Investigation of evidence of the spread of the U.S. financial crisis Dissertation

Investigation of evidence of the spread of the U.S. financial crisis and contagion to Europe, with focus on the UK - Dissertation Example In this day and age of multinational businesses and unified regional and international financial systems, financial and economic crises have become particularly widespread, severe, and sudden, instantaneously crossing borders through the international banks that are invested in countries initially embroiled in the crisis. The weakening of the banks in other countries as a result of the contagion speeds up the spread of the crisis into other economies. While it is true that globalization is inevitable, it remains to be determined whether or not regulatory frameworks and infrastructures would be sufficient to arrest the spread of potential financial crises that attend globalization. This study will examine the most recent U.S. financial crisis, how it developed and spread to other Western countries, how the U.S. appears to have recovered while European countries Greece, Italy, Cyprus and Spain still reel under the effects thereof, and the possibility that the European crisis will eithe r be resolved or if it shall spread backwards towards the U.S. and other countries (Businessweek, 2012; Forbes, 2012). . 1.2 Purpose of the study The study deals with the contagion that had taken place due to the financial crisis of 2008. The contagion refers to the negative effects on the financial markets that spread from the US markets to other countries of the world, as a result of market linkages. The focus of the discussion is the empirical evidence of the spread of the contagion from its point of origin in the United States to the economy of the United Kingdom and the European Union. Evidence of the contagion is also sought in the Australian economy, to determine if the contagion has spread to another country outside of the US-Europe paradigm. The study dwells exclusively on the stock indices of the US, the UK, the European Union, and Australia, and searches for evidence of the contagion within the capital markets. 1.3 Research questions In order to attain the goal specified for this dissertation, the following research question shall be resolved: 1.3.1 Is there evidence of contagion in the stock markets between the US and the UK? 1.3.2 Is there evidence of contagion in the stock markets between the US and the EU? 1.3.3 Are there discernible contagion effects between the UK and EU stock markets? 1.3.4 Are there contagion effects between Australia the one hand, and the US, the UK and the European stock markets on the other hand? The findings that were generated by the answers to the foregoing questions are expected to shed light on the main research problem and lead to a valid and acceptable conclusion. 1.4 Significance of the study The study is significant because of the persistent nature of financial crises and the phenomenon of financial contagion. Since globalization, financial crises and contagion have become repetitive, continuing, and constantly evolving. The last great crisis in the US was the Great Depression ushered in by the Wall Street Crash of 1929. The effects of this crisis was largely contained within the US since national economies then were relatively isolated except for international trade, and the speed and volume with which transactions were carried out was slow and low enough to keep the economies sufficiently separated as to prevent any contagion from taking place. The next significant crisis took place four decades later, in the 1973

Decreasing population Essay Example for Free

Decreasing population Essay Decreasing population growth rates and increasing longevity have resulted in a growing population of the elderly the world over. Caring for the steadily growing aging population is a global concern today. In the words of United Nations Secretary-General Kofi Annan (2002): We are in the midst of a silent revolution. It is a revolution that extends well beyond demographics, with major economic, social, cultural, psychological and spiritual implications. And it is a revolution that hits developing nations harder than others, and not just because the majority of older persons live in developing countries, but because the tempo of ageing there is already and will continue to be far more rapid. Among the developed countries, the United States of America is an example of the rapid growth of the aging population. In 1991, the average life expectancy at birth in the United States was 75. According to the U. S. Bureau of Census (1996), persons aged 65 and older formed 13% of the total population; current projections put this figure to reach about 20% between the years 2020 and 2030. Aging primarily is a physiological life-long process, starting at conception and ending with death (Kart, 1994). Persons grow old whether they like it or not. These changes, both positive and negative, place demands on the aging person’s abilities to cope with and adapt to new life situations. It is a challenge for any given society to assist their aged in coping with the new life situations they are facing. Unfortunately, the rapid social changes taking place in society do not always lend themselves toward helping the elderly meet the demands of their life situations. For one, the attitude toward this population is not helping them cope with it as well. According to historian Fischer (1977), the old is regarded as useless, unattractive, and unwanted especially in the west. Colonial America, for example, was a place in which the old, not the youth, was exalted and venerated, honored and obeyed. Today’s America, however, is characterized by more negative than positive sentiments about aging and old age transformation. A period of gerontophobia has slowly succeeded the era of gerontophilia (Fisher, 1977, in Doress-Worters, Siegel, 1994). Traditional cultures have often held their elders in high regard, seeing them as storehouses of wisdom to be transmitted to the next generations; older women, especially, are often seen as healers (Doress-Worters Siegel, 1994). The book of Exodus (20; 12) says, â€Å"Honor your father and your mother, that you may have a long life in the land which the Lord, your God, is giving you† and the book of Sirach (3; 12,13 ff.) says, â€Å"My son, take care of your father when he is old; grieve him not as long as he lives. Even if his mind fails, be considerate with him; revile him not in the fullness of your strength†¦Ã¢â‚¬  To adjust and to thrive in a new environment, the elderly need to be physically healthy, to have societal support, adequate finances, medical care, recreational facilities, and have defined social roles and the like. Agencies and private personnel which set up homes for the aged may look at the increasing number of ageing people as just business opportunities. Most of these homes-for-the-aged may not have trained personnel to deal with the psychological and emotional problems the elderly face especially the issues related to their having to be â€Å"institutionalization†, or being â€Å"abandoned† by their children (Butler et al. , 1998). Even some counselors have the attitude that their time and energy are better utilized working with younger people who may eventually contribute to society, than wasting it on the older people (Gladding, 2000). It is unfortunate that the old have, in some sense, become the new outcasts of this society. This study therefore, looked into the experiences of the senior citizens of Gladys Spellman in the home for the aged, their understanding or idea of well-being and the components of well being based from the perceptions of Gladys Spellman administrators. As more and more elderly are placed under institutionalized care in contemporary society, a study such as this is needed to explore this phenomenon. It would shed light into the subjective lived experiences of the aged from an administrators’ view point. This would also contribute to the literature in this area and serve as groundwork for further studies in this area.

Ethical Debates on Music Sharing

Ethical Debates on Music Sharing To file share or not to file share? That is the question. Should free music off the internet be legal? Who is in the right- Napster or the music industry? There are some of the topics I hoped to discuss when I invited four journalists to my house to debate the controversial issue of online music. Ding-dong! â€Å"Uh-oh†, I think, wiping my hands on a paper towel. â€Å"They must be here early.† Its six-thirty, my guests arent due to arrive until seven, and I am already a half-hour behind. The lobsters are still boiling on the stove, the chunky potatoes are rock-hard and my spinach salad lies in pieces all over the kitchen floor. Things arent off to such a good start. I am supposed to be hosting a small, informal discussion tonight with a few journalists. The topic of the forum concerns the recent legal uproar about online music organizations such as Napster, Morpheus and Kazaa. I have invited a variety of people; some of whom have clashing opinions. I am looking forward to a heated and intellectual discussion; which will be good because I am planning on writing a book on the subject of online music. I havent decided yet whose side I am on; the music industry or the internet music providers. Hopefully, tonights discussion will provide me with some insight as to which side to stand on. Or maybe, I wont have to choose a side†¦who knows? As I walk to the front door, I cant help but feel just a little bit anxious, but excited at the same time. â€Å"I wonder who it is†¦who had the nerve to be fifteen minutes early?† I think to myself. I open the great oak door to find Tobey Grumet, a journalist from Popular Mechanics magazine. â€Å"Hows it going?† he asks casually as he walks through the entryway. â€Å"Its nice to finally meet you.† I say. I cant help but stare at him. I had heard that he was good looking, but geez! He has shoulder-length blonde hair that he has pulled back into a ponytail. He has chiseled features, but not too chiseled. He is wearing gray tweed pants that are only slightly baggy, a black woolen sweater and a hemp necklace. â€Å"Wow, nice place,† he remarks as he walks into my dining room. â€Å"Do you own this house?† â€Å"Yeah, I do..† I reply, shaking my head to get out of my trance. He follows me into the kitchen, and, seeing the state that it is in, offers to help me get ready. â€Å"Its a good thing I got here first. I dont think that Michael Miller would appreciate this†¦Ã¢â‚¬  he remarks as he is chopping up a tomato for the salad. â€Å"That guy is a total corporate pushover† he continues, his chopping getting a little bit more intense. I smile politely. I want to be completely impartial tonight, and I try very hard not to let what Tobey is saying affect my opinion of Michael Miller, a journalist a PC Magazine. We work in silence for about ten more minutes. By the time the doorbell rings again, the only thing left to do is drain the water out of the potato pot. â€Å"Thank you so much for all your help,† I exclaim as I walk to answer the door. â€Å"You are a lifesaver!† â€Å"No problem!† Tobey shouts after me. Who should be at the door, but Michael Miller. â€Å"Nice to meet you† he says to me in a grave manner. He is a short, thin man of about 45, with graying hair. His gray Armani suit looks a tad bit too big on him. â€Å"Goodness, Mr. Miller,† I exclaim. â€Å"You are making me feel like a bum in my jeans and turtleneck!† â€Å"Please,† he replies, â€Å"I apologize for the way Im dressed. You must forgive me; I just came from a journalists convention downtown. I didnt have time to change.† â€Å"No worries,† I assure him. One by one, they all arrive; Brian Smithers and Margaret Popper. We chat informally for a few minutes in the study over bourbon. I am mostly quiet, making mental observations of the ways my guests treat each other. For the most part, they seem to be enjoying each others company. Even Tobey seems to be getting along with Michael Miller. Next, my guests are all seated while I bring out the food. Our conversation starts out very formal. Then, I bring out the big question: â€Å"So, does anyone have any thoughts on the new online music providers like MUSICNET?† There is a short silence. My guests look at their plates, as if thinking about the best way to answer the question. I know all of them are thinking hard about the question; being journalists to major technology magazines, this kind of issue is a major obsession with them. It was finally Michael Miller who breaks the ice. â€Å"Well,† he says, putting down his fork, â€Å"I think its obvious that the Napsters of the world were breaking the law and cheating legitimate musicians out of money.† â€Å"Wait a second,† protests Tobey. â€Å"Dont you think its a little bit unfair to say that? Its not like the ‘musicians arent getting enough money anyways. And it isnt the musicians who are getting gypped, its the multi-million dollar music companies like BMG.† â€Å"The real issue isnt about money, its more about the reputations of musicians,† says Margaret Popper, a journalist at Business Week. She tucks her short brown bob cut back behind her ears. â€Å"Doesnt it concern anyone here that free online music allows people to essentially preview albums? Most people wont buy an album just for one song if they can listen to it beforehand for free. These online music providers are contributing to a complete decrease in album sales.† â€Å"Look,† says Brian Smithers, â€Å"you are all missing the point. Free online music is about more than just getting music. Did you ever stop to think that independent musicians use these providers to get out there? It is a fabulous resource for people who arent affiliated with the music industry giants like EMI and BMG.† I sit back and watch interested. So far, Ive got two for free online music, two against it. I ask another leading question. â€Å"Do you think it should be legal to create and share music files online for free?† Again, there is a slight pause. Brian Smithers raises his shaven head and replies, â€Å"Well, yes, absolutely. I mean, think about it. You are already paying for internet service. Why shouldnt the music be free? The internet is a place where everyone can come together and share things. It is a community. It should be free.† â€Å"No,† snaps Michael Miller, â€Å"the music that is shared online is part of an industry. An industry has a major goal to make a lot of money. How are industries supposed to make any money, and keep the economy going, if people can get music for free? It is cheating them out of money.† Brian looks directly at Miller with a glare in his eyes. His eyebrow ring glints in the light. â€Å"This is exactly what I am talking about. People who are obsessed with corporate America. Well, I hate to break it to you, but life isnt all about corporations. Its the little people who matter too.† â€Å"Whoa, hold on there partner!† exclaims Miller. â€Å"I am not suggesting that. But when something is copyrighted, by law that copyright cannot be broken. Its a legal thing.† As the night wears on, the conversation grows more and more heated. My guests remain stubborn and stick to their original points until it is time for them to go. As the last car drives off down the street, I head to the kitchen to wash dishes. My mind starts to wander. Napster launched in early 1999. It was the first of its kind; the idea and technology for sharing music files online had never been dreamed of before. (Brown) It quickly became wildly popular; after all, what music listener could argue with free music? Soon after its emergence, several other Napster copy-cats came onto the scene. Also soon after its launch, the Recording Industry Association of America made Napster its â€Å"public enemy number 1† (Brown). Napster was the first to be hit with claims of illegality by the music industry. According to Janelle Brown in her article on www.salon.com, bands such as Metallica complained that they were being cheated out of copyright money, and they claimed that CD sales were dropping. The Supreme Court ultimately decided that the music industry was correct to demand that Napster shut down (Brown). One by one, the music industry and the courts put a stop to all free online music. Napster wanna-bes continue to emerge, but they will be br ought to court sooner or later and receive the same fate as Napster. Although the ruling has been made final, there are still many activists who continue to argue the validity of free online music. My guests on both sides had brought up valid points. But in order to write my book, I realize I would have to take a side. This was not a black and white issue. I think about the opposing sides. I definitely agree with Michael Miller about the legalities of free online music. Copyrights are protected under the law. But, on the other hand, it is very difficult to monitor what goes onto the internet. There are plenty of things on the internet that are supposedly protected under copyright laws, but they are still there and can be accessed for free. No one is bothering to go to the Supreme Court over these things. I dont think that it should be different for music. Additionally, Margaret Poppers point that free online music hurts musicians reputations is very hard to swallow for me. I dont believe that big name bands like Metallica care about their reputations as much as they care about milking as much money as they can. The same goes for companies like EMI and BMG. Brian Smithers had br ought up an interesting point about the internet being a community. I think about how this remark could potentially add to my book. The idea that the internet is increasingly replacing traditional social settings has always been a topic of major interest to me. I find it fascinating how much things can change over time, yet not really change. People are still communicating with each other and participating in a community, but many have found a different medium for doing so: the internet. Instead of sitting around in a coffee shop discussing the latest popular album that everyone just has to buy; now people can congregate on the internet. Most online file-sharing sites have a place where you can talk to people and share your opinions on the music. The more I think about it, I also like the idea of being able to preview an album before I actually decide to buy it. There are a lot of albums out there that, in my opinion, only have one good song on them. I dont want to be throwing seventeen dollars down the drain if I can save that money by realizing beforehand that the album might not be very good. I dont think that this is the case a lot of the time. Most likely people will preview an album and then decide that they really like it, so they will go out and buy it. If anything, being able to preview an album is a good thing because it puts pressure on mainstream musicians and record companies to produce the finest work they can. Most songs on an album are â€Å"filler songs†, that is they are there simply to take up space on the album, and arent usually very good. Ive come to the conclusion that I will write my book on the advantages of online music file-sharing. Before I started this project, I really didnt have strong feelings either way about online file-sharing. I have used free sharing, such as Kazaa and now Lime Wire, but I never stopped to think about what I was doing. I did have more of a bias towards favoring online file-sharing, but mostly because it allowed me to download music for free. I also never knew very much about the Napster court case. To me, that was the defining moment of sort of the end of free music downloads. I knew that Napster was going to not be free anymore, but I didnt know why. Now I know the specifics of the case, and I favor Napsters side. As an avid music lover, and a consumer, I think I have the right to listen to music for free before I go out and buy it. It might decrease CD sales by a small percentage, but the music industry is still huge. And perhaps putting musicians on the spot by listening to their songs for free and then deciding whether or not to buy their album is a good thing. It puts more pressure on them to spend time making their music as good as it possibly can be. I think that the most compelling argument for me was Tobey Grumet. He argues that the controversy, although it is claimed to be about reputations, is more about money. This is absolutely true the more you think about it. Many little band names do not have a problem with free file sharing. It is the very popular bands signed under big label names, like Metallica, that are causing an uproar. I dont see how their songs being on Napster is harmful to their reputation. If anything, its good because it means that people like their songs. It doesnt harm their reputations as musicians; it more than likely helps it and allows them to be recognized as a very influential band in the history of modern rock music. My sources, I think, were all very legitimate. They all came from magazines that our library subscribes to. Salon.com is most likely biased towards free online file sharing, but the information that I got from them was purely fact-based, like when Napster was launched and so forth. I think that I got a good variety of journalists opinions on the issue of online file-sharing. Each of them had to take an opinion on the subject because it is part of their job. And, for the most part, I dont believe there was any kind of prior incentive to their taking one side or the other. Each of them has an extensive technological background and I think they looked at the issue pretty objectively. I learned a lot about online music from this project. I never realized what an important part of the technology community it plays. It is fun to download free music, rate it, and perhaps even discuss it with fellow music lovers. And it is convenient and thrifty to be able to check out albums before you decide to buy them. My final decision is that online music is a positive aspect of the internet that I hope, somehow, will continue to remain free and entertain music lovers through the means of the internet.

Decision-Making Models Essay -- Decision Making

Decision-Making Models Negotiations and decisions are a part of everyday business. In order to make a successful decision, it is necessary to understand how to make rational and sound decisions. Decisions that are rash, made on snap judgments, and past experiences can prove detrimental to a business. A deficit in basic thinking and decision making is felt at all levels of an organization (Gary, 1997). Decisions can have long term and short term impacts on organizations and their world in which they exist (Turner & Dean, 2008). In order to understand the process of making a sound and good decision, it is necessary to define and understand several decision-making models. These models help to make clear the issues to be addressed and the goals that need to be obtained before a final decision is made. This paper will discuss the zero sum game, win-win, satisfying solutions, and the fixed pie models. Zero-sum game can play an important role wherein one entity wants or needs to dominate the other. Of the several decision-making models that can be implemented, the zero sum game is one decision model used in negotiations. In this instance, there is a winner and a loser. There is no give and take or compromise. The zero-sum can be seen in chess – only one player can win. However, in Monopoly, if it is not played with the intention of having one winner, but several players to place, is a non-zero-sum game, also known as a win-win (US department of state, n.d.). The second model is the non-zero, also known as the win-win model. This is used in compromises so that each of the â€Å"players† feels like a winner. The total amount gained is variable; therefore, both players win and lose objectives (Heylighen, 1993). In this model, eac... ...9712C, 15-18. Heylighen, F. (2000). Principia Cybernetica Web, in: Heylighen, F., Joslyn, C. and Turchin, V. (eds): Principia Cybernetica Web. Retrieved November 15, 2010, from http://pcp.lanl.gov/ZESUGAM.html Spangler, B. (2003). Distributive bargaining: Beyond Intractability. Guy Burgess & Heidi Burgess (eds.). Conflict Research Consortium, University of Colorado, Boulder. Retrieved November 16, 2010, from http://www.beyondintractability.org/essay/distributive_bargaining. Turner & Dean (2008). Testing the effects of prior performance on decision regret: Doubling-down, or all bets are off? Journal of Global Business Issues; 2, 1 13. U.S. Department of State (n.d.). Consulate General of the United States: Zero sum game between russia and the U.S. is gone with the cold war. Retrieved November 15, 2010, from http://www.vladivostok.usconsulate.gov/zerosum.html

In What Ways and to What Extent Was China Modernized During the Republican Period (1912-49)?

In what ways and to what extent was China modernized during the Republican period (1912-49)? After the fall of Qing Dynasty in 1911, the unprecedented, new form of government emerged in China immediately. Whereafter the betrayal of the Republic of Yuan Shikai (1913-1916) and the turmoil of Warlordism (1916-27), China was in a relative stable situation till the Nationalist Government was established in Nanjing in 1928, a period first possible for any modernization effort.That is, most of the modernization efforts, both externally and internally, which including diplomacy, financial, industry, education, of the Republican period (1912-49), were done in the Nationalist Government period, from 1928-37, and subsequently disturbed and made impossible by the Sino-Japanese War. The external modernizations made by the Nanjing Government were unprecedented, which revealed by the revival of tariff autonomy and recovery of foreign concessions. Diplomatically, during the Nanjing Government period , the tariff autonomy was regained, to replace the fixed tariff of 5 percent ad valorem imposed after the Opium War in 1842.Adding to this, in 1928, two guiding principles in which treaties and agreement s that had expired would be abolish and renegotiated according to legal procedures. That is, the foreign powers agreed in principle to give up their consular jurisdiction. Furthermore, several municipal foreign concessions, including the one in Hankow, Kiukiang, Chinkiang, Weihaiwei, Amoy and Tientsin, were recovered. And in 1943 finally the United States and Britain voluntarily abolished all unequal treaties with China. The century-long humiliation upon the Chinese was finally abolished while China could gain a place in the foreign diplomatic map.Internally, political structure was modernized in terms of the clear establishment of separating powers as changed from the absolute Chinese monarchical rule. The dominant feature of the Nanjing Government was its five-yuan structure, incl uding the Executive Yuan, the Legislative Yuan, the Judiciary Yuan, the Examination Yuan and the Control Yuan. Each Yuan owned their special authorities in the Government politics. This fulfilled The Three People’s Priciples, the Five-Power Constitution, the Fundamentals of National Reconstruction, proposed by Dr Sun Yixian.In 1928, the Nanjing Government also brought China into the Period of Political Tutelage. Although the Executive Yuan was different to the Western practice, in terms of the organ was responsible to the party (KMT) and the president of the republic (Jiang Jieshi), basically, the political structure was modernized in the Nanjing period. Besides, people mind was modernized in terms of voicing their opinions actively and bravely. The 1911 Revolution gave a new sense to the people that mass opinion could place a weigh in the society, which was unprecedented in Chinese history.This could be reflected by several mass movements since 1912, Chinese people were brav e to voice their opinion upon social, mostly, and foreign affairs. The most notable were the May Fourth Incident in 1919, and the May 30th Atrocious Incident in 1925. Chinese people in the former successfully voiced their nationalism of which not accepting the unfair treatment in the Paris Peace Conference, used mass power to give pressure on the exiting government, forcing it to release strikers, and striking a general boycott on Japanese goods.The Chinese participated in both incidents were diverse, including students, workers and merchants alike. This showed the modernized, mature mind of Chinese people. Politics was modernizing in terms of the circulation of different opinion freely: the emergence of the Nationalist Party and Communist Party. Although the Nationalist Party, the KMT (Kuomintang), was established and in power immediately after the 1911 Revolution, the rapid intellectual development was not barred from that.Amid those eagerness to acquire western ideologies and ref orming China, different â€Å"isms† were introduced. Confronting to the relatively more capitalistic KMT, the CPC, the Communist Party of China, emerged at the same time. Until 1949, the two ideology-confronted parties were working in China, which showed a relatively modernized Chinese society that could allow different ideologies. Practically, many modernization efforts were made by the Nationalistic Government domestically. In the financial aspects In the industrial development aspects,In the education aspect, But all the modernizations mentioned above were constrained to a limited extent. This was mainly because the interference of internal and external upheavals: the warlord periods and the Sino-Japanese War. These modernization efforts could only be done in the Nationalist Government period, from 1928-37, this confined the scope and the extent. Secondly, there was no any social and economic reform. Thirdly, all modernization efforts were confined to the coastal areas, an d untouched by the vast rural mass.Also the classes incurred in several mass movements were yield to the hard life in wars and no longer willing to voice their opinion. Fourthly, there were no modernizations on the majority population: peasants. Fifthly, the multi party politics was never realized in China, and the introduction of constitution never materialized six years after 1928. Only external modernizations were realized and truly beneficial to Chinese, the majority Chinese. The internal material modernizations were only confined to the Nationalistic Government period, and limited places in China.

The Nude in Weatern Tradition essays

The Nude in Weatern Tradition essays The depiction of the nude female model by a male artist in oil painting has played a significant role in the western tradition over the last 500 years. The oil painting of the female nude is subject to the artists interpretation of her form. She is affected by the artists desire for his model, as well as his art and she is torn between the artists inability to be both lover and painter. Hubert Damischs The Underneaths of Painting helps the reader understand the importance of the male painters imaging of the female form. By analyzing Balzacs Unknown Masterpiece, Damisch uncovers several tangents to the unique relationship between artists and the women they create on canvas. Balzac tells a tale of the truth behind the creative process of an artist and the way he perceives his vision when finally completed in oil. Poussin is a young painter who doesnt quite understand how the concepts of desire and love will affect the perception of his model, and lover, Gilette. He soon embarks on a journey that takes him underneath the paint: Under the paint and as its truth, instead and in the place of the so-called picture, the exchange assuming its last true face: a woman for a picture and a woman for what forms (or ought to) its subject. It is at this point in the picture where the subterranean, archaeological presence of the woman reveals itself, that something is given to see, something that can be spoken, that can be named, something moreover alive, delectable, a foothold for desire; in a word, something that looks at us unlike the inexpressible wall of paint that holds it captive, (Damisch 202). There are many layers of paint put on to one canvas, but the image isnt visible right away, she must grow through the brushstrokes. When the last brush of paint tou ...