Phenomenology and Healthier Organismic Self

Investigating the phrasing of the word Phenomenology and its historical background, presents me with a suggestion going back to a long convention of philosophical writing. I think that its hard to attempt to clarify what phenomenology implies, on the grounds that communicating critical thoughts of one thinker, will avoid others, and my decisions will negate the general thought of what phenomenology is starting to mean for me. Drawing models from phenomenological hypothetical sources, I will incorporate individual experience to help what I comprehend by the term phenomenology.In brief, I am going to begin to clarify what I comprehend about the term Phenomenology by offering responses with references from hypothetical sources. I will, in no specific request along this exposition, offer guides to help the motivation behind why I think phenomenology is significant in Counseling and Psychotherapy. In conclusion, I purpose to examine my present capacity to comprehend my own, and another pe rson’s perspective with some examples.The expression Phenomenology begins from the Greek word phainomenon, which means appearance, that which shows itself, and, logos meaning science or study. As Hans Cohn puts it, â€Å"the Greek word ‘phenomenon’ is gotten from an action word significance to show up, to come into the light, and ‘logos’, then again, is established in a Greek action word meaning ‘to say’. (Cohn, 1997:9-10). To me this proposes, come into light through discourse, or edify oneself through discourse. In straightforward terms phenomenology is the investigation of how things appear to be.In request to recognize the marvel of discernment, Edmund Husserl (1859-1938), built up a technique from his previous teacher’s philosophical deliberateness, Franz Brentano (1838-1917) that clarifies how reality can't be gotten a handle on legitimately in light of the fact that it is accessible just through view of the real world, whi ch are portrayals of it in the brain. This is a technique that endeavors to depict marvels without earlier suspicions, by dismissing earlier convictions or cognizance about things, occasions and people.His point was to figure out how to rise above subjectivity and comprehend wonder through understanding as the wellspring of cognizant information (Dermot Moran, 2002:1-22). He proposed by this to suspend or section occasions, to go past the standard decisions of observation to portray the things as they truly seem to be. Husserl’s phenomenological technique incorporates ideas of Noema, ‘the object of our consideration, or, squares of meaning’, Noesis to mean, ‘the experience as it is experienced and the demonstration of cognizance itself, or, procedure of giving meaning’, and Bracketing ‘an demonstration of suspending our partialities and common interpretations’ (Van Deurzen, 2005: 154).At this stage, these ideas are helping me to outline old recognized ‘blocks’ and intentionally portray them. It is additionally helping me to bring to my mindfulness a portion of my standards of conduct, which I was uninformed of, or mindful looking back, however unconscious of their reasons. Husserl’s strategy is brilliant in that it exposes my ‘perspective dynamics’ (feeling of the real world, preferences, relational intricacies) and causes me to comprehend and acknowledge how to find my squares. I would now be able to start to verbalize confounding responses and uncover undercover feelings of dread, when truth about my character and individual characteristics start to be progressively receptive and real.I frequently have been lost in my very own history not realizing some other way out of it. ‘This felt like a square in my life loosing contact, feeling distanced inside myself and hence, forestalling oneself to reach out towards others as completely as I would wish. In my comprehension of pheno menology in the above model, my own squares can keep me from living at the time of now. The models that will follow, there are such a significant number of considerations and feelings diverting me from the snapshot of now.Learning to make cognizant my own suspicions as noema, noesis and organizing, a part of phenomenological decrease called Epoche, was to figure out how to suspend preference, outline a specific conduct in center, and analyze the manner in which I see things and individuals. I don’t know whether it is conceivable to interpret this procedure of decrease in all layers of my conduct. Yet, what I cannot deny is, that this decrease procedure has instructed me to know, in a progressively wakeful state, of my concealed deliberateness and to assume liability, or better own my considerations and activities intentionally on the grounds that all the time I looked for the fault outside of myself.And the pursuit was not to be found outside, yet the comprehension of those r esponses is to be discovered somewhere within me. ‘Bracketing is important on the grounds that the phenomenological request isn't simple reality discovering, it is the misgiving of deliberate acts’ (Van Deurzen, 2005: 154). Husserl’s supernatural Phenomenology hasn’t especially been trailed by his understudies and previous associates, for example, Martin Heidegger (Spinelli, 1989:2-3). A comment from Paul Ricoeur follows ‘that phenomenology is the account of the deviations from Husserl; â€Å"the history of phenomenology is the historical backdrop of Husserlian heresies† (Moran, 2002:2).I find that Husserl’s at the time dubious logical conclusions permits phenomenological movement. In any case, his discoveries are a decent premise to address what our actual qualities are, to permit us to explore our capability to be acceptable advisors. For what reason is the connection between Phenomenological theory, Existential, Person-focused Counse ling and Psychotherapy, significant in directing and psychotherapy? I extremely before long began to fathom that phenomenology tends to key inquiries of human experience and that this endeavors to analyze the procedure of emotional human instinct, without being instilled by some fixed theory.Philosophers have expounded a lot on the idea of oneself, and it is helpful for psychotherapists to reflect in the event that they are tending to human issues of presence from the correct edge or simply underscoring one from a boundlessness of potential outcomes, or just if the hypothesis needs movement. One worry that I think pertinent to consider is that psychotherapy, especially existential and individual focused advising, center around the advancement of the client’s self-sufficiency (Sanders, 2004). Are the speculations sufficiently open to offer that self-rule, or are they in its push to understand a perspective, constraining its variability?In my feeling, it is basic to have an unc luttered brain which is liberated from fair-minded suppositions when moving toward psychotherapy and directing. Existential advisors for instance, put more accentuation on the presence, than on the quintessence through the phenomenological decrease, since they don't wish to suspend presence. Carl Rogers‘s (1902-1987) idea of phenomenology keeps up that information on singular view of the truth is required for the comprehension of the human conduct, and proposes that we live as per our emotional mindfulness (Nye, 1992:97).Rogers accepted that individuals need the privilege mental and natural conditions to permit the disturbed self to change and locate a more beneficial organismic self. ‘Necessary and adequate states of helpful character change’ (Kirshenbaum and Henderson, 1990:219). There are three center conditions out of the six adequate conditions: Unconditional Positive Regard (UPR), which means really tolerating the individual as they are with no pre-considere d decisions barging in during the time spent the connection among customer and counsellor.Empathy, which means listening cautiously, leaves aside my states of worth, and, Congruence, which means real legitimacy inside the advising relationship (Hough, 1998:103-104). I figured out how to process these conditions through phenomenology. I can see the equal between individual focused and existential psychotherapy, in light of the fact that for instance, Rogers’s treatment includes the specialist's entrance into the customer's one of a kind phenomenological world, without endeavoring to look for oblivious thought processes, but instead focus on quick cognizant experience and desires (Sanders, 2004:4).These conditions must be handled inside myself first, before I can endeavor to offer them to others. To me, there was a scholarly and enthusiastic comprehension of how to incorporate Rogers’ center conditions when with others, however I was feeling the loss of the connection â €˜how’ to do it, in light of the fact that the hypothesis felt all exceptionally sensitive, non-mandate and cut for the individuals who were brought into the world with those characteristics. I needed it to be a piece of my day by day make up, however I commonly relapsed to old propensities, and felt I had returned to square zero.This is the motivation behind why I think phenomenology is significant in advising and psychotherapy. It is a technique that permits us to strip down any covers or shadows we have and deal with a significant number of our natural states of worth, for a more advantageous organismic encountering. I have been lucky to discover the way to chip away at my actual self, and something unquestionably occurred in my cognizant psyche brought about by the above learning prompts. I can sincerely depict with some satisfaction that I am preparing my projections effectively with my ecological relationships.The model that follows, portrays a huge occasion that gav e me I have brought into light what resembled a projection into my full cognizant. Directly toward the start of the scholarly year, I used to hear one of my associates talk, and I used to feel some aggravation. I didn’t know the reason. It was simply after the third week that I addressed myself the motivation behind why in light of the fact that the manifestation persevered. I composed on my diary: I believe I was very rude today towards ‘Blue Sky’ when she was talking in the gathering experience. (Blue Sky is a nom de plume give all my course bunch partners a nom de plume to keep their character secured). I reflected

Essay Writing Samples - How Do I Write an MBA Essay?

Essay Writing Samples - How Do I Write an MBA Essay?So many people, looking for an answer to the question, 'How do I write an MBA essay? ', are wasting time reading through useless MS Word Office essay writing samples. It is not as simple as it sounds, and one must be in possession of excellent writing skills to be able to avoid problems when writing an MS Word document. The reason why many students are not capable of writing an MS Word document is due to the fact that they lack in grammar knowledge and that makes them unable to organize their thoughts.The first step to help you is to prepare a different version of the same story. This is basically a fake essay, and you can use this article as an example. You can then rewrite the whole thing and find out if you can write it correctly or not. Use the same materials as you had for your original work.Before you start writing, it is advisable to make sure that you have a basic idea of what an MBA paper will include. Keep this in mind bef ore beginning to brainstorm. The theme of the paper is one important factor that you should consider while writing it.An MS Word document is a template that can be edited in order to fit your specific requirement for writing an MBA essay. For example, if you were using Word for a research paper, and you wanted to format the contents of the paper according to the structure of your school, you could use MS Word document templates to change the content in any way you wish.These templates have been designed for use by professionals business types, and therefore they offer you great benefits when it comes to organizing your thoughts, making sense of your ideas, and knowing what to write and how to express it. The templates are not only helpful in saving time but also offer you an opportunity to better understand your topic. The templates are written in such a way that you can tell the difference between the original documents and the template, and it can be fairly easy to compare the two .Moreover, if you are interested in building a powerful essay, there are a number of MS Word essay writing samples available for download. These essays were created with the purpose of helping people who are new to writing essays on a subject, and since these templates are already designed in such a way that the students can easily follow along, even a beginner can quickly get accustomed to them.Even if the material on the template is identical to the material you have prepared, you can use this essay as a reference point and start your own essay. If you are particularly confident about the topic, you can convert the whole thing into an outline for writing the essay itself.When you use MS Word templates, you can write the essay even without reading any books or any essay help manuals. Moreover, if you are looking for great essay writing samples that are extremely easy to use, then your best bet is the free templates. These free templates are very effective and your essay writing wil l be completed in no time at all.

Business Diversity Case study Example | Topics and Well Written Essays - 500 words

Business Diversity - Case Study Example While developing to make upgrades in business minor returns, Fresh nourishment has confronted a few difficulties including ethnicity. This has been outlined by Vivian’s suppositions tolerating that she is probably going to confront ethnic difficulties while settling in Phoenix. The business additionally faces correspondence hindrance in light of the fact that Vivian is thinking about utilizing interpreters to help the buys at Phoenix, which is seen to be overwhelmed by various racial networks. In spite of the way that new nourishment faces various issues as expressed over, the business has given a valiant effort to stock assortment of nourishment in this manner speak to a different culture. Additionally, the business chief command depends on great correspondence as a method for guaranteeing clients supportability. The hierarchical courses of action to convey uninhibitedly to handicapped individuals from the general public is an unmistakable outline how it regards the nobility of individuals from the general public (Hellriegel &Slocum, 2007). New nourishment having held onto decent variety as one of its qualities gets the possibility to catch more extensive market edge. This unmistakably shows the business is focusing on a greater populace subsequently fit for getting better yields. Likewise, the issue of decent variety is additionally a sign of cultural portrayal. This put the business at the most elevated finish of accomplishing its serious edge. In any case, assorted variety requires extra expenses as far as recruiting experts. For example, for Vivian to interpreters at Arizona she would require an extra overhead expense (Golembiewski, 1995). To get an honorable workforce, Vivian’s enlistment methodology involve understanding the earth as this would assist her with relating admirably with the general public. Besides, she ought to think about possibility for interviews mostly from Arizona. In the wake of getting satisfactory number, she can continue and put them waiting on the post trial process, as this would help her in distinguishing the correct staff who can convey according to

Customer Expectation Through Service Excellence - 1758 Words

Party Rental Ltd began as a secondary line of business for Oprandy’s Liquor store in Englewood, New Jersey. Oprandy’s provided an additional service to customers who were picking up wine and beer for their house parties by renting tables, chairs, and glassware. In April 1972 it was expanded into a larger scale rental business with more appropriate items. A year later they moved into a 10,000 square foot facility. In august 2006, it was relocated to a 350,000 sq. foot corporate headquarters in Teterboro, NJ where they currently reside. However, there also are smaller subsidies in Pennsylvania, the Hamptons and Maryland. Although, there is a written mission, core values and philosophy, they are only posted and pop up on our computers daily.†¦show more content†¦Organizational Structure Upper Management consists of one CEO Owner, one COO/President (Son of Owner), and VP/CFO. Management consist of VP of Human Resource, VP of Operations, Department Directors Managers, Supervisors of different areas (roles responsibility unclear) When reading about Party Rental Ltd there is a sense that the old â€Å"mom and pop† community store has grown in size but there is no formal business structure or philosophy reflecting the change. One might believe change was just adopted words only and never internalized and operationalized. It is interesting, because the dress code use to be business causal but was changed to a more old community affect of â€Å"jean and T shirts†. What occurs at Party Rental annually is a break even financial status. Ironically, everyone seems ok with it. Prices are raised annually and they terminate and hire seasonally. An excessive number of clients are not charged for half or all of an order due to inadequate service, such as incorrect items delivered, inaccurate delivery times, and mix-ups in dispatch and truck loading for delivery. Language barriers in the warehouse accounts for misinformation and poor customer service. In addition, supervisors employed for specific areas overlap resulting in indecision and there is confusion. Employees may require supervision but this is ineffective. Processes for customer service to establish an order for

Analysis For Malaysia - Free Essay Example

Sample details Pages: 18 Words: 5259 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Did you like this example? EXCHANGE RATE MISALIGNMENT AND CAPITAL INFLOWS: AN ENDOGENOUS THRESHOLD ANALYSIS FOR MALAYSIA ABSTRACT This study presents an attempt to investigate the impact of exchange rate misalignment on capital inflows in Malaysia. Specifically, a precise threshold value is estimated to examine when exchange rate misalignment suppresses capital inflows. To pursue these objectives, this study relies on the endogenous threshold analysis as of Hansen (1996, 2000). Don’t waste time! Our writers will create an original "Analysis For Malaysia" essay for you Create order Results suggest that misalignment in terms of currency overvaluation, has a negative and significant effect when overvaluation is more than 15 percent. This estimate is consistent and robust despite the changes in the choice of explanatory variables. INTRODUCTION Foreign direct investment (FDI) has served as an important engine of growth via skills and technology transfer, creation of employment opportunities and expanding the capital stock in Malaysia. Since the 1997 Asian financial crisis, Malaysia is no longer the top 10 host for FDI. In fact, the rate of growth of FDI has dramatically decrease compared to that of the early 1990s. This is partly due to reverse investment (Mat Zin, 1999) and declining dependence on FDI to finance growth. However, this may also indicates the declining competitiveness of Malaysia in attracting FDI which warrants empirical research since it would be vital to investigate which factors that contributed to the deterioration of competitiveness. Since early 1980s, real exchange rate misalignment has become a standard concept in international macroeconomic theory and policy (Razin Collins, 1997). Hence, this study focuses on exchange rate misalignment as an indicator of capital inflow competitiveness in the case of Malaysia. Malaysia provides an interesting case as it is one of the largest recipients of FDI amongst its ASEAN counterparts. Another advantage of undertaking a single country study is the ability to delineate the assumption that countries are similar in terms of social, cultural, economic and political background (Sun et al., 2002). Therefore, only relevant economic determinants are accounted for to suit the Malaysian environment. The objective of this paper is to investigate the empirical relationship between capital inflows and exchange rate misalignment. Whilst existing literature focuses on the role of exchange rate, this study takes a step further to examine the impact of exchange rate misalignment on capital inflows. Specifically, we estimate a threshold value at which misalignment begins to significantly affect capital inflows. To the best of our knowledge, no published study has attempted to estimate a threshold value for exchange rate misalignment in Malaysia. Hence, this study intends to fill this gap. Based on the endogenous autoregressive threshold (TAR) model developed by Hansen (2000), we split the sample into high and low misalignment regimes. Results suggest that exchange rate misalignment due to overvaluation is detrimental to the influx of capital inflows. The next section provides a brief overview of FDI in Malaysia followed by a brief explication of the theoretical model and review of liter ature. The fourth section spells out the method pertaining to the objective. The penultimate section provides results and discussion and the final section concludes. CAPITAL INFLOWS IN MALAYSIA: RECENT TRENDS AND INCENTIVES The essence of export oriented-growth nexus somewhat depends on the inflow of foreign capital into the country. In the past, foreign direct investment has been the one of the major conduit for technology transfer, job creation and export-led growth to this country. To pursue this line of interest, the Malaysian government has designed various policies spanning the gamut of industrial specific incentives, taxation, and intellectual property protection to infrastructure support. The company tax rate for example has been reduced from 33 percent in 1987 to 27 percent in 2007 and 26 percent in 2008. Other tax incentives such as the investment tax allowance, tax relief for companies with pioneer status or high technology industries has continued until today with more industries be given the relevant status to reap the benefits of the incentives. Most recently, the government has liberalized bumiputera equity requirements for 27 sectors to further boost competitiveness. With reference to previous information, there was a surge in foreign direct investment (FDI) into Malaysia in the late 1980s and this trend continued until the onset of the 1997 Asian financial crisis. Another acute slump in the influx of FDI occured in 2001 when the economy was in a slight recession but picked up again in 2002 thereafter. With the recent burgeoning world recession following the American sub-mortgage crisis, it is expected that FDI will contract again (IMF, 2009). To capture a more vivid impact of misalignment on capital inflows, this study employs quarterly data from Bank Negara Malaysia (BNM the central bank of Malaysia) instead of the UNCTAD data which are annual. Foreign capital inflows or investment inflows comprises three items: (i) equity investment, (ii) loans and (iii) real estate. Investment consists of equity investment in Malaysia by non-residents, loans obtained from non-residents and purchase of real estate in Malaysia by non-residents but excludes retained earnings (Source: Bank Negara Malaysia, Glossary, Monthly Bulletin Statistics January, 2009, p. 186-187). This study resorts to a specific measure of FDI, that is, foreign investment inflows. Data starts from 1991:Q1-2008:Q3, partly dictated by availability. THEORY AND REVIEW OF LITERATURE In this study, we rely on the portfolio balance approach to model the determinants of foreign capital inflows. This model has been successfully tested by Goh (2005) for Malaysia. Branson (1968) postulates that the proportion of foreign assets (Kf) in a given stock of wealth is a function of the domestic and foreign interest rates (i and i*), the measure of exchange rate expectation or risk (e) and the stock of wealth (w) expressed as: (1)Darby et al. (1999), augment this concept of exchange rate risk (e) into exchange rate volatility and exchange rate misalignment. Since this study focuses on the role of exchange rate misalignment, we substitute e with misalignment. Expressing the above equation at level yields, (2)Focusing on Z, the literature suggests a number of variables that determines capital flows. The enigmatic relationship between FDI and exchange rate nexus has been widely examined and most of the discussions root back to the work of Kohlhagen (1977), Cushman (1985), Froot and Stein (1991), Goldberg (1993) and Darby et al. (1999). The effect of exchange rate is less straightforward (Benassy-Quere et al., 2001). The mechanisms that exchange rate affects capital inflows can also be viewed via the wealth effect channel and the relative production cost channel (Xing, 2006). A devaluation of the currency of the host country makes local cost of production lower in terms of foreign currency, hence leading to higher returns from export-oriented industries. As for the wealth effect, a devaluation makes local asset cheaper which motivates investors to acquire more. Kohlhagen (1977) static model postulates that following depreciation in host countries, MNEs will increase their production capacity. In a two period dynamic model, Cushman (1985) suggests that adjusted expected real depreciation lowers the production cost which leads to increase in FDI flows. Similarly, Goldberg (1993) illustrates how sectoral profitability, location effects, and portfolio and wealth effects are important factors that determine investment an d their links with exchange rates. In her theoretical model, the direction of investment effects triggered by exchange rate movements is ambiguous, therefore, warrants empirical research. On contrary, in an imperfect information framework, Froot and Stein (1991) show that appreciation induces wealth effect of foreign investors, thus encouraging foreign investors to acquire more local assets. Empirically, there is quite a consensus that a depreciation of the exchange rate in the host country leads to a reduction of the FDI (Klein and Rosengren, 1994; Dewenter, 1995). There is however, a dearth of studies that empirically examine the relationship between FDI and exchange rate misalignment. Empirical attempts include Benassy-Quere et al. (2001) who advocate the benefits of depreciation may be offset by excessive volatility of the exchange rate. Blonigen (1997) illustrates how currency depreciation induces foreign firm to acquire firm-specific assets when markets are segmented. Hasnat (1999) study the impact of misalignment on FDI for five developed nations on annual data ranging from 1976-1995. All of these studies use misalignment as a control variable or a counterpart for exchange rate variability and is measured by a deviation from the purchasing power parity (PPP) values. Furthermore, most of these studies are based on the experiences of industrialized economies using panel data analysis framework. In short, a prolonged misalignment may affect long term business decisions as it affects costs. If the exchange rate is overvalued relative to the e stimated equilibrium level, investors may acquire more domestic assets for future capital gains in host country currency terms (Barrell and Pain, 1996). On the other hand, persistent overvaluation may reduce cost competitiveness of production in the host country, especially for export oriented products. Other traditional determinants of FDI can be demarcated into at least two categories micro and macro determinants. The list of micro-determinants spans from market size, growth, labour costs, host government policies, tariffs to trade barriers. The macro-determinants include market size (Chakrabarti, 2001; Farrell et al., 2004; Kravis and Lipsey; 1992), openness (Edwards, 1990; Gastanaga et al. 1998; Hausmann and Fernandez-Arias, 2000; Aseidu, 2002), rate of inflation (Bajo-Rubia and Sosvilla-Rivero, 1994; Urata and Kawai, 2000), government budget, taxes (Gastanaga et al., 1998; Wei, 2000) and infrastructure (Wheeler and Mody, 1992; Urata and Kawai, 2000). Financial deepening is also another catalyst for FDI (Borensztein et al., 1998). Liquid liability, private credit and M3 serve as proxies. Increase in money supply fuels inflation which increases the cost of production in the host country rendering a negative relationship. However, increments in money supply supported by growth or higher productivity indicate increase in future purchasing power which can benefit market-seeking FDI. Finally, the degree of misalignment is computed based on the difference between the actual and the hypothetical equilibrium exchange rate. Accordingly, the estimation of the hypothetical equilibrium exchange rate relies on the theory advocated by Edwards (1994). This theory postulates that the real exchange rate is a function of several fundamental variables which includes the Balassa-Samuelson effect, trade openness, net foreign assets and government spending. Details are provided in Sidek and Yusoff (2009). METHODOLOGY AND DATA The question of when does misalignment begin to significantly affect capital inflows necessitate the existence of a non-linear relationship between these two variables. Thus, if such non-linear relationship exists, then it is possible to estimate an inflexion point, or a threshold value, at which the sign of misalignment may change or become significant. In the non-linear time series modelling, the threshold autoregressive model (TAR) is more popular since it offers a relatively simple specification, estimation and interpretation compared to other non-linear models. The origins of TAR models roots back to Tong (1980) where the main idea is to approximate a general non-linear autoregressive structure by a threshold autoregession with a small number of regimes. Hansen (1996, 2000) derives the asymptotic distribution of the ordinary least squares (OLS) estimates of the endogeneous threshold parameters which is used in this study. This section explains how equation (2) is estimated to incorporate threshold effect. According to Hansen (2000), threshold estimation is the act of splitting the sample into two regimes when the threshold value is unknown. One necessary precondition is that the threshold variable must be a continuous variable. In this study, the threshold estimation is carried out by splitting the sample into high misalignment and low misalignment regime. Since misalignment is a continuous variable, TAR model would be appropriate to engender the threshold value. Formally, the two-regime threshold regression model takes the form: where is the threshold variable which is used to split the sample into two regimes, is the threshold value which is unknown and must be estimated, denotes the dependent variable (capital inflow), represents a vector of explanatory variables and is the error term assumed to be white noise and i.i.d. Note that if the threshold value is greater than the threshold variable, equation (3) is estimated and vice versa. This allows the regression parameters to change with respect to . In order to write equations (3) and (4) in a single equation, a dummy variable is used which is defined as where {.} is the indicator function, with d=1 when and d = 0, if otherwise; and set , such that (3) and where and . Equation (5) allows all the regression parameters , and to be estimated and switch between the two regimes. The least square (LS) technique is used to estimate through minimization of the sum of squared errors function. To implement this, the model is expressed in matrix notation, hence, equa tion (5) is expressed as: (6) Define, (7) as the sum of squared error function. By definition the least squares estimators which is also the MLE when with i.i.d. , jointly minimize equation (7). This minimization process requires to be restricted to a bounded set . The concentrated sum of squared errors function is written as: (8) where is the value that minimizes . As takes values that is less than n, is uniquely described as: with (9) Focusing on the objective of this section, the first step is to examine whether there exist a threshold effect in the model. This requires the examination between the linear model vis--vis the two-regime model, equation (5). The null hypothesis of no threshold effect is tested against an alternative hypothesis where threshold effect is present. Since TAR models have a non-standard distribution, Hansen (1997, 2000) develops a standard heteroscedasticity-consistent Langrange Multiplier (LM) bootstrap method to calculate the asymptotic critical value and the p-value. The second step is to examine whether the derived threshold value is statistically significant. This is done by differencing the confidence interval region based on the likelihood ratio statistic . Based on Hansen (2000), let C represent the desired asymptotic confidence interval (in this study at 95%) and be the C-level critical value and set . Assuming homoscedasticity, as , therefore, is the asymptotic C-level confidence region for . If the homoscedasticity condition is not fulfilled, then a scale likelihood ratio statistics of the residual sum of squared errors is defined as: (10)and the adjusted confidence region becomes such that is robust whether or not the heteroscedasticity condition holds. Simulation is set at 1000 replications as suggested by Hansen (2000). Also, is not normally distributed hence, the valid asymptotic confidence intervals of the estimated threshold values in the no-rejection areas defined as , where is a given asymptotic level; and the no- rejection region of the confidence interval is . If , than the null hypothesis of cannot be rejected. In addition, to examine the possibility of a second threshold value, the same exercise is repeated. Specifically, the empirical model to be tested which is based on equation (2) is defined as follows: (11) where K is capital inflows, Mis, R and M3 denote exchange rate misalignment, interest differentials and financial deepening, and Z represents the other control variables. Table 1 summarizes the description of data, measurement and sources used in this study. Table 1: Determinants of Capital Inflows (1991Q1-2008Q3) Variable Description Measurement Source I Foreign investment Total foreign investment inflow as a percentage of GDP BNM M3 Money supply M2 as a percentage of GDP IFS D Government deficit The difference between revenue and expenditure as a percentage of GDP BNM R Interest differential The difference between Malaysia and US 3-month T-Bill rates IFS T Taxation Government corporate tax revenue as a percentage of GDP BNM LL Liquid Liability Log International liquidity: banking institution liability, line. 7b.d IFS INFRA Infrastructure Log of spending on infrastructure as a percentage of GDP BNM IFS: International Financial Statistics, IMF, UNCTAD: United Nations Conference on Trade and Development, BNM: Bank Negara Malaysia Monthly Statistical BulletinDOS: Department of Statistics, Malaysia (various issues). RESULTS AND DISCUSSION Prior to time series analysis, we test for unit roots in order to avoid spurious regression. Three versions of unit root testing, namely the ADF, PP and KPSS tests are employed to examine whether the variables are stationary on level or otherwise. Table 3 indicates that the order of integration are mixed for a majority of variables. However, this study proceeds to examine the threshold effect by including lagged variables for I(1) variables in the OLS estimation. Moreover, equation (2) derived from the theory requires estimations at level. Table 2: Unit root test ADF PP KPSS Order of Integration Level 1st Diff Level 1st Diff Level 1st Diff I -3.7029* -7.9812* -3.5286* 14.00208 0.9008* 0.2305 I(0)/I(1) M3 -1.2741 -10.0951* -1.3334 -10.4699* 1.0229* 0.3588*** I(1) D -1.6297 -19.7087* -8.8219* -27.3774* 0.3649* 0.0894 I(0)/I(1) R -4.5405* -3.8179** -2.6509 -7.0649* 0.0711 0.0471 I(0)/I(1) INFRA -2.2527 -4.5270* -3.5053* -27.7776* 0.2234* 0.0813 I(0)/I(1) LL -3.0805 -6.5500* -2.4386 -6.7355* 0.1073 0.0607 I(0)/I(1) MIS -3.8075** -9.7442* -3.8076** -9.8483* 0.0662 0.0577 I(0) Note: *, ** and *** denote significance at 1%, 5% and 10% significant level. p-values are in parentheses. For ADF and PP test the null is no unit root (H0: Variable is stationary) whilst the null for the KPSS is the existence of unit root (H0: Variable is not stationary). The baseline regression constitutes the exchange rate misalignment, interest differential and a measure of financial development, M3. We present four additional models with different variables added to the baseline regression, namely liquid liability, government budget deficit, and infrastructure for sensitivity analysis. Hansen (2000) theoretical construct allows for two threshold effects, hence, the first step is to investigate the possible existence of such an effect. Prior to that, a threshold variable needs to be selected. Since the aim of this section is to examine at what percentage exchange rate misalignment actually hurts capital inflows, the appropriate threshold variable is the exchange rate misalignment. Upon choosing the appropriate threshold variable, the next step is to observe any evidence of a threshold effect and whether there exist one or more threshold by employing the heteroscedasticity-consistent Lagrange-multiplier (LM) test for a threshold based on Hansen (1996). To test under the null hypothesis of no threshold effect, p-values are calculated using a bootstrap analog which generates the dependent variable from the distribution , where is the OLS residuals from the estimated threshold model. With 1000 bootstrap replications, the p-values for the baseline threshold models (Table 3) using misalignment strongly suggest the existence of threshold effect at 0.000. Subsequently, this suggests that there is a sample split based on the effect of exchange rate misalignment. Table 3: Threshold Effects for the baseline model Model 1 First Sample Split F-Stats 51.4045 Bootstrap P-Value 0.000 Threshold Estimates -15.0260% 95% Confidence Interval -15.446% , -9.8360% Second Sample Split F-Stats 16.2171 Bootstrap P-Value 0.2890 Note: H0: No threshold effect. The threshold is based on the minimized sum of squared residuals. This illustrates the graph of the normalized likelihood ratio sequence as a function of the threshold in exchange rate misalignment. The estimated is the value which minimizes these graphs which range at =15.02-15.44%. The dotted lines on the graphs present the 95% critical values. For example, in model 1, the asymptotic 95% confidence interval set where crosses the dotted lines. The results suggest that there is ample evidence for a two-regime specification. Also, it is worth noting that 41 of the 71 observations fall into the 95% confidence interval, hence, requires an examination of the possible existence of a second sample split. Results in Table 3, show that second sample split renders insignificant bootstrap p-value thus, indicating no further regime split. Table 4 presents the results for baseline regression. For comparison purposes, this study provides the linear OLS model without the threshold effect and a two-regime model which accommodates the threshold effect. Basically, the variables confer the correct signs in line with the prediction of the theory. Misalignment has a negative and significant effect on capital inflows in regime 2. Interest differential is expected to confer a negative effect. Results indicate that interest differentials only affects capital inflows negatively in the regime 1 but is insignificant in the regime 2. Similarly, M3 has significant effect in both regime but is positive in the regime 1 but the sign switches in regime 2. Hence, splitting the sample gives a more indepth view of the effects of these basic variables on investment inflows. To reiterate, sample splitting allows the examination of whether the significant effect is present in both regimes or otherwise. The results show that below the threshold value of 15%, exchange rate misalignment may be negative but are not statistically significant. However, above the 15% threshold level, misalignment exerts both negative and significant impact on capital inflows. A 1% increase in misalignment (overvaluation) suppresses capital inflows by approximately 1.19%. The negative effect of exchange rate misalignment on capital inflows is consistent with the findings of Hasnat (1999). Barrel and Pain (1996) argue that an apparent currency misalignment persistent over some length of time may affect investment inflows decisions. A reasonable explanation is that the relative production costs may be higher as a result of such misalignment. If the ringgit is thought to be overvalued relative to its estimated equilibrium level, then foreign production may be discouraged by the prospect of future capital loss in home currency terms. Another issue which emerges after the 1997 financial crisis is that capital inflows must be managed since reversals are likely to cause severe damage to the economy. Reinhart and Reinhart (1998) calls for greater exchange rate flexibility which is meant to introduce two-way risks, therefore, discouraging speculative capital inflows. It is, however, only possible in the context of de facto peg or a tightly managed float. Furthermore, the effectiveness of this policy depends on how much policymakers are willing to allow the exchange rate to fluctuate. A large band denotes greater flexibility but risks having large nominal appreciation which connotes possible overvaluation of the currency. The result of this study suggests that overvaluation is detrimental to capital inflows if this band exceeds 15%. Hence, policymakers should keep exchange rate fluctuations well below this 15% threshold. Table 4: Baseline regression results on the effect of misalignment on capital inflows (1991:Q1-2008:Q3). Dependent variable is capital inflows. Model 1 Linear Model Threshold Model OLS without threshold Regime 1 15.0259% Regime 2 15.0259% Misalignment -0.4267** (0.2115) -0.3186 (0.2573) -1.1955** (0.5712) Interest Differential -0.0250*** (0.0131) -0.0438* (0.01533) -0.0261 (0.0193) M3 0.2964* (0.0391) 0.2644* (0.0516) -0.5560* (0.1240) Constant 3.0468* (0.2779) 2.5394* (0.2593) 6.7313* (0.6099) No. of Observations 71 42 29 R2 0.3664 0.6484 0.4218 Notes: *, ** and *** denote 1%, 5% and 10% significance respectively. Standard errors in parentheses. Interest rate differential are consistently negative and significant in all specifications and in both regimes in majority of the threshold model. This stresses the role of interest rates in attracting capital inflows into Malaysia. Although the impact may be small, it is significant and the authorities should ensure that interest rates are kept at certain levels to maintain competitiveness of Malaysia as destination for capital investment. In this paper, the estimated impact of a 1% change in interest differential is expected to subdue foreign investment by 0.04 percentage point in the first regime and 0.03 percentage point in the second regime. The proxy for financial deepening, M3 is statistically significant in all models and in both regimes. Again, this signifies the importance of financial development in attracting capital investment into Malaysia. Interestingly, M3 is positive during the periods of low misalignment regime (regime 1) but becomes negative at higher misalignment regime (regime 2). During low misalignment, a 1% increase in M3 is expected to draw in 0.3 percentage point more investment inflow into Malaysia. This shows that in the lower regime, financial depth acts as an impetus to capital inflows. However, the situation reverse with 0.6 percentage point lower investment inflows is expected with a 1% increase in misalignment in the second threshold regime. Montiel (1999) explicitly explains this phenomenon where capital inflows increase reserves which then prompt an increase in the monetary base, M2 and M3. Such increases fuels further increments in domestic demand leading to real appreciation. Thus, any overvaluation of the currency may eventually have negative ramifications on capital inflows. Sensitivity analysis To check for the sensitivity of the estimated threshold value, Table 6 -7 and Figure 3 represents four other models which use different variables in addition to the baseline regression. The addition of taxes yields insignificant results without drastically changing the threshold value. Other additional variables such as government budget deficit and liquid liability are only significant in one of the two regimes . With the inclusion of additional variables, the estimated magnitude of each regressors differ slightly but maintains the same sign and significance level. For example a 1% increase in misalignment (overvaluation) suppresses capital inflows by 1.11-1.55 percentage point. The estimated impact of a 1% change in interest differential is expected to deter foreign investment by 0.04-0.05 percentage point in the first regime and 0.02-0.06 percentage point in the second regime. Similarly, during low misalignment, a 1% increase in M3 is expected to draw in 0.2-0.3 percentage point m ore investment inflow into Malaysia. An estimated 0.49-0.67 percentage point lower investment inflows is expected with a 1% increase in M3 in the second threshold regime. In view of the results, it seems evident that the exchange rate policy has important effect in attracting foreign capital inflows into Malaysia. Specifically, misalignment in terms of overvaluation should be kept lower than 15 percent to ensure that capital inflows remained unhurt. Table 5: Sensitivity Analysis: Threshold Effects Model 2 Model 3 Model 4 Model 5 First Sample Split F-Stats 71.1442 45.9364 53.3722 53.3722 Bootstrap P-Value 0.000 0.000 0.000 0.000 Threshold Estimates -15.4461% -15.0260% -15.0260% -15.0260% 95% Confidence Interval -15.446%, -15.025% -15.446%, -9.836% -15.446%, -0.0984% -15.446%, -0.0984% Second Sample Split F-Stats 16.4917 19.7585 22.9710 22.9710 Bootstrap P-Value 0.5310 0.3800 0.2420 0.2420 Note: H0: No threshold effect. The threshold is based on the minimized sum of squared residuals Table 6: Sensitivity Analysis for threshold estimates (1991:Q1-2008:Q3). Model 2 Linear Model Threshold Model OLS without threshold Regime 1 15.4461% Regime 2 15.4461% Misalignment -0.4278*** (0.2216) -0.3497 (0.4143) -1.5593* (0.3135) Interest Differential -0.0250*** (0.0134) -0.0462* (0.0153) -0.0599* (0.0131) M3 0.2966* (0.0414) 0.2732* (0.0488) -0.5609* (0.0744) Liquid Liability -0.0029 (0.1709) -0.0634 (0.1932) 1.1843* (0.2615) Constant 2.9780* (0.2713) 2.5259* (0.2593) 6.1799* (0.3135) No. of Observations 71 41 30 R2 0.3842 0.6503 0.5986 Model 3 Linear Model Threshold Model OLS without threshold Regime 1 15.0260% Regime 2 15.0260% Misalignment -0.4472** (0.2038) -0.3800 (0.2460) -1.1171*** (0.6229) Interest Differential -0.0254* (0.0126) -0.0505* (0.0140) -0.0237 (0.0221) M3 0.2844* (7.4922) 0.2521* (0.0472) -0.5391* (0.1477) Deficit -0.7655* (0.3059) -0.7380* (0.3099) -0.1841 (0.7174) Constant 3.0308* (0.2674) 2.5835* (0.2445) 6.6452* (0.7337) No. of Observations 71 42 29 R2 0.4285 0.6829 0.4230 Model 4 Linear Model Threshold Model OLS without threshold Regime 1 15.0260% Regime 2 15.0260% Misalignment -0.2852 (0.2181) -0.2582 (0.2720) 1.2490** (0.5612) Interest Differential -0.0275** (0.0128) -0.0419* (0.0165) -0.0311 (0.0204) M3 0.3208* (0.0401) 0.2796* (0.0583) -0.5489* (0.1245) Tax 2.1899** (1.0761) 0.1283 (0.1457) 0.1260 (0.1720) Constant 3.0274* (0.4383) 2.2463* (0.4806) 6.5027* (0.7227) No. of Observations 71 42 29 R2 0.3665 0.6516 0.4300 Model 5 Linear Model Threshold Model OLS without threshold Regime 1 15.0260% Regime 2 15.0260% Misalignment -0.3780*** (0.1977) -0.4495*** (0.2602) -1.3190** (0.6059) Interest Differential -0.0203 (0.0123) -0.0433* (0.0152) -0.0308 (0.0212) M3 0.2941* (0.0365) 0.2388* (0.0479) -0.6093* (0.1406) Infrastructure 3.0729* (3.3373) 0.0474** (0.0228) -0.0382 (0.0392) Constant 3.0709* (0.2569) 2.5698* (0.2346) 7.0433* (0.7173) No. of Observations 71 42 29 R2 0.4091 0.6815 0.4384 Notes: *, ** and *** denote 1%, 5% and 10% significance respectively. Standard errors in parentheses. CONCLUSION The objective of this chapter is to examine the impact of exchange rate misalignment on capital inflows. Results provide evidences of the negative impact of misalignment on capital inflows. To reiterate, overvaluation of the ringgit signals that Malaysia is less competitive vis--vis other countries. In addition, this paper also estimates a specific threshold value; that is the degree of misalignment after which it begins to hurt capital inflows. By employing a recent technique by Hansen (1996, 2000), this study splits the sample into high misalignment and low misalignment regimes. This study shows that misalignments hurt capital inflows in the high misalignment regime or when misalignment is greater than 15 percent. This study also confirms the work of Goh (2005) who suggests that the portfolio balance model can capture the determinants of capital inflows in Malaysia. In particular, the results suggest that interest differential is an important determinant albeit, small, hence, polic ies should be directed into maintaining a certain level of competitive interest rates. Furthermore, it is evident that financial deepening plays an important role to attract capital inflows. Finally, it is important that the Malaysian authorities continue to intervene the exchange rate and to keep overvaluation at its minimum. References ______. 2009. Finance Development. International Monetary Fund, 46(1), 1-12. ______. International Financial Statistics (IFS). International Monetary Fund. (various issues) ______. Monthly Bulletin Statistics. Bank Negara Malaysia. (various issues). ______. Monthly Bulletin Statistics. Department of Statistics. Malaysia. (various issues). Agarwal, J.P. 1980. Determinants of foreign direct investment: A survey. Weltwirtschaftliches Archiv, 116, 739-773. Aseidu, E. 2002. 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Catcher In The Rye Symbolism Essay - 713 Words

In our broken and sinful world, there are many repercussions of anxiety and fear which lead to the ultimate idea that 19 million American adults suffer from cases of severe depression. Holden Caulfield, the protagonist of Catcher in the Rye, suffers depression, which leads to conflict between him and society during his junior and senior year in high school The author, J.D. Salinger, uses symbolism and imagery to portray Holden’s lack of confidence due to his disruptive and frazzled childhood. Symbolism in Catcher in the Rye shows what the characters value and how they perceive life. The ducks symbolize Holden’s curiosity as he strives to discover himself and find his motivation in the world. Holden asks Old Horwitz, â€Å" Do you happen†¦show more content†¦The death of his brother, Ally, flipped his world upside down. The author creates the image of Ally being the most intelligent person that Holden has ever met, but he â€Å"got Leukemia and died when we were up in Maine†¦Ã¢â‚¬ (Salinger 43). Although this imagery paints a picture of sorrow in his life, Holden confronts death throughout the book. Holden blames this as one of his many factors of depression. Holden becomes subject to a routine and soon events in his life appear and it wrecks his world. Instead of having strength in himself he loses all confidence because he can’t find purpose or strength anywhere in the world. If he had a relationship with his parents, he could rely on them, but sadly, he would rather venture alone in his depressing personal hell. Holden’s forgetful demeanor and mindset results in multiple careless actions. On his way home from a fencing tournament he projects, â€Å"I left all the goddam foils and stuff on the subway†(Salinger 24). Holden creates a vivid picture of his forgetful life which ultimately leads to a destructive life. He becomes responsible for having no life because he will not explore any life. This is fitting because it all ties into the main cause of his self-conflict and confidence. He projects the word â€Å"left,† implying leaving all his stuff everywhere, creating an image of disorganization. Holden has many opportunities in his life to turn hisShow MoreRelated Symbolism in J.D. Salinger’s The Catcher in the Rye Essay2842 Words   |  12 PagesJ.D. Salinger’s The Catcher in the Rye is no exception. The abundant use of symbolism in Salinger’s The Catcher in the Rye is of such significance that it â€Å"proclaims itself in the very title of the novel† (Trowbridge par. 1). If the symbolism in this novel is studied closely, there should be no astonishment in learning that The Catcher in the Rye took approximately ten years to write and was originally twice its present length. J.D. 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Hum free essay sample

During the Baroque music period the strings played the most important part during that time. Baroque orchestras had from 10 to 30 players which were primarily strings. The strings and winds played the same music melody motion. The Nodding brass was used as melody instruments to sustain the harmony. (HTTPS:// sites. Google. Com/site/retroviruses/flirtatiousnesss) One example of this style is a piece by Johann Sebastian Bachs The Brandenburg Concerto no. In D Major. The entire piece consisted of flutes, violins, strings, and the harpsichord. This piece is said to be a great importance to the Baroque style because of its dramatic tones and shifts in orchestra. The Classical orchestras used 30 to 60 players in four sections which consisted of strings, woodwinds, brass, and percussion. Composers during that would use the individual tones of instruments which gave a piece greater rarity and more rapid changes of tone.Just like the Baroque period the strings Mere the most important part of the section, the violins would take the melody most of the time. We will write a custom essay sample on Hum or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The woodwinds were often given melodic solos, while the horns and rumples brought power to loud passages and filled out the harmony. Famous composer Wolf Gang Amadeus Mozart helped to move the classical period to heights Ninth the production from his orchestra of one flute, two clarinets, two bassoons, two horns, and strings along with a piano. After listening to both Baroque and Classical pieces from the my music kit I could hear that with most of the pieces from the Baroque period had a feel of the dramatic which would tell me that it was a reflection of the times. The Classical pieces I listened to felt like a variety of emotions that the each composer was trying to achieve. These selections are very different compared to modern music mainly because with todays modern music has very limited harmonies while the Baroque and Classical music used complex harmonies and changing from one key to another.

Management Change and Innovation

Key issues in the case study There are a number of key issues that arise from the case of Nestle. One of the major issues that come up is the impact of mergers and acquisitions for large multinationals.Advertising We will write a custom case study sample on Management Change and Innovation specifically for you for only $16.05 $11/page Learn More As a result of its growth Nestle chose to acquire more companies in order to make an impact in its global expansion especially in foreign markets. It struck big financial deals with companies like L’Oreal and Alcon Laboratories Inc and saw acquisition of the two companies. However, not all these big deals go well and in the case of Nestlà ©, L’Oreal was largely in debt and to some extent could have contributed to its financial woes. Another issue is the diversification of the market both in terms of products and market presence. These are seen as key factors in enhancing global expansion as well as profits. Nestle aimed at improving its finances through diversification as well as strategic acquisitions. It therefore made its presence in the U.S market through Alcon Laboratories Inc. It also diversified its products to include cosmetics through L’Oreal and pharmaceutical and ophthalmic products I addition to the original dairy products. This diversification could work for or against the company as it requires more resources on the part of the management. Organizational change is yet another key issue observed in this case. Nestle went through radical changes between the second world war to 1990’s all through to date.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More These changes have come in many faces, for example in the outlook of the companies before 1980 and change in the management of the organization as well as the continuous restructuring. More issues on organ izational change will be brought up in the topics discussed below. Importance of innovation in regard to organizational change is also a key issue. Innovation in terms of technology as well as new markets cannot be overlooked. For long-term continuance of the organization innovation should be consistent with the firm’s objective. New technology and new markets should not be exclusively left be the centre stage of organizational change and growth. Changes in Nestle Nestle went through both the first-order and the second-order changes. First order change is the continuous and incremental change which may call for modifications in processes, structures or even systems; however, does not go into changing the basic strategy, core values of the organization and corporate identity. It is basically meant to sustain organizational order and continuity. Second-order change on the other hand is drastic, transformational and with far reaching implications on the core of the organization. It is aimed at changing the nature of the organization and not developing it. Nestle went through the second-order change in that it carried out activities that had an effect on the nature and strategy of the organization. Although the changes may not have been aimed at changing the nature of the organization entirely, it had far reaching implications. For example; a change in the strategy of global expansion and increase in financial gains saw nestle sail through several acquisitions.Advertising We will write a custom case study sample on Management Change and Innovation specifically for you for only $16.05 $11/page Learn More These acquisitions also meant that nestle was no longer an organization that was based on dairy products. Acquisition of Alcon Laboratories Inc and the cosmetic producers L’Oreal made a move to include cosmetics, pharmaceutical and ophthalmic products as part of nestle. Acquisition as a strategy of growth can also be cons idered as another example of second-order change. These changes effected before 1980 had far-reaching effects on Nestle and that is why they are considered as second-order change. Diversification or investment of Nestle into developing markets is another example of second-order change. Nestle diversified into developing markets not only to continue the organization but majorly increase the profits as well a change to include the organization into a cosmetic producer and supplier. This could also be traced back to when Nestle changed its strategy and started acquiring subsidiaries in foreign markets. Traditionally, Nestle used sales agents in countries that were outside its home market, but it later changed into having their presence in those foreign markets by acquiring some existing factories. Another example of second-order change evidenced in nestle is the transfer of several executive offices offshore to the U.S. this was instigated by the feeling of isolation in home offices, S witzerland and thus calling for the transfer. This move was aimed at increasing the efficiency of Nestle both in productivity and financial efficiency. The purchase of carnation in 1984 is also an example of second-order change after a number of failed acquisitions that left Nestle with many non-profitable and nonstrategic businesses. First-order change for Nestle is evidenced basically in the today’s Nestle in the period after 1990s. However, even before then Nestle sold most of its nonperforming and nonstrategic businesses.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This was basically meant to keep the organization going forth despite the losses. Under the management of Brabeck-Letmathe is seen to be leaning more on the first-order change rather than second-order. This could be due to the past failures as a result of aggressive acquisition and needed for expansion. When the CEO insists on ensuring the longevity of the organization without necessarily dwelling on short-term profits then this is first order. The change according to him is also meant to be gradual and slow is evidence that nestle is going into first-order change. As a result, it has developed approaches like corporate growth and a â€Å"corporate culture† that will ensure that longevity and continuity. Incremental approach to change Incremental approach to change is arguably the most effective method of change. Brabeck-Letmathe has to some extend used incremental approach in implementing change. One of the ingredients used is identifying the strengths of the organization an d trying to come up with ways to improve. This does not only dwell in strengths but also in weaknesses, opportunities and threats and trying to work on them. Incremental approach to change is also focused and conscious. It ensures a slow injection of change and at the same time trying to maintain internal balancing. A focus on the long term goals of the organization without laying much effort on the short-term profit motives is one of the factors key to incremental approach to change. This ensures the continuity of the business without involving radical measures that could be more destructiveness to the organization. Brabeck-Letmathe has used two vital tools that steer this type of change. These are entrenching a corporate culture and mechanisms for corporate growth. This approach ensures that Nestle establishes strengths that are not easily swayed. This is made much better by the fact that the managers have been incorporated into that corporate culture. However, there are some aspe cts of Brabeck-Letmathe approach that do not concur with incremental approach to change. For instance the complete wipe out of the executives was too radical a move. However important it may be to have managers who are well entrenched in corporate culture, we cannot ignore the fact that there is a need to listen to people or employees before creating an organizational change. In addition, we cannot ignore the role of technology in incremental corporate approach. Brabeck-Letmathe appears reluctant in embracing technology which is instrumental to growth. Though he is right on not making it the central strategic pivot point of growth his reservations are uncalled for. Brabeck-Lameck does not value social preferencing as a key aspect of incremental approach. This could be a better approach in dealing with the change managers. He seems put and as already having structures that is necessary for change. Additionally, his measures are too qualitative to fit in incremental approach to change because; this approach majorly builds on measurable quantitative aspects that become its key limitation. Implications for change managers Change managers in Nestle should have acumen in coming with the approaches that can well meet the needs of nestle. One of the key issues in consideration is the need to ensure longevity and continued existence of Nestle regardless of short operating profits. Another challenge lies with the fact that Nestle is a multinational company that has over 80 factories in different countries. This calls for efficiency and increased productivity. This increased efficiency and productivity should ensure that it doesn’t use measures that are too radical that could plunge Nestle into another financial difficulty. Restructuring process is another possible source of implication for change managers. It is costly ($300 million yearly) and a slow process that requires a lot of patience. Nestle management may have reacted to the need to sustain the longevity of Nestle by identifying factors that threatened its efficiency. For instance dropping out all non-profitable acquisitions as well as concentrating efforts on one line of products, probably dairy products. Change managers should also focus on ensuring that all the 80 factories are productive to avoid a scenario where they are servicing unproductive outlets. Therefore monitoring and evaluation should be done using the yardsticks of long-term goals of the company. In the quest of bringing change and restructuring, they should be careful to avoid strategies that may eat into company’s growth in the long run, as in the case of prior acquisitions. A similar challenge could be easily brought up by overemphasis on technology at the expense of sustainable growth. It is also beneficial for the change managers to come up with restructuring strategies that are less costly Three examples of lessons from the front line of Nestle case and possible solutions Three issues come up from the fr ontline of this study case. One of the major issues is the numerous sub branches of Nestlà © and the impact of aggressive acquisitions and mergers to penetrate foreign markets. Another subject of discussion is the diversification of products as varied as chocolate, milk products, cosmetics and pharmaceutical products. The third aspect is long-term performance or longevity of an organization Vis a Vis the short-term profit performance. Nestle just like many other big organizations used acquisition approach as a vehicle to global expansion and productivity. However, they did not consider the factors behind the deal or the financial position of the subsidiary company. This led to financial problems that saw its bad days kick in just like many other huge deals. Secondly, the need to diversify into many other foreign markets and with new products is likely to cause diseconomies in terms of management and finances. It is important for managers to weigh these implications and put structur es to deal with them before hand. Finally, many organizations and managers tend to overlook the long-term being and prefer high short term profits using very aggressive second-order approaches with great economic implications. This case study on Management Change and Innovation was written and submitted by user Cailyn Lee to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here. Management change and innovation Every organization needs positive change at one time or the other since it is inevitable. However it is natural for people within an organization to resist change. They will not readily accept new procedures that may be introduced and are ready to frustrate the management efforts in an attempt to maintain their status quo.Advertising We will write a custom essay sample on Management change and innovation specifically for you for only $16.05 $11/page Learn More Every organization has to be creative in order to remain relevant and competitive in the market as observed by Karp. This was evidence in the coca cola case as they were forced to change by the trends that affected their business in a negative way. Karp provides some statements which he argues that they constitute â€Å"creative counters† to resist change. In the case of Coca Cola Company, they had to apply innovation as well as change in their product development so as to cater for the requ ired health standards in the market in regards to their products. Coca Cola management had to provide sufficient leadership in their organization so as to recognize their business as one dedicated to health of their customers. This was one way of influencing people’s perceptions in regards to Coca Cola products bearing in mind that it would be the key determinant on how they would respond to the proposed change. The management at Coca Cola had to undertake some mental imagery in developing its new products that is, by partnering with Nestle (a Swiss company) in order to produce a drink that is tea based. In order to achieve this, they had to visualize the task they were undertaking in terms of success and not failure. The main challenge in this case was how Coca Cola would develop an acceptable process by all their employees. In addition, the company would be obliged to assess the impact of change on its employees. This would be one of the most gainful ways of introducing cha nge into the company with minimal side effects. How to deal with resistance and management responses A great deal of attention should be given to the way recipients view change. Hence, much of the focus should be geared towards the techniques used so that company employees may reframe their minds and accept change in a positive way. Partnership is a form of strength in achieving change in an organization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Despite the numerous ways employees in an organization may come up with excuses such as ‘we have always done it this way’, it is up to management to remain firm and steadfast for any positive development to take place. To achieve success in the implementation of a certain task, there is a need for clearly spelt-out rules. For instance, Coca Cola was relying on the expertise of Nestle Company so as to produce a product that was he althy to the market. This was achieved by well defined rules and also by forging a sustainable partnership. Managers should not assume that resistance of change is purely an artifact of misconception by recipients of change. It is imperative to note that the effective self- regulation of cognitions can be learned or developed in an organizational setting. For example, an individual’s pattern of negative thinking can be altered. This can only be possible by provision of clear instructions. However, Abraham in his prescription of managing resistance emphasized on the detrimental effects of fatigue. He argued that techniques to be used should help people reframe a situation more positively. In the case of Coca Cola, they still use the image of youth, passion and action in their company. To recap it all, it is vital to mention that resistance should be appreciated and dealt with in a sober way. The Maurer’s fundamentals of success to change should be used. This essay on Management change and innovation was written and submitted by user EdwardF0rrester to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Term Vs Whole Life Essays - Life Insurance, Whole Life Insurance

Term Vs Whole Life Essays - Life Insurance, Whole Life Insurance Term Vs Whole Life TERM VS WHOLE LIFE If you're like most people, there's nothing more important to you than your family. As difficult as it is for you to imagine not being there for them, it's a risk we all face. To help be sure your loved ones have the financial protection they'll need, it's important to not only think about the unexpected, but to plan for it. If you were gone, who would provide for your loved ones? Who would help... Provide cash for family income? Cover the cost of raising your children? Pay off your mortgage? Pay off your debts? Life insurance can help give your family the protection they need while providing you with peace of mind. It can help provide continuing income and help pay the billskeeping your family's hopes and dreams alive even after your death. or to find out if you're approved for up to $150,000 of immediate 10-year term life insurance that could save you up to 30%.* Coverage starts today with no medical exam if you're approved.** Or, get more information on other life insurance coverage offered through U.S. Bancorp Insurance Services: in higher coverage amounts for maximum coverage at the lowest premiums that can be designed for long-term protection while providing flexibility in terms of premium payments and cash value accumulation. Applying for 10- and 20-year underwritten term and universal life insurance involves an interview and a medical exam (including blood and urine samples). Term Insurance Advantages Initially, premiums are lower than those for various forms of whole life insurance, thus allowing you to purchase higher amounts of insurance coverage. It is good for covering specific needs that will disappear in time, such as mortgages and other loans. Disadvantages Premiums will increase as you grow older and at the end of the term of the policy you purchase, such as 10 year term. In the 11th year the premiums will increase. Eventually, coverage may lapse due to the expense of the policy the older you do get.Generally, the policy does not have cash value. Permanent Insurance Advantages As long as the necessary premiums are paid, the life insurance policy is guaranteed to be there for your entire life. Your premium can be fixed or flexible to meet your own personal needs. The policy accumulates a cash value that you can borrow against. Loans would need to be paid back with interest or your beneficiaries will receive a reduced value of benefit if you pass away prematurely. If you ever needed to have your premiums paid for with you existing cash value, you can. If you surrender your policy, the cash value will be returned to you. Disadvantages The required premiums may make it to expensive to purchase the necessary amount of insurance you and your family needs. It may cost more than term insurance if you do not keep the policy long term. I think I would take the whole life insurance because it will adjust to your personal need as the term wont it is just a fixed rate but the whole life also has a fixed rate but it will fluxuate to fit your personal needs at the time that your in that would be why I pick whole life over term life. TERM VS WHOLE LIFE If you're like most people, there's nothing more important to you than your family. As difficult as it is for you to imagine not being there for them, it's a risk we all face. To help be sure your loved ones have the financial protection they'll need, it's important to not only think about the unexpected, but to plan for it. If you were gone, who would provide for your loved ones? Who would help... Provide cash for family income? Cover the cost of raising your children? Pay off your mortgage? Pay off your debts? Life insurance can help give your family the protection they need while providing you with peace of mind. It can help provide continuing income and help pay the billskeeping your family's hopes and dreams alive even after your death. or to find out if you're approved for up to $150,000 of immediate 10-year term life insurance that could save you up to 30%.* Coverage starts today with no medical exam if you're approved.** Or, get more information on other life insurance coverage offered through U.S. Bancorp Insurance Services: in higher coverage amounts for maximum

Assignment Essay Example | Topics and Well Written Essays - 750 words - 19

Assignment - Essay Example There are many Companies, providing different services in the field of communication, but such leaders as Century Link, are the perfect examples of high-quality services, ability to be reliable and gain a public trust. These objectives are reached through completion of exact tasks. The company provides the users with high-speed Internet. It is interested in providing the customers with security and PC support services, IPTV, DISH Network, MobiTV and DirecTV services (Century Link). Consequently, Century Link is one of the leading companies, providing the clients not only with high-quality phone and data networking equipment, but also the Company, which is able to develop appropriate solutions. The Company establishes its relations with the customers on the basis of fairness and trust. The employees of the Company are protected, compensated and promoted in an equitable manner.  Business partners are pleased with cooperation of CenturyLink. This can be explained by the fact that the Company develops its policies in accordance with the following statement: â€Å"Treat others as you would like to be treated† (Century Link). Moreover, there is no doubt that Century Link would justify its name and it is interesting to look at the history of the Company. There are many characteristics of this Company, but the point that it is brave and innovative cannot be denied for sure. Thus, Century Link is defined as â€Å"the largest Independent Telecommunications Provider and fourth largest wire line telecommunications provider in the United States - based on access lines - serving 33 states with 7.5 million access lines, 2.1 million broadband customers, 450,000 video subscribers and a nearly 17,000-mile core fiber network† (Century Link). These figures are impressive, aren’t they? Nevertheless, in order to delve into the depths of this success, it is appropriate for the audience to know that the Company was established in 1930! The Company

Steps of Hometown Deli to Move in the 21st Century Technologically Case Study

Steps of Hometown Deli to Move in the 21st Century Technologically - Case Study Example This paper illustrates explores how to bring Hometown Deli into the 21st Century technologically by adding new computer equipment, wireless routers, and Wi-Fi hubs, and staying in tune with our customers through social media sources such as Facebook and Twitter. We feel that a move to 21st Century technology not only with hardware but with software as well can, not only make us more efficient, but more profitable as well. The loan was given to Hometown Deli by the bank to help pay for the equipment which will be implored be Hometown Deli for their everyday business uses. Further resources will come from extra revenue allocated to help pay for the new hardware and software that will be used to help run the business. The deliverables coming to Hometown Deli will include the new automated inventory system which will allow the restaurant to be able to keep a closer track on their current inventory and what they need to order to make sure that they have enough supplies in the stores at al l time. Furthermore, additional deliverables will include updates to the programs and hardware as well as supplies to help keep the store running at the technological peak performance. The Systems Development Life Cycle is a seven-stage process whose purpose is to identify the information technology needs of a business that is cost effective while also meeting the company's current and future needs. The planning phase for Hometown Deli allowed the owner’s grandson to find out that the restaurant was in dire need of updating for the 21st Century technologically. Thus, we decided that to bring in more customers and retain the ones that we currently have is to update the restaurant to bring out the best that it can be. During this phase, we checked out what would be needed in order to execute our plan in bringing Hometown Deli into the 21st Century. We found out that the whole restaurant would have to be rewired in order to handle the workload that we were going to need from the new networks we are going to establish within the restaurant to set up our Wi-Fi hotspot for our customers and the wireless network going to be used for our business needs.

Tootsie Roll Paper Essay Example for Free

Tootsie Roll Paper Essay Tootsie Roll Industries Inc. Loan Package The financial statement of Tootsie Roll Industries provides insightful details into the  financial activities of the decades old organization. A financial statement is the â€Å"summary report that shows how a firm has used the funds entrusted to it by its stockholders and lenders, and what is its current financial position† (Financial statement, 2012). The company is known for products such as Tootsie Rolls, Tootsie Roll Pops, Caramel Apple Pops, Child’s Play, Charms, Blow Pop, Blue Razz, Cella’s chocolate covered cherries, Mason Dots, Mason Crows, Junior Mints, Junior Caramels, Charleston Chew, Sugar Daddy, Sugar Babies, Andes, Fluffy Stuff cotton candy, Dubble Bubble, Razzles, CryBaby, Nik-L-Nip and El Bubble (Kimmel, Weygandt, Kieso, p. A-2, 2009). Strong financial statements aid Tootsie Roll Industries in the submission of a loan package to increase company’s total liabilities by 10%. A loan package requires research to ensure that all details are met as well as a ratio analysis of liquidity, solvency, and profitability ratios. The company must justify the reason for the need of the loan, such as expansion, inventory purchases, or debt retirement. Finally, Tootsie Roll Industries must provide an explanation of how the company plans to use the proceeds from the loan as well as how loan approval might affect the company. â€Å"A loan package is the collection of documents associated with a specific loan application† (Loan package, 2012). Loan packages are instrumental in the startup and growth of many small businesses because it provides initial funding and support. The process begins typically with a cover letter, which  includes the business background, business nature, loan amount, loan purpose, repayment terms, loan benefits, business profile, and management experience (U.S. Small Business Association, n.d.). The borrower must provide proper documentation including Form 4: Application for Business Loan, Form 4-a: Schedule of  Personal History, Form 1624: Certification Regarding Debarment, Suspension, Ineligibility and Voluntary Exclusion Lower Tier Covered Transactions, and Form 1846: Statement Regarding Lobbying (U.S. Small Business Association, n.d.). Lenders and borrowers must work together in order to apply for the most applicable loan to the business. According to U.S. Small Business Association (n.d.), â€Å"Borrowers should provide complete financial statements for the last three years including balance sheets, income statements, and a reconciliation of net worth as well as a current (no more than 90 days old) interim financial statement† (Business Financial Statements). The borrower must also provide projections to the creditor. The projections predict a year out or the positive flow of cash, which includes earnings, expenses, and the reasons behind the projections (U.S. Small Business Association, n.d.). The borrow should include documentation to assist in the predications such as contracts of lease proposals, franchise agreements, purchase agreements, articles of incorporation, plans, specifications, copies of licenses, letters of reference, letters of intent, and contracts partnership agreement (U.S. Small Business Association, n.d.). If the borrower does not provide the proper documentation to the creditor, then the borrower is not likely to receive loan approval. Financial statements are key supporting documents to the loan package.

College - Is it Worth it? :: Argumentative Persuasive Essays

College - Is it Worth it? Right now in our society a college education is no longer an option or privilege, but rather a necessity. We are practically raised and conditioned to believe that one needs higher education in order to succeed in life. There is a saying that says "if you think education is expensive, try ignorance." But as technology is constantly advancing and computers are running almost anything, is a college education really necessary? There are people whom have never set foot in a college and are doing better than people who have their master's degree. There are views from both sides that contain a valid argument. The main reason why people go to college is not because they want to but because they have to. Most high school seniors are pressured by their guidance counselors and parents to go to college because it is "the right thing to do." In the essay that Caroline Bird wrote "College is a Waste of Time and Money", she states that students go to college because " . . . Mother wanted them to go, or some other reason entirely irrelevant to the course of studies for which college is supposedly organized." (481) The student may have different ideas about what he or she wants to do in life, but because they think that these "mentors" know what is best for them, they probably end up doing something they do not want to do, resulting in being miserable and resentful. Let's face it, going to college is socially prestigious. Most people go to college only for the title of being called a college student. " For some young people, it is a graceful way to get away from home and become independent without losing the financial support of their parents." (Bird 484) They do not want to be looked down upon so they do what would look best in the eyes of society. It is practically beat into our heads that in order to be a productive citizen of society, you should have some sort of college education. Being a college student is perhaps a more respectable role than being, for example, a janitor or a garbage man because of the negative connotations such jobs receive.

Critically Evaluate the Debates Surrounding the Continuity

| 3. Critically evaluate the debates surrounding the continuity of Bretton Woods’s institutions. Which of these institutions would you recommend to be discontinued? Justify your choice. While preparing to rebuild the international economic system after WWII, 730 delegates of the 44 allied nations met in New Hampshire, United States, to form the Bretton Woods agreement. The aim was to set up rules and regulations to stabilize the global monetary system and ensure the free movement of capital goods through a global market.The agreement established two regulatory institutions, firstly the International Monetary Fund (IMF) to control the exchange rates and bridge temporary imbalances of payment. Secondly, the International Bank of Reconstruction and Development (IBRD), later known as the World Bank, which was founded to finance the reconstruction of post war Europe. In 1947 the Havana Charter proposed a third regulatory institution, the International Trade Organization (ITO) that transformed into the World Trade Organization (WTO).This essay will critically evaluate the performance of the three Bretton Wood? s institutions, giving recommendations to operational changes for the IMF and the WTO, and argue to discontinue the WB as it operates currently. The IMF was one of the key institutions that stabilized the world economy after WWII. Its initial goal was to regulate and stabilize exchange rates and assists the reconstruction of the world’s international payment system. One of the key objectives of the IMF was to prevent the devaluation cycle.Through joining the IMF in the post War period, countries surrendered their economic rights, especially on setting its exchange rate, in return they were guarantied â€Å"exchange stability, avoidance of competitive exchange depreciation and a liberal regime of international repayments† (deVries, 1986). Essentially the original conception behind the IMF, was to control the behaviour of countries that joine d the IMF, â€Å"spelled out in a code that was administered by an international institution†. The 1970s oil crisis was a turning point for the role that the IMF played.Third world countries were most affected by the oil crisis, since their economies became dependent on oil and the increasing prices accumulated large amounts of debt. The IMF agreed to lend money, and rose to †new prominence, with new functions and greater powers of control over even more dependent countries† (Peet, 2009). The main change in the IMFs mission, is the shift of lending to first world countries, in order to reconstruct the world payment system using expansionary policies, to lending to third world countries, accompanied by â€Å"conditionality’s†, which restrict countries fiscal and monetary policies.Anne Kruger, managing director of the IMF, said; â€Å"Much of what we do is very different from the way the Fund operated in those early years. It has to be. The world econ omy has changed beyond recognition. But we still apply those same core principles, international financial stability and the prevention of crises† (Kruger 2004) The IMF became subject to severe criticism, one of the main critics is Joseph Stiglitz. He argued that the IMF has failed its mission to sustain global economic stability.The main point of his argument is that the IMF has diverged its initial mission â€Å"based on the assumption that markets did not always work perfectly, that is, there were times when intervention might be needed to secure a stable global economic order â€Å"(Stiglitz, 2002) Now, he argues, the IMF operates largely on the untenable ideology that markets should be left to operate on their own, with no need of intervention. The Washington Consensus largely influenced the change in economic policies of the IMF. The Consensus was based on Latin American countries, were growth was not sustained.The belief of the Washington Consensus was that this had h appened as a result of excessive government intervention in the economy. The Consensus therefore recommended policies such as capital market liberalization, fiscal austerity and the privatisation of public companies. Furthermore, critics say; â€Å"the IMF frequently argues for the same economic policies regardless of the situation. † (Pettinger, 2008) The IMF blindly imposed the same â€Å"conditionality’s† to all its loans. What policies might have worked for one country might make matters even worse in others.The Argentinean financial crisis (1999-2002), underlines that the policies imposed by the IMF can lead a country into a severe recession. The IMF convinced the Argentinean government to maintain its fixed rate of exchange: one peso for one U. S. dollar. This made imports artificially cheap but exports too expensive. Consequently, Argentina had a severe trade deficit. Secondly, in order to maintain the overvalued currency, a country needs large reserve of dollars. The IMF lent $40 billion to support the Argentina peso, enhancing the debt of the country.On top the IMF made its loans conditional to a „zero deficitâ€Å" policy. „Argentina's implosion has the IMF's fingerprints all over it. â€Å" (Weisbrot, 2001) However the IMF has also been the last opportunity for many countries to avoid a default. Most currently, the IMF has given Greece a 1. 6 billion euro loan, to keep the Greek economy floating, and stabilize the euro zone. Another criticism of the IMF is that decisions made on which countries have the right to borrow money are made by a handful of nations who have the main rights.Out of the 24 board members in the IMF, only 10 are occupied by developing countries, holding only 26% of the shares. America in comparison has nearly 18% of the shares in the IMF. This inequality in the board of the IMF shows that decisions are mainly focused in developed countries. Stiglitz argues that the IMFs decisions were driven by the collective will of the G7. Wealthy, industrialized nations, and the commercial and financial interests within those countries dominate the IMF. The IMF was not falsely criticized, however the existence of the IMF is still important and inevitable.The current financial crisis has shown that supranational organizations such as the IMF still play a key role in stabilizing countries economies. However in order for the IMF to prosper in future and efficiently operate in economically developed and less developed countries, several changes will have to be adopted. Firstly the board members will have to split up more evenly. It is understandable that larger countries with more economic output have slightly more voting power than smaller ones. However developed countries, holding 74% of voting power, solely make decisions.Since the IMF largely gives loans to less developed countries, they should have enough members on the board to able to make decisions, on loan agreements. Secondly the IMF has to make detailed analyses of each country they borrow too, and based on that give consultancy on economic policies. History has shown that countries can prosper with different economic policies. While the western economy has largely grown on a liberalized free market, the Asian Tigers have managed to grow, ignoring the neoliberal economic policies the IMF imposed on them.Therefore the IMF must acknowledge that not every country can develop successfully under the same economic policy. The World Bank is the second institution founded at the Breton Woods conference. It was formally named the International Bank for Reconstruction and Development (IBRD). The initial role was to help in the reconstruction of post-war Europe, hardly mentioning the issues of global poverty reduction. Now, however the World Bank operates as a development agency, providing loans to developing countries, in order to reduce poverty and increase living standards.In its mission statement the bank says, à ¢â‚¬Å"Our dream is a world without poverty†. The size of the World Bank has also changed dramatically, starting with 38 members in 1946, to 187 members currently. The World Bank comprises two main institutions, the IBRD and the International Development Agency (IDA). The IBRD provides loans to creditworthy middle-income countries, charging an interest rate of around 1%. It raises money through bond sales in the international capital market.These bonds have a triple A rating, since they are backed by member states share capital. The IDA, on the other handy, focuses on providing long-term, interest-free loans â€Å"to the world's 78 poorest countries, 39 of which are in Africa†, (World Bank official website, 2011) addressing issues such as primary education, basic health services clean water supply and many others. â€Å"Resources to fund IDA loans are raised through subscriptions from wealthy members such as United States, Japan and Germany† (Hill, 2002)The IBRD f inanced several successful projects in various areas in the developing world and was able to improve the living conditions and reduce the poverty rate in some areas. The IBRD, for example, largely funded the education system in Mexico. The WB funded over 18,000 schools under the â€Å"Quality Schools Programâ€Å" in rural areas of the country. Recently the WB has granted a 300 million US dollar loan, to further support Mexico’s School Education System (Educacion y Cultura, 2012). The IDA has also successfully reduced poverty and improved infrastructure in some areas of the world.A notable example is the „Highway Programâ€Å" in Azerbaijan, which focuses on â€Å"improving international and domestic road networks for stimulating economic growthâ€Å" (World Bank Official Website, 2011) The highway project reduces travel time by 33%, stimulates trade and business along the rural area and created over 20,000 jobs. However the World Bank has faced some severe critici sm as well. One of the strongest criticisms has been the negative environmental impact of some the World Bank projects. For instance, the construction of the Yacyreta dam in the 1990s in Argentina, which was largely funded by the World Bank.As a result of the dam, over 40,000 people have been displaced, and the majority of them were not compensated for their losses (The Whirled Bank Group, 2002). Furthermore, because of the dam construction several children failed to reach their school. The dam also had negative impacts on biodiversity, and due to the calm waters, diseases such as malaria and the dengue fever started to spread. Another controversial aspect of the World Bank has been its undemocratic governance structure, which is dominated by the main developed nations. These countries choose the leadership and senior management of the World Bank, and so their interests dominate the bankâ€Å" (Cornell University Press, 2006) Similarly to the IMF, the US holds the most voting power with 15. 8%, additionally all World Bank presidents have come from the US. Japan and China follow with only 7% and 6% voting power correspondingly. This large voting power inequality shows how voiceless most of the developing countries are, although nearly all loans affect their economies. The last, and arguably the most important criticism of the World Bank, are the neoliberal policies that World Bank imposed on lending nations.The ideas that were created in the Washington Consensus, including the deregulation and liberalization of markets, privatization and the downscaling of government, were seen as they key policies to promote development. However, what might have worked for the western economies might not be the best solution for developing nations. Usually the World Bank imposes structural adjustments to countries to which they lend money. These adjustments include reduced state support, and the liberalization of markets. Studies have shown that these policies have led to int ensified poverty and a slowdown in the economy, especially in African nations.Richard Peet claims that the austerity policies attached to the World Bank have â€Å" declined the per Capita income by 25% in sub-Saharan Africa, and the removal of food and agricultural subsidies caused prizes to rise and created food insecurity† (Peet, 2003). The policies have not only exacerbated poverty, but due to the imposed decline of health expenditures of governments, HIV and other diseases spread rapidly, causing the life expectancy of Africans to drop by fifteen years during the last two decades.In the Millennium Development Goal 6, the World Bank states, â€Å"to reverse the spread of HIV/AIDS, through prevention, care, treatment, and mitigation services for those affected by HIV/AIDSâ€Å". Although the WB has been successfully fighting AIDS in some African nations, spending over 3,000 million USD in the construction of HIV testing and teaching sites, it has worsened the situation i n other areas through imposing neoliberal economic policies on countries. Overall the â€Å"World Bank is an institution out of time and place† (Rich, 1994).The IBRD claims to be a development agency, however the institution is funded through issuing bonds on the capital market, creating a conflict of interest. Due to the fact that numerous shareholders own the IBRD, they will always have the pressure to create shareholder value, and cannot focus their attention solemnly on poverty reduction. Furthermore, the World Bank has largely overlapping interest with the IMF, especially the IBRD. They both focus on the same core neoliberal policies, and impose these on the countries they lend money to.These policies have mostly ended in poverty and economic failure in developing countries. Consequently, the IBRD should be discontinued, and the capital that the IBRD holds could be transferred to the IDA. The IDA could then be reorganised as a subgroup of the IMF. This would not only giv e the IMF a better image, but also infuse new ideas into the organisation. The IMF can still give similar loans as the IBRD did, since they have the capital and the power to credit those loans. There is no doubt that the IDA is an important institution with the correct core values, ut there is simply no need for two supranational institutions focusing on the same broad goals. On top, over the last decades, there have been increasing inflows of FDI into developing countries and private microfinance, which can boost development and GDP growth. The main role of the IDA should therefore be consultancy, to ensure the private loans are used effectively. An increased cooperation with the United Nations Development Programme (UNDP) and the UN should ensure sustainable poverty reduction. The third supranational institution, originating from the Breton Woods agreement is the World Trade Organization.Initially named the General Agreement on Tariffs and Trade (GATT), it aimed to govern internat ional trade relations, since countries would use tariffs to protect their own economies at the expense of their neighbours. This was seen as a threat to push the economy into a further recession; hence an institution was needed to encourage the free flow of goods and services. The GATT was transformed into the WTO in 1994, under the Marrakech Agreement. Currently, the WTO has 154 members, and embraces 95% of the global market.Its mission still is, to supervise and liberalize international trade. It has two main functions, firstly to provide a forum for negotiations and for settling disputes. If there is a dispute the WTO may direct the „loosingâ€Å" member to take action to bring its laws, regulations or policies into conformity with the WTO Agreements, however there is no punishment enforced. Secondly, it „oversees the implementation, administration and operation of the covered agreementsâ€Å" (WTO official website, 2012). The WTO claims that the introduced trading system has produced several benefits. Listed in the 10 benefits of the WTO) The main benefits are, firstly, that free trade generally cuts the cost of living and gives the consumer more choice. The reduced trade barriers through negotiations results in reduced costs for producers, reducing the price of finished goods and services, ultimately resulting in a lower cost of living. The increased global competition also forces producers to cut costs, again resulting in a benefit for the consumer. Secondly, lowering trade barriers adds to personal income. The WTO claims since the Uruguay Round trade deal between $109 and 510 billion dollars were added to the world income. In Europe, the EU Commission calculates that over 1989–93 EU incomes increased by 1. 1–1. 5% more than they would have done without the Single Market. Thirdly, trade stimulates economic growth, which could lead to increased jobs, if countries have the correct adjustment policies. Lastly, the least criticize d benefit of the WTO, is that the system is based on the rules rather than power. Meaning that voting power is equal for every member, and decisions are largely made by consensus.Rich and poor countries alike have an equal right to challenge each other in the WTO’s dispute settlement procedures. Although the WTO claims that free trade is essentially positive for all nations, critics have targeted the 10 benefits of WTO harshly. Richard Peet argues, that the WTO clearly does not adopt a neutral stance on trade policy. He further says; the WTO â€Å" is passionately against protectionism and just profoundly for trade liberalization† (Peet, 2003). The WTO therefore generally favours some interests while harming others. Furthermore, Peet targets the effect of free trade on workers and unemployment.The fact that the WTO shows no evidence for the increase in employment, stating reliable estimates become impossible, shows that there is little behind this benefit. Quite on the contrary, several workers have lost their job as result of free trade, due to increased competition and the cost reduction of manufacturers. Furthermore, free trade often resulted in developing countries trading more but actually earning less. The reason being, many countries were unable to shift their production from primary commodities to manufacturing. The increased competition between developing countries and dropping commodity prizes meant lower profit margins.Another point of criticism deals with the TRIPs agreement, which sets down minimum standards for many forms of intellectual property. Critics argue that the TRIPS agreement has a detrimental effect on the access of medicine in developing countries. The most controversial issue involves the use of drugs to cure AIDS. For example, Thailand suspended the patents of drugs treating HIV and heart conditions, to make the medicine affordable for poor patients. The EU and the US protested formally and the US even threatened retal iatory actions. The WTOs operations have also been criticised for being biased towards developed nations.While the EU has largely enforced trade protectionist measures, subsidizing the textile and agricultural industry, developing nations have been forced to open their markets. European and US lobbyism plays a great role in the WTO, and explains why the US and the EU were allowed to use these protectionist measures. In general, the WTO has proved to be an extremely useful institution for freer trade, and in some cases successfully enhanced the growth of nations. However several developing countries have felt the downside of free trade, with some of their economies shrinking due to increased competition combined with higher unemployment rates.Nevertheless, according to Ingo Walter an international trade professor at NYU â€Å"the world as a whole is certainly materially better off under free trade than with no trade at all and so is the individual nationâ€Å" (Walter, 2011). The W TO will face several challenges in the future, including trade negotiation between BRIC countries and the EU and US. â€Å"If export-oriented interests mobilize in countries, including the BRICs, they will push for reciprocal market openings† (Schaffer, 2009) The WTO must ensure negotiations are fair, and to ensure that they cannot allow US and EU multinationals to interfere with the WTOs decision making.In conclusion, the critics towards the Bretton Woods institutions have several core similarities. These critics argue that the institutions do not effectively alleviate poverty, they are generally poorly governed and developing countries remain marginal and without influence in decision-making. Those institutions have profoundly affected the developing world and it is time for a reform of these organizations. 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