Sunday, May 24, 2020

The Changing Roles of the Reader and Writer in the...

The Changing Roles of the Reader and Writer in the Literature The continuing emergence of innovative writing technologies allows people to express themselves and communicate in countless different ways from years past. With these new technologies comes a change in many of our learning and social traditions. The most important change is the metamorphosis taking place in the online literary world. The line between author and reader has become blurred as more and more technology-driven literature, like hypertext fiction, has become interactive. The whole idea of authorship has changed, which in turn affects the role of the reader. In Writing Space, Jay Bolter further explores the changing roles of the†¦show more content†¦With the new reader/writer roles also comes a change in the idea of what literature actually represents. Bolters states that literature is traditionally viewed as merely a reflection of the author’s world. The new participatory role of the reader therefore changes what the reading represents because the written work becomes its own independent world, constantly moving and changing depending on what path the reader wants to take (Bolter 169). The new technological advancements in literature and writing outlets open limitless possibilities for authors to explore the multi-linear story. However, even though the reader role has become more participatory, some say their role still has limits. Bolter believes that the reader is free to move in the writing space as far as the author lets them (Bolter 68). Author Janet Murray agrees. She views authorship as procedural. This means the author creates the narrative possibilities for the reader to choose from (Murray 152). The reader is limited in that he or she can only â€Å"read† as far as the author decides to write. Even though there may be countless hyperlinks within the hypertexts, all of the words were written by the author. Murray explains this by comparing the author to a choreographer who supplies the set of steps to beShow MoreRelatedLiterature for Children in the 19th Century909 Words   |  4 PagesLiterature for children in the 19th centur y Since the view of childhood changes in the nineteenth century, the potential of children’s literature becomes evident. With the reference to the sources of children’s literature, they can be traced back to alterations in translation and in the literature for adults, where a child or childhood are essential concepts; moreover folk literature is concerned to be a wide source for this literary genre. According to Peter Hunt Children before theRead MoreThe Era Of Modernism : What People Do People Perceive Through Their Perceptions?945 Words   |  4 PagesJust as importantly as reading modern literature, the writing in such an art shows that reality is what people perceive through their perceptions. 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Chinese literature, to many westerners, has not been easily accessible as it had remained hidden in the higher strata of the society â€Å"shi da fu (Ã¥ £ «Ã¥ ¤ §Ã¥ ¤ «)† in Chinese cultureRead More Modernism Essay801 Words   |  4 Pages â€Å"An inclination to subjective distortion to point up the evanescence of the social world of the nineteenth century bourgeoisie.† -Barth, â€Å"Literature of Replenishment† ( Modernism was rebellion against not only the repressive principles of the Victorian era but also the emergence of the fast-changing, materialistic corporate society. The period preceding modernism held up Victorian virtues, which accepted the worldview of everything being orderedRead MoreAnalysis Of Walt Whitman s What Came First The Chicken Or The Egg? 1739 Words   |  7 Pagesfulfilled his expectations after some hesitation from Emerson. Both authors paved the way for countless other writers and played a huge role in American culture and literature. 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Wednesday, May 13, 2020

India Cements Ltd - An internal environment analysis - Free Essay Example

Sample details Pages: 6 Words: 1946 Downloads: 3 Date added: 2017/06/26 Category Marketing Essay Type Analytical essay Did you like this example? INDIA CEMENTS LIMITED- AN INTERNAL ENVIRONMENT ANALYSIS EXECUTIVE SUMMARY This report analyses how successfully India Cements has been able to leverage its internal environment in order to maintain its No. 1 position in South India. India Cements enjoys a good fraction of the market share of the Indian cement industry. Don’t waste time! Our writers will create an original "India Cements Ltd An internal environment analysis" essay for you Create order The report begins with a brief introduction of the company and its product offerings. It then briefly describes various forces in the internal environment such as Vision and Mission, Value System, Management Structure and Nature, Human Resource, Brand Equity and finally the Performance of the Enterprise. Using financial ratios, the performance of the enterprise has been analysed in the backdrop of the cement industry. The company has been able to perform well despite being in the news lately for the wrong reasons. Although it suffered some shocks which reflected in its stock prices, the company has still been able to perform decently. The vision and mission and the value system of the company are well in sync with each other thus complementing all the activities the company takes up be it the various CSR projects or ownership of the IPL franchisee Chennai Super Kings. The Shareholding pattern of the company shows a strong holding by foreign investors which indicates that there is good confidence in the market for the company. Its HR practices ensure all employees work towards achieving a common goal of creating sustainable value for the company which is in concurrence with the vision of the company. TABLE OF CONTENTS Serial No. Heading Page No. 1 Introduction 4 About India Cements 4 Product Offerings 4 2 Internal Environment 5 Vision and Mission 5 Value System and CSR 5 3 Management Structure and Nature 6 Board of Directors Composition 6 Shareholding Pattern 7 4 Human Resources 7 Recruitment 8 Performance management 8 5 Brand Equity and Image 8 6 Performance of the Enterprise 9 Liquidity Ratios 9 Turnover Ratios 9 7 References 10 LIST OF ILLUSTRATIONS Serial No. Illustration Page No. 1 Board of Directors, Composition 6 2 Shareholding Pattern 7 3 India Cements, Key Financial Ratios 9 4 Indian Cement Industry Aggregate Financial Ratios 10 INTRODUCTION About India Cements India Cements Limited, founded by S. N. N. Sankaralinga Iyer in 1946, is the 3rd largest cement manufacturing company in India. It is currently headed by N. Srinivasan, Vice chairman and managing director. Mahendra Singh Dhoni, the ODI Captain of the Indian Cricket team was appointed as the Vice President of India Cements in 2013. ICL has close to 7 cement manufacturing plants in Southern India catering to South Indian and Maharashtrian markets. The capacity of these plants is around 9 million tons per annum. ICL markets its products under the brands Sankar Cement, Coramandel CementandRaasi Gold. Product Offerings The 53 grade cements offered by the company find application in RCC works; concrete roads; runways; multi storied buildings and bridges. The company also offers blended cements for marine structure and plastering finishing works. It also offers sulphate resisting port land cement under the Sankar SRC for underground structures and basements, foundations and piles; sewage and water treatment plants; fertilizers, chemicals and sugar factories; petrochemical projects and food processing industries and coastal area construction works. Its offerings also include ready mix concrete for large, medium and small construction projects, such as dams, bridges, dams and industrial structures. India Cements Ltd. also ownsIndian Premier LeaguesChennaifranchise,Chennai Super Kings. The idea behind owning an IPL team was promoting their brand, and to providing the company with a corporate image of its own. Currently, its market capitalisation stands at Rs.3,432 crore. It has also reported a standalone sales of Rs. 1,131 crore. Net Profit for the quarter ended Sep 2014 were Rs 7.5 crore. INTERNAL ENVIRONMENT VISION AND MISSION Vision à ¢Ã¢â€š ¬Ã…“To create value on a sustained basis for all stakeholders of India Cements through lofty standards of transparency, accountability and responsibility, innova tion and leadership in cement manufacture.à ¢Ã¢â€š ¬Ã‚  The Vision of India Cements Ltd. shows that the company seeks to create value sustainably for its stakeholders and also be accountable and transparent in their conduct. Mission à ¢Ã¢â€š ¬Ã…“India Cements will strive to remain a leader in the manufacture of cement and establish itself as a preferred supplier of products and services to its clients and enhance the brand value for all stakeholders. As the organisation grows, as a responsible corporate citizen, India Cements shall be sensitive to the welfare and development needs of the society around it.à ¢Ã¢â€š ¬Ã‚  The Mission of the company is in line with its vision of creating value for all stakeholders but it also lays emphasis on being responsive to the needs of the society. This can been seen as one of the highly practised value in the company which has given rise to a lot of CSR projects. VALUE SYSTEM AND CSRs The underlying value that has been a part of India Cements since its inception is that of giving back to the society. It is involved in various community developing initiatives such as ENLIVE under which various skill training programmes are organised for youth and women of target villages and VANI-Value Addition and Necessary Improvement in schools under which various educational institutes are run by the company in collaboration with the government. Apart from these, initiatives like using alternative fuels and reduction of power consumption to protect the environment from damage are also a part of India Cementsà ¢Ã¢â€š ¬Ã¢â€ž ¢ value system. Thus the company believes in going beyond cement manufacturing and orienting its activities in a sustainable and environment community friendly way. MANAGEMENT STRUCTURE AND NATURE Board of Directors Composition The Vice Chairman M.D. Mr. N Srinivasan is the former President of BCCI and the newly elected ICC Chairman. He is also the owner of the IPL fran chisee Chennai Super Kings. He is being investigated in various scams, one of them being betting on IPL cricket matches, where his son-in-law Gurunath Meiyappan has been accused for passing inside information to bookies and has been jailed. Mr. Srinivasan was ordered to resign from the BCCI by the Supreme Court of India due to his ongoing investigations in the betting scam. Immediately after this hearing, the share price of India Cements dropped by 9%. Although financially CSK does not contribute more than 4% to India Cementsà ¢Ã¢â€š ¬Ã¢â€ž ¢ revenue, termination of CSK will definitely impact the company negatively. Chitra Srinivasan and Rupa Gurunath, the Directors of India Cements are N Srinivasanà ¢Ã¢â€š ¬Ã¢â€ž ¢s wife and daughter respectively. Mr. Srinivasan is also an accused in the Jagan Mohan Reddy scam. It was alleged that India Cements invested Rs.140 crore into Jagan Reddyà ¢Ã¢â€š ¬Ã¢â€ž ¢s businesses in return for the benefits it received from Y.S. Rajasekhara Redd yà ¢Ã¢â€š ¬Ã¢â€ž ¢s government who is the father of Jagan Mohan Reddy. Shareholding Pattern As can be seen from the above table, about one-third of the total shares of the company are owned by foreign institutions. This portrays a very positive picture of the company as it shows FII confidence in the company is high. The Directors hold only about 5,500 shares out of the total shares of the company which is a very small number. The Promoters stake is around 28% which can be taken as a positive indicator for the company. It shows that the promoters believe in the company. Holding by mutual funds normally indicates how favoured a stock is. In the case of India Cements Ltd, about 5% of stocks are held by mutual funds and NBFCs. HUMAN RESOURCE India Cementsà ¢Ã¢â€š ¬Ã¢â€ž ¢ Human Resource philosophy revolves around the concept of making a good organization through good people. Known for its solid focus management, leadership qualities enhancement, team building and enco uragement of workforce to grow along with the organization, it has built a reputed code of conduct with special focus on ethics and corporate governance. It also focusses on training and development in order to ensure its workforce is well-equipped to face any kind of challenges in a competitive environment. It also believes in continuous up gradation of its employeesà ¢Ã¢â€š ¬Ã¢â€ž ¢ skills and knowledge. The team of 3200 employees includes engineers, chartered accountants, cost accountants, MBAs, CSs, IT specialists and HR professionals. Recruitment Recruitment in India Cements is a fair and transparent process which involves adequate opportunities to seek good candidates from outside as well as internally. Tests of competence are incorporated at every step to make the recruitment process an objective one. A committee of recruitment handles this entire process of recruitment from applications screening to shortlisting to interviews to final selection. Performance m anagement The companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance management system or PMS provides great opportunities and incentives to employees to ensure retention of good talent in the company and to also ensure they are rightfully rewarded. These include incentives linked to performance, awards for good work, letter of appreciation, promotions, nomination to training programmes both within India and abroad, public appreciation and felicitation. BRAND EQUITY AND IMAGE Owing to various scams in which the MD of India Cements has been involved, the brand image of India Cements has suffered in the recent years. It is the largest cement manufacturing company in South India. The IPL franchisee owned by India Cements, Chennai Super Kings won two IPLs back to back adding to the brand image of the company. However conviction of Gurunath Meiyappan, the son-in law of N Srinivasan in the IPL betting scam of 2013 has brought India Cements into negative light. India Cements had announced in Sept ember 2014, a demerger of CSK into a wholly-owned subsidiary. Mr. Srinivasan wishes to nurture Chennai Super Kings into a billion dollar entity. However Chennai Super Kings might be terminated according to IPL rules. All these factors have affected the image of the company which had appointed MS Dhoni as the Vice President of the company to increase its brand equity. PERFORMANCE OF THE ENTERPRISE The Indian cement industry has an oligopolistic structure. ACC is the market leader and the 5 major players of the industry namely ACC, Grasim, Ultratech, Gujarat Ambuja India Cements together enjoy 65% market share. An analysis of the financial performance of the company can be done using financial ratios for the company and comparing them with industryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial ratios. As can be seen from the tables below, the debt to equity ratio for the financial year 2013-14 for India Cements was 0.87 as compared to the industry aggregate of 1.02 which indicates India Ceme nts finances its operations lesser by debt than industry. Thus, it has lesser burden of interest payment compared to the trend in the industry. Liquidity Ratios: The current ratio for India Cements has been close to 0.5 since the last three years as against the industryà ¢Ã¢â€š ¬Ã¢â€ž ¢s 1.75. This is because India Cements finances its activities through its assets which reduces interest payment burden. Turnover Ratios: Inventory turnover ratio for India Cements has been pretty high since the last seven years. This shows the company manages its resources well and has had good sales. In contrast, the industry inventory turnover has been lower than Indian Cements. Debtor turnover ratio indicates India Cements has a faster collection period than the industry which indicates a strong liquidity position. Interest Coverage Ratio of India Cements suggests India Cements has been able to meet its interest obligations quite well. Industry trend suggests Interest coverage ratio has been above 2 and the enterprise has been able to maintain its interest payment in line with the industry. Profit before interest and taxes margin (PBIT) has been lower for the enterprise as compared to the industry in 2013-14. This is because of the negative publicity the company received in the IPL betting scam wherein the Chairman Mr. N Srinivasanà ¢Ã¢â€š ¬Ã¢â€ž ¢s son-in-law Gurunath Meiyappan was convicted. Despite various negative publicity that the company has received, it has been able to perform quite well in comparison to the industry. India Cements commands a good market share in the industry and is the largest cement manufacturer in South India. Table 1: India Cements-Financial Ratios Table 2: Indian Cement Industry- Financial Ratios 1 | Page

Wednesday, May 6, 2020

A World Lit Only by Fire the Medieval Mind and the Renaissance Free Essays

In the first section of William Manchester’s A World Lit Only By Fire, we are taken into a world that is vastly different from our own, and we see a kind of attitude which is rarely seen today. Manchester stresses the fact that the peasants in the Dark Ages had no knowledge of what was happening in the rest of the world. In our age of twenty-four-hour news networks and instantaneous access to information from across the globe through the internet, it is hard to fathom that if we were still living in the Dark Ages most of us would be completely oblivious to the activities of the rest of the world outside of our small village. We will write a custom essay sample on A World Lit Only by Fire: the Medieval Mind and the Renaissance or any similar topic only for you Order Now Manchester also points out that the common people in the Dark Ages had no conception of time. Most would not have known what century it was, let alone the specific date. For most peasants, time passed in a cycle of seasons, and they only needed to know the days of the week in order to know when it was the Sabbath. This is in stark contrast to the life of a modern man. We can know time down to the second. And we need to know time with greater precision. While the peasants of the Dark Ages needed only to recognize the passing of the seasons and when the Sabbath was, modern man often needs to know the time of day precisely. We are constantly on a schedule. School and work starts at a certain time, and we must be there on time. Another fascinating difference which Manchester points out is the fact that most of the peasants did not have surnames and were either referred to by their first name alone, or by a nickname. I found this very strange. Manchester does a good job of showing the differences between the modern mind and the medieval mind. Being aware of these differences allows the reader to appreciate the huge impact that the Renaissance had on Europe. Now in the next section of A World Lit Only by Fire, entitled â€Å"The Shattering,† Manchester shows us several events that â€Å"shattered† beliefs during the Renaissance. Most of these had something to do with the Church at the time because religion was one of the most important parts of Medieval and Renaissance life. The first event that shattered beliefs and changed life did not immediately cause a revolution but had a long-lasting impact on the future of Christianity. That event was the dissemination of the works of Erasmus. With his constant criticism of the Church and his calls for papal reform, he proved that one could criticize the church without being a radical revolutionary, for Erasmus was a devout Catholic. Before Erasmus, few had dared to criticize the Roman Church and those who did were not taken seriously. However, with his satires, Erasmus appealed to all classes of people and gave the people the encouragement to call for reform and criticize the Church. This may have influenced Martin Luther, even though he disliked Erasmus’ work, to nail his 95 Theses to the Castle Church door at Wittenberg. The fact that Erasmus was widely popular also contributed to the change in the thinking that anyone who criticized the church would be damned to hell. Even though Erasmus didn’t do anything as revolutionary as Martin Luther, his brilliant satires were able to change the mindset of Europeans and may have enabled, against his own wishes, the Protestant Reformation. The next event discussed by Manchester is the Reformation itself. Sparked by Martin Luther’s outrage at the sale of indulgences, this is the event that split Christianity in half. Those loyal to the existing Christian Church headed by the Pope became known as Roman Catholics, and those who were not loyal to that Church formed different Protestant Churches. Before the Reformation there was one authoritative representative of the word of God; i. e. , the Pope. Most Christian literature was in Latin, but since Latin was essentially a dead language, most people could not read or understand it, and this helped the Church maintain control of Christians of the age. Within this system, freedom of religious thought was extremely limited. Saying anything that contradicted the pope could get you labeled as a heretic and sentenced to jail, or even death. After the Reformation, several different Churches formed and as they formed, they warred with each other. The pope was no longer the supreme head of Christianity as he had been before the Reformation. Bibles where published in living languages. All kinds of opinions were published in pamphlets. One undesirable consequence of the Reformation was the different sects fighting with each other. Each different sect believed it represented the one true religion. Fighting between sects became common. Fighting between Catholics and Protestants was rife. Protestants burned Roman Catholic churches, smashing mosaics and statues, and even killing innocent women and clergy. The Roman Church started its notorious Inquisition, which was especially violent in Spain. Before the Reformation there was only one Christian Church so religious violence in Europe was rare, but after the Reformation religious violence and persecution became commonplace. The Reformation was a major turning point in the history of Christianity. Without it, America today would be a different country, since many settlers in early America came to escape religious persecution. Manchester’s section on the Reformation is therefore perhaps the most important section in the book. In the last section of A World Lit Only by Fire, entitled â€Å"One Man Alone,† Manchester writes about Ferdinand Magellan and his circumnavigation of the globe. In this section, Manchester takes time to go into extremely fine detail about Magellan’s voyage in order to explain what type of man Magellan was, and, more importantly, to show how big the odds were against his actually finishing his voyage. Manchester seems to idolize Magellan, in part because Magellan wasn’t seeking fame or wealth, but instead simply had a dream and was determined to make it a reality, something that I think most people can respect. How to cite A World Lit Only by Fire: the Medieval Mind and the Renaissance, Essay examples

Sunday, May 3, 2020

Governmental Structures Essay Example For Students

Governmental Structures Essay As I began to create my ideal world, I realized thatwhat I wanted was a mix of three differentgovernments/cultures. I wanted (and still do) agovernment truly of and for the people. I also wanteda government that was minimalist, one that made surethere was some kind of order and peace, but one thatwas well, personal, while not interfering too muchwith the rights of its citizens. Additionally, Iwanted a government that would allow private industry,small businesses, and limited corporations. Thisgovernment would regulate the economy by being incharge of major industries and the minimum wage. Thisgovernment would even the playing field for everyonewho wanted to play on it. Education would beexcellent, but driven by the wants of the individual. Basically, I wanted a government that did not fit wellinto any of Stewarts categories. Please forgive meif this essay sounds vague at times, because withoutbeing able to mimic typical governments, my nation isdifficult to describe in the way Stewar t describeswhat has been before. My nation is neither DemocraticSocialist, nor Radical Liberal, nor Anarchist (thoughI would have loved to created an Anarchist culture, Iwas afraid to, after all, I am a child of the Reganyears) I suppose youll just have to read along anddiscern what type of government this is by how Idescribe it. In my previous My Way essay, I described a world inwhich a person was taken care of by the government andthemselves throughout their lives. Because ofeffective birth control methods implemented in theyear 2000, the population of the United Statesdecreased slowly, allowing for more change to takeplace because there were basically fewer people to complicate the change in governmentalstructure. From birth until death, a citizen was covered by the national health caresystem. This national system included all hospitalsand doctors under in 2050, a medical umbrella forthe entire nation. As life continued for a citizen of America in 2050,he or she would enter into their local school system,based upon Montessori-style education. Within 12-14years, they would graduate with the experience of asemester abroad and an Associates degree. The schoolsystem isnt based so much upon technological advancesas it is by fundamental changes in the way the schoolsystem teaches children. A graduate, if they ch ooseto, can go on to college, with financial support fromthe government. This financial support is based uponneed and merit. Once citizen graduates, they may go into the publicor private center for a career. The private center ismuch like it is today, in a Radical Liberal nationlike our own. Outside of small business andcorporations, major industry is controlled by thenation. When a citizen passes the age of 60, they receivedSocial Security, but in 2050, Social Security isactually enough to live on. Under Social Securitybenefits include senior centers, nursing homes, aswell as several other programs that helped make goldenyears enjoyable, if not bearable. To create the type of world Id like to live in,everyone would have to accept the following culturaltruths:1. Its not getting there that matters, its beingthere. People in 2050 are more likely to improvetheir situation for themselves and others, regardlessof what they have to go through to achieve what isbest for them. This is different from the dont rock the boat mentality of 1998,where it is better to go though no pain now, and morepain latter. 2. We are the government; we are them, we arethey. With this paradigm in place, citizens feelthat they are an active voice in their government,unlike 1998, where many people feel like they have novoice in government. .u941d829f89b76c922266e5310d1203a3 , .u941d829f89b76c922266e5310d1203a3 .postImageUrl , .u941d829f89b76c922266e5310d1203a3 .centered-text-area { min-height: 80px; position: relative; } .u941d829f89b76c922266e5310d1203a3 , .u941d829f89b76c922266e5310d1203a3:hover , .u941d829f89b76c922266e5310d1203a3:visited , .u941d829f89b76c922266e5310d1203a3:active { border:0!important; } .u941d829f89b76c922266e5310d1203a3 .clearfix:after { content: ""; display: table; clear: both; } .u941d829f89b76c922266e5310d1203a3 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u941d829f89b76c922266e5310d1203a3:active , .u941d829f89b76c922266e5310d1203a3:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u941d829f89b76c922266e5310d1203a3 .centered-text-area { width: 100%; position: relative ; } .u941d829f89b76c922266e5310d1203a3 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u941d829f89b76c922266e5310d1203a3 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u941d829f89b76c922266e5310d1203a3 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(; position: absolute; right: 0; top: 0; } .u941d829f89b76c922266e5310d1203a3:hover .ctaButton { background-color: #34495E!important; } .u941d829f89b76c922266e5310d1203a3 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u941d829f89b76c922266e5310d1203a3 .u941d829f89b76c922266e5310d1203a3-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u941d829f89b76c922266e5310d1203a3:after { content: ""; display: block; clear: both; } READ: Photograph Analysis Essay Example Andy Warhol3. If it wont be good for our grandchildrensfuture, it is not good for us. In this paradigm,citizens would not do anything that would not benefitfuture generations. This would create great amountsof forethought and planning the nation, resulting in abetter future and present situation. In todayssociety, people are more likely to do what isconvenient than what is smartest in the long run. 4. Education and experience is the key to selfactualization. Through this paradigm, and theeducation system that has been implemented in 2050creates citizens who have actualized their potentialand are living fulfilling lives. 5. Everyone is equal. We are brothers and sisters(in Christ). Whether this is taken religiously ornot is not as important, what is important is thateveryone treats each other as equals. This means thatthey arent jealous or competing with one another. People will simply strive to achieve their best. 6. Children are the greatest gifts andresponsibilities to our nation. With the birthcontrol programs that were implemented, children havebecome more than an obligation to the nation. Thischanges the way in which the nation deals withchildrens issues; from just covering the basics ofeducation, health care, and social services, thenation strives to help each generation of childrenachieve the most that they can. 7. the nation strives to help each generation ofchildren achieve the most that they can. The governmental system of my world of 2050 is similarto that of America, 1998, but with a few changes. Thebasic system is Radical Liberal but it lacks a partysystem. American government of 2050 still has checksand balances, as well as univeral suffrage. Though thestructure of the three branches remains basically thesame, the single member districts changed slightly,because of the lack of a party system. The singlemember districts cover larger areas to reduce theamount of candidates in primaries. To qualify as acandidate, a citizen must petition the public, andreceive at least 5,000 signatures. America of 2050 has a mixed economy, part capitalist,part socialist. There is free enterprise within asomewhat managed economy. I liked Bellamys idea of anation who supplies what its people need, so Idecided to create a system in which businesses can becreated by citizens, but one in which the governmentis in control of the major industries. Theseindustries are that of energy, trasportationalservices, water, telephone access, and farming.Eachof these departments would be set up to provide themost efficient, cost-effective, widespread service andquality goods. All of these industries would fallunder the national umbrella, as shown in BellamysLooking Backward. My year 2050 is very similar to that of today, butwith fewer people, and less waste created by thenationalization of the above industries, and differentparadigms, my year 2050 creates a more pleasant nationto live in. With a national health care system inwhich every cost is covered by the nation, eachcitizen lives a healthy life, one in which they arephysically able to achieve his or her goals.As acitizen in 2050, a person has the right to anexcellent education, made possible for everyonebecause of the smaller amounts of students in schools. The paradigms of 2050 create a community in whichpeople see each other as equals and this creates moreharmonious interaction between individuals.Thestructure of nationalized industries produces productsthat are inexpensive and efficient. The new structureof government allows regular people to communicatewith and effect government without selling out to apolitical party. Perhaps my system isnt perfect, but it is the bestpossible idea I can conceive of right now. I justwanted to create a system that would in turn, create acommunity of individuals who really cared about eachother. In each of the systems I looked at, I foundgood and bad points, so I took as many of the goodpoints from all of them to create the best system Icould. So, this is my system; one in which healthy,educated people live together in a community,supported by a system of checks and balances, whichkeep a just and stable governmentWords/ Pages : 1,294 / 24

Friday, March 27, 2020

Introduction of Festival Walk free essay sample

1. 0 A convenient site: Festival Walk is located at 80 Tat Chee Avenue, Kowloon Tong, directly connected to the MTR interchange in Hong Kong (take Exit â€Å"C† at Kowloon Tong MTR station). In additional, the bus station provide terminal service from different district achieve to Festival Walk. Moreover drivers can direct parking at festival walk which provides over 800 spaces, open 24 hours a day, 7 days a week. The car park offer 3 levels and set up the complete security facility for 24-hours monitoring. Located in the centre of Kowloon, Festival Walk offers direct entrance to public and private transport. Located near by the traditional upper class residential area, Festival walk offers an extraordinary upper class level of accessibility. Opposite Festival Walk is the City university and Industrial Technology Centre are next door. Took a walk few minutes, the Baptist University can be achieved. 1. 1 A breathtaking design: As a Hong Kong’s largest ice rink, over 220,000 square feet of office space, Festival Walk introduce the realization of a unique concept and provide an energized environment of innovation, originality and pleasure. We will write a custom essay sample on Introduction of Festival Walk or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Festival Walk brings together some of the world’s most sought-after brand and services. Another great point is that a lot of these brands and services are completely new to Hong Kong, and many others have opened flagship stores here. Dining is also a big draw, with big names in both Oriental and Western fusion. 1. 2 A great food: To seek for quality, recreation, best-value, impulsive, social stage, or it’s a sandwich on the run, an important business lunch, dinner with friends or a romantic meal for two, Festival Walk has just the place for you. Over 27 restaurants actually offer international fusion ensure that every taste and budget catered to – from the old-fashioned and authentic Italian-American cuisine at Amaroni’s Little Italy, to a cappuccino at Starbucks or dim sum at Jasmine. Whatever your mood, Festival Walk is a variety and fashionable venue with a world of exciting culinary affective. Target customers of Simplylife Bakery Cafe 2. 1 Segmentation Refer to the location of Simplylife Bakery Cafe – Festival Walk, where is a big shopping mall provided eating, shopping and playing places. Nearby, there are many offices, the City University, Secondary schools. Moreover, it provided a rage of exciting offers exclusively for the students and staff in university with due date of 31 August 2008, which stated that once the students and staff wearing union or presented the ID card, or the International students, teachers professors presented ID card or U card at the period of time may enjoy a great offering of purchase within some of the stores in Festival Walk. Its convenient transportation which has the MTR station, bus stations and provided parking area can attracted many different kinds of potential customers, like, staff work at Festival Walk, office people, students and teachers from University and secondary schools, people who love shopping and branding supporters. As the Festival Walk has many International brands, it promoted some exclusive offers from over 100 international brands to the foreign visitors simply required them to present their passport at the Customer Service Desk on LG2 or UG to redeem a Festival Walk Tourist Passport. This policy may helpful in attracting more foreigner and Individual visitors to come and shopping. Also, these groups of people are willing to pay more money onto the branding products and they are mostly having enough financial abilities. 2. 2 Targeting Within the segmented customers of Festival Walk, there are some of them may suit with the style of Simplylife Bakery Cafe. The potential target segment would be the office people, especially for women and the foreign tourists. It is because Simplylife Bakery Cafe’s main theme is healthy food, especially low level of oil, fat, sweet and calories breads, even the breads are turned cold and it still tastes good. Furthermore, breads are the product which can satiate hungry, fast and convenient. These may be a great benefit for those emphasize healthy life’s people and who are not able to have enough time to eat breakfast or lunch. On the other hand, the food at Simplylife Bakery Cafe costs in a high price ith comparing the average price of other stores, therefore, the potential customers may needed to have at least a middle level and steady income. Office people may be suitable for these requirements. The reason for tourists may be the potential target groups would because most foreign tourists may have a standardized eating habit which close to the cafe’s product contained with a high relationship with European food. And they are more willing to pay money to what they want than local peop le. Another likely market would be the shoppers in Festival Walk. Most of the shoppers are having basic financial abilities, have extra time in shop around the shopping mall. After a period of time spend on shopping and consumption may want to have a place to sit down to relax for a moment and eat or drink something. Cafe may be a good choice for them. 2. 3 Positioning The Simplylife Bakery Cafe would position itself to the customers who seek for healthy and relaxing life. Those people may have a great demand in selecting food, drinks and their own quality of life. They are enjoying the European style, no matter the environment and the eating habit. Thus, the machine used in Simplylife Bakery Cafe required all its decoration, machinery of bakery and the food they produced must meet the stylish of European style. Such as the stove are produced from European. The environmental design used sunny umbrellas and open-air restaurant style can fulfill the needs of those customers who enjoy sunshine and sight-seeing but afraid of basking in the sun or rainy days will get dirty when eating or having tea time at the street. Also, the air-conditioning environment can make customers more comfortable. Theories applied For a marketing stimulus to have an impact, consumers must be exposed to it, allocate some attention to it, and perceive it. Consumers do some processing of a stimulus once they have been exposed to it, pay attention to it, and perceive its characteristics. Once it is perceived, consumers may examine it more closely. Thus, exposure, attention, and perception all affect the decisions consumers make and the actions they take. 3. 1 Exposure Before any type of marketing stimulus can affect consumers, they must be exposed to it. Exposure reflects the process by which the consumer comes in to physical contact with a stimulus. Marketing stimulus are messages and information about products or brands communicated by either the marketer (via ads, salespeople, brands symbols, packages, signs, prices, and so on) or by non-marketing sources (e. g. , the media, word of mouth). Consumers can be exposed to marketing stimuli at the buying, using, or disposing stages of consumption. Because exposure is critical to consumers’ subsequent processing of any stimulus, marketers must ensure that consumers are exposed to stimuli that portray their offering in a favourable light. 1] Therefore, marketers start the process of gaining exposure by selecting media, such as radio, product placements, and the Internet, and by developing promotions for the targeted customers. [2] Although Simplylife has opened for about six to seven months, there are many people left down messages or comments onto the online blog and some newspaper had introduced this cafe to the readers, such as the Sing Tao Newspaper and Ming Pao Newspaper had introduced it to the readers, some websites had even rated it into the top 20 restaurants by an online voting system. These had attracted many different people went there and tried the food and drinks at Simplylife Bakery Cafe. 3. 2 Attention Attention occurs when the consumer allocates processing capacity to the stimulus. A certain amount of attention is necessary for information to be perceived-for it to activate our senses. [3] Attention is selective, divided, and limited. Even tactics such as product placement do not guarantee that consumers will directly attend to marketing stimuli, although consumers may attend to them pre-attentively. Making a marketing stimulus personally relevant, pleasant, surprising, or easy to process enhances its attention-getting properties. Consumers perceive a stimulus using one of their sensory organs. [4] 3. 3 Sensation In psychology, sensation is the first stage in the biochemical and neurologic events that begins with the impinging of a stimulus upon the receptor cells of a sensory organ, which then leads to perception, the mental state that is reflected in statements like I see a uniformly blue wall. [5] Sensory system A sensory system is a part of the nervous system responsible for processing sensory information. A sensory system consists of sensory receptors, neural pathways, and parts of the brain involved in sensory perception. The human bodys senses[6] are divided into eight: visual, auditory, gustatory, olfactory, cutaneous, kinesthetic, vestibular, organic. [7][8] The ways in which these senses are divided from one another in concept, and combined in varying ratios in perceiving the world, differs based on individual physiology, social and cultural context, and physical surroundings. The whole sensory system, including both physical sensation and interpretation (or cognition) of information from the senses, is referred to as a sensorium[9]. [10] Inputs picked up by our senses are the raw data that begin the perceptual process. [11][12] 3. 4 Perception In psychology and the cognitive sciences, perception is the process of acquiring, interpreting, selecting, and organizing sensory information. [13] Passive perception and active perception There are two basic theories of perception: Passive Perception (PP) and Active Perception (PA). 14] The passive perception (conceived by Rene Descartes) is addressed in this article and could be surmised as the following sequence of events: Surrounding ; Input (senses) ; Processing (brain) ; Output (re-action) Although still supported by mainstream philosophers, psychologists and neurologists, this theory is nowadays losing momentum. [15] The theory of active perception has emerged from extensive research of sensory illusions w ith works of Professor Emeritus Richard L Gregory in a lead. This theory is increasingly gaining experimental support and could be surmised as dynamic relationship between:[16] â€Å"Description† (in the brain) ; ; Senses ; ; Surrounding Perceptual thresholds Perceptual thresholds determine the point at which stimuli are perceived. The absolute threshold is the lowest point at which an individual can experience a sensation. The differential threshold is the minimal difference in stimulus intensity needed to defect that two stimulus are different. The differential threshold is important both when marketers do not want consumers to notices a difference between two stimuli (as in a size decrease) and when they do (as in the case of product improvements). [17] Perception and action Human beings gather information about the world and interact with it through our actions. Perceptual information is critical for action. Perceptual deficits may lead to profound deficits in action. [18] Introduction of Simplylife Bakery Cafe 4. 1 A new European style at L2-42: For taking a break at rush hour or renewal under the pressure, the aroma of freshly baked goods filling the air, you shell is able to energize as soon as possible. Simplylife Bakery Cafe is a new European style restaurant providing bread as the principal theme at Festival Walk, L2-42 which established at July of 2007. Its former is full of Continental Europe bread fragrantly, wrap up the full land wind simplylife bakery cafe of Europe, where has a sophisticated atmosphere is decorated to restaurant by the chi European-style. It is divided into for meal in the room area or in the open area. The open-air position is the outdoor location of the indoor shop under glass variola and the sunshine shines on the desk through the glass. The air conditioning is put in place at the same time thus it will not be felt too hot. Yet, the relaxing environment coupled with comfortable furniture evokes a romantic dining experience. Moreover, the semi-opened kitchen is able to stimuli your vision, smell, taste sensory; and the gentle trendy music let you perceive as if settle at Europe with the infinite pleasures. . 2 A great dining: The food is looked like cases of fine art and jewelry and the flavors are comparably precious. Simplylife Bakery Cafe offers a range of European-style delectable bread, cakes chocolates and patisseries made by their renowned pastry chef. All the breads baked by Simplylife Bakery Cafe are made with the minimum use of oil and sugar. Also, the bread that Simplylife Cafe sold can remain great tas te even the breads turned to cool and the mouthfeeling may get more better which is the different point of Simplylife’s bread with the others. Moreover, the stove of simplylife and fermented machine are import from the European. the constant temperature function and time control, can be close to the European taste, offer the genuine flavor of Continental Europe. Customers can take a seat and choose a drink to accompany these fine sweet experiences, or of course customer may prefer something savory, a sandwich or homemade pastry. SimplyLife Bakery Cafe also offers a wide selection of meatless rice, pasta dishes, wild rice, hamburger and organic spaghetti of dishes, which are cooked with olive oil, also include ten valley rice, organic noodles,etc. n the cuisine and take health as the purpose. Furthermore, they offer a wide variety of wines that will complement customers’ meal. Likewise, choose to occidentalize in cuisin add with the indoor light is weak, mix the light music, inside and outside of shop, such ooze over Continental Europe flavor. 4. 3 Decoration: The cafe has adopted the continental designing concept for the decoration, such as the brazier and fermentation machine are brought from Europe to ensure the breads made and tastes are entirely filled with the European-styles. Also, brown, black and white color tone is used for the main coloring for the cafe which can promote the thinking of clean, simple, fashionable and classical to customers. And the wooden floor design can give customers the warm and friendly feeling. Moreover, the environment of the cafe is divided into two sections and it has divided into two parts. First part is indoor section where mainly have the semi-opened kitchen, refrigerator, cash counter, toilet and some small tables and chairs. The semi-opened kitchen is showing how the chefs make the bread in European type, also the cafe may produce about ten numbers of breads for each kind which may give the feeling of friendly, kindly, hygiene, confidence, excitement, etc. to the customers and let them know the breads they brought were fresh and healthy. It also can give them a good appetite when they smell the scent of bread and stimulate their emotion to eat after smelling them or impetus them to have further consumptions even they do not hungry at that moment. The materials and equipment were clearly showed at the open-kitchen, all the breads are tidily placed on the baskets and covered with the transparent bread cabinet, and these are the main factors to let customers to have confidence in purchasing and promoting hygiene concepts. At the top right corner of the kitchen has a well-equipped visual aids that showed all the information of each kind of foods the cafe sold and the pricing can convent the customers and let reduced the time for them in search such information and feeling of high-technological. On the other hand, the refrigerator inside the store placed some drinks and packed sandwiches can let customers to take and consume by themselves which can increase the involvement with customers towards the consumption. Therefore, consumers can choose the products by themselves with freely selection, like they can take the product on hand to feel the product and smell it, see it clearly. Moreover, the store played some soft and English song, combined with the yellow and dark lighting can give customers a relaxing and comfortable eeling. Except these, the cafe has its own toilets for the customers, inside is well-cleaned and mirrors, soaps, rubbish bins, tissues and other basic materials are provided. The second part on Simplylife Bakery Cafe is the outdoor section is designed as an European-stylish open-air teahouse, all the tables had installed the big sunny umbrellas. The sunshine can be projected onto the desk and seats through the glasses. Included with the moderate air-conditioning, customers can be satisfied with their needs of eating and drinking at the open-air places and feel relaxing after shopping or walking around the shopping mall. Also, such kind of design can let the customers to enjoy the outside scenery like the sunshine, rainy days, afternoon sunshine or stars shine at night, which can increase the sight seeing to the customers in except of the tasting, smelling, hearing satisfactions. Strengthen, Weakness, Opportunity, Threat of Simplylife Bakery Cafe Strengthen Simplylife Bakery Cafe used the stoves and fermented machines are made in European. This made their breads more similar to European-style, which can constant the temperature function and to be more exactly in time controlling from producing breads. The characterics of European-style’s bread need not to eat the bread when it is hot, it also can be tasted good even it is cold. This would be one of the differentiation of its products and convience to those people who are working in the central city – Hong Kong. Simplylife Bakery Cafe dividend into two parts which is the indoor cafe and outdoor restaurant. The indoor cafe include the semi-opened kitchen to show the process of baking the breads and the clear environment may help in promoting hygiene and let customers to feel more confidence in purchasing; the outdoor restaurant with the incorporating glasses and the big sunny umbrellas attract people who are willing to enjoy the sunshine and the air-conditioning at the same time. Weakness Even Simplylife Bakery Cafe has such advantages to attract customers, it is not perfect enough. The cafe does not provide any set meals for lunch or dinner. There is a clearly additional cost for ordering dishes separately. It seem that the prices of the cafe are highest when compare to others. It may not easily to attract the student group and new customers. And the desks in the cafe are only suitable for two to three people use and too small when the customer is ordering much more dishes. Therefore, customers who like to have a gathering with many friends may be difficult as the table is too small and they are forced to divide sitting in different desks. Opportunity It seems that Simplylife Bakery Cafe does not have any set meal of lunch and dinner; it can offer some set lunch and set dinner each week per day; it also can offer some promotions to attract the student to expand the target market. As nearby may have the University and Secondary schools, students are willing to spend time after school and sitting in the cafe to gathering with friends or discussing project at these kind of place. Threat In Festival Walk, there are nine cafes (included Simplylife Bakery Cafe) to let customer to choose which are Agnes b. e pain grille be Cafe, Bistro Delifrance, McCafe, Olivers Super Sandwiches, Pacific Coffee Company, Page One Cafe, Queens Konditorei, Simplylife Bakery Cafe and Starbucks Coffee. The style of Simplylife Bakery Cafe is similar with Agnes b. le pain grille be Cafe, it may not easier to stick out the differences of Simplylife Bakery Cafe. The prices is another important factors for customers to choose one of nine cafe; the pri ce is not popularity to the public when compare with other cafe in Festival Walk and difficult to develop customer loyalty. Executive Summary Festival Walk is a world’s best known shopping mall which have had over 200 shops and 27 restaurants, the largest ice rink of Hong Kong, over twenty-two million square feet of office space, etc. It located at the central point of Kowloon Tong, direct access to the buses, taxis, and the MTR station, nearby the universities; those factors can be attracted the travelers from all over the worlds, students, white-collar, etc. Simplylife Bakery Cafe have had a similar target segment with Festival Walk, within the above segment, the mainly segment which Simplylife Bakery Cafe focus is the health conscious and enjoying European life styles’ customers. The purpose of Simplylife Bakery Cafe is to promote healthiness, simple, clean and comfortable thinking to customers after they came and purchased from the cafe. The bread is one of the selling points of Simplylife Bakery Cafe. To make it more similar to the European-style, the stoves and fermented machines are import from European so that it can easy to constant the temperature function and time control. Also, all the breads are made with the minimum use of oil and sugar; wild rice and organic spaghetti are used in the dishes. And from the content of the report, there will discuss how the environment and decoration be a critical factor in attracting customers to come and purchase, or even have further purchase. The Simplylife Bakery Cafe’s products are mainly on European-style food and based on this reason, the style of decorating the store also adopted such kind of styling, from the machinery to the environment design. The outdoor part of the cafe with the incorporating glasses and big sun umbrella just like the tea-stall in the open air let people feel that they are eating and relaxing under the sunshine in Europe. The semi-open kitchen in the indoor cafe allows people to see the whole process of producing breads. This can increase the interest from customers to take a look and then after they saw it, smell it, they may be pushed by these stimuli and then purchase. Even Simplylife Bakery Cafe has had so many advantages to attract the customers, especially by its environment factors, like there is a comfort place for customers to relax, eat and gathering with friends, also, the music and decoration let customers can have the feeling of located in Europe, help in reducing pressure and the semi-open kitchen can raise their interests and stimuli their sensory systems (e. g. Eat) in purchasing. However, we found that it could be difficult to build up a customer loyalty and attract the new customer. It is because the price of Simplylife Bakery Cafe is higher and the prices of breads are higher than the local bakeries. Simplylife Bakery Cafe does not offer any set meals for lunch and dinner to let customer chosen. [1] Hoyer W. D. Maclnnis D. J. : Consumer Behaviour, 4th edition, Houghton Mifflin Company, 2007 [2] Hoyer W. D. Maclnnis D. J. : Consumer Behaviour, 4th edition, Houghton Mifflin Company, 2007 [3] James, W. , The Principles of Psychology. New York: Henry Holt, Vol. 1, pp. 403-404 [4] Hoyer W. D. Maclnnis D. J. : Consumer Behaviour, 4th edition, Houghton Mifflin Company, 2007 [5] http://en. ikipedia. org/wiki/Sensation [6] Senses are the physiological methods of perception. A sense is a faculty by which outside stimuli are perceived. [7] Kolb Whishaw: Fundamentals of Human Neuropsychology, 2003 [8] http://www. eioba. com/a70192/senses [9] The term sensorium (plural: sensoria) refers to the sum of an organisms perception, the seat of sensation where it experiences a nd interprets the environments within which it lives. [10] Kolb Whishaw: Fundamentals of Human Neuropsychology, 2003 [11] Hoyer W. D. Maclnnis D. J. : Consumer Behaviour, 4th edition, Houghton Mifflin Company, 2007 [12] James. J. Gibson, The Senses Considered as Perceptual Systems. Boston, 1966 [13] Hoyer W. D. Maclnnis D. J. : Consumer Behaviour, 4th edition, Houghton Mifflin Company, 2007 [14] http://www. simplypsychology. pwp. blueyonder. co. uk/perception-theories. html [15] http://www. simplypsychology. pwp. blueyonder. co. uk/perception-theories. html [16] http://www. simplypsychology. pwp. blueyonder. co. uk/perception-theories. html [17] Hoyer W. D. Maclnnis D. J. : Consumer Behaviour, 4th edition, Houghton Mifflin Company, 2007 [18] http://www. roblesdelatorre. com/gabriel/GR-IEEE-MM-2006. pdf

Friday, March 6, 2020

The Gold Standard vs. Fiat Money

The Gold Standard vs. Fiat Money An extensive essay on the gold standard on The Encyclopedia of Economics and Liberty defines it as: ...a commitment by participating countries to fix the prices of their domestic currencies in terms of a specified amount of gold. National money and other forms of money (bank deposits and notes) were freely converted into gold at the fixed price. A county under the gold standard would set a price for gold, say $100 an ounce and would buy and sell gold at that price. This effectively sets a value for the currency; in our fictional example, $1 would be worth 1/100th of an ounce of gold. Other precious metals could be used to set a monetary standard; silver standards were common in the 1800s. A combination of the gold and silver standard is known as bimetallism. A Brief History of the Gold Standard If you would like to learn about the history of money in detail, there is an excellent site called A Comparative Chronology of Money which details the important places and dates in monetary history. During most of the 1800s, the United States had a bimetallic system of money;  however, it was essentially on a gold standard as very little silver was traded. A true gold standard came to fruition in 1900 with the passage of the Gold Standard Act. The gold standard effectively came to an end in 1933 when President Franklin D. Roosevelt outlawed private gold ownership. The Bretton Woods System, enacted in 1946 created a system of fixed exchange rates that allowed governments to sell their gold to the United States treasury at the price of $35/ounce: The Bretton Woods system ended on August 15, 1971, when President Richard Nixon ended trading of gold at the fixed price of $35/ounce. At that point for the first time in history, formal links between the major world currencies and real commodities were severed. The gold standard has not been used in any major economy since that time. What system of money do we use today? Almost every country, including the United States, is on a system of fiat money, which the glossary defines as money that is intrinsically useless; is used only as a medium of exchange. The value of money is set by the supply and demand for money and the supply and demand for other goods and services in the economy. The prices for those goods and services, including gold and silver, are allowed to fluctuate based on market forces.   The Benefits and Costs of a Gold Standard The main benefit of a gold standard is that it  ensures  a relatively low level of inflation. In articles such as What Is the Demand for Money? weve seen that inflation is caused by a combination of four factors: The supply of money goes up.The supply of goods goes down.Demand for money goes down.Demand for goods goes up. So long as the supply of gold does not change too quickly, then the supply of money will stay relatively stable. The gold standard prevents a country from printing too much money. If the supply of money rises too fast, then people will exchange money (which has become less scarce) for gold (which has not). If this goes on too long, then the treasury will eventually run out of gold. A gold standard restricts the  Federal Reserve  from enacting policies which significantly alter the growth of the money supply which in turn limits the  inflation rate  of a country. The gold standard also changes the face of the foreign exchange market. If Canada is on the gold standard and has set the price of gold at $100 an ounce, and Mexico is also on the gold standard and set the price of gold at 5000 pesos an ounce, then 1 Canadian Dollar must be worth 50 pesos. The extensive use of gold standards implies a system of fixed exchange rates. If all countries are on a gold standard, there is  then  only one real currency, gold, from which all others derive their value. The stability of the gold standard cause in the foreign exchange market is often cited as one of the benefits of the system. The stability caused by the gold standard is also the biggest drawback in having one.  Exchange rates  are not allowed to respond to changing circumstances in countries. A gold standard severely limits the stabilization policies the Federal Reserve can use. Because of these factors, countries with gold standards tend to have severe economic shocks. Economist  Michael D. Bordo  explains: Because economies under the gold standard were so vulnerable to real and monetary shocks, prices were highly unstable in the short run. A measure of short-term price instability is the coefficient of variation, which is the ratio of the standard deviation of annual percentage changes in the price level to the average annual percentage change. The higher the coefficient of variation, the greater the short-term instability. For the United States between 1879 and 1913, the coefficient was 17.0, which is quite high. Between 1946 and 1990 it was only 0.8. Moreover, because the gold standard gives the government little discretion to use monetary policy, economies on the gold standard are less able to avoid or offset either monetary or real shocks. Real output, therefore, is more variable under the gold standard. The coefficient of variation for real output was 3.5 between 1879 and 1913, and only 1.5 between 1946 and 1990. Not coincidentally, since the government could not have discretion over monetary policy, unemployment was higher during the gold standard. It averaged 6.8 percent in the United States between 1879 and 1913 versus 5.6 percent between 1946 and 1990. So it would appear that the major benefit to the gold standard is that it can prevent long-term inflation in a country. However, as  Brad DeLong  points out: ...if you do not trust a central bank to keep inflation low, why should you trust it to remain on the gold standard for generations? It does not look like the gold standard will make a return to the United States anytime in the foreseeable future.

Wednesday, February 19, 2020

Capital Investment decision making Essay Example | Topics and Well Written Essays - 250 words

Capital Investment decision making - Essay Example Due to the nature of these services, the organization plans to purchase specialized facilities and to recruit several therapists who will be providing these services to outpatients at their homes (Baker & English, 2011). Among the decisions that the organization will have to make before the investment are the effects of this venture on the organization’s culture. The investment should work to motivate the organization’s staff. Another decision that the organization will need to make is how the desired quality of services will be achieved and be maintained. The organization will further have to make ethical considerations before commencing on the project. Among the main kinds of information needed to evaluate this project include capital budgeting models. The organization will have to choose a capital budgeting model that best suits its operations (Cumming, 2010). During this decision making process, the organization may experiences challenges when choosing on a capital budget model that works well for its operations. Deciding on methods of performance evaluation may also be challenging due to the wide variety of these methods. However, the organization can hire financial analysts who can assist in making these decisions (Serfas,