Key historical and political trends in nursing research Essay

Key historical and political trends in nursing research - Essay Example Nursing research is not separate from nursing practice, it is a process that is interconnected with, is influenced by and influences other nursing components. These are philosophy, knowledge, science, theory, research, abstract thought processes, and nursing practice. (Burns et al, 2003). Nursing Theory links nursing knowledge to research and nursing practice. Dennis (1997) defines nursing theory as "a set of concepts and propositions derived from philosophical beliefs about the phenomena of interest to the discipline; relationships between concepts and propositions of a nursing theory purport to describe and explain characteristic phenomena of interest to nursing". (Dennis,1997 p.2). Nursing history is laced with nurses who have developed theories to explain nursing. Florence Nightingale is considered the first theorist and nurse researcher. Her principles of pure air, pure water, efficient drainage, cleanliness, light, proper nutrition, and rest were necessary elements to prevent spread of disease and maintain good health. Her precepts formed the basis of education for nurses during this time period. The 1950s, 1960s, and early 1970 saw the emergence of nurse researchers who sought to answer the questions pertaining to the role of the nurse and patient - nurse interaction. During this period, nurses developed nursing theories derived from the fields of sociology, and education. (Kukkala and Munnukka, 1994). Prominent figures were Hildegarde Peplau, who was concerned about developing interpersonal interaction between patient and nurse. Virginia Henderson focused on assisting the patient to gain independence. Faye Abdellah concentrated on delivering holistic nursing care Dorothea Orem focused on assisting the patient to attain self-care. These women set the path for the knowledge and theoretical base of the nursing profession. The National Center for Nursing Research, established in

Multilateral Approach to Climate Change

Multilateral Approach to Climate Change MULTILATERALISM CLIMATE CHANGE What will it take for the US to embrace a multilateral approach to confront climate change? In your answer, please consider: Overall US attitudes toward multilateralism and global governance What terms for a successor agreement to the Kyoto Protocol might the US find acceptable? According to the United Nations Framework Convention on Climate Change (n.d.) (UNFCCC), climate change is a complex problem. It touches all aspects of our lives, be it environmental or our very purpose in this world. We need to educate one another on the impacts of climate change globally. The centre of this environmental issue as agreed by everyone is the need to reduce emissions. In 2010, the countries in the UNFCCC had reached a consensus that the greenhouse gas (GHG) emissions must be reduced and managed in such a way that global temperature does not see any hike by more than 2 degrees Celsius. It is clear that global warming is a serious issue. The American public and the rest of the world saw Al Gore’s ‘An Inconvenient Truth’. So why did the US fail to legislate a policy on climate change? According to Skjaerseth, Bang Schreurs, (2013), there are three possible explanations on this matter, namely, differences in agenda-setting privileges, potential for issue linkages and law-making procedures and formal leadership. Agenda-setting privileges refer to the setup of lawmakers in the US. The lawmakers have to tip the balance between promoting an agenda for greater good in the interest of the constituencies and getting a re-election. Issue linkages essentially involve a joint negotiation of two or more issues where it is believed that linkages can improve the chance of an agreement. Lastly, the law-making procedures, these are the political institution settings. The American setting is such that the bill sponsors or the leaders who champion the policy propo sal have to trade off rules, procedures and norms in the legislature with the home state economics, in order to arrive at a winning coalition. The US Senate is represented by states which have different interests individually. For instance, coal, agricultural and manufacturing states are commonly against carbon pricing as it adds to their production costs. One may tempt to accuse the US as pure selfish for not acting in concerted effort to stem global warming. The US is the world’s largest greenhouse gas (GHG) emitter and yet it refused to join the multilateral effort of the Kyoto Protocol (KP). 191 countries and the European Union signed the KP cooperation to curtail the average global temperature hikes and the consequential change in global climate. The developed member countries of the KP are legally bound to achieve a target in emission reduction in the KP’s first commitment period started in 2008 and ended in 2012. In December 2012, the Doha Amendment to the KP was adopted which launched a second commitment period, starting on 1 January 2013 until 2020. KP was governed by the UNFCCC, see UNFCCC (1997). Because of the higher level of GHG emissions are caused by the developed countries, the KP is therefore binding on these countries to achieve those set target. The developed countries have contributed to more GHGs in the atmosphere since they have gone through more than 150 years of industrialisation, hence the heavier burden. Why was the US unable to embrace multilateralism? Multilateralism can be defined as the practice of coordinating national policies in groups of three or more states, through ad-hoc arrangements or by means of institutions (Keohane, 1990). Since the commencement of the KP, the European Union (EU) has been successful in legislating KP in its member states. According to Skjaerseth, Bang Schreurs, (2013), the EU, in December 2008, has passed a comprehensive legislation on the 20-20-20 targets. They called for a 20% reduction in greenhouse gas emission, a 20% increase in the share of renewable energies in overall energy consumption and a 20% cut in primary energy consumption. So why didn’t the United States become a party to the KP? US President Bill Clinton signed the 1997 KP but never submitted it for Senate consideration. This example of a failure by the US to ratify an environmental treaty is not exceptional. The US Department of State (n.d.)’s website reported of many major multilateral environmental agreements that had failed to achieve ratification from the Senate. According to Hovi et.al. (2010), the way the KP was designed, it stood no chance of getting any ratification from US Senate. In 1997, five months before the KP meeting, the Senate passed the Byrd–Hagel resolution (Byrd–Hagel). In 2001, President Bush echoed the sentiments of Byrd–Hagel: ‘I oppose the Kyoto Protocol because it exempts 80% of the world, including major population centers such as China and India, from compliance, and would cause serious harm to the US economy. What would it take for the US to have a hand in the global governance of climate change? It has after all made itself the world’s policeman in some war-torn areas. It had negotiated responses to problems that affect more than one country. So clearly, the US has no qualm in embracing global governance then. Now, what would it take for the US to change its mind on joining KP in its second commitment period? Will it enter the fray if developing countries like China and India sign up? Or does it take an international embargo on these major GHGs to reduce their carbon footprints? Hovi Skodvin (2008) concludes that any efforts to seek the US to sign up with the successor of the KP are likely to fail. One main reason is that the US cannot be threatened to sign on any trade or technology cooperation as the threat would just be unbelievable. A common approach by the U.S. is â€Å"to act first at home and then to build on it at a global level†, see Purvis (2004). So instead of facing the divided government and upcoming elections, the US lawmakers can focus on its own internal environmental regime. This federal climate policy can mimic the KP’s requirement that is to reduce the GHG emissions to 7% below 1990. Successful policies were implemented nationwide on the renewable energy. While others agreed on cap-and-trade system aimed at reducing carbon dioxide emission from power plants. This way, perhaps the American public would be more inclined to push for the US’ role in international level. The key to the success of the implementation of the KP lies on its effective compliance commitment by the member countries. Therefore the world leaders have to come together and decide if confronting the issue of global warming is indeed a priority. If they are worried about the loss of economic bargaining chips, the same can be said about the potential from creating renewable energy sources and making them available to the world. So KP is an excellent platform for the world communities to embark on this green mission to preserve planet earth. References: United Nations Framework Convention on Climate Change. (n.d.). Background on the UNFCCC: The international response to climate change. Retrieved from: http://unfccc.int/essential_background/items/6031.php Skjaerseth J.B., Bang G Schreurs M.A. (2013). Explaining Growing Climate Policy Differences Between European Union and the United States. Global Environmental Politics Vol. 13, No.4. p. 61-80. United Nations Framework Convention on Climate Change. (1997). Kyoto Protocol. Retrieved from: http://unfccc.int/kyoto_protocol/items/2830.php Keohane, R.O. (1990). Multilateralism: an agenda for research. International Journal Vol. 45, No. 4. p. 731-764.http://www.jstor.org/action/showPublisher?publisherCode=sageltd Retrieved from: http://www.jstor.org/discover/10.2307/40202705?uid=3738672uid=2129uid=2uid=70uid=4sid=21103954165271 US Department of State. (n.d.) Treaties Pending in the Senate (updated as of May 7, 2014). Retrieved from: www.state.gov/s/l/treaty/pending/index.htm Hovi, J, Sprinz, D.F. and Bang, G. (2010). Why the United States did not become a party to the Kyoto Protocol: German, Norwegian, and US perspectives. European Journal of International Relations. DOI: 10.1177/1354066110380964 Hovi, J Skodvin, T. (2008). Which Way to U.S. Climate Cooperation? Issue Linkage versus a U.S.-Based Agreement. Review of Policy Research. Volume 25, Issue 2, p. 129–148. Purvis, N. (2004). The perspective of the United States on climate change and the Kyoto Protocol. International Review for Environmental Strategies 5(1). P. 169–178.

A Comparative Analysis of The Secret Sharer and Heart of Darkness Essay

The Secret Sharer and Heart of Darkness, two of Joseph Conrad’s more well-known novellas, share striking similarities in theme, plot, character development, and symbolism. Each novella presents a seafaring first-person narrator who struggles psychologically with the concept of darkness and other deep themes. â€Å"Heart of Darkness is one of literature’s most somber fictions. It explores the fundamental questions about human nature: the capacity for evil, the necessity of restraint, the effects of isolation, and the necessity of relinquishing pride to achieve spiritual salvation† (Haskin). Conrad explores his major theme of human duality in both of his works. Character doubling is a key element to both works, and this tool allows Conrad to explore good and evil. The Secret Sharer’s Captain refers to Leggatt as his double frequently, and Leggatt â€Å"must have looked exactly as I [the Captain] used to look† (Conrad, The Secret Sharer 13). The Captain becomes obsessed with his doppelgà ¤nger, who he pulls up on deck in the Gulf of Siam, despite the fact that Leggatt explains that he has murdered a man on the Sephora, his previous ship. Doubling, in the physical and moral sense, is found throughout â€Å"The Secret Sharer.† The young captain and Leggatt are so similar that they seem to be twins, an identification that Conrad clearly intends the reader to take in more than one sense. Both men feel themselves to be outcasts — Leggatt actually so, because of his crime, the captain, psychologically, because of his newness to the ship and its crew. Leggatt can be regarded as the alter ego of the captain, perhaps a reflection of the darker, even criminal, aspects of the captain’s personality. Some readers have argued that Leggatt does n... ... any case, both novellas, whose titles have much significance, explore humankind’s capacity for evil. Conrad’s The Secret Sharer and Heart of Darkness quite obviously explore the same themes, using very similar plots. Works Cited Conrad, Joseph. "Heart of Darkness." 1899. Project Gutenberg. Web. February 2012. —. "The Secret Sharer." 1912. Electronic Text Center. Web. February 2012. Haskin, Wayne E. "Heart of Darkness." Masterplots 4. (November 2010): 1-4. Literary Reference Center. Web. 25 March 2012. Perel, Zivah. "Transforming the Hero: Joseph Conrad's Reconfiguring of Masculine Identity in "The Secret Sharer"." Conradiana 36.1-2. (Spring/Summer 2004): 112-129. Literary Reference Center. Web. 25 March 2012. Witkoski, Michael. "The Secret Sharer." Magill's Survey of World Literature. (January 2009): 1. Literary Reference Center. Web. 25 March 2012. A Comparative Analysis of The Secret Sharer and Heart of Darkness Essay The Secret Sharer and Heart of Darkness, two of Joseph Conrad’s more well-known novellas, share striking similarities in theme, plot, character development, and symbolism. Each novella presents a seafaring first-person narrator who struggles psychologically with the concept of darkness and other deep themes. â€Å"Heart of Darkness is one of literature’s most somber fictions. It explores the fundamental questions about human nature: the capacity for evil, the necessity of restraint, the effects of isolation, and the necessity of relinquishing pride to achieve spiritual salvation† (Haskin). Conrad explores his major theme of human duality in both of his works. Character doubling is a key element to both works, and this tool allows Conrad to explore good and evil. The Secret Sharer’s Captain refers to Leggatt as his double frequently, and Leggatt â€Å"must have looked exactly as I [the Captain] used to look† (Conrad, The Secret Sharer 13). The Captain becomes obsessed with his doppelgà ¤nger, who he pulls up on deck in the Gulf of Siam, despite the fact that Leggatt explains that he has murdered a man on the Sephora, his previous ship. Doubling, in the physical and moral sense, is found throughout â€Å"The Secret Sharer.† The young captain and Leggatt are so similar that they seem to be twins, an identification that Conrad clearly intends the reader to take in more than one sense. Both men feel themselves to be outcasts — Leggatt actually so, because of his crime, the captain, psychologically, because of his newness to the ship and its crew. Leggatt can be regarded as the alter ego of the captain, perhaps a reflection of the darker, even criminal, aspects of the captain’s personality. Some readers have argued that Leggatt does n... ... any case, both novellas, whose titles have much significance, explore humankind’s capacity for evil. Conrad’s The Secret Sharer and Heart of Darkness quite obviously explore the same themes, using very similar plots. Works Cited Conrad, Joseph. "Heart of Darkness." 1899. Project Gutenberg. Web. February 2012. —. "The Secret Sharer." 1912. Electronic Text Center. Web. February 2012. Haskin, Wayne E. "Heart of Darkness." Masterplots 4. (November 2010): 1-4. Literary Reference Center. Web. 25 March 2012. Perel, Zivah. "Transforming the Hero: Joseph Conrad's Reconfiguring of Masculine Identity in "The Secret Sharer"." Conradiana 36.1-2. (Spring/Summer 2004): 112-129. Literary Reference Center. Web. 25 March 2012. Witkoski, Michael. "The Secret Sharer." Magill's Survey of World Literature. (January 2009): 1. Literary Reference Center. Web. 25 March 2012.

Perceived Aspects Required in an Ideal System of Education

An ideal system of education requires distinct characteristics. Our education system today is not quite perfect. All education institutions share a common goal. The goal is for all the students to gain knowledge that they didn't have before in order to compete in the real world. Morowitz wrote that many people believe â€Å"education is a method of transferring knowledge from master to pupil. The majority of people believe this is â€Å"obtaining education. † There is more to the concept that â€Å"students are depositories† and the â€Å"teachers are the depositor. ( Paule Friere ) The success of the students are directly connected to the environment he is surrounded. A perfect education system has to start with a comfortable environment. The teacher also has to be knowledgeable and not believe in the myth that â€Å"teachers justifies their own existence through their students ignorance absolute. â€Å"(Paule Friere) A perfect institution of education should be able to accommodate cultural change, diversity, have a strict curriculum with alternative teaching strategies, and promotes interaction among their peers. In 1998, a television program called â€Å"60 Minutes†, aired a special investigation of the United States educational system when compared to the educational system of China and Germany. The results of this investigation surprised many citizens of the U. S. , including myself. According to 60 minutes, the United States system of education is failing tremendously when compared to other to Germany and China. They found a direct connection between the failure of U. S. students and the teaching methods the U. S. imposes on them. Also, the success of the student†s of China and Germany shared a similar philosophy. China and Germany greatly promotes â€Å"interaction† between the students at a very young age. In America, the students are more interested in individual success. American students learn to become a distinct â€Å"individual†. These students†s believe that this â€Å"individuality† is what defines them. Everyone is constantly competing against one another, trying to create an identity for themselves. A junior in high school may think that working at â€Å"Mcdonald†s† makes him a â€Å"MAN†; while in China and Germany, their students are probably training for a better job in the future. Very few American students are being introduced to â€Å"group work† and the concept of â€Å"interaction† among their classmates. They don†t realize the strong bonding that occurs when people share and discuss ideas because the United States doesn†t realize it either. Inversely, in Germany and China, the concept of group work is greatly stressed. They believe it leads to a much greater benefit. As 60 minutes investigated, they found out that students in Germany and China have higher test scores than American students, there are less crimes, and the percentage of unemployment is extremely small. These students learn at a very young age to get along with one another, to share ideas, and to resolve their conflicts in a non-violent fashion. The broader view of Germany and China is that interaction among students at an early age, promotes a more civil society in the picture. While America is more interested in individuality, China and Germany are investing in the future with the concept of â€Å"group work†. China and Germany†s outlook on the future with the promotion of â€Å"teamwork† is why their educational system is so successful when compared to America†s educational system. In a perfect educational system, interaction among students will greatly be encouraged. Teachers are a very important element in successfully transferring knowledge from the teacher to the pupil. In this institution, teachers are not allowed to believe that they are superior to the students. When this occurs, and the inequality sets in, the student will be hesitant to ask questions about subjects they don't understand. When a student does this, he is unintentionally hurting himself. He will not have gain and understand the true meaning of what is being taught by the teacher because he is more focused on the educational gap between the student and teacher. The student needs to able to question everything that is being taught. By using the Socratic method, students will understand topics rather than believing what other people are saying. There needs to be a respectful relationship between the student and teacher. The student respects the teacher and the teacher respects the student equally. This relationship between student and teacher is very important journey of obtaining knowledge. There should be no other kinds of relationship. The only acceptable form is through the connection that they both share as being teacher and being student. Next, the teacher need to responsible for the materials they are covering. They need to be fluent or else the student will have doubts about the material and ultimately the teacher. The more secure the teacher is with his material the more the student will trust the material and the teacher. If a teacher is not confident and prepared, there will be doubts that will be raised in the minds of the student. More importantly, the teacher will need to care about the student and guide them towards their goal. In â€Å"A Cub-Pilot†s Experience,† by Mark Twain, Mr. Bixby, the instructor is determined to teach Twain how to pilot a steamboat through the river. Bixby does not use force but instead lets Twain gradually realize that he is learning. All Bixby does is guide Twain but he lets Twain makes his own mistakes and learn from it. Like Bixby, all teachers need to know when to step aside so that the student can make progress and help the student up when he fails. The most beneficial qualities of an excellent teacher are the ability to care for the student and the encouragement teachers provide for the students. Teachers are just an extension of parents; caring and encouragement are two characteristics of parents. The next important element in a perfect educational institution, is the curriculum. There needs to be a flexible curriculum that accommodates all the different intellectual abilities of all the students. Not all the students will have the same learning capabilities. Some students may have a learning disability and others may be genuinely intelligent. The curriculum is strict but still is flexible enough to accommodate each individual student. The actual courses need to be comprehensive. The subjects being studied needs to be updated constantly by the teachers. A perfect institution will have all area of studies accessible to the students. Any particular major or subject will be left to the students to decide. When they do decide what they want to study, there will be the necessary courses to cover that major. In order for a student to pass a course, he needs to be able to teach the information he learned in that course. This teaching method is very important. If a student is able to teach something then that student truly understands it. This method of testing the knowledge of the student should be the final examination for every course. This method is more valid than the constant â€Å"question and answer† method being used today, which promotes temporarily memorization. The next ingredient in a perfect institution is the actual environment itself. Many people are influenced by their surrounding. An intellectual community needs to look like an intellectual community. It will be located in an area, which is safe. The students need to feel comfortable. A comfortable learning environment leads to the success of the students. There should be no distractions that will keep the student from learning. In addition, the institution needs to be culturally diverse. All different nationalities will be accepted. There will no forms of discrimination. An Asian person is equal in every respect to Caucasian. On the basis of acceptance to this institution, a student†s character and ambition are the most important qualities. Grades will not be extremely important as it is now. With all of these characteristics, the student†s should be able to concentrate on obtaining their education. Though the task of creating and maintaining a perfect institution is a difficult task, it can be created. People need to come together with this structure and guideline in mind. The educated ones need to continue to educate others. In Plato†s â€Å"Allegory of the Cave,† Plato wrote that people who see the light and understand the true meaning of something, do not want to associate themselves with the uneducated ones. This will not happen in a perfect institution. Plato also wrote, â€Å"A well governed city becomes a possibility only if you can discover a better way of life for your future rulers than holding office. † (page 83) This realization is extremely important to future students. Educated people need to think of the future and society as a whole. They need to help educate others, just as others, educated them. If all of these characteristics are met in an institution, then that institution can be labeled, â€Å"perfect. â€Å"

My Favourite Author †Ayn Rand Essay

â€Å"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force.† Ayn Rand, who lived from 1905 to 1982, made this statement over 50 years ago; in 1961. One can only help but wonder if there’s a better way to describe the state of our country today; in 2013. There might be a lot of issues on which an intellectual mind may differ with Ayn Rand but on this particular statement, most would agree today. We might not already be there, in that stage; but we are fast approaching it. The stage where all the fundamental rights are reserved for the government, and whoever the government might decide to bestow them upon. The right to the freedom of speech seemed to be one of the first to be sacrificed followed by the right to equality before law. The others might just follow suit. This assertion is not based in vacuum but on the argument that how many people have suffered arrests and exile for executing their right to freedom of speech and how many people have faced the wrath of biased legal prosecution and persecution to satisfy the collective conscience of the society? Ayn Rand had, time and again, stressed on this very aspect of the course that we have been taking. Although her writings were based on American context, they can easily be seen to reflect the global society and also, specifically our Indian societal and administrative system. And that is why; Ayn Rand is my favourite author. For the ideas she propagated are universally applicable and are highly rational even though they have been widely criticised as impractical. And throughout her life she defended those ideas by her writings, by her life and by her conduct never compromising on her conviction. Her philosophy and school of thought came to be known as objectivism. It is based on the concept of objective reality that demands that ‘a man’s morality should not be based on faith, emotions or arbitrary whims but on reason and rationality that can be demonstrated when in question’. There are few things that can inspire a person throughout their life; Ayn Rand’s words have that potential. She inspired me.

Medic Soldier and Military Bearing Essay

Medic Soldier and Military Bearing Essay Medic: Soldier and Military Bearing Essay Military Bearing In the United States Army, military bearing is the root in which every service member practices in order to carry out good discipline and ethics throughout ones military careers. Army regulations, The Articles of the UCMJ, as well as our own Soldiers Creed illustrates how a military service member should conduct themselves on a daily basis, on and off duty. All military soldiers regardless of branch have an obligation to conduct themselves with dignity and in such a manner as to reflect credit on the military service that they are in. Dignity exists only where the individual has a proper sense of his or her own worth and of the worthiness of their cause. The person who possesses true dignity also will respect the dignity of others. Military bearing is dignity within military relationships. It exists when the individual is proud of his military organization and of their... Dependability is a major aspect of military bearing. Without dependability, one can neither perform properly in the workspace nor be depended upon by their coworkers, or chain of command to carry out their military duties properly. A military member is required to be punctual, and reliable. Lack of this in a service member not only hinders the mission of the command but of the entire Army. Honor, Courage, and Commitment, are three key values that are instilled in each soldiers life the instant that the oath of enlistment is pledged. Honor is the integrity that one takes

Free Essays on Concert Report

May 3, 2003 Music Journal I couldn’t have been roused any more to amazement by our own Hunter symphony college choir. Their incredible physical music flow, extraordinary quality and quantity of songs, intensive energy, picture-perfect orchestral atmosphere, and committed artistic style of individuality and conformity as a whole stroke me in the brain of musical pleasure zone and took my breath away. Yes, it was that good. As a newcomer of classical music, I regret I haven’t been to more large and organized musical orchestra before. I couldn’t help but fell in love the solemn live orchestral music It was Saturday 7:00 pm, May 3rd, I sat in the front row of the balcony wondering about the waste of this Saturday night for a mandatory report. But briefly after beginning of their first program music, my wonders and suspicions flew off to the sky. My mind was occupied by the music instantly. All people around me were quiet and respectful; therefore I could enjoy the music without any vocal or visual distraction. As second orchestra sat and toned in and ready to play Bach’s piece â€Å"Actus tragicus: Gottes Zeit ist die allerbeste Zeit†, I couldn’t be more excited, just like I was waiting to see a blockbuster movie in theater. But this live orchestra shouldn’t compare with any movie I have watched; it was far better accomplished, realistic, spirit lifting and artistic entertaining than any recent movies. I came in with free admission as Hunter College Student, but it was even worth to pay $9.50 to watch this. With every pulls of bow at violin, strokes on the timpani, blows in trombone and singing in chorus, I am affected by their dedicated professionalism, overwhelming musical energy, and orchestral togetherness. Finally, Mozart’s Requiem brought us to the climax. His unfinished Requiem is very mysterious and va... Free Essays on Concert Report Free Essays on Concert Report May 3, 2003 Music Journal I couldn’t have been roused any more to amazement by our own Hunter symphony college choir. Their incredible physical music flow, extraordinary quality and quantity of songs, intensive energy, picture-perfect orchestral atmosphere, and committed artistic style of individuality and conformity as a whole stroke me in the brain of musical pleasure zone and took my breath away. Yes, it was that good. As a newcomer of classical music, I regret I haven’t been to more large and organized musical orchestra before. I couldn’t help but fell in love the solemn live orchestral music It was Saturday 7:00 pm, May 3rd, I sat in the front row of the balcony wondering about the waste of this Saturday night for a mandatory report. But briefly after beginning of their first program music, my wonders and suspicions flew off to the sky. My mind was occupied by the music instantly. All people around me were quiet and respectful; therefore I could enjoy the music without any vocal or visual distraction. As second orchestra sat and toned in and ready to play Bach’s piece â€Å"Actus tragicus: Gottes Zeit ist die allerbeste Zeit†, I couldn’t be more excited, just like I was waiting to see a blockbuster movie in theater. But this live orchestra shouldn’t compare with any movie I have watched; it was far better accomplished, realistic, spirit lifting and artistic entertaining than any recent movies. I came in with free admission as Hunter College Student, but it was even worth to pay $9.50 to watch this. With every pulls of bow at violin, strokes on the timpani, blows in trombone and singing in chorus, I am affected by their dedicated professionalism, overwhelming musical energy, and orchestral togetherness. Finally, Mozart’s Requiem brought us to the climax. His unfinished Requiem is very mysterious and va... Free Essays on Concert Report I attended the Care For Children's Charity Symphony Orchestra’s classical concert series â€Å"Beethoven’s Fifth", on Thursday night, with my mom, in Monmouth, New Jersey. All of the proceeds of this night, went to research for cancer, and to help pay medical bills of children already suffering for Cancer. My mom told me about it this past week, and the timing was great for this project. However, I am glad I was able to attend anyway, to see so many people that came out to benefit and support this charity. That alone, was enough for me. The first half of the concert was introduced by a short and lively movement Rondo in D major of Mozart, and continued with Bernstein’s Symphony No. 2. The second half of the concert was devoted to the four-movement work, Beethoven’s Symphony No. 5 in C minor. Like I said, there were so many people there, and the hall was much more crowded than I expected. Everybody dressed nice and talked quietly. The concert host came out and gave a brief description of the piece that was about to be played. It was very informative and fun. I was impressed by the way the host handled some of the questions asked by the audience. After the preview the musicians came out and tuned their instruments, cued by the concertmaster. The orchestra was seated on the stage; the men wore tuxedos, the women wore black dresses or pants. Mozart’s Rondo in D major, K.382 This piece has a homophonic texture, and its form is a concert rondo. Besides the solo piano, there is a variety of aerophones, chordophones, and membranophones used in this piece. I had to look up each type of the instruments because I didnt recognize all of them. Among the aerophones were flute, oboe, French horn, and trumpet. The chordophones played included the violin, viola, cello, and double bass. Finally, the membranophone used for this piece was the timpani. This movement is a short set of variations, begins with the dance-like theme state...

The Comma in Punctuation

The Comma in Punctuation A comma is a  punctuation mark  that separates elements and ideas within a sentence. The comma is the most common mark of punctuation- and the most commonly misused. In his  Time magazine essay,  In Praise of the Humble Comma, author and essayist Pico Iyer compared the  punctuation mark to a flashing yellow light that asks us only to slow down. Knowing when to insert that flashing light (the comma)  and when is it better to let the sentence ride on without interruption is a conundrum that challenges even the most expert of writers. Learning a few simple rules can help you master when to use a comma and when to omit it. How to Use Commas Correctly Place a comma in front of any coordinating conjunction (and, but, for, nor, or, so, and yet) that joins two independent clauses  in a compound sentence. Author  Maya Angelou  used this example of a comma before a coordinating conjunction in I Know Why the Caged Bird Sings: I sliced onionsNote how Angelous sentence contains two independent clauses- each could stand on its own as a sentence- but the author, instead, decided to join them with the coordinating conjunction  and, which was preceded with a comma. If the two independent clauses are short, however, you can usually omit the comma: Jimmy rode his bike and Jill walked. In most cases, do  not  use a comma before a conjunction that links two words or phrases: Jack  and  Diane sang  and  danced all night. In a Series Use commas to separate words and phrases in a series of three or more: Everyone  Use a  comma to separate  adjectives  that are  coordinate  (adjectives that are interchangeable before or after a  noun): The books are You can tell whether adjectives are coordinate by inserting the conjunction  and  between them. If the sentence makes sense, the adjectives are coordinate and should be separated by commas. By contrast,  cumulative adjectives- two or more  adjectives  that build on one another and together  modify  a  noun- are generally  not  separated by  commas: I wrote in a After an Introductory Clause To signal a pause, use a comma after an introductory word, phrase, or clause: Use a comma after a  phrase  or  clause  that precedes the  subject  of the sentence: Lacking brothers and sistersIf the introductory element doesnt require a pause, you can usually omit the comma To Set Off Phrases Use commas to set off  interrupting phrases  and  nonrestrictive elements- words, phrases, or clauses that provide  added (though not essential) information to a sentence. For example: He sat back in his chairBut dont use commas to set off words that directly affect the essential meaning of the sentence: Your manuscript is both good and original. But the part  Other Uses for Commas Use a comma between the day and year in a date, in numbers greater than 999 (except in street addresses and years), and between the city and state in a location: The last time I was there was Jan. 8, 2008.The house is located at 1255 Oak Street, Huntsville, Ala.He had 1,244,555 marbles in his collection.In the year 1492, Columbus sailed the ocean blue. When a phrase refers to a month, day, and year, set off the year with a comma, says The Associated Press Stylebook, 2018: Feb. 14, 2020, is the target date The Oxford, or Serial, Comma The  Oxford  comma, also called the serial comma, precedes the  conjunction  before the final item in a list of three or more items. It is usually optional and is generally  not  used when only  two  parallel  items are connected by a conjunction:  faith and charity: This song was composed by Moe, Larry, and  Curly. Though the  AP Stylebook  is a notable exception, most American  style guides  recommend using the serial comma for the sake of  clarity  and consistency. In contrast, most British style guides discourage use of the serial comma unless the items in the series would be confusing without it. As Joan I. Miller says in The Punctuation Handbook: Nothing is gained by omitting the final comma in a  list, while clarity can be lost in some cases through misreading. The Oxford comma is so called because it has traditionally been used by editors and printers at Oxford University Press. New Englanders may favor the term  Harvard comma  (the convention is also followed by Harvard University Press). Commas and Meaning The comma can alter the  meaning of a sentence, says  Noah Lukeman in A Dash of Style: The Art and Mastery of Punctuation. Consider: The windows with the glass treatment are holding up well.The windows, with the glass treatment, are holding up well. In the latter sentence, the windows are holding up well because of the glass treatment, says Lukeman. In the former, the windows, which were treated with a glass treatment, are holding up well in general. The entire meaning of the sentence changes, simply due to the comma placement, he notes. Source Miller, Joan I. The Punctuation Handbook. Paperback, Wipf Stock Pub, 1683.

How can tourism promote urban economy of Tokyo Essay

How can tourism promote urban economy of Tokyo - Essay Example The analysis indicated, as many authors have also pointed out, that tourism creates massive economic impact on the city, yet, it also accompanies with it the cost especially on environment. While the number of tourists increases, the environment and social costs starts getting bigger as it can be seen from research, for example an increase in the number of crime cases in the society as well as the degree of pollution brought by massive tourist visiting Tokyo are the glaring examples of such ill effects. It is true that the tourism development tended to focus on the economic developments without considering the environment and social costs due to the difficulty of measuring such impacts and the limited information of those environment and social consequences. Economic impact can be measured at the time when tourists arrive in the country, but the environment and social impact can not be measured at the same time when tourist visits. Environment and social consequences will appear in a different way but is difficult to link the cause and effect because of its time lug. The effect will be apparent only after a while. As a conclusion, if the increasing number of tourist accompany with the cost, it can be recommended that increasing the duration of stay rather than increasing the number of tourist is the best option for Tokyo. It leads to the assumption that the same economic impact can be brought on the city minimising the environment and social costs on Tokyo. However, tourism is one of business which asks for profit, therefore this recommendation may not appear realistic. Yet for sustainable tourism development, it can be considered a necessity to re-reorganise the city attractions and to link tourism promotional policies with regional planning.

Event Management Essay Example | Topics and Well Written Essays - 2250 words

Event Management - Essay Example A. Evaluate the current level of understanding of Events Impact and Events Stakeholder Management and how it integrates into the events management process (EMP). Table of Contents Introduction 3 Event Impacts 3 Significance of Culture and Time in Mega Events 7 Event Stakeholder Management 8 Event Management Process 9 Conclusion 12 References 13 Introduction Event management is fundamentally described as the appliance of a significant tool i.e. project management towards the generation and advancement of various types of festivals, conferences as well as events. The study related to event management comprises different valuable aspects that include determining the intricacies of a brand, assessing the target audience, pointing out the concept of the event, planning for logistics as well as coordinating various technical aspects prior to the launch of any event. An event manager has a greater role to play in the context of any major event. It becomes significant for the event manager t o consider the influences of an event all through implementing an effective planning process. Event impacts also capture the minds of the organisational members along with the policy makers for evaluating public expenditure on events and to assess any negative externalities (Damster & Tassiopoulos, 2006). This discussion intends to evaluate the current understanding level of events impact and events stakeholder management and how it integrates into the events management process (EMP). Event Impacts The study related to event impacts have been arrived by the requirement to test the positive as well as negative influences of holding an event for the purpose of justifying public spending on events (Faulkner & et. Al., 2003). The positive as well as negative influences can be observed at the time of conducting an event. The impact of event might be felt by numerous stakeholders along with the participants, local businesses as well as host community. There are different ways in which the event is likely to impact. The various areas upon which event are likely to impact include physical infrastructure, environmental, economic as well as tourism impacts, image enhancements and urban renewal. The inspirational power of any sporting event which further tends to be stimulated by media reach recommends the fact that they can be a useful tool in developing the interests of the people towards involvement in sports. It can be affirmed that the perception of an organiser relating to the socio-economic impacts of the festivals along with other special events tends to possess four main domains such as economic benefits, community cohesiveness, social incentives as well as social costs (Gursoy & et. al., 2004). It can be revealed that the positive inflows of revenues into the country cannot be considered as the only factor towards recognising the success of an event. The negative social influence related to an event can lead to greater damages to the future of an event and the ecological influence might also lead towards premature death of any poorly administered event (Janeczko & et. Al., 2010). It can be identified that an event tends to initiate seasonality of tourism in a particular region. It also assists in evenly distributing the flow of money into a region, escalating the scope for full-time employment. The factors that may lead towards successful event might comprise several imperative factors such as escalating visitors’

Cellular PathologyCritical Review Essay Example | Topics and Well Written Essays - 500 words

Cellular PathologyCritical Review - Essay Example Finally, the correlation between CDX-2 and MIB-1 was also not significant with r value of 0.29. Most of these findings were not consistent with the findings from the existing literature. There were some positive points present in this study. The author discussed the results with support of the available information. In the discussion, some points on the limitations of the study were stated very well; limitation due to small sample size and limitation due to interobserver and intra-onbserver errors which could have affected the results from visual analysis which was a subjective issue. Apart from these positive points in the account of the study, it had some weaknesses. The author discussed the role of CDX-2 in the introduction but there was no mention of the MIB-1 role and value. Due to which author, in fact, could not build a rationale for carrying out this study. Although, the study type was described as retrospective but further elaboration on the topic is missing. Who were the cases (with definition) or controls, and how were they selected Even the sample size was not mentioned in the methodology section but only in the discussion.

Audit report Essay Example | Topics and Well Written Essays - 1500 words

Audit report - Essay Example The two major perceptions are in line with the Audit Report’s adding significant credibility to the companies’ financial statements. A credible financial statement is a good basis for making a more informed management decisions as well as stakeholders’ decisions (Asare, 2009). Consequently, the IAASB is currently processing the enhanced auditor’s report. The IAASB’s research focuses on adhering to the different stakeholders’ demand for a more informed audit report. The new audit report will serve as a global solution to global popular demand for a change in the current audit reports’ standardized formats. The stakeholders’ audit report request is grounded on the growing complexities of the financial reports. The stakeholders include the investors, residents, managers, community, and employees. The standard audit report formats include the qualified opinion format, unqualified opinion format, and the adverse opinion format. The same board correctly affirms that international leaders must do their share to ensuring the audit report contains additional information needed by the decision makers. A more informed audit report contains additional relevant and valid information pertaining to the fairness or trueness of the finan cial report data (IFAC.org, 2013). The new audit report will include some notable changes. One of the major changes is to necessarily allow the external auditors to include comments to their audit reports (Gold et al., 2009). One of the reasons for the changes are necessary is that the comments will deliver additional relevant and valid information to the stakeholders, in terms of auditor’s specific audit responsibilities and tasks. The external auditor’s favorable comments will surely encourage the investors, community leaders, creditors, customers, and other affected stakeholders to invest or enter into any relevant business transaction with the company. In this regard, the IFAC accounting board is

Into the Woods Stephen Sondheim Essay Example | Topics and Well Written Essays - 1500 words

Into the Woods Stephen Sondheim - Essay Example A proper understanding of the history of theatre and film will equip me with all the necessary information that can put me in a better position of making the right and informed decision on exactly what to do during the production of the film (Dixon 27). If I were to turn Into the Woods from a theatrical play into a film, I would ensure that I do a marvelous job. As a dedicated professional, I would use all my energy and time to produce my best. I believe that this is a very interesting play that if properly acted, can be one of the best films in my lifetime. So, I will become the producer to be in charge of the entire production process for the film. After carefully reading the play and having a proper understanding of it, I will take my time to consult some of the most reputable, experienced and highly trained professionals. They will offer me the right and appropriate set of counsel on which I will rely as I produce the film adaptation. Meanwhile, I will have to identify the right caliber of people to choose the crew to be involved in the production of the film. This will include the entire production crew consisting of a director, actors and the professionals who will be behind the screen. I will have to make the right choice of the crew that will enable me to accomplish my goal of producing the most interesting film adaptation for the theatrical play (Guernsey 114). For this reason, I will settle on Ronald Miranda as the director. Having known much about film production for a long time, I believe that Mr. Miranda will be the right choice for this job. He is an experienced director who has won numerous awards since he ventured into the film industry. He has a deeper understanding of films and might not disappoint if granted such a noble opportunity. He has excellent cinematographic skills and can be instrumental in the entire work of

The Marshall Plan and Communism after World War 2 Essay

The Marshall Plan and Communism after World War 2 - Essay Example Historical facts are used for purposes of knowledge and understanding of past events to help explaining contemporary and future events. On this basis, research into finding the answers to the above question will add knowledge to historians and other interested stakeholders. In addition, the information obtained will enable historians and other stakeholders in explaining contemporary and future communism. Such facts are provided within the analysis and conclusion of the paper. Section B: Summary of Evidence Communism is the economic and social system where property and resources are collectively owned and controlled by classless society. Marshall Plan (named after Secretary of State George Marshall) was intended to provide aid for fostering reconstruction of economies that had been destroyed by the World War II Between 1948 and 1951, US through the Marshall Plan (European Recovery Program, ERP) pumped money into Western Europe in order to spur redevelopment after the World War II Mars hall Plan was based on the dislocation of the entire European economy during the World War II Deteriorating European economies provided vistas for people to come together and own resources and production channels Main intention was to combat the spread of Soviet communism Goals of the Marshall Plan included: Rebuilding devastated region Removal of trade barriers Modernization of industry Making Europe prosperous again after the World War II Marshall’s success kept the Western Europe out of the communist bloc Economic weapons can be used in solving diplomatic problems Section C: Source Evaluation Ambrose, Stephen E. "The Presidency and Foreign Policy." Foreign Affairs 70.5 (1992): 120. In this article, Ambrose identifies some of the foreign policies employed by the US. Foreign policies are usually the guidelines that affect how a given nation interacts with other nations. This resource identifies the fact that Marshall Plan was developed out of the US foreign policies. The art icle provides the foundation of the plan making the research on the topic easier. Nonetheless, the article does not explicitly describe the Marshall Plan. Bernadette, Whelan. Ireland and the Marshall Plan 1947-1957. Dublin: Four Courts Press, 2000. Print. Bernadette in her book attempts to describe how Ireland benefitted from the Marshal Plan that was in effect between 1947 and 1958. Notably, the book addresses very crucial point in respect to how communism was going to arise within Europe had there been no aid from the US. What’s more, this book attempts to describe how communist bloc was a major concern for the US given that they had just emerged victors in the Second World War. Such information is important in establishing effectiveness of the Marshall Plan in preventing communism within the Western Europe. However, the limitation of the book is that it fails to explicitly provide a description and evaluation of the effects of Marshall Plan on communism in Europe. Burk, Ka thleen. "The Marshall Plan: Filling in some of the Blanks." Contemporary European History 10.2 (2001): 267-94. In the journal of Contemporary European History, Burk’s article revolves around the Marshall Plan and how it attempted to reconstruct the European economy. Burk’s article identifies some of the ‘blanks’ that many historians have failed to identified for all this time. For instance, Burk claims

Into the Woods Stephen Sondheim Essay Example | Topics and Well Written Essays - 1500 words

Into the Woods Stephen Sondheim - Essay Example A proper understanding of the history of theatre and film will equip me with all the necessary information that can put me in a better position of making the right and informed decision on exactly what to do during the production of the film (Dixon 27). If I were to turn Into the Woods from a theatrical play into a film, I would ensure that I do a marvelous job. As a dedicated professional, I would use all my energy and time to produce my best. I believe that this is a very interesting play that if properly acted, can be one of the best films in my lifetime. So, I will become the producer to be in charge of the entire production process for the film. After carefully reading the play and having a proper understanding of it, I will take my time to consult some of the most reputable, experienced and highly trained professionals. They will offer me the right and appropriate set of counsel on which I will rely as I produce the film adaptation. Meanwhile, I will have to identify the right caliber of people to choose the crew to be involved in the production of the film. This will include the entire production crew consisting of a director, actors and the professionals who will be behind the screen. I will have to make the right choice of the crew that will enable me to accomplish my goal of producing the most interesting film adaptation for the theatrical play (Guernsey 114). For this reason, I will settle on Ronald Miranda as the director. Having known much about film production for a long time, I believe that Mr. Miranda will be the right choice for this job. He is an experienced director who has won numerous awards since he ventured into the film industry. He has a deeper understanding of films and might not disappoint if granted such a noble opportunity. He has excellent cinematographic skills and can be instrumental in the entire work of

Do nuclear weapons lead to peace or to war Essay

Do nuclear weapons lead to peace or to war - Essay Example Many of the states, which possess such weapons, only use them for deterrence purposes and this has created a situation where all the powers, which have nuclear weapons, are at a stalemate (Waltz 1990, P.731). The ownership of nuclear weapons has since its beginnings, been an extremely controversial issue in the world, with many of the countries, which do not possess them claiming that it, is unfair for those, which do to have such weapons. Others have taken matters into their own hands and, defying the countries that have such weapons; have chosen to go ahead with their own nuclear programs (Rubin, 2006). The ownership of nuclear weapons is considered a source of prestige for the countries, which possess them, and it is for this reason that many still hold on to their arsenals while others are aspiring to develop their own. Over the last two decades or so, there has developed a debate concerning whether the possession of nuclear weapons is a deterrence to war, and that it is the reas on why no major wars have taken place in recent history. Quite a number of people believe that the possession of nuclear weapons is one of the reasons why there has not been a third world war, since all of the most powerful states that would be involved in the war are armed with nuclear weapons. The lessons learnt from Hiroshima and Nagasaki (Roberts, 2012) seem to be extraordinarily fresh in the minds of those who make national policies and it is because of this that these weapons have come to be used, not for offensive purposes, but for peace. There is a belief that if a third world war were to take place, then it would be a nuclear war, and the devastation which such a war would cause would probably lead to the end of humanity as we know it. The horror of such an occurrence is something, which many people would not like to picture and because of this many states that possess nuclear weapons, keeps them under a tight leash (Donnelly, 2012). Even those states, which are considered most unstable, such as North Korea, do not use the weapons in their possession for any other purposes other than that of deterrence because of the recognition that to use them otherwise would be disastrous. One of the best cases that can be studied, when considering the possession of nuclear weapons as a means towards peace, is the Cold War. The Cold war came up because of the competition on a global scale of the world’s two superpowers, the United States and the Soviet Union. There was a great fear in the United States of the Soviet Union’s ambition to spread the ideology of communism, which it followed, worldwide and this was not acceptable to the American government. In response, the American government chose to shore up those regimes which were allied to it all over the world not only financially but also militarily to ensure that they combated the potential communist forces and parties which were to come up against them (Mueller 2002, P.172). Moreover, the Soviet Union was very fearful of the American acquisition of nuclear weapons and this led to its rush to build up its own arsenal, causing a nuclear arms race between these two states. While this may have been the case, none of these states used their weapons against the other. It is quite possible that the Cold War will have resulted in a world war, which would have pitted the United States

Theoretical Analysis of the Banking Crisis

Theoretical Analysis of the Banking Crisis Crisis in the banking sector The current crisis and the Great Depression Theories and the crises: Several theories exist connected to the financial crises that have happened since the banking system was established. Some of them tried to explain the reasons and the origin of them however none of these theories could provide an acceptable solution how to prevent the crisis. To determine the continuity in the timeline and the spread of the crisis it was not enough to create just an economic comparison. The analysts set some mathematical and other type of model to investigate the behavior of the market. The two mostly accepted models of banking panics are the Diamond and Dybvig model and the Calomiris and Kahn model. These models were set in the 1990s as the reflection of the systematic banking crisis since 1970.Both of the two theories were accepted the fact that the banks liabilities are more liquid than its assets. In the Diamond and Dybvig model they set a hypothetical world without the banking system. The banks make contract to transform its illiquid assets.( Federal Reserve Bank of Minneapolis Quarterly Review Vol. 24, No. 1, winter 2000, pp. 14-23, Dybvig: Bank Runs, Deposit Insurance, and Liquidity).The problems with the contract is that it doesnt include any risk-sharing option. The deposit insurance is the only way to reduce the risk because its decrease the ability of the bank to transform its assets. The asymmetric information affects the liquidity demand. The final conclusion of this model is that the bank run is triggered only because patient agents believe.†This result is a self-fulfilling prophecy (panic): Because patient agents expect other patient agents to withdraw their funds early, they do the same. As a consequence too many funds are actually withdrawn, which otherwise would have not been the case. (Banking and Finance /Banking Crises.ppt/2008.12.03)† The Calomiris and Kahn model basis is the Diamond and Dybvig model, but it is more complex (Charles W. Calomiris, Charles M. Kahn, â€Å"The Role of Demandable Debt in Structuring Optimal Banking Arrangements† in American Economic Review, Vol. 81, 1991). They introduced one other potential option that the banks follow a risky behavior and put their investors money into risky projects. Because the asymmetric information the investors dont know about this step. Then, two possible things can happen; the project turns out well or not. If the project turns out negatively the bank starts to invest again. In the model the depositors can purchase information, but if is shows a negative indicator they withdraw their money. If there are a huge number of the depositors who want to withdraw the bank has serious liquidity problems and the bank panic starts. The only possible solution, according to this model, is to increase monitoring in the banking sector and strengthen the regulation to avoid moral hazard. I. The Great Depression 1. The beginning of the Great Depression (1928-30) The history of the Great Depression is important to analyze the main aspect of the crisis. From May of 1928 the stock market rise continuously and the average stock price increased because the FED raised its discount rate, and saw the stock market was booming and the stock price doubled, as excessive speculation. They tried to resolve this by increased monetary policy to raise interest rate and a new deflationary policy was introduced. As a consequence, a huge financial bubble evolved. In October 22, 1929 New York Times published an article; â€Å"Fisher Says Prices of Stocks Are Low†. (The 1929 Stock Market: Irving Fisher Was Right, Ellen R. Mc Grattan p.1) Then, two days later the stock market went crashing and the stock prices had fallen by 30 %: According to Irving Fisher the problem was that the people have been speculating on the small margins. It was not that the stock market was too high, but the people so enthusiastic to making money that they properly expected to mak e. It created debts because the people bought stocks on borrowed money. The politicians issued optimistic predictions to prevent the selling panic in the U.S. market (The causes of the 1929 stock market crash, Harold Bierman).The secretary of the Treasury, Andrew W. Melon stated: â€Å"There is no cause to worry. The high tide of prosperity will continue†. The stock market did come back in the middle of 1930, more than half of the stock that has been decline as been reversed. People thought it was over recession turned into something different. The agriculture sector stocks continued to decline. This regressive tendency was intensive not only because the Great Depression. Massive overproduction started in the European agricultural production sector after the World War I to recover the lack of the agricultural goods. To increase the legislative protection of the domestic farmers the Smoot-Hawley Tariff Act of June 1930 raised U.S. import tariffs (U.S Department of State, http://future.state.gov/). The Smoot-Hawley Tariff declined the international trust and cooperation and caused some problems in international trade. As a result of market crush bank collapsed from October 1930 until March 1933 by this time over a third of Americans bank was out of business. It continued to decline by mid 1932, the stock had declined to 10% their value in the peak 1929 and the increase in this in uncertainty from unsettled business conditions created by economic contraction made adverse selection and moral hazard problem worse in credit market. (The great crash, 1929, John Kenneth Galbraith) There was reduction in the number of intermediation due to loss of one-third of banks. This only increases adverse selection and moral hazard problem. Funds to firm with productive investment opportunities were greatly decreased due to this problem. In some sectors like manufacturing sector the production fell dramatically which was the basis of the Firms wage rates cuts. The level of price fell by 25% in the period of 1930-1933. Debt deflation was triggered in which net worth fell C:Documents and SettingsJudyAsztalunemploymen t.gifbecause of the increase burden of indebtedness borne on the firm. One sector problems affected the others. Millions of people lost their jobs. In the period of 1900-1947 two types of unemployment were made. These researches were developed the data set for the civilian labor force and for the Non-farm employees. (Historical unemployment in relation to today, A. Andrews)The employment rate declined by approximately 20% and the economic contraction and unemployment rose to 25 percent because of the decline in net worth. The result was more increase in adverse selection and moral hazard in the credit market. This was the worst ever experienced in the United States of America. 2. The FED This system was introduced to the public as economic stabilizer in 1913 to prevent further economic crisis although Federal Reserve System was totally passive during the Great Depression. In general, the Federal Reserve controls the interest rates and the money supply (inflation).The FED is controlled by its Board members and the majority of the twelve member Constitute the Federal Open Market Committee with five Reserve Bank The Fed not only supply the money to economy, it loans the money to them at interest. Besides, it regulates the value of the currency being issued. It should have acted as the last resort to lend as that its role. For the period of 1921-1929 the FED increased the money supply by 62% .The main reasons they did nothing was they never anticipated the negative of bank failure could have on money supply and economic activity. They thought a bank failure is as a consequence of poor bank management or bad banking practice. Small banks failures were the first to be affe cted in the bank panics in the early stages. And since the big city bank was the most influential they saw the failure of the small banks as complacency. Some suggested that political role might have played an important role in the passivity of the Federal Reserve System at that period. The New York Federal Reserve System was the most dominant force in the 1928, and it supported the Fed in open market purchase to lend money to the banks during the bank panics. This was opposed by other powerful member in the Federal Reserve System and the New York position was out voted. There were multiple causes and many theories about the origin of the Great Depression. According the monetarist theory the Crisis is the consequence of the lack of the FEDs policy making. The level of government influence on a bank varies from one country to another let say for example, in China the government regulation is very high probably the highest in the world and in United Kingdom the government regulation i s very low .It can be said that in the United Kingdom it high if we compare with the United State. So depending of which countries are comparing to another, government influence is usually different. 3. The economic decline (1930-32) Thanks to the Tariff Act the world market suffered a huge damage but, the act was not enough to recover the U.S. economy. People starting lose their jobs, homes and their confidence to the system and they take out their money from the banks and in the end they couldnt repay their loans. The continuous decline shows the effect in political elections in November 1930 when the representatives of the Republican Party lost their places in the Senate and their number and voting power reduced dramatically. In 1931 some new predictions appeared in the news which says that the depression would be over in the end of that year. During this year the deepening economic depression hit Europe and credit structures collapsed there. The media blamed United States for create this depression by cutting back on imports. Various conspiracy theories were voiced about the Soviet Union and some Biblical prophecy appeared too. In1932 a new presidential campaign started where Hoover and Roosevelt describe two different political aspects about the Depression. Hoovers economic aspect based on voluntarism and individualism, but the natural economic forces and the voluntary action by business groups couldnt work in the last 3 years. So his voters lost the trust in Hoover and he was easily beaten in the election (Burner David, Herbert Hoover: Alfred A. Knopf, New York, 1979). 4. The New Deal Roosevelt the new president was introduced a new program called the New Deal that contained social and economic reforms in 1933. He settled up new governmental agencies with the Glass-Steagall Act. â€Å"It gave tighter regulation of national banks to the Federal Reserve System; prohibited bank sales of securities; and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with a pool of money appropriated from banks. (New York Times, http://topics.nytimes.com /topics/reference/ timestopics/subjects/g/glass_steagall_act_1933/index.html )â€Å" The senate tried to restore the peoples trust in the U.S financial system with the Glass-Steagell Act .It made a clear separation between the investment and the commercial banks .To handle the banks poor asset management Franklin Roosevelt declared a â€Å"bank holiday â€Å"as a result of bank panic in March 1933.The† bank holiday† regulated that the banks had to be until the governmental inspecto r investigation. The inspector after a monitoring process judged about the banks reopening. Another program was started namely in that time: the Agricultural Adjustment Act which helped to increase the income of the farmers. The overproduction created corps surplus and the government pay the farms, in the frame of this program, to leave the fields fallow and not to raise pigs and lambs. (Ronald Edsforth: The New Deal: Americas Response to the Great Depression, 2000) The Act aimed to raise the value of the corps, but few months later, natural disasters destroyed almost all the corps and the machinery. To help the farmers and teach them how to measure and reduce erosion the government established the Soil Conservation Service. This program stopped in 1936 when a new agricultural act had been accepted. The new regulation provides a possibility to the farmers to get federal subsidies. Besides of this, NIRA (National Industrial Recovery Act) had been accepted by the government to generate more jobs, strengthen the right of collective bargaining. The unemployment increased since the Great Depression had started. Based on this reason, they provided jobs in government projects such as work camps. Approximately two million people participated in this program until 1934. The unskilled workers got hard work like digging and railway repairs but they earned only a little money. National Labor Relations Act introduced new fair labor practices in 1935.The New Deal program had helped the US economy but didnt bring the end of the Great Depression. The roots of the economic problem came from the financial insecurity and the distribution of money, because the people on relief lived from one day to another (Bernardit Bellushit, The Failure of the NRA (1975)). The investors were afraid of buying sto cks and lose their money. The companies couldnt sell their new products because the people spent their money to food. The inventories were full and nobody wanted to produce more and that stopped the cycle of the economy. 5. The Second New Deal President Roosevelt decided to set a group of new economic and social measures and provided some legislative initiatives. The public and political forces lead the president to make some radical steps. . In 1936 Roosevelt won the election but the Americans wanted the government to take greater responsibility for the welfare of the nation. The Second New Deal as legislative program established some government controlled agencies and projects. He allocated billions of dollars to start and give a financial budget for the Work Progress Administration (WPA).Roosevelt nominated the social worker Harry Hopkins to be the head of the WPA. In its early years it focused on the construction programs such as build schools and government buildings. Attempt to the population of the United States it found that the one of every six people was unemployed and most of them was unskilled (http://www.u-shistory .com /pages /h1599.html). Unskilled laborers the forgotten man of past generation works at decen t wages. The nation was building and repairing schools, public buildings, community centers and airports to meet the changing needs of the modern world. In one project twelve hundred men were employed to improve bowling field and construct building hangers and administration buildings. In addition to the hundreds of the unskilled laborers, many skilled workers were employed in this improvement project. Hundreds of homes have been treated from bondage of property. In New York City WPA housing demolisher project was started which improved the families living conditions. In many other cities of the country old firetraps are being demolished to make way to modern buildings. Swimming pools and parks were constructed to make more public value to the community and remove the children from the streets. In many parts of the country nursery schools were established to where almost 10 thousand children got hot meals, supervised train activities. In these projects employment has been provided 6 00 hundred teachers nurses dieticians and cooks. More than 300 thousand adults learned to read and write first time in their life and started to learn foreign languages from native teachers. In cooperation with the national youth administration 26500 young man and women were employed as instructors laboratory assistants and clerical helpers.( Historical unemployment in relation to today, A. Andrews) Clerical white -collar workers find employment at filling and checking important land records. As part of the program of rehabilitation of the conservation of human resources a number of household training school were established by WPA. In these school girls from relief families are prepared for domestic works. Health education is an important part of the WPA program in a number health centers in large cities teaches the proper care of the children and adults. In some cities sawing rooms were established to support the poor families with clothes. Another type of permanent construction was the community stadium as a representative a large group of project provides the public gatherings all over America. Hundreds of new bridges were constructed thousands of old bridges have been repaired and made safe. In Many cities the construction was undertaken with the cooperation of the public health agencies. The rapid growth of air traffic gives the opportunity to built modern airports and gives a job to thousand s to improve and repair the existing facilities. The increased air transportation also made necessary the development of hundreds of emergency landing fields. In cooperation with the local police departments in several cities automobile inspection stations were established to reduce the unsafe vehicles on the roads. Women who had the principle to support their families are paid for the work. And the product they made was distributed free to the families on relief (John Salmond, The New Deal: The National Level (1975). pp. 188-89). Many other type of employment was provided for women and other part-time jobs were provided in kitchen and in libraries and schools. As a result of some projects thousand of books and maps were translated. This program also contained training for adults t o learn tailoring. The financial support of the administration was enough to invest into more projects like Federal Writers Projects , Federal Theater Project, Federal Art Project, National youth Administration ,to generate more jobs for white-collar workers.â€Å"Because Harry Hopkins believed that the work provided by the WPA should match the skills of the unemployed, artists were employed to paint murals in public buildings, sculptors created park and battlefield monuments, and actors and musicians were paid to perform. These white-collar programs did not escape criticism and the term â€Å"boondoggling† was added to the English language to describe government projects of dubious merit.( Jim Crouch, The Works Progress Administration Eh. Encyclopedia(2004)). The WAP was a long program and finally was abandoned in 1943.Social security act created a new health insurance system based on employer and employee contributions, supported by taxes 6. The SWOT Analysis of the WPA SWOT Strengths: Weaknesses: Education to unskilled workers Started project didnt wanted Various types of jobs WPA as Financial â€Å"black hole† Provide part-time jobs Political influences Jobs for Artist and Black people and Women No ability to control the workers productivity Improve the health care system Opportunities : Threats: Starting more useful projects Instable economical environment Decreasing political aspects of the projects Living expenses increases, because import stop Strengthen the economy throughout projects Potential health problems, disease could stop projects Developing international export-import partnerships Other political parties critics-political intervention Support the banking act, provide more financial security The SWOT analysis is for compute the Strength, Weaknesses, Opportunities and Threats of a sector or a company (Mehta, S. (2000) Marketing Strategy). It is used for strategic planning to create a way to the desired goal or objective. In this case it was decided to apply this technique to set a real picture about the Second New Deal through WPA. The main aim of the current analysis is not generate alternative strategies, but to summarize the situation of WPA and the critiques in 1930s.Starting with the strength of the WPA it can be seen that the group of different types of jobs were provided to a high-scale target area. People could achieve different skills by the WPAs trainings and educations, and they got motivation to learn and use their knowledge in long-term. There were several weaknesses of the program from the beginning. As a governmental project the WPA needed a huge financial background to work and in some cases they only waste the money. The critiques described that some part of the program was only started to get more votes. The real leaders of the WPA had no ability to control the workers productivity and their effectiveness. To mention some real threats the instable economic environment remained the same. The diseases could spread faster among the workers and it may stop many constructing projects and it may indicate more financial problems in the health care system. One of the most important opportunities was to prevent more political fight and decrease the obvious political aspects of the projects. It would have been useful if they could solve the import problems. The following table above contains the main strength, weaknesses, opportunities and threats. 6.1. The external factor analysis EFAS (External Factor Analysis Summary) External Factors: Weight Ratings Weighted Score Opportunities: O1 Starting more projects 0,1 3 0,3 O2 Decreasing political aspects of the projects 0,2 4 0,8 O3 Strengthen the economy through projects 0,05 3 0,15 O4 Developing international export-import partnerships 0,1 2 0,2 O5 Support the banking act, provide more financial security 0,05 3 0,15 Threats: T1 Instable economical environment 0,2 4 0,8 T2 Living expenses increases, because import stop 0,1 3 0,3 T3 Potential health problems, disease could stop projects 0,05 2 0,1 T4 Other political parties critics-political intervention 0,15 3 0,45 Total Scores: 1 1,0-5,0 3,25 The SWOT table can be used to introduce three other type of analysis the EFAS, the IFAS and the SFAS. The External factor analysis and the internal factor analysis are calculated in a same way. The external factors (opportunities, threats) are used to show the economic background of the company or the sector. The elements of the SWOT table are the main factors of these tables. Every row contains weights and the rates and the multiplied result; the weighted score. The sum of every weight has to equal by 1, and the factors ratings should be between 1 and 5.The total score will be the sum of the weighted scores and it shows a real picture about the companys position. The company is in danger if the result is less 3,5 than. 6.2 The internal factor analysis IFAS(Internal Factor Analysis Summary ) Internal Factors: Weight Ratings Weighted Score Strenghts: Education to unskilled workers 0,15 3 0,45 Various types of jobs 0,15 4 0,6 Provide part-time jobs 0,1 3 0,3 Jobs for Artist and Black people and Women 0,2 2 0,4 Improve the health care system 0,1 3 0,3 Weaknesses: Started project didnt wanted 0,05 3 0,15 WPA as Financial â€Å"black hole† 0,05 2 0,1 Political influences 0,1 4 0,4 No ability to control the workers productivity 0,1 3 0,3 Total Scores: 1 1,0-5,0 3 If the result is more than 3,5, the company is in safe. The internal factors (Strengths, Weaknesses) are closely related to the object of the analysis. The internal strengths and weaknesses summarize the main topics the company has to deal with. The total score is 3 and this means that the company is not in safe and for a long -term basis the management has to handle the weaknesses to strengthen the company position in the market. SFAS(Strategic Factor Analysis Summary ) Factors: Weight Ratings Weighted Score Duration (in terms) S Strenghts: Short Medium Long S1 Education to unskilled workers 0,2 3 0,6 X S4 Jobs for Artist and Black people and Women 0,2 4 0,8 X W Weaknesses: W3 Political influences 0,15 4 0,6 X W4 No ability to control the workers productivity 0,1 2 0,2 X O Opportunities: O1 Starting more projects 0,05 5 0,25 X O2 Decreasing political aspects of the projects 0,05 1 0,05 X T Threats: T1 Instable economical environment 0,2 4 0,8 X T4 Other political parties critics-political intervention 0,05 3 0,15 X Total Scores: 1 1,0-5,0 3,45 6.3. The Strategic Factor Analysis Summary The Strategic Factor Analysis Summary (Business Policy and Strategy lecture SFAS power point presentation 2008.12.03) has an additional column, the duration that is separated into three different parts; long-term, medium-term, and short-term .The most important factors are listed here with weights and ratings to represent the main internal and external aspects of the WPA and to make a summary about the problems and possibilities. As a conclusion, based on the analysis listed below, the SFAS ‘s weighted score is 3,45.It means that the WPA could work in a long-term if the leadership could handle the problems. The WPA project stopped in 1944; therefore the main reasons did not connected to the internal factors, but only the externals. Some critiques had right the all the projects of WPA had only a political step to achieve more cotes in the elections. 7. The worlds reaction to the Great Depression (Theories) The world reacted in a several way to the Great depression and created a lot of theories how to solve the situation. The most famous reaction was the communism, fascism and the Keynesian theory. The fascism took place in Germany, Italy and it represented a highly centralized economy. The public construction programs provided jobs for unskilled labourers to built roads, work camps and military facilities. It increased the demography of the population, but the system was highly dictatorial. According to the statistics the unemployment rate decreased dramatically from 6 million to 0.2 million people.The Communism, as a highly bureaucratic and centralized system, was one of response to the Great Depression. It focused to fully employ the people in a strictly regulated obligatory way. The Keynesian theory: It states that the fully employment is needed, but only the intervention of the government can create this possibility. It can be long -term purpose of the existence of the government. The Keynesian theory changed the way of the thinking about the unemployment. The idea of the welfare state was another solution of the crisis. The education, the minimal guarantee of a job to every citizen is the basis of a welfare system. It guarantees the minimum wages and the minimum social and healthcare system. II. The Current Financial Crisis 1. The beginning of the Current Crisis The current financial crisis started in 2007, but it was not until the last quarter of 2008 .Firstly, this part of the thesis going to show how it all started, the causes and those who were affected by the crisis and how they are trying to deal with the crisis. Most of the people are pointing directly to real estate as the major cause of the current financial crisis even financial institutions that not directly involve with real estate are affected. It can be seen how the subprime mortgages and unscrupulous lenders has caused the unsustainable real estate bubble which began to collapse in 2006.There was increase in homeownership in the United State to about 5 million in little more than six years thanks to the increase in subprime lending. Within these six years constructions of new house sing units grew more but this housing bubble could not grow forever. In this period the price of house went so high and rent price went so low. When the price of housing began to decrease in the lat e 2006 to early 2007, many subprime borrowers had very hard time to make their payment. The housing bubble or the excesses of the subprime mortgage market became even more evident when subprime mortgage lender filed for bankruptcy. All the sectors like households, businesses (including financial institutions), and government are the main participants in the financial market and hit by the crisis. The secondly related financial groups are the surplus units provide funds and while the other group that enter the financial market to obtain fund are the deficit units. If market securities yield low returns why invest in it? Three factors can be seen to why it important to make investment in market securities these are, as we have said before the advantage to convert to cash rapidly so it can be substitute as cash. The second reason is that when a firm has excess cash let say for a month it can invest the excess cash in form of securities as not to hold too much cash in hand. The third reason is that when a firm know it going to pay a loan soon it gathers the money monthly to pay and this money could be invest in market securities before the loan is to be paid. As it have seen when the financial crisis started the public could see that the financial system is in a deep trouble some even call it recession because the stock market came crashing and lost almost 42% of it original price. Before the peak of the financial crisis the total world stock market worth $62.5 trillion and now it $36.6 trillion so it lost $25.9 trillion. Let compare the stock market of leading countries of one day and another day and see how it doing. STOCK MARKETS May 5 prev %chg SP 500 903.8 907.24 -0.38 Nasdaq Comp 1754.12 1763.56 -0.54 Dow Jones Ind 8410.65 8426.74 -0.19 FTSEurofirst 300 846.81 842.7 +0.49 DJ Euro Stoxx 50 2407.55 2419.53 -0.50 FTSE 100 4336.94 4243.22 +2.21 FTSE All-Share UK 2226.6 2174.64 +2.39 CAC 40 3225.0 3237.97 -0.40 Xetra Dax 4853.03 4902.45 -1.01 Nikkei (c) 8977.37 Hang Seng 16430.08 16381.05 +0.30 FTSE All World $ 153.46 153.19 +0.18 ( source New York Times May 5 2008) There was turmoil in the all over the international financial system due to the losses in the subprime mortgage in the mid-2007.This was wide spread global crisis even thus firm not associated with the mortgage firm. This made the financial institutions very nervous and the stock market got very weak. Between July 2007 and March 2008, there was a significantly drop in the price of shares in the large, small and investment bank. A Theoretical Analysis of the Banking Crisis Theoretical Analysis of the Banking Crisis Crisis in the banking sector The current crisis and the Great Depression Theories and the crises: Several theories exist connected to the financial crises that have happened since the banking system was established. Some of them tried to explain the reasons and the origin of them however none of these theories could provide an acceptable solution how to prevent the crisis. To determine the continuity in the timeline and the spread of the crisis it was not enough to create just an economic comparison. The analysts set some mathematical and other type of model to investigate the behavior of the market. The two mostly accepted models of banking panics are the Diamond and Dybvig model and the Calomiris and Kahn model. These models were set in the 1990s as the reflection of the systematic banking crisis since 1970.Both of the two theories were accepted the fact that the banks liabilities are more liquid than its assets. In the Diamond and Dybvig model they set a hypothetical world without the banking system. The banks make contract to transform its illiquid assets.( Federal Reserve Bank of Minneapolis Quarterly Review Vol. 24, No. 1, winter 2000, pp. 14-23, Dybvig: Bank Runs, Deposit Insurance, and Liquidity).The problems with the contract is that it doesnt include any risk-sharing option. The deposit insurance is the only way to reduce the risk because its decrease the ability of the bank to transform its assets. The asymmetric information affects the liquidity demand. The final conclusion of this model is that the bank run is triggered only because patient agents believe.†This result is a self-fulfilling prophecy (panic): Because patient agents expect other patient agents to withdraw their funds early, they do the same. As a consequence too many funds are actually withdrawn, which otherwise would have not been the case. (Banking and Finance /Banking Crises.ppt/2008.12.03)† The Calomiris and Kahn model basis is the Diamond and Dybvig model, but it is more complex (Charles W. Calomiris, Charles M. Kahn, â€Å"The Role of Demandable Debt in Structuring Optimal Banking Arrangements† in American Economic Review, Vol. 81, 1991). They introduced one other potential option that the banks follow a risky behavior and put their investors money into risky projects. Because the asymmetric information the investors dont know about this step. Then, two possible things can happen; the project turns out well or not. If the project turns out negatively the bank starts to invest again. In the model the depositors can purchase information, but if is shows a negative indicator they withdraw their money. If there are a huge number of the depositors who want to withdraw the bank has serious liquidity problems and the bank panic starts. The only possible solution, according to this model, is to increase monitoring in the banking sector and strengthen the regulation to avoid moral hazard. I. The Great Depression 1. The beginning of the Great Depression (1928-30) The history of the Great Depression is important to analyze the main aspect of the crisis. From May of 1928 the stock market rise continuously and the average stock price increased because the FED raised its discount rate, and saw the stock market was booming and the stock price doubled, as excessive speculation. They tried to resolve this by increased monetary policy to raise interest rate and a new deflationary policy was introduced. As a consequence, a huge financial bubble evolved. In October 22, 1929 New York Times published an article; â€Å"Fisher Says Prices of Stocks Are Low†. (The 1929 Stock Market: Irving Fisher Was Right, Ellen R. Mc Grattan p.1) Then, two days later the stock market went crashing and the stock prices had fallen by 30 %: According to Irving Fisher the problem was that the people have been speculating on the small margins. It was not that the stock market was too high, but the people so enthusiastic to making money that they properly expected to mak e. It created debts because the people bought stocks on borrowed money. The politicians issued optimistic predictions to prevent the selling panic in the U.S. market (The causes of the 1929 stock market crash, Harold Bierman).The secretary of the Treasury, Andrew W. Melon stated: â€Å"There is no cause to worry. The high tide of prosperity will continue†. The stock market did come back in the middle of 1930, more than half of the stock that has been decline as been reversed. People thought it was over recession turned into something different. The agriculture sector stocks continued to decline. This regressive tendency was intensive not only because the Great Depression. Massive overproduction started in the European agricultural production sector after the World War I to recover the lack of the agricultural goods. To increase the legislative protection of the domestic farmers the Smoot-Hawley Tariff Act of June 1930 raised U.S. import tariffs (U.S Department of State, http://future.state.gov/). The Smoot-Hawley Tariff declined the international trust and cooperation and caused some problems in international trade. As a result of market crush bank collapsed from October 1930 until March 1933 by this time over a third of Americans bank was out of business. It continued to decline by mid 1932, the stock had declined to 10% their value in the peak 1929 and the increase in this in uncertainty from unsettled business conditions created by economic contraction made adverse selection and moral hazard problem worse in credit market. (The great crash, 1929, John Kenneth Galbraith) There was reduction in the number of intermediation due to loss of one-third of banks. This only increases adverse selection and moral hazard problem. Funds to firm with productive investment opportunities were greatly decreased due to this problem. In some sectors like manufacturing sector the production fell dramatically which was the basis of the Firms wage rates cuts. The level of price fell by 25% in the period of 1930-1933. Debt deflation was triggered in which net worth fell C:Documents and SettingsJudyAsztalunemploymen t.gifbecause of the increase burden of indebtedness borne on the firm. One sector problems affected the others. Millions of people lost their jobs. In the period of 1900-1947 two types of unemployment were made. These researches were developed the data set for the civilian labor force and for the Non-farm employees. (Historical unemployment in relation to today, A. Andrews)The employment rate declined by approximately 20% and the economic contraction and unemployment rose to 25 percent because of the decline in net worth. The result was more increase in adverse selection and moral hazard in the credit market. This was the worst ever experienced in the United States of America. 2. The FED This system was introduced to the public as economic stabilizer in 1913 to prevent further economic crisis although Federal Reserve System was totally passive during the Great Depression. In general, the Federal Reserve controls the interest rates and the money supply (inflation).The FED is controlled by its Board members and the majority of the twelve member Constitute the Federal Open Market Committee with five Reserve Bank The Fed not only supply the money to economy, it loans the money to them at interest. Besides, it regulates the value of the currency being issued. It should have acted as the last resort to lend as that its role. For the period of 1921-1929 the FED increased the money supply by 62% .The main reasons they did nothing was they never anticipated the negative of bank failure could have on money supply and economic activity. They thought a bank failure is as a consequence of poor bank management or bad banking practice. Small banks failures were the first to be affe cted in the bank panics in the early stages. And since the big city bank was the most influential they saw the failure of the small banks as complacency. Some suggested that political role might have played an important role in the passivity of the Federal Reserve System at that period. The New York Federal Reserve System was the most dominant force in the 1928, and it supported the Fed in open market purchase to lend money to the banks during the bank panics. This was opposed by other powerful member in the Federal Reserve System and the New York position was out voted. There were multiple causes and many theories about the origin of the Great Depression. According the monetarist theory the Crisis is the consequence of the lack of the FEDs policy making. The level of government influence on a bank varies from one country to another let say for example, in China the government regulation is very high probably the highest in the world and in United Kingdom the government regulation i s very low .It can be said that in the United Kingdom it high if we compare with the United State. So depending of which countries are comparing to another, government influence is usually different. 3. The economic decline (1930-32) Thanks to the Tariff Act the world market suffered a huge damage but, the act was not enough to recover the U.S. economy. People starting lose their jobs, homes and their confidence to the system and they take out their money from the banks and in the end they couldnt repay their loans. The continuous decline shows the effect in political elections in November 1930 when the representatives of the Republican Party lost their places in the Senate and their number and voting power reduced dramatically. In 1931 some new predictions appeared in the news which says that the depression would be over in the end of that year. During this year the deepening economic depression hit Europe and credit structures collapsed there. The media blamed United States for create this depression by cutting back on imports. Various conspiracy theories were voiced about the Soviet Union and some Biblical prophecy appeared too. In1932 a new presidential campaign started where Hoover and Roosevelt describe two different political aspects about the Depression. Hoovers economic aspect based on voluntarism and individualism, but the natural economic forces and the voluntary action by business groups couldnt work in the last 3 years. So his voters lost the trust in Hoover and he was easily beaten in the election (Burner David, Herbert Hoover: Alfred A. Knopf, New York, 1979). 4. The New Deal Roosevelt the new president was introduced a new program called the New Deal that contained social and economic reforms in 1933. He settled up new governmental agencies with the Glass-Steagall Act. â€Å"It gave tighter regulation of national banks to the Federal Reserve System; prohibited bank sales of securities; and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with a pool of money appropriated from banks. (New York Times, http://topics.nytimes.com /topics/reference/ timestopics/subjects/g/glass_steagall_act_1933/index.html )â€Å" The senate tried to restore the peoples trust in the U.S financial system with the Glass-Steagell Act .It made a clear separation between the investment and the commercial banks .To handle the banks poor asset management Franklin Roosevelt declared a â€Å"bank holiday â€Å"as a result of bank panic in March 1933.The† bank holiday† regulated that the banks had to be until the governmental inspecto r investigation. The inspector after a monitoring process judged about the banks reopening. Another program was started namely in that time: the Agricultural Adjustment Act which helped to increase the income of the farmers. The overproduction created corps surplus and the government pay the farms, in the frame of this program, to leave the fields fallow and not to raise pigs and lambs. (Ronald Edsforth: The New Deal: Americas Response to the Great Depression, 2000) The Act aimed to raise the value of the corps, but few months later, natural disasters destroyed almost all the corps and the machinery. To help the farmers and teach them how to measure and reduce erosion the government established the Soil Conservation Service. This program stopped in 1936 when a new agricultural act had been accepted. The new regulation provides a possibility to the farmers to get federal subsidies. Besides of this, NIRA (National Industrial Recovery Act) had been accepted by the government to generate more jobs, strengthen the right of collective bargaining. The unemployment increased since the Great Depression had started. Based on this reason, they provided jobs in government projects such as work camps. Approximately two million people participated in this program until 1934. The unskilled workers got hard work like digging and railway repairs but they earned only a little money. National Labor Relations Act introduced new fair labor practices in 1935.The New Deal program had helped the US economy but didnt bring the end of the Great Depression. The roots of the economic problem came from the financial insecurity and the distribution of money, because the people on relief lived from one day to another (Bernardit Bellushit, The Failure of the NRA (1975)). The investors were afraid of buying sto cks and lose their money. The companies couldnt sell their new products because the people spent their money to food. The inventories were full and nobody wanted to produce more and that stopped the cycle of the economy. 5. The Second New Deal President Roosevelt decided to set a group of new economic and social measures and provided some legislative initiatives. The public and political forces lead the president to make some radical steps. . In 1936 Roosevelt won the election but the Americans wanted the government to take greater responsibility for the welfare of the nation. The Second New Deal as legislative program established some government controlled agencies and projects. He allocated billions of dollars to start and give a financial budget for the Work Progress Administration (WPA).Roosevelt nominated the social worker Harry Hopkins to be the head of the WPA. In its early years it focused on the construction programs such as build schools and government buildings. Attempt to the population of the United States it found that the one of every six people was unemployed and most of them was unskilled (http://www.u-shistory .com /pages /h1599.html). Unskilled laborers the forgotten man of past generation works at decen t wages. The nation was building and repairing schools, public buildings, community centers and airports to meet the changing needs of the modern world. In one project twelve hundred men were employed to improve bowling field and construct building hangers and administration buildings. In addition to the hundreds of the unskilled laborers, many skilled workers were employed in this improvement project. Hundreds of homes have been treated from bondage of property. In New York City WPA housing demolisher project was started which improved the families living conditions. In many other cities of the country old firetraps are being demolished to make way to modern buildings. Swimming pools and parks were constructed to make more public value to the community and remove the children from the streets. In many parts of the country nursery schools were established to where almost 10 thousand children got hot meals, supervised train activities. In these projects employment has been provided 6 00 hundred teachers nurses dieticians and cooks. More than 300 thousand adults learned to read and write first time in their life and started to learn foreign languages from native teachers. In cooperation with the national youth administration 26500 young man and women were employed as instructors laboratory assistants and clerical helpers.( Historical unemployment in relation to today, A. Andrews) Clerical white -collar workers find employment at filling and checking important land records. As part of the program of rehabilitation of the conservation of human resources a number of household training school were established by WPA. In these school girls from relief families are prepared for domestic works. Health education is an important part of the WPA program in a number health centers in large cities teaches the proper care of the children and adults. In some cities sawing rooms were established to support the poor families with clothes. Another type of permanent construction was the community stadium as a representative a large group of project provides the public gatherings all over America. Hundreds of new bridges were constructed thousands of old bridges have been repaired and made safe. In Many cities the construction was undertaken with the cooperation of the public health agencies. The rapid growth of air traffic gives the opportunity to built modern airports and gives a job to thousand s to improve and repair the existing facilities. The increased air transportation also made necessary the development of hundreds of emergency landing fields. In cooperation with the local police departments in several cities automobile inspection stations were established to reduce the unsafe vehicles on the roads. Women who had the principle to support their families are paid for the work. And the product they made was distributed free to the families on relief (John Salmond, The New Deal: The National Level (1975). pp. 188-89). Many other type of employment was provided for women and other part-time jobs were provided in kitchen and in libraries and schools. As a result of some projects thousand of books and maps were translated. This program also contained training for adults t o learn tailoring. The financial support of the administration was enough to invest into more projects like Federal Writers Projects , Federal Theater Project, Federal Art Project, National youth Administration ,to generate more jobs for white-collar workers.â€Å"Because Harry Hopkins believed that the work provided by the WPA should match the skills of the unemployed, artists were employed to paint murals in public buildings, sculptors created park and battlefield monuments, and actors and musicians were paid to perform. These white-collar programs did not escape criticism and the term â€Å"boondoggling† was added to the English language to describe government projects of dubious merit.( Jim Crouch, The Works Progress Administration Eh. Encyclopedia(2004)). The WAP was a long program and finally was abandoned in 1943.Social security act created a new health insurance system based on employer and employee contributions, supported by taxes 6. The SWOT Analysis of the WPA SWOT Strengths: Weaknesses: Education to unskilled workers Started project didnt wanted Various types of jobs WPA as Financial â€Å"black hole† Provide part-time jobs Political influences Jobs for Artist and Black people and Women No ability to control the workers productivity Improve the health care system Opportunities : Threats: Starting more useful projects Instable economical environment Decreasing political aspects of the projects Living expenses increases, because import stop Strengthen the economy throughout projects Potential health problems, disease could stop projects Developing international export-import partnerships Other political parties critics-political intervention Support the banking act, provide more financial security The SWOT analysis is for compute the Strength, Weaknesses, Opportunities and Threats of a sector or a company (Mehta, S. (2000) Marketing Strategy). It is used for strategic planning to create a way to the desired goal or objective. In this case it was decided to apply this technique to set a real picture about the Second New Deal through WPA. The main aim of the current analysis is not generate alternative strategies, but to summarize the situation of WPA and the critiques in 1930s.Starting with the strength of the WPA it can be seen that the group of different types of jobs were provided to a high-scale target area. People could achieve different skills by the WPAs trainings and educations, and they got motivation to learn and use their knowledge in long-term. There were several weaknesses of the program from the beginning. As a governmental project the WPA needed a huge financial background to work and in some cases they only waste the money. The critiques described that some part of the program was only started to get more votes. The real leaders of the WPA had no ability to control the workers productivity and their effectiveness. To mention some real threats the instable economic environment remained the same. The diseases could spread faster among the workers and it may stop many constructing projects and it may indicate more financial problems in the health care system. One of the most important opportunities was to prevent more political fight and decrease the obvious political aspects of the projects. It would have been useful if they could solve the import problems. The following table above contains the main strength, weaknesses, opportunities and threats. 6.1. The external factor analysis EFAS (External Factor Analysis Summary) External Factors: Weight Ratings Weighted Score Opportunities: O1 Starting more projects 0,1 3 0,3 O2 Decreasing political aspects of the projects 0,2 4 0,8 O3 Strengthen the economy through projects 0,05 3 0,15 O4 Developing international export-import partnerships 0,1 2 0,2 O5 Support the banking act, provide more financial security 0,05 3 0,15 Threats: T1 Instable economical environment 0,2 4 0,8 T2 Living expenses increases, because import stop 0,1 3 0,3 T3 Potential health problems, disease could stop projects 0,05 2 0,1 T4 Other political parties critics-political intervention 0,15 3 0,45 Total Scores: 1 1,0-5,0 3,25 The SWOT table can be used to introduce three other type of analysis the EFAS, the IFAS and the SFAS. The External factor analysis and the internal factor analysis are calculated in a same way. The external factors (opportunities, threats) are used to show the economic background of the company or the sector. The elements of the SWOT table are the main factors of these tables. Every row contains weights and the rates and the multiplied result; the weighted score. The sum of every weight has to equal by 1, and the factors ratings should be between 1 and 5.The total score will be the sum of the weighted scores and it shows a real picture about the companys position. The company is in danger if the result is less 3,5 than. 6.2 The internal factor analysis IFAS(Internal Factor Analysis Summary ) Internal Factors: Weight Ratings Weighted Score Strenghts: Education to unskilled workers 0,15 3 0,45 Various types of jobs 0,15 4 0,6 Provide part-time jobs 0,1 3 0,3 Jobs for Artist and Black people and Women 0,2 2 0,4 Improve the health care system 0,1 3 0,3 Weaknesses: Started project didnt wanted 0,05 3 0,15 WPA as Financial â€Å"black hole† 0,05 2 0,1 Political influences 0,1 4 0,4 No ability to control the workers productivity 0,1 3 0,3 Total Scores: 1 1,0-5,0 3 If the result is more than 3,5, the company is in safe. The internal factors (Strengths, Weaknesses) are closely related to the object of the analysis. The internal strengths and weaknesses summarize the main topics the company has to deal with. The total score is 3 and this means that the company is not in safe and for a long -term basis the management has to handle the weaknesses to strengthen the company position in the market. SFAS(Strategic Factor Analysis Summary ) Factors: Weight Ratings Weighted Score Duration (in terms) S Strenghts: Short Medium Long S1 Education to unskilled workers 0,2 3 0,6 X S4 Jobs for Artist and Black people and Women 0,2 4 0,8 X W Weaknesses: W3 Political influences 0,15 4 0,6 X W4 No ability to control the workers productivity 0,1 2 0,2 X O Opportunities: O1 Starting more projects 0,05 5 0,25 X O2 Decreasing political aspects of the projects 0,05 1 0,05 X T Threats: T1 Instable economical environment 0,2 4 0,8 X T4 Other political parties critics-political intervention 0,05 3 0,15 X Total Scores: 1 1,0-5,0 3,45 6.3. The Strategic Factor Analysis Summary The Strategic Factor Analysis Summary (Business Policy and Strategy lecture SFAS power point presentation 2008.12.03) has an additional column, the duration that is separated into three different parts; long-term, medium-term, and short-term .The most important factors are listed here with weights and ratings to represent the main internal and external aspects of the WPA and to make a summary about the problems and possibilities. As a conclusion, based on the analysis listed below, the SFAS ‘s weighted score is 3,45.It means that the WPA could work in a long-term if the leadership could handle the problems. The WPA project stopped in 1944; therefore the main reasons did not connected to the internal factors, but only the externals. Some critiques had right the all the projects of WPA had only a political step to achieve more cotes in the elections. 7. The worlds reaction to the Great Depression (Theories) The world reacted in a several way to the Great depression and created a lot of theories how to solve the situation. The most famous reaction was the communism, fascism and the Keynesian theory. The fascism took place in Germany, Italy and it represented a highly centralized economy. The public construction programs provided jobs for unskilled labourers to built roads, work camps and military facilities. It increased the demography of the population, but the system was highly dictatorial. According to the statistics the unemployment rate decreased dramatically from 6 million to 0.2 million people.The Communism, as a highly bureaucratic and centralized system, was one of response to the Great Depression. It focused to fully employ the people in a strictly regulated obligatory way. The Keynesian theory: It states that the fully employment is needed, but only the intervention of the government can create this possibility. It can be long -term purpose of the existence of the government. The Keynesian theory changed the way of the thinking about the unemployment. The idea of the welfare state was another solution of the crisis. The education, the minimal guarantee of a job to every citizen is the basis of a welfare system. It guarantees the minimum wages and the minimum social and healthcare system. II. The Current Financial Crisis 1. The beginning of the Current Crisis The current financial crisis started in 2007, but it was not until the last quarter of 2008 .Firstly, this part of the thesis going to show how it all started, the causes and those who were affected by the crisis and how they are trying to deal with the crisis. Most of the people are pointing directly to real estate as the major cause of the current financial crisis even financial institutions that not directly involve with real estate are affected. It can be seen how the subprime mortgages and unscrupulous lenders has caused the unsustainable real estate bubble which began to collapse in 2006.There was increase in homeownership in the United State to about 5 million in little more than six years thanks to the increase in subprime lending. Within these six years constructions of new house sing units grew more but this housing bubble could not grow forever. In this period the price of house went so high and rent price went so low. When the price of housing began to decrease in the lat e 2006 to early 2007, many subprime borrowers had very hard time to make their payment. The housing bubble or the excesses of the subprime mortgage market became even more evident when subprime mortgage lender filed for bankruptcy. All the sectors like households, businesses (including financial institutions), and government are the main participants in the financial market and hit by the crisis. The secondly related financial groups are the surplus units provide funds and while the other group that enter the financial market to obtain fund are the deficit units. If market securities yield low returns why invest in it? Three factors can be seen to why it important to make investment in market securities these are, as we have said before the advantage to convert to cash rapidly so it can be substitute as cash. The second reason is that when a firm has excess cash let say for a month it can invest the excess cash in form of securities as not to hold too much cash in hand. The third reason is that when a firm know it going to pay a loan soon it gathers the money monthly to pay and this money could be invest in market securities before the loan is to be paid. As it have seen when the financial crisis started the public could see that the financial system is in a deep trouble some even call it recession because the stock market came crashing and lost almost 42% of it original price. Before the peak of the financial crisis the total world stock market worth $62.5 trillion and now it $36.6 trillion so it lost $25.9 trillion. Let compare the stock market of leading countries of one day and another day and see how it doing. STOCK MARKETS May 5 prev %chg SP 500 903.8 907.24 -0.38 Nasdaq Comp 1754.12 1763.56 -0.54 Dow Jones Ind 8410.65 8426.74 -0.19 FTSEurofirst 300 846.81 842.7 +0.49 DJ Euro Stoxx 50 2407.55 2419.53 -0.50 FTSE 100 4336.94 4243.22 +2.21 FTSE All-Share UK 2226.6 2174.64 +2.39 CAC 40 3225.0 3237.97 -0.40 Xetra Dax 4853.03 4902.45 -1.01 Nikkei (c) 8977.37 Hang Seng 16430.08 16381.05 +0.30 FTSE All World $ 153.46 153.19 +0.18 ( source New York Times May 5 2008) There was turmoil in the all over the international financial system due to the losses in the subprime mortgage in the mid-2007.This was wide spread global crisis even thus firm not associated with the mortgage firm. This made the financial institutions very nervous and the stock market got very weak. Between July 2007 and March 2008, there was a significantly drop in the price of shares in the large, small and investment bank. A