax collections in India rose by 13. 70 per cent to record Rs 368,322 crore (US$ 67. 6 billion) during April-December | |2012, as compared to Rs 323,956 crore (US$ 59. 77 billion) during the corresponding months in 2011 | |Indian companies have raised US$ 4. 29 billion, through external commercial borrowings (ECBs) and foreign currency convertible bonds | |(FCCBs) in October 2012, to fund modernisation, foreign acquisitions, import of capital goods and onward lending | |The total value of private equity (PE) and mergers acquisitions (M) deals in November 2012 increased five-fold to US$ 10. 1 | |billion, as per a study by Grant Thornton India. The total value of PE deals in November 2012 rose to US$ 39 billion from US$ 0. | |billion in November 2011, indicating that PE players preferred concentrated exposure to their value investments | |The cumulative amount of foreign direct investments (FDI) equity inflows into India were worth US$ 187,804 million between April 2000 | |to December 2012, while F DI equity inflow during April 2012 to December 2012 was recorded as US$ 16,946 million, according to the | |latest data published by Department of Industrial Policy and Promotion (DIPP) | |Foreign institutional investors (FIIs) made a net investment of US$ 68. 46 million in the equity market and US$ 14. 2 million in the | |debt market upto February 18, 2013, according to data released by the Securities and Exchange Board of India (SEBI) | | | |Growth Potential Story | |The pharmaceutical market of India is expected to grow at a compound annual growth rate (CAGR) of 14-17 per cent over 2012-16 and is | |now ranked among the top five pharmaceutical emerging markets globally | |The ready-to-drink tea and coffee market in India is estimated to touch Rs 2,200 crore (US$ 405. 90 million) in next four years, | |according to estimates arrived at the World Tea and Coffee Expo 2013 | |India’s IT and business process outsourcing (BPO) sector exports are expected to increase by 12-14 p er cent in FY14 to touch US$ 84 | |billion – US$ 87 billion, as per National Association of Software and Services Companies (Nasscom) | |Indian manufacturing and natural resources industry plans to spend Rs 40,800 crore (US$ 7. 53 billion) on IT products and services in | |2013, a growth of 9. per cent over 2012, according to Gartner. The telecommunications category remains the biggest spending category | |and it is forecast to reach Rs 13,200 crore (US$ 2. 43 billion) in 2013 | |The semiconductor market is expected to grow from US$ 6. 03 billion in 2011 to US$ 9. 7 billion by 2015. In addition, the local demand | |and sourcing is estimated to record US$ 3. 6 billion by 2015 | |The electronic system design and manufacturing (ESDM) sector of India is projected to reach US$ 94. 2 billion by 2015 from US$ 64. | |billion in 2011, according to a report by the India Semiconductor Association (ISA) and Frost Sullivan | |The luxury car market of India is set for growth over the med ium and long term, according to Mr Philipp Von Sahr, President, BMW Group| |India. The market is about 30,000 cars a year and is rising steadily, Mr Sahr added | |The FM radio sector in India is expected to touch the Rs 2,300 crore (US$ 424. 35 million) mark within three years of the Phase III | |licences’ roll-out, as per estimates by Confederation of Indian Industry (CII) and Ernst Young. The sector is expected to reach Rs | |1,400 crore (US$ 258. 30 million) with 245 private FM stations during 2012-13 | |The US$ 12 billion Indian foundry industry has lined up investments worth Rs 600 crore (US$ 110. 70 million) over the next few years as| |it expands and adapts environment-friendly measures to garner global market share | |Indian infrastructure landscape would attract investments worth Rs 49,000 billion (US$ 904. You read "Indian Economic Scenario" in category "Essay examples" 05 billion) during the 12th Five Year Plan | |period (2012-17), with at least 50 per cent funding from the private sector, as per Government’s projections. | | |Road Ahead | |The Indian economy is estimated to grow at a higher rate of 6. 7 per cent in 2013-14 due to revival in consumption, according to a | |report by CRISIL. â€Å"India’s GDP growth in 2013-14 will be supported by the revival of private sector consumption growth aided by higher| |growth in agriculture, high go vernment spending and lower interest rates,† said Ms Roopa Kudva, Managing Director and CEO, CRISIL. | |†The Indian financial markets have witnessed favouritism among the investing diaspora compared to its Asian counterparts such as South| |Korea, Taiwan, Thailand and Indonesia,† according to a report by Mecklai Financial. | |Exchange Rate: INR 1 = 0. 1845 as on February 19, 2013 | | | |References:  Ministry of Finance, Press Information Bureau (PIB), Media Report, Department of Industrial Policy and Promotion (DIPP) | | | | | | | | | | | | | | | | | |Indian Economy before Colonial Period | | | |The earliest known evident civilization which flourished on the  Indian  soil was the  Indus Valley Civilization. Historians believed | |that this civilization would have flourished between the time frame of 2800 BC and 1800 BC. It is evident from the excavated cities | |and structures that the inhabitants of the Indus Valley practiced agriculture, domesticated animals and had developed trade | |relationships between different cities. They are also known to have developed a uniform system of weights and measures. Also, the | |inhabitants of Indus Valley were one amongst the very first of people to have developed a network of well planned cities with their | |application of urban planning. These planned cities were equipped with the world’s first urban sanitation systems. | |India  had been successful to develop international trade since as early as the first century BC. Historical evidences suggest that the| |Coromandel, the Malabar, the Saurashtra and the  Bengal  coasts were excessively used for the transportation of goods via sea roots from| |and towards  India. In the ancient times,  India  conducted international trade mainly with parts of Middle East, Southeast Asia, Europe | |and Africa. Overland international trade, conducted via Khyber Pass, was also prevalent in ancient  India. | |Later, in medieval times, the  Mughal Empire  gave way to a centrally administered uniform revenue policy and political stability | |in  India  which in turn lead to the further development of trade and unified the nation. During this era,  India  was primarily an | |agrarian self-sufficient  economy  which primarily depended on the primitive methods of agriculture. After the downfall of the Mughal | |Empire, the  economy of India  was primarily governed by the  Maratha Empire  which then ruled over most parts of  India. Later, the | |Maratha defeat in the third battle of Panipat disintegrated  India  into several Maratha confederate states which raised a widespread | |political turmoil in the country. The  economy of India  turned highly disturbed in most parts of the country during this phase, but | |some areas gained a local prosperity too. Later, by the end of eighteenth century, the  British East India Company  was successful in | |being a part of the  Indian  political machinery, following which there was a drastic change in the country’s economic activities and | |the trade conducted from the  Indian  soil. | | | | | | | | | | | | |Indian Economy during Colonial Period | | | |During the reign of the  British East India Company, there was a drastic shift in the economic activities conducted across the country. | |More stress was laid on commercialization of agriculture. This led to a change in the agricultural pattern across the nation. During | |this phase of the  Indian economy, there was a constant decline in the production of food grains in the country which resulted to the | |mass impoverishment and destitution of farmers. Also, in a short span after this shift of pattern, there were numerous famines raised | |in the country. | |Though, after and during this phase, there was a sharp decline in the  economic  structure of the country, but this was also the phase | |during which some major and  economically  important developments took place. These developments include the establishment of railways, | |telegraphs, common law and adversarial legal system. Also, it was during this era that a civil service which essentially aimed to be | |free from the political interference was established. | | |Post-Colonialism: Definition, Development and Examples from India | | | |1. Post-colonialism in general | |1. 1 Definition | |Post-colonialism is an intellectual direction (sometimes also called an â€Å"eraâ₠¬  or the â€Å"post-colonial theory†) that exists since around | |the middle of the 20th  century. It developed from and mainly refers to the time after colonialism. The post-colonial direction was | |created as colonial countries became independent. Nowadays, aspects of post-colonialism can be found not only in sciences concerning | |history, literature and politics, but also in approach to culture and identity of both the countries that were colonised and the | |former colonial powers. However, post-colonialism can take the colonial time as well as the time after colonialism into consideration. | |1. 2 Development | |The term â€Å"decolonisation† seems to be of particular importance while talking about post-colonialism. In this case it means an | |intellectual process that persistently transfers the independence of former-colonial countries into people’s minds. The basic  idea  of | |this process is the deconstruction of old-fashioned perceptions and attitudes of power and oppression that were adopted during the | |time of colonialism. | |First attempts to put this long-term policy of â€Å"decolonising the minds† into practice could be regarded in the Indian population after| |India became independent from the British Empire in 1947. | |However, post-colonialism has increasingly become an object of scientific examination since 1950 when Western intellectuals began to | |get interested in the â€Å"Third World countries†. In the seventies, this interest lead to an integration of discussions about | |post-colonialism in various study courses at American Universities. Nowadays it also plays a remarkable role at European Universities. |A major aspect of post-colonialism is the rather violent-like, unbuffered contact or clash of cultures as an inevitable result of | |former colonial times; the relationship of the colonial powe r to the (formerly) colonised country, its population and culture and vice| |versa seems extremely ambiguous and contradictory. | |This contradiction of two clashing cultures and the wide scale of problems resulting from it must be regarded as a major theme in | |post-colonialism: For centuries the colonial suppressor often had been forcing his civilised values on the natives. But when the | |native population finally gained independence, the colonial relicts were still omnipresent, deeply integrated in the natives’ minds | |and were supposed to be removed. | |So decolonisation is a process of change, destruction and, in the first place, an attempt to regain and lose power. While natives had | |to learn how to put independence into practice, colonial powers had to accept the loss of power over foreign countries. However, both | |sides have to deal with their past as suppressor and suppressed. | |This complicated relationship mainly developed from the Eurocentric perspective from which the former colonial powers saw themselves: | |Their colonial policy was often criticised as arrogant, ignorant, brutal and simply naive. Their final colonial failure and the total | |independence of the once suppressed made the process of decolonisation rather tense and emotional. | |Post-colonialism also deals with conflicts of identity and cultural belonging. Colonial powers came to foreign states and destroyed | |main parts of native tradition and culture; furthermore, they continuously replaced them with their own ones. This often lead to | |conflicts when countries became independent and suddenly faced the challenge of developing a new nationwide identity and | |self-confidence. | |As generations had lived under the power of colonial rulers, they had more or less adopted their Western tradition and culture. The | |challenge for these countries was to find an individual way of proceeding to call their own. They could not get rid of the Western way| |of life from one day to the other; they could not manage to create a completely new one either. | |On the other hand, former colonial powers had to change their self-assessment. This paradox identification process seems to be what | |decolonisation is all about, while post-colonialism is the intellectual direction that deals with it and maintains a steady analysis | |from both points of view. | |So how is this difficult process of decolonisation being done? By the power of language, even more than by the use of military | |violence. Language is the intellectual means by which post-colonial communication and reflection takes place. This is particularly | |important as most colonial powers tried to integrate their language, the major aspect of their civilised culture, in foreign | |societies. | |A lot of Indian books that can be attached to the era of post-colonialism, for instance, are written in English. The cross-border | |exchange of thoughts from both parties of the post-colonial conflict is supported by the use of a shared language. | |To give a conclusion of it all, one might say that post-colonialism is a vivid discussion about what happened with the colonial | |thinking at the end of the colonial era. What legacy arouse from this era? What social, cultural and economical consequences could be | |seen and are still visible today? In these contexts, one examines alternating experiences of suppression, resistance, gender, | |migration and so forth. While doing so, both the colonising and colonised side are taken into consideration and related to each other. |The main target of post-colonialism remains the same: To review and to deconstruct one-sided, worn-out attitudes in a lively | |discussion of colonisation. | | | |2. The post-colonial experience in India | |2. 1 History of Indian colonialism | |In the 16th  century, European powers began to conquer small outposts along th e Indian coast. Portugal, the Netherlands and France | |ruled different regions in India before the â€Å"British East India Company† was founded in 1756. |The British colonialists managed to control most parts of India while ruling the key cities Calcutta, Madras and Bombay as the main | |British bases. However, there still remained a few independent regions (Kashmir among others) whose lords were loyal to the British | |Empire. | |In 1857, the first big rebellion took place in the north of India. The incident is also named â€Å"First war of Indian Independence†, the | |â€Å"Sepoy Rebellion† or the â€Å"Indian Mutiny†, depending on the individual perspective. This was the first time Indians rebelled in massive| |numbers against the presence and the rule of the British in South Asia. The rebellion failed and the British colonialists continued | |their rule. |In 1885, the â€Å"National Indian Congress† (popularly called â€Å"Congress†) w as founded. It demanded that the Indians should have their | |proper legitimate share in the government. From then on, the Congress developed into the main body of opposition against British | |colonial rule. Besides, a Muslim anti-colonial organisation was founded in 1906, called the â€Å"Muslim League†. | |While most parts of the Indian population remained loyal to the British colonial power during the First World War, more and more | |Muslim people joined the Indian independence movement since they were angry about the division of the Ottoman Empire by the British. |The non-violent resistance against British colonial rule, mainly initiated and organised by Mahatma Gandhi and Jawaharlal Nehru, | |finally lead to independence in 1947. | |At the same time, the huge British colony was split into two nations: The secular Indian Union and the smaller Muslim state of | |Pakistan. The Muslim League had demanded for an independent Muslim state with a majority of Muslims. | |India became a member of the British Commonwealth after 1947. | | | |2. 2 Post-colonial development in India | |The Partition of India (also called the â€Å"Great Divide†) lead to huge movements and an ethnic conflict across the Indian-Pakistani | |border. While around 10 million Hindus und Sikhs were expelled from Pakistan, about 7 million Muslims crossed the border to from India| |to Pakistan. Hundreds of thousands of people died in this conflict. Ever since these incidents, there have been tensions between India| |and Pakistan which lead to different wars particularly in the Kashmir region. | |For decades the Congress Party ruled the democratic country which had become a republic with its own constitution in 1950. In 1977 the| |opposition gained the majority of votes. In 1984, after the Congress Party had regained the majority, conflicts with the cultural | |minority of the Sikhs lead to the assassination of the Indian prime minister Indira Ghandi. |Today, apart from the significant economic progress, India is still facing its old problems: Poverty, overpopulation, environmental | |pollution as well as ethnic and religious conflicts between Hindus and Muslims. Additionally, the Kashmir conflict has not come to an | |end yet, while b oth Pakistan and Indian are threatening each other with their arsenals of atomic weapons. | |Concerning post-colonial literature, Edward Said’s book â€Å"Orientalism† (published in 1978) is regarded as the beginning of | |post-colonial studies. In this book the author analyses how European states initiated colonialism as a result of what they called | |their own racial superiority. | |The religious-ethnic conflicts between different groups of people play an important role in the early years of post-colonialism. |Eye-witnesses from both sides of the Indian-Pakistani conflict wrote about their feelings and experience during genocide, being | |confronted to blind and irrational violence and hatred. The Partition is often described as an Indian trauma. | |One example for a post-colonial scriptwriter who wrote about this conflict is Saddat Hasan Manto (1912 – 1955). He was forced to leave| |Bombay and to settle in Lahore, Pakistan. He published a collection of stori es and sketches (â€Å"Mottled Dawn†) that deal with this dark | |era of Indian history and its immense social consequences and uncountable tragedies. | |Furthermore, there are many different approaches to the topic of intercultural exchange between the British and the Indian population. |Uncountable essays and novels deal with the ambiguous relationship between these two nations. One particularly interesting phenomenon | |is that authors from both sides try to write from different angles and perspectives and in that way to show empathy with their | |cultural counterpart. | |The most famous novelist who wrote about these social and cultural exchanges is Salman Rushdie. Rushdie, who won the booker prize | |among various others, was born in India, but studied in England and started writing books about India and the British in the early | |eighties. His funny, brave, metaphoric and sometimes even ironical way of writing offers a multi-perspective approach to the | |post-colonial complex. This can be also seen in his book â€Å"Midnight’s Children†. In the past, Salman Rushdie was also repeatedly | |threatened by Irani fundamentalists because of his critical writing about Muslim extremism in the Middle East. | |Another famous post-colonial novel is â€Å"Heat and Dust† (published in 1975) by Ruth Prawer Jhabvala that contains two plot set in | |different times: One about a British lady starting an affair with a local Indian prince in the 1920s, the other one set in the 1970s, | |featuring young Europeans on a â€Å"hippie trail† who claim they have left behind Western civilisation and are trying to some spiritual | |home among Indian gurus. |â€Å"Bollywood† has become a notorious synonym for the uprising Indian film industry in recent years. Young Indian scriptwriters have | |discovered post-colonial issues as themes for their movies and as a way of dealing with the changeful past of their country. | |Concerning the integration of W estern values in the Indian population and culture, one can say that the British influence is still | |omnipresent in the Asian subcontinent. The reason for this can be also found in the persistence of the English language. | |Many Indians are conversant with the English language, because the British colonialists intended to export their values and culture by| |teaching the Indian population their language. This was regarded as the basic fundament for further education. | |What about the relationship between India and the United Kingdom today? It is a special one, and of course still not without tensions | |between these two nations that refer to the time of colonialism which from our retro perspective is not at all so far away. | |India has managed to become an independent state with its own political system and is still working to find its own identity. The | |longer the process of decolonisation lasts, the more we get the impression that only a middle course between the acceptance of British| |legacies and the creation of a new unique Indian self-confidence will be the right way to go for India. | | | | | | | | | | | | | | | | | | |Indian Economy before Liberalization | | | |After independence, till 1991, the  economic policies of India  were primarily inspired by the Soviet  economic planning  under which a | |strong emphasis was laid on increasing the domestic self-suffi ciency and reducing the reliance on imports. The  economic policies of | |India  during this phase were primarily protectionist and marked by excessive  economic  interventions and business regulations. Also, | |during this era the major concern of the government was to develop large and heavy public sector industries. |The  economic planning process  during this phase was mainly conducted centrally through the  Five Year Planning process  of the  Planning | |commission. This structure of  economic planning, through  Five Year Plans, was analogous to the  planning process  of the Soviet Union. | |Industries like mining, steel, machine tools, insurance, telecommunications and power plants were effectively nationalized during this| |era. | |The Government of  India, under the leadership of  India’s first Prime Minister, Jawaharlal Nehru, along with statistician Prasanta | |Chandra Mahalanobis formulated an  economic policy  which laid a prime f ocus on the development of heavy industry in country by both the| |public and the private sector. However, despite all its efforts, the  economy of India  was unsuccessful to grow at pace with other | |Asian countries for the first three decades after independence. | |Later, in 1965, the advent of Green Revolution in country, triggered by the improved irrigation facilities, increased use of | |fertilizers and the introduction of high-yielding varieties of seeds improved the economic conditions of the country and enabled a | |better link between industry and agriculture in  India. | | | |The economic policies of the colonial rulers were at the centre of a controversy in the late 19th century India. Whereas the colonial | |administration sought to project its policies as beneficial to the country, the nationalist writers and sympathetic British | |commentators attacked these policies as exploitative and oppressive. | |Dadabhai Naoroji, R. C. Dutt and William Digby were some of the famous critics of government policies. The economic history of India, | |as we know it, may be said to have begun during this period. D. R. Gadgil, Vera Anstey and D. H. Buchanan followed in their footsteps in| |taking up the economic history of the colonial period. Jaduanth Sarkar and W. H. Moreland wrote about the Mughal economy. | |In the post-independence period, economic history became an established field of study and several studies were undertaken on various | |periods of Indian history covering several aspects of economy. The emergence of economics as a discipline in the eighteenth century | |led in due course to the development of a new branch in history called economic history. | |The progenitors of economics were Adam Smith and other classical economists. India was very much in the vision of the classical | |economists, a group of thinkers in England during the Industrial Revolution. They advocated lays faire and minimizing of state | |intervention in the economy. Adam Smith, the foremost classical economist, condemned the East India Company in its new role as the | |ruling power in India. In his view, the Company’s trading monopoly ran counter to the principle of the freedom of the market. |Economics underwent a theoretical transformation in the early twentieth century under the influence of John Maynard Keynes, who | |advocated strategic economic intervention by the government for promoting welfare and employment. Keynes, too, thought deeply about | |India while developing his new economic theories, and his earliest major  work. | |Indian Currency and Finance (London 1913), illustrated his notions of good monetary management of the economy. It is also noteworthy | |that the early classical economists, such as Ricardo, influenced the thinking of a group of Utilitarian administrators who set about | |reforming the administration of India in the nineteenth century. | |Above all, the influence of Adam Smith is noticeable in the end of the Company’s monopoly by the Charter Acts of 1813 and 1833. Not | |surprisingly, therefore, historians have paid close attention to the connection between the evolution of economic thought in England | |and the question of reform of the colonial administration in India. | |Classical political economy in England laid the foundations for the laissez faire economics of the Raj in the nineteenth century. | |Keynesian economics, on the other hand, contained the germs of the development economics of the mid-twentieth century both types of | |economics affected the state and the economy in India, and stimulated debates in the economic history of India. | |For the colonial period, R. C. Dutt’s Economic History was followed by a series of works: D. R. Gadgil, The Industrial Evolution of | |India in Recent Times (1924); Vera Anstey, The Economic Development of India (1929); and D. H. Buchanan, and The Development of | |Capitalistic Enterprise in India (New York 1934). More recently, there has been a collective two-volume survey; Tapan Raychaudhuri and| |Irfan Habib (eds. ). | |The Cambridge Economic History of India, Vol 1, C. 1200 – C. 1750 (Cambridge 1982); and Dharma Kumar, The Cambridge Economic History of | |India, vol. 2 C. 1757 – C. 1970 (Cambridge, 1983). Daniel Houston Buchanan, an American author, was of the opinion that other worldly | |values and the caste system inhibited economic development in India. D. R. Gadgil, who updated his near classic work several times, | |emphasized, on the contrary, more strictly economic factors: the difficulties of capital mobilization on account of the absolute | |smallness of capital resources in respect to the size of the population, the late development of organized banking, and the seasonal | |fluctuations of a monsoon economy. | |A dispassionate economist, he did not blame either foreign rule or the Indian social structure for the absence of an industrial | |revolution in India; some of the Western contributors to the second volume of The Cambridge Economic History, on the other hand, | |showed a disposition to challenge R. C. Dutt’s vision of the negative impact of colonialism, and they dwelt instead on the | |technological backwardness of the Indian economy. This, in their view, inhibited industrial development and capitalist enterprise | |during the colonial period. | | | THE INDIAN PLANNING COMMISSION HISTORY The Planning Commission was set up by a Resolution of the Government of India in March 1950 in pursuance of declared objectives of the Government to promote a rapid rise in the standard of living of the people by efficient exploitation of the resources of the country, increasing production and offering opportunities to all for  employment  in the service of the community. The Planning Commission was charged with the responsibility of making assessment of all resources of the country, augmenting deficient resources, formulating plans for the most effective and balanced utilisation of resources and determining priorities. Jawaharlal Nehru was the first Chairman of the Planning Commission. The first Five-year Plan was launched in 1951 and two subsequent five-year plans were formulated till 1965, when there was a break because of the Indo-Pakistan Conflict. Two successive years of drought, devaluation of the currency, a general rise in prices and erosion of resources disrupted the planning process and after three Annual Plans between 1966 and 1969, the fourth Five-year plan was started in 1969. The Eighth Plan could not take off in 1990 due to the fast changing political situation at the Centre and the years 1990-91 and 1991-92 were treated as Annual Plans. The Eighth Plan was finally launched in 1992 after the initiation of structural adjustment policies. For the first eight Plans the emphasis was on a growing public sector with massive investments in basic and heavy industries, but since the launch of the Ninth Plan in 1997, the emphasis on the public sector has become less pronounced and the current thinking on planning in the country, in general, is that it should increasingly be of an indicative nature. FUNCTIONS The 1950 resolution setting up the Planning  Commission  outlined its functions as to: a. Make an assessment of the material, capital and human resources of the country, including technical personnel, and investigate the possibilities of augmenting such of these resources as are found to be deficient in relation to the nation’s requirement; b. Formulate a Plan for the most effective and balanced utilisation of country’s resources; c. On a determination of priorities, define the stages in which the Plan should be carried out and propose the allocation of resources for the due completion of each stage; d. Indicate the factors which are tending to retard economic development, and determine the conditions which, in view of the current social and political situation, should be established for the successful execution of the Plan; e. Determine the nature of the machinery which will be necessary for securing the successful implementation of each stage of the Plan in all its aspects; f. Appraise from time to time the progress achieved in the execution of each stage of the Plan and recommend the adjustments of policy and measures that such appraisal may show to be necessary; and g. Make such interim or ancillary recommendations as appear to it to be appropriate either for facilitating the discharge of the duties assigned to it, or on a consideration of prevailing economic conditions, current policies, measures and development programmes or on an examination of such specific problems as may be referred to it for advice by Central or State Governments. EVOLVING FUNCTIONS From a highly centralised planning system, the Indian economy is gradually moving towards indicative planning where Planning Commission concerns itself with the building of a long term strategic vision of the future and decide on priorities of  nation. It works out sectoral targets and provides promotional stimulus to the economy to grow in the desired direction. Planning Commission plays an integrative role in the development of a holistic approach to the policy formulation in critical areas of human and economic development. In the social sector, schemes which require coordination and synthesis like rural health, drinking water, rural energy needs, literacy and environment protection have yet to be subjected to coordinated policy formulation. It has led to multiplicity of agencies. An integrated approach can lead to better results at much lower costs. The emphasis of the Commission is on maximising the output by using our limited resources optimally. Instead of looking for mere increase in the plan outlays, the effort is to look for increases in the efficiency of utilisation of the allocations being made. With the emergence of severe constraints on available budgetary resources, the resource allocation system between the States and Ministries of the Central Government is under strain. This requires the Planning Commission to play a mediatory and facilitating role, keeping in view the best interest of all concerned. It has to ensure smooth management of the change and help in creating a culture of high productivity and efficiency in the Government. The key to efficient utilisation of resources lies in the creation of appropriate self-managed organisations at all levels. In this area, Planning Commission attempts to play a systems change role and provide consultancy within the Government for developing better systems. In order to spread the gains of experience more widely, Planning Commission   also plays an information dissemination role. India-Liberalization in the Early 1990s Growth since 1980 Increased borrowing from foreign sources in the late 1980s, which helped fuel economic growth, led to pressure on the balance of payments. The problem came to a head in August 1990 when Iraq invaded Kuwait, and the price of oil soon doubled. In addition, many Indian workers resident in Persian Gulf states either lost their jobs or returned home out of fear for their safety, thus reducing the flow of remittances (see Size and Composition of the Work Force, this ch. ). The direct economic impact of the Persian Gulf conflict was exacerbated by domestic social and political developments. In the early 1990s, there was violence over two domestic issues: the reservation of a proportion of public-sector jobs for members of Scheduled Castes (see Glossary) and the Hindu-Muslim conflict at Ayodhya (see Public Worship, ch. 3; Political Issues, ch. 8). The central government fell in November 1990 and was succeeded by a minority government. The cumulative impact of these events shook international confidence in India’s economic viability, and the country found it increasingly difficult to borrow internationally. As a result, India made various agreements with the International Monetary Fund (IMF–see Glossary) and other organizations that included commitments to speed up liberalization (see United Nations, ch. 9). In the early 1990s, considerable progress was made in loosening government regulations, especially in the area of foreign trade. Many restrictions on private companies were lifted, and new areas were opened to private capital. However, India remains one of the world’s most tightly regulated major economies. Many powerful vested interests, including private firms that have benefited from protectionism, labor unions, and much of the bureaucracy, oppose liberalization. There is also considerable concern that liberalization will reinforce class and regional economic disparities. The balance of payments crisis of 1990 and subsequent policy changes led to a temporary decline in the GDP growth rate, which fell from 6. 9 percent in FY 1989 to 4. 9 percent in FY 1990 to 1. 1 percent in FY 1991. In March 1995, the estimated growth rate for FY 1994 was 5. 3 percent. Inflation peaked at 17 percent in FY 1991, fell to 9. 5 percent in FY 1993, and then accelerated again, reaching 11 percent in late FY 1994. This increase was attributed to a sharp increase in prices and a shortfall in such critical sectors as sugar, cotton, and oilseeds. Many analysts agree that the poor suffer most from the increased inflation rate and reduced growth rate. Data as of September 1995 The rate of growth improved in the 1980s. From FY 1980 to FY 1989, the economy grew at an annual rate of 5. 5 percent, or 3. 3 percent on a per capita basis. Industry grew at an annual rate of 6. 6 percent and agriculture at a rate of 3. 6 percent. A high rate of investment was a major factor in improved economic growth. Investment went from about 19 percent of GDP in the early 1970s to nearly 25 percent in the early 1980s. India, however, required a higher rate of investment to attain comparable economic growth than did most other low-income developing countries, indicating a lower rate of return on investments. Part of the adverse Indian experience was explained by investment in large, long-gestating, capital-intensive projects, such as electric power, irrigation, and infrastructure. However, delayed completions, cost overruns, and under-use of capacity were contributing factors. Private savings financed most of India’s investment, but by the mid-1980s further growth in private savings was difficult because they were already at quite a high level. As a result, during the late 1980s India relied increasingly on borrowing from foreign sources (see Aid, this ch. ). This trend led to a balance of payments crisis in 1990; in order to receive new loans, the government had no choice but to agree to further measures of economic liberalization. This commitment to economic reform was reaffirmed by the government that came to power in June 1991. India’s primary sector, including agriculture, forestry, fishing, mining, and quarrying, accounted for 32. 8 percent of GDP in FY 1991 (see table 17, Appendix). The size of the agricultural sector and its vulnerability to the vagaries of the monsoon cause relatively large fluctuations in the sector’s contribution to GDP from one year to another (see Crop Output, ch. 7). In FY 1991, the contribution to GDP of industry, including manufacturing, construction, and utilities, was 27. 4 percent; services, including trade, transportation, communications, real estate and finance, and public- and private-sector services, contributed 39. 8 percent. The steady increase in the proportion of services in the national economy reflects increased market-determined processes, such as the spread of rural banking, and government activities, such as defense spending (see Agricultural Credit, ch. 7; Defense Spending, ch. 10). Despite a sometimes disappointing rate of growth, the Indian economy was transformed between 1947 and the early 1990s. The number of kilowatt-hours of electricity generated, for example, increased more than fiftyfold. Steel production rose from 1. 5 million tons a year to 14. 7 million tons a year. The country produced space satellites and nuclear-power plants, and its scientists and engineers produced an atomic explosive device (see Major Research Organizations, this ch. ; Space and Nuclear Programs, ch. 10). Life expectancy increased from twenty-seven years to fifty-nine years. Although the population increased by 485 million between 1951 and 1991, the availability of food grains per capita rose from 395 grams per day in FY 1950 to 466 grams in FY 1992 (see Structure and Dynamics, ch. 2). However, considerable dualism remains in the Indian economy. Officials and economists make an important distinction between the formal and informal sectors of the economy. The informal, or unorganized, economy is largely rural and encompasses farming, fishing, forestry, and cottage industries. It also includes petty vendors and some small-scale mechanized industry in both rural and urban areas. The bulk of the population is employed in the informal economy, which contributes more than 50 percent of GDP. The formal economy consists of large units in the modern sector for which statistical data are relatively good. The modern sector includes large-scale manufacturing and mining, major financial and commercial businesses, and such public-sector enterprises as railroads, telecommunications, utilities, and government itself. The greatest disappointment of economic development is the failure to reduce more substantially India’s widespread poverty. Studies have suggested that income distribution changed little between independence and the early 1990s, although it is possible that the poorer half of the population improved its position slightly. Official estimates of the proportion of the population that lives below the poverty line tend to vary sharply from year to year because adverse economic conditions, especially rises in food prices, are capable of lowering the standard of living of many families who normally live just above the subsistence level. The Indian government’s poverty line is based on an income sufficient to ensure access to minimum nutritional standards, and even most persons above the poverty line have low levels of consumption compared with much of the world. Estimates in the late 1970s put the number of people who lived in poverty at 300 million, or nearly 50 percent of the population at the time. Poverty was reduced during the 1980s, and in FY 1989 it was estimated that about 26 percent of the population, or 220 million people, lived below the poverty line. Slower economic growth and higher inflation in FY 1990 and FY 1991 reversed this trend. In FY 1991, it was estimated that 332 million people, or 38 percent of the population, lived below the poverty line. Farmers and other rural residents make up the large majority of India’s poor. Some own very small amounts of land while others are field hands, seminomadic shepherds, or migrant workers. The urban poor include many construction workers and petty vendors. The bulk of the poor work, but low productivity and intermittent employment keep incomes low. Poverty is most prevalent in the states of Orissa, Bihar, Uttar Pradesh, and Madhya Pradesh, and least prevalent in Haryana, Punjab, Himachal Pradesh, and Jammu and Kashmir. By the early 1990s, economic changes led to the growth in the number of Indians with significant economic resources. About 10 million Indians are considered upper class, and roughly 300 million are part of the rapidly increasing middle class. Typical middle-class occupations include owning a small business or being a corporate executive, lawyer, physician, white-collar worker, or land-owning farmer. In the 1980s, the growth of the middle class was reflected in the increased consumption of consumer durables, such as televisions, refrigerators, motorcycles, and automobiles. In the early 1990s, domestic and foreign businesses hoped to take advantage of India’s economic liberalization to increase the range of consumer products offered to this market. Housing and the ancillary utilities of sewer and water systems lag considerably behind the population’s needs. India’s cities have large shantytowns built of scrap or readily available natural materials erected on whatever space is available, including sidewalks. Such dwellings lack piped water, sewerage, and electricity. The government has attempted to build housing facilities and utilities for urban development, but the efforts have fallen far short of demand. Administrative controls and other aspects of government policy have discouraged many private investors from constructing housing units. Liberalization in the Early 1990s Increased borrowing from foreign sources in the late 1980s, which helped fuel economic growth, led to pressure on the balance of payments. The problem came to a head in August 1990 when Iraq invaded Kuwait, and the price of oil soon doubled. In addition, many Indian workers resident in Persian Gulf states either lost their jobs or returned home out of fear for their safety, thus reducing the flow of remittances (see Size and Composition of the Work Force, this ch. ). The direct economic impact of the Persian Gulf conflict was exacerbated by domestic social and political developments. In the early 1990s, there was violence over two domestic issues: the reservation of a proportion of public-sector jobs for members of Scheduled Castes (see Glossary) and the Hindu-Muslim conflict at Ayodhya (see Public Worship, ch. 3; Political Issues, ch. 8). The central government fell in November 1990 and was succeeded by a minority government. The cumulative impact of these events shook international confidence in India’s economic viability, and the country found it increasingly difficult to borrow internationally. As a result, India made various agreements with the International Monetary Fund (IMF–see Glossary) and other organizations that included commitments to speed up liberalization (see United Nations, ch. 9). In the early 1990s, considerable progress was made in loosening government regulations, especially in the area of foreign trade. Many restrictions on private companies were lifted, and new areas were opened to private capital. However, India remains one of the world’s most tightly regulated major economies. Many powerful vested interests, including private firms that have benefited from protectionism, labor unions, and much of the bureaucracy, oppose liberalization. There is also considerable concern that liberalization will reinforce class and regional economic disparities. The balance of payments crisis of 1990 and subsequent policy changes led to a temporary decline in the GDP growth rate, which fell from 6. 9 percent in FY 1989 to 4. 9 percent in FY 1990 to 1. 1 percent in FY 1991. In March 1995, the estimated growth rate for FY 1994 was 5. 3 percent. Inflation peaked at 17 percent in FY 1991, fell to 9. 5 percent in FY 1993, and then accelerated again, reaching 11 percent in late FY 1994. This increase was attributed to a sharp increase in prices and a shortfall in such critical sectors as sugar, cotton, and oilseeds. Many analysts agree that the poor suffer most from the increased inflation rate and reduced growth rate INDIA’S ECONOMIC REFORMS The reform process in India was initiated with the aim of accelerating the pace of economic growth and eradication of poverty. The process of economic liberalization in India can be traced back to the late 1970s. However, the reform process began in earnest only in July 1991. It was only in 1991 that the Government signaled a systemic shift to a more open economy with greater reliance upon market forces, a larger role for the private sector including foreign investment, and a restructuring of the role of Government. The reforms of the last decade and a half have gone a long way in freeing the domestic economy from the control regime. An important feature of India’s reform programme is that it has emphasized gradualism and evolutionary transition rather than rapid restructuring or â€Å"shock therapy†. This approach was adopted since the reforms were introduced in June 1991 in the wake a balance of payments crisis that was certainly severe. However, it was not a prolonged crisis with a long period of non-performance. The economic reforms initiated in 1991 introduced far-reaching measures, which changed the working and machinery of the economy. These changes were pertinent to the following: †¢ Dominance of the public sector in the industrial activity †¢ Discretionary controls on industrial investment and capacity expansion †¢ Trade and exchange controls †¢ Limited access to foreign investment Public ownership and regulation of the financial sector The reforms have unlocked India’s enormous growth potential and unleashed powerful entrepreneurial forces. Since 1991, successive governments, across political parties, have successfully carried forward the country’s economic reform agenda. Reforms in Industrial Policy Industrial policy was restructured to a great extent and most of the central government industrial controls were dismantled. Massive deregulation of the industrial sector was done in order to bring in the element of competition and increase efficiency. Industrial licensing by the central government was almost abolished except for a few hazardous and environmentally sensitive industries. The list of industries reserved solely for the public sector — which used to cover 18 industries, including iron and steel, heavy plant and machinery, telecommunications and telecom equipment, minerals, oil, mining, air transport services and electricity generation and distribution was drastically reduced to three: defense aircrafts and warships, atomic energy generation, and railway transport. Further, restrictions that existed on the import of foreign technology were withdrawn. Reforms in Trade Policy It was realized that the import substituting inward looking development policy was no longer suitable in the modern globalising world. Before the reforms, trade policy was characterized by high tariffs and pervasive import restrictions. Imports of manufactured consumer goods were completely banned. For capital goods, raw materials and intermediates, certain lists of goods were freely importable, but for most items where domestic substitutes were being produced, imports were onl y possible with import licenses. The criteria for issue of licenses were non-transparent, delays were endemic and corruption unavoidable. The economic reforms sought to phase out import licensing and also to reduce import duties. Import licensing was abolished relatively early for capital goods and intermediates which became freely importable in 1993, simultaneously with the switch to a flexible exchange rate regime. Quantitative restrictions on imports of manufactured consumer goods and agricultural products were finally removed on April 1, 2001, almost exactly ten years after the reforms began, and that in part because of a ruling by a World Trade Organization dispute panel on a complaint brought by the United States. Financial sector reforms Financial sector reforms have long been regarded as an integral part of the overall policy reforms in India. India has recognized that these reforms are imperative for increasing the efficiency of resource mobilization and allocation in the real economy and for the overall macroeconomic stability. The reforms have been driven by a thrust towards liberalization and several initiatives such as liberalization in the interest rate and reserve requirements have been taken on this front. At the same time, the government has emphasized on stronger regulation aimed at strengthening prudential norms, transparency and supervision to mitigate the prospects of systemic risks. Today the Indian financial structure is inherently strong, functionally diverse, efficient and globally competitive. During the last fifteen years, the Indian financial system has been incrementally deregulated and exposed to international financial markets along with the introduction of new instruments and products. Devaluation of the Rupee: Tale of Two Years, 1966 and 1991 Since its Independence in 1947, India has faced two major financial crises and two consequent devaluations of the rupee. These crises were in 1966 and 1991 and, as we plan to show in this paper, they had similar causes. Foreign exchange reserves are an extremely critical aspect of any country’s ability to engage in commerce with other countries. A large stock of foreign currency reserves facilitates trade with other nations and lowers transaction costs associated with international commerce. If a nation depletes its foreign currency reserves and finds that its own currency is not accepted abroad, the only option left to the country is to borrow from abroad. However, borrowing in foreign currency is built upon the obligation of the borrowing nation to pay back the loan in the lender’s own currency or in some other â€Å"hard† currency. If the debtor nation is not credit-worthy enough to borrow from a private bank or from an institution such as the IMF, then the nation has no way of paying for imports and a financial crisis accompanied by devaluation and capital flight results. The destabilising effects of a financial crisis are such that any country feels strong pressure from internal political forces to avoid the risk of such a crisis, even if the policies adopted come at large economic cost. To avert a financial crisis, a nation will typically adopt policies to maintain a stable exchange rate to lessen exchange rate risk and increase international confidence and to safeguard its foreign currency (or gold) reserves. The restrictions that a country will put in place come in two forms: trade barriers and financial restrictions. Protectionist policies, particularly restrictions on imports of goods and services, belong to the former category and restrictions on the flow of financial assets or money across international borders are in the latter category. Furthermore, these restrictions on international economic activity are often accompanied by a policy of fixed or managed exchange rates. When the flow of goods, services, and financial capital is regulated tightly enough, the government or central bank becomes strong enough, at least in theory, to dictate the exchange rate. However, despite these policies, if the market for a nation’s currency is too weak to justify the given exchange rate, that nation will be forced to devalue its currency. That is, the price the market is willing to pay for the currency is less than the price dictated by the government. The 1966 Devaluation As a developing economy, it is to be expected that India would import more than it exports. Despite government attempts to obtain a positive trade balance, India has had consistent balance of payments deficits since the 1950s. The 1966 devaluation was the result of the first major financial crisis the government faced. As in 1991, there was significant downward pressure on the value of the rupee from the international market and India was faced with depleting foreign reserves that necessitated devaluation. There is a general agreement among economists that by 1966, inflation had caused Indian prices to become much higher than world prices at the pre-devaluation exchange rate. When the exchange rate is fixed and a country experiences high inflation relative to other countries, that country’s goods become more expensive and foreign goods become cheaper. Therefore, inflation tends to increase imports and decrease exports. Since 1950, India ran continued trade deficits that increased in magnitude in the 1960s. Furthermore, the Government of India had a budget deficit problem and could not borrow money from abroad or from the private corporate sector, due to that sector’s negative savings rate. As a result, the government issued bonds to the RBI, which increased the money supply. In the long run, How to cite Indian Economic Scenario, Essay examples