The Great Recession of 2008

An economy which grows over a period of time tends to slow down the growth as a part of the normal economic cycle. An economy typically expands for 6-10 years and tends to go into a recession for about six months to 2 years. A recession normally takes place when consumers lose confidence in the growth of the economy and spend less. This leads to a decreased demand for goods and services, which in turn leads to a decrease in production, lay-offs and a sharp rise in unemployment. Investors spend less as they fear stocks values will fall and thus stock markets fall on negative sentiment. The economy and the stock market are closely related. The stock markets reflect the buoyancy of the economy. In the US, a recession is yet to be declared by the Bureau of Economic Analysis, but investors are a worried lot. The Indian stock markets also crashed due to a slowdown in the US economy. The Sensex crashed by nearly 13 per cent in just two trading sessions in January. The markets bounced back after the US Fed cut interest rates. However, stock prices are now at a low ebb in India with little cheer coming to investors. The defaults on sub-prime mortgages (homeloan defaults) have led to a major crisis in the US. Sub-prime is a high risk debt offered to people with poor credit worthiness or unstable incomes. Major banks have landed in trouble after people could not pay back loans (See: Subprime pain: Who lost how much) The housing market soared on the back of easy availability of loans. The realty sector boomed but could not sustain the momentum for long, and it collapsed under the gargantuan weight of crippling loan defaults. Foreclosures spread like wildfire putting the US economy on shaky ground. This, coupled with rising oil prices at $100 a barrel, slowed down the growth of the economy. Tax cuts are the first step that a government fighting recessionary trends or a full-fledged recession proposes to do. In the current case, the Bush government has proposed a $150-billion bailout package in tax cuts. The government also hikes its spending to create more jobs and boost the manufacturing and services sectors and to prop up the economy. The government also takes steps to help the private sector come out of the crisis. The US economy has suffered 10 recessions since the end of World War II. The Great Depression in the United was an economic slowdown, from 1930 to 1939. It was a decade of high unemployment, low profits, low prices of goods, and high poverty. The trade market was brought to a standstill, which consequently affected the world markets in the 1930s. Industries that suffered the most included agriculture, mining, and logging. In 1937, the American economy unexpectedly fell, lasting through most of 1938. Production declined sharply, as did profits and employment. Unemployment jumped from 14. 3 per cent in 1937 to 19. 0 per cent in 1938. The US saw a recession during 1982-83 due to a tight monetary policy to control inflation and sharp correction to overproduction of the previous decade. This was followed by Black Monday in October 1987, when a stock market collapse saw the Dow Jones Industrial Average plunge by 22. 6 per cent affecting the lives of millions of Americans. The US saw one of its biggest recessions in 2001, ending ten years of growth, the longest expansion on record. From March to November 2001, employment dropped by almost 1. 7 million. In the 1990-91 recession, the GDP fell 1. 5 per cent from its peak in the second quarter of 1990. The 2001 recession saw a 0. 6 per cent decline from the peak in the fourth quarter of 2000. The dot-com burst hit the US economy and many developing countries as well. The economy also suffered after the 9/11 attacks. In 2001, investors' wealth dwindled as technology stock prices crashed. Indian companies have major outsourcing deals from the US. India's exports to the US have also grown substantially over the years. The India economy is likely to lose between 1 to 2 percentage points in GDP growth in the next fiscal year. Indian companies with big tickets deals in the US would see their profit margins shrinking. The worries for exporters will grow as rupee strengthens further against the dollar. But experts note that the long-term prospects for India are stable. A weak dollar could bring more foreign money to Indian markets. Oil may get cheaper brining down inflation. A recession could bring down oil prices to $70. Between January 2001 and December 2002, the Dow Jones Industrial Average went down by 22. 7 per cent, while the Sensex fell by 14. 6 per cent. If the fall from the record highs reached is taken, the DJIA was down 30 per cent in December 2002 from the highs it hit in January 2000. In contrast, the Sensex was down 45 per cent. The whole of Asia would be hit by a recession as it depends on the US economy. Asia is yet to totally decouple itself (or be independent) from the rest of the world, say experts.

Intelligence oversight Essay

Introduction: MEK Overview The Mujahadeen-e-Khalq (MEK) is also known as the People’s Mujahedin of Iran (PMOI). MEK has been sporadically active in attempting to overthrow the Iranian government since the early 1960s, and its members have used a variety of tactics to achieve their political ends including political campaigning, subversion, and violent attacks targeting civilians. Due in part to their targeting of American civilians living in Iran during the 1970s and their support of Saddam Hussein, the United States State Department has listed MEK as a Foreign Terrorist Organization. In October 2012, the U.S. State Department will decide whether to remove MEK from the FTO list based on MEK’s denouncing terrorist tactics and devotion to diplomatic means to gain power versus violent attacks (Masters 2012). Origins, Ideology and Goals MEK was born out of a student-group resistance to Shah Pahlavi in 1965. The founding members of MEK in Tehran regarded the Shah as a U.S. puppet, and they felt that his westernization of Iran went against Iran’s traditional Islamic values. They believed in a violent overthrow of the Shah to return Iran to Islamic rule. In 1979, the group aligned itself with Ayatollah Khomeini in hopes that it could run for office after Shah Pahlavi’s exile, but Ayatollah Khomeini succeeded in overthrowing the Shah and he crushed any opposition to his new government. Since 1979, MEK has been trying to gain the opportunity to run for office in Iran’s government by shifting alliances and violently attacking the forces, which have prevented its political ambitions (Goulka 2009). In 2003, the group publically denounced violence in an attempt to foster global political support, but its place on the Foreign Terrorist Organization (FTO) list is blocking it from achieving its desired glob al support. According to MEK, it has â€Å"strived for freedom and human rights, first against the despotic reign of Shah, and now the theocratic tyranny of the ayatollahs† (MEK n.d.). It is â€Å"an anti-fundamentalist Muslim  organization which believes in a democratic, progressive, and tolerant interpretation of Islam, according to which elections and public suffrage are the sole indicators of political legitimacy. The PMOI endeavors for a secular, democratic, and non-nuclear republic, and is committed to free elections, gender equality, and abolition of all discrimination against national and religious minorities† (MEK n.d.) â€Å"Non-nuclear† is a key consideration for the United States and other western powers. Iran has increasingly taunted the world with its nuclear program and refuses to deescalate military tensions. In bold statements of aggression, in 2012 alone, Iran has announced two new missiles, an air defense site, and a fleet of ultra-fast gun boats designe d to zip into battle against larger western fleets. In a twist of fate, MEK’s future may lie in the hands of the United States. The United States has until October 1, 2012 to decide if it will delist MEK from the FTO. If MEK is delisted it will enjoy much more freedom of movement around the world and it will be able to legally receive funds from U.S. based sympathizers. It is not unreasonable to think that the U.S. will delist MEK in an effort to undermine the Iranian Government, much like Saddam Hussein offered MEK a home in 1986 to undermine Iran during the Iran Iraq war. Leadership, Funding and Capabilities Most of MEK’s original leadership was arrested and executed in 1971, but Massoud Rajavi escaped death and remains a leader of MEK. Though he has not been seen publicly since 2003, his wife, Maryam Rajavi, â€Å"is the public face of the MEK in her role as president-elect of the National Council of Resistance of Iran† (Jones 2012). In the past four decades the group has used several methods to raise funds for its campaign. Some methods have made the group infamous and add to the list of reasons that the U.S. and several other nations have classified it as a Foreign Terrorist Organization. MEK has long been skilled in deception and has used that skill to affect its fund raising efforts. For example, its solicitation of funds for Iranian refugees, child welfare, and children’s medical services proven to be fraudulent (FBI n.d.). Until 2003, MEK had a substantial armory due to its previous relationship  with Saddam Hussein. Its inventory often included artillery, tanks, aircraft, rocket launchers, rifles, mortars, shells, rockets, land mines, and bullets (FBI n.d.). In 2003, the United States bombed MEK camps and bunkers based on their relationship to Saddam Hussein and the idea that they posed a significant threat with their armaments. MEK members no longer have easy access to such large stockpiles of arms. MEK is now facing deportation from its Iraqi camp Ashraf and remains disarmed. Operating Bases, Support Bases, Strengths MEK has moved its headquarters over the years as a necessary part of survival. Originally founded in Tehran, it moved to Paris after the 1979 Iranian Revolution. The group had allied with the Ayatollah Khomeini, but Khomeini forced the group out in fear of opposition. In 1986 Saddam Hussein invited the group to relocate to camp Ashraf. Iraq was at war with Iran, and relocating the group from Paris to Iraq was Hussein’s method of undermining Iran. At the start of the U.S. led war in Iraq under Operation Iraqi Freedom, the group was classified as enemy combatants and subsequently confined to Camp Ashraf, where approximately 3,000 MEK now live (Carter 2011). The new government of Iraq has declared that all members of MEK must leave the country, and the U.N. is currently working to resettle the group elsewhere. For the moment MEK enjoys limited support from sympathizers around the world, but it is stateless which is both a strength and a weakness. The U.N., citing international law, will not allow the Iraqi government to force members to leave Iraq or force repatriation until members have a suitable place to live. This predicament brings MEK some publicity and sympathy for their cause, but Iraq’s determination to expel MEK could not have occurred at a worse time. With June 2013 elections nearing, increasing tension with western military powers, and an imminent Israeli preemptive strike against Iranian nuclear targets, MEK leadership must act swiftly to ensure its place in the 2013 elections. PART II – RED TEAM ANALYSIS Why Use Red Team Analysis? Given the complex dynamics of the Iranian situation, analysts should use  the Red Team Analysis technique in order to best predict what course(s) of action MEK leadership will take to assume control of the government. By empathizing with the MEK leadership analysts can gain better insight to most likely courses of action. The end state of this analytic technique is to provide Congress and the President with an accurate forecast of MEK’s courses of action so that the United States may apply the appropriate short and long term foreign policy in the Middle East. Since MEK desires a peaceful, tolerant Iran that can only be legitimized via free elections and public suffrage, it cannot take control of the nation by force. Therefore, MEK’s options are limited and it must patiently await the 2013 elections regardless of the growing concern of military action and economic sanctions. As President Ahmadinejad continues to escalate military tension with western nations and Israel, through missile, nuclear, and naval programs (Torbati 2012). MEK leadership must carefully calculate how to win popular Iranian support, world support, and financial backing – all without ever appearing to be influenced by western powers as previous Iranian leaders had. Restate Current MEK Goals Red Team Analysis must begin with placing oneself in the shoes of MEK leadership. The key to determining any viable course of action is to outline clear goals or milestones. With clear goals, analysts can categorize what actions and strategies are available and likely. According to MEK’s official website, its current goals, rather, solution to the western-Iranian strife is to â€Å"rid the region and the world of the nightmare of the Islamic fundamentalists armed with nuclear weapons [by] democratic change in Iran by the people and the Resistance† (Rajavi 2010). This stated goal remains largely unchanged from its 1970s goal. The main difference now is that MEK is more tolerant of western aid, albeit, so long as they do not become overly influenced by it. Key Assumptions Check Paramount to the analytic process is a key assumptions check. This step allows analysts to clearly document the start point of their cognitive map as well as allowing time to consider information that challenges cognitive  biases. The key assumptions must be listed in such a way that analysts feel like MEK leaders would if trying to decide how to realize their stated goal of taking control of the Iranian government. Below is a list of key assumptions in this Red Team Analysis. Previous Failures. All previous attempts to control government have failed beginning with the overthrow of the Shah in 1979. This assumption is critical because the MEK believed the Ayatollah Khomeini was their ally. They were betrayed. They banded together only to be exiled within two years and many members were arrested and executed while Khomeini consolidated power. The experience likely taught MEK to distrust any potential allies within the current regime. History of Violence. During the 1960s the Shah used force and violence against government opposition. Uprisings in the 1970s culminated in the exile of the Shah, but into the 1980s MEK fought the new Iranian government. During the Iraq-Iran war that began in the early 1980s, MEK settled just north of Baghdad and fought a cross border war with the clerical regime for twenty more years. Only at the turn of the century did MEK publicly denounce violence and terrorist tactics. The significance is that, while MEK members are accepting of risk and violence, they have matured and realize that they do not operate in a vacuum. MEK understands the need for global acceptance. HUMINT Value. MEK can offer HUMINT to the U.S. No other organization with detailed knowledge of Iran and its military and political system is willing to provide such information to western powers. The U.S. has had extremely limited success installing or recruiting agents in Iran because of extreme scrutiny that outsiders face, and CIA informants are usually discovered due to poor tradecraft (Hosenball 2011). MEK however, has family, friends, sympathizers and safe houses inside Iran. As well, since the U.S. invasion of Iraq in 2003 MEK has received training, equipment and funds to carry out attacks inside Iran and to collaborate with U.S. and Israeli intelligence services (Joshi 2012). MEK’s HUMINT value is possibly the most important aspect for western powers. MEK leadership understands the power they hold and must leverage it wisely. Knowledge of U.S. Tactics Techniques and Procedures. MEK leaders are aware of U.S. TTPs at the small unit tactics level up through executive branch policymaking. They will play on the American and Israeli fears of a nuclear armed Iran while leveraging their HUMINT and political value to affect their delisting from the FTO. Once  delisted they will be able to receive more funding from international sources, thus requiring less U.S. support and will become less responsive to U.S. demands. Western Support: Critical For Financing, Opposite of Ideology Being listed on the U.S. Foreign Terrorist Organization list impedes MEK’s financing efforts. In order to gain power they must be delisted – decade long endeavor thus far. Its members have cooperated with Israeli and U.S. intelligence services since 2003 in an effort to gain support and take over the political regime in Iran, but its original ideology was very much opposed to any western influence. MEK must exercise extreme caution to ensure that the group does not appear to be another puppet regime of the U.S and especially not in collaboration with Israel. If threatened with defeat, the current regime will likely try to depict MEK as a puppet regime, and if the U.S. loses influence it may also try to publicize MEK’s cooperation in an effort to decrease its credibility among Iranians. Enormity of the Situation. MEK is currently stateless. Though the U.N. has petitioned several governments to accept MEK members, most have declined to accept them. With nowhere to go MEK is desperate to gain power in Iran because it belongs to no other state. If they fail the Iranian regime will likely execute them, despite President Ahmadinejad’s amnesty offer. Data Collection Options Of the many collection options the United States has at its disposal, a handful stand out as being the most practical. HUMINT may be the best collection option because it offers an inside look at MEK and the status of the Iranian nuclear and defense programs as well as the mentality and plans of regime leaders. For example, an undercover agent, code named Wally, joined the Revolutionary Guard in the 1980s and gave the CIA plans, ideology, weaponry etc, and he was able to recruit several more members of the Revolutionary Guard to turn informer for the CIA (Zucchino 2012). OSINT is another extremely useful collection option, which can provide detailed atmospherics and help depict the support, or lack thereof, of the general public to the current and possible successor regimes. OSINT can also offer information on Iran’s defensive and offensive capabilities as depicted  in the recent revelation that Iran has cloned a fleet of ultra-fast gun boats. Originally produced in England, the Bradstone Challenger (Bladerunner) is a speedboat with a revolutionary hull design that affords it great stability at high speeds. Iran illicitly purchased a Bladerunner in 2009, reverse engineered the design, and manufactured its own fleet which the Navy modified to launch torpedoes and missiles at full speed. The Bladerunner fleet, combined with â€Å"an array of heavily armed small craft, including unmanned high-speed Ya Mahdi vessels, Bavar 2 flying boats, Seraj-1 high-speed patrol boats and Zolfaghar fast attack craft† (Stock 2012) poses a significant thr eat to the Strait of Hormuz and western naval forces with much larger and slower vessels. SIGINT and MASINT will likely have to wait until military confrontation begins in order to be relevant. MEK’s equipment inventory is very limited, so SIGINT and MASINT should not be a top priority. GEOINT is relevant in that it depicts the correlation of key terrain to strategic targets and political issues. For example, GEOINT can depict which routes MEK would likely take in order to transit to Tehran or flee Iraq in other ways. It also helps answer contingency operation questions such as, â€Å"what if MEK takes control of the military and attempts to hold the Strait of Hormuz ransom?† In a more tactical situation GEOINT can provide detailed dimensions of hideouts and buildings for the U.S. to plan an attack should the need arise. Use of the Intelligence Community The CIA is the best is the best agency to use to handle collection on MEK. The agency has more than half a century of experience in working with sources and is best trained in managing counterintelligence and misinformation techniques. Already, the CIA has worked with MEK members since 2002 when MEK publicized Iran’s underground Uranium enrichment program. Training MEK members in tradecraft techniques and supporting their cross-border subversion tactics allows the CIA to wage a proxy war with Iran while strengthening its relationship and gaining more human intelligence on both MEK and Iran. No other agency within the United States has the resources to foster this type of relationship with MEK. Most Effective Intelligence Analysis Strategies The effective intelligence strategy to use for evaluating MEK and forecasting its actions is to begin with Analysis of Competing Hypotheses and follow those results with the Devil’s Advocacy method. Analysis of Competing Hypotheses. ACH is ideal for evaluating MEK because there are diverse dynamics involved in forecasting MEK actions. Considering that the U.S. must decide to keep or delist MEK from the FTO on October 1, 2012, ACH would provide decision makers with a documented line of reasoning to support an Intelligence Forecast. Devil’s Advocacy. The prevailing consensus in Washington is that MEK has morphed from a militant group to a political group in the past decade and will be a more western friendly regime if it comes to power. But what if MEK is playing the west to gain power now, while secretly planning to spread its 1979 revolutionary ideology across the Middle East and North Africa in an attempt to reestablish Persian dominance? It seems that the west is focu sed first on countering a nuclear threat and second on countering any blocking of the Hormuz Strait. No additional talking points regarding Iran or MEK have received much publicity since 1979. Conclusion MEK is a wild card in the Iran standoff. The United States and other western powers, as well as Israel, must carefully consider how to proceed with MEK relationships. The organization has shown a history of changing allies in order to advance its goals, making it predictable in the sense that they can be counted on to do whatever it takes to survive and take control of the Iranian government. To brush MEK aside may mean dealing with a nuclear armed Iran later, and to support MEK may mean dealing with a provoked Iran now. No matter the decision, each carries its own implications for U.S. foreign policy. Washington must ultimately decide between the lesser of two evils. Bibliography Carter, Chelsea. â€Å"U.N., Iraq agree to temporary relocation of Iranian exiles.† CNN, December 26, 2011. http://articles.cnn.com/2011-12-26/middleeast/world_meast_iraq-camp-ashraf-re location_1_camp-ashraf-ashraf-residents-mek/2?_s=PM:MIDDLEEAST (accessed July 28, 2012). FBI. â€Å"Seven Plead Guilty to Providing Material Support to Designated Foreign Terrorist Organization.† FBI. http://www.fbi.gov/losangeles/press-releases/2009/la042809a.htm (accessed July 29, 2012). Goulka, Jeremiah, et al. â€Å"The Mujahedin-e Khalq in Iraq: A Policy Conundrum.† RAND Corporation: Santa Monica, 2009. Hosenball, Mark. â€Å"Hezbollah, Iran uncover CIA informants.† Reuters. http://www.reuters.com/article/2011/11/21/us-cia-hezbollah-idUSTRE7AK2MQ20111121 (accessed August 23, 2012). Jones, Owen Bennet. â€Å"An Iranian mystery: Just who are the MEK?†BBC News. http://www.bbc.co.uk/news/magazine-17615065 (accessed July 30, 2012). Joshi, Shashank. â€Å"Iran and the Mujahedin e Khalq (MEK).† Harvard University Department of Government. http://shashankjoshi.wordpress.com/2012/05/30/iran-and-the-mujahedin-e-khalq-mek/ (accessed August 24, 2012). Masters, Jonathan. † Mujahadeen-e-Khalq (MEK) (aka People’s Mujahedin of Iran or PMOI).† Council on Foreign Relations, July 18, 2012. http://www.cfr.org/iran/mujahadeen-e-khalq-mek-aka-peoples-mujahedin-iran-pmoi/p9158 (accessed July 24, 2012). MEK. â€Å"Camp Ashraf: About Us.† MEK. http://www.campashraf.org/about/camp-ashraf/ (accessed July 30, 2012). Rajavi, Maryam. â€Å"Comprehensive sanctions is the essential first step, regime change is the final solution.† People’s Mojahedin Organization of Iran. http://www.mojahedin.org/pagesen/detailsNews.aspx?newsid=9551 (accessed August 22, 2012).

Business Essays – Employment Relation Work

Business Essays Employment Relation Work Employment Relation Work Compare and Contrast Employment Relation System in Britain and America The history of employment relations is dominated by the changing relationships between workers, trade unions, employers and the state. The concept which started from the rights for sufficient payment and good working conditions now has evolved in much broader areas. Coming from mid 19 th century to this date, employment relation has evolved a lot as a concept and practice. Employment relation in Britain and USA has some similarity in its fundamental areas of pay and working conditions; however, there are some differences like in industrial relation, unionism, collective bargaining as well as other HR practices. What are Employment Relation and Industrial Relation? Employment relation is the broader term of industrial relation. The term â€Å"industrial relations† has developed both a broad and a narrow meaning. When defining broadly, industrial relations, relationships and interac tions between employers and employees. From this perspective, industrial relations cover all aspects of the employment relationship, including human resource (or personnel) management, employee relations, and union-management (or labour) relations. However, the term ‘industrial relation’ was narrowed in 1950s and 60s to avoid the confusion from word industrial, now , more restricted interpretation that largely links it with unionized employment relationships. In this view, industrial relations relate to the study and practice of collective bargaining, trade unionism, and labour-management relations, while human resource management is a separate, largely distinct field that deals with non-union employment relationships and the personnel practices and policies of employers. Thus, employment relations can be said to encapsulate both HRM and industrial relations. UK history Employment relation, as we now know, essentially grew from the trade union with the need to improve p ay and working conditions, in particular around issues of health and safety and quality of life for the workers. To understand the issues today it is important to remember the past and the origins of the Trade Union movement and, in particular the role that women played in that process. Trade unions in the industrialization in the 18th century existed as artisans’ guilds; but trade unions did not formally (or legally) come into existence in Britain until the Industrial Revolution in the 19th century. Employers used to determine the wages of an individual worker. Trade unions were not legal, also legislation prevents their existence. Workers were able to form friendly societies and trade clubs, but were hindered by the legislation. The Six Acts of 1819 extend the magistrates’ powers and restrict meetings and the distribution of leaflets. Trade Unions Act of 1825, allowed trade unions to exist, but not to strike, picket, or intimidate the workers who did not go on strike . The legislation 1824–25 enabled organizations of workers to engage in collective bargaining. In 1851 the Amalgamated Society of Engineers (ASE) was formed. It was followed by unions in a number of crafts, such as carpentry, bricklaying, and boiler making These ‘New Model unions’ offered schemes against sickness, unemployment, and old age, and did not wish to change the nature of society. They did not support strikes, and tried instead to negotiate with employers. They were well organized and, since they recruited from skilled workers, well financed.

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Space Tourism Intro - Essay Example Over-all Introduction of the Topic This paper entitled Risk Management Analysis: Space Tourism is about the identification of risks involved–and its ways to resolve and reduce them–in getting Space Tourism in full swing. It emphasizes the risk identification; so that the concerned people can consequently apply them to reduce imminent risks in space tourism, to save lives. This paper–albeit its delicate stand towards space tourism–stresses the positive aspect of space tourism as an opportunity to bring Science and luxury travel to new heights. It looks at space tourism not a profiteering racket by industry giants but as an evolving idea of space travel capable of giving a completely safe travel option for the next destination in the outer space. This paper has emphasized the aspects, which are to be scrutinized, in the area of space travel. Generally, these aspects are: history of space travel, suborbital flights, past accidents and, ultimately, the risk id entification. The group behind this paper considers the topic as worthy of doing a detailed risk analysis since it is futuristic. And, it is simply bearing in mind the safety of people and of the entire space industry to prevent their loss of lives and their investment, respectively. Lastly, we hope that this paper entitled Risk Management Analysis: Space Tourism can be a good reference–and a scientific journal at that–for concerned people. Unless we can’t stress to NASA–and other space administrations worldwide–not to take for granted the safety issues of human spaceflights, the space industry can’t assure the riding public of a superior and safe travel experience. History of Space Tourism When the Soviet Union successfully launched the Sputnik artificial satellite fifty-four years ago on October 4, 1957 (nasa.gov), the humanity was ushered in a new era of space science which dates back from the past. Later, on April of 1961, the newspaper The Huntsville Times of Alabama reported the feat of a Russian cosmonaut Yuri Gagarin in the banner â€Å"Man Enters Space† (nasa.gov). Gagarin is said to be successful in his April 12 orbital flight in the Vostok 1 spacecraft. Alan Shepard followed suit when he â€Å"became the first American in space less than a month† (nasa.gov). These, and few others, were monumental turning points in history which started to encourage people to raise the bar in luxury travel. Recently, space travel is becoming exclusive to astronauts – or cosmonauts – and multi-millionaires who can shell out millions of US dollars for a ticket, as well. But, the more progressive breakthrough in space tourism is the relatively cheaper means to travel in the space. Private launch services and satellite builders are there to cater to people who wish to visit the  International Space Station. (nasa.gov). For those who cannot afford, there is cheaper alternative. There is even an intera ctive video game for simulated space tourism. For those who wish to have a taste inside the International Space Station, Vision Videogames LLC made an agreement with NASA to create the video game SpaceStationSim (nasa.gov) so that people can encounter lifelike missions inside the space station. But it has to provide actual experiences. To date, federal funds have also supported infrastructure development–

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TOPONYM SWEET TOPONYM - Assignment Example Cockrell accepted that it was George Mifflin Dallas, VP of the United States throughout the organization of President James K. Polk. Dallas County is for the most part accepted to have been named for George Mifflin Dallas since Polk County, named for President Polk, was made on March 30, 1846, that day that Dallas County was made. There is no proof, nonetheless, that Bryan ever knew George Mifflin Dallas. Likewise, the town of Dallas bore that name no less than three prior years the district was made. George Mifflin Dallas had no reported enthusiasm toward Texas until he made a cool reference favoring Texas statehood in a 1844 letter to a congressperson from Mississippi- -once more, after the town of Dallas, Texas was named. 4. Look at a map of your home county. In your opinion, what is the most unusual place name in your county (other than the county seat)? How did it get its name? Your answer should be a full paragraph, at least 10 lines Euless. Euless is named after Elisha Adam Euless, a local of Tennessee who moved to Texas in 1867 and later purchased 170 sections of land (0.69 km2) of arrive on the current convergence of North Main St. also West Euless Boulevard.[5] Elisha began a cotton gin and a group focus on his property, and rapidly turned into a noticeable figure in addition to different pioneers. From the census of of 2000, there were 46,005 individuals, 19,218 family units, and 11,626 families living in the city. The populace thickness was 2,828.3 individuals for every square mile (1,091.7/km ²). There were 20,136 lodging units at a normal thickness of 1,237.9 for every square mile (477.8/km ²). The racial cosmetics of the city was 75.52% White, 6.49% African American, 0.64% Native American, 7.15% Asian, 1.86% Pacific Islander, 5.38% from different races, and 2.96% from two or more races. Hispanic or Latino of any race were 13.31% of the populace. Euless has the biggest populace of Tongans in an

How Horses Were Still Used In World War I Term Paper

How Horses Were Still Used In World War I - Term Paper Example How Horses Were Still Used In World War I This paper aims to establish this opinion that WWI hugely influenced human and animal interrelationships by the way horses were used in the war. It will also highlight different ways in which horses were used. Discussion will be supported with important research literature to assess the extent to which this opinion could be held true. History shows that cavalry units or warriors mounted on horseback formed an essential constituent of a military force. It is claimed that â€Å"the best horses were taken by the cavalry† (Breverton). The greater the number of horses, the stronger a military force was considered. This is before the vulnerability of animals to modern artillery was much of an issue. However, horses continued to be used in WWI because warfare was also going through important changes in this time period. Warfare used in WWI had not been used before, so not much was known by the combatants about the vulnerability of animals before machine guns or tanks. It should be remembered that this war changed the concept of armed conflict. This is because it represents a very important transition from the use of horses to modern artillery. WWI was started with cavalry forces, but the favor shifted from horses to machine guns over passing time. This shift also occurred because â€Å"supplying the fodder for ho rses and mules was a permanent problem† (Breverton). WWI marks a transition period in human and animal interrelationships.

267 MKT. Principles of Marketing. 'Scents of Time.' Essay

267 MKT. Principles of Marketing. 'Scents of Time.' - Essay Example planning to develop and launch a range of 15 perfumes over the next few years, targeting the UK market, where according to DP, the level of knowledge about perfumes is at the same level as the knowledge of wine in the nineteen seventies. Through Scents of Time, DP seeks to help consumers learn more about the perfumes they are buying. DP’s fragrances will be fully described and linked into one of the twelve fragrance families developed by Michael Edwards as the growing industry standard (Case Resource). This paper conducts an analysis of the environment influencing the launch of Scents of Time, as well as an analysis of how the UK market is to be segmented, with recommendations on targeting and positioning strategies that may be utilized. It goes on to recommend a pricing strategy and the unit price for the fragrances in relation to factors influencing the market during 2009; as well as the recommended media to support the launch, including whether or not a celebrity endorser/s will be appropriate. The macro-environment consists of the broad patterns and trends in the country and the rest of the world, external to the business concern. These patterns and trends influence customers and how they would likely respond to a business’ offerings. They also influence the business options open to the company (Gallagher 2007). PEST analysis is an analysis of the macro-environment affecting the business. PEST stands for political, economic social, and technological factors present in the external environment (NetMBA 2007). Political – The primary political factor affecting the business of Scents of Time is government regulation regarding the use of chemicals which are a major component in perfumes. The RIFM and IFRA, the regulatory authorities for the perfume industry implement strict regulations for materials used in perfumes (RIFM 2009; IFRA 2009). DP is well aware of these regulations and has created Scents of Time using safe materials which comply with

Riodan Essay Example | Topics and Well Written Essays - 250 words - 1

Riodan - Essay Example The purpose of outsourcing this project is to reduce the costs, which may be associated with hiring IT managers within the organization. This project can be termed of immense importance to the company since having a team dealing with IT management can be expensive. Moreover, hiring outsiders is beneficial since they will bring in their outstanding expertise to the organization. As such, the company will tap the knowledge of experts and develop sound IT management systems. The other technology project that the company can outsource includes data storage. This project will relieve the company of the burden of purchasing data storage devices, which should be used to store data in the organization. This project is of significant importance since it gives the organization an opportunity to have its data maintained properly. As a result, the company’s data cannot be damaged or lost since experts know how to store data better than the insiders of the company (Poulin, 2006). c. It leads to the synchronizing of variables and problems like stretched delivery times, inappropriate categorization of responsibilities and sub-standard quality delivery may occur (Obaidat & ICETE,

Midterm Essay Essay Example for Free

Midterm Essay Essay As a ruler in the Warring States period, my kingdom’s survival has the utmost importance. Therefore, choosing a philosophy to base my government upon is a crucial decision. Legalism, Confucianism, Mohism, and Daoism are all great philosophies but for my state, I choose to implement Legalism. Legalism supports a rigid system based on publicized laws that deals out punishments and rewards accordingly. Legalism also emphasis an adherence to laws and customs, obedience to the ruler and receiving influential positions based on merit. Legalism as a national strategy of governance is crucial in times of chaos and constant fighting. For my  kingdom I demand absolute obedience from my subjects. I want officials who are qualified by my side to help me make important decisions. I do not want a government full of family members and friends who do not have the credentials for the position. Also I believe everyone should be punished according to the law and there should be no special treatments for the nobles. Everyone is equal under the law in my state. I want to conquer neighboring lands and become the ruler of a unified China. Legalist ideas support my goals for conquest, wealth and a well- functioning government and that is why I choose to implement Legalism in my state. The main ideas of Legalism are to lengthen the rule of the ruler. To further the interest of the ruler, a ruler’s adoption of the Legalism was associated with a tight control of society. Secondly, Legalism emphasized the usage of incentives to govern. Thirdly, Legalism emphasized the usage of institutions in inducing desired behavior because the Legalists believed human nature was inherently bad. As an individual could not be trusted, Legalists paid much attention to the design of institutions to prevent undesirable things from happening. Fourth, in terms of foreign relations, the Legalism school encouraged the building of a strong army. For rulers trying to survive the competition among states, Legalism is more practical and can be implemented more easily than other schools of thought during the Warring State period. 1 For my state, I would employ Han FeiZi’s form of Legalism. His ideas are centered on a COMBINATION OF â€Å"FA † ? (LAW), â€Å"SHU ? † (METHOD) AND â€Å"SHI ? † (POWER). BEFORE HAN FEIZI, LEGALIST PHILOSOPHERS SUCH AS SHANG YANG ONLY STRESSED ON FA ? , SHEN BUHAI ONLY STRESSED ON â€Å"SHU ? †, WHILE SHEN DAOQIANG ONLY STRESSED ON â€Å"SHI ? †. 2 HAN FEIZI BELIEVED THAT â€Å"FA †? , â€Å"SHU ?† and â€Å"Shi ? † should all be implemented together. If only â€Å"Shu ? † is taken into practice and â€Å"FA † ? IS NEGLECTED, PEOPLE HAVE NO REASON TO FOLLOW THE LAW. IF â€Å"FA † ? IS BEING IMPLEMENTED then this can bring the state wealth and power but without â€Å"Shu ? † the regime will not be able to maintain its ruling and without â€Å"Shi ? †, a ruler will not be able to exercise order or rule efficiently. Therefore it is important to implement all three ideas together to bring peace and stability to the kingdom. â€Å"FA † ? (LAW) In Legalism, law is used as a standard for judgment on whether a certain behavior is appropriate, inappropriate, right or wrong. Thus, all human behavior has to be confined within the boundaries set forth by the law. A Legalist type of law does not recognize the people’s needs but instead, everyone’s needs and interests will be based according to the standard of law. Legalism also stresses the importance publicizing laws so people can know and follow them. This will bring order and justice to the state. In a Legalist state everyone is equal before the law and the system 1 Ivanhoe, P. J. , and Van Norden Bryan W. Readings in Classical Chinese Philosophy. New York: Seven Bridges, 2001. Print 2 Ivanhoe, P. J. , and Van Norden Bryan W. Readings in Classical Chinese Philosophy. New York: Seven Bridges, 2001. Print of â€Å"rewards and punishments† does not care about social status, family background but instead deals out punishments and rewards accordingly. Those who contribute to the state will be rewarded, while those who violate the law will be punished. 3 â€Å"Shu ? † (Method) Shu is a bureaucratic model of administration to aid the ruler and help prevent corruption and incompetence. It is also a political method or tactic used by a ruler to effectively control officials and subjects. Han FeiZi believed that a ruler must utilize â€Å"Shu ? †in order to identify loyal officials from disloyal subjects. This will help the ruler consolidate power and strength in order to control his subjects effectively Han FeiZi urged rulers to control officials and subjects by the two â€Å"handles† of punishment and favor. 4 An official’s accomplishments must neither be greater than nor less than their assigned duties. A minster is always held accountable for his and his subordinate’s actions. Also the ruler must not allow people to know his thoughts and should be suspicious of everyone. In doing so, the ruler can prevent takeovers and rebellions for his  position. 5 â€Å"Shi ? † (Power) 3 Mo, Di, Xunzi, Fei Han, and Burton Watson. Basic Writings of Mo Tzu, Hs? n Tzu, and Han Fei Tzu. New York: Columbia UP, 1967. Print. 4 Ivanhoe, P. J. , and Van Norden Bryan W. Readings in Classical Chinese Philosophy. New York: Seven Bridges, 2001. 323. Print 5 Mo, Di, Xunzi, Fei Han, and Burton Watson. Basic Writings of Mo Tzu, Hs? n Tzu, and Han Fei Tzu. New York: Columbia UP, 1967. Print. In Legalism, power is an important part of governance. If a ruler does not wield any power then the law becomes a superficial notion and method will be useless. In order to ruler over a kingdom, the leader has to possess power. In Legalism, power should be employed within the confines of law in order to maximize its usage. If the law is ignored in order to exercise power, then this kind of power can easily lead to chaos and turmoil. Power is not inherently good or evil but the person who wields it can be a moral or immoral person. It is important to employ â€Å"FA † ? AND â€Å"SHI ? † TOGETHER BECAUSE IF A RULER HAS NO POWER THEN THE LAW CANNOT BE ENFORCED which makes a superficial ruler but if one has power but is not constrained by law, this can lead to an abuse of power that can bring harm to society. 6 BY EMPLOYING ALL THREE TENANTS OF â€Å"FA †? , â€Å"SHU ? †AND â€Å"SHI ? †, LEGALISM CAN BRING STABILITY AND peace to my state. I would employ Legalism in my state because it can help expand the population of my kingdom by uniting the warring factions and states under my control. According to Legalist ideals hereditary titles must be abolished and only those who have merit should hold government positions. This means I should not employ family members and friends because they can influence my decisions on a personal level. This can eliminate corruption and  cronyism from my kingdom. 7 Next by creating strict laws for the citizens to follow will foster obedience through punishments and favors. 8 According to Legalist scholars, to expand my state’s population I should also focus on agriculture and the military which will to a surplus of food and 6 Mo, Di, Xunzi, Fei Han, and Burton Watson. Basic Writings of Mo Tzu, Hs? n Tzu, and Han Fei Tzu. New York: Columbia UP, 1967. Print. 7 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. Print. 197. 8 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. Print. 196 help create stronger warriors. This will allow for more conquests and military campaigns. By investing state resources into agriculture, famines can be prevented and populations will grow. 9 Also a mandatory military service for a short time will help my kingdom fight against the barbarians from the west. 10. Finally, increasing the military can also prevent invasions and help my state conquer lands, thus leading to an increase in population as well. Another reason I would employ Legalism because it can also help increase the wealth in my state. The increase in food will help increase trade of agricultural products like millet and wheat as well as other products like plums, apricots, dates, melons, persimmons, beef and pork. Through military conquests an increase of natural resources, tax revenue and workers will help strength the state economy. Lastly, the creation of strict laws with emphasis on collective responsibility will help prevent people from violating the laws. Other philosophies have merits that could help me govern my state. The main ideas of Confucianism are to establish a harmonic society, rather than to promote the interests of the ruler. Second, the Confucianism school does not encourage the usage of material incentives and opposed the usage of severe punishments to rule. To motivate individual behavior, moral obligations were emphasized. 11 Third, the Confucianism school did not value institutions in inducing desirable behavior and that human nature is inherently good. Fourth, in terms of foreign relations, Confucianism discouraged a state’s invasion of other states. Confucianism argued that 9 Ebrey, Patricia Buckley. The Cambridge Illustrated History of China. New York: Cambridge University Press, 2010. Print. 52. 10 Ebrey, Patricia Buckley. The Cambridge Illustrated History of China. New York: Cambridge University Press, 2010. Print. 40. 11 Ivanhoe, P. J. , and Van Norden Bryan W. Readings in Classical Chinese Philosophy. New York: Seven Bridges, 2001. 323. Print by following the guidance of li, a humane ruler would induce residents in other states to accept the rule of the humane ruler voluntarily. Relying on military force as a defense would be inferior  and would be unnecessary for a state. 12 To expand the population of my state, Confucianism recommends cultivating goodness (ren) as well as maintaining ritual propriety (li) so I become the most righteous ruler in the land. When a ruler is righteous, his subjects perform righteous tasks down to the common man and people from other lands shall visit my state. 13 This would increase my kingdom’s population. To increase the wealth of my state, Confucian scholars would recommend returning to the traditional Zhou tax system of the 10% tithe. 14 This will allow farmers to have enough grain to  reduce famines and allow more trade to be conducted when there is an excess of products. Confucians would not endorse a state that seeks profit over goodness because goodness (ren) is more desirable for a Confucian gentleman (junzi). When a ruler decides that profit is worth more than virtues, his subjects begin to look for profits as well and ignore virtues, thus leading to gradual corruption within the state. 15 I would not employ Confucianism in my state because while cultivating goodness and being a gentleman is an honorable task, I am only interested in 12 Slingerland, Edward Gilman. â€Å"Kongzi (Confucius) ‘The Analects. ’† In Readings in Classical Chinese Philosophy, 1-58. Indianapolis, IN: Hackett Publishing Company, Inc. , 2005. Print. 13 Slingerland, Edward Gilman. â€Å"Kongzi (Confucius) ‘The Analects. ’† In Readings in Classical Chinese Philosophy, 1-58. Indianapolis, IN: Hackett Publishing Company, Inc. 2005. Print. 14 Slingerland, Edward Gilman,† Kongzi (Confucius) ‘The Analects. † In Readings in Classical Chinese Philosophy. 1-58. Indianapolis, IH: Hackett Publishing Company Inc. 2005. Print 15 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. 115. Print. increasing my kingdom’s wealth, population and status. Legalist scholars say it would be hard to reduce the tax to 10% and should be kept at a 20% tithe in order to have enough currency and supplies to supply a growing army. Also the selection of government officials through recommendations valued by Confucianism led to high level of corruption. High positions of the government were monopolized by individuals with strong family backgrounds and capable individuals with weak family backgrounds could not get high rank positions. 16 To reduce  corruption in my kingdom, I should abolish hereditary titles and promote through merit so there would be fairness in my government and less bribery and dishonesty. 17 Another philosophy that has gained momentum and fame is Daoism. Daoism is centered on the ideas of wu (emptiness) and wuwei (non-doing). It also places importance on Yin and Yang. Daoism promotes the idea that material items will not satisfy a person’s soul, leading to lifelong emptiness and competition. 18 Daoism also endorses the idea of non-doing but this does not mean to do nothing at all. It simply means that we must not interfere with the natural course of things. The practice of non-action will lead to spiritual harmony with the Tao. Daoism explains the true path to happiness is to throw away all desires so people will not become selfish or corrupt, throw away concepts of justice and morality so people will do the right thing and throw away profit so people will not become thieves. 19 16 17 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. 197. Print. 18 Ivanhoe, P. J. , and Van Norden Bryan W. Readings in Classical Chinese Philosophy. New York: Seven Bridges, 2001. 323. Print 19 Laozi, and Jonathan Star. Tao Te Ching: The New Translation from Tao Te Ching: The Definitive Edition. New York: Jeremy P. Tarcher/Penguin, 2008. Print. Daoist ideas would not help me achieve my goals of increases in population, wealth or uniting the warring states under my control. Daoist scholars would argue that the population does not need to be bigger than it already is. The sage Laozi has said that a state should be small and the people few so that they will have fewer ambitions and acquire less wealth, keeping them happy without the excess of material possessions. 20 Daoist’s would also be against increasing state wealth because in doing so, it will tempt people with desires of wealth and that will lead to corruption in the state. 21 Daoist scholars would encourage me to do nothing and allow things to go their way naturally which is the concept of wuwei. Daoism would be against war and trying to unify the states under my rule. I would not employ Daoism because it does not help me achieve my goals of a great kingdom. I want to go on war campaigns to conquer lands and have control over my kingdom. Allowing people freedom to do whatever they want will lead of instability and  I cannot have that in my state. In times of turmoil, it is a foolish thing to try and bring peace by doing nothing. Other states will invade my kingdom if any signs of weakness show. It is better to strengthen the people with military training and values so that they can protect their homes and the state from barbarians, and invading armies. 22 This is why I would not employ the use of Daoism in my kingdom. The last school of thought I considered employing in my kingdom is Mohism. Mohists are the main rivals to Confucians in promoting a way of life centered on moral teachings. 20 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. 94 Print. 21 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. 80 Print. 22 Ebrey, Patricia Buckley. The Cambridge Illustrated History of China. New York: Cambridge University Press, 2010. 52. Print. Mohists rejected rituals and music that is central to Confucian beliefs, seeing them as wasteful and pointless. Mohists endorsed moral practices that promote the welfare of all. Mohists sought a way to restore order (zhi) to human society. 23 The Mohists saw people as naturally good, and thus concerned about their family and community, and generally ? committed to doing what they take to be morally right. But if people fail to distinguish right from wrong properly because of a lack of proper education and political leadership, conflicts will arise, leading to disorder. 24 To prevent disorder Mohists want everyone to follow a unified moral code. Ideally, this project would be carried out through a government administered by wise, virtuous leaders, who at each level of  the state hierarchy would teach everyone to draw moral distinctions in the same way. This way everyone would have the same moral standards and conduct themselves in similar ways by knowing what is right or wrong. 25 To accomplish my goals in attaining wealth and population increases, Mohists scholars would want to promote officials by merit as well and would want to eliminate the rites that Confucians endorse. If I employ the able and worthy, my kingdom will attract virtuous people. 26 Mohists would not want to engage in wars, but would extend the concept of universal love (jian 23 Mo, Di, Xunzi, Fei Han, and Burton Watson. Basic Writings of Mo Tzu, Hs? n Tzu, and Han Fei Tzu. New York: Columbia UP, 1967. Print. 24 Ivanhoe, P. J. , and Van Norden Bryan W. Readings in Classical Chinese Philosophy. New York: Seven Bridges, 2001. 323. Print 25 Mo, Di, Xunzi, Fei Han, and Burton Watson. Basic Writings of Mo Tzu, Hs? n Tzu, and Han Fei Tzu. New York: Columbia UP, 1967. Print. 26 De Bary, WilliamTheodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. 67. Print. ai). 27 Mohists believe if a noble king rules by partiality and is malevolent towards his neighboring states; other states will want to destroy his kingdom. If however, he rules by universality and is benevolent towards the other states, then other states will hold him in high regard. I would not employ Mohism in my state because I do not care about universal love or benevolence or morality. My goals for the kingdom are purely political and economic based. I want to be remembered in history for being the ruler of the strongest, largest and most wealthy state. During times of turmoil a strong military and cunningness is needed in order overcome the other states. 28  Legalism is the best choice for my state because it promotes a highly structured society. This can prevent instability and internal conflicts. Also by promoting a system of government based on merit, it eliminates corruption and unqualified people from participating in government. Confucianism allows for too much corruption because mostly nobles dominate the government. Daoism advocates non-doing and peace but that is exactly the opposite of what I want for my kingdom. Doing nothing can lead to instability because there is no structure and everyone can do whatever they please. Lastly Mohism places too much emphasis on morals and peace. To maintain a kingdom, the ruler has to make the state ready to invade other states and for invasions as well. To survive in this period of chaos and wars, only the strong survive. Legalism provides the structure I need to rule my kingdom ruthlessly and effectively. 27 De Bary, William Theodore, Irene Bloom, and Joseph Adler. Sources of Chinese Tradition, Vol. 1. New York: Columbia University Press, 1999. 70. Print. 28 Ebrey, Patricia Buckley. The Cambridge Illustrated History of China. New York: Cambridge University Press, 2010. 52. Print.

Constructive Critique on Public Speaking Essay Example for Free

Constructive Critique on Public Speaking Essay Dr. Pausch lost his battle with cancer, but his legacy lives on through his achievements and in the countless number of students who were fortunate to learn from such an extraordinary individual. Dr. Randy Pausch was a widely respected professor from the University of Carnegie Mellon. He co-founded the entertainment technology center in 1999 and he spearheaded the creation of the Alice Project, a program that aids in the learning of computer science academics. Dr. Pausch has received numerous accolades from his work and dedication to his students. He has appeared on many television shows like Good Morning America and the Oprah show. To this day people are still recounting the lessons learned from Dr. Pausch. In a recent video interview highlighted on the Oprah’s website, one lady stated what she thought was so meaningful to her about Dr. Pausch and his lectures as his amazing outlook on life and his appreciation for every aspect of his life. These qualities are witness in his 2008 lecture nicknamed the Last Lecture. Throughout the lecture Dr. Pausch showcased his ability to reach out to his audience. He and captured their imagination with his humor and enthusiasm despite begin diagnosed with cancer six months earlier. Because of the importance and popularity of this inspiring lecture I will provide a critique of Dr. Pausch ability to deliver his massage to his audience and analyze his public speaking mechanics. More specifically I will look at the way he keeps the audience engaged and what are the areas he could improve. Strengths noted: From the moment the lecture began I was hooked. Dr. Pausch did not waste any time keeping the audience engaged and keeping them marveling at the foundations of his strength despite his diagnosis. After the standing applause, Dr. Pausch told his listeners to â€Å"make me earn†. This mindset shows that he cares about the message that he was about to give and the message that the audience was about to receive. He also started his lecture with this question which I though was the glue to the seats. His question was fundamental in keeping them engaged and thinking. â€Å"If you had one last lecture to give to the world before you died what would it be?† From this point on, If this was Dr. Pausch last lecture I wanted the hear it. Thereafter, He gave a back story in the lecture which to thought was helpful to the audience member that did not know his circumstances. One of the tactic in his lecture that I though was the most important is he told the audience what he was not going to talked about. This eliminated all guessing and left no room for disappointment. I thought that I was public speaking brilliances. Pausch visual media kept the focus of the lecture and was very easy to follow and understand. It was clear, concise and to the point. He also has props. He voice was evenly tone and he spoke as if he was just engaging in a normal conversation. Additionally Dr. Pausch humor seemed to be naturel; he kept his audience laughing throughout the lecture which I think helped them to stay uninterested. Last but not less, I love that the lecture was not just a lecture to the audience but a lecture to his children. Knowing that he passed away made that lecture much more intimate and could be used as a blueprint for all parents to help their children achieve their dreams. Areas to improve: Connecting to the audience is definitely Dr. Pausch strong suit but sometimes he did get off topic a little bit. Because he is such a dynamic person I understand that it can be easy to get caught telling your person story rather than sticking to the topic. I noticed Dr. Pausch did get off topic a few times and told a few side bar stories but not too much that would have downgraded the lectures quality. Conclusion: I my introduction I highlight the accomplishment of DR. Pausch; the inspirational professor from Carnegie Mellon University. I was instructed to write a critique about his â€Å"last lecture;† that focused on the strength and the areas of improvement. In the strengths the most important aspect about the lecture is that Dr. Pausch keeps the audience entirely engaged throughout. Dr Pausch spoke for 72 min with the complete attention of his audience. In the strengths of my critique I was able to show this by highlighting the various tactics that were used. For example the question he asked in the beginning of the lecture was one tactic and his great sense of humor was another. Areas of improve were hard to find but the only time I found any in the lecture was when Dr. Pausch gets off topic a few times; other than that the lecture was flawless. Unfortunately we lost Dr. Pausch too soon but his lesson will live forever. Everyone can learn something from his willingness live life to the fullest no matter what god has in store for you. The one quote that stands out to me in the lecture is â€Å"you can’t change the cards we are dealt just how we play the hand† Bibliography http://www.cmu.edu/randyslecture/story/index.html http://www.oprah.com/oprahshow/Lessons-Learned-from-Randy-Pausch-Video http://www.etc.cmu.edu/site/

Personality Factors for a Leader

Personality Factors for a Leader Nature of Leadership: Laurie J. Mullins states that Leadership is a relationship through which one person influences the behavior or actions of other people (Mullins 2010: 373). He says that Leadership is all about determination, personality and innate ability at the right time for a particular competitive situation. Many effective business leaders have no formal academic qualifications and each has their own individual leadership style. Leaders can motivate their followers and can design organizational contexts and make them function effectively. Criterion of leadership: Though there are lot many criterion for leadership, we in our group selected a few of them. VISION: A good leader should work hard at communicating their vision for the organization to all staff at all levels. He has to understand that their vision must appeal to the staff at both an emotional and practical level. Basically a leader has to understand the culture and values of his organization and its impact on its future development. He has to recognize blind alleys. MOTIVATION: A leader has to understand that every member has a different set of motivational stimuli, motivate them accordingly. He has to explain his decisions in terms of their benefit to the organization and its members. Most importantly a leader has to find out the flaws if any or celebrate and reward individual and team achievements. EMPOWEREMENT: An empowered leader should believe that people generally respond well when given greater responsibility for their own performance without disturbing the organizations model. For that he has to allocate sufficient resources to training and development and get a buzz when staff set and achieve their own goals. He should realize that the organization would still function if you were not there. COMMUNICATIONS: One of the most important criteria for a leader is communication skill. He has to use his communication influence to encourage two way communications at all levels in your organization. He has to encourage personal contact rather than written, mechanical or technological alternatives. Finally has to encourage a diversity of opinion and constructive criticism and walk the talk. RELATIONSHIPS: A successful leader should work hard at countering a them and us culture within your organization and maintain relationships inside and outside his team. He has to set clear codes of acceptable conduct and take action against breaches of them and stress that everyone contributes to the success of the team(s) they belong to. One of the most important qualities of a leader is that he should be able to admit a mistake when you make it. EMOTIONAL INTELLIGENCE: Mullins describes emotional intelligence as abilities such as being able to motivate oneself and persist in the face of frustrations; to control impulse and delay gratification; to regulate ones moods and keep distress from swamping the ability to think; to empathize and to hope. (Mullins 2010: 144). Emotional intelligence is the ability to think, handle situations either in frustrations or success emotionally. A leader should have this emotional intelligence so as to lead his team in critical situations. ATTITUDE: Attitudes are learned throughout life and are embodied within socialization process. They can be defined as providing a state of readiness or tendency to respond in a particular ways.(Mullins 2010: 145). A result oriented leader should have knowledge, should be expressive, should be instrumental, and ego defensive. TEAMWORK: A good leader is the one who has to create an understanding of working in groups and teams. It is necessary for him to recognize the nature of human relationships, functions, roles and factors that influence team performance and effectiveness. TIME MANAGEMENT: Time management is one of the key factors for a good leader. They should not only manage their own time but also manage their staff or teams time. They have to establish key tasks, set objectives, identify performance standards, check for constraints and decide on action plans. PROBLEM SOLVING SKILLS: Problem-solving is the removal of the barrier. A result- oriented leader should have good problem solving skills as the success of his mission depends on the problems they face and the way he solve. It may be an internal weakness, or any external threat. Group Feedback and My Capabilities: The group members in our group say that I have good visionary qualities and they say that I always plan for the future. I think that whatever plan I am making should be useful not only to me but for others and my plan should be like a generalized theory and have proofs. Coming to motivation, our group members feel that I can motivate them with my verbal skills and also induce confidence into them. One of the group member reviews me that I also reward and always give them a good feedback. My group members have trust on me and are able to rely on me and I feel that I have good empowerment skills. Whenever I lead them I dont feel authoritative rather I feel responsible which makes me a successful leader. I feel that empowerment should not be taken by yourself; members around you should choose you. I use my verbal skills and my body language in an effective manner so as to put on my thought in front of them. They will be always encouraged and convinced with my presentation skills and so I can make use them for the maximum extent so as to accomplish our mission. In any context whether it may be in formal situations, informal situations, in an organization, in completing a group activity, I feel the most important part is maintaining relations within a group. I have won my group members and they vote me positively in these criteria. I feel that as a leader, whatever I do should be convinced among my group members and the plan should be transparent. I feel that no group member should be in dark side. One of my group members states that I possess a bit low emotional intelligence. I dont agree with them completely because there are no such relevant situations where I got a chance to exhibit them. I have a few real time examples where I was chosen to convince people and I succeeded i n that. When coming to attitude, each person in our group has different viewpoints regarding this criterion. One says that I am egoistic. It might not be a false judgment but its true in some issues. I am a bit EGOISTIC person, but the way I exhibit it depends on the situations and circumstances.one more member in our group says that I calm down when things doesnt go well and look for a chance or a solution. That is also true and it happens most of the time when handling worthless issues. The other member says that my attitude is good and positive always. I feel that attitude varies accordingly with peoples mindset and it is the way how they receive. Team playing is one of the best qualities which I possess. My group members also agree with this statement. They say that I am always ready to help them irrelevant of the situation. I feel that in a team di Coming to time management, I am a bit lazy person which is a drawback for being a leader. But my group members except one, praise me that I am good at managing time. May be, only one member found out my drawback and it is true. Actual reason is I need a small push up to start of my work which I am trying to rectify it. I am good at allocating time resources but poor at implementing it within given constraints. When I deal with any problematic situations, I come out of the situation and analyze the problem, find the causes, starting from the basics, question myself and solve the problem and my group members accessed me the same. But I feel every time that I have to improve my problem solving skills. I dont get satisfied at any point of time and thinks of a better way to solve a problem. I give feedback to myself most of the time. Conclusion: Overall there are lots of important qualities like VISION, MOTIVATION, RELATIONSHIPS, and COMMUNICATION SKILLS in me which make me to emerge as a successful leader, though I have a few qualities like ATTITUDE, TIME MANAGEMENT which needs to be improved. In this present scenario one should have to develop lot many qualities other than these mentioned and emerge out as a Good Leader in this changing world.

My Philosophy On Education :: Educational Teaching Teachers Essays

My Philosophy On Education Deciding on a career may be a hard decision for some people, but for me, it was easy. I have always known that I was going to be a teacher. There have been a variety of methods for teaching and learning introduced to me and I have developed my philosophy on education from them. Even though there have been many procedures presented to me related to education, only a few have facilitated me in choosing the way I plan to teach. My family is very education-oriented and education has always been an important asset in my life as well. So, I have always strove to learn and work hard for good grades during my school years. Many of my family members have graduated in the top portion of their classes. Most of them later worked for the board of education or went on to college to become a teacher. Since I have always been excited to learn and I loved school, as well as my teachers, I knew that being a teacher would be the best career for me. There are many things I would like to accomplish while I am a teacher. As a teacher, first of all, I hope to be as inspiring and encouraging like many of the teachers I had. Second, I want to make learning fun, but thought provoking. The third thing is that I would like to assist the students in comprehending what they are learning, not just to memorize the material. And, last, I want the students to want to come to school and have the longing to deepen their knowledge. For my students, I expect them to develop an understanding of knowledge. I believe in the principle of progressivism where education should be an on going and productive process. Therefore, I want my students to grasp this concept and always be willing to learn. I support the behaviorist’s view that the environment shapes and influences people. This theory goes into consideration with Rousseau’s theory that children mature through stages, when developing an environment suitable for the grade level a person is teaching. The curriculum should be focused on the student’s needs and how they learn best. There are a variety of methods of teaching that I will use that I believe are important.

Civil Rights Timeline: Jan. 15, 1929 - Dec. 21, 1956 :: American Civil Rights

Civil Rights Timeline: Jan. 15, 1929 - Dec. 21, 1956 Jan. 15, 1929 - Dr. King is born - Born on Jan. 15, 1929, in Atlanta, Ga., he was the second of three children of the Rev. Michael (later Martin) and Alberta Williams King. Sept. 1, 1954 - Dr. King becomes pastor - In 1954, King accepted his first pastorate--the Dexter Avenue Baptist Church in Montgomery, Ala. He and his wife, Coretta Scott King, whom he had met and married (June 1953) while at Boston University. Dec. 1, 1955 - Rosa Parks defies city segregation - Often called "the mother of the civil rights movement," Rosa Louise McCauley Parks, b. Tuskegee, Ala., Feb. 4, 1913, sparked the 381-day Montgomery bus boycott that led to a 1956 Supreme Court order outlawing discriminatory practices on Montgomery buses. In December 1955, returning home from her assistant tailor job in Montgomery, Parks refused a bus driver's order to surrender her seat to a white man. She was jailed and fined $14. Dec. 5, 1955 - Montgomery bus boycott- Although precipitated by the arrest of Rosa Parks, the Montgomery Bus Boycott of 1955-56 was actually a collective response to decades of intimidation, harassment and discrimination of Alabama's African American population. By 1955, judicial decisions were still the principal means of struggle for civil rights, even though picketing, marches and boycotts sometimes punctuated the litigation. The boycott, which lasted for more than a year, was almost 100 percent effective. Dec. 21, 1956 - Bus segregation declared illegal - The boycott's succeeded in desegregating public facilities in the South and also in obtaining civil rights legislation from Congress.  Civil Rights Timeline Sept. 24, 1957 - May 2, 1963 Sept. 24, 1957 - School integration - In September 1957 the state received national attention when Gov. Orval E. Faubus (in office 1955-67) tried to prevent the integration of Little Rock Central High School. President Dwight D. Eisenhower quickly intervened, in part by sending federal troops to Little Rock, and several black students were enrolled at Central High School. Aug. 19, 1958 - Student sit-ins - In spite of the events in Little Rock or Montgomery, or Supreme Court decisions, segregation still pervaded American society by 1960. While protests and boycotts achieved moderate successes in desegregating aspects of education and transportation, other facilities such as restaurants, theaters, libraries, amusement parks and churches either barred or limited access to African Americans, or maintained separate, invariably inferior, facilities for black patrons.

USInvasion Of Cambodia Essay -- American History

â€Å"The banyan tree grows throughout Cambodia. It may reach a height of over 100 feet, and as it grows, new roots descend from its branches, pushing into the ground and forming new trunks. The roots grow relentlessly; many of the ancient temples of Angkor have toppled as these roots have become embedded in the cracks and crevices between their massive stones. A single tree might have dozens of trunks, and it is often impossible to tell which is the original. This is Cambodia today: a thousand intertwined branches, a thousand stories woven together, a thousand currents of history swirling in different directions. To understand Cambodia in the present, it is necessary to look at Cambodia in the past.† http://www.mekong.net/cambodia/banyan1.htm This paper will begin by given a cursory overview of Cambodian history that sets the stage for the rule of Norodom Sihanouk, then, in more detail, specific events that happened between 1953 ( the date of Cambodian Independence from France) through 1973 when Sihanouk was overthrown in a coup. With the background set, I will then discuss the version of events as describe by William Blum in his work â€Å"Killing Hope.† It is my hope that an objective look can be given into the role that the United States played during the 1950’s, 60’s and early 70’s in Indochina and more specifically Cambodia. History The area that is present-day Cambodia came under Khmer rule about 600, when the region was at the center of a vast empire that stretched over most of Southeast Asia. Under the Khmers, who were Hindus, a magnificent temple complex was constructed at Angkor. Buddhism was introduced in the 12th century during the rule of Jayavaram VII. However, the kingdom, then known as Kambuja, fell into decline... ...playboy† attitude of Sihanouk. Secondly, I believe that the change in Presidency between Johnson and Nixon and the change in values that came with it lead to decisions to violate a neutral state. Lastly, I believe that Sihanouk’s attempt to always play both sides caught up to him and the people of Cambodia were the one’s to pay. Although Sihanouk has been a leader to the Cambodian people, closer observation reveals an underlying theme of protecting himself and his family. Works Cited Chandler, David P. History of Cambodia. Boulder: Westview P, 2000. Igout, Michael. Phenom Penh Then and Now. First ed. Thailand: White Lotus, 1993. Osbourne, Milton. Sihanouk: Prince of Light, Price of Darkness. Honolulu: University of Hawaii P, 1994. Shawcross, William. Sideshow: Kissinger, Nixon and the Destruction of Cambodia. Revised ed. Cooper Square P, 2002.

Functions of Reserve Bank of India Essay

1. Information. Fights against economic crisis and ensures economic and price stability in the country 2. Promotional Functions 3. Promotional of banking habit and expansion of banking systems. Provides refinance for export promotion. Expansion of facilities for the provision of agricultural credit through NABARD 4. Extension of facilities for the Small Scale Industries. 5. Helping the co-operative sector. 6. Prescription of minimum statutory requirements. Innovations in banking business. A. Traditional Functions The RBI functions on the traditional lines regarding the following activities. 1. Monopoly of Note Issue In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon â€Å"Proportional Reserve System†. When it became difficult to maintain the reserve proportionately, it was replaced by â€Å"Minimum Reserve System â€Å". According to the RBI Amendment Act of 1957, the bank should now maintain a minimum reserve of Rs.200 crore worth of gold coins, gold bullion and foreign securities of which the value of gold coin and bullion should be not less than Rs.115 crore. RBI manages circulation of money through currency chests. Originally RBI issued currency notes of Rs.2 and above. However, due to higher cost of printing small denomination notes these denominations are now coincides and issued by Government. Currency Chests Currency Chests are receptacles in which stocks of issuable and new notes are stored along with rupee coins. Currency Chests are repositories run by RBI, SBI, subsidiaries of SBI, public sector banks, Government Treasuries and Sub treasuries. Currency Chests help in expansion and contraction of currency in the country. The advantages for a bank having currency chest are: (i) The bank can draw funds whenever it is required for its use and deposit funds when found surplus. (ii) Exchange old and mutilated notes for new notes and coins (iii) Enjoy remittance facilities (iv) Cash remitted to currency chests by banks can be taken into account for maintenance of CRR. The currency chests maintained by public sector and few private sector banks are the property of RBI. The value of currency held in the chest belongs to RBI. There are as many as 4150 currency chests with banks in India. 2. Banker to the Government The RBI acts as banker to the Government under Section 20 of RBI Act. Section 21 provides that Government should entrust its money remittance, exchange and banking transactions in India to RBI. Under Section 21A RBI has to conduct similar transactions for State Governments also. RBI earns no income by conducting those functions but earns commissions for managing the government’s public debt. Where RBI has no branch, SBI or its subsidiaries are appointed as agents and sub-agents under Section 45 of the RBI Act. Agency Banks receive commission on all transactions conducted on turnover basis. The RBI extends ‘ ways and means ‘ advances to Central and State Governments. Ways and Means Advances: â€Å"Ways and Means Advances† (WMA) is not a commercial bank credit. It is a system under which the RBI provides credit to Central and State Governments for meeting temporary shortfall in government revenues as compared to the monthly expenditures. In other words, this facility is provided to meet temporary mismatches between revenue collections and revenue expenditures of governments. The maximum volume and period of such advances are governed by agreements between RBI and the concerned government. To the State Governments, this facility is extended under three categories known as 1. Normal WMA 2. Special WMA and 3. as an overdraft facility. It also acts as adviser to Government on economic and financial matters. In brief, as a banker to the Government the RBI renders the following functions: (a) Collects taxes and makes payments on behalf of the Government (b) Accepts deposits from the Government (c) Collects cheques and drafts deposited in the Government accounts. (d) Provides short-term loans to the Government (e) Provides foreign exchange resources to the Government. (f) Keep the accounts of various Government Department. (g) Maintains currency chests in treasuries at some importance places for the convenience of the government. (h) Advises governments on their borrowing programmes. (i) Maintains and operates Central Government’s IMF accounts. 3. Agent and Adviser of the Government The RBI acts, as the financial agent and adviser to the Government. It renders the following functions: (a) As an agent to the Government, it accepts loans and manages public debts on behalf of the Government. (b) It issues Government bonds, treasury bills, etc. (c) Acts as the financial adviser to the Government in all important economic and financial matters. 4. Banker to the BanksThe RBI acts as banker to all scheduled banks. Commercial banks including foreign banks, co-operative banks and RRBs are eligible to be included in the second schedule of RBI Act subject to fulfilling conditions laid down under Section 42 (6) of RBI Act. RBI has powers to delete a bank from the second schedule if the bank concerned fails to fulfill the laid down conditions such as erosion in paid up capital below the prescribed limits and the banks’ activities became detrimental to the interest of depositors, etc. All banks in India, should keep certain percentage of their demand and time liabilities as reserves with the RBI. This is known as Cash Reserve Ratio or CRR. At end November 1999, it is 3 per cent for RRBs and co-operative banks; 9 per cent for commercial banks. They also maintain Current Account with RBI for various banking transactions. This centralization of reserves and accounts enables the RBI to achieve the following: (a) Regulation of money supply credit. (b) Acts as custodian of cash reserves of commercial banks. (c) Strengthen the banking system of the country (d) Exercises effective control over banks in Liquidity Management. (e) Ensures timely financial assistance to the Banks in difficulties. (f) Gives directions to the Banks in their lending policies in the public interest. (g) Ensures elasticity in the credit structure of the country. (h) Quick transfer of funds between member banks. 5. Acts as National Clearing House In India RBI acts as the clearing house for settlement of banking transactions. This function of clearing house enables the other banks to settle their interbank claims easily. Further it facilitates the settlement economically. Where the RBI has no offices of its own, the function of clearing house is carried out in the premises of the State Bank of India. The entire clearing house operations carried on by RBI are computerized. The inter-bank cheque clearing settlement is done twice a day. There is a separate route for clearing high value cheques of Rs.1.00 lakh and above. Cheques drawn on banks in metropolitan cities are cleared on the same day. The RBI carries out this function through a cell known as National Clearing Cell. In 1998, there were in all 860 clearing houses in operation of which 14 were run by RBI, 578 by SBI and others by public sector banks. The RBI acts as a lender of last resort or emergency fund provider to the other member banks. As such, if the commercial banks are not able to get financial assistance from any other sources, then as a last resort, they can approach the RBI for the necessary financial assistance. In such situations, the RBI provides credit facilities to the commercial banks on eligible securities including genuine trade bills which are usually made available at Bank Rate. RBI rediscounts bills under Section 17 (2) and 17 (3) and grants advances against securities under Section 17 (4) of RBI Act. However, many of these transactions are practically carried out through separate agencies like DHFI, Securities Trading Corporation of India, primary dealers. The RBI now mainly provides refinance facilities as direct assistance. Rediscounting of bills fall under the following categories: (i) Commercial Bill: A bill arising out of bonfire commercial or trade transaction drawn and payable in India and mature within 90 days from the date of purchase or discount is eligible for rediscount. (ii) Bills for Financing Agricultural Operations: A bill issued for purpose of financing seasonal agricultural operations or the marketing of crops and maturing within 15 months from the date of purchase or rediscount. (iii) Bills for Financing Cottage and Small Scale Industries: Bills drawn or issued for the purpose of financing the production and marketing of products of cottage and small industries approved by RBI and mature within 12 months from the date of discount. Refinance under agricultural and small scale industries activities are now provided by NABARD by obtaining financial assistance from RBI. Bill for holding or trading in Government securities: Such a bill should mature within 90 days from the date of purchase or rediscounting and be drawn and payable in India, (iv) Foreign bills: Bonfire bill arising out of export of goods from India and which mature within 180 days from the date of shipment of goods are eligible. As lender of last resort the RBI facilitates the following: (a) Provides financial assistance to commercial banks at the time of financial needs. (b) It helps the commercial banks in maintaining liquidity of their financial resources. (c) Enables the commercial banks to carry out their activities with minimum cash reserves. (d) As a lender of last resort, the RBI can exercise full control over the commercial banks. 7. Acts as the Controller of Credit The RBI controls the credit creation by commercial banks. For this, the RBI uses both quantitative and qualitative methods. The important methods used by RBI are, (i) Bank Rate Policy (ii) Open Market Operation (iii) Variation of Cash Reserve Ratio (iv) Fixing Margin Requirements (v) Moral Suasion (vi) Issue of Directives (vii) Direct Action By controlling credit, the RBI achieves the following: (a) Maintains the desired level of circulation of money in the economy. (b) Maintains the stability in the price level prevailing in the economy. (c) Controls the effects of trade cycles (d) Controls the fluctuations in the foreign exchange rate (e) Channelize credit to the productive sectors of the economy 8. Custodian of Foreign Exchange Reserves The RBI acts as the custodian of foreign exchange reserves. Adequate reserves may help maintain foreign exchange rates. In order to minimize the undue fluctuations in the rates it may buy and sell foreign currencies depending upon the situations. Its purchase and sale of foreign currencies from the market is done like commercial banks. However, the objective of the RBI will not be profit booking. It may buy the foreign currency to build up adequate reserves or to arrest unwarranted rise in the value of rupee which may be due to sudden inflow of foreign currencies into India. It may also buy and sell foreign currencies in international market to switch the portfolio of investments denominated in different international currencies depending upon circumstances and needs. The value of India’s Foreign Exchange reserves held by RBI as on June 1998 amounted to Rs.115001 crore. This amount comprises of gold Rs.12826 crore, foreign currency assets and value of IMF currency, viz., SDR (Special Drawing Rights). These reserves are increased to Rs. 1, 38,005 crore in March 1999. The value of foreign currency assets of RBI, which form the largest portion in India’s Foreign Currency reserves, is subject to changes even on daily basis depending upon ruling exchange rates, inflow and outflow of currencies, intervention policy of the RBI, etc. 9. Exchange Control When a country faces Balance of Payment of problems usually when its foreign exchange payments exceed foreign exchange receipts it controls the whole gamut of fore (foreign exchange) transactions and regulates payment system for its advantage. Ever since the beginning of Second World War in 1939 India faced shortage of forex for its development and growth. A Foreign Exchange Regulation Act was originally put in operation from March 1947 and later a new act known as Foreign Exchange Regulation Act (FERA) 1973 was introduced from 1st January 1974. Under this Act, RBI is empowered to regulate foreign exchange outgo and inflow, for example, we cannot buy everything we need from abroad and pay for it in forex. Trade side imports, i.e., merchandise imports are regulated by Director General Foreign Trade in the Ministry of Commerce. Payment for invisible transactions like tourism, foreign visit, dividend/interest payment, etc. is regulated by RBI. Similarly, all forex received or earned by residents in India, like exporters and relatives of NRIs [Non-resident Indian] should be surrendered to banks having license from RBI to deal in forex. However, since 1992, the receivers of forex are permitted to retain certain part of this forex in a separate foreign currency account if they so desire. Such account is known as Exchange Earners’ Foreign Currency Account or EEFC Account. Further, since 1994 many controls exercised by RBI on forex payments were relaxed. These days the RBI regulates forex transactions only to a minimum level and soon the Act, FERA may be replaced by a new Foreign Exchange Management Act. While the purchase and sale of forex, maintenance of foreign exchange reserves/gold, are handled in the Department of External Investment and operations the control and regulations of various other forex transactions are handled in the Exchange Control Department of Reserve Bank of India. The RBI by its operation of credit control and price stability maintains the internal value of domestic currency and ensures its stability External Value of Rupee In terms of preamble to RBI Act, the Bank is also required to maintain external, value of the Rupee. It, however, depends upon many factors like inflation levels, interest rates Balance of payments situation, etc., ruling in different countries on which RBI does not have control. Earlier, till 1993 the RBI uses to prescribe the Exchange Rate of Rupee. The external value of rupee is now determined by market forces. RBI by virtue of its position as the Central Bank of the country and custodian of large forex reserves can influence the level of External Value in the short run. Publishes the Economic Statistics and Other Information The RBI collects statistics on economic and financial matters. It publishes periodically an analytical account of the operations of joint stock and co-operative banks. It presents the genuine financial position of the government and companies. The publications like the report on currency and finance, the report on the trend and progress of banking in India, the review of co-operative movement present a critical account and a balanced review of banking developments commercial, economic and financial conditions of the country. Fights against Economic Crisis The RBI aims at economic stability in the country whenever, there is a danger to the economic stability, it takes immediate measures to put the economy on proper course by effective policy changes and implementation thereof. Promotional Functions These are non-monetary functions. They include the following: 1. Promotion of Banking Habits The RBI institutionalizes saving through the promotion of banking habit and expansion of the banking system territorially and functionally. Accordingly RBI has set up Deposit Insurance Corporation in 1962, Unit Trust of India in 1964, the IDBI in 1964, the Agricultural Refinance Corporation in 1963, Industrial Reconstruction Corporation of India in 1972, NABARD in 1982 and the National Housing Bank in 1988, etc. It has helped to bring into existence several industrial finance corporations such as Industrial Finance Corporation of India, Industrial Credit and Investment Corporation of India for industrialization of the country. Similarly sector specific corporations took care of development in their respective spheres of activity. 2. Provides Refinance for Export Promotion The RBI takes the initiative for widening facilities for the provision of finance for foreign trade particularly of exports. The Export Credit and Guarantee Corporation (ECGC) and Exam Banks render useful functions on this line. To encourage exports the RBI is providing refinance facilities for export credit given by commercial banks. Further the rate of interest on export credits continues to be prescribed by RBI at a lower rate. The ECGC provides an insurance cover on Export receivables. EXIM Bank extends long term finance to project exporters and foreign currency credit for promotion of Indian exports. Students should know that many of these institutions were part of Reserve Bank earlier although they are currently functioning as separate financial institutions. 3. Facilities for Agriculture The RBI extends indirect financial facilities to agriculture regularly. Through NABARD it provides short-term and long-term financial facilities to agriculture and allied activities. It established NABARD for the overall administration of agricultural and rural credit. Indian agriculture would have starved of a cheap credit but for the institutionalization of rural credit by RBI. The Reserve Bank was extending financial assistance to the rural sector mainly through contributions to the National Rural Credit Funds being operated by NABARD. RBI presently makes only a symbolic contribution of Rs.1.00 crore. It, however, extends cheap indirect financial assistance to the agricultural sector by providing large sums of money through General Line of Credit to NABARD. The loans and advances extended to NABARD by RBI and outstanding as on June 1999 amounted to Rs.5073 crore. 4. Facilities to Small Scale Industries The RBI takes active steps to increase the supply of credit to small industries. It gives directives to the commercial banks regarding the extension of credit facilities to small scale industries. It encourages commercial banks to provide guarantee services to SSI sector. Banks advances to SSI sector are classified under priority sector advances. SSI sector contributes to a very great extent to employment opportunities and for Indian Exports. Keeping this in view, RBI has directed commercial banks to open specialized SSI bank branches to provide adequate financial and technical assistance to SSI branches. There are around 30 lakh SSI units operating in India. Meeting their financial needs is one of the prime concerns of RBI. 5. Helps Co-operative Sector RBI extends indirect financing to State Co-operative Banks thereby connects the cooperative sector with the main banking system of the country. The finance is mostly, is routed through NABARD. This way the financial needs of agricultural sector are taken care of by RBI. 6. Prescription of Minimum Statutory Requirements for Banks The RBI prescribes the minimum statutory requirements such as, paid up capital, reserves, cash reserves, liquid assets, etc. RBI prescribes reserves requirements both under Banking Regulation Act and RBI Act to ensure different objectives. For example, SLR prescription is done to ensure liquidity position of the bank. CRR prescription is done to have effective monetary control and money supply. Statutory Reserves Appropriation is done to ensure sound banking system, etc. It also asks banks to set aside provisions against possible bad loans. With these functions, it exercises control over the monetary and banking systems of the country to ensure growth, price stability and sound banking practices. C. Supervisory Functions The Reserve Bank of India performs the following supervisory functions. By these functions it controls and administers the entire financial and banking systems of the country. 1. Granting License to Banks The RBI grants license to the banks, which like to commence their business in India. Licenses are also required to open new branches or closure of branches. With this power RBI can ensure avoidance of unnecessary competitions among banks in particular location evenly growth of banks in different regions, adequate banking facility to various regions, etc. This power also helps RBI to weed out undesirable people from starting banking business. 2. Function of Inspection and Enquiry RBI inspects and makes enquiry in respect of various matters covered under Banking Regulations Act and RBI Act. The inspection of commercial banks and financial institutions are conducted in terms of the provisions contained in Banking Regulation Act. These refer to their banking operations like loans and advances, deposits, investment functions and other banking services. Under such inspection RBI ensures that the banks and financial institutions carry on their operations in a prudential manner, without taking undue risk but aiming at profit maximization within the existing rules and regulations. This type of inspection is carried on periodically once a year or two covering all branches of banks. Banks are obliged to take remedial measures on the lapses / deficiencies pointed out during inspection. In addition RBI also calls for periodical information concerning certain assets and liabilities of the banks to verify that the banks continue to remain in good health. This type of inspection / verification is known as off- site inspection. The RBI team visiting bank offices to conduct verification of books and records is known as on- site inspection. RBI inspects banks under RBI Act only when there is a threat to close down a bank for mismanagement and there is a need to verify the fulfillment of conditions for the status of ‘scheduled bank’. RBI presently conducts inspection of commercial banks, Development Financial Institutions like IDBI, NABARD, etc. Urban Co- operative Banks and non banking financial companies like Lease Financing Companies, Loan Companies. 3. Implementing the Deposit Insurance Scheme RBI Implements the Deposit Insurance Scheme for the benefit of bank depositors. This supervisory function has improved the standard of banking in India due to this confidence building exercise. Under this system, deposits up to Rs.1.00 lakh with the bank branch are guaranteed for payment. Deposits with the banking system alone are covered under the scheme. For this purpose banking system include accounts maintained with commercial banks, co- operative banks and RRBs. Fixed Deposits with other financial institutions like ICICI, IDBI, etc. and those with financial companies are not covered under the scheme. ICICI is since merged with ICICI Bank Ltd. and IDBI is getting converted into a bank. 4. Periodical Review of the Working of the Commercial Banks The RBI periodically reviews the work done by commercial banks. It takes suitable steps to enhance the efficiency of the banks and make various policy changes and implement programmes for the well-being of the nation and for improving the banking system as a whole. 5. Controls the Non-Banking Financial Corporations RBI issues necessary directions to the Non-Banking financial corporations and conducts inspections through which it exercises control over such institutions. Deposit taking NBFCs require permission from RBI for their operations.