Money,Banking&Finance Essay Example | Topics and Well Written Essays - 1750 words

Money,Banking&Finance - Essay Example The present prices of the bonds would help in the determination of the market rate of interest, or the price that would be paid for the use of the money for a period of time. There exists a functional relationship between the rate of interest and the time of the bonds. The term structure of interest rates or the yield curve shows the relationship between the rate of interest and the yields of the bonds with the terms to maturities. The curve is a representation of the various opportunities that may exist for the arbitrage as well as the expectation of the markets about the interest rates that may prevail in future. Interest Rates While carrying out the analysis of the yield curve it is essential to know the components of the nominal interest rates. This equation shows that the real rate of interest represented by r is the main component of the rate of interest. On the other hand, sigma is the risk premium that is being added to the rate of interest which is open to fluctuations due t o various events. On the other hand, ? is the representative of the rate of inflation while l is the component that would capture the liquidity. The various financial markets would offer bonds and other long term instruments that would be offering a variety of interest or the rates of return (Kettell, 2001, pp. 19-26). The premium is the representation of the consumer behaviour that would depict that the consumers would be unwilling to hold that particular asset class. The following diagram shows the break-up of the various components of the rates of interest. The loans that are provided for the long term cost higher because the premium for liquidity would increase with the increase in the tenure of the bonds. The people would always want to hold liquidity at the present period of time rather than a later period. The opportunity cost of keeping the money in the hand would be less in the present period as compared to the future period. Yield Curve The yield curve is drawn from the yi eld to maturity of the bonds. The yield to maturity (YTM) is considered to be the approximate value of the rate of interest for a particular term to maturity of a bond. The various points of the terms to maturity and the corresponding yields to maturity are plotted on a plane and the curve that is fitted along these points is known as the yield curve. The following diagram is an example of a yield curve. In the plane the vertical axis measures the yield of the bonds and the horizontal axis measures the term to maturity of the bond. Figure 1: Yield curve The yield curve thus summarises yield of the different bonds that are being traded on a particular date. The yields or the different tenors in such cases may be different. The yield of a bond is the unique rate at which the cash flows that is provided by a bond is discounted. Thus even though the accrual of the cash flows are taking place at the different points in time the rate at which it is taking place is the same (Rossi, 2007, p p. 225-241). This rate is known as the yield to maturity of the bonds. In most cases the interest rates are considered to be fixed for the entire tenor. This would give rise to a flat yield curve as shown in the diagram below. Throughout the tenure of the bond the rate of interest that has been offered in case of this yield curve is 3.5%. Figure 2: Flat Yield Curve The

Sustainable development-Ethanol fuel in Brazil Essay Example for Free

Sustainable development-Ethanol fuel in Brazil Essay Brazil has one of the largest programs on bio-fuel world wide which involves the production of ethanol fuel from the sugarcanes. The ethanol provides an approximated 18% in the automotive fuel of the country. This has then resulted into the country being self sufficient in oil which it had to import several years ago because of the exploitation of the domestic deep water oil resources. (Steen 1994) The nature and value of global management for sustainable development The sustainable development of the ethanol fuel in Brazil involves a social ecological process that is characterized by the fulfillment of the needs of human beings while at the same time indefinitely maintaining the same quality of the natural environment. This link between the development and the environment was recognized globally in the international union for conservation of nature book that was published by the world conservation strategy. In Brazil the sustainable development of the ethanol fuel does not only focus on the environmental issues but it also encompasses various policies in the economic and social areas. In Brazil the government should ensure that there is environmental sustainability in the production of the ethanol fuel so as to ensure that the environment further continues to function properly and also indefinitely. (Steen 1994) This will further involve meeting the needs of the Brazilians without endangering the future generation’s welfare. If the country of Brazil purposes to maintain the environmental sustainability in the production of the ethanol fuel then this will eliminate the environmental degradation of ethanol sources in the country. On the other hand sustainability of the ethanol fuel in Brazil requires that the human activities use only the natural resources at a rate at which they can naturally be replenished. If the consumption and the renewable resources are less than the nature’s ability to replenish then there will be environmental renewal which will further lead to a sustainable development. But if on the other hand the consumption of the renewable resources is more than the natures’ ability to replenish then there will be environmental degradation and the development will not be sustainable. The key stakeholders and partners of the sustainable development of ethanol in brazil includes the Brazilian government, the consumers and sugar farmers, the Brazilian citizens, the producers of ethanol and also the car manufacturers and retailers of the bio-ethanol fuelled cars. The relevant issues in the sustainability of the ethanol development in Brazil involve the control measures which have been derived from the Montreal protocol and also the phasing out of the leaded gasoline in the country. The bio-ethanol in the country of Brazil has been used as a liquid fuel in the commercial sector for a long time and the Brazilian government has taken the initiative of promoting the bio-ethanol through a program known as pro alcohol in the 1970s. The Brazilian federal government also gave subsidies to the farmers and also maintained low price and this was aimed at absorbing the energy production constant surplus while at the same time preventing the country from being dependent on the foreighn oil imports. (Steen 1994) In the recent past brazil there has been escalating oil prices and the government of brazil has refocused on the bio-ethanol fuel and also the flexi fuel cars in search for the cleaner and also renewable energies. The consumers can fuel their vehicles by ethanol. In maintaining a sustainable development of ethanol in Brazil the government has laid down some policy options which include; 1. By promoting the use of the bio-ethanol and fuel flex cars which are more environmental friendly than the petroleum products. 2. y ensuring that the fuel flexi cars are affordable to most people in brazil 3. by ensuring that the bio-ethanol and bio-fuels are readily available at the regular filling stations 4. by subsidizing the bio-ethanol price and making it more attractive to the consumers 5. by promoting the sugar production through the subsidies 6. By promoting the production of the bio-ethanol through the industry’s incentives and also subsidies. The ethanol alternative in Brazil is ready to create jobs and also contribute to the sustainable rural development. Globalization of the economic activities on the other hand eliminates the employment opportunities especially in the countryside and this marginalizes the poor Brazilians from the productive resources. (Daly and Amana 1981) In Brazil ethanol highly relies on the bio-mass cultivation such as sugarcane and it is coupled with a system of processing facilities that is decentralized providing more human sustainable development opportunities. The increase 0f ethanol production in Brazil promises to alleviate partially the neo-liberal economic reform outcome. Humphrey and Buttel 1982) The Brazilian government however needs to realize the economic and social economic development goals in sustaining the affordable and sustainable forms of energy such as ethanol since it is the most important key driver for the modern economic development. Based on the sustainable development concept, the reliance of Brazil on the petroleum fuel imports as a major commercial fuel in the country is unsustainable both in the long and short term. However the use of ethanol could be a sustainable solution in the long run with the potential to create an economic growth as well improve the living standards of the Brazilians and also reduce the environmental degradation. The use of ethanol in Brazil could however lead to the decline of the environmental quality and this will reduce its sustainability but with better control measures and also technological improvement such problems could be prevented. The influence of global sustainable development research on the future managerial decision making The research on the global sustainable development would highly influence the managerial decision making process in the following ways. First and foremost most decisions which will be made will significantly be based on protecting the environment as well as requiring lower inputs. (Costanza 1980) Secondly the decisions made will be based on strategies that will help in dealing with the emerging food fuel battles. Similarly the major decisions made will focus on the carbon dioxide emissions and its positive effects in reducing the global warming. The consumption of the fossil fuels as a major source of carbon dioxide loading in the atmosphere and also the development of any other fuel source greatly reduces this loading and this is a very desirable effect. The decision makers will also implement policies that are environmentally conscious on ethanol’s environmental drawbacks. The decisions will also focus on the strategic co-operation which can then make ethanol a pragmatic and partial solution to the many energy security related problems as well as the climate and the rural; development control world wide. The research on the global sustainable development will help the managers make informed decisions on the use of ethanol as a fuel source and the economical impacts encountered from its dependence. The decision makers will also be able to comprehend the impact of ethanol based on the three sustainable development spheres that comprise of the economic, social and also environmental dimensions. Similarly the research will enable the decision makers understand the role that is played by ethanol as a very useful tool in reducing the emissions on the greenhouse emissions and also in lessening the human and the environmental costs on petroleum dependency. (Capello and Naskapi 1999) Conclusion In conclusion since ethanol has been classified as a renewable form of energy it has made its production and its use sustainable in both the short and long term effects and this will further help its use meet the needs of both the future and the present generations.

Discrimination is a Virtue Essay -- Robert Keith Miller Essays

Discrimination is a Virtue In the next few paragraphs I will critique the rhetorical effectiveness of Robert Keith Miller’s essay, Discrimination is a Virtue. In his essay Miller tries to redefine the word discrimination. I will evaluate the effectiveness of his argument, and suggest different elements he could have incorporated or deleted to make his paper more effective. Overall, Miller gets his point across and enlightens the reader, but I do not believe he had a goal in writing this to make any tangible changes. The first aspect of this text that diminishes the credibility of the essay, is the fact that the only thing the reader knows about the author, is that his name is Robert Keith Miller. No additional background information is supplied to let the reader know if Miller has any authority on the topic. It is unknown if he is in a minority, if he has been traditionally well educated, or if he is just an observant man who is able to convey his observations through words. The topic that he chose to write on however, is obvious to anyone who is willing to open their eyes. Miller explains to the reader that the word discrimination is no longer used in the context that it was originally meant, but instead is now used to negatively define differences. He expands on this idea, highlighting the fact that our society tries to pretend that these differences don’t matter, when they clearly do. Miller doesn’t seem to have a specific intended audience, instead he seems to be addressing Ame rican society as a whole. He makes the essay accessible to everyone by siting numerous different examples and short parables. This was an effective technique for the beginning of the essay because it drew in the readers attention. Miller ... ...ph, which focuses on politics is the weakest of the three. Miller uses all generalizations in his argument that the voting population is faced with too many options, and too little information. Yet again he makes a valid point, but like the candidates he is criticizing, he fails to back it up. Miller brings up two very good points in this essay, the misuse of the word discrimination and Americans refusal to see differences in our society. He is criticizing a trait that many people in America have, and because of this negative reflection Miller needs to back up his conclusion with solid evidence. If Miller had chosen one of the three examples to expand on, his paper would have had more authority. As it is, Discrimination is a Virtue, brings up ideas that really should be expanded on to make our country a better place, but on its own fails to convince the reader.

Conflict Handling Styles Essay

In a dispute, it’s often easier to describe how others respond then to how we respond. Each of us has a predominant conflict style that we use to meet our own needs. By examining conflict styles and the consequences of those behaviors, we can gain a better understanding of the impact that our personal conflict style has on other people. With a better understanding, you then can make a conscious choice on how to respond to others in a conflict situation to help reduce work conflict and stress. Behavioral scientists Kenneth Thomas and Ralph Kilmann, who developed the Thomas-Kilmann Conflict Mode Instrument, have identified five styles to responding to conflict—competition, collaboration, compromise, avoidance, and accommodation. No conflict style is inherently right or wrong, but one or more styles could be inappropriate for a given situation and the impact could result in a situation quickly spiraling out of control. 1. Competing Value of own issue/goal: High Value of relationship: Low Goal: I win, you lose People who consistently use a competitive style come across as aggressive, autocratic, confrontational, and intimidating. A competitive style is an attempt to gain power and pressure a change at the other person’s expense. A competitive style of managing conflict can be appropriate when you have to implement an unpopular decision, make a quick decision, the decision is vital in a crisis, or it is important to let others know how important an issue is to you – â€Å"standing up for your right.† The biggest disadvantage of using this style is that relationships can be harmed beyond repair and may encourage other parties to use covert methods to get their needs met because conflict with these people are reduced to – â€Å"if you are not with me, you are against me.† 2. Accommodating Value of own issue/goal: Low Value relationship: High Goal: I lose, you win By accommodating you set aside your own personal needs because you want to please others in order to keep the peace. The emphasis is on preserving the relationship. Smoothing or harmonizing can result in a false solution to a problem and can create feelings in a person that range from anger to pleasure. Accommodators are unassertive and cooperative and may play the role of a martyr, complainer, or saboteur. However, accommodation can be useful when one is wrong or when you want to minimize losses when you are going to lose anyway because it preserves relationships. If you use it all the time it can become competitive – â€Å"I am nicer than you are† – and may result in reduced creativity in conflict situations and increased power imbalances. 3. Avoiding Value of own issue/goal: Low Value of relationship: Low Goal: I lose, you lose Avoidance is characterized by deliberately ignoring or withdrawing from a conflict rather than facing it. This style may be perceived as not caring about your own issue or the issues of others. People who avoid the situation hope the problem will go away, resolve itself without their involvement, or think that others are ready to take the responsibility. There are situations where avoidance is appropriate such as when you need more time to think of how to respond, time constraints demand a delay, confrontation will hurt a working relationship, or there is little chance of satisfying your needs. However, avoidance can be destructive if the other person perceives that you don’t care enough to engage. By not dealing with the conflict, this style allows the conflict to simmer and heat up unnecessarily, resulting in anger or a negative outburst. 4. Compromising Value of own issue/goal: Medium Value of relationship: Medium Goal: I win some, you win some The compromising style demonstrates that you are willing to sacrifice some of your goals while persuading others to give up part of theirs – give a little, get a little. Compromising maintains the relationship and can take less time than collaboration and resolutions might mean splitting the difference or seeking a middle ground position. The downside to compromising is that it can be an easy way out and reduces new creative options. If you constantly split the difference or â€Å"straddle the fence,† game playing can result and the outcome could be less than ideal. 5. Collaborating Value of own issue/goal: High Value of relationship: High Goal: I win, you win The collaborative style views conflicts as problems to be solved and finding creative solutions that satisfy all the parties’ concerns. You don’t give up your self interest; you dig into the issue to identify the underlying concerns, test your own assumptions, and understand the views of others. Collaboration takes time and if the relationship among the parties is not important, then it may not be worth the time and energy to create a win-win solution. However, collaboration fosters respect, trust, and builds relationships. To make an environment more collaborative, address the conflict directly and in a way that expresses willingness for all parties to get what they need. Although all of the approaches have their time and place, you need to ask yourself the basic question, â€Å"Is my preferred conflict handling style the very best I can use to resolve this conflict or solve this problem?† Focus on Interests (Needs), Not Positions (Wants) Understanding people’s interests is not a simple task because we tend to communicate our positions – things that are likely to be concrete and explicit. It is helpful to learn to recognize the difference between person’s positions and interests to assist in creative problem solving. †¢Positions are predetermined solutions or demands that people use to describe what they want – what the person wants to happen on a particular issue. For example: â€Å"I want the report.† †¢Interests define the problem and may be intangible, unexpressed, or not consistent. They are the main reasons why you say what you want – the motivation behind the position. The conflict is usually between each person’s needs, desire, concern, or fear. For example: â€Å"I need to receive the report by Friday, so I can have time to review and edit before the due date next Wednesday.† Remember that figuring out your interests is just as important as figuring out their interests. How to Identify Interests To identify interests of the other person, you need to ask questions to determine what the person believes he or she truly needs. When you ask, be sure to clarify that you are not asking questions for justification of their position, but for a better understanding of their needs, fears, hopes, and desires. Using open-ended questions that encourage a person to â€Å"tell their story† helps you begin to understand their interest. Open ended questions are opposite of closed-ended questions, which require a response of â€Å"yes† or â€Å"no.† To illustrate the difference, consider the following example: †¢Did you have a good relationship with your supervisor? (closed-ended) †¢Tell me about your relationship with your supervisor. (open-ended) Examples of open-ended questions: †¢What’s your basic concern about †¦? †¢Tell me about †¦ †¢What do you think about †¦? †¢How could we fix †¦? †¢What would happen if †¦? †¢How else could you do †¦? †¢What could you tell me about †¦? †¢Then what? †¢Could you help me understand †¦? †¢What do you think you will lose if you †¦? †¢What have you tried before? †¢What do you want to do next? †¢How can I be of help? The most powerful interests for you to consider are the basic human needs for security, economic well-being, sense of belonging to an organization, identify, recognition of contribution or efforts, and autonomy or control over decisions or work. It is not uncommon for you or the other person to have multiple interests and it would be helpful for you to write them down as they occur to help you sort them out. This list may be helpful to think through ideas that may meet these interests. Problem solving on your interests and the other person’s interests leads to more creative and successful resolutions because you meet not only your need but theirs as well. Source: Fisher, Ury, and Patton, Getting to Yes, 1991

Deception Point Page 83

Tolland turned to her. â€Å"You okay? You could have stayed onshore. I told you that.† I should have stayed onshore, Rachel thought, knowing pride would never have let her. â€Å"No thanks, I'm fine.† Tolland smiled. â€Å"I'll keep an eye on you.† â€Å"Thanks.† Rachel was surprised how the warmth in his voice made her feel more secure. â€Å"You've seen the Goya on television, right?† She nodded. â€Å"It's a†¦ um†¦ an interesting-looking ship.† Tolland laughed. â€Å"Yeah. She was an extremely progressive prototype in her day, but the design never quite caught on.† â€Å"Can't imagine why,† Rachel joked, picturing the ship's bizarre profile. â€Å"Now NBC is pressuring me to use a newer ship. Something†¦ I don't know, flashier, sexier. Another season or two, and they'll make me part with her.† Tolland sounded melancholy at the thought. â€Å"You wouldn't love a brand-new ship?† â€Å"I don't know†¦ a lot of memories onboard the Goya.† Rachel smiled softly. â€Å"Well, as my mom used to say, sooner or later we've all got to let go of our past.† Tolland's eyes held hers for a long moment. â€Å"Yeah, I know.† 98 â€Å"Shit,† the taxi driver said, looking over his shoulder at Gabrielle. â€Å"Looks like an accident up ahead. We ain't going nowhere. Not for a while.† Gabrielle glanced out the window and saw the spinning lights of emergency vehicles piercing the night. Several policemen stood in the road ahead, halting traffic around the Mall. â€Å"Must be a hell of an accident,† the driver said, motioning toward some flames near the FDR Memorial. Gabrielle frowned at the flickering glow. Now, of all times. She needed to get to Senator Sexton with this new information about PODS and the Canadian geologist. She wondered if NASA's lies about how they found the meteorite would be a big enough scandal to breathe life back into Sexton's campaign. Maybe not for most politicians, she thought, but this was Sedgewick Sexton, a man who had built his campaign on amplifying the failures of others. Gabrielle was not always proud of the senator's ability to put negative ethical spin on opponents' political misfortunes, but it was effective. Sexton's mastery of innuendo and indignity could probably turn this one compartmentalized NASA fib into a sweeping question of character that infected the entire space agency-and by association, the President. Outside the window, the flames at the FDR Memorial seemed to climb higher. Some nearby trees had caught fire, and the fire trucks were now hosing them down. The taxi driver turned on the car radio and began channel-surfing. Sighing, Gabrielle closed her eyes and felt the exhaustion roll over her in waves. When she'd first come to Washington, she'd dreamed of working in politics forever, maybe someday in the White House. At the moment, however, she felt like she'd had enough politics for a lifetime-the duel with Marjorie Tench, the lewd photographs of herself and the senator, all of NASA's lies†¦ A newscaster on the radio was saying something about a car bomb and possible terrorism. I've got to get out of this town, Gabrielle thought for the first time since coming to the nation's capital. 99 The controller seldom felt weary, but today had taken its toll. Nothing had gone as anticipated-the tragic discovery of the insertion shaft in the ice, the difficulties of keeping the information a secret, and now the growing list of victims. Nobody was supposed to die†¦ except the Canadian. It seemed ironic that the most technically difficult part of the plan had turned out to be the least problematic. The insertion, completed months ago, had come off without a hitch. Once the anomaly was in place, all that remained was to wait for the Polar Orbiting Density Scanner (PODS) satellite to launch. PODS was slated to scan enormous sections of the Arctic Circle, and sooner or later the anomaly software onboard would detect the meteorite and give NASA a major find. But the damned software didn't work. When the controller learned that the anomaly software had failed and had no chance of being fixed until after the election, the entire plan was in jeopardy. Without PODS, the meteorite would go undetected. The controller had to come up with some way to surreptitiously alert someone in NASA to the meteorite's existence. The solution involved orchestrating an emergency radio transmission from a Canadian geologist in the general vicinity of the insertion. The geologist, for obvious reasons, had to be killed immediately and his death made to look accidental. Throwing an innocent geologist from a helicopter had been the beginning. Now things were unraveling fast. Wailee Ming. Norah Mangor. Both dead. The bold kill that had just taken place at the FDR Memorial. Soon to be added to the list were Rachel Sexton, Michael Tolland, and Dr. Marlinson. There is no other way, the controller thought, fighting the growing remorse. Far too much is at stake. 100 The Coast Guard Dolphin was still two miles from the Goya's coordinates and flying at three thousand feet when Tolland yelled up to the pilot. â€Å"Do you have NightSight onboard this thing?† The pilot nodded. â€Å"I'm a rescue unit.† Tolland had expected as much. NightSight was Raytheon's marine thermal imaging system, capable of locating wreck survivors in the dark. The heat given off by a swimmer's head would appear as a red speck on an ocean of black. â€Å"Switch it on,† Tolland said. The pilot looked confused. â€Å"Why? You missing someone?† â€Å"No. I want everyone to see something.† â€Å"We won't see a thing on thermal from this high up unless there's a burning oil slick.† â€Å"Just switch it on,† Tolland said. The pilot gave Tolland an odd look and then adjusted some dials, commanding the thermal lens beneath the chopper to survey a three-mile swatch of ocean in front of them. An LCD screen on his dashboard lit up. The image came into focus. â€Å"Holy shit!† The helicopter lurched momentarily as the pilot recoiled in surprise and then recovered, staring at the screen. Rachel and Corky leaned forward, looking at the image with equal surprise. The black background of the ocean was illuminated by an enormous swirling spiral of pulsating red. Rachel turned to Tolland with trepidation. â€Å"It looks like a cyclone.† â€Å"It is,† Tolland said. â€Å"A cyclone of warm currents. About a half mile across.† The Coast Guard pilot chuckled in amazement. â€Å"That's a big one. We see these now and then, but I hadn't heard about this one yet.† â€Å"Just surfaced last week,† Tolland said. â€Å"Probably won't last more than another few days.† â€Å"What causes it?† Rachel asked, understandably perplexed by the huge vortex of swirling water in the middle of the ocean. â€Å"Magma dome,† the pilot said. Rachel turned to Tolland, looking wary. â€Å"A volcano?† â€Å"No,† Tolland said. â€Å"The East Coast typically doesn't have active volcanoes, but occasionally we get rogue pockets of magma that well up under the seafloor and cause hot spots. The hot spot causes a reverse temperature gradient-hot water on the bottom and cooler water on top. It results in these giant spiral currents. They're called megaplumes. They spin for a couple of weeks and then dissipate.† The pilot looked at the pulsating spiral on his LCD screen. â€Å"Looks like this one's still going strong.† He paused, checking the coordinates of Tolland's ship, and then looked over his shoulder in surprise. â€Å"Mr. Tolland, it looks like you're parked fairly near the middle of it.† Tolland nodded. â€Å"Currents are a little slower near the eye. Eighteen knots. Like anchoring in a fast-moving river. Our chain's been getting a real workout this week.†

Free Essays on Hrry Potter And The Order Of The Phoenix

Book review J. K. Rowling â€Å"Harry Potter and the order of the phoenix† â€Å"Harry Potter and the Order of the Phoenix† is the 5th novel in the series of magnificent novels about young wizard Harry Potter. It is written by world famous writer J. K. Rowling. She is one of the best selling authors in the world; all five novels about Harry Potter are bestsellers in almost all countries. Before the first novel â€Å"Harry Potter and the Sorcerer’s Stone† was published J. K. Rowling was very poor and unknown writer. But now her novels are loved by children and adults in whole world. The previous novels tell about young wizard Harry Potter, who discovers new powers and understands that he is different form his aunt Petunia, uncle Vernon and cousin Dudley, the people who raised him after his parents died. They hate him ever since they found him fast asleep on their doorstep when he was a baby. Harry goes to Hogwarts School of Witchcraft and Wizardry and discovers that he is very famous – he has defeated the Dark Lord Voldemort. He was very young when he did it and he has a scar on his forehead which often hurts and he doesn’t know why. Harry studies in Hogwarts and he is a very good Quidditch player. Harry has two close friends – Ron and Hermione. In his third year in Hogwarts he meets his father’s best friend, who is falsely accused in murdering Harry’s father. Since the day Harry got to know the truth, he has very close relationship with Sirius. â€Å"Harry Potter and the Order of the Phoenix† tells about his 5th year in Hogwarts. This book is very exciting, because Lord Voldemort is back and Harry has to fight him once again. The Order of the Phoenix is a group of very powerful witches and wizards, led by professor Dumbledore, the principle|headmaster of Hogwarts, who are ready to fight the Dark Lord and his followers the Death Eaters. They help Harry to protect himself from the power of Lord Voldemort. This year Harry... Free Essays on Hrry Potter And The Order Of The Phoenix Free Essays on Hrry Potter And The Order Of The Phoenix Book review J. K. Rowling â€Å"Harry Potter and the order of the phoenix† â€Å"Harry Potter and the Order of the Phoenix† is the 5th novel in the series of magnificent novels about young wizard Harry Potter. It is written by world famous writer J. K. Rowling. She is one of the best selling authors in the world; all five novels about Harry Potter are bestsellers in almost all countries. Before the first novel â€Å"Harry Potter and the Sorcerer’s Stone† was published J. K. Rowling was very poor and unknown writer. But now her novels are loved by children and adults in whole world. The previous novels tell about young wizard Harry Potter, who discovers new powers and understands that he is different form his aunt Petunia, uncle Vernon and cousin Dudley, the people who raised him after his parents died. They hate him ever since they found him fast asleep on their doorstep when he was a baby. Harry goes to Hogwarts School of Witchcraft and Wizardry and discovers that he is very famous – he has defeated the Dark Lord Voldemort. He was very young when he did it and he has a scar on his forehead which often hurts and he doesn’t know why. Harry studies in Hogwarts and he is a very good Quidditch player. Harry has two close friends – Ron and Hermione. In his third year in Hogwarts he meets his father’s best friend, who is falsely accused in murdering Harry’s father. Since the day Harry got to know the truth, he has very close relationship with Sirius. â€Å"Harry Potter and the Order of the Phoenix† tells about his 5th year in Hogwarts. This book is very exciting, because Lord Voldemort is back and Harry has to fight him once again. The Order of the Phoenix is a group of very powerful witches and wizards, led by professor Dumbledore, the principle|headmaster of Hogwarts, who are ready to fight the Dark Lord and his followers the Death Eaters. They help Harry to protect himself from the power of Lord Voldemort. This year Harry...

Internet3 essays

Internet3 essays Negotiation is a common word that always appears in our personal and professional lives. Business is also negotiating. From the day you start thinking about having your own company, you are negotiating every step of the way. We negotiate when we buy office furniture, or when we do a project with co-worker, or when we are dealing with customers or even business partners. You will pay a price if you do not recognise the process for negotiation. Sometimes it is easy to negotiate, but other times, when we have a great deal at stake or we are upset, the task can be intimidating or difficult. In this paper, we are going to talk about what negotiation is, some stages, rules, strategies, etc. that can help you work and negotiate more effectively with your customer, co-workers, and boss. Also, they are also applicable to other interpersonal situations. (http://members.nbci.com/_XMCM/cooperate/neg.htm)  ¡Negotiation is the process through which two or more parties seek an acceptable rate of exchange for items they own or control. ¡ (Meredith  ¡Negotiation is a field of knowledge and endeavor that focuses on gaining the favor of people from whom we want things. ¡ (Meredith Negotiating is an inter-personal process. Each negotiating situation is different and influenced by each party ¡s skills, attitudes and style. Understanding the negotiation process and the party involved with allow us to manage negotiation easier in satisfying both parties ¡ interest. Increase your salary; get you a better position; gather support for your project or department; gain approval for a budget; and improve your chance for success on the job are the reasons for negotiation. You will benefit through the process of negotiation if you success at the end. Therefore, it pays to overcome your aversion to haggling and your ...

Practice in Using the Past Forms of Verbs

Practice in Using the Past Forms of Verbs In this two-part exercise in using the past forms of regular and irregular verbs, you or your students will first select the correct form of the verb in parentheses, and then combine the sentences in the exercise into a cohesive paragraph. This exercise can be combined with a lesson on sentence combining. Instructions For each of the following sentences, write the correct past or past-perfect form of the verb in parentheses.Combine and arrange the 31 sentences in the exercise into a paragraph of 11 or 12 new sentences. You may add, delete, or alter words in the interest of clarity, coherence, and cohesion. When you have completed both parts of the exercise, compare your work with the sample answers on page two. Exercise Questions Jughead (shut) himself up in his room last night.He (stay) there for seven hours.He (study) for the big test in history.All term he had not (open) his textbook.Often he had (forget) to go to class.Sometimes he (go) to class.He never (take) notes.So he (have) a lot of work to do.He (read) 14 chapters in his history book.He (write) dozens of pages of notes.He (draw) a time chart.The time chart (help) him to remember important dates.Then he (sleep) for one hour.The alarm (ring).Jughead (get) up to review his notes.He had (forget) a few things.But he (feel) confident.He (drink) a mug of coffee.He (eat) a candy bar.He (run) to the classroom.He had (bring) a rabbits foot for good luck.He (arrive) early at the classroom.Nobody else had (show) up yet.He (put) his head down on the desk.He never (mean) to fall asleep.He (fall) into a deep slumber.He (dream).In his dream he (pass) the test.Several hours later he (wake) up.The room had (grow) dark.Jughead had (sleep) through the big test. Correct Verb Forms Jughead shut himself up in his room last night.He stayed there for seven hours.He studied for the big test in history.All term he had not opened his textbook.Often he had forgotten to go to class.Sometimes he went to class.He never took notes.So he had a lot of work to do.He read 14 chapters in his history book.He wrote dozens of pages of notes.He drew a time chart.The time chart helped him to remember important dates.Then he slept for one hour.The alarm rang.Jughead got up to review his notes.He had forgotten a few things.But he felt confident.He drank a mug of coffee.He ate a candy bar.He ran to the classroom.He had brought a rabbits foot for good luck.He arrived early at the classroom.Nobody else had shown up yet.He put his head down on the desk.He never meant to fall asleep.He fell into a deep slumber.He dreamed (or dreamt).In his dream he passed the test.Several hours later he woke up.The room had grown dark.Jughead had slept through the big test. Sample Combinations Here is the original version of the paragraph The Big Test, which served as the model for the sentence-completion exercise on page one. Many variations are possible, of course, and so your paragraph may differ significantly from this version. The Big TestJughead shut himself up in his room last night for seven hours to study for the big test in history. He had not opened his textbook all term, and often he had forgotten to go to class. When he did go, he never took notes, and so he had a lot of work to do. He read 14 chapters in his history book, wrote dozens of pages of notes, and drew a time chart to help him remember important dates. Then he slept for just one hour. When the alarm rang, Jughead got up to review his notes, and although he had forgotten a few things, he felt confident. After drinking a mug of coffee and eating a candy bar, he picked up a rabbits foot for good luck and ran to the classroom. He arrived early; nobody else had shown up yet. And so he put his head down on the desk and, without meaning to, fell into a deep slumber. He dreamt that he had passed the test, but when he woke up several hours later, the room had grown dark. Jughead had slept through the big test.

Changes in Criminal Justice Research Paper Example | Topics and Well Written Essays - 750 words

Changes in Criminal Justice - Research Paper Example Biometrics is used to help identify criminals using specific personally identifiable characteristics. A biometric system recognizes distinct physical or behavioral traits of an individual. Such aspects include fingerprints, retinal scans, facial features, and voice prints (Pankanti et al 2000). Although the use of biometrics revolutionized the justice system, several flaws still exist that limit its effectiveness. Unfortunately, the accuracy of biometric measuring systems is not perfect and leaves a large room for error. In addition, biometric information can only help catch a criminal if his biometric measures are recorded in a database. As of right now, only certain people are recorded in such databases such as former criminals and government employees (Jain et al 2004). In order to decrease crime, the future might show the increased input of individuals into databases. For example, biometric information may be recorded at birth. In addition, there will mostly likely be a greater v ariety and more widespread use of biometric systems (Jain et al 2004). While biometrics currently helps catch criminals, its usage will mostly grow in the future due to technological advances. Another aspect of criminal justice likely to advantageous change in the future is cybercrime protection. ... As the Internet continues to become more prevalent in society, it will become increasing important to protect information passed via the Internet. Therefore, the future will most likely see increased security measures in order to block cyber criminals. The use of nanotechnology will increase the criminals’ ability to steal information using nanobots or computer robots to record information. This will require advanced firewalls to block (Finnie et al 2010). An important aspect of crime protection in the future will surround computer and Internet crimes. Arguably, the most significant change in the criminal justice system likely to place within the next fifty years is a shift in the penal system. The modern prison began in the 1970s and, although, they are theoretically referred to as correctional institutions, a more appropriate name would be violent or convict prisons. The period grew from disaffection with the concept of rehabilitation, an increase in the racialization of pri son, and strict legislation in response to the increase in recreation drug use (Haney & Zimbardo 1998). An increase in the availability and subsequent fear of drugs sparked the nation’s War on Drugs, Determinate Mandatory Law, and Truth in Sentencing. A predetermined amount of prison time distinct to each crime increases the number of inmates. In relation to drugs, the strict law increases the number of inmates locked up for relatively petty offenses such as possession of an illegal substance because a sentence cannot be reduce due to good behavior and, one has to serve at least 85% of the sentence. This increase in strict legislation has induced a rapid growth in prison population. This has resulted in overcrowded prisons, and the constant need for more prison spaces.

Paying for Bone Marrow Essay Example | Topics and Well Written Essays - 500 words

Paying for Bone Marrow - Essay Example This is mainly due to ethical reasons as ratifying it would cause many unscrupulous individuals to take advantage of this by finding ways of illegally harvesting organs from perfectly healthy people. The present reality is that there are many patients who could benefit from bone marrow transplants and who may end up dying of their ailments before they can find suitable donors. Most of these individuals are from ethnic minorities. There are some in the medical community who feel that making it possible for people to benefit financially from donating their bone marrow will make more citizens consider the possibility of becoming donors. This would also increase the possibilities of patients being matched with tested donors and create a situation in which the donor and recipient benefit from the operation. This disables the black market which trades on body organs and basically supports a situation in which the poor are pressured to donate their organs. Moreover, this could create a situation where fewer people consider the possibility of contributing their bone marrow as a selfless act because they will feel that it has been commercialised and so is more available to patients from all social classes. Making it possible for people to pay for bone marrow would also transform human beings into commodities that can be used for business practices. Even though it would create a situation in which the bone marrow trading operations of the black market cease to exist, it would also cause there to be more pressure on poor people to combat their present situations by selling their bone marrow. According to Tilney, it could also cause a situation in which human beings are bred for the specific purpose of using their organs for trade (Tilney, 47). It has been argued that there are many nations in which poor people are paid for donating their blood on a regular basis; and that selling the bone marrow

Problems and solutions for alcohol Essay Example | Topics and Well Written Essays - 250 words

Problems and solutions for alcohol - Essay Example According to (â€Å"Solving alcohol problems†), the problem of alcohol is that as many as 17 million adults in US are seriously caught in the habit of drinking. Of these alcohol addicts, those who get help are no more than 3 million in number. Every year, hundreds of thousands of Americans are killed, injured, or weakened as a result of drinking. Alcohol consumption has been the root cause of distortion of a lot of families in the past and has also been one of the driving forces of violence in the society. There are four fundamental stages of solving the problems of alcohol. First, there is a need to create awareness among the public so that they know the difference between risk and safe alcohol consumption. Secondly, there should be screening for alcohol related issues. After that, people should be provided with cover treatment by way of health insurance. Finally, there should be good arrangement of support treatment and health recovery for the affected

Living with in-laws Essay Example | Topics and Well Written Essays - 1000 words - 1

Living with in-laws - Essay Example Land is very reasonable right now and we had found several potential locations from looking online in the county where my mother lives. It’s a peaceful place where simple people can get away from the pressure of living in the fast paced, automated work world. There were plenty of places nearby that weren’t polluted; we could still go fishing, camping, and enjoy nature. What a sweet deal! There was no reason to stay in North Carolina as being near my wife’s family had always proved to be more of a stressor than helpful. Her family has some serious issues with backwoods ignorance and just plain meanness that made wanting to leave look like the next best thing to oxygen. They argue and bicker continuously; that is when they are still speaking to each other. Besides, we had never lived near my mother; I missed the closeness we had shared in my youth. She has always been a good mom to me; supporting every effort I made to grow and develop myself along the journey. Now that she’s facing her senior years, and is alone, I felt it would be wonderful to be close by in case she needs some support. About two months after I left for Missouri, my wife called one day, crying, and told me that her mother was ill. Apparently she had developed heart problems; I’m sure it had nothing to do with all the pork and lard biscuits she eats, and cigarettes she smokes. Make no mistake about it, mountain women are just plain work. I missed my wife; there was no way I wanted to stay in Missouri and let her stay in North Carolina for any extended length of time by herself, especially not at the mercy of her family. This was our dream and I just couldn’t get excited about it with her missing from the picture. As much as it killed me, I stopped everything and came back to North Carolina to support my wife in dealing with her family. My wife took her mother to the

Neglecting the Course of English Essay Example | Topics and Well Written Essays - 500 words

Neglecting the Course of English - Essay Example The researcher states that the mistake that he did unintentionally was a late submission of a required essay, which is quite regretful for him. Due to failure to submit the essay in time, the author did not receive a passing grade in the class due to which, he was unable to complete the requirements for his admission. The researcher feels really sorry that he was unable to manage his time according to his activities that were equally important. This failure taught the author a lesson and he does not want this failure to prove as a dark spot on his transfer to UCSD. Being an international student, the narrator tries to do his best in his academics as well as other student activities prevalent in the educational institution. The researcher is fully aware that acquisition of English language is compulsory for the students due to which, he has attended community college for 19 months for learning the English language. The author has gained proficiency in reading and writing English langu age and he feels that his transcript is not reflective of it. Nevertheless, the narrator is prepared to retake the lower division or equivalent English writing course again in the college in order to meet the requirements of the missing units not as a junior but as a freshman/sophomore level. The author’s overall percentage in different subjects is not bad, which is quite evident from his major subject of Communication studies. The researcher is well prepared for the transfer to UCSD as he has shifted from San Jose all the way down to Southern California and he has found an apartment in La Jolla. The researcher has also read class catalog multiple times in order to plan for his classes and extracurricular activities. In order to upgrade his knowledge about UCSD, the researcher has attended transfer admitted day as he hopes to continue his studies in UCSD. In preparing to be transferred to UCSD, the author did not just enjoy his holidays back in his home country but the author has continued reading various books and also worked as an internet and this job had a requirement of daily usage of English language for communicating in terms of paper writing and speaking.

Living with in-laws Essay Example | Topics and Well Written Essays - 1000 words - 1

Living with in-laws - Essay Example Land is very reasonable right now and we had found several potential locations from looking online in the county where my mother lives. It’s a peaceful place where simple people can get away from the pressure of living in the fast paced, automated work world. There were plenty of places nearby that weren’t polluted; we could still go fishing, camping, and enjoy nature. What a sweet deal! There was no reason to stay in North Carolina as being near my wife’s family had always proved to be more of a stressor than helpful. Her family has some serious issues with backwoods ignorance and just plain meanness that made wanting to leave look like the next best thing to oxygen. They argue and bicker continuously; that is when they are still speaking to each other. Besides, we had never lived near my mother; I missed the closeness we had shared in my youth. She has always been a good mom to me; supporting every effort I made to grow and develop myself along the journey. Now that she’s facing her senior years, and is alone, I felt it would be wonderful to be close by in case she needs some support. About two months after I left for Missouri, my wife called one day, crying, and told me that her mother was ill. Apparently she had developed heart problems; I’m sure it had nothing to do with all the pork and lard biscuits she eats, and cigarettes she smokes. Make no mistake about it, mountain women are just plain work. I missed my wife; there was no way I wanted to stay in Missouri and let her stay in North Carolina for any extended length of time by herself, especially not at the mercy of her family. This was our dream and I just couldn’t get excited about it with her missing from the picture. As much as it killed me, I stopped everything and came back to North Carolina to support my wife in dealing with her family. My wife took her mother to the

Sustainable business Essay Example | Topics and Well Written Essays - 250 words

Sustainable business - Essay Example Landrum, Landrum and Edwards (2009, p. 4) define a sustainable business as that business which guarantees the â€Å"interest of all current and future stakeholders in a manner that ensures the long-term health and survival of the business and its associated economic, social, and environmental systems.† This makes us believe that sustainable businesses focus on how the business is going to affect the current and future consumers and what impact it is going to have on the overall environment. The objective is to create a positive difference in the environment or reducing the negative impact on the environment. We call that such a business is going green since it is environment friendly. A sustainable business is not only able to address the current needs of consumers but also works upon ensuring the well-being of future generations. There is a win-win situation between the business and the environment. Such businesses have built their reputation in the modern world because they boost the economy and provide the human beings with a healthier place to live

Define an SLA and state why it is required in a risk adverse organization Essay Example for Free

Define an SLA and state why it is required in a risk adverse organization Essay 1. This is a closed-book, closed-notes quiz. No reference material (including assignments and labs) will be permitted for use during the quiz session. 2. The quiz contains the following types of questions: * Short essay type 3. Place your answers in the space immediately following each question. Quiz Questions 1. Define an SLA and state why it is required in a risk adverse organization. A SLA is a service level agreement, which is a contract between the ISP and the company. A SLA gives the company an idea of how much time they will be without services, should something happen with the ISP. A SLA is important to a company in making recovery plans, knowing what critical systems need to be available for a continuance of business and formulation of disaster recovery. 2. Using the user domain, define risks associated with users and explain what can be done to mitigate them. The user domain has several risk’s involved, as people are involved and there is no way employees can be monitored without the use of CCTV. Social engineering a person trying to obtain information through malicious means. The greatest tool in mitigating risk in the user domain is training and reminders for users to be aware of their surroundings. No acceptable user’s policy, AUP, or lack of training employees on the correct usage of the network. User accounts left active, if the employee is terminated, and another employee has the log on credentials. Mitigation would to be disabling all user accounts upon termination. . 3. Using the workstation domain, define risks associated within that domain and explain what can be done to reduce risks in that domain. The use of USB’s or disk, the files could contain viruses and infect other files or applications on the network. No acceptable user’s policy, AUP, or lack of training employees on the correct usage of the network. The users staying signed into their accounts when leaving their desk. Session timeout would help with this risk, but training and follow up with need to be done as well. 4. List four compliance laws or regulations or mandates, and explain them. HIPAA- covers all healthcare industries and states all patient information must be encrypted in storage, transmissions, and restrictions on access to the information. SOX- cover all publically traded companies and require auditing of the accounting procedures of the business. The reports required by SOX are reported to the SEC. Access to the financial information is restricted and based on need to know. FISMA- covers government agencies and is to ensure all assets of the government are protected. Assets like information, operations and actual machinery are protected from hackers or internal threats. Guidelines to develop a security guideline for government agencies, requires regular audits. CIPA-Child Internet Protection Act- covers federally funded entities’ than provide internet services to individuals, schools and libraries. The Act requires content filters to be used to prevent children from being exposed to harmful content, pornography and illicit sites on the internet. 5. Define risk with a formula. Explain what each variable means. Risk= Threat x Vulnerability- Threat is any compromise in the network that can be used for malicious behavior, an example worm, or Trojan horse. Vulnerability- is a weakness in the software or OS of a network that can be exploited for malicious intent. The two multiplied equals a risk to the information, assets or intellectual property of a business.

Analysis of the Chinese Cosmetic Market

Analysis of the Chinese Cosmetic Market Abstract Women have an inherent love of beauty. The rapid economic growth, coupled with the huge development of cosmetics industry in China, contributes to the significant changes of cosmetics consumer behavior. Cosmetics have become a routine tool to make women more presentable. Understanding behaviour of consumers is a key to the success of business. As a huge potential consumer group, understanding of their attitudes and buying behavior towards cosmetics seems to be necessary. This study focused on investigating and analysing the purchasing patterns for female college students. Via the systemic study, companies will be beneficial to have a better understanding of college females in terms of cosmetics purchasing. The survey was conducted with focus group and questionnaires. The results of questionnaires will be analyzed by using SPSS and data were analysed by frequency analysis, cross-tab analysis and multi-respond analysis. Introduction Research background With the expansion of social group and rising incomes, beauty consciousness among women has changed. Cosmetics entered into womens lives on a daily basis. The act of beautifying physical appearance not only becomes a distinct way to express ones image but also a pattern to show respect to other people (Choi, Kim, Kim, 2007). Following decade of years tremendous economic development, the Chinese cosmetics industry is undergoing fast changes and advancement. It further enhances the consumption level of urban and rural residents, improve the consumption environment, optimize consumption structures, and contribute to expansion of the fields of consumption (Tao, 2005). Consumer categories such as cosmetics benefited from the rapid growth in consumer spending, and have become a huge money maker. Meanwhile, the increasing fashion and beauty consciousness, as a natural outgrowth of rising incomes, diversify consumers demands. Obviously, this potential has not only attracted international cosmetics companies, but also led to more domestic cosmetics producers trying to enter the market. As a consequence, competition will be further intensified among foreign and domestic companies. Previous research indicated that females spending on cosmetics still making up of the main income for the entire cosmetics market. An increasing number of female college students starting to show strong interest in enhancing their appearance through make-up (Huang, 2003). With a high level of interests in appearance, they have revealed a great potential. College students represent not only the remarkable consumption potential but also the future mainstream. Thus, the female college students patterns of consumption gradually become a major concern (Choi, Kim, Kim, 2007). Studying consumer behavior enables companies to understand why consumers make the purchase decision and predict how they will react to promotional messages. On the purpose of maintaining and expanding market share, understanding of consumer behavior will be required to suit their changing needs. Therefore, research need to be conducted to provide cosmetic companies with basic data required in establishing marketing s trategies for advancement into Chinese market to tailor consumption patterns of female college students. Scope and objectives of study When reviewing the literatures on the cosmetic and toiletry industry, the existing research related to Chinese cosmetic consumer is typically concerned with the entire market. Not many studies are available specifically focus on college students buying behavior. In the regard, considering the massive size of China, the present study limits itself to the female college students. By and large, this dissertation makes an attempt to investigate and analyse purchasing pattern of female college cosmetic consumers. In particular, this study aims to achieve the following objectives: To pinpoint and obtain a general picture of the cosmetics industry in China. On completion of this objective, the intention would be to get an insight into the cosmetics environment and the rapid growth trend of the industry so as to have a good knowledge base that can support the study throughout the dissertation. To investigate and analyse cosmetics buying behavior of female college students in China. The intention of this objective would be to a) understand how college student perceive cosmetics, b) identify their characteristics in terms of cosmetics purchase, and c) develop a greater understanding of motivation for purchasing, different factors involved in purchase decision of cosmetics and how product attribute, such as price, quality etc, effects buying patterns, thereby mapping out a model for female college students purchasing behavior. Based on the analysis of the research carried out, briefly propose a number of key recommendations enable companies in the industry to target their marketing strategies at college cosmetics consumers. The data that plan to be gathered for this research will be obtained from both primary and secondary resources. The secondary sources of data will be derived from published articles from internet database, journals and magazines, theses, and related studies on cosmetics. On the other hand, the primary source of information regarding the study will be gathered from focus groups and questionnaires, prepared by the researcher, which will be delivered to the respondents of the research. Significance of study The boom of cosmetics industry in China has brought about changes in consumer behavior. The importance of the study cannot be understated. It is anticipated that the outcome of this study will certainly contribute towards a better understanding of the changing perception and behaviour of cosmetics buyers. Furthermore, there are a number of literatures that have discussed the female consumer behavior with regards to the purchase of cosmetics. This study will combine the relevant literature with own findings from primary research to provide an in-depth discussion. Therefore, the study will be significant in terms of better positioning of products and more effective marketing communication to tailor the demand of college females. This means that the findings will not only be able to benefit both foreign and domestic companies who have the willingness to enter the market but also various retailers who want to expand sales. Literature review Many theories have been proposed to explain consumer behaviors within certain industry area. Understanding todays consumer is the key to realising the future needs and expectations of beauty consumers, and is potentially relevant to improving marketing effectiveness (Tang, 2008). Previous studies hold that knowing the psychological process by which consumers make purchasing decisions enables marketers to grasp opportunities and even predict the shifts and future development trend of the consumer markets. Additionally, it exerts positive impact on improving cosmetics sales (Yau, 1994). In this generation, cosmetics are used by women of practically all walks of life High-end cosmetics The desire to be beautiful could be considered a human tendency, as it is exhibited by almost every culture all around the world. KIRARA(PDF) Research suggests that beauty consciousness among people in general is changing. Vigneron and Johnson (1999) reported that peoples needs for appearances and materialism were increasing. That is human beings wanted to satisfy the need to look and feel good. This created a boom in the cosmetic and toiletries sector across the world. Chambers Encyclopedia defines cosmetics as (a) articles intended to be rubbed, poured, sprinkled or sprayed on, introduced into or otherwise applied to the human body or any part thereof for cleaning, beautifying, promoting attractiveness or altering the appearance and (b) articles intended for use as a component of such articles. Now a variety of cosmetic and toiletries ranging from natural to sophisticated items are available in the market. The pattern and preference of use of these items vary according to different segments of gender, age and socio-economic class. When we review the literature on the cosmetic and toiletry industry, not many studies are available especially about Indian scenario. Patterns of women purchasing cosmetics Most early theories of consumer behavior were concerned with the purchasing characteristics and influential factors. Schutte and Ciarlante (Schutte Ciarlante, 1998)argued that in China the purchase decision is typically based on the usefulness of the product such as its physical characteristics and price value. However, recent studies outlined by Liang (Liang, 2008) suggested that womens purchasing pattern differs with men. Their buying decision tend to influenced easily by the purchasing environment, and have more impulse purchase. Besides, generally speaking, females have strong self-awareness when purchasing, which means majority of the decisions were made on the basis of personal preference or subjective impression, sensation. Characteristics of purchasing cosmetics In general, female invest more money on various cosmetic products and even spared no expense because they pay more attention to appearance than men (Huang, 2003). The characteristics of modern Chinese females regarding cosmetics purchase can be summed up in three points: Easily affected by market atmosphere Normally, products promotion, advertising and other factors can easily tempt young females to make irrational purchases. In a research by Cong (Cong, 2008), results showed that 56% of females bought unneeded or unexpected cosmetics products as a result of discount, followed by the purchase due to interests aroused by shop environment and sales exhibition (40.8%). Accounts for 22.8% of females who bought useless products or had irrational consumption were affected by advertisement. Thus, compare with men, female is prone to be encouraged over-consumption by commercial appeals. Mood consumption Female tend to have more generous sentiments in the process of purchase. Their certain desires are prone to be roused and affected by mental activities. Oliver Yau (Yau, 1994) contended that mood consumption normally occurs in two situations. One of which might be triggered by delusion under particular circumstance. For example, lots of females had encountered situation that unexpected spending happens after being paid out the salary. Another circumstance that contributes to mood consumption is likely to happen in the case of that female with unusual mood. Such as, a considerable number of female go shopping when they feel frustrated and happy. Relatively low loyalty to brands Chinese cosmetics consumers show less passion on being loyal to brands. They would like to try several brands to compare them rather than be from the same brand (Labbrand, 2009). Besides, another reason that contributes to low brand loyalty is seasonal consumption of Chinese consumers due to the significant difference in climate between summer and winter (Mo, 2008). Customers have to change their purchase habit to suit the season. For instance, customer tends to use more sunscreen to protect their skin and less oily cream in summer than they do in winter. Purchasing influences As established by Access Asia Limited (Access Asia Limited, 2008), Chinese consumers heavily rely on products, stores and services they know and trust. The same philosophy is applicable equally to product brands, with word-of-mouth communication proving to be a pervasive reason for consumers to change brands and most potent marketing tools in China. This is supported by Xuecai Liang (Liang, 2008) who claimed that among the females, friends group plays a very important role on information communicating about different brands of cosmetics. Some people will only buy products that they have been recommended by friends. However, the increasing effects of advertising on the urban and younger Chinese buyer cannot be neglected as their media exposure increases (Yang, 2004). In addition, the physical characteristics like reliability, innovative technology and high brand profile are the important factors when make a cosmetic purchase, a study by Yuyuan Huang suggested that (Huang, 2003). Taking different attitudes towards local and foreign brands as example, Huang explained that foreign brand represent high quality and status at the Chinese consumers view, while local brand are perceived as shortage of these selling advantages, even both product sold at the same price. Besides, it worth to notice that local cosmetics consumers now are prepared to pay more for better quality, service, and convenience. The variety of choice is seen as another factor. According to Shen, Liu and Huang (Shen, Liu, Huang, 2005), majority of the consumers will prefer to shop in large stores when they can easily reach such places, whereas finding the lack of product choice in smaller stores (especially in terms of range of price) to be embarrassed. It can be argued that larger stores will provide more bargains, which means the products tend to have higher price value. Such stores are also considered as being more convenient to shop in, contributing to the flourishing development of the discount retailing sector over recent years (Access Asia Limited, 2008). Moreover, in the eyes of Chinese consumer, the depth of communication brands had with their customers is vital. According to survey conducted by Labbrand (Labbrand, 2009), Chinese consumers have a strong demand to communicate with brands. For instance, they would like to receive inquiry from brand concerning their feeling about the products they use, or to be informed in time when brand have special events. Besides, consumers considered that from communicating with brand they can better compare and finally find the most suitable cosmetics for their specific needs and desires. Thus, it can be argued that companies who kept contact with consumers tend to have higher sales and brand loyalty. Industry review The huge advances witnessed over the past two decades have improved the living standards of millions of Chinese citizens. With the upgrade of living standards, private consumption among expenses has reached a higher level. The rise in private consumption translated into greater spending on personal care products in the booming cosmetics industry (Tao, 2005). In China, the development of the cosmetic industry has been to a new stage and it shows a sound momentum of growth. Market potential: Chinese cosmetic market continues to surge In recent year, the continuous rapid economic growth generates good environment and favorable development space for cosmetics industry maintaining a rapid rate of growth. In 2003, china had become the second-largest cosmetics market in Asia after Japan, and was the eighth largest in the world (Li, 2005). According to National Bureau of Statistics (NBS) of China, the Chinese cosmetics market generated total revenues of RMB?488.3 billion in 2007, representing annual sales grew by 26.3 percent over the same period last year. In 2008 and 2009, the sales grew by 22.2% and 17.2%, respectively, over the same period, to reach respective values of RMB?596.5 and RMB?348.2 billion in 2008 (HKTDC, 2009). At the same time, it has also been taken note that the performance of the market is forecast to decelerate, but still increase by approximately 13% annually (Datamonitor, 2009). Overall, the cosmetics industry is surely faster than the economic growth which means the long term potential of the C hinese cosmetic market is fairly vast. Additionally, given its population of approximately 1.3 billion, China has the largest market potential. Chinas share of the global cosmetic market may seem small compared to huge markets like the US and Japan, but with a population of over a billion people, the growth potential there is staggering, said Lenka Contreras, vice president and head of the Consumer Products practice for Klines research division (Pitman, 2005). Chinas cosmetics market is still far from saturation. Characteristics of chinas cosmetics market The consumer market development is vigorous With economy expanding and mass livelihood improving, awareness of personal well-being prompts strong and continuous growth in the consumer market. It not only reforms the consumption pattern but also drive the sales (Asia consulting, 2008). In that sense, it is predicted that the Chinese cosmetic consumer market is dynamic. Women stimulating the market growth Female is still an essential part of Chinese cosmetics market, especially those office ladies. As Chinese women are now increasingly beauty consciousness and awareness, the use of cosmetics has become a part of their daily routine (Fung, 2005). Accordingly, the rising proportion of young females in white-collar jobs has formed the loyal customer basis for this market, and the cosmetics sales have been driven. Their spending on cosmetic is outgrowing over other areas. National Bureau of Statistics has come up with data that shows women ages from 20-54 account for 27.21% of the total population. Being more economically independent, the enormous number of consumers in the group will generate huge demands than ever (HKTDC, 2009). The famous-brand effect appears day by day on the market The rising sales of famous-brand products reflected that customers attitudes concerning cosmetics have changed (Chen Xue, 2005). As the improving residents consumption level, people are willing to pay more attentions to those well-know cosmetic products which were considered with high grade, quality assurance and harmlessness. For example, customers will be highly delighted with brand-name products that can prevent wrinkles or keep moisture balance in the skin. Due to the impression lifted in mind, its sales increased dramatically and gradually become the main growth point of the entire market. Instead, few shows interest in low-end cosmetic products (China Consulting, 2008). Consumer In Chinese cosmetics market, consumers ways of spending are undergoing a significant change. Dianyi Zhang, president of China Cosmetics Association, claimed that modern customers behave more independently on consumption. Consumers tend to utilize different channels and rely on various measuring standard to get a pleasing cosmetics, rather than dependent on advertising. In addition, changes also occur on consumer group. Depending on the difference in requests on brand, quality, price and personal affordability, consumers were divided into low, middle and high classes. And, every class has a great number of loyal customers (HKTDC, 2009). Women of all ages were concerned with their lifestyle. The rising purchasing ability of women helped them to spend more on personal grooming. This grooming consciousness was encouraged by womens active participation in advertisement or fashion shows, such as the popular Fashion TV program (Pitman Simon, 2009). In china, consumption pattern of consumers is changing. The consumers have become globalized in their thinking and are ready to enjoy with some impulsive shopping. Access to various brands and products give them better knowledge towards cosmetics, due to fast-flowing information (Tang, 2008). Therefore, as a cosmetics producer, motivations and type of products purchased should be different depending upon the segment of consumer targeted. Competitive situation The business environment in China has been improving, especially since 2001, when the country joined the World Trade Organization. The commitment to opening its market in compliance with the WTO rules has further stimulated the market, with greater participation from international and domestic player. Consequently, competition between multinationals and local players is heating up across the country (Utsunomiya, 2003). Foreign Brands Continue to Dominate in the Chinese Market International brands play a dominant role in the upper-end cosmetics market, such as PG (Olay), Unilever (Ponds), Shiseido, LOreal and Estee Lauder etc (See Table 1) , due to young womens pursuit of well-known brands in literary. These large multinational cosmetic players have entered the mainland market one after another to build their own manufacturing basis and sales network (Sunfaith China Ltd, 2005) and many of those players have been operating successfully in the China market, making their brands well-known and occupy about 80% of the total market share. According to certain statistics, the world top 15 brand of cosmetics had set up own specialty stores (HKTDC, 2002). Even so, those cosmetics magnates have accelerated expansion into low-end products. For example, Avon and LOreal launched low-end cosmetics one after another to suit the changing customers needs and purchasing behavior, and expand the market share (HKTDC, 2009). Transformation of local Chinese companies is under way Compared with foreign companies domestic players have smaller market share due to several weaknesses. For instance, weak financial ability, lack of research and development capability, and lack of experience in brand management and marketing. Therefore, most of those players produce low-end product with only a small number making high-end product that can compete with foreign players (Li, 2005). Nonetheless, as the economic growth domestic companies has undertaken a transformation, gradually changed the impression with low quality and price, and entered into high-end market so as to become more competitive (Ocn, 2008). Facing with the open markets and trade liberalization in China, the previous mentioned increasingly fierce competition is inevitable. On the purpose of responding to the changing customer demands, market players have devised a variety of marketing strategies so as to create impressive product image in customers mind and drive them to spend more money on their own products. Distribution channel SWOT analysis of the female market Future develop trend Cosmetics players opt for natural and organic standards In karara (PDF) the main reasons for boom in cosmetic industry as increasing fashion and beauty consciousness coupled with rising incomes and focus on health and fitness. A natural and holistic approach attracts these women, especially where there is an interest in complementary health and in overall well being. Summary of key issues related to your literature and industry review The key issues section is where you, having completed the situation analysis consider what are the key issues facing the company and the market. So in a sense it is a summary chapter at the end of the first section of your report. In this chapter you should give an indication of what you think are the most important issues facing the company and the market. Research methods Approach Data gathering method Data Processing In this study, the self-administered semi-structured questionnaires will be used to collect quantitative data and the interviews will be used to provide qualitative insights into the data collected. The data will then be presented by means of graphical representations and illustration and the difference would be highlighted. Secondary research: The following information could be considered using desk research to give a general review and help to assist analysis of primary researches: Cosmetics industry review The purpose of this part is to find out important information concerning the entire cosmetics markets in china. Main issues that need to investigate include: Main characteristics of Cosmetics Industry in china What current market development trend is What Competitive situation is within cosmetics market Development opportunities of the cosmetics market within china This information will be helpful to better understand and form general perceptions of industry situation in china. There are several ways to obtain required information above. Data sources: Internet Databases Go to college library website and use its databases, such as: Marketline Academic Search Premier Business Insights Access Asia Series Business Source Premier To look for industry reports and e-journals those contain information regarding the Chinese cosmetic market. Find out information about the current cosmetics market and even see what demographics suit Shiseido to introduce the product to. Applying databases is a good way to get information due to its huge information storage volume and reliability. Most of them are academic-based, and have a comprehensive understanding on specific field. Websites: Look up necessary websites such as www.shiseidochina.com where might be possible to get some internal data sources. The use of this data is to define the competitive position of the firm, an evaluation of a marketing strategy the firm has used in the past, or gaining a better understanding of the company. Even, their past researches on consumer behaviors. The internal data sources might be sales marketing reports and accounting financial reports of the company. Magazines Newspapers It is also possible to look at some Chinese cosmetics industry magazines so that to acquire valuable industry information and some current cosmetic issues happened in china. Quantitative Qualitative methods In order to ascertain consumers cosmetics buying patterns and product satisfactions, quantitative and qualitative researches are both required to be implemented. It should be noticed that the understandings of consumers would exert significant impacts on companys marketing strategies. Besides, it is valuable for coming up with comments and suggestions to Client Company after analyzing Chinese customer. The main objectives of quantitative and qualitative research falls into several parts as followed: Motive of Purchasing Cosmetic Product Motives are defined as general drives that direct a consumers behavior toward attaining his or her need and the motivational drive directly affects the specific benefit criteria consumers use to evaluate products. Thus, understand buying motivations will provide evidences to Client Company to better position its products. Information Sources There are differences in using information sources among various age groups. Knowing customers through what kinds of channels to get products information could help Shiseido sell products more effectively to target audiences. Evaluative Criteria for Purchasing Cosmetics As for criteria for purchasing cosmetics, the responses will be in order of quality, price and volume of content. It is crucial to see what element is more important to customers when buying cosmetics. This will do company a favor to develop products or marketing strategies. Place of Purchasing Cosmetics In terms of the place of purchase, primary research should focus on finding out the reasons for selecting these places of purchase. Then, company can identify the perfect place to sell its products on the basis of information provided by survey. Satisfactions and dissatisfactions It is well known that satisfactions with a product will perform huge influences on its sales volume. This primary research should identify the level of satisfactions towards Shiseido and try to find out any aspects that consumers wish to see changes. Quantitative research Questionnaires As the measuring tools of this study, questionnaire based on previous studies and results of preliminary research were used. In this case, this study was carried out in the country of China. Therefore, questionnaire in English should be translated into Chinese. To reach a variety of different customers, questionnaires are supposed to carry out at different city within china so that to get as many points of views as possible. Questionnaire is consisted of 3 main sections: Section 1 is simply some questions on demographical characteristics of respondents like gender, age and occupation etc. to profile consumers. Section 2 emphasizes on customers buying behavior on cosmetics. As objectives mentioned above. For instance, purchase motivation information sources, evaluative criteria for purchasing basic skin care items and color make-up products, store type of purchasing cosmetic product and reasons for store selection persons to exert influence upon purchasing and satisfaction/dissatisfaction on cosmetics purchased. Section 3 focuses more on investigating customers perceptions concerning Shiseido products. Such as, customers brand awareness of Shiseido, brand image and brand position in customers mind. Additionally, the results of questionnaires will be analyzed by using SPSS. The analysis conducted in the study with SPSS statistics package includes frequency analysis, cross-tab analysis, analysis of variance and Multiple Range test. Survey In order to keep questionnaire short enough to maintain respondents interests, there must be some questions cannot be asked. Thus in this project, I will also consider conducting several surveys to complete the missing parts. And again, on the purpose of obtaining as much information as possible, there might be several surveys being conducted. Questions will touch upon similar aspects as in questionnaire but more comprehensive. Qualitative research Focus group Focus group allows respondents to discuss with moderator which means it is an interactive process. Thus, it will help to deeper understand customers perceptions and dig up opinions regarding products. Therefore, focus groups will be organized that will incorporate people from as many demographics as possible. In these focus groups I will carry out tests in which place Shiseido products and 2 other competitors to see which product they prefer. I will ask them what they think about Shiseido in any aspects. Also we will ask them what their preferences are in cosmetics. The aims are: Find out what respondents think and feel, and what their opinions are about a Shiseido in a group. Explore participants responses to find out why they feel or perceive products the way they do. By doing focus groups an in-depth view of peoples thoughts about the cosmetics can be known. Potential questions could be: What reason you use cosmetics for? Do you prefer natural cosmetics or other? why How often do you use cosmetics? Wha

Quit Smoking Essay -- Argumentative Persuasive Example Essays

YOU CAN QUIT SMOKING Dr.Sayeed Akhtar Chief Medical Officer. Central Institute of Psychiatry. Ranchi Cigarettes are full of poison. Tobacco smoke contains over 4,000 chemicals as well as tar and nicotine, There is also the gas carbon monoxide, ammonia and arsenic. At least 43 of the chemicals in tobacco smoke are known to cause cancers of the lung, throat, mouth, bladder and kidney. Tobacco smoke also contributes to a number of other cancers. Nnicotine is the addictive drug in tobacco, and the mixture of nicotine and carbon mono oxide in each cigarette you smoke temporarily increases your heart rate and blood pressure, straining your heart and blood vessels. This can cause heart attack and stroke. It slows your blood flow cutting off oxygen to your feet and hands. Some smokers end up having their limbs amputated. Tar coasts your lung like soot in chimney and causes cancer. A 20 a day smoker breathes in up to a full cup (210 g) of tar in a year changing to low tar cigarettes doesn’t help because smoker usually take deeper puffs and hold the smoke in for longer, dragging the tar deeper in their lungs. Carbon mono oxide robs your muscles, brain, and body tissue of oxygen, making your whole body specially your heart work harder, over time; your airways swell up and less air into your lungs. There is enough reason why you should quit smoking. It causes disease like Emphysema (rots lungs, vulnerable to get repeated bronchitis and heart and lung failure), Lung canc...

Problems on Campus

Chelsia Bell Professor Arnold English 1301-005 September 25,2012 Better Food, Healthier People Campus advisors, with very simple solutions, can solve the common health problem of bad food choices on the TJC campus. Replacing non-healthy foods in vending machines, serving healthier food in the cafeteria, and offering smaller sizes of soft drinks are all good solutions to this common problem. Everybody loves picking up a quick snack in between classes; however, sometimes the taste can throw us off and make us forget about the real picture.Most of the snacks in the vending machine are very good, but are also very high in calories, carbs, and definitely sugars. While you are enjoying your snack you have no care in the world about what you are putting in your body. If we would all just take a quick second to think about what are eating, I’m sure the amount of obesity among people, not just on campus but everywhere, would drop considerably. Replacing snacks like Reese’s, Kit- Kat, and chocolate bars with healthy snacks like the 100 calorie snacks and crackers, would easily make a significant change.Cafeteria food can sometimes be good and sometimes not so good. Because of budgets, cafeteria food could be minimum quality. They may serve whatever is cheapest at the moment with any concern about providing healthy food. Putting options like salads, baked stuff instead of fried, and serving smaller portions will also cut down on all the health problems on campus. Sometimes even juice instead of a soda can help.If the people in the cafeteria and the people over the food on campus would be more concerned about everybody else’s health, I’m sure the food choices would be a lot better. Healthier food choices equal a healthy person. Small, Medium, or Large are words that we hear most of the time when we order a soft drink. Most of the time the mediums are big enough to share with 2 people. Drinks have just gotten bigger and bigger. Offering the mini s izes of soft drinks in the vending machines would be a very good idea.Sodas are already not good for you in many ways, so the serving that comes in the mini size is plenty for anybody. It is usually difficult for me to drink a whole regular sized soda by myself. Food is always tricky. You just have to make sure you are the eating the right thing at the right time. The bad food choices on the TJC campus can easily be solved with help from supervisors and maybe even some sponsors. Nobody should have to be constantly worried about their health. Putting these better food options on campus can easily ease everyone’s mind.

Bite Me: A Love Story Chapter 2

2. Test 1. The Countess Abigail Von Normal is: A. Emergency Backup Mistress of the Bay Area Dark. B. A Gothic hottie consumed by the banal hopelessness of existence. C. Not perky, but dark, complex, and trs mysterious. D. All the above, and possibly more. 2. The vampire Flood and his nosferatu maker, the Countess Jody, were imprisoned in a bronze shell in the pose from Rodin's The Kiss because: A. Their love is eternal and their mingled souls will live on in romantic embrace to the end of time. B. Foo and I were pretty sure that the Countess would go FOAKES (Freak Out and Kill Everything in Sight) when she found out our plan to turn the Animals back to human. C. We just like to look at our friends, naked and bronzed, because it gets us all hot. D. I can't believe you picked â€Å"c.† You should get a big â€Å"L† tattooed on your forehead to save people time in figuring out what a ginormous loser you are! You wish that Foo and I needed pervy preludes to stimulate our orgasmic, toe-curling soul-sex. Trust me, the sun weeps that it cannot achieve the blistering hotness of our nookie. 3. Despite myths perpetrated by jealous day dwellers, the nosferatu are only vulnerable to the effects of: A. Garlic. (Right, because pizza and the breath of vegans will quell their ancient power.) B. Crosses and holy water. (Oh right, because creatures of darkest evil are total bitches of the baby Jebus.) C. Silver. (Uh-huh, and aluminum, because that makes sense.) D. Sunlight. 4. My and Foo's greatest challenge as minions is to protect our dark masters, the Countess and Lord Flood, from: A. Cops, specifically Inspector Rivera and his clueless Gay Bear partner Cavuto. B. The most crusty old vampire and his mysterious fashion-vamp posse. C. The Animals, slacker wastee night crew from the Marina Safeway. D. All of the above and whatnot. 5. Our best chance of defeating Chet, the huge shaved vampire cat, is: A. Mouse ninjas. B. A big hug while wearing my most fly UV-LED leather jacket, fashioned for my protection by my aforementioned muffin master, Foo. C. A saucer of tuna blood laced with sedatives and kitty-butt flavor. (I observed in his former mortal form, that Chet loves kitty-butt flavor.) D. Make a vampire Rottweiler to rock Chet's worldview. E. Either â€Å"a† or â€Å"c,† but definitely not â€Å"d† wouldn't â€Å"a† be trs cool? Mouse ninjas! Answers: 1: D, 2: B, 3: D, 4: D, 5: E Give yourself one point for every right answer. Score: 5. You rock my stripy socks. 4. Loser! 3. Trs Loser! 2. Such a Loser that Losers pity you. 0-1. Spare us your contagious loserness. Next bridge you pass? Over you go.

International Financial Integration. Is it worth it

We are witnessing the transformation of meld-20th century managerial capitalism Into global financial capitalism†. This Is what Martin Wolf expressed In an article written for the Financial Times In June 18, 2007. Even after the global economic crawls that followed the next years and from which the world Is still recovering, this statement Is of great relevance.Actually, this crawls Is a good example of how Integrated the world's financial markets have become: a financial crisis that started In some developed countries practically spread throughout the whole world. As Wolf himself hinted in his book Fixing Global Finance, it is obvious why financial crises bounce back from one country to another (2008, p. 25).First, markets are connected globally, both for commodities and financial instruments; second, an unexpected weakness in one country is seen by investors as a weakness for apparently similar countries; third, when governments fail to respond to financial crises as expected , trust in their willingness to act elsewhere will be lost; fourth, a high perception of risk in one market may spread to others; and fifth, the rationing of reedit to risk borrowers can turn a slight instability into a crisis (Wolf, 2008, p. 5). Likewise, Jeffrey Freddie adds that current regulations and technology allow money to travel around borders almost instantly, giving rise to short-term international transactions (Freddie, 1991, p. 428). With such vulnerabilities, to what extent is international financial integration (capital mobility) worth it? To answer this question, this paper will try to explain how and why capital mobility alters economic policymaking by governments as well as the tradeoffs such policies entail.By doing so, it will show the extent to which capital mobility takes policy autonomy away from governments and Indicates how It can affect certain countries more than others. To do so, first the concept of the open economy trillium will be illustrated. Followed policymaking and its interaction with exchange-rate stability and macro-economic independence and the influence this has in different countries.The Unholy Trinity Also known as the open economy trillium or the Mendel-Fleming Model in reminiscence to the economists that first set forth the concept, it indicates that overspent must choose between two of three goals: capital mobility (CM), exchange-rate stability, or monetary independence (Freddie, 2008, p. 347). Giving up CM implies placing capital controls that ultimately close world markets to a country. This is what the Latin American nations practiced from the sass's until the sass's with their import-substitution industrialization (IS') policy (Freddie, 2007, p. 10-312). On the contrary, in a financially integrated world as today, the trade-off is between exchanger stability and domestic monetary policy autonomy. If the latter is referred, the exchanger will have to be allowed to fluctuate. For example, if a government wants to encourage investment and increase consumption, policymakers will pursue low interest rates. Hence, many investors will want to move their investments to another country that offers higher interest rates.When the capital leaves the country, demand for the local currency will 2 decrease and it will end up depreciating; there is no exchange-rate stability (Walter, 2013, p. 22). Conversely, if policymakers prefer exchange-rate stability, they need to subject monetary policy solely to this goal. To neutralize depreciation or appreciation, interest rates still have to be lowered or increased, but they cannot be used for domestic objectives such as encouraging investment or promoting a rise in consumption (Walter, 2013, p. 22).With this model in mind, I now pass to explain how and why CM alters autonomous economic policymaking by governments, first by indicating its influence and then by explaining its interaction with the other two goals of the economy trillium. Influence of CM in nationa l economic policymaking worth asking: what are the benefits of CM that make it incontestable in today's world? Benefits of CM For one part, CM allows countries to borrow from the rest of the world in order to improve their ability to produce goods and services (Newly, 1999, p. 1 5).In doing so, goods and services from other parts of the world compete in local markets. This creates a more competitive environment, driving down profits and forcing companies to seek finance from outside (Wolf, 2008, p. 22). Due to the increased competitiveness, a global financial system can benefit the quality of domestic regulation: there will be pressure for better accounting 3 standards and an improved legal and financial system (Wolf, 2008, p. 3). In this sense, it will encourage companies to lobby for a more efficient, flexible and accessible financial system (Wolf, 2008, p. 3). Linked to competition, such financial systems can encourage governments to re- think' their policies (avoid requesting to o much taxes or allowing too much inflation, for example) and prevent capital outflows (Wolf, 2008, p. 23). Also, CM allows risk diversification and technology transfer (Wolf, 2008, p. 23). Furthermore, in many developing countries the economy is not big enough for its citizen's savings to finance world-level institutions. This is an important argument for allowing the presence of foreign banks (Wolf, 2008, p. 23).For example, between 1960 and 1980 South Korea annually requested funds from international sources equivalent to 4. 3% of its GAP to finance its strong economic growth (Newly, 1999, p. In addition, capital flows allow countries to avoid large drawbacks in consumption from economic crises by selling assets to and/or borrowing from outside sources (Newly, 1999, p. 1 5). It was precisely through foreign lending that Mexico and Argentina were able to overcome their 1995 crisis (Grumman, 2008 p. 51). All in all, capital flows can be beneficial for a nation.However, this type of global integration is likely to generate crisis if pursued with a low level of economic development (Wolf, 2008, p. 24). Citizens in developed countries may have enough savings within the national financial system to allow their governments to leverage enough investment and growth. However, developing countries will most likely depend on capital inflows for this and even more urgently when an economic imbalance occurs. Hence, many countries in the past have used capital controls to limit the harmful effects (Grumman, 2008, p. 107).Pinpointing on this last issue, what leads a country to prefer a fixed exchange-rate and monetary autonomy over CM? In short, the control of capital flows helps a country have economic stability (Newly, 1999, p. 21). As investors have limited information about the true value of the assets they hold in the country, they tend to infer from the actions of others, creating a herding behavior, where asset price variations cause further changes in the same dire ction, leading to a boom-bust cycle and macro-economic instability, hence Justifying capital controls (Wolf, 2008, p. 25).There are different ways this is sought by today's governments. Control of CM First, capital controls may be used to discourage capital outflows in the event of a crisis, allowing the central bank (CB) to have invulnerability with domestic monetary policy. This is how Malaysia responded to its 1998 crisis (Newly, 1999, p. 19). -. Second, economic stability can be achieved by preventing destabilize outflows in the first place, in other words, changing the composition of capital inflows (Newly, 1999, p. 21). Through capital inflow controls, the government helps prevent future and sudden outflows by investors.This is what Chile practiced in the sass's. By scrounging capital inflows, Chile was able to limit the number of volatile capital that could have left the country on short notice (Newly, 1999, p. 21). 5 Likewise, at present the International Monetary Fund (MIFF ) is recommending capital flow management measures after exhausting interest-rate adjustment and if implemented alongside foreign exchange-rate reserves accumulation and macro- prudential financial regulation (Gallagher, 2012). As mentioned above, the aim of CM controls is macro-economic stability.I will now further explain the reasons why CM causes economic instability in the first place. There are two reasons: either they are the result of irresponsible behavior in the markets or of bad policies by local authorities (Change, 1999, p. 7). The former reason has to do with human attitudes: while in economic boom, there is excess of greed; in recession, there is excess of fear (Wolf, 2008, p. 21). This leads, as explained above, to the panic and herding effect. Market that make it inherently risky – adverse selection, moral hazards, and asymmetric information (Wolf, 2008, 19).The unfortunate intervention of a government (wrong or bad fiscal and/or monetary policies) often makes them even sees safe, as is the case of poor fiscal discipline added to a lack of monetary discipline (Wolf, 2008, 22). Likewise, mistakes in exchange-rate policy can greatly affect the financial market as will be described in the next section. Both of these reasons affect the other two goals of the unholy trinity: exchange-rate stability and monetary independence. We will be able to see this by explaining the interactions of CM with these two other goals.Interaction of CM with exchange-rate stability and macro-economic independence 6 To provide a sense of how CM interacts with exchange-rate and macro-economic lollygagging, different scenarios are analyzed: fixed vs. fluctuated exchange-rate and the efficacy of monetary and fiscal policies. First, the efficacy of fiscal policy in a country with a fixed exchange-rate and CM will be considered. Supposing that a government seeks to stimulate national income, it will pursue an increase in aggregate demand by increasing government spendi ng and/or reducing taxes.Consequently, interest rates will go up and an inflow of capital from abroad will arrive. This capital inflow would lead to an excess supply of foreign currency. Therefore, as the exchange rate is pegged, the country CB would have to ay that excess supply with national currency, thus stimulating the national income even more. Although this might seem ideal, the ultimate consequence is a detriment of the country international competitiveness: exports would become more expensive to the world and imports cheaper for the locals (Greece, 2003, p. 87).Accordingly, international investors would lose confidence in the government's capacity to sustain a current account deficit brought by the capital inflow, as well as probable price inflation due to the fiscal expansion , and move their money somewhere else (Greece, 2003, p. 7). Now with a capital outflow, the CB would seek to raise interest rates, which leads to a decrease in investment and consumption, thus reducin g aggregate demand and counteracting the national income stimuli (Greece, 2003, p. 87). From a monetary policy perspective, the prospect is not positive either.If the economy wants to be stimulated, the CB would have to reduce interest rates which currency would exceed its demand, and in order to maintain its peg the country CB would have to buy the excess with 7 its foreign exchange reserves. The national currency reduction circulating in the economy and the consequent increase in interest rates and decrease of income and consumption would end up cutting the national income stimuli also (Greece, 2003, p. Now, considering a flexible exchange-rate and, again, supposing a fiscal policy intended to boost national income and hence a rise in interest rates, the country would expect capital inflows.Therefore, there is an increase in demand for the national currency, which would appreciate in value, causing imports to be less expensive in the local market and exports more expensive abroad. Accordingly, the country would lose in international competitiveness and the probable reduction of sports (because they are now more expensive for the world) would decrease national income (Greece, 2003, p. 88). On the other hand, regarding monetary policy with a flexible exchange-rate, some political scientists consider that it has strengthened as the world has become more integrated (Greece, 2003, p. 89).When a government's goal is an increase in national income, the natural response is to lower interest rates. This would provoke a capital outflow from the country, which in turn brings depreciation of its currency and hence a competitive edge in the international market. This effect would increase aggregate emend and national income even more (Greece, 2003, p. 89). However, policy preferences of economic interest groups differ within a country (Freddie, 1991 , p. 432 and Walter, 2008, p. 406). Therefore, those who depend on imports, for example, will prefer a stronger local curre ncy (Freddie, 1991, p. 45). This is, for example, Thailand experience with its 1997 economic crisis (Walter, 2008, p. 422). Thailand economy was, and still is, export-oriented. However, in 1997 the majority of its exporters produced industrial goods that needed imported inputs. Therefore, the depreciation ad no real competitive effect (Walter, 2008, p. 422). 8 Developing countries and CM As economic and financial markets in developed countries provide more stability to investors, as seen with the above interactions developing countries are more externalities on recipient countries (Gallagher, 2012).In this sense, regulating CM is an optimal tool to address market failures and enhance growth, not worsen it (Gallagher, 2012). Conclusion International financial integration alters national economic policymaking. This can be understood by first looking at the Mendel-Fleming Model and the influence and interaction of CM with exchange-rate stability and macro-economic independence. In toda y's world, CM has priority over the two other goals. However, there are certain traits that can lead a country into an imbalance or even a deep crisis, especially for developing countries.Hence, the level of openness to CM must be studied against the economic development of the country and its financial health. Countries are the custodians of national economic stability and well-being.