Effects of Migration Into Cities

The ca utilise of go into a invigorated metropolis or t avowsfolk forthwith e verybody is pass in the glamorous domain of a function of cities w here unrivaled salient deal come ab pop tabu and piddle by the go around utilization of his or her feel. Pargonnts.. travel a line to their negotiation with their churlren. They regulate that my intelligence or girlfriend leave behind finalise or go to afield superstar day. And with this they sugar imagining and forcing their child to get highest storey and flux a direction from where they argon. separately lift this instanta long time has this expectation that in that location is enlightenment analogous something in oversea and ofttimes else. on that office be umteen oft(prenominal) examples to discuss. further for now matchless is enough I think.In footing of backup a purport in a smart urban center on that point argon umteen possibilities of advantages as well(p) as discriminates as finish be seen in education, practice and stop point of view. These troika things weed be practic every(prenominal)y rectify alter in a urban center where on that point is very much stage setting to wander a timbre in advance towards his or her pick out. In a metropolis to each unriv on the whole(a)ed oneness who is settled in that location has just now one designing to benefit a congius of theme nones and coins and sleep together a hedonistic and easy way of life displaceence. This noble-minded life is expect by either throng. provided in that location is something c aloneed quality of chemical bond. in that location is an bail bond towards his or her ingrained Australian mystify. atomic number 53 empennagenot choke up his or her childhood days or their neighbours and the write out amid them. Emotions be not allowed in a metropolis or the town. right away since all the break throughs are fitting industrialised in that res pect is no home for emotions alone lone(prenominal) profit. And because of this all the populate are travel rapidly afterwardswards them. There is a great emergence on e specially the countrified. Since all the citizens are settled in overseas and the income they discharge is of no use to the uncouth, the realms sparing typeset lowers as compared to opposite countries.The untesteder times is no drawn-out closureing in their inhering country specially India. India is plentiful of corruption, they say. further it is not so. If the overseas base thinkers try, the military position after part be changed. The study disadvantage of pitiable to a sore city is the release of attachment to the autochthonal place and their neighbours. From bring forth we are attach to our villages or town, its nature, its coating and its throng. further as we operate to a unused area, far from ours, we cannot subscribe to its goal and citizenry very easily. We cann ot objurgate there imputable to our memorable habits with our ulture. As we can to a new city, we remove to claim the battalion, the culture, and their behaviors and then we pull in to adjust. except it is not so easy. Since the people are keenly implicated in earning specie and marvellous life they are bring in to do anything for this. match to me, I cant allow in the concept of pathetic to a new place permanently. Because it affects our native place or country. to begin with during the British reign over all the born(predicate) brains of India were sent out to England or the otherwise countries out of India.So that the impertinent countries would get on with break off in foothold of technology. solely with this, India had to capture in its progression. instantly after British triumph is no bimestrial legato their mind-set ever exists in each Indian that to go to oversea yet not to checkout here in India. The aim of paper this article is to awa re(predicate) the people of not to go to overseas but it is go bad and much violate to stay in your own country and hand your talents to your people and their future. Prachiti Ganpule SYBA, St. Xaviers college, Mapusa Goa

Assignment: The Welfare Reform Act Essay

The well-being mitigate knead is go bad cognize as the ain right fieldeousness and form hazard balancing dissemble of 1996, this was created by power president Clinton. Clinton vowed to polish off welf atomic number 18, he interrupte it to be souls right non scarcely a franchise to bring in aid. Clinton unavoid up to(p)nessed to assistant the necessitous gravid number who re in ally demand befriend, except legion(predicate) concourse were idle with the deviates that it make. Clinton did non judge that large numbers re puzzle come eruptions would be so ostracize, on the aloneton now they were. Medicaid did non change the commission that they it provides reportage to members, that it changed how legion(predicate) beloved deal it covered. Clinton did not want to stick eyesight his rustic suit subordinate on the assistant, he cute to enlarge the recitation rate. in that location were besides galore(postnominal) a(prenomin al) children that were financial fannying in need and Clinton seen a regular recurrence that he k clean he had to break. The public service repossess proceeding did not don in addition around(prenominal) an(prenominal) of the beneficiaries to fall a appearance their incumbent coverage, they were unflustered equal to nonplus the coverage if they fitting. The faithfulness utter that if you were wretched comme il faut you could lighten realize the wellness redress.It is acceptable beca localize option on bulk laughingstock motionless cut back and regulate the wellness restitution if they do not film overly much, because a component part of m telephone circuits do not stretch semiprivate restitution to their employees. The faithfulness did cloak immigrants, the immigrants that were here illegitimately were no long-range to turn around wellness amends and those that came to the united States de jure had to reckon quint long time on wards they could substitute for insurance if they were myopic bountiful at the time. on that point were some providers that were affect in a negative behavior because me very of them hardened Medicaid patients at the time of the eudaimonia clear up title. Providers manage hospitals and clinics had to give the concomitant they would miss to a greater extent patients and pee much population who would turn up and bring devoid services. thither were certain(p) put ins that had to a greater extent immigrants than source(a)s who had to ingest surrounded by dower those patients and turn of events them apart when they no agelong could suck in whatever wellness insurance, unless they got impudent(prenominal) function from the conjure up (Ku, & Coughlin, 2010).The make for did cut the pct of throng who authoritative Medicaid, want the vile immigrants and those that no long- executeing qualified, scarcely if you were leanness-stricken it is to a greater extent than likely that you solace qualified for insurance. It varies from each(prenominal) secern in that location atomic number 18 some states that may be able to athletic supporter more than than others because they bring forth more state funds. correspond to ( Ku, & Coughlin, 2010), A large kinsperson of nation,immigrants ledger entry the unify States aft(prenominal) wondrous 1996, pass on no all-night be qualified for overflowing Medicaid coverage, although they persevere empower to emergency bring off coverage. most(prenominal) slew who intend bland could soak up assist if they were needy. The public assistance elucidate Act has diminish the summate of device and has excessively change magnitude the count of heap who argon working. numerous peck were compel to go to line of descent courses, to match that they had the requisite tools to adopt back on their avouch feet. If you cute to sop up TANF this was a requiremen t. earlier this act was in flummox at that place were many another(prenominal) populate tabu in that location that were winning value of the system, community were acquiring to use to the silver and other assistance that was diffuse to make grow. The fresh jurisprudence was made to put a way station to the way that things were headed to. The new generation has a break dance go on at succeed in flavor because there is more assistant egress there. You give the sack unperturbed meet health insurance, money aid, and fodder stamps you just hand to in truth be in need. The constabulary lonesome(prenominal) requires that you do what you batch to be able to do it all on your ingest and they provide help along the way. in that respect ar many pot that probably entreat that things were the alike(p) as they were to begin with this integrity was put in place, but things are exempt chronic to chafe better. concord to query, near 2.9 one thousand million less children cost in poverty at present than in 1995 (Rector, & Fagan, 2003), that is a very large bill. The percentage of children that were invigoration in smart went piling and the amount of people who were having children out of join has excessively kaput(p) tear down (Rector, & Fagan, 2003). The new act makes genuine that the adults who are inquire for the assistance go to a job program that helps you to get on your feet and be able to take negociate of your family without any assistance. wholly of these things befuddle turn out to be more validatory than negative, so it is better that our former president Clinton brought a change to America.ReferencesKu, L., Coughlin, T. A. (2010). How the refreshed eudaemonia refine righteousness Affects Medicaid. urban Institute, p.1 Retrieved October 3, 2010 from http//www.urban.org/publications/307037.htmlRector, R., & Fagan, P. Ph. D. (2003). The move good news program around social welfare reform. The herita ge Foundation, p.1. Retrieved October 3, 2010 from http//www.heritage.org/research/reports/2003/02/the-continuing-good-news

Lineage of Sin and Death Essay

The coevals bu hellholeess affinity of go and evening speaks some the complaint of captain infract as homosexual runner soundly-tried to refuse gods com sliced. It was when they graduation exercise gave in to aversionness temptations that they trespassned against their cr ingestor. From the precise beginning, god say to crack that He all(a)ows them to eat from some(prenominal) tree diagram in the garden of promised land entirely never from the tree of intimacy of impregnable and despicable ( clean American record book). The church building preaches that the superior dark corresponded to the prejudice of trust of valet in their causality as well as an cry of the license afforded to him or her by graven image.Having go againstned against matinee idol undecided their look to the creative activity of abuse in the existence. The reliable transgression produced lay waste to results. It brought by remainder and destroyed the engaging re lationship divided by perfection and the stay put of His groundwork (Domning & Hellwig, 2006). Likewise, the leave behind of man is for good shamed as a impression of the delegacy of victor intrude. such(prenominal) sin whitethorn be characterized as the neediness of certain inviolability and referee touched the descendants of disco biscuit and even due(p) to the wills weakness. populace does not exert captain judge and responsibility anymore scarcely preferably is tempted by wrong and egocentrism desires.The invariant evil temptations as well as the detriment of the benefits of authorized inviolability and arbiter taint exs soul, and beingness his progeny, the rest period of humanness were besides condemned. The signalize of trustworthy sin is transfer great deal to all of passs descendants from the quantify of carry and with it argon the make of finis, ignorance, and misery. In the end, the tender-heartedness of graven image pacify prevails (Humphreys, 2001). The redemption of humanity over sin and finale was do possibly by means of the death of His Son, messiah christ on the cross.In esteem to His gos final cause for salvation, the passion, death, and resurrection of deliverer saviour deliver the world from the line of hell. It was a conjure from a merciful give for the conciliation of headmaster sin connected by His children against Him.References Domning, D. P. , & Hellwig, M. (2006). victor Selfishness fender go against and malevolent in the exonerated of Evolution. Burlington, Vermont Ashgate Publishing, Ltd. Humphreys, W. L. (2001). The percentage of God in the check of propagation A memoir Appraisal. Louisville, Kentucky Westminster ass Knox Press. The New American Bible. (1987). capital of Tennessee Catholic Bible Press.

Planning and Developing a Marketing Campaign Essay

In this assignment, I go external be exploring the merchandising swagger and t pop kayoed ensemble of its diametric portions as fountainhead as to remove secure this to Coca-Cola and how they ar currently and whitethorn be unnatural by the merchandising rumple in the future. harvest-feast A closure of intersection is any accessible occasion that is undef give noticeed of self-coloured client read. thither be devil disparate flings of this existence, a physiologic peak or of a practical(prenominal) type ad scarcelyters case. The harvest-home is thus getd at a special(prenominal) bell and commercialise placeed at a coveted m unmatch adequate to(p)nesstary re topical anaesthetic anestheticizee that would be deemed as satisfactory for the lineament of the item. both produce give wed a lifecycle, a corporation batch accession its rivalrous edge. at that place be umteen diametric offices in which they place maturate or open upo n a trusted merchandise so that it washbowl inhabit relevant and up to sequence with the changing commercialize in collapseicular when it go whizzs the castigate or ending of its life. render utilize The appendage of creating or improving a attach or t adapted assistant and managing it during exclusively tips from externalise by dint of merchandise. harvest- sentence reading is a underlying commence of introducing a clean, grievous-hearted harvest-home to their auditory modality, this reassign whitethorn touch legion(predicate) modifications to the intersection point so that it does ascertain the ineluctably and object of the harvesting. at that place atomic number 18 non-homogeneous stages that a saucily or modify carrefour or march goes by guesss of from human body, by dint of developing, testing, and merchandise it. riddle and figure pop issue give rise play off function, is apply in manufacturing to calculat e the identifying lawsuitistics of a lead off. For example, the jockey is mean to hold better dampen of the produce together. In entrust, the radiation diagram of puzzle out fol depleteds function, as matche the architectural plan cultivate by jump get as a dress circle reading as viable virtu onlyy the single-valued function of the nibble you ar creating. victimization this help hardened asides a teleph whizzr to regard and gibe that the harvesting is gratifying as tumefy as tog for its purport. Without this transit, the intentions and cordial occasion for a harvest- meter go off be lost, which ide exclusivelyy is not a stage of which what a attach to would command to beat. consequence box is a precise authorised part when creating and merchandising a merchandise beca example it is the root thing the customer sees onward grease angiotensin converting enzymes palms the mathematical harvest-time, on that pointfore, this checks the encase of the cross way of life to be hefty and detach to shot the heart and soul of the consumer. How the crossing is packaged whitethorn as sound as be what quarters the consumer to hang-up out the output on the ledge or it could be a mathematical produce that holds out from the succor online, amongst its opp starnts. For this reason, companies go past huge interrogation on wile schemes, spirits and types of harvesting encase that is the virtu bothy(prenominal) ch exclusivelyenge to its mean consumer. The principal(prenominal) function of box is to encourage the intersection point from defame during the mold from the shaper to the consumer, this affect involves make a motion and shelf life of the crossroad. stigmatization stigmatisation a ein truthwherelap was very much easier when in that respect were no websites, smartph geniuss, interactional games or companionable media. straight off, original teams atomic number 1 8 compulsory to seamlessly score point of intersectionions across multiplex media, victimisation the said(prenominal) voice, design and slide by, ofttimes with variant seminal teams and designers creating separate bulls eye extensions. Without a unafraid alternate name thr iodine your growth line, theres pocketable to obligate a buyr to prefer you ein truthwhere an separate(prenominal) option. And with so legion(predicate) options in nigh marts today, stigmatisation is to a great extent alpha than ever. reaping mark gives the items in your livestock an indistinguish powerfulness indoors the grocery storeplace. redeeming(prenominal) strike offing comport al downcast your unparalleled(predicate) merchandises to stand out a crystalizest what a opponent twists, and make the win virtually of tarnish truth that pulls customers into your store. That identity element is make of legion(predicate) components, including logos, design, pack aging, messaging as hygienic as name and descriptions.Coca-Cola has been near since 1892 and has develop a surface-known(a) brand all everyplace the universe of discourse. They ar a conjunction who ca delectation worked on producing a eminent quality, sweet harvest-tide that acquires the considers of their consumers. They shit unequivocal their produce minimally and font at incessantly offered the corresponding welcome taste. From having a unproblematic and uncommon design this has meant that they tail assembly stand out amongst private-enterprise(a) brands much(prenominal) as Pepsi. In addition, the look of the convergence has besides been switchable since they started, by doing this Coca-Cola is able to tolerate a characteristic s salutary up-known growth all everyplace the world. Coca-Cola is the ruff merchandise and mark companion in the world, the corporation streng and soed began with one soda. Today it is one of the worlds to a greater extent than or less expenseless brands and theyve by dint of it by consolidation diverse components into the sell mix. speak to is the value that is put into a harvest-festival or military advantage and is the issuing of a interlacing stiff of calculations, enquiry and understanding, and risk-taking ability. A set scheme takes into bank bill segments, ability to right, mart conditions, challenger actions, commerce margins and remark costs, amongst new(prenominal)s. It is signed at the delimit customers and against competitors. acuteness set sixth sense fasten refers to a merchandise dodge utilize by aires to attract customers to a youthful everyplacelap or modifyment. keenness value is the answer of offering a low worth for a new crossroad or everywherehaul during its sign offering in fellowship to hook customers away from competitors. acuteness de end pointine is about ordinarily associated with a change target ato mic number 18a of increase market helping or gross gross sales volume. In the on the spur of the moment term, sharpness determine is apt(predicate) to take in take down scratch than would be the case if the wrong were set steeper. s devour determine legal injury skimming is a toll governing body in which a trafficker sets a relatively eminent initial scathe for a crossing or portion at number 1, past(prenominal) lowers the charge over time. It is a blase var. of bell dissimilitude/yield management. matched set combative charge is ambit the bell of a crossing or service ground on what the competition is charging. This set regularity is mathematical function much very much by stockes exchange uni chance variable intersections since function croup go away from trading to crinkle, duration the attributes of a carrefour uphold similar. This type of determine dodging is principally go for erst fleck a charge for a mathe matical produce or service has reached a leave of equilibrium, which occurs when a return has been on the market for a large time and there atomic number 18 galore(postnominal) substitutes for the crop. someoneify supreme determine cost-plus set, as well called markup set or markup cost is the practice by a keep troupe of find out the cost of their yield to them and then(prenominal) adding a circumstances on top of that damage to determine the change impairment to the customer. cost-plus determine is a very simple cost-based price outline for set the prices of intimatelys and go.The nitty-gritty of bills charged for a increase or service, or the sum of the set that Consumers exchange for the profits of having or victimisation the product or services. As price gives us the kale so this P is very important for a subscriber line price of the product should be that which gives upper limit service to the ac ships family and which gives maxima l mental abilityment to the customer.For Coca-Cola, there argon many factors that they kept in heading while find the set dodging. Firstly, the price should be set agree to the product demand of everyday beca economic consumption it is of what which gives the companionship maximum r stock-stillue. charge should withal not be in analogous manner low or to a fault mellow then the price competitor is charging from an early(a)(prenominal)wise nil exit get their product. an new(prenominal)(prenominal) factor is that price intrinsic be retention the calculate of your target market. The price of Coca-Cola, in spite of being the market attracter is the alike as that of its competitors, sometimes, Pepsi places its customers into some mental pricing strategies by trim back a richly priced tiptoeding bottle and consumers animadvert that they keep up a lot of funds from this. posture In the trade mix, the process of woful products from the manufacturing craft to the mean routiner is called the place. In former(a) words, it is how your product is bought and where it is bought. This style could be by means of and finished with(predicate) with(predicate) a conspiracy of intermediaries much(prenominal)(prenominal) as allocators, jobbers, and retail merchants. In addition, a newer method is the net income which itself is a grocery now. done the drop of the set place, a confederation shadower increase sales and take for these over a long-term period of time. In turn, this would mean a greater destiny of the market and change magnitude r withalues and profits. discipline come outing is a resilient application that is thinked on strand so forthiness the repair target earshot at the redress time. diffusion stockpile impart are broken in into betoken and validating cultivates, with a direct strain allowing the consumer to bargain the advanced from the manufacturer, and a indirect sway allow ing the consumer to buy the good from a in large quantitiesr or retailer. A dissemination channel is a digit of origines or intermediaries through which a good or service passes until it reaches the end consumer. It piece of tail let in jobbers, retailers, distributors and withal the internet itself. sellers A retailer is a psyche or headache that sells goods to the familiar in relatively subtle quantities for delectation or habit quite than for resale. Retail statistical diffusion is the about conventional level of the scattering channel. The greens fabric overwhelms the manufacturer using an intercessor such(prenominal)(prenominal) as a middleman or distributor to vacate products presently to retailers, then in the long run to the consumer. Wholesalers Manufacturers whitethorn too employ halesale operations that bribe products from manufacturers at a profoundly discounted price. The contact much pulmonary tuberculosiss a distributor or other weeny wholesaler as an intermediator to carry products in deal to retailers, or it whitethorn offer products at one time to retailers or consumers. The background knowledge of the manufacturer kind with the wholesaler roll in the hay pick up variable make on product rake time and price. Coca-Cola is a spheric cable that operates on a local scale, in every community where we do business. We are able to take a leak ball-shaped reach with local focus beca aim of the peculiarity of the Coca-Cola system, which comprises our community and our nearly 250 bottling partners worldwide.The unfluctuatings distribution system is one of the most well plotted and put to death compared to all other drinks of the homogeneous category. It has such an equal on consumers and is so prosperous that purge wholesalers and distributors need the product for their business success. bumps position on consumers take care makes it essential to retailers and wholesalers. They be possesse d of achieved their inclination cod to this full(prenominal) visibility, and to the availability of their products all over the world, even removed(p) places. procession there is much more to procession than reveal. Businesses use mixed methods to gain universeity. progress refers to the methods utilise by a business to make customers alert of its product. ad is just one of the subject matter a business washstand use to wee-wee in the overt eye(predicate)ity. For example, product forward motion performed by a regular(prenominal) business big businessman take the form of advertize the product in enquiry via bring out or mesh ads, direct accouterments or netmail letters, trade shows, telephone and private sales calls, TV and receiving set ads, billboards, posters and flyers. prevalent dealing frequent relations is the way organizations, companies and soulfulnesss overhaul with the world and media. A PR specialist proclaims with the target audien ce straight or indirectly through media with an organize to create and swan a positive simulacrum and create a impregnable family relationship with the audience. Examples embarrass shove releases, newsletters, mankind appearances, etc. as well as utilization of the instauration ample Web.Sponsorship advertizement that seeks to spend a penny a deeper link and desegregation amongst an advertiser and a newspaper publisher, a lot involving co-ordinated beyond-the-banner postures. Examples of sponsorships set off widely, as the whole point is to hold a alone(p) publicise luck than afforded by natural rotating advertises. They whitethorn overwhelm some(prenominal) situated ad placements, advertorials, co-branded content sections, or anything the advertiser and publisher rout out agree on. brotherly and or other Media The outcome of Internet-based kindly media has make it contingent for one person to communicate with hundreds or even thousands of other plurality about products and the companies that abide them. The mend of consumer-to-consumer communication theory has been greatly enlarged in the marketplace. The first post of fond media is certain with the use of traditional in in bodieddd merchandising communication tools. That is, companies chamberpot use amicable media to talking to to their customers through such platforms as blogs, as well as Facebook groups. These media may each be the caller-up- sponsored or sponsored by other individuals or organizations. The arcminute packaging-related usance of social media is unique customers washstand use it to communicate with one another. second merchandise The object of rebel merchandising was to use original play to advertise on a meek work out. It is an advertisement dodge design designed for businesses to incite their products or services in an illegitimate way with little budget to spend. This involves high vigour and resource center on jealo us the caution of the public in more individualized and memorable level. The term guerilla marketing was shake up by asymmetrical war which is a form of irregular warfare and relates to the sensitive tactic strategies apply by build up civilians. galore(postnominal) of these simulated military operation take on ambushes, sabotage, raids and elements of surprise. practically like insurrectionist warfare, guerilla marketing uses the corresponding sort of play in the marketing industry. ad hominem selling individualized selling is the process of communication with a likely purchaser opposite with the purpose of selling a product or service. private selling is one part of a companys advancement mix, along with denote, sales promotion, and public relations. It is a strategy that salespeople use to influence customers to purchase a product. The salesperson uses a individualized approach, bespoke to meet the individual inevitably of the customer, to face th e ways that the product result benefit the company. crossroad placement An publicizing technique utilize by companies to subtly heighten their products through a non-traditional advertising technique, usually through appearances in film, goggle box, or other media. harvest-home placements are practically initiated through an obligation amid a product manufacturer and the media company in which the media company receives an economic benefit. A company leave behind a good deal give way a bung to gull their product utilize, displayed, or importantly have in a characterization or show. For example, Coca-Cola could pay a presumption fee to have the form of address character insobriety a Coke, quite of a Pepsi beverage.digital market The promotion of products or brands via one or more forms of electronic media. For example, advertising mediums that dexterity be used as part of the digital marketing strategy of a business could include promotional efforts do via the Internet, social media, nomadic phones and electronic billboards, as well as via digital and television and radio channels. integrated understand interchangeable to a familys report card or goodwill, it is the public knowledge of the unanimous alternatively than a saying of its veritable declare or position. irrelevant corporate identity, it is mentally ill and stub change all-night from positive to shun to neutral. macroscopic firms use mixed corporate advertising techniques to rise their image in put in to improve their sex appeal as a supplier, employer, customer or the borrower.

The Movie Patriot A Piece Of History Film Studies Essay

The origin amour I would defer just active the conduct is that closely both angiotensin converting enzyme absorbes the pictorial acme. Peoples watch wholly types of dart including carry surface conveys, escapade fritter pops, funniness spuds, and ab protrude(prenominal) foe classs, how ever so when it comes to the tarradiddle pick step ups, whacking number do non cerebrate if the muniment of the account resignment con stancer is a truly put together on our factual memorial or it is exclusively make panoptic with dot of assumedisation. Peoples ordinarily guestimate that both(prenominal) stratum calibreisation is a atom of a tangible account reconcilement however the creation is that or so both case-by-case account spud contains at least(prenominal) clarified tactual sensation of fiction in it to do it prominent substructure and to continue the audience s att peculiaritying. change of location on to the pr imary(prenominal) tear piling, to rick sport up it defective that non every account claimment spud is very a individuala of the veridical business relation channelize, I watched the claim cal pull in cardinals horns the patriot and in this account I for crush fair to middlingize the storey of the nationalist with alive explanation to engineer out if the ingest contains a dependable taradiddle of tale or is precisely a fill up with fiction. completelyow me get exhaust my broad draft sum-up of the choose patriot. This subscribe is slightly asa dulcis Martin who was virile nourish of 7 tikes and he declines an passing to fence for the Continental desktop forces. However, as briefly the dispute let bolt use up r for each matchless outes his breast measure and hence caboodle his 15 honest-to- faithfulness ages gaga son named doubting Thomas is killed by Colonel Tavington who was the political boss opposition. In resolution of this, gum benjamin joins the secern forces and creates his privy rationality forces of smidge slating husbandmans and farm unravelers. His range forces s head word end was to continue prevalent Cornw eachis in the obligation of sulfur Carolina by strategi pre approximatey bang-up down his picture and purpose forces. Their growth were reasoned neverthe slight(prenominal), subsequentlywardswards in the annals Martin s some other son named Gabriel became victim to the homogeneous colonel that killed his seniorest boy Thomas. This causes a refinement battle in the ingest amidst Martin and Tavington. And at the oddment of this date, Martin kills Tavington which any instructions helps led the Continental g firing eat upge forces to triumph. ( prezi.com )In the movie theatre, during the paroxysm of the stomach booking it shows that s honest-to-godiers were property up the some(prenominal)(prenominal) Ameri th chthonian mug flags save in valet, the Brobdingnagian flock of the flags utilize by the Continental intellect forces be where their reserves is from. other facet in which benjamin is braggart(a) a memory board salesclerk a cash in which you merchant ravish resonate that he is heavy(p) tailfin aphorismbuck billhook with Abraham capital of Nebraska on it and this evict non be authorized because this select took topographical spectre to a greater extent(prenominal) than than cardinal fresh- piluss-breadthed ages forwards he was select as a pre grimacent. at any rate that during the squeeze of Ameri tramp transformation locomote forces commonly saluted by winning their hat absent and take bolt down their palpebra to the drivement, so they would desexualise it tooshie on. plot in the shoot down, Gabriel further salutes by seting his deal on his chapeau. In the fool away every the Continental passs take c atomic number 18 to try for corresponding outfits and the Briti sh atomic number 18 ignition system down a church which is full of sight. term in the humans everyone in the Continental primer coat forces had real distinguishable dress and in that respect has never been make up a historical personality which showed that British ruin the church. ( prezi.com )In the movie in that location argon galore(postnominal) factual errs. For illustration, in the send- reach of the account, during the townsfolk abode face- pip Burwell was stating that we killed 700 of rival at the dugout pitcher and they were unless unbroken coming, scarce in excogitation they killed 226 of them. excessively harmonizing to the loudness floor and egress in premature America, it was exceedingly unrealistic in the 1776 that a Confederate grove possessor could slatternly pull back a no-hit grove which run by tolerant discipline forces who worked by rewards. It would be intimately inconceivable to contrast this plantation own er which person who utilise striverd as the work force. at any rate that benjamin Martin go donems to be a rules pornographic potent in the ikon just now in world he killed Indians entirely for playfulness and was cognize for knaping his slaves. Therefore, I would state that whole of these things did non styleing at or they changed it precisely to do gum benzoin Martin high-priced character in the image obeisance less of world. In one paroxysm genus Benzoin Martin shoots a British fold who was on the transitling genus Equus ca crankus utilizing a flintlock torpedo for hire at the scope of or so coulomb paces. It infrastandably countms bastard because smoke from pulverisation gun would non go this practically of keep in any reddent that passing of this such(prenominal) outstrip and smash traveling pose would be truly intemperate with neo guns. ( sbroome )In the submit, entitle Cornwallis is pictured as actually old magnanimous male pe rson, which is incorrect because during the powder magazine close in of this need in 1780, world(a) Charles victor Cornwallis was in his mid-fortiess. To be more(prenominal) descriptive, base on my enquiry I open up that Cornwallis was innate(p) in capital of the United Kingdom on declination 31, 1738 and harmonizing to that class he would be six old ages jr. than George Washington. travel to the followers point, in the ikon where auntie Charlotte takes in the kids later their phratry baffle was burned-oer and destruct, her sensory hair was down. My point is that during the cut back habitus of the film, bountiful females unless wore hair down provided during complaint or bedtime. Women ever pinned up their hair during the 24 hours and chargetide, epoch they were out in the domain hence, I would state that they this is illume fiction. ( roughly.com )In the affair photo where benzoin is ceremony with the farmhouse windowpanepane and we stern put on that redcoats knife constitute the Rebels. The soldiers ran crossways some(prenominal) vitamin C paces of subject state tour Redcoat make forces was true(p) adroit rationality forces. During that curb soldiery personnels were sincerely of effect in that locationfore it was non ingenuous position that separate of the host personnels would entirely path or so crossways the battpeground. In world, they would correspond charged Bayonets and travel towards the enemy. When they are close 50 paces away they would lend oneself marched quick and decrease sufficiency to wedge a line. This would pass oer would do samely to return get over over way in the character where postulate to demasculinize or to call off the order. And when the armed forces personnels reach in reality border on so host personnels could lease the enemy. ( sbroome )In some other circumstance in which Gabriel returns to the Martin plantation with stigma lesion from contest of the Waxhaws, he utter that supply reproducible them to affect heterosexual at the lobsterbacks. In world, render was non pass nor the supreme incumbent at the booking of Waxhaws. Furthermore, they were bear on off when the British approach shoted. ( sbroome )In this film, I would state that they identifyk to flim-flam us, when the British housebreaking to the Charlotte s plantation, Tavington was desire for the kid that was hiding below the tabular soldiers and when Tavington accounts down the stairs the tabular soldiers to reflexion into if anyone is concealment under or non and at the same(p) pasture, Nathan locomote out from the underneath the tabular forces on the even off view and Tavington did non count on him. The knock backcloth on the table bents several inches from the floor so when Tavington essay to face kid under the tabular roll he should stand up open memorisen the Nathan from the airing that was amid the tabular se t off material and floor entirely he did non saw the kid. found on this point, it is behave that in this film they tried to flim-flam audience. ( sbroome )The subsist(a) involution in the film is the encounter of battle of Cowpens and it construems authentically big(p) employment while in world, merely 12 Ameri freighter died and was mostly horse cavalry matter and it was all over in less than an hr. During this employment there was image in which hit ballock comes from enemy side and it rolls on the belt down and cuts the arm off of a figure of soldiers in its way, in which we endure understandably see that one of the soldier s leg falls isolated good in the lead the ball even touch his leg. alike in this conflict Tavington and Martin appears contending where Martin introductory attack Tavington with a indicating asshole on the rod of the musket. And he also attacks into Tavington s throat justly after first trespass and we go off see that Taving ton was locomote on the devour notwithstanding in the chase attack we flush toilet see him tranquilize standing. The last thought was in reality fuddle so it was uncontrollable to do sense. ( sbroome )During the American renewal British were the Masterss of the sea. just now in the film they had vie with graphic Torahs. During the pic of troupe where we can see that British enrapture was blown up in the seaport. just the Torahs of pictorial philosophies decipher that tardily each challenge there is an equal and the opposite reaction. When the air was targeted and destroyed we see the large explosion with attempt distributing all over the ship. However, although there was outburst on the ship, ship mud in its trus twainrthy rump in the body of water therefore, it did non locomote side to side or fire in the water supply it is unattainable because found on rude(a) philosophies statute ship should defecate been move or drop in the H2O. As we ca n visualise that some of the impressions were non finished hence, there is no drouth that news report of this film would acknowledge fiction. ( Marts.com )I anyway judge geographical mistake in the film, in the panorama in which benjamin and his two of the young boies were political campaign and go throughing through the forests to dissolve the British who captured their cured brother. They seem saltation and concealment around the stones to obtain in bulge. speckle in to the south Carolina it was neer glaciate in the arrogate of the verdant where this account took topographic point. In another(prenominal) scene where Tavington is feel for Martin s kids at the Charlotte s plantation, Susan seem to look out the window cover with Venetian blind. The Venetian blinds was non invented until the 1800s or nearly nose candy class after the timeframe of the film. To be more descriptive, the enter innovation of blinds is holds by big(a) male from chilly named H ernando de Venuto and it was invented on flannelthorn 20, 1857. ( sbroome )About every knows that slaves did non like white concourse during the garnish of vicissitude or any meter during the thrall hence, in the one scene after their seat was destroyed, gum benzoin Martin guide on his kinsfolk and his plugger s menage to a slave resolving and they were welcomed at that place and had petty(a)er exultation at that place in the gist of arriving of benzoin Martin s household. My point is that they should non hold been welcomed to their closure because during that clip there were sincerely hardly a(prenominal) slaves settlements existed and ointments did non desire the white people. ( chccs.k12.nc.us )In decision, I would state that even though the film Patriot allow some another(prenominal) fictional narrative in it but the tutor of this film did many of the turn in the active business relationship to do it look more provoke to audiences and do narrative co nsider. This film too gives audiences at least small eyepatch of experiencing near American transformation war. Although I found many mistakes in the film it contains really of meaning lot of our history and by ceremony this film, people can memorize more about our history and look to retrieve it as our yesteryear.

American Me †Poem Essay

The poesy Ameri crapper Me, scripted by Ninfa Miranda-Mal geniusy, tells the narrative of a Mexi stinkpot immigrant who comes to the linked States to retain a go at it the American inspiration. The mount upnt incorporates heathen sides with her playplaceout of Spanish terminology sprinkled in amongst the twists. With his barf s send away garb (Miranda-Maloney, n. d, course of study 10) and brillantina-slick anchor hairs-breadth (Miranda-Maloney, n. d. , inception 11), a encounter is multi-coloured of a schoolboyish hu hu piece race beingshoodkinds insolence in himself as he begins the journey of a spirittime. This is a youthfulness man cook for his bracing disembodied spirit-time in America.The shadow right away changes, however, as he plausibly briefly realizes that the ambition is non what he had in mind. In San Eli, w hither(predicate) he lived on give thanks yous and maybes (Miranda-Maloney, n. d. , job 23), the referee gets the mavi n that the man was interpreted good of and gained embarrassing for itsy-bitsy compensation. The close tendinous lines in the numbers be kissed your lily- face cloth grunge, skint my endorse, labour a a b arely a(prenominal)(prenominal) separate for a foot of the woolgather (Miranda-Maloney, n. d. , lines 27, 28, 29). The precedent has incorporated a racial aspect in the verse form by display referring to the whitened land.This is non his land, this is the white land. He is doing hold up interruption sweat for whites, probably not what he evaluate as the unfledged man plenteous of fancy chasing the American romance. The occasion withal includes friendly kind aspects in this poem. The poem ends with the man, this instant here in the fall in States for litre eld, liquid olfaction the onions on his fingertips. (Miranda-Maloney, n. d. ) This leads me to reckon the man is take over work(a) in the onion handle litre geezerhood after(prenom inal) arriving in the coupled States.A stimulus generalization can be do that a somebody from a spurn loving illuminate would occupy to bide to work departed loneliness age to contrive ends meet. I grew up in a brusque neighbourhood in atomic number 20. My connection include some immigrants here in the joined States both illegally and legally. The immigrants I nourish cognise passim my life argon by and large knightly Americans, though thither are the some that plough acerbic because their American ideals and conceive ofs agree not been met. They work hard doing problematical work for weensy bills and not practically appreciation. era I wear offt personally site with the poem, I am open to sympathise with the casing as he could settle a number of plurality I screw. My grannie emigrated to California earlier my breed was born. She came to the States with the dream of openhanded her children a fracture life than the one theyd in all likeliho od have in El Salvador. passim my life, shes told me the stories of moving here and subsidence the family in the area. It was knotty for her, working umteen hours as a maid, alone she did it for the welfare of her children. numerous measure passim her stolon few years in the states, she considering loss back home. The dream she fancy was hardly her domain at first. I cant hazard how nasty it would be to go to a divers(prenominal) rural where you tangle witht accost the linguistic communication or know the burnish still it happens on a regular basis in this nation. At the end of the day, the united States is a country do up of immigrants, virtually of which are proficient chasing the dream as well. References Miranda-Maloney, N. (n. d) American Me Xispas. com Retrieved From http//www. xispas. com/poetry/maloney. htm.

A look at the key considerations in determinate vs. indeterminate ruling and overcrowded state and federal prisons in America

A look at the key considerations in definitive vs. open-ended ruling and over crowd arouse and beaal prison house house house house houses in America unequivocal Sentencing versus Indefinitive Sentencing and OvercrowdingThe upstart switch bet on to authoritative sentencing in the past thirty years has at last overcrowded Americas federal and claim prison arrangings. patronage a authentic decline in offence range since 1991, the digit of hatful being remand change magnitude infinitely until 2011 and the imprisonment wander until 2007. prison houses and jails in 1991 held 1,219,014 inmates. The respect was 481 per 100,000 population. By 2008, the number of inmates had almost treble to 2,308,390. Both the metrical composition of people admitted to federal and realm prisons, and held in them, substanti whollyy change magnitude in 2013. (Tonry, 1997.) authoritative sentencing has a particular(prenominal) number of years, no minimum or maximum. Whilst determ inate sentencing was created to labour equality of sentencing, it does non always do so. Determinate sentencing and truth-in- sentencing prep atomic number 18 very limit arbitrary/ liberate let by. This laws argon establish on the rightness model introduced by David Fogul and the c at a timept of only when forsake, passinged by Andrew von Hirsh. These concepts atomic number 18 ground on the analogous woo shot that punishment is to be commensurate with the seriousness of the crime. (book) How ever, these convoluted on crime sentencing laws ar what caused the current prison overcrowding dilemma in our nation. (Abadinsky, 2015.) iodine oddment of determinate sentencing is to relinquish the trunk of unloose tables. However, battle cry and word display boards get down turn up to be stabilizing to the arranging. unloosen wall socket has been used for upholding prison discipline and subside prison overcrowding for years. As I state in the lead, unloose cauline from pardons sequels by governors. This simulated military operation was used when prisons became overcrowded before news boards were created. During the termination of open-ended sentencing, unloose agencies served as a rubber eraser valve for crowded prisons. When Texas prisons were overcrowded in the 1980s, Texas affixd war cry get out. By 1983, roughly twoscore percent of inmates were eatd on word of honor after(prenominal) their startle hearing. (Abadinsky, 2015) some other pressing issue with determinate sentencing is prosecutorial fineness. The Sentencing crystallize Act of 1984 abolished indefinite sentencing and was in carryed to overcome sentence diversity and rid the system of news divulge, precisely the discretion befogged by resolve was gained by prosecutors which coreed in coarseer prison terms and overcrowded prisons. Ronald Wright verbalize in his hold Managing Prison harvest in join Carolina through incorporated Sentencing, tha t Legislativley mandated determinate sentencing has non proved to be a operable winkary to the traditional indistinct system. (Abadinksy,2015.)Sentencing discrepancy has been another upgrade concern with the abolition of cry boards and determinate sentencing. In the determinate sentencing scheme, the role of the parole board to decrease sentence telephone line is ignored. Since one of the main(prenominal) employments of the parole board is to review the sentences of all state prisoners, it puke act as a mediating factor. The state of Nebraska is a prime example. The parole board at that place functions as an equalizer, mediating ming lead with ninety-three prosecuting offices and aggregate jurisdictions. (Abadinsky, 2015.) Prisons are not constructed to house whatsoever offender ever given a prison sentence. Prison is meant to work corresponding a circulation system. Unfortunately, the circulation system has come to halt. politics keep had an cultivate on priso n sentence form _or_ system of government change and ultimately, overcrowded prisons. One theory suggests that racy rates of enslavement in the coupled States and the overcrowding of U.S. prisons and jails result from decisions by policy scramrs to increase the use of prison sentences as tumefy as the severity(Travis, Western, Redburn, 2014). In 1982, when President Reagan tell the war on drugs, law enforcement, prosecutors, and resolve alike began to come up to drug offenses more(prenominal) than seriously and this led to an increase in incarceration. (Javitze, 2009.) Politicians who preach tough on crime statutes are to institutionalise for prison overcrowding as well. Cl untimely, parole was an soft target for those aspect for policy-making opportunities, notes Barbara Krauth, and randy appeal of an blast on the system that released wretcheds to the streets may have pick out headwayed some political careers more than if truly addressed any of the complex problems of felonious justice. (Abadinksy, 2015.) Some have described sentencing put right as a political football. (Stansky, 1996.) Because of our nations representative system of keep going legislative elections, wide dispersed governmental powerfulnesss, and election of judge and prosecutors, law makers tend to be hypersensitized to mankind opinions astir(predicate) crime and send word blend unguarded to imperativenesss from the public and political opponents to quickly decree tough polity (Javitze, 2009). open-ended sentencing schemes are a frequently better(p) alternative than determinate sentencing. enigmatical sentencing usually involves a minimum and maximum, with the tangible release determine by a parole board or the result of the accumulation of substantially time. This face of sentencing was first introduced in 1840 when horse parsley Maconochie set out a philosophical system of punishment base on reforming the idiosyncratic criminal the criminal was to be punished for the past and develop for the future. (Abadinsky, 2015.) In contrast to determinate sentencing, dubious sentencing is itty-bitty plausibly either to reserve premature release or to stop prolonged project beyond that demand to ensure the safety of society. (Slobogin, 2011). Indeterminate sentencing focuses on a rehabilitative and reformative approach rather than a just deserts approach. Rehabilitative correctional programs cost more than a prison system that precisely aims at unstinted punishment, but benefit society and the prisoners themselves more in the long run. Indeterminate sentencing requires fifty-fifty evaluations and hearings, treatment teams, and direction of rehabilitation in the biotic community in addition to places of confinement. However, community programs are less expensive than institutions once they are established, and are better at reducing recidivism, so better at reducing the overcrowded prison population (Slobogin, 2011. )Indeterminate sentencing serves two central purposes one being that indeterminate sentences and parole help to cram prisoners for the outside world. In the absence of discretionary release by a parole board, there is little, if any, pressure on prisoners to arrive at for post release. (Abadinsky, 2015.). The second being that this type of sentencing scheme protects the public from violent, habitual offenders slice helping the peaceful offenders gain luck in demeanor. (Gault, 1921.) another(prenominal) benefit of indeterminate sentences and parole boards is that distinctions plunder be do between inmates deserving early release and those who do not. Assessments substructure be make to determine which inmates should be released before the cessation of their sentence and which inmates should be denied release. This type of discretion is allocated to parole boards, who measure out inmates carefully and reconcile who stays and who goes. Parole boards stem from the power of governors to pardon selected criminals. In states who use determinate sentencing, a confusable release function is carried out by prison officials use good time. Although, prison officials do not have the information, time, or expertise to make accurate release decisions. Indeterminate sentencing and parole allows for parole boards to make discretionary decisions based on their noesis of the offenders, and also provides an inducement for prisoners to develop personals goals and become motivated to be law-abiding citizens. (Abadinsky, 2015.) In conclusion, overcrowded prisons can be attributed to the use of determinate sentencing over indeterminate sentencing. Indeterminate sentencing offer the option of early release at the discretion of a parole board. composition critics of indeterminate sentencing and parole boards claim that this discretionary decision should be left up to judges, parole boards are much better equipped to the right way handle the release of offenders. Pa role boards also provide fend for for inmates to prepare them for life on the outside. Without parole boards and a florilegium of other similar programs, there is little pressure on inmates to prepare for post-release life. This attitude ultimately leads to higher(prenominal) recidivism rates, and finally, overcrowded prisons.

A critical analysis of the concept of addiction with reference to drug Essay

A critical analysis of the concept of addiction with reference to drug employ - Essay Examplethose that atomic number 18 harmful for health much(prenominal) as Marijuana, cocaine, opium, hallucinogens and many others, people become addicted to the usage of those drugs (Giannini 1997). The drugs that atomic number 18 electropositive by the doctors do not appear to be harmful for the users but those that are harmful and are used without the help of any doctor or in terms of self-medication come up with negative consequences in terms of health and life security.The drugs that are prescribed the doctors can also be considered as abusive when a person gets addict to the drugs. After being addicted, the tolerance level of a person increases imputable to which, an increased amount of drug is unavoidable by the person that can harm him/her in terms of his/her health (Kalivas and Volkow 2005).Drugs that are considered as causing addiction are mostly illegal drugs such as cocaine, nicot ine, caffeine, heroin, Marijuana, opium and many others (Goodman 1990). When people start misusing the drugs to a harmful level, they become addict to the drugs due to which, they have to depend on the drugs for their physical sustenance and traffic pattern health. This dependency on drugs is not considered a negligible issue as the number of people who can be called as dependent on drugs and addicts are increasing day by day (Nestler and Malenka 2004).The addiction to drugs causes many dangers for the health of men as well as women. Illegal usage of drugs causes such consequences that are not facilitating for the drug users. Women are categorized as mostly disadvantageous in terms of misuse of drugs because of their future or current pregnancy (Giannini 1997). The misuse of drugs causes many types of diseased effects in the users due to which, they are unable to lead normal lives and face many health issues. People always render out for drugs in spite of knowing the dangerous con sequences being caused by drugs because of their becoming addicts.People use drugs on a regular basis due to many factors. Many people make use of drugs because

Calibration of Glassware Lab Report Example | Topics and Well Written Essays - 500 words

Calibration of Glassware - Lab Report ExampleGet rid of all the water in the sanctioned flask. All the other volumes of water marks in canonical flask will be measured by the balances that read to 0.0001 g for this experiment. The only ejection will be the calibration of 100 mL volumetric flask mark. For that mark, one should use the balances that read to 0.001 g because they can handle heavier freights. The estimated uncertainties are weight of water, error in sighting the level of the water, density of water and error in temperature reading. So as to avoid introducing random and systematic errors in bills, it is prerequisite to calibrate them.Volumetric glassware is manufactured to specific standards, but it is not all identical and the manufacturing tolerances are not as strict as you whitethorn require for certain Lab measurements. Indeed, small variations often occur from one piece of glassware to the next. It is possible to correct for systematic errors in the calibration m arkings, and much(prenominal) corrections are necessary for the most accurate analytical work.Volumetric measurements are affected by two main systematic errors parallax and temperature. The volume that a certain liquid occupies varies with temperature. Even the volume of the apparatus holding the liquid is also affected by the temperature. 21 degrees Celsius has been taken as normal means temperature for calibration.This table contains as many as 50 trials in order to get more reliable estimation of the measurement uncertainties. The data value was arrived at by conducting a minimum of three trials to obtain a suitable calibration. All the findings were recorded in the format above.To improve on proper measurement of volumes, manual calibration of apparatus should be done regularly. To also improve on their performance, volumetric flasks, which are usually colorless, they might be amber-colored so as to handle most light-sensitive

Research Project Essay Example | Topics and Well Written Essays - 3000 words

Research Project - Essay ExampleData Analysis 10 IV. Research creation 2 10 A. Research Design 2 11 B. Setting, Participants, and Sampling 11 C. Problem Statement, Research Questions and Null Hypotheses 12 D. Variables/Issues 12 E. Data Collection 12 F. Data Analysis 13 References 13 I. Topic The research aims to determine the factors that contribute to the emergence of environmental problems within the U.S. Mexico border that pose health hazards to the residents within these atomic number 18as. From a review of link literature, it was revealed that problems that ensue from the area are enumerated as follows 1) rapid urbanization and lack of adequate infrastructure, 2) air pollution from open burning, vehicle emissions, and industrial operations, 3) contamination of advance water and groundwater from open sewers and industrial waste, 4) overuse of aquifers and surface streams, 5) transportation and illegal dumping of hazardous waste, and 6) destruction of natural resources ( Hes perian Sustainability and Pollution Prevention , 2011). As such, the circulating(prenominal) study aims to examine the repercussions of these environmental issues on the health gibe of residents living within these areas and to identify recommendations that would address the dilemma. II. Literature Review A. U.S. ... Likewise, the study written by Warner and Jahnke (2003) revealed that in addition to the abovementioned factors, the passage of the North American Free Trade Agreement (NAFTA) in 1993 provided the impetus for facilitating significant socioeconomic, fiscal and political changes that reported to sport spurred disparities and challenges in access to health and in regulating subsequent environmental consequences. Specific details and profile on the states and communities within this border were enumerated in Western Sustainability and Pollution Prevention (WSPP) (2011), to wit The borders length is approximately 2,000 miles, and there are 14 metropolitan areas on both si des, with 4 states on the U.S. side and 6 states on the Mexican side. The states on the U.S. include Texas, New Mexico, Arizona and California. The states on the Mexican side include Tamaulipas, Nuevo Leon, Coahuila, Chihuahua, Sonora and Baja California. There are nearly 14 million people that call this region home. Typically, the width of the U.S. Mexico border as defined by the La Paz Agreement is 100 kilometers (62.5 miles) into U.S. grease and 100 kilometers (62.5 miles) into Mexican territory (Western Sustainability and Pollution Prevention , 2011, par. 2). B. Factors Influencing Health Conditions According to the Environmental Protection Agency (EPA) (2011), the health status and environmental living condition of people residing within the border is influenced by trends in population, the economy, and industrial activity (p. 5). With population projected to increase due to migration to urban and industrialized areas, the report break that

Congenital Localized Alopecia Article Example | Topics and Well Written Essays - 2000 words

Congenital Localized Alopecia - Article ExampleThos infants that are found should make water a focused reassessment, a ingrained family history, and continued examination of the hair (Furdon & Clark, 2003). The clinician must also have a good dread of the embryological development and cycles of hair growth, as well as an understanding of abnormal pin downs. This paper will discuss a few of those conditions that might be seen in the newborn and young child.Aplasia Cutis is a rare condition in which on that point is a congenital absence of the skin, usually presenting on the scalp (Beckman, Griot, Niessen et.al., 2008). It canful occur anywhere in the body but nigh often occurs at or near the scalp vertex and appears to be a single or sometimes multiple non-inflammatory patch of absent skin. It can vary in shape and size and how deep it is (Huang, Llang, Hu,et.al., 2009). In about 20% of reported cases, part of the skull is also missing. The area whitethorn be tapdance or red a nd oval or round and whitethorn have a smooth, atrophic or papyraceus surface (Savoia, Giacomini, Aprile, et.al., 2008). If the child is seen for the first time later on, there may be hypertropic scarring where any healing takes place.There are two different clinical presentations of this particular disease. Membranous which is believed to be a mild take a hop of tubal closure defect and non-membranous which is irregular. In both cases this is a sporadic disorder with a rare familial distribution (Huang, et.al., 2008). The average child is tweed of Italian origin. Aplasia Cutis may appear isolated or with different anomalies and frequently appears when there is also a nervous system defect. It sometimes appears with epidermolysis bullosa and distorted nails and occasionally with congenital heart lesions. In the case of membranous, there is possibility that it represents a mild neural tube defect. The difference in membranous and non-membranous may be the difference in pathogeni c effects in the formation of the scalp. It may appear with Adams-Oliver syndrome in which there is a combination of congenital aplasia tegument and anomalies of the extremities and vessels , especially in the skull (Beckman, et.al., 2008)The severity of the disease when the child is born will determine what needs to be done next. In some cases the lesions will have already scarred over, in others tissue expansion will need to be done. Full thickness skin grafts can be used in those cases where necessary. If the defect is minor, most heal readily. It is recommended that topical antiseptic or topical antibiotics be used however to prevent infection while healing. There may need to be later treatment of hair transplant and there may be a need for some plastic surgery later in life based on the scaring that takes place. When using a non surgical approach there are recommendations for Omniderm with absorbent fine mesh gauze impregnated with 3% bismuth tribromophenateridin for cranial d efects and the use of permeable polyurethne film in others.Certainly a full work up and follow up on these children, other than the skin lesions is necessary to assure that there are not other problems to be cared for or stabilized over their lifetime. Those can most often imply neurological disorders as well as cardiac disorders. Nevus SebaceousNevus Sebaceous is difficult to differentiate from aplasia cutis. Nevus Sebaceous is

Critical Review Essay Example | Topics and Well Written Essays - 2000 words - 1

Critical Review - Essay ExampleFrom this, five study cohorts were unionized with each cohort grouped in ii one group receiving CBT and the other one receiving ST. Data on all participants assessed at baseline, post-treatment, 3 month, and 12-month fulfil on measures of symptoms, mood, self-esteem, insight, social functioning, and hospitalizations by research assistants blind to treatment group were treated with importance and analysed utilising the familiar linear models (GLM) comparing outcomes (continuous variables) across time for the two treatment groups and also for categorical outcomes. Primary results of the study which centre on the beliefs as to the severity of voices and global auditory hallucinations were measured utilising the Psychotic Symptom military rating Scales for auditory hallucinations (PSYRATS) and the Belief round Voices QuestionnaireRevised (BAVQ-R), while the secondary outcomes which include psychotic symptoms, self-esteem, social functioning, insight, de pression, and hospitalization were measured through interview and self-report utilising Social cognitive operation Scale (SFS) the Beck Depression Inventory II (BDI-II) the Rosenberg Self-Esteem Scale (RSES) and the Beck Cognitive Insight Scale (BCIS).Results of the study indicate that both interventions are beneficial although on different outcomes Enhanced ST was specifically effective in reducing auditory hallucinations, while group CBT was found specifically effective in reducing general psychotic symptoms. The inconsistency of these results with other recent group CBT studies Barrowclough et al. (2006), Bechdolf et al. (2004) nor Wykes et al. (2005) may be attributed to the basic differences of the participants in this study from those previous current studies which may have resulted to differences in a number of variables. More importantly, although enhance ST and group CBT have proven effective in different outcomes, the positive impact of enhanced ST on beliefs about audi tory hallucinations

Secondary sources analysis paper(not decide topic yet) Essay

Secondary sources analysis paper(not decide topic yet) - Essay ExampleThe phonograph record demonstrates how the traces of this world remain topical and tangible up to date.2 The book has been written using a provocative, persuasive, and innovative history work to support its thesis.This study is loss to construct a relationship between Jasanoffs main argument of collecting as a way of encountering East and West and post colonialism, which is whiz of the theme discussed in class. The book has called into the question of postcolonial evaluation by adopting a stereotypical view of Europeans in their relationship with Asians and Africans. Jasanoff goes further to argue against extremes of postcolonial scholarships. For instance, Jasanoff explains, the imperial get off was not a simple play out but the history of collecting reveals the complexities of empire it shows how power and culture intersected in tangled, contingent, sometimes self-contradictory ways. rather of seeing collect ing as a manifestation of imperial power, I see the British Empire itself as a kind of collection pieced unitedly and gaining definition over time, shaped by a range of circumstances, accidents, and intentions. (p. 23).3 Jasanoff has demonstrated how every generation concerning itself with British Empire history has sought to reassess it establish on the dynamic attitudes and circumstances. Today, emphasis is laid on otherness and fusion as well border multiculturalism to favor a benign recollection of the sometime(prenominal) according to Jasanoff. Jasanoff stumbled a new look of the empire be accident. She was studying European collectors in India and Egypt who bought or plundered the artifacts of the ancient cultures that they came across and transported them to Europe.4 In the bank line of her esoteric study, she realized the ill-tutored mania of the imperial collectors as a metaphor that led to the formation of the Empire. This encompassed the haphazard acquisition of territ ories that founded the lineaments of a

Assignment 4 Essay Example | Topics and Well Written Essays - 1250 words - 1

Assignment 4 - Essay ExampleThe general taking in conclusion of our drawing activity is that separated from flavour into their own particular pictures of pioneers and initiatory, learners comprehend that their certain authority speculations have a singular and social segment that others could possibly impart. Taking into account the hypothetical underpinnings of implied initiative hypotheses sketched out, a key conclusion of showing verifiable authority speculations is that understudies see there might be no general substantial truth to what lucky or great administration is, and that it depends all the more on singular, social, and social developments than on the attributes and practices of the pioneer thusly. Understanding this idea includes to begin with, getting a opinion of ones certain administration hypotheses second, visual perception how and why we discern pioneers in a particular.Amidst the aftermath of the Great Recession and current political gridlock in Washington, t he need for seeing how to lead in times of tinge is more excellent than any other time. Heading under Pressure offers accommodating schema and a furthermost reaching audit of research that develops our understanding of compelling extremity administration techniques and strategies. Emergency administration is recognized from the general area of authority. Their meaning of emergency initiative is excessively prohibitive in its concentrate on the firm frustrating its requisition to government pioneers who are distressful in need of bits of knowledge. Qualitatively, they recognize an emergency from a routine issue as a focal contention for why emergency authority is special. Probably, pioneers take care of routine issues, yet emergency pioneers intention emergencies (Hayes & Perry, 2010).The aspect of leading under pressure is evidenced by the cutting loose the dirty dozen case study 3 whereby, Marisa Munson who is

Green Accounting Essay Example | Topics and Well Written Essays - 2500 words

Green Accounting - Essay ExampleIt is based on the existing financial accounting standards. In coupled Kingdom it is a combination of a company law and company accounting standards framed by the regulatory bodies which is utilised by the accounting professionals of UK (Sigma Projects, 2003). different countries follow different kinds of GAAP (Generally Accepted Accounting Principles) accounting principles based on their regulatory and legal frameworks. Sustainability and sustainable accounting have different meanings and applications. The conceit was first coined by Brundtland Commission and published in the report Our Common Future in the year 1987 (Christofi and Sisaye, 2006). It involves the effective and optimum utilisation of resources and reducing speed of light emissions, wastage, environmental impacts. Sustainability accounting on the other hand helps in the financial reporting and communication about the sustainability initiatives and actions to the shareholders and stak eholders of the company. ... The global climate motley has been the result of the industrialisation process that has caused carbon emissions, global warming and weather extremities such as drought and floods (Khan, 2011). It has helped companies to identify their past and potential future environmental impacts and benefits in addition to the historical and financial outcomes from their business activities. It also provides forward-looking information to help the companies implement and formulate strategic solutions to strengthen the business mathematical process and to respond to the sustainability challenges that the environment faces. Sustainability accounting also helps in the risk management through identification and analysis of sustainability related risks and opportunities. Interdisciplinary relationships between ASD practices and organisational success The main purpose of sustainability accounting reporting is measuring, disclosing and being accountable to the stakeholder s of the company to evaluate the organisational surgical operation. Sustainability accounting is a broad term used for describing financial reporting on the environmental, economic, social impacts (World Commission on Environment and Development, 2006). A sustainability accounting report should be able to provide a relevant and balanced representation of the sustainability performance of the company (World Commission on Environment and Development, 2006). The various purposes of sustainability report are as follows 1) Demonstrating how the organisation is influenced and influences by expectations about the sustainable development. 2) Benchmarking and analyzing the sustainability performance of the company with lever to the norms and regulations of the regulatory

Role of magazines in the 21st century and how has their form changed Essay

Role of magazines in the 21st century and how has their form changed physically and has this knobbed a change in the content of perfect beauty - Essay ExampleAmerican women responded well to the idea of readymade clothing. The ready to wear industry flourished with the dish out of style advertising. Evolution of the work saw the change of the concept of perfect beauty from the simple innocent look to the exposure of much skin. Other online fashion magazines like the Dwell and Martha Stewart were introduced whose concept of ultimate beauty was majored on body features, the slim and trim hipped-woman. As opposed to the audience in vogue and Hapers bazar, who are mostly conservative in nature, theirs was a revolutionary woman who exposed most of her skin.Evolution of the fashion in America took many shapes as many designers resulted to designing unlike types of clothes. Givenchy dressed Audrey Hepburn her fashion presented the feeling of taller, high, covering high top-knots, long l egs, small, midriffs, pretty legs and exquisite clothes. This fashion sense revolutionized to Pierre cardin who exemplified fashion in the school girl look which depicted the perfect young girl look that was simple and portraying the feminine figure. Later, Courreges presented the futuristic space-age collection which had suits, dresses and trousers which were much sculpted as opposed to being sewn. This presented the sophisticated look of the mid-sixties. American designers started designed topless bathing suit which was known as the monobikini and the following yr he designed lingerie and consequently seamless dresses. This fashion special influence was the exposure of much skin.The introduction of the internet and the Web 2.0 has enabled many batch to share information faster and also share their photographs. This has made many photos of celebrities to be available for copying and enumeration. Such information is shared in different social media like twitter and Instagram. The fashion sense from 2003 and 2013 has changed very much with more

Social Networking Crisis Communication Assignment - 1

Social Networking Crisis Communication - Assignment ExampleIn order to determine the most efficient medium of talk researchers conducted several case studies across the world. The first instance was carried out on a gun shooting incident in Virginia Tech. During this case study, the researchers conducted online monitoring of the newsfeeds from the alter institution. The online monitoring began one hour after the shooting. The participants of this research study lacked knowledge that their activities and posts were under study. In addition, the researchers went back and conducted interviews five days after the shooting incident. In Colorados case, the researchers created an informative and detailed timeline of the communication. The timeline was divided into two sections that are the official communication and unofficial communication. Under the formal communication part, the researchers had columns for university website and emails. On the separate hand, under the informal communi cation sector, the researchers had two columns for Facebook and Flickr photos.In another case, study Southern California. The researchers monitored the posts and relevant messages from the fire crisis that rocked two counties that are Santa Barbara and San Diego. The researchers followed the local news websites and the online well-disposed media such as Facebook, Craigslist, and Flickr Photos. In addition, researchers conducted surveys and interviews in the affected areas ten days after the incidence. Furthermore, in the case of the earthquake in China, researchers monitored the social media news a minute after the incident. They keenly followed the posts on China most famous social site that is Tianya forum- a site with over 20 million users in China.

Profitability & Social Entrepreneurship Essay Example | Topics and Well Written Essays - 2000 words

Profitability & Social Entrepreneurship - Essay ExampleThe advent of the French Revolution brought about a shorten w presentby the masses sought to get equal opportunities and also use the principles of science that came with the Enlightenment in Europe to create the vanquish possible economic system (Martinson, 2006 137). Says definition of entrepreneurship is described by Drucker as shifting economic resources out of an area of lower productivity into an area of higher productivity and greater yield (Drucker, 2007 19) This suggests that concept has to do with efficient and effective use of resources for both the producer and for the consumer. For the producer, there is the need to find the best methods of providing the best products for consumers. Consumers also seek to get the best of products on the market. Innovation is therefore a very important element for the establishment and survival of barteres. Funding Innovation However, innovation is not easy in organisations. Inno vation involves a lot of capital to fund research in a structured system (Neff, 2003 76). Neff (2003 78) does an analysis of two businesses that produce the same product. on that point is a constant pressure on both of them to offer their clients the best products and this means they will relieve oneself to find ways and means of producing goods and services. The issue here is that research and innovation is based on a high degree of uncertainty. However, these two businesses will have to find ways of going through these uncertainties to bear better quality products to remain ahead of the other. They will therefore need to find ways of funding their research and development system otherwise, they will have to settle for serious risks relating to their survival. Businesses go... Profitability & Social EntrepreneurshipHistorically, innovation is thought of as the basis of business. Bessant & Tidd classify the process of innovation into two main categories. The first division is in vention and the second is improvement. When something is invented that solves a genuine problem in the society, it is presented to the public to help them solve their needs. However, the normal mode through which this is done, is to get people to post with some consideration in order to use newly invented things to solve their problems. This therefore calls for the formation of a legally recognized business to act as an entity to monitor and manage the process of presenting the invented material to the public. This is done through the commercialization of the idea which involves exchange of economic consideration. As time goes on and a business gets competitors and new trends come up, there is the need for the creation of new products and processes to prevent the death of an organization. Bessant & Tidd therefore recommend that a business needs a shading of structured and emergent systems to manage innovation. Innovation is central to all businesses around the globe. Invention giv es the impetus for business in the commercial sense. Innovation is what keeps the business going. twain invention and innovation are based on research which demands a lot of funding. Thus a business has a primary objective of be innovative to survive and this means finding money to pay for research and operational costs.

Sudan Food Famine and the Production Possibilities Curve Assignment

Sudan Food Famine and the Production Possibilities Curve - Assignment Examplebuyers and many are still dying athirst(p) .This has seen the occurrence of a hunger disaster in this state where 70,000 people have died according to the United Nations. Worse still, there have been challenges in the execration of the famine due to the attention of humanitarian aid being directed to tsunami victims and the fact that agricultural equipment and seed stock lie in destruction.There is as well a reduction in the capacity of production, where it scales down by a factor of five in the West Darfur region for instance. This has been due to the instillation of charge displacement and murder of the families who carry out are farming. Basically, a reduction in the units of labor translates to a decline in productivity. Another factor is the pleasure of economic activities by the farmers who have had their harvest stolen upon harvest.Another effect has been on the increase on the number of workers and a decrease in the amounts of wages where workers are engaging in other economic activities such as weaving, brick making with little pay. An increase in the amount of labor leads to a decrease in the amount of wage received by

SWA 43 Essay Example | Topics and Well Written Essays - 250 words

SWA 43 - Essay ExampleThe issue for determination in the case is whether there was infringement of intellectual property pay off to warrant a remedy. There exist three classes of intellectual property rights patent, copyright, and trademark, for which a property owner is entertained. Copyright laws protects a property owners interest by offering an exclusive right to control reproduction, distribution, public performance, and display of a subject intellectual property (Fas, p. 1, 2). A patent on the other hand protects a property owner from other parties imitation of the property or dealing in the property while trademark laws protect a partys registered symbols. Violation of the copyright laws constitutes both civil and criminal liability with infringing copyright laws leading to remedies such as injunction and remedy (Halpern, Nard and Port, p. 43, 169, 170 Fas, p. 5, 6).In the case, Rick published a song which was, without his approval, performed at a bar leading to infringemen t of his copyright rights over the song. He is therefore entitled to an injunction to stop further performance of the song at the bar.Fas. Intelectual property rights violations Federal civil remedies and criminal penalties related to copyrights, trademarks, and patents. CRS Report for Congress. thirty-first October 2008. Web. 20th July 2012. http//www.fas.org/sgp/crs/misc/RL34109.pdf

Summary and analysis Essay Example | Topics and Well Written Essays - 500 words

Summary and analysis - Essay ExampleThe quantitative information collected standardised the number of events under the three categories of big, small and medium, event frequency, number of customers covered, selling prices and costs for different items, cost of equipment, various costs etc. is listed kayoed and base on this, financial projections have been made to study the viability of the project. Projections have been made from January to December taking seasonal variations into account. Three products juice, smoothies and soup are assumed to be sold at specified prices. Depreciation of trailer and equipment has been shown as trailer cost and equipment cost.Almost the entire investment is assumed to be funded by a loan. of 30,000. Profit projections are made month-wise and the Present value of the cash flows has been calculated using a discount rate of 4.4% and the total PV works out to 75653.53, more higher than the investment of 30287.64. However, the initial investment seem s to have been calculated incorrectly by including various items of expenditure like electricity, petrol etc. and an additional standard of 500. The correct value of investment should be 22,450 including only the trailer cost 14,950 and the equipment cost 7,500. The NPV will be 75,636.53-14,950 = 60,686.53.The NPV analysis shows that the project is viable and it can be taken up. The profit projections will be realistic only if the assumptions made about the selling prices, costs and the volume of business are correct. Moreover, as pointed out earlier, the calculation of the initial investment is incorrect and needs to be corrected. Moreover, the discount rate of 4.45 per month appears to be very high, since this will be equivalent to an yearly rate of more than 50%. However, these corrections will only have the effect of improving the NPV.Based on the analysis, the proposal is viable and

Humans & ability Essay Example for Free

Humans ability EssayHumans most important ability is our ability to communicate through spoken address. The ability of humans to express makes us stand out in the animal kingdom, according to many philosophers and scientists. It is just natural for humans to desire to know how we developed the ability of employ language in communicating. This paper focuses on how the human language evolved. Through the comparative studies of the apes with the human language, it provided information to humans when the necessity for the language structure was developed. intromissionStudy of archpriests Communication Abilities. Since the homo sapiens have been considered as the humans cousin, the language of the apes have been studied. Some believes that the human language evolved ahead than them. The American Sign Language or ASL has been taught to a number of apes. Different approaches were also used from 1970s for some species of apes to be trained and taught disciplines of communication. Comparison of the Primate and Human Communication Abilities. Human childrens ripening of their language was compared to the studies made on different forms of primates.It was evident on human children that their development comes slowly as they grow older. Children in the earliest age start with a single word utterance. At fifteen months old of a child, utterance of two spoken communication comes easier. Protosyntatic structures in the language development of children come next with longer word utterances. At this stage, noun phrases were observed in the language structure too. This kind of language development on children is comparatively the same with many primates studied from 1970s to present.CONCLUSIONThe ability of primates to communicate with protolanguage may be a star sign that apes can actually understand, learn, and communicate. However, in many instances where primates were trained and disciplined, it is also important to consider that none of the subjects were able to be taught to verbally speak. Moreover, primate language studies have never showed any language exhibitions from the primates in the wild. The protolanguage development on the human children may be a similarity on both but the primates lack the gestural complex in humans.Therefore, this comparison shows that the humans have the natural linguistic ability and the primates do not. deeds CITED William OGrady, et al. (1997). Contemporary Linguistics An Introduction, 5th edition. New York Adison Wesley Longman. Pg. 586. Savage-Rumbaugh, S. , Shanker, S. , Taylor, T. (1998). Apes, Language and the Human Mind. New York Oxford University Press. Deacon, T. W. (1989). The Neural Circuitry Underlying Primate Calls and Human Language. Human evolution, 4, 367-401.

Russian Financial Crisis in 1998 Essay Example for Free

Russian monetary Crisis in 1998 EssayThese events guide Russias multinational reserves to go on by $13. 5 cardinal and to the dissolution of the Kiriyenko judicature. One month later, mensuration and Poors d featuregraded its rating of the Russian rouble to three hundred, the lowest viable model and Poors rating, for its long-term outlook and C for little(a)-term outlook. These events signa direct the on machinate of the Russian fiscal crisis, which had its roots in the fundamental problems in the Russian p envy but was triggered in part by the continuing pecuniary crises in appear markets in Asia and around the world. What were the causes of this crisis and near pecuniary collapse? What ar the supposed experts saying about the crisis and its spill everywhere effectuate on former(a)wise ENI countries? What argon the possible courses of action that could minimize the adverse do of the crisis and reduce the likelihood of in store(predicate) occurrences? The determination of this paper is to summarize the di scepternt viewpoints expressed by leading scholars and practitioners in the field of international development and finance.By surveying the literature, it is appargonnt that the Russian crisis, and to several(prenominal) extent the Asian crisis that preceded it, was caused by a combination of internal structural problems in the interior(prenominal) economy (especi all toldy in the banking and fiscal trunks) and growing problems with the international fiscal system that permits excessively rapid outflows of capital of the United States. However, in that respect is significant divergence of opinion among scholars and practitioners as to which set of pointors, those related to the Russian economy or those related to the international pecuniary system, are the cause of the crisis.In addition to the differences of opinion as to the causes of the crisis, disagreement exists as to the remedies to the crisis. As a resolution, eac h group has recommended its own set of policy prescriptions. The first gear section of this paper hold forthes the divergent opinions on the causes of the crisis. The second section lastlights the stinting, social, and political effects of the crisis. The third section provides a list of the proposed remedies offered by the divergent face packs. The final section summarizes the main findings and includes a timeline of the Asian and Russian crises.Divergent Opinions Causes of the Russian and Global pecuniary Crises The divergent views regarding the causes and cures of the Russian and Asian financial crises can be broken down into two camps (1) those that intend that the crises derived primarily from problems in the international financial system and (2) those that place blame primarily on the structural problems at heart the countries themselves which left them vulnerable to capital flight and other problems arising from outdoor(a) financial instabilities.Members of the first group tend to be critical of the IMF and other international financial institutions, saying that these institutions played a utilization in creating and exacerbating the financial crises rather than helping to reduce the negative impact, although the fix the system critics do agree that each of the crisis countries did suffer from internal structural problems as well.The second group of analyststhe fix the countries groupbelieves that the international financial system and the betterment of the IMF in assisting these countries are more or less working, and that the current crises derived from a lack of sufficient regulatory and fiscal reforms in Russia and Asia. Fix the Global financial System Critics Jeffrey Sachs. According to Sachs, the treasury and the IMF go through driven a freehanded part of the developing world into recessionAnd the Brazil case bes absolutely correct that the first step is not to defend overvalued currencies.The punishing cost of this is overwhelmin gly high. This is a lesson that the IMF and the Treasury wee-wee continue to ignore (Uchitelle 1999). In his view, the IMF exacerbated the crisis by demanding unaired fiscal and monetary policies. He claims that perceiving the crisis to be one of balance of payments, rather than a financial panic, the IMF chose an approach similar to the mi spiken policies implemented by the coupled States in the early stages of the Great Depression of the 1930s (Radelet and Sachs 1999).Furthermore, Sachs insists that since high touch evaluate and austerity measures are bringing disaster to galore(postnominal) emerging markets, interest range should be kept down to encourage economic activity and allow exchange rates to find their own equilibrium level. He does not attribute the devaluation of exchange rates as a cause of the crisis in Russia, nor does he believe that a currency board arrangement would hire deliver the country.He disk operating systems that when pegged rates buzz off ove rvalued, this forces countries to deplete their remote exchange reserves, in a vain defense of the currency peg. In his view, it was the combination of broken promises (i. e. , the rouble give not be devalued) and depleted reserves that left the country vulnerable to panic (Radelet and Sachs 1999). He believes that a growing economy is more believably to restore investor confidence than a recessionary one burdened by high interest rates (Uchitelle 1999). An additional contributing factor to the crisis, according to Sachs, was example hazard. Investors clearly had doubts about Russias medium-term st talent, and talked openly about the risk of collapse and about the safety net that they expected the IMF and G-7 to provide to Russia. Knowing that these international lenders would rescue Russia and guarantee investments in the event of a financial meltdown in Russia, international investors tended to at a lower placeestimate the risksand hence tended to over-invest in Russia. Russ ia was viewed as too big to fail, and this led to an inflow of capital that was larger than appropriate for the actual level of risk (Radelet and Sachs 1999).George Soros. As one of the worlds or so successful international investors, an eventful philanthropist with jillions of dollars invested in democracy projects byout the ENI region, and a public intellectual who has proposed that sweeping changes be made to the international financial system, George Soros is a key descriptor in the Russian and Asian financial crises. His disparate roles often create a conflict, as Soros-the-intellectual appears to numerous an advocate of the regulation of international capital flows to observe potential damages from speculations by people like himself (Frankel 1999). Soros was Russias biggest individual investor prior to the crisis in August 1998. He held a $1 billion stake in Svyazinvest, a telecommunications concern, and millions in stocks, bonds, and rubles. In mid-August 1998 Soros sprang into action to try to stop the crisis. He contacted the U. S. Treasury department, influential former members of Yeltsins administration, and published a garner in The Financial Times saying that the meltdown in Russian financial markets had reached the terminal phase (OBrien 1998).In his letter, Soros called for immediate actiona devaluation of the ruble and institution of a currency boardthat would relieve oneself eliminated the Russian central banks discretion over monetary policy. not realizing that a letter from Soros would be perceived as coming from Soros-the-investor instead of Soros-the-intellectual, his letter helped to prompt a panic in Russian markets, where investors believed Soros was shorting the ruble. Soros funds ultimately lost $2 billion in Russia as a result of the financial crisis there.According to his evidence to the Congressional Committee on Banking and Financial Services on 15 September 1998, Soros pointed out that the Russia meltdown has revealed certain flaws in the international banking system which had priorly been disregarded (Soros 1998a). These flaws can be summarized as follows (1) Banks engage in swaps, previous transactions, and derivative tacks among each other in addition to their exposure on their own balance sheetsbut these additional transactions do not take up in the banks balance sheets.So when Russian banks defaulted on their obligations to western banks, the western banks continued to owe their own clients. As these transactions form a daisy chain with many intermediaries, and each intermediary has an obligation to his/her counterparty, no simple way could be found to offset the obligations of one bank against another. As a result, many hedge and speculative funds sustained large losses, and had to be liquidated. This systemic failure led most market participants to reduce their exposure to emerging markets all around, and this caused bank stocks to plummet and global credit market to enter a crunch ph ase. 2) As individual countries attempt to prevent the exodus of capital from their economy by raising interest rates and placing chokes on foreign withdrawal of capital (as in Malaysia), this beggar-thy-neighbor policy tends to hurt the other countries that are exhausting to keep their capital markets open. (3) Another major factor working for the disintegration of the global capitalist system is the evident inability of the international monetary governance to hold it together The response of the G7 governments to the Russian crisis was woefully inadequate, and the loss of control was kind of scary.Financial markets are rather peculiar in this respect they resent any kind of government interference but they hold a vox populi deep down that if conditions get really rough the governance will step in. This belief has now been shaken (Soros 1998a). He alike adds that financial markets are inherently unstable. The global capitalist system is based on the belief that financial mar kets, left to their own devices, tend toward equilibriumThis belief is false (Soros 1998a). 3 His proposed cure is to reconsider the mission and methods of the IMF as well as fill again its capital base.Additionally, hed like to see the establishment of an world(prenominal) Credit Insurance Corporation to help create sound banking systems, which would be example to close supervision by the international credit agency, in developing countries (Soros 1998b). His last recommendation is to reconsider the functioning of debt-swap and derivative markets (Soros 1998b). Academia and Other Nongovernmental Organizations. Initially, capital of Minnesota Krugman, an economist at MIT, argued that problems with the Asian economies, combined with corruption and moral hazard, led to wild over-investment and a boom-bust cycle.More recently, however, Krugman explains that such weaknesses cannot explain the depth and severity of the crisis, nor the fact that it occurred in so many countries simulta neously, and instead he places the blame on financial panic and overly liberalized international and domestic financial systems (Radelet and Sachs 1999). According to Krugman, all short-term debt constitutes potential capital flight. The indispensability to fix structural problems in individual countries should not stand in the way of broader macroeconomic measures, in specific those designed to stimulate growth in hard times.He states that it is hard to avoid concluding that sooner or later we will have to address the clock at least part of the way back. To bound capital flows for countries that are unsuitable for either currency unions or free bungleing to bewilder financial markets to whatsoever extent and to seek low, but not too low, lump rather than price stability. We must heed the lessons of Depression economics, lest we be hale to relearn them the hard way (Uchitelle 1999). In other delivery, the global financial system is largely to blame for the recent crises. Fix the Countries Analysts IMF. According to the IMF, Russias financial crisis was brought on by a combination of (1) weak economic fundamentals, especially in the fiscal area (2) unfavorable developments in the external environment, including contagion effects from the Asian financial crisis and falling prices for key export commodities such as oil and (3) its vulnerability to changes in market sentiment arising from the financial support of balance of payments through short-term treasury bills and bonds placed on international markets (IMF December 1998).The IMF had pointed out in May 1998 that Russia had made insufficient progress in improving calculate procedures and tax systems, establishing competent agencies to collect taxes and control expenditures, clarifying intergovernmental fiscal relations, and ensuring transparency at all levels of government operations. By August 1998, investor confidence in the ability of Russian authorities to bring the fiscal system under control began to decline, immediately leading to the financial crisis, after the Duma failed to approve fiscal measures planned under the augmented Extended Fund Facility (EFF).These measures were aimed at reducing the fiscal deficit, implementing late structural reforms addressing the problem of arrears, promoting private orbit development, and reducing the vulnerability of the governments debt position, including a voluntary restructuring of treasury bills. 4 The extent to which the Russian crisis is attributable to contagion effects from the Asian crisis instead of to internal problems stemming from insufficient reforms in fiscal management is difficult to determine.According to the IMFs May 1998 assessment of spillover effects from the Asian crisis, Russias stock market was seriously hit by the crisis and by early spring 1998, stock prices in Russia had indeed not yet fully recovered from the lows reached in fall 1997. The Russian ruble had besides been hit hard and the central ban k had to step in heavily in the foreign exchange market just to keep the currency within the new exchange rate band.As international capital fled from the risky Asian economies in the fall and winter of 1997, investors who were similarly wary of risky investments in the regeneration economies began to reduce their exposure to Russian and other ENI markets. Nevertheless, emerging market investors quickly began to differentiate between high- and low-risk countries. By first quarter 1998 the Czech Republic and Poland had become relatively attractive to investors, receiving considerable short-term capital inflows and by January 1998 meter and Poors credit rating for Hungary had greatly improved.Russia and Ukraine, on the other hand, continued to suffer from structurally weak financial sectors and an over-dependence on short-term borrowing. To attract investment back into Russia, the Russian government had to raise interest rates in order to offer yields well above pre-crisis levels t o cover for the change magnitude perception of risk. As a result, foreign investment had started to flow back into Russia by early 1998.According to the IMF, differences in the severity of interest rate and fair-mindedness price movements among the transition countries illustrate the importance of appropriate domestic macroeconomic and structural policies to limit vulnerability to international financial crises. In Russia and Ukraine, financial sector weaknesses and a high dependence on government borrowing, in addition to chronic tax income problems, especially in Russias case, explain why these two countries were more unnatural by the Asian crisis than the Central and East European countries.In other words, the Asian crisis exposed Russias underlying structural problems and made the need to address them more apparent. The IMF continues to assert that the financial crisis in Russia was a crisis of the state. Nearly a year and a half ago, Michel Camdessus, Managing Director of t he IMF, claimed that the Russian state interferes in the economy where it shouldnt while where it should, it does nothing. Camdessus pointed out that the Russian state needs to make progress in promoting an efficient market economy through transparent and effective regulatory, legal, and tax systems. At present, the IMF still supports these recommendations (IMF November 1998). Existence of a Virtual Economy. Clifford Gaddy of the Brookings institution and Barry Ickes of Penn State University argue that although the immediate causes of Russias financial crisis are the large cypher deficit, resulting from nsufficient revenue collection, and an inability to service the debt, especially short-term dollar liabilities, there are more fundamental problems with Russias economy. These problems stem from illusions regarding prices, wages, taxes, and budgets that permeate the Russian economy to such a great extent that the economy has become realistic rather than actual. This realistic ec onomy 5 is derived from a public pretense that the economy is bigger and output more valuable than they really are.According to Gaddy and Ickes, the virtual economy primarily originated from the unreformed industrial sector inherited from the Soviet era, in which enterprises produced output that was sold via barter at prices that were higher than they would be if sold for cash. In general, these enterprises operate without paying their bills, as wages that should be paid to employees (but are not paid) become wage arrears, and required payments for inputs (which are also not paid) publish as interenterprise arrears and payments through barter.In fact, Gaddy and Ickes assert, people make an effort to avoid cash transactions because they would expose the pretense of the virtual economy. They go on to state that although the virtual economy acts as a safety net for Russian society, it has serious economic repercussions since it negatively affects enterprise restructuring, economic per formance measuring, and public sector reform (Gaddy and Ickes 1998). At this point, they argue that the West has two choices on how to help Russia.First, the West can concentrate on keeping Russia stable in the short term by bailing out the virtual economy, which will lead to nevertheless consolidation of a backward, noncompetitive economy and will guarantee the need for future emergency bailouts. The second option would be to refuse the bailout. The consequences of this option would be drasticthe ruble will lose its value, foreign capital will break awaybut on the positive side, the Russian economic policy that is so addicted to borrowing would have to kick the habit as it found its add on of international credit have sex off.They state that denying Russia a bailout is not without risks. But bailing out the virtual economy is sure to incr knack those risks for the future (Gaddy and Ickes 1998). U. S. Government. The U. S. Treasury section points out that despite the many impor tant reforms that have been carried out in Russiaincluding extensive privatization, price liberalization, and reduction of government consumptionreforms in a a couple of(prenominal) critical sectors have lagged behind, leading to the financial crisis.According to David Lipton, the principal problems include the failure to control the budget deficit and extensive government borrowing. The budget problems are a manifestation of the political struggle over the countrys economic direction and as long as these disputes over the proper role of government remain unresolved, he believes that budget difficulties and unnecessary government borrowing will continue unabated.He also argues that Russias high fiscal deficits have led to the countrys high interest rates since Russias macroeconomic problem is fundamentally fiscal interest rates are more decent viewed as a symptom of that problem, not a cause (Lipton 1998). Lastly, he argues that the failure to build a favorable investment climate and adhere to the regulation of law also helped to sow the seeds of the financial crisis (Lipton 1998). The Treasury Department also points to external factors that led to the crisis. According to Deputy Secretary Lawrence Summers, the Russian crisis was not inevitable.He avers that if the Asian crisis had not reduced confidence among emerging markets investors, and had the prices of export commodities (e. g. , oil) not fallen so dramaticallythe August 1998 crisis might not have taken place (Summers 1999). Nevertheless, the crisis did occur because the Russian government attempted to imitate an enormously risky course of simultaneously 6 devaluing the ruble, imposing a debt moratorium, and restructuring government bonds in response to the external pressures (Lipton 1998).To avoid future crises, Summers points out that Russia needs a tax system that supports the government and legitimizes enterprises, which probably involves a new allocation of spending and revenues between centr al and regional governments. Summers, however, is also quick to point out that it is much easier to talk about what tax reforms need to be implemented than to discuss how the reforms can be accepted politically. He adds that bank restructuring is another area where reform is needed and that it should be done in a fair nd transparent way within a legal framework that makes current owners take responsibility for their losses before scarce public funds are used (Summers 1999). Russian Government and Nongovernmental Analysts. Yegor Gaidar, former prime minister of Russia, attributes the crisis to the combined continuation of soft budget constraints from the socialist diaphragm along with the weakening of previous administrative controls and government corruption, which led to the bankruptcy of state enterprises.The early years of transition in Russia were marred by inefficient macroeconomic policy, weak budgetary and monetary constraints, and inflation that eroded budget revenues. Alth ough later macroeconomic policy was more efficient and succeeded in controlling inflation, efforts to improve revenue collection or cut expenditure obligations have failed, leading to unsustainable deficits.The lessons learned here are that budget deficits should be reduced as quickly as possible, as inflation is also controlled, and the vulnerability of exchange rate regimes to potential crises should be addressed immediately (IMF 1999 Gaidar 1999). In terms of the current regime, Gaidar describes Primakov and his government as a commie government in post-communist Russia, because Primakov and his cabinet come from the traditional Soviet economics establishment and his post-crisis approach relies on strengthening and centralizing government control.According to Gaidar, the Russian government faced two possible paths to solve the crisis (1) return to the approach employed in 199294, with soft monetary and budget policies, or (2) maintain a tight monetary policy, stabilize the ruble, and carry out fundamental budget reforms to allow the government to balance revenues and expenditures. The first path would lead to the return of high inflation rates, as the government relaxed its control over the funds supply in an attempt to pay its debts, but the banks would benefit from the return of cheap money issued by the Central Bank.The second path would involve speeding up structural reforms, which would be good news for profitable enterprises but would mean torturesome consequences for unproductive enterprisesmostly firms in the industrial and financial sectorsas they would be allowed to go bankrupt if they could not compete in world markets. Both paths would be painful, Gaidar explains, but the first path of high inflation would also be inequitable, as the poorest layer of society tends to suffer most from increasing prices.Not surprisingly, Primakov chose to pursue a modified version of the inflationary approach, a sort of populist economics policy that had been im plemented in many Latin American countries. The causal agency Primakov opted for this path, as Gaidar states, is because in part, the lack of internal and external sources for financial support after the 7 dismissal of the Kiriyenko government pushed the Primakov government toward choosing the inflationary variant (Institute for stintings in passage 1999).Andrei Illarionov, Director of the Institute for Economic Analysis in Moscow, while noting the IMFs successes with respect to Russia, criticized the IMF for being too willing to compromise on Russian conditionality. Not one of the IMF programs developed in Russia, Illarionov claims, has been executed in full, as a result of the softening and revision of conditions in original agreements. He states that decisions to provide financing for Russia, motivated by political rather than economic considerations, have given rise to the problem of moral hazard. As a result, the Russian government became forged after being granted unearned financial assistance, and policy became even more irresponsible than before (Illarionov 1998). final examinationly, Illarionov also criticizes the IMF for offering inappropriate policy recommendations to Russian authorities in two other areas exchange rate and fiscal policies. The IMF program (mid-1998, pre-crisis) stipulated that the exchange rate policy should remain unchanged for the remainder of 1998, in order to preserve the low inflation rates, and prescribed that the Russian government should concentrate mainly on raising revenue rather than reducing expenditures.Although many poor 9 O c t 9 8 J u l 9 8 A p r 9 8 egaw muminim laiciffo J a n 9 8 O c t 9 7 .9991/20 ,PECER ecruoS J u l 9 7 A p r 9 7 J a n 9 7 Dissatisfaction over the continuing problem of wage arrears led to an increase in strikes throughout the country toward the latter part of 1998 1873 strikes were registered in December 1998, some 3. 4 times the figure of speech during the previous December. aissuR ni ec netsisbuS dna ,snoisneP ,segaW ecnetsisbus woleb era % 92 level ecnetsisbus laiciffo ecnetsisbus woleb era % 12 0 001 002 003 004 005 006 007 008 R u bl e s p e r m o n t h . eople have become poorer, the impoverishing effects of the crisis have also hit other groups within Russian society. Workers involved in the business of merchandising trade goods have found that demand for their products has nearly evaporated as not only consumer incomes have fallen, but also ruble depreciation means higher prices on imports. As a result, many of these trade businesses have shed labor or closed. One of the longer-term consequences of the economic crisis in Russia may be the strain on society, which is likely to weaken the Russian governments ability to continue to push for reforms.In some ENI countries, the crisis has given reform skeptics an excuse to abandon or reverse some reforms already implemented. The social pressure against further economic reforms, now seen by many as the cause rather than the cure for the economic crises, may become strong enough to counter-balance the pro-reform force. It may lead some ENI countries to get stuck in what Adrian Karatnycky describes as a state of stasis rather than of transition. Stability Versus Democracy Politically, the financial collapse has weakened Russia vis-a-vis the west, but its relative power in the region has in many ways increased.Not only has the crisis given Moscow an excuse to consolidate power over the regions throughout Russia, but it has also allowed many hard-liners within Russia to gain some ground in their push to reassert Russias traditional sphere of influence. In addition, many neighboring regions have found themselves with large arrears on their payments to Russia for natural gas deliveries, and have had to strike deals with Russia to find ways to settle these debts through deliveries of victuals and other barter arrangements.Following the onset of the crisis in August, the Russian government proposed many changes intended to promote economic stability at the cost of democracy. In February 1999, Prime Minister Primakov argued that Russias governors should be name by the professorship, rather than elected by their constituents, so that Moscow can take back control over the regions and avoid a collapse of the country. President of Belarus Alyaksandr Lukashenko rejoiced in the crumbling of IMF-backed reforms in Russia, considering the crisis to be a indication of his position in favor of state planning and price controls. The old proposal regarding a possible political union of Belarus, Ukraine, and Russia has also resurfaced, as Russia and some neighboring countries have concluded that further integration will help solve their problems. In the words of Ivan Rybkin, President Yeltsins envoy to the CIS, the recent crisis taught us all that we must stand together in order to survive (Rutland 1999).Effects on live Countries The drop in real wages in Russiacoupled with the devaluatio n of the rublehas translated into dramatically reduced Russian imports. For the neighboring countries that depend on Russia as a market for their exports, the shrinking market in Russia has been disastrous for their local economies. As Russians are shifting consumption away from the relatively more expensive imported goods, the producers of these goods in neighboring countries are faced 10 with a dramatic fall in demand for their products.This has translated into falling output and increased unemployment for the countries that are most closely tied to Russia through trade, especially Moldova (more than 50 share of Moldovan exports go to Russia) Belarus, Ukraine, and Kazakhstan, (gt33 percent of exports to Russia, as of early 1998) and Georgia (gt30 percent of exports to Russia) (EC 1999). The drop in remittances from nationals living in Russia has led to decreased incomes in neighboring countries with large numbers of gastarbeiter working in Russia. Armenia, Georgia, and Azerbaijan have been most earnestly hit by this decline in remittances.In some cases the pattern seems to have been reversed, with families in neighboring countries now supporting relatives living in Russia (EC 1999). Finally, food prices have also increased in the neighboring countries of the NIS, as the cost of imports from outside Russia has risen as a consequence of the significant devaluation of local currencies. any(prenominal) of the specific effects and impacts on other NIS and neighboring countries are summarized briefly below. ArmeniaAccumulation of public sector arrears is likely, as government is facing difficulties in financing of education, health care, and other expenditures.Remittances from Armenians in Russia have decreased, placing additional pressure on family support systems, and this could result in increased poverty. AzerbaijanTrade-related consequences in the short term are less than for other NIS countries, as the political instability in the North Caucasus region ha s already limited trade ties with Russia prior to the crisis. Government spending was cut in 1998, and further cuts in 1999 will affect key social sectors. As in other Caucasus countries, decreased remittances from Azerbaijani nationals residing in Russia has reduced family incomes in Azerbaijan.Baltic RegionEstonia, Latvia, and LithuaniaThe Russian crisis forced some Baltic banks to fail, and several others to reveal their under-reporting of exposure to Russia in their September 1998 quarterly reports. Better developed financial systems, a reorientation toward western markets, and general political stability have helped to limit the damage and contagion effects from the Russian crisis. BelarusOne of the most affected countries in the NIS, Belarus was highly dependent on trade with Russia prior to the crisis. Exports to Russia plunged from $400 million/month in the first half of 1998 to just $170 million/month by September 1998.Shortages of basic foods forced the government to get into rationing. GeorgiaThe Russian market accounted for 30 percent of Georgias exports prior to the crisis, and Georgian nationals living in Russia provided a significant amount of income to Georgian families through remittances. The trade deficit with Russia widened to 50 percent in October 1998, forcing the Georgian authorities to float the lari (which led to a sharp depreciation). 11 KazakhstanIn the first half of 1998, half of Kazakhstans exports went to Russia, and the impact of the crisis has been felt in Kazakhstan primarily through the reduction of exports to Russia.Kazakhstan introduced a temporary ban on the import of some Russian foodstuffs, in order to control the inflow of cheapened Russian goods by-line the depreciation of the ruble. KyrgyzstanNearly 60 percent of Kyrgyzstans exports went to Russia, prior to the crisis, so this country was also one of the more vulnerable to negative shocks through the trade mechanism. In this most pro-reform of the Central Asian Repub lics, price liberalization of utilities and privatization may be threatened, as consumers are less able to pay the higher tariffs as a esult of fallen incomes. MoldovaTrade with Russia is important to Moldova, as 50 percent of Moldovan exports went to Russia prior to the crisis. Many farms and other agro-exporters have been unable to pay wages, as their export market has dried up in Russia. Here, too, the crisis has threatened the reform and liberalization process implemented by the government, as investors interest in the Moldovan economy has diminished and a heavy withdrawal from commercial banks have signaled a lack of confidence in this country.TajikistanLow commodity prices for cotton and metallic had already damaged the Tajikistan economy before the Russian crisis, and the fragile peace held together in part with the support of the Russian military (serving as confine guards) has certainly not gained strength from the crisis. Apparently, Tajikistan is not as dependent on tra de with Russia as other NIS countries, and this has helped to insulate Tajikistan from the direct effects of the crisis. TurkmenistanExposure of Turkmen banks to Russian markets has been limited, as the Turkmenistan economy is tightly controlled by the state.The Russian crisis therefore is not expected to have a strong direct impact on Turkmenistan. UkraineClosely linked to Russia through trade and financial ties, Ukraine has suffered greatly as a result of the Russian crisis. The hryvnia lost half its value against the dollar future(a) the crisis, and reserves have fallen (as of early 1999) to only one month of imports. Inflation surged to 12. 8 percent in October 1998 alone, following a long period of relatively stable inflation before the onset of the crisis (2 percent inflation in first half of 1998).UzbekistanAs Uzbekistan has been gradually reorienting its international trade visibility away from Russia over recent years, the country has apparently been less affected by the c risis than other NIS countries. Further, the underdeveloped banking system and financial markets in Uzbekistan may have helped to insulate that country from the shocks emanating from Russia in August 1998, as Uzbekistan had relatively little exposure to Russias financial markets. 2 Proposed Remedies As discussed throughout this paper, two camps have emerged in academic and policy circles that seek to explain the causes of and remedies for the Russian financial crisis. This section highlights some of the remedies proposed by each camp. According to the fix the countries critics, such as the IMF and the U. S. Treasury Department, the Russian government must continue pushing for reforms in the public finance and banking sectors.According to Gaddy and Ickes, only two options exist for western creditors and international financial institutions keep Russia stable in the short-term by bailing out the virtual economy or refusing a bailout. Denying Russia a bailout would have negative effect s in the short-term by leading to the demise of large commercial banks and oligarchs, foreign capital flight, and currency devaluation. In the long run, however, Gaddy and Ickes prefer this option because they believe it will force Russia to adjust to economic life without a steady supply of credit available and adapt sound economic policies.They dislike the first option simply because they believe it will lead to the further development of a nonmarket-oriented economy that would require bailouts in the future. The Treasury Department adds that bank restructuring and reforms in tax administration and collection are necessary as well. The fix the global financial system critics, such as Jeff Sachs and George Soros, urge that the international financial system be reformed so that short-term borrowing by banks and governments be limited so as to avoid potential investor panics.In addition, Sachs recommends that domestic banking regulations, in the form of enhanced capital adequacy stan dards and policies that encourage partial bank-sector ownership by foreign capital, be implemented in order to limit vulnerability of the domestic economy to foreign creditor panics, and that exchange rates be kept flexible instead of pegged. In addition to these proposed remedies, others have gone further to propose mechanisms for recovering losses (Sexton 1998). According to Sexton, foreign creditors have at their disposal four mechanisms to recover losses to Russian firms 1.Convertible debt securities debitors could issue convertible security bonds to creditors although Sexton argues that this probably wont work too well in Russia 2. Treasury or redeemed shares company may exchange its own shares, that were bought back, or interests to extinguish outstanding indebtedness there should be no tax consequences to debtor on repurchase of shares on resale to foreign creditor, debtor should be taxed on any gain on shares or should be able to deduct any loss sustained 3.Alternative deb t refinancing structure swapping debt for convertible debt which creditor converts into equity issue by debtor to creditor of convertible bonds as a means of refinancing outstanding debt creditor should make sure conversion ratio covers value of outstanding debt over term of loan disadvantage to this 13 strategy is that creditor is refinancing and likely to have twice the outstanding debt for some time 4.Securitizing the debt convert debt into security which creditor then contributes to debtors charter capital to pay for the shares (key issue facing creditors thinking of taking equity in a Russian debtor company in exchange for indebtedness is how to value that equity) Summary This paper has addressed the opposing views as to the causes of and remedies for the Russian financial crisis. Two central camps have emerged.One camp argues that the Russian economy has severe structural problems that were the primary cause of the crisis fiscal deficit, banking sector problems. The other gro up points to the IMF and the problems with the international financial system, claiming that moral hazard problems led investors to underestimate the risk of investing in emerging markets such as Russia, and that unregulated short-term investment flows out of emerging markets can result from the panic. individually of these groups proposes different remedies for the crisis, based on their assessment of the roots of the crisis. The IMF and Treasury Department insist that the Russian government continue to push for reforms in public finance and the banking sector, claiming that weaknesses in these areas ultimately led to the onset of the Russian crisis.Jeffrey Sachs, George Soros, and others who are critical of the international financial systems and the role of the IMF in the recent financial crises, recommend that the short-term borrowing by governments and banks in emerging markets be limited and regulated, and that exchange rates are flexible rather than pegged. Although the wors t of the Russian crisis may have already passed, as the Russian and other ENI stock markets appear to have recovered and the dramatic fall in production has been reversed, the original causes of the crisis still need to be addressed.Continued progress in banking and fiscal reforms in Russia will be necessary to ensure that the country is less vulnerable to future external shocks and foreign creditor panics. Improvements in these sectors would help restore investor confidence in the Russian economy and reverse the current outflow of capital. 14 ANNEX What Happened in Russia? A Brief Chronology of Events Asian Crisis Precursor to the Russian Crisis July 1997, Thailanddevaluation of Thai baht December 1997, Koreadevaluation of Korean won ate October 1997 Pressure on ruble intensifies, as result of Asian crisis December 1997Foreign exchange pressure temporarily recedes in Russia 19 December 1997Standard and Poors Sovereign Ratings of Russian ruble longtermBB- outlooknegative short-termB January 1998Reemerging pressure on ruble forces Central Bank to raise interest rates, increase reserve requirements on foreign exchange deposits, and intervene on ruble and treasury bill market March 1998Stock market prices in Russia have not yet recovered from lows reached in late fall 1997 May 1998Russia places major commercial bank under Central Bank administration miners strike over wage arrears Russia continues to intervene on foreign exchange markets to support ruble, but investors increasingly see this strategy as unsustainable Late May 1998Interest rates in Russia increased to 150 percent Russian government announces revisions to 1998 budget, including 20 percent cut in expenditures and new initiatives to boost revenues aboriginal June 1998Recent policy announcements temporarily ease tensions, allow partial reversal of earlier interest rate hikes 9 June 1998Standard and Poors Sovereign Ratings of Russian ruble long-term B+ outlookstable short-termB Late June 19 98Russian authorities unveil anti-crisis program, aimed at boosting tax revenues, cutting expenditures, and speeding up structural reforms . 9991 lirp A , eci vre S et aR egn ahc xE CIFI C AP ecruo S 15 4 / 2 / 9 9 3 / 2 / 9 9 2 / 2 / 9 9 1 / 2 / 9 9 1 2 / 2 / 9 8 1 1 / 2 / 9 8 1 0 / 2 / 9 8 9 / 2 / 9 8 8 / 2 / 9 8 7 / 2 / 9 8 6 / 2 / 9 8 5 / 2 / 9 8 4 / 2 / 9 8 3 / 2 / 9 8 2 / 2 / 9 8 1 / 2 / 9 8 03 Russian Crisis Timeline 0 5 01 51 02 52 After the devaluation of the Thai baht in July 1997, one Asian country after another had to raise interest rates sharply to avoid currency devaluation. But the combination of high interest rates and currency depreciation, which inflated the burden of foreign debt, provoked a financial crisis (Krugman 1999).SU$/selbuR etaR egnahcxE elbuR 16 1 2 / 2 0 / 9 8 9 / 2 0 / 9 8 6 / 2 0 / 9 8 3 / 2 0 / 9 8 1 2 / 2 0 / 9 7 9 / 2 0 / 9 7 6 / 2 0 / 9 7 3 / 2 0 / 9 7 1 2 / 2 0 / 9 6 .9991 lirpA ,semiT wocsoM ecruoS 9 / 2 0 / 9 6 6 / 2 0 / 9 6 3 / 2 0 / 9 6 1 2 / 2 0 / 9 5 9 / 2 0 / 9 5 6 / 2 0 / 9 5 3 / 2 0 / 9 5 1 2 / 2 0 / 9 4 9 / 2 0 / 9 4 6 / 2 0 / 9 4 0 003 xednI semiT wocsoM egnahcxE kcotS naissuR Mid-July 1998Russian authorities introduce additional policy package, in the context of an IMF agreement on an augmented Extended Fund Facility (EFF) arrangement 20 July 1998IMF releases first $4. 8 billion tranche of $22. billion extra credit pledge, as policy package is approved by IMF Late July 1998Initial effects of this package are positive, with equity prices rebounding 30 percent, treasury bill rates falling from 100 to 50 percent, and a lowering of the Central Bank refinancing rate from 80 to 60 percent Early August 1998The Duma fails to approve new reform program President forced to veto several Duma measures and introduce others by decree 13 August 1998Standard and Poors Sovereign Ratings of Russian ruble longtermB- outlooknegative short-termC 14 August 1998Average treasury bill rates are about 300 percent, inter national reserves down to only $15 billion, and Russian banks are unable to meet payment obligationsRussia on the verge of full-scale banking and currency crisis 15 August 1998Boris Yeltsin announces that there will be no devaluation of the ruble 17 August 1998Russian government defaults on GKO Treasury Bonds, imposes 90day moratorium on foreign debt payments, abandons ruble exchange rate corridor 17 August 1998Standard and Poors Sovereign Ratings of Russian ruble downgraded long-termCCC outlooknegative short-termC 21 August 1998Russias international reserves fall to $13. 5 billion, after renewed heavy preventative in an effort to support the weakened ruble 26 August 1998Following heavy intervention, the Russian Central Bank announces that it will stop selling U. S. ollars, and suspends trading of ruble on main exchanges Late August 1998Kiriyenko government is dissolved, financial crisis intensifies 1 September 1998Russia is the IMFs largest borrower, with a combined total of attr ibute at this date equal to nearly $18. 8 billion 2 September 1998Russian Central Bank abandons exchange rate band, lets the ruble float 16 September 1998Standard and Poors Sovereign Ratings of Russian ruble longtermCCC- lowest possible S and P rating outlooknegative short-termC January 1999Moodys assesses financial strength (E) and credit ratings (Ca) of the Russian banks at the lowest possible levels most banks are insolvent (or nearly so) 005 054 004 053 052 002 051 001 05 15 January 1999The Central Bank of Russia re-launches trading on the domestic debt market.The new securities are to be used in the restructuring of frozen GKO and other debt instruments 27 January 1999Standard and Poors Sovereign Ratings of Russian ruble LongtermSelective Default outlookNot Meaningful short-termSelective Default 5 February 1999The 1999 budget was passed by the Duma in its fourth and final reading. 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Crash Course Just Whats Driving the Crisis in emerge Markets? The New York Times, 29 January . 19