Personal Development Plan Essay

I have always been interested in the financial and investment sector. The movements of the stock market and the forces driving the stock values hold considerable degree of interest. I realize that a stockbroker needs to add value to financial information in order to satisfy the customer queries and investigative requirements of the companies being dealt. The consumers today have easy access to a vast range of financial knowledge and data available on the Internet coupled with company specific details that provides extensive information on the current and projected financial trends. The stock broker under such circumstances needs to be highly alert and aware of the market trends and fluctuating stock values in order to meet the needs of an increasingly knowledgeable customer. (Asia One Business Article, Sep 2007) A career as a stock broker requires a complete understanding of the financial markets and environmental forces that drive the stock trading market. A stock broker is an individual responsible for a business deal on a stock exchange. This primarily involves buying and selling of securities on behalf of people and institutions. Usually, a negotiation is made between two authorised members of the exchange. (Eduquity.com) For the purposes of convenience, an ordinary person is no longer needed to walk into the premises of any institution, for instance, the New York Stock Exchange, to enquire on the trade stock. This exchange is done through a broker. However, a stock broker is not just confined in such plain participation in a transaction as there are other stock broking opportunities such as execution-only, advisory dealing, and discretionary dealing, and other related services. Execution-only stock broker involves the implementation of the client’s instructions to buy or sell. A stock broker who focuses on advisory dealing informs and gives important information to the client on which shares to buy and sell, but leaves the task of final decision-making to the jurisdiction of the investor. Meanwhile, a stock broker who is in-charge with discretionary dealing determines the client’s investment intentions and serves as the mainly involved person in all transactions and decision-making functions done on the client’s behalf. In general, stock brokers provide relevant and useful information on trading stocks, for instance on the cases of which stocks or mutual funds to be bought. (estockwise.com) Keeping in mind these specific requirements and my interest in the financial market I aspire to be a stock broker. In order for me to be a full-pledged stock broker, I must be involved in activities and related opportunities that will increase my competencies, particularly those that I need to be a successful stock broker. Of course, it is necessary to finish my studies first. I will begin by providing assistance to a certified stock broker. This is my short term aspiration. By being an associate, I will have direct exposure to the business transactions that my employer deals with. Gaining experience is my key motivation. My medium aspiration is to get promoted or trusted with bigger responsibilities. For example, my employer will ask me to do things that are similar to his/her functions, allow me to decide on important things, expect me to be reliant to classified tasks, and the likes. After staying on this position for a significant period of time, I will try to evaluate myself if I am already capable of entering my long term aspiration – that is – being a stock broker. This can be achieved once I qualify the preconditions to obtaining a stock broker license. I will immediately take up the needed examinations and eligibility requirements. My career goal is to provide my clients with the necessary guidance and direction towards investments that meet their specific needs and requirements. (estockwise.com) Skills Required For the Chosen Role A stockbroker can offer three types of services depending on their individual capabilities and interest.  · Discretionary stock broking service constitutes management of client investments and making financial decisions on their behalf. This type of service requires building of huge trust and confidence within the customer.  · Advisory stock broking service that involves advising the clients on various investment options available and the desirable course of action with predictive impacts on finance. The client needs to decide on the action or alternative that suits his needs best.  · Executing stock broking service where the stock broker is only involved in buying and selling of stocks as per client’s instructions. In this case the advice or knowledge of market expertise is not required. He merely acts as per the client’s instructions. The basic essential job responsibilities of a stock broker are –  · Managing and reviewing investment portfolios for their clients  · Research the financial market with the cooperation of investment analysts who can provide actual and factual information on the performance of companies and markets  · Provide accurate information on stock market performance and stock values to the customers  · Provide various advisory and specialized services to the clients In view of the type of service and role specific needs of the stock broker the skills or competencies required to fulfill their responsibilities have been identified as follows:  · excellent oral communication  · self-confidence and decision making ability  · Persuasive nature  · Professional approach  · Numeric ability  · Logical reasoning  · In-depth market knowledge and attention to detail  · knowledge of current socio, political, and economic trends  · good judgment of risks  · honesty and a trustworthy attitude In addition to the above mentioned competencies an individual aspiring to be a stock broker needs to keep his cool and have the ability to work under pressure. The drive and urge to succeed and excel in their work is a primary requisite to achieve career objectives as a stock broker. (www.Learndirect-advice.co.uk) Personal Strengths A review of my personal strengths and abilities reveal communication as one of the strongest points that can work to my advantage in career management. Petit, Goris and Vaught (1997) noted communication’s function is essential for cases like allowing employees to conduct meetings, make memos, provide feedback and share corporate-wide information. I believed that the previous exposures and experiences that I gained has greatly assisted me in acquiring this core competency. Good communication skill was gained from giving presentations at seminars, supplier and customer service transactions (e.g. issuing clear and concise instructions, advising and assisting customers, etc). I am also used at working on team projects particularly during my course. As a member of the team projects I have proved my abilities as a good and empathetic listener that has enabled me to judge the situation and present effective solutions to the issues in hand. My team leader noticed my natural sense of persuading others in the team to coordinate and cooperate better and agree to the objectives and milestones that were vital for the success of the project. This particular observation was quite helpful since I was given the team coordinator responsibilities in the subsequent projects. My involvement in the capacity of a team coordinator greatly improved my skills of communication and persuasion. Considering the significant role of communication in stock broking, coordinating is among the basic ingredients of my professional success. I also believed to the spill over effects of effective coordinating function like the development of teamwork and successful working relationship. Teamwork is also attributed to the positive effects upon the psychological health and well-being of organisations member (Carter and West 1999). Through effective communication, people are motivated to work in unity and towards the achievement of individual and organisational goals alike. Personal Weakness In my previous job I had landed into an argument with my team member while discussing the feasible alternative that can be adopted to complete the task objectives nullifying the associated risks. The heated argument was not seen in a favorable light by my managers. Indulging in the process of self introspection I realized that I tend to be quite dictating and adopt a more commanding tone while communicating with other people. Though I can persuade and coax people into agreeing to my views and observations the commanding tone that I use to communicate the message is not liked by most people. This is not a favorable attitude and causes problems in development of harmonious relationships with fellow colleagues. This weakness is more a form of autocratic leadership that has become outdated and irrelevant in today’s business world. People and institutions do not favor this style of leadership anymore and this can pose serious limitations to career growth and development prospects. The current management style prefers a softer approach to people in order to develop a productive and effective team. As stated by a few authors (e.g. Cohen and Brand 1993; Hyde 1992), management requires leader’s full participation and involvement instead of designating individual groups who will shoulder all the responsibilities. Furthermore, this also helps in creating a sense of commitment and loyalty (Hill 1991). In the business point of view, good leadership proves to be quite beneficial as aids in effectively meeting job-related demands, creating higher-performing teams, fostering renewed loyalty and commitment, increasing motivational level, and reducing absenteeism and turnover of employees (Drucker 1995).   I presumed that I am the opposite of a favoured leader. I am autocratic which means I tend to be overly manipulative and domineering. This attitude hinders the development of harmonious relationship or esprit de corps among colleagues and most importantly on the part of potential clients. I recognised the need to learn a leadership style that will be instrumental on the achievement of my intended career role as well as the development of other important values useful in my future as stock broker and person as whole.

Great Expectations by a famous Charles Dickens Essay

Great Expectations written by a famous man called Charles dickens. â€Å"Great expectations† is a famous and tense novel which was first published in the year 1860 to 1861 every fortnight in a magazine called all year round. The plot is based on a young boy called â€Å"Pip†, who in the first chapter meets and odd fellow in a gloomy, dark cemetery, pip walks on and soon finds himself turned upside down bye an ex-convict who threatens pip at the throat that he would cut out his heart and his liver if pip dose not do as he says. This dark gloomy fellow scares pip which makes you sympathize for pip. In chapter 8, pip is at a house with his mean sister and her kind and caring blacksmith husband Joe. As pip is a working class orphan he has no parents just is evil sister. Then a rich old, creepy women called Miss havishem asks pip to come round and to play, as he doesn’t want to, his sister forced him. When he arrives he ends up in a room with no external light only candles and a dead like figure who demands him to play is Miss Havishem, she demands him to play with her beautiful older then pip daughter, Estella, whom pip falls in love with, you feel sorry for pip now because he cant get her because she is upper class and he is garbage to her. In chapter one, Dickens sets the scene by describing the marshes, saying it is an open dark place and that’s were pip lives, so it make you sympathise for pip. When Magwitch comes, the mood changes to scary. When pip meets magwitch at the old gibbet, he says â€Å"a gibbet with some chains hanging to it which had one held a pirate. The man was limping on towards him, as if he were the pirate come to life†, he was using his imagination as if magwitch was the pirates ghost which has come to life, which gives the reader the effect of an old, white, dusty, see-through pirate has returned. When Dickens describes Miss Havisham room, he says it was a large room, well lighted with candles; no glimpse of daylight was to be seen. It seems pitch black but only candles laying around, pip sees everything is faded and old, her white wedding dress which she is still wearing, is white no more, but torn and ripped and grey. All clocks have stopped at the same time in this room. As if time has come to a stand still, except for the old wrinkles lady in the chair. Reading this makes you feel scared because if you were pip, then you would not want to stay in the room. In chapter 1 in the eerie settings of the marshes, we meet the sinister character called Magwitch. As he just pops out of the bushes and bellows â€Å"hold yer noise or ill cut your throat†, we get an image of a ruffled up man, a man with no hat but only rag on his head and broken shoes, and he is soaked in water and mud. When we see that he has a shackle on his leg we know he is an escaped convict. When he threatens pip to cut out his heart and liver and lies about having someone else who will get him when he is asleep in his cosy bed, then you see how much he wants the food and file. It is ironic that magwitch will be his benefactor after all his threats and bullying. When pip walks into Miss Havishem room and sees its all dark, we get a feeling of eerie. All the things the rooms are grey and aged, just like her, dickens writes:- Her shoes were white, a long white vale, I saw everything in my view which ought to be white†. He repeats the word â€Å"white†, which gives an effect of how old everything is. He describes she is like a corpse â€Å"I sometimes have sick fancies† miss havishem says and then she says she wants pip to play and clicks her fingers at pip and makes pip fell uncomfortable, which is weird for an old lady to demand a young boy to play. Pip who is the main character of Great Expectations is an orphan that lives in a boggy environment which makes you feel sorry for pip. He then meets magwitch and even tho he scares pip, as dickens describes him as â€Å"a bundle of shivers† pip still remembers his manners and he has respect for elders even magwitch. Half way through dickens changes 1st, 3rd person which show how small he is in retrospective view. When pip enters the room with Miss Havishem in it, he feels scared but he is still polite towards her. When she I talking to pop he tries to avoid eye contact wit her when Miss Havishem asks if he is scared of a women who has not daylight since before he was born, he lies and says â€Å"no†. when she calls Estella in the room, pip immediately fall in love with her, but when she says no because he is a working class boy, he turn his back on Joe and hates him because he did teach him how to be a gentle man and cries then kicks the wall. In Great Expectations, Dickens writes in the first person about Pip life. Chapters one and eight are the two key chapters that are enough to hook the reader. Dickens includes strange characters, like Magwitch in the cemetery. The story is a journey of pips life from child hood to man hood and it shows all his emotions and fears through out. Dickens uses his imagination which appeals to the audience and his vocabulary to his advantage, writing out all pips emotions, making you feel as if you were Pip, which makes this a very good and famous story. All of the characters are different and each has their own dramatic events. Great expectation is a well known novel because it hooks you from the 1st chapter all the way to the end.

Introduction to the Humanities Essay Example | Topics and Well Written Essays - 500 words - 1

Introduction to the Humanities - Essay Example ulation of human emotion as well as the emphasis on the unnatural aspect of religious center figures such as the Virgin Mary shows Byzantine influence. In addition, realism began to be noticed in the paintings of the artists. Many paintings before had merely schemed through the outlines of works of art thus rendering them as crude works of art. The use of color and lines was applied to lend volume to works of art. Even though their was noticeable improvement, some characteristics of medieval theology such as the inclusion of radiance lingered. The painter Giotto di Bondone created works that made a study of human emotion and individuality that had not been experimented with before. Artists tended to give their divinely inspired paintings uncoordinated shapes such as extended necks to add onto their supernatural appearances. Long hands with extraordinarily long and extended fingers and grim expressions were also used to signify the importance of the subject being painted. Fresco painting where water supported dyes and tints were placed on recently applied plaster on wall planes. In order to bring about the production of the most durable quality, successive coats of plaster would be applied on the walls and then allowed to set and dry. The artist would trace the design of the figures that he intended to create on the drying wall after which a final smooth coating of plaster was then put on the wall, in a method where the outlines of the artist’s designs were clearly visible and could be worked upon. When the artist finally applied the paint, the tints would fuse with the sand particles giving them permanence and resistance to aging since they were transformed to being a part of the wall and not just its outer layer (Bishop, 2010). To avoid making mistakes with his outline, the painter had to work quickly while the wall was still wet. What especially set apart the artists like Giotto from their contemporaries was the freedom of expression that they portrayed in

Main Functional Metrics Employed to Measure ShareHolder Value Essay

Main Functional Metrics Employed to Measure ShareHolder Value - Essay Example Many firms calculate the profitability in their own method of calculation where as investors take a different method to do the same, and it makes a hard time for the management of the firm to coordinate the results. An investor always focuses on the economic profits of the firm as well as looks at the extent of debt and equity that is invested in the business. Some of the important financial metrics employed to measure shareholder value are given below; 1. Shareholder Value Analysis (SVA) The shareholder value analysis (SVA) approach was developed by Alfred Rapport during 1980s and is used to estimate the value of the shareholders’ stake within a company or business unit which can also be adopted as the fundamental measure to formulate and evaluate strategic decisions (CIMA, 2004. p.10). The estimation of the value of a firm’s operations is usually carried out through the process of discounting anticipated future operating â€Å"free cash flows† at a suitable cos t of capital. Here, the free cash flow shows the cash flow derived from a business for a specified period, i.e. the cash flow before extracting any financial-related cash flows associated with share or debt. For the purpose of calculating the shareholder value, the value of â€Å"marketable securities and other investments† must be added to, and the value of debt must be subtracted from the business valuation (CIMA, 2004. p.10). The advantage of shareholder value analysis is that it can be used to value a business, and also to value alternative strategic decisions, by contrasting the pre- and post-strategy positions of the firm. Moreover, it is a simple most common method of calculation by considering the seven key value drivers, which can be broken down into comprehensive practical measures in order to encourage the managers to act on the ultimate objective of generating shareholder wealth. 2. Economic Profit (EV) Economic Profit (EP) is another method for evaluating the sha reholder value which is also known as â€Å"residual income† as a method of measuring divisional performance. It determines how well a firm is performing. The EP evaluates the surplus return gained by the business in a specific period after deducting all expenses, including the cost of using investor’s capital in the business (Encyclopedia of Business, 2011). The measure of net profit cannot be used for analysis even though the interest charged on debt capital is deducted, as its cost related with using equity funds is omitted. So many opt for the EP, arguing that net profit would be mislead and would erroneously exhibit a firm to be profitable based on net profit, where as the actual economic profit would describe it as economically unprofitable. We can state that economic profit is the variance between the return on capital and the cost of capital which can be computed using the following two methods: EP = Invested capital x (return on capital – WACC) EP = Ope rating profits after tax less capital charge 3. Economic Value Added (EVA) According to Bennet and Stewart (p.40, 2007), Economic Value Added is the financial performance evaluation method which is able to accurately capture the true economic profit of an organisation, and is the performance measure most directly associated with the creation of shareholder wealth over time. EVA is an evaluation of finding out

Information Systems Architecture Research Paper Example | Topics and Well Written Essays - 500 words

Information Systems Architecture - Research Paper Example Increasing expenditures have coerced vivid transformations in the healthcare industry, with an attempt towards controlled care. Managed care tries to incorporate healthcare delivery procedure and persistently advance them via feedback based on analysis of care upshots. The accomplishment of supervised care relies on the collection, evaluation and flawless exchange of details inside and across institutional boundaries. In an inter-institutional arrangement, the architecture must give complicated deliberation maintain abilities. Information structure incorporation is a significant dimension of an organization’s information structure maturity. Additionally, it plays a pertinent function in addressing needs and responsibility goals. Nonetheless, there is no definite structure incorporation in health care institutions. Adoption of information structure architecture enables availability of massive quantities of health care details that give precious facts. This structure aims at dim inishing expenditures and advancing efficiency. Medical explorers wish to exploit clinical details to find facts regarding patients’ wellbeing details. These novel uses of clinical details potentially implicate wellbeing since the relationship of a physician and a patient relies on utmost trust. Efficient functioning requires comprehensive and accurate details about a patient (Shortliffe, 2012). Utilization of information structure design results in distinction that information technology safety is of main significance to the current community. This is recent in healthcare, but data technology safety is a well instituted domain. A massive body of information exists that can be utilized to safeguard healthcare details. An overall comprehension of the safety can be achieved by comprehending precautionary components, security standards as well as dangers. In addition, it is significant to comprehend management measures, information

Motivation in the Workplace Essay Example | Topics and Well Written Essays - 2000 words - 2

Motivation in the Workplace - Essay Example Motivation at the workplace changes depending on the atmosphere in the workplace. Employee motivation changes from time to time depending on the leadership structure, the changes in the workplace dynamics, the external environment, changes in culture and other similar aspects. As such, the focus of the essay is to evaluate some of the ways to induce and retain high motivation levels within various organizations.   Statement of the problem and sub problems   Motivation is modifiable from two primal aspects. One of the key ways through which the behavior can be modified is using intrinsic rewards, which appeal to human psychological needs. The use of intrinsic rewards is evident in appraisals, giving employees more challenging tasks, more responsibility, power, recognition and appreciation. Alternatively, extrinsic rewards can be used to achieve the same goal. For example, money, gifts, vacations and other similar rewards that are tangible or directly visible are effective ways to motivating employees.  Hypotheses   This study makes several unsupported truths that are require proof from the rest of the study. For instance, Motivation in the workplace is the driving force of the company that determines how industrious the company is in terms of the employees input. In addition that, the study builds in the confidence that motivation in the work place is initiated by the employer after understanding each employees potential and motivating in accordance to their uniqueness.

Marketing communication plan of MyBody Assignment

Marketing communication plan of MyBody - Assignment Example †¦Ã¢â‚¬ ¦..13 Bibliography †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦15 Executive Summary Introduction MyBody is a growing force in high street premium beauty retail. With a network of 40 stores and growth plans over the next 18 months for a future of 20 more stores, this young and dynamic company is beginning to make its presence known. The purpose of this report is to provide a marketing communication plan for MyBody to show how it will continue to be sustainable in the future. Summary of Strategy and Aims of My Body We would like to create a strong market presence that will include our retail outlets and a stronger marketing presence on the Internet. We currently have 10% of our market and we would like to increase it to 20% which we believe can be done if we add the ability for people to order online. We believe that we can do this withi n the next 18 months if we add services to our website and if we increase our marketing efforts. MyBody Competitive and Brand Positioning Our biggest competitors are Penhaligens, PureBody and Boots. MyBody would be somewhere in the middle of these products because our Unique Selling Proposition would be that we are exclusively selling products for the body to make the skin healthier and the body more supple. We would expect that people who were concerned about their bodies would make a special effort to go to an expert in this field. We would be an expert because we offer these products exclusively and we do not offer other types of products like cosmetics, fragrances, or candles. Marketing and Strategic Objectives for 2011 The following marketing and strategic objectives are recommendations for 2011: 1. Create a stronger online presence using social networking to help existing and future customers know about our products. 2. To educate customers about the products they use and thei r affects on the body. 3. To promote the website online and in the local stores and encourage customers to order online. 4. To promote MyBody using FaceBook, Twitter and LinkedIN as sources for social networking support. 5. To create a series of articles about skincare for various trade magazines online and offline. Target Markets and Characteristics Our target markets are women who are baby boomers and who use the Internet and Generation Xers. Both of these have different characteristics that we must be aware of as we are marketing. As an example, Boomers are more interested in staying young and beautiful. Gen Xers want to feel that they are in control. Marketing Communication Plan for My Body Introduction MyBody is a growing force in high street premium beauty retail. With a

Leadership Essay Example | Topics and Well Written Essays - 250 words - 1

Leadership - Essay Example b. CSR has numerous potential benefits for a successful business. It can help companies recruit, retain and cast a positive image on existing and prospective employees. Moreover, it enables companies to avoid interference of government, regulators, tax imposition, pressure groups, court and media. It gives business and edge and creates a unique selling proposition that facilitates and empowers firms to move towards profitability and growth. However, CSR, by many is viewed as a deterrent to liberal trade and the ultimate motive of business; to maximize return to shareholders and an unnecessary added cost to the business. Organizational sustainability helps businesses reduce cost and risks associated with the business. It increases efficiency and improves reputation of the company. On the downside, it may not offer flexibility to the company. c. Body Shop is a valid example of an organization that is committed and stanch to corporate social responsibility.

Development of the United Kingdom Essay Example for Free

Development of the United Kingdom Essay Officially known as the Republic of Ghana, it was Europe’s first trading partner in sub-Saharan Africa – initially trading in gold and then later as a primary supplier of slaves. Although it was subsequently colonized by the British, it later became the first country in Africa to obtain independence from its colonizer (BBC News). Ghana came into existence in 1957 when what was then known as the Gold Coast acquired its independence from the British. Situated along the Gulf of Guinea in West Africa (see U. S. State Department map reproduced below), the country occupies an area of about 238,538 sq. km. composed of plains, rainforest, and some scrubland (U. S. State Department). Its capital city is Accra (population: 3 million) and the other principal cities are Kumasi, with an estimated population of 1 million, Tema (500,000), and Sekondi-Takoradi (population: 370,000). English has been designated official language of the Ghanaians but several dialects are spoken like Akan, which is spoken by about 49% of the population, Mole-Dagbani (16%), Ewe (13%), Ga-Adangbe (8%), and Guan, the dialect of 4% of the population. Sixty-nine percent of its estimated population of 23 million are Christians while 15. 6% are Muslims. Indigenous religious beliefs are being practiced by 8. 5% of Ghanaians. Although it existed as a democratic republic since its independence in 1957, the constitution of Ghana took effect only on January 7, 1993 (U. S. State Department). The cultural practices of Ghanaians which are mainly related to â€Å"conception, childbirth, and childrearing† consist of some harmful customs and traditions. One of these is â€Å"female genital mutilation (FGM). † This is a procedure which is conducted to partially or totally remove the external genitalia of a girl to turn her into a real woman. Another is a belief in dietary taboos which often leads to anemia or nutritional deficiency on the part of pregnant women. In Ghana, when a marriage does not produce an offspring after two years, it is considered defective. After a woman gives birth, the Ghanaians believe that burying the placenta near the house of the family would prevent the child from growing up into an errant or rebellious individual. In addition, they would wait for eight days after birth before naming the child and treating the umbilical cord with herbal preparations (Nyinah). Ghana is rich in natural resources with gold and cocoa being two of its major dollar earners. Its other export products are timber, diamonds, aluminum, tuna, manganese ore, and bauxite. In spite of this, the country still relies heavily on the assistance of international financial and technical institutions to remain viable. Thirty-five percent of its gross domestic product comes from the agricultural sector which also accounts for 55% of total employment in the country, mostly in the form of small landowners. Aside from seeking debt relief in 2002 under the Heavily Indebted Poor Country (HIPC) program, Ghana was also one of the beneficiaries of the Multilateral Debt Relief Initiative which came into force in 2006 (CIA World Factbook). As of 2006, total exports reached an estimated $3. 9 billion while imports totaled $6. 8 billion. Identified trade partners were the United States, the United Kingdom, China, Germany, France, Spain, Nigeria, the Netherlands, and Togo (U. S. State Department). Statistics gleaned by Global Health Reporting. org from the CIA World Factbook and a report published by UNAIDS in May 2006 about the global epidemic on AIDS showed that as at end of 2005, an estimated 29,000 had already died from AIDS in Ghana, leaving behind them about 170,000 children below 17 years old who had lost one or both parents to the disease. The same sources also revealed that by the end of 2005, there were 320,000 Ghanaians who were living with HIV/AIDS, 25,000 of whom were children below 14 years old. Aside from AIDS, another major health concern of the country is malaria. With about three million new cases being reported every year, malaria accounts for approximately 61% of total hospital admissions in the country among children below five years old (Global Health Reporting. org). In its fight against AIDS, malaria, and other diseases which have been plaguing Ghanaians, the country has received varying degrees of support from international organizations such as the World Health Organization, Global Fund To Fight AIDS, Tuberculosis and Malaria, the World Bank, the Department for International Development of the United Kingdom, and the United Nations Children’s Fund (Accra Daily Mail, 3/17 as cited in Global Health Reporting. org). On March 17, 2008, a campaign named â€Å"Voices for Malaria-Free Future† was launched in the country to educate the people about the techniques and the key concepts and practices used in fighting malaria. Rosemary Ardayfio, who represented the media in the launching ceremony, announced the formation of the Media Malaria Network composed of journalists from the print and online organizations. Ardayfio explained that aside from recognizing the role of the different media organizations in malaria advocacy, the network specifically aims â€Å"to disseminate information about the use of insecticide-treated nets and appropriate medication† (Global Health Reporting. org). Ghana was among the 177 countries that ratified the Kyoto Protocol which aims to require industrialized countries to reduce their emissions of greenhouse gases to prevent global warming (UNFCCC). In addition, Ghana was also a party to other international agreements governing hazardous wastes, biodiversity, endangered species, law of the sea, ship pollution, environmental modification, ozone layer protection, wetlands, and tropical timber (CIA World Factbook). The Republic of Ghana faces a bright future. It is endowed with plenty of natural resources. Its leadership has commitment itself to free and compulsory basic education. In fact, its â€Å"free, compulsory, universal basic education (FCUBE)† which was launched in 1996 has been labeled the â€Å"most ambitious pre-tertiary education programs in West Africa† (U. S. State Department). It has also been described as a â€Å"well-administered country by regional standards† and considered a model for economic and political reforms in the region. And, most of all, a major oil reserve was discovered in 2007 (BBC News). For these reasons alone, the country and its people have no reason to remain impoverished. Works Cited BBC News. â€Å"Country profile: Ghana. † International version. 6 February 2008. 22 March 2008. http://news. bbc. co. uk/1/hi/world/africa/country_profiles/1023355. stm CIA World Factbook. â€Å"Ghana. † 6 March 2008. 22 March 2008. https://www. cia. gov/library/publications/the-world-factbook/geos/gh. html Global Health Reporting. org. â€Å"Ghana. † 22 March 2008. http://globalhealthreporting. org/countries/ghana. asp? collID=11id=144malID=187 tbID=188hivIC=189malIC=190tbIC=191map=192con=Ghanap=1 Nyinah, S. â€Å"Cultural practices in Ghana. † World Health. March-April 1997. 22 March 2008. http://www. popline. org/docs/1204/126178. html UNFCCC. â€Å"Kyoto Protocol. † 22 March 2008. http://unfccc. int/kyoto_protocol/items/2830. php U. S. State Department. â€Å"Background note: Ghana. † January 2008. 22 March 2008. http://www. state. gov/r/pa/ei/bgn/2860. htm

Journal Article Critique of an Empirical Analysis of Trends in Psychology Essay Example for Free

Journal Article Critique of an Empirical Analysis of Trends in Psychology Essay I.Research Question or Problem The journal article question is clearly stated. The question asks whether the behaviourist, the psychoanalytic, the cognitive, or the neuroscientific perspective is most intellectually significant and most prominent in psychology today (Robins, Goling, Craik, 1999, p. 117). II. Introduction The introduction presents differing contentions regarding which school of psychology is most prominent. Five references have been cited in the introduction. It is believed by some that the cognitive perspective reigns over psychoanalysis and behaviourism (Baars, 1986; Gardner, 1985; Hunt, 1993; Sperry, 1988, as cited in Robins, Gosling, Craik, 1999, p. 117). An opposing conviction, however, states that this belief is merely a representation of cognitive psychologists’ opinion of their own field rather than an accurate statement based on facts (Friman, Allen, Kerwin, Larzelere, 1993, p. 662, as cited in Robins, Gosling, Craik, 1999, p. 117). Furthermore, it is argued that the belief in a â€Å"cognitive perspective revolution† is simply a method for scientists to justify their practice (Leahey, 1991, p.362, as cited in Robins, Gosling, Craik, 1999, p. 117). Other theories have indicated, without empirical evidence however, that behaviourism continues to flourish despite the loss of â€Å"mentor B.F Skinner† (Salzinger, 1994, p. 816; p. 461, as cited in Robins, Gosling, Craik, 1999, p. 117). Lastly, it is contented by some that the neuroscientific perspective continues to prosper (Churchland, 1998, as cited in Robins, Gosling, Craik, 1999, p. 117), and that the entire field of psychology will eventually become a subfield of neuroscience (Bechtel, 1988, as cited in Robins, Gosling, Craik, 1999, p. 117). III.Methods The authors employed three indexes to conduct their study; the subject-matter index of psychology’s Flagship publications, the subject-matter index of psychology dissertations and the citation index of Flagship publications. For the psychology’s Flagship publications, authors selected several word stems in a database called psychINFO, including: psychoanal#, cognit#, neurosci#, reinforce#, and conditioning#. At that time, they calculated the percentage of articles published in the Flagship publications between 1950 to 1997 and charted their findings over time (Robins, Gosling, Craik, 1999, p. 118). For the psychology dissertations, authors once again employed psychINFO, this time, to analyze the topics presented in doctoral dissertations between 1967 to 1994. Then, they calculated the percentage of dissertations for each of the four psychological perspectives (Robins, Gosling, Craik, 1999, p. 119). Finally, for the citation index of Flagship publications, authors surv eyed trends regarding the number of citations found concerning each perspective in the Flagship publications. Then, they selected the top four journals in each perspective using a rating system operated by prominent neuroscientists (Robins, Gosling, Craik, 1999, p. 119). Applying these findings, authors calculated the â€Å"total number of times per year the flagship publications cited articles published in each sub-disciplinary journal† (Robins, Gosling, Craik, 1999, p. 119). IV. Results The results undoubtedly provided answers to the question/hypothesis. The findings indicated that articles regarding the cognitive perspective appeared most frequently in all three indexes, followed by the behavioural perspective. Articles regarding the psychoanalytic and neuroscientific perspective, however, were essentially non-existent throughout the studied period. Authors provided graphs and tables in order to demonstrate their findings over time for each index (Robins, Gosling, Craik, 1999, p.121-126). V.Discussion/Conclusions Due to their compelling findings, the authors were able to construct several conclusions. Firstly, psychoanalytic journals, dissertations, and flagship articles have not been in the spotlight of mainstream psychology for the past several decades (Robins, Gosling, Craik, 1999, p.123, 124). Secondly, with the focus currently on cognitive psychology, behavioural psychology has and continues to subside in scientific psychology (Robins, Gosling, Craik, 1999, p.124). Moreover, the authors’ state that one reason cognitive psychology is transcending behavioural psychology is due to the immeasurable role of computers in modern society. For example, thanks to computers, considerable changes have taken place in regards to scientists’ understanding of memory, information processing, etc (Robins, Gosling, Craik, 1999, p.124). Lastly, mainstream psychology does not yet recognize neuropsychology; however, there is an obvious increase in popularity that is underway. Authors recommen d further research to explore the growing prominence of neuropsychology (Robins, Gosling, Craik, 1999, p.125). VI.References Authors used a clear and consistent citation format, and each of the references was properly cited within the article. The authors used a variety of sources ranging from the 1930’s to the year prior to the study. The older references were used to demonstrate variations of theories over time. VII.Personal Reaction I consider this article to be rather thought-provoking. From the beginning, I agreed with the theorists who believed that cognitive psychology was the leading school of psychology. Although this article was written fourteen years ago, I believe it continues to be true today. I was not aware of the serious decline of the behavioural perspective; however, after reading about the impact computers have had on science and scientists, it became clear (Robins, Gosling, Craik, 1999, p.124). One limitation that I feel could have affected the results was the manner in which they selected the top four journals. I wonder if the results would have varied had different journals been chosen. In my opinion, the sample size of four journals seems somewhat confining to the research. Even so, this was a very interesting article. I would be rather intrigued to read a current study of the same topic and see if the results are equivalent.

Michael Mcintyre And Peter Kay English Language Essay

Michael Mcintyre And Peter Kay English Language Essay In this analysis I will evaluate the approaches to stand-up comedy undertaken by comedians Michael McIntyre and Peter Kay, commenting on techniques such as role play, comic exaggeration, lexical choices, and changes in pitch and tone, used to establish humour. Michael McIntyre is a proud middle-class comedian raised in the heart of Hampstead, north London. Over the last four years, his exuberant observational style has seen him grown into one of the biggest names in British comedy. His appeal is built on the fact that people genuinely seem like him, in that his comedy is accessible to all. On this occasion, McIntyre is performing a sketch on Herbs and Spices at Birminghams NEC Arena, in front of an audience in excess of ten thousand. McIntyres observational style turns the pettiest of everyday domestic engagements into the most humorous of affairs, and therefore relies largely on his audiences ability to relate with what he saying. In this instance, neglected herbs and spices are anthropomorphised, to express their discontent at being left at the back of the kitchen cupboard, whilst rival seasonings, Salt and Pepper sit arrogantly on the kitchen table. The introduction to the sketch consists largely of simple and compound declarative utterances, containing unsophisticated, high frequency lexis, ensuring that the audience can absorb what is being said. The second person subjective pronoun, you, in combination with formal vocatives, ladies and gentlemen in the first line, is an example of McIntyre addressing the audience directly. He engages with his audience in an attempt to make his words feel more conversational, and less like a performance, thus establishing an amicable rapport. The opening declarative utterances (lines 1-2) are stated as fact, using Standard English. They are said in an informative manner, and are the basis on which the joke is built; his observation. The imperative utterance on line two highlights this observation. McIntyre exclaims; salt and pepper are so phenomenally successful in the herb and spice arena. The monosyllabic, adverb of degree so coupled with the polysyllabic intensifier phenomenally emphasises the metaphor, crediting the popularity of salt and pepper to success in a metaphorical arena. McIntyre then later goes on to remind his audience that salt and pepper are not the only herbs and spices available. The declarative utterance on line 7, presents this information as somewhat of a revelation, with the stressed conjunction but and adjective other, helping to intensify his point. Much of the comedy in McIntyres routine is derived from comic exaggeration, fuelled by his very own larger-than-life personality. The humble world of culinary additives is metaphorically introduced to the audience as an arena, implying that there are winners, and there are losers. The clear winners of this metaphorical battleground, being the ever-present collocation of salt and pepper. Salt and Pepper also happen to be the first spices anthropomorphised by McIntyre (Lines 3-5). On line 3, he begins his utterance using the 3rd person, subjective pronoun, they, but then replaces this with the 1st person objective pronoun, us, marking the transition into role-play, later confirmed by the, again, 1st person, reflexive pronoun myself. In personifying the usually inanimate figures of salt and pepper, McIntyre is able to create character depth. On line three, Salt and Pepper are described as arrogantly sitting on the table. The stressed polysyllabic adverb of manner arrogantly, personifies Salt and Pepper making them seem conceited, which provokes spite and even envy, amongst their on-looking counterparts McIntyre is technically adept, he knows how to build on a routine and squeeze it for maximum effect. From line 10 onwards his sketch becomes very routinely question and answer, with a high frequency of adjacency pairs and interrogatives throughout. Each spice is, in turn, asked the same question, only to respond with an amusing personal anecdote, reflecting the character of each individual. For example when Mediterranean herb, Cumin is faced with this question, he recollects a time in 1992, when he last left the cupboard for an experiment. McIntyre uses the abstract noun experiment ironically, suggesting that this was his defining moment, his time to shine. Then just as this cycle verges on the edge of predictability, the routine is broken, with the comical introduction of yet another new character. Step up; John West tuna (line 25-26). With the introduction of John West tuna and his wife Tinned Salmon, McIntyre plays on a shared reference, implying that they had been in the cupboard for such a long time, they were able to forge a relationship. Through the medium of comedy, McIntyre is able to express his observation which doubles as a criticism of the fact that at some point in time, perhaps influenced by a magazine article or television commercial, most people will deem it a good idea to embrace the possibility of change in the long-term future, whilst lacking any real willingness for immediate change. Consequently, it is relatively easy to justify the purchase of reasonably inexpensive items (such as herbs), in knowledge that we may not require, nor use them at any time in the foreseeable future. Rather, they are bought in faith that one day they will serve an intended purpose. But of course things rarely change; meaning that one day never comes, leaving the victims of this wasteful ideology to remain as forgotten relics, more ornamental than practical. By making light of comedy in the most ordinary of every-day, Michael McIntyre reminds us that stand-up doesnt have to be brutal, in order to be funny. Peter Kay is arguably Britains most loved comedian. A thirty-nine year old male from Bolton, northern England, whose style of comedy, like McIntyres, is built loosely upon observation. However, a combination of cherishable British values and a trademark loveable nostalgia set him aside from most other acts. Nevertheless, Peter Kay is an unlikely comedian at best. Wide-eyed and clean-shaven, he steers clear of jokes about sex and politics. His routine lacks cruelty and he hardly ever swears. A married man and, in many respects, a bit of an average Joe. In this instance, we find Kay nearing the middle of a routine, performing a sketch on biscuits in front of an audience numbering more than three thousand, at Manchesters Apollo Theatre in 2002. Kays observation is based around the problems faced whilst performing the universal act of dipping biscuits into hot drinks. In this case, Kay is questioning the structural quality of a Rich Tea biscuit. On line 17 he personifies the Rich Tea, describing it, using high frequency adjectives cocky and lazy, implying that the humble azoic biscuit is in fact, conspiring against him. He later compares this to a Hobnob biscuit, which he metaphorically likens to; a Marine, the SAS and finally to TV hardman Steven Segal, creating a comparative juxtaposition, which becomes the basis of the joke. As much of Kays comedy relies on audience participation, rapport is crucial. Kays working class background is something that many members of his audience will be able to relate to, and so as a result he is able to employ a significant level of informal, high frequency colloquial lexis, including concrete noun brew and vocative mum, which recreates a typical conversational tone. Clipping of the 1st person singular pronoun, I in I am, to leave only am in the opening utterance on line one is an example of Kays regional dialect, which is the primary feature in this informal tone. In addition to creating rapport, Kays Lancashire dialect works to his advantage, as it sets him aside from other comedians. The preposition in elided with the definite article the on line 3, is another example of this regional dialect. Also the 1st person objective singular pronoun, me, and the possessive determiner my, are used interchangeably, in typical northern fashion, as seen on line seven. Another factor contributing to the establishment of rapport is Kays regional accent, which, in addition to dialect, adds a certain individuality to his routine. Unlike McIntyre, with his particularly received pronunciation and Standard English, Kay sports a notably lusty Lancashire accent. By clipping the present participle at the end of the emphasised, low frequency dynamic verb, planing (creating planin) on line five, Kay eliminates the harsh sounding consonant, thus extenuating his speech and alluding to an overall more colloquial tone. Kay is also able to use prosodics as an effective feature of comedy. Changes in the dynamics of his voice are prevalently used to differentiate between sentence moods. For example an increase in pitch on line 29, in the interrogative utterance, wheres me brew creates emphasis and conveys his confusion. Whereas a contrasting decrease in pitch on line 39 is used to express the military-esque seriousness of the hobnob. Since Kay so often chooses to stay clear of taboo, when coupled with the infrequent use of expletives, this technique becomes a particularly effective feature of comedy. On line 18, the cresc, clipped expletive fucking (creating king), followed by the proper noun One-Dips stresses the torment that the Rich Tea has caused him, further expressing his anguish. In McIntyres work, there are very few examples of non-fluency features (complimenting his suave stage persona). In contrast, they are prevalent throughout Kays. Although Kay will have scripted and, to some extent, rehearsed his routine, the inclusion of non-fluency features (incidentally or otherwise) bestows a sense of spontaneity, which adds to his colloquial charm. Towards the end of line 22, there is an example of a false start, which gives his previous point (theyre on their arses) sincerity, and reflects his enthusiasm towards stand-up as a whole. Then later, on line 23, he exclaims theyre cocky which, following a slight pause, he then repeats, partially to stress his point, but primarily to allow him time to gather his thoughts before continuing. Behind the sparkling eyes and boyish complexion, there is the astute mind of a shrewd operator. It is easy to forget that it takes nerves of steel as well as a few witty one-liners to achieve success in comedy. Two people, from two very different walks of life. Nevertheless, Kay and McIntyre alike possess the uncanny ability to captivate audiences of the broadest kind; a virtue which has propelled them to the forefront of contemporary British comedy. From gags about herbs and spices, to Rich Tea biscuits; in celebrating the daft little dramas that punctuate even the most inauspicious lives, their honesty and sincerity evoke sentiment, making them feel like a long-lost friend.

An Artists review Essay -- essays research papers

Nusrat Ahmad: Pioneer of Pakistan   Ã‚  Ã‚  Ã‚  Ã‚   As I walked up to the future interior designer of the Ahmad family, I wondered the extent to which Nusrat Ahmad had taken her designing career. I saw Nusrat sitting on the lush green sofa in the corner of her family room, thinking that one day she would be strategically placing sofas in other people’s houses. Belonging to a Pakistani family, I wanted to question the extent of approval she received from her family and relatives and inquire about other South Asians artists in today’s community.   Ã‚  Ã‚  Ã‚  Ã‚  Just like any other Pakistani family, Nusrat’s parents always wanted their daughter to be a doctor. As she struggled through high school with her science classes in order to please her parents, she started drawing as a hobby. Sitting bored in her Biology class, she developed a habit of drawing pictures of different organs of the human body in her notebook. She had no interest in the field and she bluntly told me that â€Å"I enjoyed drawing more than physics or biology.† (Nusrat) Her parents were unaware of her art, which started to show up at her school’s art exhibitions. Even until the end of her high school career, she did not tell her parents that she was serious about her art and wanted to pursue it, and only when she started college did she tell them that she had an avid interest in that field. They disregarded the idea, thinking of it as a childish interest and still forced her into pursuing a medical career. After the end of her first year in college, she started taking an afternoon art class with a famous abstract artist in Pakistan, Mansoor Elahi, who was well known for his murals in The Parliament, the President’s house. Even though her parents did not want her studying art, they allowed her to take that class due to her incessant nagging. Nusrat studied abstract art with him for about a year and a half, â€Å"encouraged by Mr. Elahi† (Nusrat) and most of her paintings were a reflection of his ideas. These paintings were exhibited at local art exhibitions on and off. Eventually, he told her that her paintings could be sold for about three thousand dollars a piece.  Ã‚  Ã‚  Ã‚  Ã‚  At the end of her particular 2 year college career, her peers granted her the title of â€Å"Nusrat daVinci,† a tradition where the juniors award a title of how an individual has been throu... ...estion as to why there are not that many Asian Americans represented in American literature is one that Nusrat could ask the same of South Asians.   Ã‚  Ã‚  Ã‚  Ã‚  When I asked Nusrat about the reason behind the scarcity of Pakistanis enrolled in art school, she agreed with Amy Tan’s comment about being â€Å"rebellious in nature and enjoy[ing] the challenge of disproving assumptions†(Tan, 264) Being brought up in Pakistan has given Nusrat an insight as to why there are so many restrictions on Pakistani children in their pursuit of art. The fact that being rebellious in nature has led both these artists to rise up and do what they desired is very stereotypical of artists, yet it has proven to be beneficial for both Tan and Nusrat.   Ã‚  Ã‚  Ã‚  Ã‚  Nusrat’s defiant nature has enabled her to explore horizons that are not normally delved into by Pakistani women. She is one of the first female artists from Pakistan who has dared to rise up and portray her artistic skills to the world. As I got up to leave the room where we sat for the interview, I could not help but wonder if this future interior designer and architect would be willing to design my future home.

Always Hope :: College Admissions Essays

Always Hope Without hope, we have nothing. I have learned this valuable lesson in dealing with my Mother and Cancer. My Mother passed over on June 4th of this year. Barely three months ago, and yet I still can't believe she is gone. Mom was given two weeks to live after finding out that she had Breast Cancer that had gone too far and was throughout her body. It is a miracle that she lived for 28 months and we thank God for each day. Mom faced death with courage, strength and never gave up hope for a miracle. Her Dr's were amazed each time they saw her, which was on a monthly basis. You couldn't look at her and see a thing wrong with her. She looked strong and robust, outgoing and if she didn't like something she would let you know. But she always had faith that when her time came she would go to meet her Maker and be reunited with her parents and members of the family that had already passed over. Mom had dreams throughout those 28 months of seeing my Grandmother. Speaking with her, in her dream s. And one thing that Nana always told her was to never give up her faith and hope. That without hope we have nothing. I believe that Nana was preparing her for her return to the Lord and to Nana. As I stated before, Mom passed over in June. It was the hardest time in my life. But the decisions that I made, where made in the hope that I was doing the right thing.

Moving towards a cashless society Essay

In history there was no money but people used to evaluate commodities in monetary terms. People used to make trade of goods for goods that could be estimated to have same monetary value as waved. The person who wanted to buy some commodity could make estimates of the commodity the seller has and compare its value in terms of worthiness to the commodity of exchange. Money was later invented as a tangible form that includes paper and coin. Transactions were all handled in monetary value and different currencies were also put in place for different nations. Different rates were also set up to be able trade efficiently on different currencies. Cash became the day to day ways of trading were one had to have paper money so that they could be able to acquire whatever they want. Banks were developed for easier and safe storage so that no one could get hold of in illegally. Cash or money has the following advantages like that the mode of payment is easier and simple because no so much transactions are made. Counterfeit money is also easy to detect and systemic risks are hardly a problem. There is no paper trail and is a peer to peer mode of payment. It also introduced lots of problem like theft and counterfeiting of paper cash. This led to the revolutionary of cashless society by introduction of cheques where people no longer carry cash but writes cheques that authorizes withdrawals and payments in terms of cash. (Thorndal, 1994) Traditionally deposits have been used for payments at a distance. Deposits can be transferred in a number of ways: payer initiated transfer, direct debit, standing order, check, credit card. With distance to distance payments or mode of trade the demand for are more fast and effective ways of communication and trade came into place. The introduction of ATM card was introduced by the banks to enhance trade. People no longer had to carry cash but could make withdrawals through these cards. The electronic cash system came into place where people can buy things over the internet using cards as a form of electronic commerce. This electronic cash system involves use of cards that have been categorized as credit cards, electronic cash and smart cards. The credit cards involve creating an encrypted channel for use of cards for internet like VISA or MasterCard. Electronic cash uses specially designed software where customer buys electronic cash for digital wallet then sends as payment to merchant. Examples are DigiCash and CyberCash. Smart cards include contact less and swap cards like MasterCard, Visa, Quicklink, VisaCash, Protonn and Danmont. The growth of payment cards reflects their attractiveness to consumers over other forms of payment and credit. Payment cards offer consumers numerous benefits, including better management of one’s expenses, improved recordkeeping, greater shopping convenience, reduction of the risk of theft, float for those who do not revolve balances, rewards from use of cards that are available for additional purchases, and, especially for debit cards, convenience in obtaining cash. I first discuss these benefits and then consider the benefits of payment cards when used to obtain credit. (Wallace, 1983) Payment cards allow consumers to manage their money better by making it possible to anticipate, plan, and match their obligations to their available funds. The payment cards allow consumers to smooth out unexpected expenditures such as car repairs or family emergencies . Payment cards also reduce the costs of record keeping and retaining individual receipts. Checks also offer this advantage but payment cards do not require the additional inconvenience of recording in and then rebalance a checkbook. Payment cards can also reduce the time and transaction costs associated with shopping. Advances in technology have dramatically increased the speed of processing card transactions which are now substantially faster than writing checks. If the ATM is outside of the consumer’s network the consumer must pay a fee to withdraw the money. In contrast transactional users of payment cards pay nothing to use their card. Transaction errors, such as receiving too little or too much change, are also probably higher with cash than with electronic payment card transactions. Another advantage of payment cards is that payment cards can be used in a wide variety of outlets hence helping both consumers and merchants. (Krueger, 1999) Some Debit cards, PIN or online cards allow consumers to withdraw additional cash beyond the price of the purchase for which the card is used thus saving the use of ATM. Unsecured personal finance loans are expensive with much higher initiation fees than credit cards. Credit cards are attractive for consumers for both cost and convenience. General purpose credit cards have also substantially displaced retail store credit. We have also so many disadvantage of using payment cards. One of this disadvantage in that they are risky for customers because they cay be incur fraud easily. People can use your card and pin number once known to withdraw or use your money. Credit cards are also expensive to acquire because they are costly. Payment cards are only acceptable by registered merchants and hence are not applicable everywhere. Card users also incur high interchange fee and cost while transacting using this payment cards. (Prinz, 1999) Specific regulations need to make a cashless society of cards work smoothly. Regulation in the payment card need to be set due to the claim of interchange fees are too high and as a result reduces consumers to overuse payment card. Interchange fees arose from the structure of the Visa and MasterCard networks. Visa adopted a fixed interchange fee which was not linked to the merchant discount charged by individual acquirers. A uniform fee reduced the transaction costs of negotiating separate interchange fees between acquirers and issuers and eliminated the difficulties that issuers faced in monitoring in the merchant discount set by the acquirers. Visa and MasterCard reduced the interchange fees charged to supermarkets hence reducing the merchant discount. Some regulations were also imposed on regulating card frauds that many banks face. Fraud card detectors have been setup and laws governing the enactment of the card fraud have been set to punish those fraudsters. The winners of the cashless society are the consumers or users of the cards because they have been absorbed from the risk of physical theft of money. Even though there are fraudsters, the users are not exposed to so much risk of theft. Card users can effectively purchase things online regardless of the distance because all transactions are done to the and at a very high speed. The losers are the merchants or company providing this services because the have to incur all the expenses of setting up this technology and infrastructure. Lastly they incur the problem of making all transactions possible regardless the distance and parties involved. The merchants incur all this cost and expenses in this cashless society. (Buiter, 2005) Reference Buiter, W (2005): New developments in monetary economics: Economic journal, Vol. 115 Thorndal, J. (1994): Prepaid cards and monetary Review: – Danmarks Publishers Krueger, M. (1999): Towards a Moneyless world: Dept of Economics and finance: University of Durham Press Prinz, A (1999): Money in the real and Virtual World: Netnomics journal. Wallace, N (1983): A suggestion for oversimplifying the theory of money: Economic journal

Developing Strategic Management and Leadership

Assignment on Developing Strategic Management and Leadership Skills Unit 1 Edexcel BTEC level 2 Extended Diploma in strategic Management and Leadership (QCF) Assignment Topics AC(1. 1)Explain the link between strategic management and leadership. AC(1. 2)Analyze the impact of management and leadership styles on strategic decision. AC(1. 3)Evaluate how leadership styles can be adapted to different situations. AC(2. 1)Review the impact that selected theories of management and leadership have on organizational strategic. AC(2. )Create a leadership strategic that supports organizational direction AC(3. 1)Use appropriate methods to review current leadership requirements. AC(3. 2)Plan for the development of future situations requiring leadership. AC(4. 1)Plan the developing of leadership skills for a specific requirement. AC(4. 2)Report on the usefulness of methods used to plan the development of leadership skills. Note: The Chosen Organization for the Assignment is TESCO. [pic] Tesco is a global grocery and general merchandise retailer headquartered in Cheshunt, United Kingdom.It is the third-largest retailer in the world measured by revenues (after Wal-Mart and Carrefour) and the second-largest measured by profits (after Wal-Mart). It has stores in 14 countries across Asia, Europe and North America and is the grocery market leader in the UK (where it has a market share of around 30%), Malaysia, the Republic of Ireland and Thailand. The company was founded by Jack Cohen in 1919 and opened its first store in 1929 in Burnt Oak, Edgware, and Middlesex. The Tesco name first appeared after Cohen purchased a shipment of tea from T. E.Stockwell and combined those initials with the first two letters of his surname. Originally a UK-focused grocery retailer, Tesco has diversified both geographically and into areas such as the retailing of books, clothing, electronics, furniture, petrol and software; financial services; telecoms and internet services; DVD rental; and music down loads. Tesco is chosen for the assignment due to certain reasons. Tesco is one of Britain’s fastest-growing and most innovative retailers, recognized as one of the best companies to work for in the UK. Tesco gives their employees clear objectives and expectations.At the same time, they also allowed more freedom for individual initiative than most other retailers, as they believe that it is ultimately this sort of personal touch that can make all the difference to their customers. [Source: Tesco Website: http://www. tesco. com] Table of Contents |Task |Topic |Page | |AC(1. 1) |Explain the link between strategic management and leadership. |5 | |AC(1. 2) |Analyze the impact of management and leadership styles on strategic decision. 7 | |AC(1. 3) |Evaluate how leadership styles can be adapted to different situations. |9 | |AC(2. 1) |Review the impact that selected theories of management and leadership have on organizational |10 | | |strategic. | | |AC(2. 2) |Create a leadership strategic that supports organizational direction. |13 | |AC(3. 1) |Use appropriate methods to review current leadership requirements. |14 | |AC(3. 2) |Plan for the development of future situations requiring leadership. 17 | |AC(4. 1) |Plan the developing of leadership skills for a specific requirement. |19 | |AC(4. 2) |Report on the usefulness of methods used to plan the development of leadership skills. |21 | |- |Reference |22 | |- |Bibliography |22 | AC(1. 1): Explain the link between strategic management and leadership.To explain the link between strategic management and leadership we should have a clear understanding of what these two terms actually mean. After understanding these two terms we can easily explain the link between them. Strategic Management: According to Barratt and Mottershead (2000), strategy is described as the way of achieving our objectives. Strategy enables us to ensure that all our work and things we do every day are going to help us in the long term inte rests of the organization. Strategic Management is the process of establishing and maintaining good strategies.Making and defining strategy is not enough, you will have to work out a plan for implementing that strategy in its true spirit. Good strategic management is plays a key role in approaching business opportunities and challenges. Leadership: There are different ways of describing leadership so it is very difficult to provide a single definition that fulfills the task. As Brindley and Buckley (2004) argued that, â€Å"Leadership has been identified as the process by which individual and group activities are influenced towards organizational goals†. The same thing is narrated in Business ManagementStudy Manual compiled by The Association of Business Executives (2007). They are of the view that, â€Å"Leadership is a process by which individuals are influenced so that they will be prepared to participate in the achievement of organizational or group goals. † While Marcouse (2008) narrates that, â€Å"Leadership, at its best, means inspiring staff to achieve demanding goals. † All these things emphasize on one basic idea and that is Inspiration or Influence. So we can say that Leadership is the art of getting things done by inspiration or influence of the leader on its followers while Management mainly depends on the analysis and ground realities.After all the discussion we came to the conclusion that Leadership and Strategic management are interlinked with some minor differences. In the case of strategic management we are trying our best to achieve some long term goals and the same is the case with leadership. In both cases we should have someone with a broad vision; either it’s a leader or a manager. The bottom line of all this discussion is beautifully captured by the golden words of Field Marshal Slim that (quoted in Business Management Study Manual), â€Å"Leadership is of the spirit, compounded of personality and vision: i ts practice is an art.Management is more a matter of accurate calculation, of statistics, methods, timetable and routine: its practice is a science. † AC(1. 2): Analyze the impact of management and leadership styles on strategic decisions. Leadership and Management Styles: There is famous saying that, â€Å"Change is the only unchangeable thing in nature† (Heller & Hindle, 2008). Similarly in our daily life things are changing rapidly and we have to adopt ourselves to these changes. We can’t say that we will remain in the same situation forever.We have to act according the situation. Similarly there certain ups and downs in organizations as well. So the managers and leaders adopt different styles for different situation. According to Whitcomb (2000), some famous and widely recognized styles are: a) Autocratic: In this style people are told what to do and how to do. They have no role in decision making. Once made, a decision must not be questioned. b) Democratic: In this style decisions are made on the views of as many people as possible that are involved. ) Passive: In this style people are given general directions on the tasks to be tackled and then left alone to achieve them in the way they think is best. d) Charismatic: In this style leader influences and motivates others because of his/her outstanding personality or character. As mentioned earlier, that these styles depend on certain situations and to be a good leader/manager you would have to adopt all of them. All these styles of management and leadership have certain impact on strategic decisions. The organizations led by Autocratic leader are basically Task Oriented.According to Jenkins and Hamman (2001), the advantage of such style is that the decisions are made quickly because people know where they stand. But the employees in such organizations are not happy to some extent because they have no role in decision making. As Barratt and Mottershead (2000) is of the opinion that in Au tocratic leadership the Work-force is not encouraged to think for itself, and emphasis is more on quantity than quality. While the organizations led by Democratic leaders have proved good because they are both Task oriented as well as Relationship oriented.But according to Barratt and Mottershead (2000) the decision making process is slow and that can be dangerous. And the organizations led by Passive style are Relationship oriented. And Marcouse (2008) is of the view that this only occurs when the manager is very busy or very lazy or has confidence on his/her team and knows what they are capable of. According to Whitcomb (2000), Charismatic style of leadership is very rare but can be very successful in the extent to which they can motivate others to do things to support them. AC(1. 3): Evaluate how leadership styles can be adopted to different situations.Leadership styles can be adopted according to the situations. For example; during a war a commander has to make quick decisions ( Brindley and Buckley, 2004), or in the case of a natural disaster there is no time for suggestions from the people, so autocratic style will be perfect. The bottom line is that for quick decision you should always go for the Autocratic style. In the case of a Research and Development Organization, employees are highly trained, skilled and professional people, so the style that best suits this situation is Laissez-faire.Because employees know what they are doing and what are their goals. And the situation that is the best candidate for Democratic style is a youth club planning for their summer camp. They will have to take suggestions from all the persons involved and then will make a decision. In this case the decision making process is slow but effective at the end of the day. AC(2. 1): Review the impact that selected theories of management and leadership have on organizational strategy in your chosen organization. Every single person on this earth is different.The difference may be in way of thinking, analyzing something, working or implementing something. Along the course of life humans made many theories about things around them, some of them were wrong and some proved successful. Human are called the most superior species on planet earth and this superiority is due to the fact that humans learn from their mistakes. So humans learnt a lot from their mistakes and devised new theories. In this task we are going to focus our attention on the different theories of leadership and management made during 19th and 20th century.Theories of management and leadership: According to Morris (1999), â€Å"The first-rate way of making a fool of oneself is to propose as new an approach tried and rejected by earlier generations†. There are a lot of ways of doing something, some of them have been tried before and some are not. So a successful manager always learns from the past experiences and tries not to repeat the mistakes. The 20th century has seen many theories of management applied to the organizations; some of them are described below. a) The Classical School: According to Morris (1999), this approach is ased on the main purpose and the structure of the organization. The organization is just like a machine, just feed the input and get the output. The role and position of every individual is defined. People are supposed to do things as mentioned by the higher level, human feelings are irrelevant. b) Bureaucracy: The main emphasis is on the performance and duties of the individuals. The duties of the all the individuals are fixed according to the area of their expertise. And like Classical School theory, human feelings are irrelevant. ) Systems Theory: This theory was developed in 1950s and 1960s. The theory is based on the working of a typical system. It takes certain input (raw material, people) and transforms them through a process into output (organizational goals). d) Human Relations Theory: This theory was developed in 1930s. The main theme of this theory is the human relations. The Association of Business Executives in Organizational Behavior mentioned that, â€Å"to understand and improve an organization, you need to understand the people who work for it. † ) Contemporary Theories: These theories are based upon the idea of sticking to the key functions of the organization and puts emphasis on going towards excellence. f) Contingency Theories: This theory emphasizes that there is no single particular way of running an organization. Everything is dependent on the situations through which the organization is passing by. Impact on Tesco: Tesco is one of the leading organizations, with a vision of providing people everything they need, under one roof at affordable price. Now we see the impact of the selected theories of management on the strategy of Tesco.The impact of Classical School theory on Tesco’s strategy is a bit disappointing because Tesco believes in excellence with the help of its employees. So the Classical Theory is surely going to inversely affect the strategy of Tesco. The Bureaucratic Theory’s impact is similar to the Classic School Theory. But this approach is providing a helping hand in organizing the overall working of the Tesco. But only defining the duties of the employees and organizing them is not enough. The Tesco’s strategy is to run the organization in a disciplined manner, keeping in mind the feelings of its employees.The impact of Human Relation Theory on Tesco’s strategy is not good enough. It should be kept in mind that this theory alone is not enough to provide any progress in long term. But the good thing about it is that it takes into account the ideas of all the employees. The Contemporary and Contingency Theories have a good impact on Tesco’s strategy. Both these theories are leading Tesco towards excellence. Changing the style according to the situation and sticking to the overall performance is surely good enough fo r Tesco’s progress in long term.AC(2. 2): Create a leadership strategy that supports organizational direction in your chosen organization. We have seen the impact of different theories of management and leadership on the strategy of Tesco. And we came to the conclusion that there is no single theory that can support Tesco’s strategy. Everything depends on the situation of that organization in a particular time frame. So in the case of Tesco the best strategy that supports organizational direction is the Bureaucratic approach along with a flavor of Human Relation theory.The Bureaucratic approach will be helpful in achieving the organizational goals and keeping everything on track. It will also help Tesco to maintain its day-to-day budgets in control and will make some serious profits for the organization. The Human relation approach will take into account the feelings and needs of the staff and the people attached with Tesco. It will ensure that the workforce is enjoyin g its time working with Tesco and take their work to perfection. This new combination will be very helpful in maintaining the discipline in the organization and will be very beneficial for the employees.So the working and the progress of Tesco will be very smooth. The people will be aware of their position and duty in Tesco and they will be free to work out a plan for performing their duties efficiently. Although this new leadership strategy seems a bit odd to many people but if it is implemented in its true spirit, it will be very helpful. AC(3. 1): Use appropriate methods to review current leadership requirements. There are certain methods available for reviewing the leadership requirements. Some of them are listed below.Blake and Moulton’s Managerial grid: According to Mullins (2005), Blake and Moulton’s Managerial grid is one of the several methods available for reviewing leadership requirements. According to this method, all managerial and leadership styles are re viewed on the basis of two main rules. 1. Concern for Results; and 2. Concern for People. In the first case, manager diverts all its energy on the accomplishing of tasks in given time. This is shown along the horizontal axis on the grid. While in second case, employees and their needs are given importance.And this is represented along the vertical axis of the grid. Barratt and Mottershead (2000) have narrated this grid as a Matrix of managerial styles. [pic] Figure: Blake and Moulton’s Managerial Grid (Source: http://www. gridod. com/images/LeadershipGrid. jpg) The numbers inside the grid indicate the degree of concern of the mangers. For example; managers with a rating of (9,1) practice Autocratic style because they show little concern for the employees. On the other hand, a rating of (1,9) depicts the behavior of a Democratic manager. It is also referred as â€Å"Country Club† management by some authors.According to my research and findings, the management style of T esco, on the basis of Blake and Moulton’s managerial grid, should be rated as (7,5). 360 ° Feedback: According to Mullins (2005), â€Å"The idea of 360 ° feedback involves an appraisal and feedback from different groups within the work situation – peers and subordinates as well as bosses, and possibly internal and external customers. † The main purpose of the 360 ° feedback is to highlight the strengths and weaknesses of an individual or an organization. It may include a self-assessment questionnaire.This feedback helps in overcoming the weaknesses and exploiting the strengths of the organization. [pic] Figure: Mulins’s 360 Degree Feedback Cycle Source: http://recordtracker. net/images/pic_360. gif MBO (Management by Objective): Another common approach in reviewing leadership and management styles is Management by Objectives commonly known as MBO. According to Mullins (2005, p. 249), MBO is a system of management which is aimed at relating the organ izational goals to individual performances and development through the involvement of all levels of management.While Morris (1999), is of the view that the top manager should set an overall objective, and should convey it to the lower management for completion. MBO is potentially an attractive system. It provides an opportunity for staff to accept greater responsibility and to make a higher level of personal contribution. {Mullins (2005)} [pic] Source: http://leapcomp. com/wp-content/uploads/2009/03/mbo-process-cycle2. gif Mc. Gregory’s Theory X and Theory Y: The figure defines both the theories in detail. The bottom line is that Theory X is Task oriented and Theory Y is Relationship oriented. [pic]Source: http://www. vectorstudy. com/management_theories/img/theory_x_y. gif AC(3. 2): Plan for the development of future situations requiring leadership. A good leader is always prepared for the any kind of challenge. He acts quickly and accurately according to the given situation . We can say that a good leader takes the right decision at the right time. I have listed a couple of future situations here that will require a firm leadership. Conflict Resolution: You cannot stop conflicts from occurring between individuals and organizations. Sometimes these conflicts are useful and sometimes they are not.When I say useful, it means that sometimes new ideas are created from these conflicts. Or these conflicts point to a deficiency or a week point in the management of the organization. So they are helpful in pinpointing the lapses. On the other hand sometime these conflicts leave a bad impression. Whatever the reason is, conflicts should be resolved smoothly. So for the purpose of conflict resolution a leader should be there with a remedy. And it is then up to the leader to resolve that conflict in any way he likes; whether by choosing Autocratic style or by Democratic style.Merger and Acquisition: Another most important situation for an organization is merger or acquisition. It’s a really very difficult decision. You have to be very accurate in your calculations and should have a good insight of market trends. A leader with a vision and deep thinking is essential in this case. Either you are going for merger or going for acquisition, you should be able to foresee the state of your employees and organization in coming years. Recession: A couple of years ago there was no concept of recession on a large scale. But now many of the world’s most popular economies are facing difficult times.Now-a-days recession has become a worst nightmare for many people around the globe. And according to the economist it is the only chance for organizations to control their budget. So for recession there should be a strong leader with a clear cut policy. This is the worst case scenario and a true test of a leadership that how it overcomes recession. Adaptation for change in technology, taste and performance: Change is the unchangeable law of nature . And adaptation for change is very difficult for certain organizations and it may be due to many factors.One of the key factors is that many old employees don’t welcome change because they are used to work in old fashion and any change in technology, taste and performance is a bit difficult for them. So a sincere leadership is required for any change to become successful in organization, a leadership that is able to remove the ambiguities from the minds of all employees about the nature of the change. Natural Disaster: Another very important situation that requires a leadership is a natural disaster. During the period of a natural disaster many employees and organizations are in a state of ambiguity.They are unable to perform their duties efficiently. That’s why a firm and dedicated leadership is required, that is capable of overcoming the difficulties, and is capable enough to restore the confidence of the employees and organization. AC(4. 1): Plan the development of leadership skills for a specific requirement. There are certain skills that every leadership should possess. True leaders have these skills in their genes and others adopt them during the course of their life. But one thing is certain that these skills are present in all the great leaders of the world.The possession of these qualities is not enough; a good leader should be able to develop these skills and to be able to apply them in accordance with the requirement. A good leader possesses the right skills and uses them in the behavior that best suits the current situation. The main skill of a leader is its influence. A good leader always uses its influence on its followers to obtain the best results. Inspiration can bring huge changes in organizations. So a good leader should always try to develop and enhance its influence by empowering its employees. So this skill can be developed by self-help by learning from mistakes.A good leader should have good communication skills. He should be able to communicate easily with his team members. Now-a-days the world is becoming a global village and to become a good leader, one has to be able to understand the feelings of others. So a leader should practice more and more to master this skill. A good leader should always be adaptable to change. He should have a vision and he should try to introduce modern ways of getting things done. He should encourage his staff to use new technology and new techniques for their routine work. He should be confident and determined in his vision.So he should arrange seminars and workshops to convey his vision to his followers. A good leader should be unbiased; he should be able to manage diversity within an organization. He should be role model for all the employees from any origin. He should be punctual and honest. It’s only through his own punctuality that he can maintain discipline in the organization. A good leader should be able to communicate the policy and regulations of the o rganization to every single employee. And that can only happen when he first exercises them himself before communicating to others.He should be able to expand the organization in all ways possible. He should be able to appoint new staff and train the old staff according to the new technology. He should arrange training courses and other developmental activities for his company. He should also use his powers to keep the organizations on track. And most importantly he should use his power of rewarding for winning the heart of his employees. He should be a good speaker so that in any situation he is able to explain the position of organization in an effective manner.A good leader should possess good coordination skills for maintaining the integrity between different departments of the organization. Discipline should be the main thing for a leader and there should be no excuse for it. Because it is the main factor that can change the fate of the organization. A good leader should be hon est and well-wisher of its people. He should stick to his commitments and promises. A leader should be a good listener; it helps him in overcoming the weaknesses of the organization and sometimes gives him a chance to grab some new ideas as well. AC(4. ): Report on the usefulness of methods used to plan the development of leadership skills. There are certain methods that we can use to plan the development of leadership skills. One of the best methods is to call a meeting of the staff and ask about their ideas. The best method, however, is 360 ° feedback. It helps you in understanding your exact position in organization. Another widely used method is to gather as much information as you can about the life of great leaders. It will help you in adopting their skills and their secrets of the trade. Another way of developing leadership skills is to get familiar with your followers.It will help you in understanding their feelings and their needs, which in turn will help you in managing their needs. So we used different plans for the development of leadership skills including; seminars, meetings, training courses, self-help, learning from mistakes and a lot others. All these methods are very useful to plan the development of leadership skills. Seminars and workshops are very helpful in understanding the point of view of other people. Training courses help in understanding and overcoming new challenges. These courses help organizations to implement effective ways of getting things done.They also help in creating a learning environment in an organization. Meetings should be arranged regularly; this will help a leader in developing his communication and coordination skills. Another very important method is exchange visits. These are very helpful in developing leadership skills. These visits may be between different sections of the same organization or between different organizations. These are very helpful in developing the leadership skill of managing diversity. Refe rences: Barratt, Mottershead. (2000), Business Studies, Italy, G. Cannale & C. S. p. A Borgano T. se – Turin.Brindley, Buckley. (2004), Business Studies, A-Level Study Guide, Hants, Ashford Color Press, Gasport, Hants: Pearson Education Limited. Business Management Study Manual, The Association of Business Executives. Heller, Hindle (2008), Essential Manager’s Manual, London: A Penguin Company Marcouse, Surridge and Gillespie (2008), Business Studies for A Level, Third edition, Italy: Hodder Education. Morris, M. J. (1999), The First Time Manager, 2nd Edition, London: Clays Ltd, St Ives plc. Mullins, L. (2005), Management and Organizational Behaviour, 7th Edition, Essex; Pearson Education Ltd.The Association of Business Executives, Organizational Behaviour Whitcomb, A. (2000), Comprehensive Business Studies, 5th Edition, Essex: Pearson Education Limited. http://www. emeraldinsight. com/products/journals/journals. htm? id=sl (Accessed on 13th October, 2010) http://www. Tesco. co. uk (Accessed on 13th October, 2010) http://top7business. com/? id=2113 by Akhil Shahani (Accessed on 20th October, 2010) Bibliography: Greene, Stellman (2005), Applied Software Project Management, O’Reilly Inc. Jenkins, Hamman (2001), GCSE Business Studies, Italy: Hodder and StoughtonEducational Schermerhorn, Hunt, Osborn (2002), Organizational Behavior, 7th Edition, USA: John Wiley and Sons, Inc. http://www. ccl. org/leadership/pdf/research/LeadershipStrategy. pdf (Accessed on 13th October, 2010) http://www. emeraldinsight. com/products/journals/journals. htm? id=sl (Accessed on 13th October, 2010) http://www. nwlink. com/~donclark/leader/strategy. html (Accessed on 13th October, 2010) http://www. zeromillion. com/business/leadership-strategy. html (Accessed on 13th October, 2010) http://www. businessballs. com/leadership. htm (Accessed on 20th October, 2010)

Benefits/Oppressions of Culturally Diverse Populations Essay

The history and theories of counseling and psychology have both benefited and oppressed culturally diverse populations. It is common knowledge that the founding fathers of counseling were all white males of the socioeconomic status of middle to upper class. Therefore, the majority of theories are rooted in research and evidence that assists this particular group. However, as the world becomes more and more diverse, the one size fits all counseling theories no longer service the needs of the clients. Therapists must be cognoscente of the populations he or she services and the techniques best suited to fit these needs. As Sue & Sue state, â€Å"If deviations from the majority are considered abnormal, then many ethnic and racial minorities that exhibit strong cultural differences from the majority have to be so classified.† (p. 93). For example take IQ tests, achievement tests, and personality inventories. What is considered normal within one culture may be considered abnormal within another. It has been a long held belief that black males feel as though â€Å"The Man† is out to get them (Sue & Sue, 2013). It has been through various personality assessments that African Americans have been found to be suspicious, mistrustful, and paranoid (Sue & Sue, 2013). However, what was not considered throughout these findings was that African Americans have been discriminated against throughout time and therefore have reason to behave in such ways (Sue & Sue, 2013). In fact, in Grier and Cobbs’ book Black Rage (as cited in Sue & Sue, 2013), it was noted that African Americans had to use a variety of survival techniques in order to survive the racial society in which they lived. In essence what was perceived as abnormal behavior that of suspicion and mistrust, turned into the survival skills needed to protect this particular group from potential harm. The counseling relationship is an ever-revolving process. There is no one set of standards and techniques that can be applied to each and every group. Throughout the years therapists have come to the realization that additional strategies need to be imposed and that not all situations can be viewed and evaluated with the same lens. The clinician must be introspective of his or her own particular world views and adjust his or her practice to meet the needs of the diverse populations he or she serves.

Problem in Rising Price of Commodity in World Essay

India is faced today with one of the most critical economic situations. At no other time did Indians witness the horrible phenomenon of spiraling prices as they do today, prices are soaring like rackets and each day one finds a rise in prices of more or less all essential commodities. Inflationary pressures are doing plenty of mischief and the people of middle class families are finding it a Himalayan task to make both ends meet. In a developing economy, prices usually display an upward trend. But if prices keep rising persistently, they cause great hardship to the people. They spare neither the rich nor the poor, neither the producers nor the consumer. They make a economic activities uncertain and unstable, causing great unrest in the minds of the people. Prices are expressed in terms of money. When the rupee or any other currency buys much less than what it used to, and more is to be paid for practically every item, then the problem of rising prices comes into being. In economic terminology it is known as ‘Inflation’. Where the balance between money supply on the one hand and goods and services on the other is disturbed, a critical problem arises. If money supply increases more than goods and services available prices will rise. The fixed-income groups like salaried people, wage-earners and pensioners are the most helpless victims of inflation. As prices rise, their real income gets eroded. The additional dearness allowance which the government sanctions from time to time proves of no use to them, because their purchasing power actually goes down. Inflation induces businessmen to invest their money in nonproductive assets like gold and land whose real worth is not affected by rising-prices. High prices also adversely affect the exports of the country and distort the balance of foreign trade. In a developing economy a certain rise in prices in inevitable for at least three major reasons. First, the programmes of economic development generate larger employment and money incomes and these increase the demand for basic consumer goods and services. The new incomes are not proportionately reflected in saving because a majority of the beneficiaries have to spend most of the additional money they get on satisfying unfulfilled needs. Secondly, the same programmes of economic development as generate the new money incomes push-up the demand for certain goods wanted also by the consumer, such as agricultural products, fuel, housing materials and the like. A third reason, of which the first two may be looked upon as special cases, is the large increase in currency in emulation and the operation of the law of supply and demand. Unless the production of basic consumer goods keeps pace with the increase in currency that is rendered inevitable by large scale, long term planning, prices are bound to rise even of the production of consumer goods is maintained at the old level. Numerous factors can be cited to explain price rise in India First, our economic planning has suffered from serious drawback, right from the beginning. During the various Five-Year Plans, while the public expenditure persistently increased, the production targets were never realized. Secondly, this forced the Government to resort to deficit financing. The resulting imbalance inevitably led to inflation. The Third, major factor responsible for price rise is that due to great emphasis laid on heavy industries in our Five-Year-Plans, agriculture and consumer goods industries, which produce the items required by the people, have received insufficient attention. Consequently, agricultural production has not kept pace with consumption. Fourthly, in an underdeveloped economy like ours, the first increases in income always tend to be expended on food articles. In other words, the level of consumption tends to increase with increases in income. The cumulative effect is a growing pressure on prices. Fifthly, there is a tremendous increase in population. About ten million new mouths are to be fed every year. Sixthly, there are psychological factors that push up the prices. Continually rising prices give rise to rising expectations, with the result that farmers and stockiest tend to hoard more and more stocks, anticipating further increase in prices. Seventhly, there has been very heavy taxation on the public—both direct and indirect. In an underdeveloped country like ours, this adds to the inflationary pressure for number of reasons. Heavy taxes on industries are ultimately passed on to the consumers, thus increasing their cost of living. Heavy taxation also discourages greater production. Defective tax-structure has encouraged tax-evasion and accumulation of black money and smuggling. Eighthly, majority of Indians have no community consciousness. There is no organized consumer resistance to price rise. The Ninth factor is the faulty distribution and marketing system. Last, but not the least, was the international factor, increase of oil prices in the international market. In order to solve this difficult problem, some drastic steps must be taken. First, the entire strategy of planning should be changed. There should be equal attention on heavy industries and agriculture and consumer goods. Secondly, the mounting governmental administrative expenditure should be drastically curtailed as it is mostly wasteful and non-development expenditure. Thirdly, tax burdens on the public should be reduced. And finally, no hoarder, profiteer or black marketer should be left with impunity. Unless they are crushed with a heavy hand, the common man is bound to suffer. Our government is quite conscious of the magnitude and implications of the problem. It has already initiated a number of steps to check inflationary tendencies. What we now need is a strict enforcement of these steps. Apart from accelerating growth and imposing curbs on money supply, we need an effective distribution system. We also need the support of the social workers and other public minded citizens to keep a watch on the unethical practices of shopkeepers.. But nothing can mitigate the situation unless the growth of our population is checked.