Teddy Bear Essays - English-language Films, Teddy Bear, Bear

Teddy Bear Essays - English-language Films, Teddy Bear, Bear Teddy Bear A bear, however hard he tries Grows tubby without exercise. Our Teddy Bear is short and fat, Which is not to be wondered at; He gets what exercise he can By falling off the ottoman, But generally seems to lack The energy to clamber back. Now tubbiness is just the thing Which gets a fellow wondering; And Teddy worried lots about The fact that he was rather stout. He thought: "If only I were thin! But how does anyone begin?" He thought: "It really isn't fair To grudge one exercise and air." For many weeks he pressed in vain His nose against the window-pane, And envied those who walked about Reducing their unwanted stout. None of the people he could see "Is quite" (he said) "as fat as me!" Then, with a still more moving sigh, "I mean" (he said) "as fat as I!" Now Teddy, as was only right, Slept in the ottoman at night, And with him crowded in as well More animals than I can tell; Not only these, but books and things, Such as a kind relation brings - Old tales of "Once upon a time," And history retold in rhyme. One night it happened that he took A peep at an old picture-book, Wherein he came across by chance The picture of a King of France (A stoutish man) and, down below, These words: "King Louis So and So, Nicknamed 'The Handsome!'" There he sat, And (think of it!) the man was fat! Our bear rejoiced like anything To read about this famous King, Nicknamed "The Handsome." There he sat, And certainly the man was fat. Nicknamed "The Handsome." Not a doubt The man was definitely stout. Why then, a bear (for all his tub ) Might yet be named "The Handsome Cub!" "Might yet be named." Or did he mean That years ago he "might have been"? For now he felt a slight misgiving: "Is Louis So and So still living? Fashions in beauty have a way Of altering from day to day. Is 'Handsome Louis' with us yet? Unfortunately I forget." Next morning (nose to window-pane) The doubt occurred to him again. One question hammered in his head: "Is he alive or is he dead?" Thus, nose to pane, he pondered; but The lattice window, loosely shut, Swung open. With one startled "Oh!" Our Teddy disappeared below. There happened to be passing by A plump man with a twinkling eye, Who, seeing Teddy in the street, Raised him politely to his feet, And murmured kindly in his ear Soft words of comfort and of cheer: "Well, well!" "Allow me!" "Not at all." "Tut-tut! A very nasty fall." Our Teddy answered not a word; It's doubtful if he even heard. Our bear could only look and look: The stout man in the picture-book! That 'handsome' King - could this be he, This man of adiposity? "Impossible," he thought. "But still, No harm in asking. Yes I will!" "Are you," he said,"by any chance His Majesty the King of France?" The other answered, "I am that," Bowed stiffly, and removed his hat; Then said, "Excuse me," with an air, "But is it Mr Edward Bear?" And Teddy, bending very low, Replied politely, "Even so!" They stood beneath the window there, The King and Mr Edward Bear, And, handsome, if a trifle fat, Talked carelessly of this and that. Then said His Majesty, "Well, well, I must get on," and rang the bell. "Your bear, I think," he smiled. "Good-day!" And turned, and went upon his way. A bear, however hard he tries, Grows tubby without exercise. Our Teddy Bear is short and fat, Which is not to be wondered at. But do you think it worries him To know that he is far from slim? No, just the other way about - He's proud of being short and stout

The History of the Olmec Site of La Venta

The History of the Olmec Site of La Venta The Olmec capital of La Venta is located in the city of Huimanguillo, in the state of Tabasco, Mexico, 15 kilometers (9 miles) inland from the Gulf coast. The site is perched on a narrow natural elevation approximately 4 km (2.5 mi) long which rises above the wetland swamps on the coastal plain. La Venta was first occupied as early as 1750 BC, becoming an Olmec temple-town complex between 1200 and 400 BC. La Venta was the primary center of the Olmec culture and likely the most important regional capital in non-Maya Mesoamerica during the Middle Formative period (approximately 800-400 BC). In its heyday, La Ventas residential zone included an area of ~200 hectares (500 acres), with a population numbering in the thousands. Architecture at La Venta Most of the structures at La Venta were built of wattle-and-daub walls placed atop earthen or adobe mudbrick platforms or mounds  and covered with a thatched roof. Little natural stone was available, and, apart from the massive stone sculptures, the only stone used in public architecture was a few basalt, andesite and limestone foundational support or internal buttresses. The 1.5 km (~1 mi) long civic-ceremonial core of La Venta includes over 30 earthen mounds and platforms. The core is dominated by a 30 meter (100 foot) high clay pyramid (called Mound C-1), which has been heavily eroded  but was likely the largest single building at the time in Mesoamerica. Despite the lack of native stone, La Ventas artisans crafted sculptures including four colossal heads from massive blocks of stone quarried from the Tuxtla Mountains approximately 100 km (62 mi) to the west. The most intensive archaeological investigations at La Venta were conducted in Complex A, a small group of low clay platform mounds and plazas within an area of about 1.4 hectares (3 acres), located immediately north of the tallest pyramidal mound. Most of Complex A was destroyed shortly after the excavations in 1955, by a combination of looters and civic development. However, detailed maps of the area were made by the excavators and, due primarily to the efforts of archaeologist Susan Gillespie, a digital map of the buildings and construction events at Complex A has been made (Gillespie, Gillespie, and Volk). Read more on Complex A at La Venta Subsistence Methods Traditionally, scholars have attributed the rise of Olmec society to the development of maize agriculture. According to recent investigations, however, the people at La Venta subsisted on fish, shellfish and terrestrial faunal remains until about 800 BC, when maize, beans, cotton, palm and other crops were grown in gardens on relict beach ridges, called tierra de primera by maize farmers today, perhaps fueled by long-distance trade networks. Killion (2013) conducted a survey of paleobotanical data from several Olmec period sites including La Venta. He suggests that the initial founders at La Venta and other Early Formative sites such as San Lorenzo were not farmers, but rather were hunter-gatherer-fishers. That dependence on mixed hunting and gathering extends well into the Formative period. Killion suggests that the mixed subsistence worked in the well-watered lowland environments, but that a wetland environment was not suited to intensive agriculture. La Venta and the Cosmos La Venta is oriented 8 degrees west of north, like most Olmec sites, the significance of which is obscure to date. This alignment is echoed in Complex As central avenue, which points to the central mountain. The central bars of each of La Ventas mosaic pavements  and the four elements of the quincunxes in the mosaics are positioned at intercardinal points. Complex D at La Venta is an E-Group configuration, a specific layout of buildings identified at over 70 Maya sites and believed to have been designed to track movements of the sun. Archaeology La Venta was excavated by members of the Smithsonian Institution, including Matthew Stirling, Philip Drucker, Waldo Wedel and Robert Heizer, in three major excavations between 1942 and 1955. Most of this work was focused on Complex A: and the finds from that work were published in popular texts and La Venta quickly became the type site for defining the Olmec culture. Shortly after the 1955 excavations, the site was badly damaged by looting and development, although a brief expedition did retrieve some stratigraphic data. Much was lost in Complex A, which was torn up by bulldozers. A map of Complex A made in 1955 formed the basis for digitizing the field records of the site. Gillespie and Volk worked together to create a three-dimensional map of Complex A, based on archived notes and drawings and published in 2014. The most recent archaeological studies have been undertaken by Rebecca Gonzlez Lauck at the Instituto Nacional de Antropologà ­a e Historia (INAH). Sources Clark JE, and Colman A. 2013. Olmec Things and Identity: A Reassessment of Offerings and Burials at La Venta, Tabasco. Archeological Papers of the American Anthropological Association  23(1):14-37. doi: 10.1111/apaa.12013 Gillespie S. 2011. Archaeological Drawings as Re-Presentations: The Maps of Complex A, La Venta, Mexico. Latin American Antiquity  22(1):3-36. doi: 10.7183/1045-6635.22.1.3 Gillespie SD, and Volk M. In press. A 3d model of Complex A, La Venta, Mexico. Digital Applications in Archaeology and Cultural Heritage (in press). doi: 10.1016/j.daach.2014.06.001 Killion TW. 2013. Nonagricultural cultivation and social complexity (with commentary). Current Anthropology 54(5):596-606. doi: 10.2307/276200 Pohl MD, and von Nagy C. 2008. The Olmec and their contemporaries. In: Pearsall DM, editor. Encyclopedia of Archaeology . London: Elsevier Inc. p 217-230. doi: 10.1016/B978-012373962-9.00425-8 Reilly FK. 1989. Enclosed ritual spaces and the watery underworld in Formative period architecture: New observations on the function of La Venta Complex A. In: Robertson MG, and Fields VM, editors. Seventh Palenque Round Table. San Francisco: Pre-Columbian Art Research Institute. Rust WF, and Sharer RJ. 1988. Olmec Settlement Data from La Venta, Tabasco, Mexico. Science 242(4875):102-104. doi: 10.1126/science.242.4875.102

Media Log and Analysis Essay Example | Topics and Well Written Essays - 1000 words

Media Log and Analysis - Essay Example Through an analysis of my media consumption, I managed to draw some conclusions and decipher a pattern. I will highlight the issue of sending text messages first. I realized that I am accustomed to sending more text messages during periods that I am not engaging actively in another activity. For example, I am likely to send very few texts when I am driving or playing video games. From my records, I sent a minimum of 30 messages over the 7 hours that I was busy playing video games. On the contrary, I sent 150 messages over a similar duration when I did not have much to do. This makes it clear that sending messages is a preferred preoccupation during times when I have nothing else to do. My first day of recording was a Friday and considering the fact that I sent 263 messages on Friday and 150 on Saturday, I deciphered that Saturday is a busier day translating to lesser time spent sending messages. The number of messages sent on Friday tells it all that I had little to do and I needed t o preoccupy myself through catching up with friends via messages. From this, I deciphered a negative relationship between the level of activity in the realistic world and the level of engagement in the electronic media world. Although sending text messages is fun, I realize that is should engage in real-time conversations with people. In addition, text messages often leave the recipient with a lot of room of reading in between the lines and deciphering more that a simple text intended to communicate. Moreover, I realized that it is easier for me to send a text message that starting up a conversation when I am around people (Wankel and Shaun 139). This serves to highlight the negative effects of relying on electronic media. Apparently, although I spent a lot of time sending text messages, phone calls are limited. On the first day, which was a Friday, I recorded fourteen calls. Interestingly, half of these calls were from family while the rest were from my close associates. The other two days had fewer phone calls because I was a lot busier. Sunday had only five phone calls and this implies that I spent quality time having real time conversations. Sending more text messages and having few phone calls reveals a different pattern in electronic media consumption. It shows sending messages is a preference over telephone conversations. The fact that I only engage in only fourteen phone calls while sending 263 text messages to friends only implies that I find it easier to talk to peers who are miles apart through messaging services. Moreover, I sent 126 messages on Friday from 22hrs to 4.00 am, but only had three phone calls. This implies that there is great preference to text friends during the night than during the day. However, this only happens when I am not busying myself with another form of electronic media, such as video gaming. It is evident that sending text messages has taken away the beauty of face-to-face relationships. Before this analysis, I had never r ealized that I have detached myself from the real people in my life. This has occurred in two ways. During my free time, I am busy with my phone instead of engaging actively with the people next to me (Wankel and Shaun 139). For example, it is likely for me to be sending text messages, active on the internet or checking mails instead of catching up with family over dinner. Alternatively, I would also watch a movie

Childhood Obesity in the UK Essay Example | Topics and Well Written Essays - 1500 words

Childhood Obesity in the UK - Essay Example As the discussion highlights  the past several decades indicate that the chances and medical science and technology can help to prevent and oftentimes banish entirely diseases such as rickets, mumps, whooping cough, polio, and a litany of others is profound. However, one of the realities that is been noted within the current time with regards to the health and longevity of the population is with respect to the detrimental effect that obesity has upon the health of those affected by it.This essay discusses that  the situation regarding childhood obesity, in the United Kingdom, is reaching and alarming level. Scholars have indicated that roughly one in three children currently living within the United Kingdom can be considered obese. The obvious problem that exists with regards to this is not necessarily due to the fact that these children are merely obese; rather, the problem that exists is due to the fact that children who suffer from obesity facing exponentially higher risk of d eveloping any number of other diseases. These can include but are not limited to diabetes, high blood pressure, heart disease, and many others.  The issue with childhood obesity, as is oftentimes misunderstood, does not merely go away once the child reaches adulthood. Further studies have indicated that an individual who suffers from childhood obesity is almost invariably going to suffer from adult obesity and likely developed at least one of the prior diseases which a been referenced earlier in this analysis.

Financial Systems of Ghana and Nigeria

Financial Systems of Ghana and Nigeria Since the idea of Adam Smiths invincible hands also known as invincible hand of the market, the allocative power of the market has been generally recognised. These ideas have been reinforced by the apparent failure of Keynesian theories of government intervention to stand the test of time. As a result of the adoption of SAP (Structural Adjustment programme) by most developing countries including Ghana and Nigerian which are my main concentration, the debate of liberalization versus intervention has been rekindled. The major area of concentration is if these developing countries (Ghana and Nigeria) with imperfect markets have benefitted from recent liberalization efforts in the structural adjustment programme. Financial liberalization is usually an important component of a countrys strategy for economic growth. In an old fashion way, financial liberalization, has come to be most universally linked with freeing of interest rates, but now financial liberalization is seen as a process involving a much broader set of measures geared toward the elimination of various restrictions on the financial sector, such as the removal of portfolio restrictions on the banking sector, the reform of the external sector, and also changes in the workings of the monetary policy THE FINANCIAL SYSTEM OF GHANA AND NIGERIA. A key stylised fact about financial systems in developing countries is that they are dominated by commercial banks (Fry, I995, pp. 4-5; Rojas-Suairez and Weisbrod, I995, pp. 4) Ghana and Nigerias financial system consists of a large fragmented informal sector and formal sector. The formal sector is made up of central bank(Bank of Ghana and Central Bank of Nigeria) at the apex, with 42 commercial banks for both countries; Nigeria (26) and Ghana (16), development banks (Nigeria, (5), Ghana (3) , and merchant banks (30) Nigeria), (Ghana, (10), insurance companies, stock exchange, building society, community banks. The structure of Nigerias financial system will be explained below: Regulatory Authorities: they regulate the Nigerian financial system, and they include Central Bank of Nigeria (CBN), the Federal Ministry of Finance (FMF), Federal Mortgage Bank of Nigeria (FMBN Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC),), and the National Board for Community Banks (NBCB, National Insurance Commission (NIC). These regulatory authorities will be explained in detail below. 1. Federal Ministry of Finance: the role of this regulatory authority is to advise the Federal Government on its fiscal operation and make sure it follows whatever the central bank of Nigeria says concerning the monetary matters of the country. 2. FEDERAL MORTGAGE BANK OF NIGERIA (FMBN) The role of the is to provide banking and advisory services, and also to undertake research activities pertaining to housing. After the adoption of the National Housing Policy in 1990, The FMBN is empowered to licence and control main mortgage institutions in Nigeria and act as the peak regulatory body for the mortgage finance industry. 3. The central bank of Nigeria The central bank of Nigeria has the same responsibilities as the bank of Ghana. It was established by the central bank of Nigeria act of 1958 and commenced operation on July 1, 1959. Their major regulatory objective is to issue legal tender to the economy, banker of last resort, financial adviser to the government, enhance monetary stability and a good financial environment which will be of benefit to the country in the short and long run. the central bank of Nigerias success is partly as a result of the rise in crude oil prices. 4. The Nigerian Deposit Insurance Corporation: Its role is to complement the supervisory and regulatory role of central bank of Nigeria (CBN). It has the right to examine the books and affairs of the insured banks in Nigeria and other deposit taking financial institutions. ORIGIN OF FINANCIAL LIBERALIZATION IN NIGERIA Nigerias economy has always been dependent on oil prices since the early 1960s. As a result of the collapse of world oil prices and the reduction in the production of petroleum in the early 1980s, the nature of the countrys economic and financial position became very weak and vulnerable. This led to recession and economic deterioration. The economy was characterised by shortages in its foreign exchange, debt crises, negative economic growth and high rates of unemployment, Indeed, beginning from 1982, and through 1984, the country had become saddled with negative trends in economic growth as indicated by the decline in the gross domestic product (GDP) (0.35% in 1982; -5.37% in 1983; and -5.18% in 1984), persistent current account and budget deficits, a huge number of uncpmleted projects in the public sector, factory closures, large-scale retrenchment, acute shortages of essential commodities and galloping inflation, (Odusola,2001,p4). The government decided to carry out some short run stabilization measures, one of which was to foster employment through the creation of public sector jobs, this exerted more pressure on the budget, not withstanding that, public sector employment grew by a further 18 per cent between 1981and 1984. This policy promoted migration into cities, as the increases in government salaries during this period compared to that of the rural areas was more favourably. Urban migration and its attendant unemployment problems became even more pronounced in 1981 when the Government increased the minimum wage rate to the entry level salary of public sector employees. Urban unemployment increased significantly, from 2 ½ per cent in 1980 to 10 per cent in 1985, while rural unemployment rose from 4 per cent to 6 per cent over the same period. Real per capital income fell significantly as well, from US$1,010 in 1981 to US$850 in 1985 (Odusola, 2001, Pp4). Nigeria financial sector was characterised by rigid exchange and interest rate controls, sart orial allocation of bank credit (Okpara, 2010, P54), the naira was overvalued, all of which made the economy more exposed to risk of default and practically led to distortions that resulted into low direct investment, which in turn led to financial repression. it will be discussed more in-depth below. Financial repression discouraged investment in information capital; it also discouraged savings mobilization, in the sense that it was not vigorously pursued. The financial system incurred a lot of cost in financial intermediation, and it was as a result of inactive liquidity and liability management and incentives to increase efficiency. Not only was Nigeria the only country going through this problem of financial repression, much of the twentieth century saw intensified financial repression (Caprio et al, 2001 p5), for example, Ecuador, Uruguay, Mexico, Ghana, Malawi, Tanzania etc, all had the problem of financial repression in their economy. As a result of the financial repression i n the economy, the government decided to adopt a financial sector reform to help increase the countries economy. The programme they adopted was called Structural adjustment programme (SAP). STRCTURAL ADJUSTMENT PROGRAMME IN GHANA AND NIGERIA. The Ghanaian economy also went through the same problems as the Nigerian economy during the early 1980s. They had similar problems as the Nigerian economy; which include, high default rates, high rates of inflation, weakened confidence in the financial system. These affected the ability of the banks to perform their intermediation function properly (Acquaye and Sowa, 1999, p395). The major objectives of this SAP were, among others, to: Restructure the economy in a way to reduce its dependence on oil as its main source of income. Revitalise the financial sector by creating new institutions Reduce fisal balance of payment problems Promote non-inflationary economic growth. The key policies designed to achieve these objective were: The liberalization of the external trade and payments system-dismantling of price, trade and exchange controls; Implementation of methods to encourage domestic production and expand the supply base of the economy; The setting up of a Second-Tier Foreign Exchange Market (SFEM) as a mechanism of realistic exchange rate. The rationalization and restructuring of public sector enterprises and overhauling of the public sector administrative structure. Reinforcement of important and strong demand management policies; More rationalisation and restructuring of tariffs in order to aid industrial diversification; The elimination of price controls and commodity boards; The key reforms that have already been implemented as part of the financial liberalization policies include; Changing of the concept of a credit ceiling with OMO(Open market operation) Promoting competition and efficiency in the financial system Liberalizing interest rate, exchange rate, but in general the financial sector. The financial sector reforms were thrown into crisis by the sequencing of reform measures and the lack of the necessary prerequisites for liberalization. Particularly, the deregulation of interest rate and the requirements for market entry led to the instability of the financial system. A series of corrective measures had to be adopted, raising questions of policy credibility (Aiyeetey et al, 1997, P196). THE STRUCTURAL ADJUSTMENT PROGRAMME: THEORETICAL BASIS Virtually every sub Saharan African country including Nigeria and Ghana experienced major changes in the overall direction of the national economic policy in the early 1980s. These policy reforms were implemented as an integral part of the structural adjustment programmes (SAP) prescribed by the World Bank and the stabilization programme of the international monetary fund (IMF) (Olasupo, 2005, p 7). The structural adjustment programme had a lot of objectives, but the major objective of this reform programme was to correct the alleged distortions which made sustained economic growth and recovery in the economies difficult. Notwithstanding the general decision of the countries to undertake the adjustment programme, there has since the start of the 1990 decade, been wide ranging argument surrounding the theoretical paradigm underlying the SAP and their suitability to African countries. The first which is the unrequited orthodoxy; it emphasizes how well the adjusters have done in compari son to non adjusters. According to this perspective, the regime of restricted inward looking policies resulted in over protected industrial structure, balance of payment problems (Olasupo 2005, p10). They also contend that development problems will be solved by more adjustment not less, with this they concluded that sub- Saharan African countries experienced poor macroeconomic growth and performance relative to their South East Asian counterparts, because economies in the former were exposed to long term government intervention and restrictive macroeconomic and sectorial polices. The modified orthodoxy sees adjustment programmes in an economy as a necessary but not sufficient condition for development, because adjustment is only capable of stabilizing economies in the short term. This orthodoxy believes that other measures must be put in place for African development to occur in the medium and long term. A strong proponent of this approach puts it, the most significant shortcoming o f current structural adjustment programs is the lack of logical linkage between the short-term objectives of attaining balance-of-payments equilibrium and improving allocative efficiency and the long-term objective of sustainable development Nguyuru Lipumba, (p. 9) FINANCIAL LIBERALIZATION AND REPRESSION. Financial liberalization is the process of breaking away from a state of financial repression. Financial repression has been most commonly associated with government fixing of interest rates and its adverse consequences on the financial sector as well as on the economy. The term financial repression was originally coined by economists interested in less developed countries (LDCs) Gupta, 2004, Pp2. It originated in the works of Ronald I. McKinnon and Edward S. Shaw in the early 1970s, to describe a developing countrys environment, defining it as the set of government legal restrictions preventing the financial intermediaries in the economy from functioning at their full capacity level. The most common forms that this intervention takes are interest rate regulations, directed credit schemes, and high reserve ratios. The literature on financial repression stresses that because savings levels are sensitive to real interest rate, nominal interest rate controls; cumulative inflation reduces the amount of the national income. The benefits of financial repression, as opposed to financial liberalization, are debated on several points Ozdemir Erbil, (2008). In theory, it is believed that financial repression can make it better to control money supply in an economy and also control over interest rate which will induce investment. Another argument in favour of financial repression is that government controls on financial markets are needed for developing countries. In practice, financial repression appears to have yielded government revenue in the order of 2 % of GDP on average in samples of developing countries (Giovannini and de Melo, I 993; Fry et al. I 996, p. 36). The main conviction of the advocates for financial repression is that the government knows better than the market. The repression mechanism works through the interest rate and the exchange rates. Therefore moving from financial repression to financial liberalization would require extra budgetary measures and could create budgetary problems, Like in the case of Nigeria in the early 1980s when the government seeked to reduce unemployment in the urban areas and the outcome of this decision exerted more pressure on the budget. Financial liberalization may increase the fiscal deficit and the cost to finance, as the government loses revenues and is forced to pay more market-based interest rates on its existing debt. On the other hand, the most popular argument which favours financial liberalization is the rising growth effect by motivating savings and investment. Financial liberalization may increase the level of savings and improve the allocation of savings among potential investors. This will lead to the creation of more available funds and hence economic growth. Financial liberalization may decrease the cost of capital, but on the other hand, movements which cause the crises and macroeconomic instability may have a negative impact on economic growth Ozdemir and Erbil (2008). This debate highlights the need for further sound empirical evidence on the benefits of financial liberalization on economic growth, especially for small open economies of developing countries. FINANCIAL LIBERALIZATION AND SAVINGS The advocates of financial liberalization do not seek to induce savings, but to promote and increase the volume and efficiency of capital formation. While financial reform can affect saving through various potential channels, on the whole its net effect is ambiguous.( Schmidt- Hebbel and Serven,2002, p2). Moreover saving is often considered beneficial for its financial dimensions. In open economies, raising national saving is a way to reduce the dependence on foreign saving, protecting the economy from external shocks. This is an important policy concern in a world of increasing financial integration. Together with a strong and well-capitalized financial system, saving represents a form of self -insurance to reduce the economys vulnerability to unexpected reversals of international capital flows. In this manner, saving can help reduce macroeconomic volatility, which empirically has been shown to hamper growth (Ramey and Ramey 1995; Fatà ¡s 2000). Various researchers have shown some empirical evidence that although financial liberalization results in higher interest rate and financial deepening , it does not really lead to higher savings. In majority of countries, financial reforms are followed by declines in savings (Okereke,2009). Bandiera et al (2000) estimated an econometric relationship Showing the private saving ratio as a function of the real interest rate and degree of openness as an index for financial liberalization, along with income, inflation and public savings. analyze the experience of eight countries that underwent significant reforms in their financial systems, namely Chile, Ghana, Indonesia, Korea, Malaysia, Mexico, Turkey and Zimbabwe. Foe this countries they measured the effect of liberalization on the volume of aggregate savings, their results Their results do not provide a clear answer on the impact of reforms on saving, as the effect appears significantly negative in some cases (Korea and Mexico), positive in some others (Greece and Turkey) and insignificant in the Indonesia, Malaysia, Zimbabwe, and Ghana. In a study similar to theirs i.e.(Bandiera et al), Loayza and Shanka(2000), used India as their country of observation, and the savings rate from India and found out that financial reform has not changed the savings rate, but moved the composition of savings in India towards a higher share of durable goods. Ostry and levey(1995), in their findings maintained that financial development as a result of liberalization reduced savings. Bennett et al(2001), in their work, also found a negative significant effect on savings. CONSEQUENCES OF FINANCIAL LIBERALIZATION Policies that make an economy open to the rest of the world and they are needed for sustained economic growth. No country has achieved economic success, in terms of substantial increases in living standards for its people, without being open to rest of the world. Trade opening has been an important element in the economic success of East Asia, where the average import tariff has fallen from 30 percent to 10% over the past 20 years. Opening up economies to global economy has been essential in enabling many developing countries to develop competitive advantages in different sectors of their economy. Countries that have opened their economies in recent years, foe example India in 1991, have experienced faster growth rate and more poverty reduction, a proof is that following the economic reforms, the country began to develop a fast paced economic growth. India is the eleventh largest economy in the world There are some negative effects experienced by countries or the world in general in terms of their reform policies that has outweighs the benefits of such reforms, this statement can be applied to the effects of financial liberalization despite its benefits in terms of access to more capital inflows. Financial liberalization creates exposure to various kinds of risk and they include; a propensity to lead to financial internal and external financial crises, inadequate access to funds for small scale producers etc. Many researchers have carried out empirical studies on financial liberalization on financial fragility of the economy, and their conclusion is that liberalization increases the fragility of the financial system. According to (Demirguc-kunt detragiache), one of the reason why financial liberalization may lead to increased financial sector fragility is that the removal of interest rate ceilings and also the reduction of barriers to entry reduces bark franchise values, thus exacerbating moral hazards problems. The moral hazards problem is a special case of information asymmetry, a situation in which one party in a transaction has more information than another. Normally banks try to protect their franchise, and the risk of losing their franchise, but during a period of policy reform such as financial liberalization, where there is free entry in to the market or financial sector, so as a result of that there is more competition, this erodes franchise values. If the effort of reform does not incorporate adequate strengthening of the prudential regulations and supervision to realign incentives, lower franchise values are likely to lead to increased fragility (Stiglitz et al (2001) Tornell et al (2003), in their studies, they said that financial liberalization is bad for growth because it leads to crises. Their empirical analysis shows that in countries with harsh credit market imperfections, financial liberalization leads to a more rapid growth but also a more higher incidence of crises. They also argued that liberalization leads to faster growth because it eases financial constraints, but on one condition that this occurs if agents which are the government, investors and creditors take on credit risk which makes the economy fragile and prone to crisis.

How far was Lloyd Georges fall from grace in 1922 the result of his own mistakes after 1918? Essay

A general election held in 1918 gave Lloyd George and the Conservative coalition a very comfortable majority in parliament, but it also left Lloyd George in an untenable position. The coalition consisted overwhelmingly of Conservatives, meaning that Lloyd George’s hold on power was extremely weak. He could not do many of the things he would have liked to do in a purely Liberal government, simply because he did not have the support of the Conservatives. After the war, Lloyd George faced some very serious domestic problems. Firstly was the issue of the German reparations and punishments. There was a strong feeling in Britain that Germany was fully responsible for the war, and therefore should be punished severely. Lloyd George did not subscribe to this opinion. He felt that Germany should be punished, but not to the extent that it ceased to exist. He came to the conclusion that if Germany was effectively destroyed by war payments, it would leave a large power vacuum in the centre of Europe. Lloyd George was worried that this gap would be filled by the Communist ideals of the Bolsheviks. Along with this, the post-war depression that was consuming Britain resulted in a loss of popularity for Lloyd George. The new markets Britain were relying after the war had not materialized, and several of Britain’s old markets had found cheaper suppliers. This resulted in a large scale closing of many industries. The failure of both France and Russia to pay back their war loans meant that Britain in turn was not able to pay back the loans borrowed from America. This in turn resulted in a dramatic increase in unemployment, going far beyond the ‘intractable million’. In both of these situations, the Conservatives in the coalition were more than happy to sit back and let Lloyd George take the blame for these domestic problems. They began to notice his dwindling popularity and made no effort to halt it. The Conservatives were more than aware that they had a large enough amount of MP’s to have an overall majority in parliament, so for the time being they were content to sit back and allow Lloyd George to try and work Britain out of it’s economical mess. After the war, the vast gap in Liberal and Conservative policy became overwhelmingly apparent. The pressing issue of the continuing nationalisation of the coal mines caused many problems for Lloyd George. As a liberal, George was in favour of public ownership of the mines. Knowing that it would be impossible to convince the Conservatives to carry on with the nationalisation, he ordered an independent commission into the matter. He told the trade unions that he would abide by whatever was decided by the commission. Lloyd George assumed he had averted the matter by appointing a top judge, Mr. Justice Sankey. Lloyd George felt that Sankey was bound to want privatisation of the mines. When Sankey found in favour of continuing nationalisation, Lloyd George was in a compromising situation. He had already promised to carry out whatever Mr. Sankey decided, but he did not want to upset the Conservative majority. In the end, Lloyd George decided to do nothing. This greatly upset the trade unions, and resulted in a lasting distrust in him. The Chanak incident resulted in a similar situation for Lloyd George. Firstly, it widened the chasm between the two factions of the coalition further, with Lloyd George supporting the Greeks, and the Conservatives continuing their support of Turkey. More importantly, the Conservatives were worried with Lloyd George putting Britain at military risk so soon after WWII. This is the clearest sign of Conservative disillusionment with continuing the coalition. Lloyd George was also plagued by external factors he had no control over. An example of this is the change in leadership of the Conservative party. Bonar Law was an extremely influential figure within his party. He was good at persuading people to his point of view. His successor Austen Chamberlain lacked the finesse of Bonar Law. He spoke to his party about continuing the coalition only days after two coalition Conservative MPs had been defeated in by elections. This meant that at the time the Conservatives had very little patient with the coalition. The growing disenchantment with Lloyd George was only elevated by his style of government. During the war, George formed a small war cabinet that had the power to make changes in any area of the government. After the war, this continued. Rather than consulting his cabinet on important matters, he preferred to consult a small group of advisors. This obviously upset the Conservative cabinet, as their influence over Lloyd George was falling. Another source of discontent from the Conservatives toward Lloyd George was the so called ‘honours scandal’. After his split from Asquith and the original Liberal party, Lloyd George’s liberals needed a secure source of funding. To aid this, he allowed honours to be sold to wealthy people for a great deal of money. This was certainly not the first example of this happening, but it was the first example of it happening on such a wide scale. To further contribute to the problem, several less than savoury business bought themselves titles. The press caught hold of these affairs and made it commonly known, much to the Conservatives dismay. Examples like these show clearly that Lloyd George contributed significantly to his own downfall, but it’s likely that the Conservative decline in support played a larger part in his fall from grace. While Lloyd George was popular with the public, he was an electoral asset, but as his popularity among the electorate decreased, so did his support from the Conservatives. Backbench Conservative MPs were particularly upset with continuing the coalition as it meant they had less promotion opportunities as a number of cabinet places had to be filled by Liberal MPs. Even if Lloyd George’s popularity among the electorate had remained high, it is hard to imagine the Conservatives wanting to continue the coalition past 1922. The 1918 election had given the Conservatives the confidence they needed after having several years out of power. They realised they would have had a majority in Parliament without the Liberals in the coalition. While it is impossible to ignore Lloyd George’s shortcoming as Prime Minster in peace time, it is clear that Conservative disillusionment was the main cause of his downfall. Bibliography: http://www.spartacus.schoolnet.co.uk http://www.llgc.org.uk â€Å"David Lloyd George – A Biography† Peter Rowland

Top Literary Essay Samples Secrets

Top Literary Essay Samples Secrets An outline for a poetry analysis essay can be exceedingly straightforward, as it is only a guideline for the writer to construct upon as the very first draft is written. You could also see concept essay. You could also see scholarship essay. In conclusion, an analytical essay is an essay meant to elaborate more than that which the readers or viewers of a particular piece might actually see. Top Literary Essay Samples Choices You will also need to prevent the dreaded I factor offirst-person writing. First question however won't confine us for a very long moment. A great hook sentence is intended to grab your readers attention. It's definitely important to reread the literary piece several times in order to find a complete grasp of the many suggestions and concepts. Don't underestimate how valuable it's to know the way your work is going to be judged. Be sure it is going to be difficult. 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Although, one particular point to think about is to not overstate. The information that you present can start up as a wide discussion eventually narrowing to the thesis statement. The Dirty Truth About Literary Essay Samples Starting a theme essay with a superior hook will let you capture your readers attention. When you understand what the poem is attempting to say, you will need to develop a theme. To start with, a theme can be as easy as the moral of a fable. It is a central idea in a poem. The Nuiances of Literary Essay Samples When you've built up all of the information regarding your essay, you're prepared to wrap this up. The topic you choose to select for your analytical essay will establish the facts and details you will need to include. Since you may see, presenting a suitable essay is both difficult and time-taking. Scroll down the page in order to see extra essay samples which can help you in producing your very own literary essay. 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Students lead busy lives and frequently forget about a coming deadline. Frequently, you'll simply have to concentrate on your own ideas and just support your claims with logic and evidence from your text. If you're not sure about what information ought to be included in the criticism, skim through the job. The important approach will find out the content of the interpretation. The objective of Freudian analysis is to emphasize the presence of psychic conflicts as an alternative to searching for aesthetical merits.