English-German Glossary School

What are the German terms used for and in school? If you are going to school in a German-speaking country, you will need to become familiar with these terms. You will see the English term and the matching German one. School and Education Glossary (A to L) A A, B, C, D, F (see grades/marks below) ABCs, alphabet  das ABC absence (school)  das Fehlenunexcused absence  unentschuldigtes Fehlen absent  abwesendabsent from class/school  in der Stunde/Schule fehlento be absent, missing  fehlenShes absent today.  Sie fehlt heute.Why were you absent?  Warum hast du gefehlt? Kultur:  The German  Abitur  (das) is a high school diploma or secondary leaving certificate (A-level), received after passing a written and oral examination during the 12th or 13th year of school (depending on the state).  Die Matura  is the Austrian equivalent. Also, see graduation below. academic  akademisch,  wissenschaftlichacademic advisor  der Studienberater/die Studienberaterinacademic year  das Studienjahr,  das Schuljahr academically gifted/talented  intellektuell begabt academy  die Akademie  (-n),  die Privatschule administration (office)  die Verwaltung after school  nach der Schulebefore school  vor der Schule algebra  die Algebra alphabet  das ABC,  das Alphabetalphabetically, in alphabetical order  alphabetisch,  nach dem Alphabet answer (v.)  antworten,  beantwortenanswer (n.)  die Antwort  (-en)   Ã‚  Ã‚  Er hat die Frage beantwortet.He answered the question. apple  der Apfel  (Äpfel) art (subject)  die Kunst,  der Kunstunterricht ask  fragenask a question  eine Frage stellen assignment  die Aufgabe  (-n) athletic field  der Sportplatz  (-plà ¤tze)athletics  der Sport  (sing.)   Ã‚  Ã‚  Kultur:  Athletics in German schools is generally limited to P.E. and intramural sports. It is rare to have school teams that compete against each other. Competitive sports tend to be done in clubs rather than in school, which is more academic. attend (school) (die Schule)  besuchencompulsory attendance  die Schulpflichthe has a poor attendance record  er fehlt oft  (in der Schule) B B.A./B.S. (see Bachelor of.. below)bachelors degree  der Bakkalaureus,  der BachelorBachelor of Arts  der Bakkalaureus der philosophischen Fakultà ¤tBachelor of Science  der Bakkalaureus der wissenschaftlichen Fakultà ¤t   Ã‚  Ã‚  Kultur:  It is difficult to compare the different academic degrees in Germany with those in the Anglo-American system. An American bachelors degree is closer to the German  Magisterabschluss, even though  Magister  translates as master. In a recent effort to become more international, some German universities now offer a B.A. degree in some fields, usually for six semesters of study. Also see the entries for a degree, M.A. and doctorate. ballpoint pen  der Kuli  (-s),  der Kugelschreiber  (-) band (music)  die Blaskapelle  (-n),  die Band  (-s) binder (loose-leaf)  das Ringbuch  (-bà ¼cher) biology (subject)  die Bio,  die Biologiebiology teacher  der/die Biologielehrer/in blackboard, chalkboard  die Tafel  (-) boarding school  das Internat  (-e)book  das Buch  (Bà ¼cher)   Ã‚  textbook  das Schulbuch/Lehrbuch break, recess  die Pause  (-n)after the break  nach der Pauseshort/long break  kleine/große Pausedas Pausebrot  sandwich eaten during the break bus, coach  der Bus  (-se)school bus  der Schulbus C cafeteria  die Mensa  (Mensen) (univ.),  der Speisesaal   Ã‚  Ã‚  Kultur:  Most German students go home for lunch around 12:30 or 1:00, so few schools have a cafeteria. In eastern Germany, it is more common to have a school lunch. At the university, the  Mensa  offers low-cost meals for students and faculty. calculator  der Rechnerpocket calculator  der Taschenrechnerschool calculator  der Schulrechnerscientific calculator  wissenschaftlicher Rechner calculus  der Kalkà ¼l,  die Integralrechnung chair  der Stuhl  (Stà ¼hle)chair (person), department head (m.)  der Abteilungsleiter  (-),  der Fachleiterchair (person), department head (f.)  die Abteilungsleiterin  (-),  die Fachleiterin chalk  die Kreide,  der Kreidestifta piece of chalk  eine Kreide cheerleader  der/die Cheerleader  (-)   Ã‚  Ã‚  Kultur:  Since interscholastic sports competition is rare in Germany, there is no need for cheerleaders. Although some American-football teams in Europe have volunteer cheerleaders, most Germans only know about cheerleading from Hollywood movies and TV. chemistry (class)  die Chemie,  der Chemieunterricht class (grade level)  die Klasse  (-n)German class  Deutschunterricht,  Deutschstundethe class of 2003  der Jahrgang 2003in the 10th grade/class  in der 10. Klasse  (zehnten)   Ã‚  Ã‚  Kultur:  A German  Klasse  is a group of students that stay together for several years of school. Somewhat like a homeroom class, the students elect a  Klassensprecher/in  to represent the class. Classes have names like  9a  or  10b  referring to each class group within a grade level. A teacher who teaches two or more courses within a class group is the  Klassenlehrer, sort of like a homeroom teacher. Note: A class of instruction is  Unterricht  or  Unterrichtsstunde, not Klasse, but it is held in a  Klassenzimmer. class register, roll book  das Klassenbuch classmate  der Klassenkamerad  (-en) classroom  das Klassenzimmer  (-) clock  die Uhr  (-en) coach, trainer  der Trainercoach (v.)  trainieren college  die Fachhochschule  (FH) (-n),  das College  (Engl. pron.)College of Education  pà ¤dagogische Hochschule   Ã‚  Ã‚  Kultur:  The Anglo-American term college is usually  Hochschule  or  Università ¤t  in German. University departments or schools (College of Arts and Science) are called  Fachbereiche  or Fakultà ¤ten  in German.   computer  der Computer  (-),  der Rechner  (-)computer science  die Informatik correct (adj.)  richtigcorrect (v.)  korrigierento correct tests  Klassenarbeiten korrigieren course  der Kurs  (-e),  der Unterrichthonors course  der Leistungskurs  (-e) D degree (univ.)  der  (akademische)  Grad   Ã‚  Ã‚  Kultur:  One should not directly compare the different academic degrees in Germany with those in the Anglo-American system. Besides the degree differences, the university systems in the U.S., Britain, and Germany are very different in other ways. department  die Abteilung  (-en),  der Fachbereich  (univ.)department chair/head (m.)  der Abteilungsleiter  (-),  der Fachleiterdepartment chair/head (f.)  die Abteilungsleiterin  (-nen),  die Fachleiterin desk  der Schreibtisch  (-e) (teacher, office)desk  die Schulbank  (student) dictionary  das Wà ¶rterbuch  (-bà ¼cher) didactic  didaktisch,  lehrhaft doctoral dissertation  die Doktorarbeit doctorate, Ph.D,  die Doktorwà ¼rde,  die Doktorarbeitperson with a doctors degree  der DoktorandShes still doing her doctorate.  Sie sitzt immer noch an ihrer Doktorarbeit.   Ã‚  Ã‚  Kultur:  Someone with a Ph.D. or  Doktorwà ¼rde  is entitled to be addressed as  Herr Doktor  orFrau Doktor. In the old days, a woman married to a  Doktor  was also called  Frau Doktor. E education  die Bildung,  das Bildungswesen,  die ErziehungCollege of Education  pà ¤dagogische Hochschule education(al) system  das Bildungssystem,  das Bildungswesen educational  Bildungs- (in compounds),  pà ¤dagogisch,  lehrreicheducational (school-related)  schulisch educator  der Pà ¤dagoge/die Pà ¤dagogin,  der Erzieher elective (subject)  das Wahlfach  (-fà ¤cher)Italian is an elective subject.  Italianisch ist ein Wahlfach.Math is a required subject.  Mathe ist ein Pflichtfach. elementary school, grade school  die Grundschule,  die Volksschule  (Austria) elementary teacher, grade school teacher  der/die Grundschullehrer(in) e-mail  die E-Mail  (-s)to e-mail, send an e-mail  eine Mail absenden/schicken eraser (rubber)  der Radiergummi  (-s)eraser (for chalk)  der Schwamm  (Schwà ¤mme) exam  das Examen  (-),  die Klassenarbeit  (-en)final exam  das Schlussexamen  (-)finals  die Abschlussprà ¼fung  (-en) (univ.) F faculty  der Lehrkà ¶rper,  das Lehrerkollegium felt-tip pen, marker  der Filzstift  (-e) file (paper)  die Akte  (-n)file (computer)  die Datei  (-en),  das File  (-s)file folder  der Aktenordner  (-) (paper)file folder  die Mappe  (-n) (loose-leaf)file folder  der Ordner  (computer/paper) final exam  das Schlussexamen  (-)finals  die Abschlussprà ¼fung  (-en) (univ.) folder  der Ordner  (-),  der Hefter  (-),  die Mappe  (-n) foreign language  die Fremdsprache  (-n)   Ã‚  Ã‚  Kultur:  In German schools, the most popular  Fremdsprachen  are  Englisch  and  Franzà ¶sisch (French). Latin, Russian, Italian and Spanish are also offered in some schools. At the  Gymnasium, students usually take two foreign languages, the major one for 8 years and a minor for 5 years, which means they become quite proficient. The typical U.S. practice of taking two years of a foreign language is a joke, and less than 1/3 of American students even do that.   French (class) (das)  Franzà ¶sisch,  der Franzà ¶sischunterricht freshman (9th grader)  amer. Schà ¼ler oder Schà ¼lerin in der neunten Klasse Friday  der Freitagon Friday(s)  am Freitag,  freitags funding, funds (for educ., etc.)  die Mittel/Gelder  (pl.)basic funding  die Grundmittel  (pl.)public funds  Ãƒ ¶ffentliche Mittel/Gelder  (pl.)private funding (for univ. research)  die Drittmittel  (pl.) G geography  die Erdkunde,  die Geografie geometry  die Geometrie German (class) (das)  Deutsch,  der Deutschunterricht globe  der Globus,  der Erdball grade, mark  die Note  (-n),  die Zensur  (-en)She has bad marks/grades.  Sie hat schlechte Noten/Zensuren.She has good marks/grades.  Sie hat gute Noten/Zensuren.He got an A.  Er hat eine Eins bekommen.He got an F.  Er hat eine Fà ¼nf/Sechs bekommen.   Ã‚  Ã‚  German grading system:  A1, B2, C3, D4, F5, F-6 grade (level, class)  die Klassein the 9th grade  in der 9. (neunten) Klasse grade school, elementary school  die Grundschule graduate (v.)  das Abitur ablegen  (high school),  absolvieren,  promovieren  (Ph.D.),  die Abschlussprà ¼fung bestehen  (high school)graduate (n.)  der Akademiker/die Akademikerinhigh school graduate  der Schulabgà ¤nger/die Schulabgà ¤ngerin,  der Abiturient/die Abiturientingraduate student  ein Student oder eine Studentin mit abgeschlossenem Studium   Ã‚  Ã‚  Kultur:  The German university system does not have the same divisions between graduate and post-graduate study found in the U.S. There is no German word for graduate student. It has to be explained as  ein Student oder eine Studentin mit abgeschlossenem Studium. gym, gymnasium  die Turnhallegym (class)  der Sport,  der Sportunterricht gym/P.E. teacher (m.)  der Sportlehrer  (-)gym/P.E. teacher (f.)  die Sportlehrerin  (-nen) H hall(way)  der Gang,  der Flur health, hygiene (subj.)  die Gesundheitspflege higher education  die Hochschulbildung,  das Hochschulwesen high school  die Sekundarschule  (-n)academic high school (in German Europe)  das Gymnasium   Ã‚  Ã‚  Kultur:  There are many kinds of German secondary schools, each with its own curriculum and purpose. A  Gymnasium  has an academic curriculum leading to  das Abitur  (die Matura  in Austria, Switz.) and college. A  Berufschule  offers a combination of trade skill training and academics. Other school types include:  Realschule,  Gesamtschule  and  Hauptschule.   high school diploma  das Abitur,  die Matura history  die Geschichte homework  die Hausaufgaben  (pl.) honors course  der Leistungskurs  (-e)honors/deans list  eine Liste der besten Schà ¼lerInnen/StundentInnenwith honors  cum laude I ink  die Tinte  (-n) institute  das Institut  (-e),  die Hochschule  (-n) instruct, teach  unterrichten instruction  der Unterrichtmath class/instruction  der Matheunterricht instructor  der Lehrer K kindergarten der Kindergarten  (-gà ¤rten) L language lab  das Sprachlabor  (-s) learn  lernen letter (of alphabet)  der Buchstabe  (-n) locker  das Schliessfach  (-fà ¤cher)   Ã‚  Ã‚  Kultur:  European schools, including Germany and Austria, dont have book lockers for students like those found in American secondary schools. loose-leaf binder  das Ringbuch  (-bà ¼cher)loose-leaf folder  die Mappe  (-n)

Sleep Deprivation And Its Effects On Your Choices

Abstract of Sleep Deprivation Sleep deprivation can cause many problems in life; from social to a work surrounding and being able to function in the setting can really affect your choices. It makes decisions for you and with the person not being in the right state of mind; they would do something in a certain situation that if they were well rested and react to it in a better manner. It’s hard to concentrate when your mind drifts and your focus becomes irrelevant and your brain shuts down to the world. You’re basically running on fumes that can’t be refilled when you have duties to attend to and your sleeping order has been cut short to responsibilities or the work order has been pushed to the limit of no return in certain situations. You†¦show more content†¦I would like to look into this disease and see the true and dominating affects it carries and how it’s hard to adjust back to the pattern where you become more sane and aware to society. We take sleep for granted so much, where most of the time we would like to abandon it as much as we can in our lives to accomplish a goal or have a good time, when in the long run we damaging our most precious time that we can never make up. It should be taken as a privilege and almost and honor when we our able to close our eyes and wake up to a new day and within the hours of a day complete as much as we can so we can keep the routine going. It can be easier said than done most of the time for people and I know that I am one of them. We have to cram assignments and chores that need to be done until the last second, because most of us procrastinate in the process. When we had an assignment about this topic I was fascinated and could relate to it in many ways. Then, recently I had a family death because of sleep deprivation and I definitely knew that this would be the topic I would like to pursue and research about. I will be going over the many ways sleep deprivation can affect the body, personality, and how you can either prevent or overcome the disease. It’s a silent epidemic that seems to continue to get slept on, but that’s why I would like to bring recognition

Women in the Family Roles Free Essays

As Anthony Brandt said, â€Å"Other things may change us, but we start and end with family† . (Brandt) Family is very important to each of us on the earth. However, it does not mean we all love our family and we are happy with it, as some people could not find love at home. We will write a custom essay sample on Women in the Family Roles or any similar topic only for you Order Now Therefore, they do not know how to love other people. Hence, family is the first place where people learn how to love others, and it can cause great impact on people’s lives. Since men and women have different kinds of personality, they take on different family roles. In my opinion, women’s role in family is more important than men’s because women put more efforts to their family, women’s way of loving their children is more easily understood by the children, hence, mothers play a more important role in raising a healthy child. First of all, most working mothers put more emphasis on their family than their career. Since around the 1970s, more women entered the workforce. Nevertheless, mothers are usually the ones taking care of the home and the children while fathers being the main breadwinner in the family. For example, If the children are sick, most of the mother will stay home to take care for the sick children rather than go to work. So, it is more likely for family matters to affect women’s work schedules than men’s. Most women think of their husbands and their children while they are at work or are busy working on other tasks. Even if mothers have their own career , family is still their priority. Secondly, It is easier for children to sense love from their mothers than their fathers. There are many single-parent families nowadays. The children are often depressed when their parents separate. In single-parent families, children who live with their mothers generally feel happier than those who live with their fathers. This is because women are more sensitive to other people’s feelings, and thus they can better take care of their children’s emotions. Moreover, a mother has to carry her offspring within her body for approximately ten months and to go through the painful experience of delivering a baby. Women love their children more than anything else because of these experiences. In contrast, fathers usually love their children by putting more efforts on their jobs to provide for their children a better material life. Finally, mothers have more influence on children’s development than fathers do. â€Å"Mothers are more likely than fathers to encourage the development of assimilative and communion-enhancing characters in their children. (Austin and Braeger, 181) Also, â€Å"mothers are more likely than fathers to acknowledge their children’s contributions in conversation. † (Leaper, Anderson, Sanders, 34) As a result, the way mothers interact with their children has more positive impact on children’s social and emotional development. Through the way mothers love their children, the children know how to love people. To sum up, women have a very important role in the family. Women care about family than anything else while men’s priority is often t heir career. Also, mothers’ love is more easily felt by the children. In addition, mothers’ contribution to children’s development is usually greater than fathers’. As an old Mexican quote says, â€Å"The house does not rest upon the ground, but upon a woman† . Mother is often the only person who makes children feel home although children need both parents to ensure a healthy development. A family without a mother may not be as happy and may no longer be a â€Å"family† to a child. Therefore, women have a more important family role than men do. Works Cited Brandt, Anthony. http://thinkexist.com/quotation/other_things_may_change_us-but_we_start_and_end/190848.html. ThinkExist.com Quotations Online.1 Mar 2011. 14 Apr 2011. Austin, Ann M. Berghout and Braeger, T.J. â€Å"Gendered differences in parents’ encdouragement of sibling interaction:implications for the construction of a personal premise system.† First Language. October 1990 vol. 10 no. 30 181-197. Leaper, C., Anderson, K., Sanders, P. (1998). â€Å"Moderators of gender effects on parents’ talk to their children: A meta-analysis.† Developmental Psychology, 34. How to cite Women in the Family Roles, Essays

Managing Business Case For Sustainability -Myassignmenthelp.Com

Question: Discuss About The Managing Business Case For Sustainability? Answer: Introduction This study highlights on the importance of sustainability within the organization. It provides an overview about the history of Nestle and the strategy that this company should adopt for being more sustainable. Nestle is one of the worlds biggest transnational food and beverage organization as measured by revenue. This company has more than about 2000 brands that range from global icons to some local favorites and operates in 194 nations around the globe. Their products include coffee, dairy products, frozen food, cereals and other snacks. Their purpose is to enhance individuals quality of life and contribute to healthier future. Sustainability in business refers to the process by which the organization manages their social, financial and environmental risk, opportunities and compulsion (Buxel, Esenduran and Griffin 2015). Sustainability mainly facilitates the business to become highly resilient as well as productive, reduce cist and gain competitive advantage. Discussion Sustainable business practices refers to the environment friendly activities undertaken by the company that ensures all the processes, products and production activities address environmental concerns while maximizing profitability (Epstein and Buhovac 2014). There are several methods for building a sustainable company, some of which are listed below: By Creating integrated public policy- Building public policy basically on environmental problem is complex. The companies sometimes face challenges from the government for giving signals on the climate changing policy. In that case, the company should need to be create integrated public policy by setting new standards and invest in technology for becoming sustainable. Creating conditions that support innovations relating to sustainability- The companies should focus on innovations for reducing their affect on environment, reduce the use of material and improve commodities (Yakovleva, Sarkis and Sloan 2012). This will help to make positive change in society, which in turn will benefit the business. Collaborate with the value chain members- Effective collaboration is one of the vital ways of accelerating sustainability across the value chain (Schaltegger and Wagner 2017). In order to build sustainability in business, the leaders of the organization are required to collaborate with the industry peers, NGO partners, suppliers and other environmental companies for reducing adverse impact as well as potentially create new goods. Build dialogue on certain consumption- If the customers are unwilling to purchase environmentally responsible products, the movement of sustainability will stagnate. They should engage their customers in national sustainability dialogues in order to make decisions about responsible consumption as well as sustainable living. There are several benefits of sustainable company, some of which includes- It increases productivity and decreases cost- Sustainable practices within the business leads to efficient operation that protect resources, which in turn increases workers productivity and decrease cost (Kiron et al. 2012). This decreasing cost mainly encompasses strategies regarding energy conservation. Increase ability of business to comply with regulation-Sustainable company has the ability to comply with regulation enacted by government fir protecting the environment. Mitigate risk- Sustainable organization has the ability to mitigate risk of litigation that arises from social as well as other environmental issues. Reduction in usage of energy and waste- Sustainable companies have the benefit of less usage of energy and reduction in waste materials. Improves brand image- The organizations having sustainable business practices such as conservation of resources benefits them by giving them the opportunity to increase their brand image (Ameer and Othman 2012). It also helps them to gain competitive advantage against their rivalries. Attract employees as well as investors- Every individual like to be linked with positive business environment instead of having linked with social welfare scandals. Therefore, several individuals and investors gets attracted towards this type of company, which in turn benefits them to expand their business. Sustainable companies also get the advantage of building better relationship with their suppliers and government agencies. Conclusion Nestle is a sustainable company as they have created initiative with several food producers relating to sustainable agriculture. Sustainable agriculture refers to the efficient and productive way of producing agricultural raw materials. Still they are one of the hated companies in the world owing to their sustainability issues. The first problem that this company faced is the requirement for water sanitation. There are some evidences that reflect that Nestle has been involved with several incidents relating to pollution. This company should focus on preserving water, making biodiversity conservation, reduce air management, act on climate change thereby provide leadership for climate change, reduce waste and improve environmental performance through packaging. Their social and environmental responsibility includes understanding key problems for their stakeholders, encourage innovative practices, work with government agencies and other public bodies, targeting zero waste, optimize as w ell as innovate materials, safeguard as well as improve ecosystem , improve transportation as well as distribution etc. References Ameer, R. and Othman, R., 2012. Sustainability practices and corporate financial performance: A study based on the top global corporations.Journal of Business Ethics,108(1), pp.61-79. Buxel, H., Esenduran, G. and Griffin, S., 2015. Strategic sustainability: Creating business value with life cycle analysis.Business Horizons,58(1), pp.109-122. Epstein, M.J. and Buhovac, A.R., 2014.Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Kiron, D., Kruschwitz, N., Haanaes, K. and Velken, I.V.S., 2012. Sustainability nears a tipping point.MIT Sloan Management Review,53(2), p.69. Schaltegger, S. and Wagner, M. eds., 2017.Managing the business case for sustainability: The integration of social, environmental and economic performance. Routledge. Yakovleva, N., Sarkis, J. and Sloan, T., 2012. Sustainable benchmarking of supply chains: the case of the food industry.International Journal of Production Research,50(5), pp.1297-1317.

The Limits Of Coercive Diplomacy free essay sample

Alexander George William Simons examine concepts purpose, eight factors leading to success or failure, application in Southeast Asia Cuba. This research examines the concept of coercive diplomacy as developed by Alexander George and William Simons in their seminal work, The Limits of Coercive Diplomacy (1994). The concept of coercive diplomacy will first be defined, followed by an analysis of the several different factors which affect the outcome of such a strategy. Finally, some of the most important factors will be highlighted that contributed to the successful conclusion of diplomatic actions in Laos and Cuba. Coercive diplomacy is defined as a defensive diplomatic strategy that is employed in the international arena to deal with the efforts of an adversary to change a status quo situation in his own favor. Coercive diplomacy is distinct from deterrence theory in that coercive diplomacy is a response to a hostile action already taken while deterrence attempts to

John rawls fairness as justice essays

John rawls fairness as justice essays John Rawls believes that fairness and justice should not be seen as the same, but that fairness is a major concept of justice. He focuses attention on justice as a virtue of social institutions. He does not look to particular actions or of persons, but to practices. Rawls states that justice is just part of the vision of a good society. His take on justice can account for the aspects of the utilitarian view of justice which can sometimes be misleading. Rawls conception of justice can be broken down into two principles. The first idea in his conception of justice is the liberty principle. It states that each person participating in a practice has equal rights and liberties. This means that everyone should be treated equally and given the same rights. The liberty principle applies very much to the legal systems and giving citizens of a practice basic freedoms. The second idea for his conception is the difference principle. This principle makes up for the inequalities that can occur concerning wealth and social positions. Differences are only justifiable if they work out to the advantage of everyone, and the positions are available for all to achieve. Inequalities cannot be justified if some benefited while people at the bottom did not, this instead would be justice as utilitarianism if those at the top were the majority. After setting the initial principles, Rawls makes note that people of a practice are going to be self interested. He does believe, however, that justice can still be built if those people are rational when establishing liberties and rules. Rationality can be achieved with a veil of ignorance. Somehow people should be blind to their status in a society, when making claims for justice. The first method of creating a just society is to allow the participants to voice their complaints or liberties that they feel are principles which they wish to be bound to in future occasions. With e...

The 1893 Financial Panic Essay Example | Topics and Well Written Essays - 750 words

The 1893 Financial Panic - Essay Example The financial crisis was as a result of various factors that will be addressed in this section. At the time of the crisis on February that year, America was highly expecting that its economy had picked and growth would be evident in the coming years. However, the collapse of the Baring Brothers bank which was an Argentinian agent bank led to a bump in the banking sector that affected other banks and consequently the US treasury at the time. The banks failure to pick up in the competitive banking environment was as a result of the failure in the wheat industry which came hand in hand with the coup at the Buenos Aires. These two occurrences acted as the last blow to its investments. Due to the shock, the US treasury started to work on a run on gold strategy due to the fact that investors in the sector still wanted to cash in their investments. The treasury did not want to scare the investors away as that would be more catastrophic and the prospects of recovering would be weak. In the meantime, too much investments were heaped on the railroad construction as it seemed a way of boosting business and consequently the economy. The result was that the economy was totally injured. The prices of various commodities including the ones in the agricultural sector dropped significantly adding to the misery. As the economy was hit and the banking sector seemed to crumble, people rushed to withdraw their money to avoid the loss that would follow if the banks collapsed with their money. This caused bank runs. To add to the already worsened situation, the United Kingdom was also hit by a financial crisis at a similar time and the result was that people who had invested in the American industry rushed to sell their stock and recover their investment capital. For a long time, Europe had been trading with the US. At the time of the crisis, the economy of various European countries was not good and that had an effect on America. As discussed earlier

The Fifth Amendment Coursework Example | Topics and Well Written Essays - 750 words

The Fifth Amendment - Coursework Example If the government is not limited in this aspect, it will be easy for them to â€Å"force (coerce) people to answer questions that would cause them to look guilty of a crime† (Harr, Hess, and Orthmann 324). The government's limitations on this matter is even emphasized when â€Å"By the middle of the 18th century, English courts began to limit the admissibility of confessions† (Harr, Hess, and Orthmann 326). This is to prevent the occurrences of â€Å"confessions...obtained by any manner, including force or the threat of force† (Harr, Hess, and Orthmann 326). Not limiting the government's ability to how and when it asks questions opens an avenue for abuse and arbitrary actions. How do you feel about police â€Å"encouraging† suspects to talk by threatening or using physical force or otherwise intimidating them? Despite arguments that the ends can justify the means, one has to keep in mind that regardless of the motivation, individual rights should be, first and foremost, protected, because, personally speaking, it cannot be said that a government can protect the rights of a nation if that government is unable to first protect the rights of the individual. I truly cannot see how justice can be served if the foundation of such â€Å"justice† is already unjust. ... s could mean that if done properly, interrogation techniques can do the job already, so there is really no need to apply force or the threat of force. In the rest of the cases, a more diligent police work --- like searching for physical evidences --- could work in areas where interrogation did not provide much help. Does the Miranda decision impede police work? It is said that â€Å"because of [the] Miranda, substantial numbers of criminal convictions are lost each year† and that it â€Å"may be the single most damaging blow to the nation's crime fighting ability in the past half century† (Harr, Hess, and Orthmann 330). However, it is also said that: Miranda...changed the analysis of the Fifth Amendment protection against self- incrimination from a totality of the circumstances test for voluntariness to whether those subjected to a custodial interrogation by police were advised of their rights...[but] Miranda has not completely displaced the due process/voluntariness st andard. (Harr, Hess, and Orthmann 331) Therefore, the Miranda may have made police work tougher, but it does not absolutely impede police work. This is because â€Å"When a Miranda violation cannot be used to support an attack, voluntariness still can† (Harr, Hess, and Orthmann 331). Would a different result occur, given exactly the same circumstances of an interrogation, for what a private security officer could do as opposed to what a city police officer must do? Private security officers such as security guards or even rent-a-cops â€Å"are not required to advise suspects of their Miranda rights† (Harr, Hess, and Orthmann 360). City police officers are required to issue the Miranda warning to â€Å"individuals they had in custody, before questioning them† (Harr, Hess, and Orthmann 331). This could

Poem analysis Assignment Example | Topics and Well Written Essays - 250 words

Poem analysis - Assignment Example The play has critical symbols, the cage, the bird, and the knot. The cage symbolizes the marriage that Minnie is trapped in. Her husband, John Wright, controls what she can and cannot have or experience, which is why he killed Minnie’s bird. The bird is Minnie. She used to sing like the bird. She also used to be free and have friends. After being married, John puts her in her rightful place as a woman- a place of constant submission. When the bird dies, her spirit dies too. Finally, at the end, when Mrs. Hale tells the County Attorney that Minnie was going to â€Å"knot† the quilt, she refers to both the rope that Minnie put around her husband’s neck and the silence that Mrs. Peters and Mrs. Hale will preserve on their knowledge about the bird that reveals Minnie’s state of mind and potential motive. The play is saying that justice does not always come through men’s ways of investigation. These women became the jury for Minnie. They served as the police investigator and judge, where they knew that John deserves to die because he killed Minnie first. Their brand of justice may not be legal, but they followed what they thought was fair to women who live in a world that men control and where women are

Globalization A Boon Or A Curse Developing Countries Economics Essay

Globalization A Boon Or A Curse Developing Countries Economics Essay What is Globalization? At an economic level Globalization is the process denationalization of markets. In much simpler words it integration of an economy to the world economy. Globalization theoretically is an economic phenomenon, but it has its impact can be felt on all fields of human life. Also Globalisation has helped developed countries by bringing in opportunities for economic development. Globalization also has helped developing countries in gaining greater access to developed countrys technology and their markets. But globalisation has its own negative impacts and challenges. Growing inequality in within and across nations, environmental problems and volatility in financial market are some of the negative impacts of globalisation. What is it that differentiates between a developed country and a developing country? Terms like rich and poor, high income and low income, industrial and agricultural etc. are also being used. The attributes that differentiate a developed country from a developing country are infrastructural development, national income, quality of life, education and health. Many of the developing nations have a very huge national income but when it comes to Per capita income they are among the lowest. Because per capita income not only depends upon the national income but also the total population of the country. Unfortunately the main characteristic of any developing nation is that they have massive population. So countries are differentiated on the basis of their per capita income because it is more feasible and easy. At the top most level are the high income countries, with per capita incomes ranging from $10,000 to $30,000. These countries have well developed infrastructure, a large urban popul ation, an educated labour force. These countries are mature and are growing at a very slow pace. Included in this category are: United States, Canada, France, Germany, United Kingdom and other members of European Union and others in the Pacific, Japan, Australia, and New Zealand. These advanced countries work together in the Organisation for Economic Cooperation and Development (OECD). In the middle there is a wide range of developing countries in terms of the World Banks Terminology, Lower middle and Upper middle income countries. Countries having per capita income ranging from $10,000 to $1000 per year. Some of these countries are making huge development and slowly approaching maturity. Most of the Asian countries fall under this category including Korea, India, Indonesia and also some Latin American countries like Brazil, Argentina, Mexico etc. Most of the countries which fall under this category lack enough infrastructural facilities and education. Many of these countries are on the path of industrialization and most of them are labour intensive industries. On the other hand many of them still have large number of population living the rural areas where it is underdeveloped. Finally, there are the very poor countries, with per capita incomes of less than $755. Countries of Eastern Europe and the former Soviet Union that have been in the process of transition from Soviet-style command economies to the free market. These countries have substantial industries and had attained a middle income living standard. STANDPOINT PROPOSITION I feel that Globalization is without doubt a boon for the developing nation. It is considered to be one of the most successful prosperity and anti-poverty movement in modern era. With the help of Globalization developing countries are able to reap the benefits of current technology; which will result in production of better quality products. This doesnt mean that globalization does not have any negative effects. Globalization can also cause some serious problems like brain-drain, outsourcing, environmental issues etc. It also has an adverse effect on the local industries as they cannot compete against foreign multinational companies. But even if globalization has these negative impacts, it was a great opportunity for the developing nations to rise through increased foreign trade and Investments. Openness to trade, factor flows, ideas and information have powerfully stimulated progress, economic and political. Because of globalization the earth has become more flatter, faster and more fashionable. But there are people who believe that globalization can bring only harm to developing nations. They argue that globalization has been implemented in order to exploit the developing countries resources and labour force. But when we consider the gains or benefits of globalization we can find out that globalization has brought in more good than bad of the developing countries. ANNOTATION 1 Kotilainen, M., Kaitila, V. (2003).Economic Globalization in Developed Countries. Paper prepared for the Ministry Of Foreign Affairs, Finland. This paper analyses Economic Globalization from the point of view of the Developing countries. Also an analysis of Globalization in its different forms, with an focus on the economic impact on developing countries. The paper clearly defines Globalization and also elaborates on development and history of Globalization i.e. the Different Waves of Globalization. The Paper deals with economic impact of globalization on developing countries. The paper also discusses the development and history of Globalization. The World Bank classifies the development of Globalization as follows: The First wave of globalization: 1870 1914. The retreat into nationalism: 1914 1945, The second wave of globalization: 1945 1980, and The new wave of globalization: 1980 present. The paper has also explained in detail how Globalization affects the developing countries. Almost all the areas that can be affected by globalization have been included, they are as follows: Foreign Trade: Ultimate aim of every developing nation is to increase their exports. Developing countries specialise in the production of some goods and import others which help to lower cost. And import liberalisation facilitates this. Generalised System of Preferences (GSP) has forced developed countries to give preferential transaction with the developing nations. The concept of Everything but Arms is an example of further steps taken in liberalisation of import/export policy by the developed countries. In order for the developing countries to increase their foreign trade the developed countries should open up their economy. But there is one problem that the developing countries face that is the price of their products are typically very volatile in the world market. Developing countries have made significant growth in foreign within the past three decades. Foreign Direct Investment: Foreign Direct Investment is welcomed everywhere especially in developing countries, as it provides external resources in the form of capital that support the economic development of the developing country. Problem arises only if the government does not have any control over the its flow. The liberalisation policy taken up by countries has a direct impact on the FDI inflows. When we compare the countries in South Asia and East Africa, South African countries have more economic freedom, because its being liberalised than the other. So these countries attract more FDI inflows than their counterpart South Asia. From this we can understand Structural Reforms is an important factor in advancing economic growth. International Migration: The paper explains that the way developed countries view international migration is completely different from that of developing nation. In developing countries where population growth is fast and unemployment is high, where people cannot find job easily in their home country. This leads to more liberal migration policy in these countries. The ageing of the population in the developed countries will, however make the migration policy of the developed countries slightly more liberal in the future. Foreign Borrowing and Lending: The problem with developing countries is that they borrow too much from other countries and institutions. They prefer more debt relief than what has been agreed up on. According to the developed countries and financial institutions, there are mainly three problems that hinder lending: The immediate economic loss, the risk of moral hazard in borrowing over the longer term and the internal problem existing within the nation. In the future foreign borrowing will only take place if the developing countries have sufficient repayment capacity. Foreign Aid: The paper identifies foreign aid as an area which can be affected by globalization. Foreign aid consumes a major portion of a countrys development expenditure. The future of economic growth depends on the funds allocated and on the priorities of the developed countries. Macroeconomic Integration: International institutions like the IMF and the World Bank, are often criticised for limiting the sovereignty of policy makers in the developing countries. The lack of interdependence in macroeconomic policies is, a major characteristic of a globalised world. In order avoid macroeconomic instability the developing nations must liberalise their short-term capital movements. The Paper also discusses the other areas where globalization has some impact, they are: General politics, the Social structure, the labour market, social policy, education, culture, religion and the environment. In these fields, however, globalization does not necessarily determine a certain outcome. The paper clearly states that globalization is indeed a boon for developing countries. Globalization helps in foreign trade, attract foreign investment, international migration etc. The countries need to open up their economy in order to use the opportunity for the development of the economy. ANNOTATION 2 Stallings, B. (2000). Globalization and Liberalization: A View from the Developing. Prepared for U.N. Economic Commission for Latin America and the Caribbean. The paper mainly deals with the Macroeconomics of Globalization i.e. Trade and Finance. It also draws a distinction between Globalization and Liberalisation. The paper clearly identifies the quantitative importance and the qualitative characteristics of developing countries in the expanding trade and financial flows of the 1980s and 1990s. The author takes the example of Latin American countries to depict the effects of globalization on Developing countries. The paper summarizes both the advantages and disadvantages of being part of a globalized world and suggesting some ideas about how to emphasize the former while minimizing the latter. The paper explains how Globalization has influenced the imports and exports made by developing countries. In terms of world imports, developing countries share fell slightly during the 1980s and then started increasing steadily by the late 1990s. A similar situation was found with exports from developing countries to the world although the trend is more pronounced. It is also important to note that trade flows in general rose rapidly in this period, nearly tripling in nominal terms. Another way of thinking about the rising importance of trade is to look at trade as a share of countries own output, i.e., the change in export and import coefficients. The paper also discusses the effects of Globalization on Latin American countries. The main message that comes across is that globalization and liberalization have increased heterogeneity across countries, sectors, and types of firms. Some have been able to take advantage of new opportunities, while others have only encountered more obstacles. Especially large differences were found with respect to productivity, which may imply continued differentiation in the future. For countries that improved their performance, foreign capital played a major role. FDI (Foreign Direct Investment) in particular contributed to increased investment, both in tradeable and in the services sector. Trade Liberalisation and Privatisation also played a vital role in this drastic change. The paper also stresses that not all of these changes can be attributed to globalization. Liberalization, as reflected in domestic policy changes, was at least as important. The key point to emphasize is the close interrelationship between globalization and liberalization in determining performance outcomes, both faster growth and increased heterogeneity. Finally the paper discusses the Advantages and Disadvantages of Globalization on the developing countries. One of the positive aspects is that there has been an additional amount of external finance available to developing countries. In addition, an increasing share of the new funds has consisted of foreign direct investment that is currently highly valued by the governments of most developing countries. Moreover, such investment tends to embody new technologies that increase the productivity and, thus, the competitiveness of developing countries. The argument is that capital markets may actually contribute to democracy by dismantling oligopolistic corporate structures in developing countries, and that the demand for additional information on the part of foreign investors (and the IMF) may increase private and public-sector transparency. The paper also identifies some serious problems that are being caused. One such problem is the increase in heterogeneity or polarization across regions and countries and also within countries (firms, regions, and groups of workers). Some who are much more able than others to take advantage of the new opportunities that globalization offer, which can lead to increased social and political conflicts and rejection of liberalization and globalization. Also the new capital flows have also brought some problems to Government in trying to manage their economies. Individual countries or regional groupings need to devise policies to protect themselves from the vagaries of international capital flows. The paper also suggests that policies are necessary to offset the polarization that is being exacerbated by global financial flows. These involve both social policies (especially education) and policies to assist firms that are being left behind in the increasingly competitive world. Controls on the entry of short-term capital flows during periods of strong international liquidity have proved useful in some cases. Also there is need for higher domestic savings in most developing countries to lower the need for external savings. Finally, policies are necessary to offset the polarization that is being exacerbated by global financial flows. ANNOTATION 3 Goyal, K. (2006).Impact of Globalization on Developing Countries (With Special Reference To India).   This paper explores the process of Globalization and Liberalization in developing countries. The paper explains in detail the effects of globalization on developing countries by taking the example of India, which is considered to be one of the fastest growing economies in the world. Most part of the paper discusses on how or what lead India to open up her economy and also the different impacts of globalization. India opened up the economy as an attempt to climb out of a major financial crisis which led to a foreign exchange crunch that nearly took India to situation where it could not pay off its debt. India responded to this by initiating number of Domestic and foreign policies which was formulated to tackle the short-term as well as long-term problems. Major Reform measures that were taken as a step towards Globalization are as follows: In July 1991 India was under a major financial crisis, the foreign currency reserves had plummeted to almost $1 Billion; Inflation rose to an annual rate of 17 percent; fiscal deficit was very high; foreign investors and NRIs had lost confidence in Indian Economy. India was not the only country that initiated these policies, many countries underwent the same changes at the very same time; most of them where countries of South East Asia, Latin America, Western and Eastern Europe. These economic changes initiated by these countries were inevitable as it was their last resort. Major policies brought in as part of liberalisation and globalisation was: Devaluation of currency, Disinvestment, Allowing Foreign Direct Investment (FDI), Removal of quantitative restriction on imports, Reduction in import/export tariffs and wide range of financial sector reforms. The paper also discusses on Impacts of Globalization on Developing countries especially India. Globalization has intensified interdependence and competition between economies in the world market. These economic reforms have yielded the following significant benefits: Indian economy greatly benefited from the process of globalization. Indias annual growth rate was just 3% in the 1970s which was far less than that of Brazil, Korea and Mexico. Also Indias average growth rate doubled in eighties to around 5.9% which was still lower than many of the developing countries. Globalization helped in increasing the growth rate substantially and also improves Indias position globally. These are some notable changes due to globalization: Foreign Direct Investment: FDI soared from around US$100 million in 1991 to USD around 5536 million in 2004-5. Foreign Trade (Export Import): There was increase was substantial increase in the amount of imports made by India; i.e. from USD $79 in 2003 to USD$107. Not only imports exports also increased by around 24% as compared to previous years. Oil imports rose by 19 percent with the import bill being US $ 29.08 billion against USD 20.59 billion in the corresponding period last year. Non-oil imports during 2004-05 are estimated at USD 77.036 billion, which is 33.62 percent higher than previous years imports of US $ 57.651 billion in 2003-04. Thus we can find out that the economic reforms in the Indian economy initiated since July 1991 has brought about significant changes in Indian economy like greater investment, higher growth rate, increase in foreign exchange reserve and technological development. This has helped the Indian economy to grow at a much faster pace. A Comparison with Other Developing Countries When it comes to global trade There has been increase in merchandise export made by India; i.e. from .05% to .07% over the past 20 years. At the same period Chinas share has tripled to almost 4%. Indias share of global trade is similar to that of the Philippines an economy that is 6 times smaller IMF Over the past decade FDI flows into India have averaged around 0.5% of GDP against 5% for China and 5.5% for Brazil. FDI inflows to China now exceed US $ 50 billion annually. It is only US $ 4billion in the case of India. Even though the paper concentrates mainly on the impact of globalisation on India, the story is somewhat same for other developing countries as well. Countries like Brazil, China, and Philippines have all gone through the same situation what India has experienced. According to various studies made by economic experts India and China will rule the 21st Century. And also India is the fourth largest economy in terms of purchasing power parity, and may even overtake Japan within 10 years. ANNOTATION 4 Mostert, J. (2003). The Impact of Globalisation on Developing Countries.  Prepared forESSA conference The paper deals with some of the main issue of globalization with respect to developing countries like impact of globalization on unemployment, distribution of income and also the sovereignty of the nation. The high integration of the world economy provides ample opportunities for developing nation to grow and prosper, increase their standard of living but there are some risks associated with the process of globalization. The paper also gives an insight on difference between Globalization and Regionalisation. Regionalisation is integration of different countries of a similar region. Regionalisation is somewhat similar to Economic integration. Globalisation is indeed an extension of regionalisation as it integrates not only countries of a particular region but also the different regional blocks. Impact of Globalization on World Trade According to the paper globalization process not only increased the wealth of developed country but also decreased the poverty level of developing nations. The improvement in economic growth in the Asian countries led to a reduction in the skewed distribution of income between developed and developing countries. Despite all this positive impact many countries who are not a part of international trade are still in poverty, so it is a major challenge to incorporate these countries into the international trade system. According to the paper mainly 3 regional blocks dominate the global economy; they are responsible for more than 43% of the total global transactions and around 57% of portfolio transactions. A conclusion can be drawn that the developing countries neednt get the expected advantage from the process of globalization. The impact of globalisation on the international distribution of income The paper argues that the worldwide distribution in income is still very skewed. The income gap between the countries has increased substantially since 1960 . The article states that the average GDP growth made by developed countries is much higher than that of developing nations. According to IMF when the income of richest part of the worlds population increased 6 times from 1900 to 2000; the increase in income of poorest part of the worlds population was just 3%, during the same period. According to the paper thirty developed nations that actively took part in the process of globalisation grew by 3.5% in the eighties and 5 % in the nineties. And those countries which did not actively take part in the international trading system did not realize any significant gains. Their growth was only marginal compared to those countries which actively took part in Globalization. There was in increase in level of world production and also global trade even if globalisation resulted in more skewed distribution of income between nations. The shift to integrated economy and world market provided ample opportunities for developing countries for economic growth and got chance to improve their standard of living. The impact of globalisation on unemployment The main argument that is raised by people who oppose globalization is that; globalization will lead to increased unemployment in the developing countries. Because of low wages in the developing countries they started exporting jobs to the developed countries. And when there is technological development the demand for low skilled employees will decrease. According to the IMF there has been increased unemployment because of the fact that developing nations are becoming more service oriented where there is very less demand for low skilled workers. The paper also discusses about impact of globalization on wages and labour standards. According to the author the process of globalization will lead to race to the bottom, which is resulted because countries will try and improve their competiveness by lowering wages, taxes and regulations. The author also suggest that the developing countries should improve their competitive wages as this will lead to debate on labour standards that can lead the way to the reduction of the participation of developing countries in the world economy. ANNOTATION 5 Pinelopi, K. G., Pavcnik, N. (2006).Distributional Effects of Globalization in Developing Countries. Prepared for National Science Foundation This paper mainly concentrates on Globalization and Challenges for developing countries. The paper argues that there are several key and interrelated elements to globalization and that the future gains will derive from the degree to which countries are willing to embrace them together rather than in a sequenced fashion. The rising flow of trade and capital has heightened the sense of vulnerability. Now production and trade is hugely dominated by transnational which use globalization to their advantage. The developing countries need to use trade to promote development. Trade enlarges the market for domestic producers, allows them to reap scale economies and force them to develop new technologies for production. Export earnings also loosen foreign exchange constraints on the economy thereby helping in expansion of other sectors. Developing countries needs to take initiative in launching new trade negotiations which could draw them into the mainstream of globalization. The danger is that if there is no initiative, the benefits of globalization will continued to be monopolized by few countries. Another major facet of globalization is the vast increase in capital flows. These flows have become a major source of investment, a route for technology transfer and an accelerator to financial deepening. The government need to formulate policies in order to control the cash flows. The paper also discusses the role of migration during the process of globalization. During the first phase of globalization, in the late nineteenth and early twentieth century, long distance migration paralleled trade and capital flows. In some countries, the desire on the part of young people to emigrate is the principal incentive to acquire useful skills and serves to maintain standards in segments of the educational system. In order to benefit the long-term benefits from migration countries must not only participate in the making of international institutions to manage and facilitate labour mobility but they also need to see migration as part of a larger process of opening and integrating their economies. The paper also suggests that globalization has facilitated technology transfer. Technological change has proceeded slowly in developing countries for a variety reasons. This is a major reason for slow growth and the widening gap in incomes between rich and poor countries. The blame is placed on the weaknesses of skills, the educational system, incentives, research facilities, the business culture and traditions influencing the quest for new knowledge. Adopting new technologies and pushing outward the technology frontier requires a capable research and extension infrastructure and the active involvement of the business sector. Few of the low income countries have made much headway in utilizing or extending agricultural technology by creating high quality, competitive and commercially oriented research entities. The author believes that even if globalization has the following advantages it can never be seen as the ultimate solution for development. Everything requires discipline and checks limit the negative impacts of globalization. Developing countries need to engage in active negotiations so as to integrate with the international economy on terms which will give them the best possible trading opportunities in commodities in which the enjoy comparative advantages and promise the desired level of food security ESSAY Different people have different views about Globalization, some say that globalization is a beneficial process and some who are against globalisation believe that it will only be beneficial to a specific group of countries. The essay tries to explain how globalization can affect the developing countries. Developing countries are also known as emerging economies or countries on the path to development. This essay mainly discusses about the impacts Globalization on developing nations. Globalization is an opportunity and not a threat to developing countries. The impacts of globalization can have direct or indirect effect; it is so far- reaching that nothing is being left out. Globalization has resulted in an explosive expansion in world trade. The economic integration of countries such as India, joined by China, other South-East countries, also Latin American countries has resulted in the widespread expansion of international trade. It just took 10 years for China to double its per capita income. Countries like France, Germany, and Britain took around 50 years to achieve just. The rapid expansion of foreign trade made by developing countries generated a demand for resources and energy. The so called emerging countries consume about 50% of global energy production. Emerging manufacturers have also specialised in building highly technical products that compete effectively in world markets. Around 50% of computers produced come from China. The developed countries are now in enormous pressure to compete by developing new product and methods of production to sustain them in the International market. This doesnt mean that globalisation do not have any negative impacts on developing countries. Globalization can have adverse effect on domestic industries. Domestic industries will be under mounting pressure in order to comply with international completion; their rates of unemployment may even rise. The government can play a vital role in minimising the impact on domestic industries by formulating policies and laws. The labour market is under a great deal of pressure due to globalization and requires constant adjustments and changes. Due to the abundance of low cost labour there is rising difference in personal incomes. Eve though there is unfavourable employment conditions in many developing countries; it is not because of the fact that there is a great deal of pressure on the unskilled work force due to globalization. And also advancement in the area of technology is another cause for lower demand for unskilled workers. Globalization has forced different nations to lift the migration barriers. In Europe, the European Union has opened the gates to millions of workers from formerly communist countries where labour productivity was low. Their migration usually improves working conditions in the countries. Workers should consider globalization as an opportunity to acquire knowledge in order to compete in the global economy where they have to meet global standards. Countries are now trying to concentrate on developing education and health in order to improve the quality of work force. One of the major challenges of globalization would be to integrate all sectors and countries that do not participate in the globalization process. But not all countries, sectors, or firms have access to global financial markets and services or can take advantage of the benefits induced by globalization. Conclusively, may it be developed or a developing country, Globalization can work for all. But it is not an easy task. The negative impact of globalization can be minimized by constant adjustment and control measures. Globalization is considered to be a great opportunity to prosper and develop in the internationalised world economy. Problems like inequality in income, uneven development, and outsourcing can all be controlled by proper policy actions.

United Nations :: Free Essays

Describe the goal and functions of the United Nations. Upon the conclus5ion of WWII, the 1945 San Francisco Conference created the provisions for the United Nations. The purpose of this multinational organization was to promote international peace and security, settlement of disputes between nations by peaceful means, develop friendly relations with other nations, and the international cooperation to solve global social, economic, and cultural problems. To accomplish this agenda, the United Nations is divided into six departments, all having their own specific duties.   Ã‚  Ã‚  Ã‚  Ã‚  The U.N. charter gave the Security Council the responsibility dealing with threats to our international peace and security. There are five permanent members on the board and they include China, France, Great Britain, Russia, and the U.S.. Each member carries veto power over other the member’s actions. There are also ten non-permanent members elected by the General Assembly. These ten members serve a two-year term to ensure that various populations are represented on a rotating basis.   Ã‚  Ã‚  Ã‚  Ã‚  The General Assembly includes all voting eligible nations. This assembly meets to discuss and make recommendations concerning world problems. Africa makes up 33% of total membership and can have a tremendous influence on the resolution process.   Ã‚  Ã‚  Ã‚  Ã‚  The Secretariat is sort of the grunt or laborer in the organization. They are responsible for the day to day operations, calls conferences and meetings, and distributes information to the other departments as well as the public.   Ã‚  Ã‚  Ã‚  Ã‚  The U.N. Secretary General serves as a look-out. This part of the organization is to inform the Security Councils attention to direct or possible threats towards our world peace. The Secretary general also may undertake special missions and command emergency forces.   Ã‚  Ã‚  Ã‚  Ã‚  The Economic and Social Council coordinates the activities of specific agencies. It is their responsibly to is make sure each department is running smooth and in the right direction.

Syllabus: Rational Number and Gwalior Glory High

Write laws of powers & exponents (along with one example) in an AY Size sheet. Puzzle solving based on Rational Nose. Science l- Explore your refrigerator or storage cupboard and list 8-10 food items that are preserved using preservatives. Find out about the mode of action of each preservative record the data in a given tabular format. Al- Product Name Method of packaging Expiry date Method of (sealed bag, bottle, can, carton etc. ) (best before) preservation You can take help from pig. 18 of your science book. Or To make a wind chem.. (Hint : Use 4-6 pieces of hollow metal tubes of different lengths – paint them in different colors.Hang them on a cardboard so that they swing and strike each other) Social Studies l- Collect pictures of some resources you use in your house and classroom and make a collage in your copy with the pictures. Al- Write the Preamble of the Indian Constitution in your copy. Ill- Visit a museum and find out the various sources of information of modern h istory. Paste the pictures and label them in your copy. Computer Prepare a file or a chart explaining the types of networks.Write laws of exponents along with one example on AY Size Sheet. Q. 2 Solve the puzzle based on rational numbers. Read the given clues Smallest set of numbers which is closed under subtraction. A number of the form p where p, q are integers and q 0 q 7 A number divisible by Related to an operation on rational number which gives same result even when the number change places. Opposite of the word negative Additive identity for rational numbers A prime number which is sum of an even number and a prime number.

A Well-Thought Framework, Amendments, and Judicial Review Have Helped the Constitution of the United States of America Stand the Test of Time- essay that got 2nd place for a scholarship!

A Well-Thought Framework, Amendments, and Judicial Review Have Helped the Constitution of the United States of America Stand the Test of Time- essay that got 2nd place for a scholarship! Framework of the ConstitutionThe Constitution of the United States of America has stood the test of time. The Founding Fathers' forethought as they deliberated and worded the Constitution, amendments by Congress, and judicial review by Supreme Courts over the years have helped the Constitution endure. Although the "fount of all authority,"1 it has also proven to be flexible, capable of meeting the different interests of generations of Americans.In 1787, the Constitution's authors philosophically pondered what constitutes good government. Many delegates believed the document which emerged from the Constitutional Convention had established sufficient 'checks and balances' - governmental power divided between the federal government and the States, and the powers assigned to the federal government divided among the Legislative, Executive and Judicial Branches. Federalists debated the merits of a strong federal government, but anti-Federalists claimed a too powerful central government wou ld usurp state sovereignty. In 1791 in response to anti-Federalists' fears, ten amendments (the Bill of Rights) were added to limit the Federal government's power, and to protect individual citizens' liberties such as freedom of speech, freedom of religion, the right to trial by jury with counsel, private property and the privacy of their homes.English: 15th Amendment of the United States Const..."By liberty, was meant protection against the tyranny of the political rulers."2Amending the Constitution to meet the needs and demands of "the people" helped the Constitution endure. After the Civil War, three amendments were added. The Thirteenth Amendment, in 1865, abolished slavery and involuntary servitude; in 1868, the Fourteenth Amendment was ratified with the purpose of protecting any person within a state's jurisdiction from being deprived "of life, liberty, or property without due process of law," [or denied] "the equal protection of the laws."3 The Fifteenth Amendment, in 1870, p rohibited federal and state governments from abridging a citizen's right to vote "on account...

The Judicial Branch essays

The Judicial Branch essays The residents of United States are protected against racism due to the implementation of the Constitution. Today the US is a model of equal human rights in the world, but very few people realise that the Judicial Branch of the US has played a significant role to eliminate discrimination from the roots of the American society. The Case Study in Chapter 5 of Wasserman's "American Politics" discusses the influence of the Judicial Branch in American politics. In my paper I will; summarize the basic content of the passage, discuss how the Judicial Branch can effect national policy, thus effecting the future of the society and reveal why the Judicial Branch is the most trusted Branch of the government? Eventhough the Thirteenth, Fourteenth and Fifteenth Amendments were intended to thrust equality in the US, they failed to change public attitudes toward discrimination. In the case of Plessy vs Ferguson (1896), the Supreme Court established the "separate but equal" doctrine, thus legalizing segregation indirectly. The Court claimed that this doctrine is not a violation of the Constitution as long as equal facilities are provided for both the races. Tragically equality was not enforced but segregation became a common practice. Then in the late 1930s some important judicial decisions weakened this doctrine but it was finally reversed in 1954 by the case Brown vs Board of Education. The court ruled that separate is bound to be unequal, thus slowly segregation as eliminated in various aspects of the society. Also the other two branches of the government joined in to remove this evil from the society. Eventhough the Judicial Branch is called "the least dangerous branch of government" it has played an important role in influencing national policy. Inspite of all the limits set on the Judicial Branch, I consider it to be the most powerful Branch of the government. It is correct that ...

How might government debt reduction plans affect Bury Sports Ltd Essay

How might government debt reduction plans affect Bury Sports Ltd - Essay Example The UK public sector budget deficits, which are recorded since 2002-03, have already reached at the level of  £6.0 billion in February 2010, more than double in comparison with its previous year level. Net capital borrowing has increased almost one and half times more to  £12.4 billion than its previous year level. As a percentage of GDP the net public sector debt of the UK government has touched to 60.3 per cent in February, 2010, a 10 scale higher than the level of February, 2009. At the end of February, 2010 the net debt also has increased to  £857.5 billion from a level of  £712.4 billion in February 2009. Net public sector borrowing has also jumped to  £49.4 billion from the level of  £ 32.4 billion, at the end of the third quarter of 2009-10. Excluding the financial interventions, the public sector net debt has risen to  £741.6 billion by the end of February, 2010 from the level of  £596.9 billion which was seen in February, 2009, exactly before one year. (Month ly:  £6.0bn budget deficit, March 29, 2010; Tanweer, Thompson, n.d.). Keeping these issues in mind the government has taken a deficit reduction strategy. This set the path to Mr. Alistair Darling, Chancellor of the Exchequer to take an aggressive decision towards the reduction of debt. The government has planned for high cuts in its public spending over the coming two years. Mr. Darling intends to reduce the general government spending excluding capital investment, interest on debt and social welfare costs by almost 1.5 per cent and 2 percent in 2011 and 2012 respectively. (Fiscal Responsibility Bill, 2009-10, pp. 1-3). With the outlook of bringing the budget back into balance within 2017 financial year, the government would like that its budget deficit as a percentage of GDP may fall to almost the half level of the present year standard. With the

The Role Of Phytase In Poultry Rations Essay Example | Topics and Well Written Essays - 2500 words

The Role Of Phytase In Poultry Rations - Essay Example Enzymes are as well used in laundry detergents to assist break up grease and other complex marks. With the intention of understanding the actions of enzymes, it is significant to know that the majority of chemicals in food are merely too huge and compound for human body to use as is. Proteins, for instance, are elongated chains of amino acids, and yet widespread sugars and starches can be extremely compound chemicals. Just as one cannot consume large lumps completely, but have to chew on bite-size pieces, the majority of chemicals inflowing the body must be conked down previous to they can be put to use (Siriwan, Bryden and Annison, 1994, Pg 15-16) . Enzymes reorganize or tear these chemicals into smaller "bite-size" pieces prepared for additional chemical reaction. For instance, table sugar (sucrose) is actually two simple sugars, chemically connected, that are estranged by the enzyme sucrase during absorption. The body can then use the ensuing uncomplicated sugars, glucose and fructose. Medical knowledge has extensively used assured enzymes with advantageous consequences. Fibrinolytic enzymes--which assist break up blood clots--have been utilized to clean injuries that have dried out and clotted beneath unhygienic circumstances. Enzymes are also used as a substitute to spinal operation to mend the outflow of a cracked disk. In this handling, the substance that has "leaked" out of the disk is suspended by action of the enzyme chymopapain. Enzymes are also imperative pointers of body tasks. From assimilating foods to metabolizing drugs, enzymes are a fundamental element of our bodies. And with genetic production and recombinant DNA expertise presently in progress, it appears probably that many of the familiar enzyme lack diseases will turn out to be handy if not cured. One enzyme under consideration in our study today is "Phytase" due to its extensive use in poultry industry. According to Moore (2003, Pg 65) Dietary prerequisite of phosphorus and its accessibility in plant source feedstuffs are important subjects in poultry nourishment. It is renowned that the phosphorus accessibility from plant foundation for instance corn and soybean meal is inadequate to 30-40 percent. This short accessibility is accredited too much of the plant's phosphorus being in the shape of phytates (Myoinositol hexaphosphates). Phosphorus is there in the form of phytic acid as a compound of cations (Ca, Mg, Zn and K) and/or proteins. Poultry is short of adequate quantity of endogenous phytase in the gastrointestinal territory to hydrolyze the phytate molecule and discharge the inorganic phosphorus. This demands adding up costly inorganic resources of phosphorus to persuade dietary prerequisites. Adding up inorganic phosphorus, though, effects in disproportionate emission of phosphorus in manure, pretentiousness an environmental worry, particularly in concentrated animal production. This augmented environmental apprehension that has shaped much attention in phytase consumption in current years. Phytases are a collection of enzymes that catalyze the stepwise exclusion of inorganic orthophosphate from phytic acid. (Sebastian, Touchburn and Chavez, 1998, Pg 27-28) These enzymes take place in cereals and are produced by bacteria, fungi, and yeast

Bachelor of Science in Nursing (BSN) v's Associated of Science in Essay

Bachelor of Science in Nursing (BSN) v's Associated of Science in Nursing - Essay Example A four years degree programme popularly known as Bachelor of Science in Nursing (BSN) is ideal professional to Associate degree that takes two years. Simultaneous shortage of nurses creates problems to any county’s health care needs. In most case nurses shortage is attributed by slow growth in the number of registered nurses, enrollment rate in nursing schools is slow to meet the demand of the increase in population, inadequate faculties and frustrations nurses go through that make them to leave their professions (Maria, C. 2008) Â   The Bachelor of Science in Nursing (BSN) take four years of studying science and ethics of nursing, it is mainly offered by a university or likewise qualified school. Nevertheless, one is entitled to sit for the National Council Licensure Exam (NCLEX).This examination council come up with certified examination for two and a half years of additional nursing and liberal arts curriculum before he or she becomes a recognized nurse after graduating from either Associate’s Degree (ADN) or from a four-year nursing program with a BSN, the BSN trains nurses for a certified role away from the coursework in nursing science, research and leadership (Lewallen et al 2003) BSN syllabus is familiar among working nurses. The Bachelor of Science in nursing helps students with no previous understanding in nursing to obtain licenses and offers registered nurses an opportunity to grow careers wise. Core curriculum in BSN entails liberal arts requirements and more advanced topics related to nursing, including education, management and administration. The associate nursing is popular as compared to BSN, but on the other hand the BSN programme gives career resourcefulness and offers a broad familiarity of nursing theory. That is to say a nurse with BSN has numerous alternatives such as performing different specialties related to nursing many

Pedagogy Essay Example for Free

Pedagogy Essay Pedagogy of the Oppressed (Portuguese: Pedagogic do Proudly), written by educator Paulo Fire, proposes a pedagogy with a new relationship between teacher, student, and society. It was first published in Portuguese in 1968, and was translated by Myra Ramose into English and published In 1970. [1] The book is considered one of the foundational texts of critical pedagogy. Dedicated to what Is called the oppressed and based on his own experience helping Brazilian adults to read and write, Fire includes a detailed Marxist class analysis in his exploration of the relationship between what he calls the colonizer ND the colonized. In the book Fire calls traditional pedagogy the banking model because it treats the student as an empty vessel to be filled with knowledge, like a piggy bank. However, he argues for pedagogy to treat the learner as a co-creator of knowledge. The book has sold over 750,000 copies worldwide. [2] Translated into several languages, most editions of Pedagogy of the Oppressed contain at least one introduction/foreword, a preface, and four chapters. The first chapter explores how oppression has been Justified and how it is overcome through a mutual process between the oppressor and the oppressed (oppressors-oppressed distinction). Examining how the balance of power between the colonizer and the colonized remains relatively stable, Fire admits that the powerless in society can be frightened of freedom. He writes, Freedom Is acquired by conquest, not by gift. It must be pursued constantly and responsibly. Freedom is not an ideal located outside of man; nor is it an idea which becomes myth. It is rather the indispensable condition for the quest for human completion. (47) According to Fire, freedom will be the result of praxis † Informed action † when a balance between theory and practice is achieved. The second chapter examines the banking approach to education † a metaphor used by Fire that suggests students are considered empty bank accounts that should remain open to deposits made by the teacher. Fire rejects the banking approach, claiming It results In the demutualization of both the students and the teachers. In addition, he argues the banking approach stimulates oppressive attitudes and practices in society. Instead, Fire advocates for a more world- mediated, mutual approach to education that considers people Incomplete. According to Fire, this authentic approach to education must allow people to be aware of their incompleteness and strive to be more fully human. This attempt to use education as a meaner of consciously shaping the person and the society is called centralization, a term first coined by Fire in this book. Dimensions of human praxis. This is in line with the Lavabo Viewer Pintos use of the word/idea in his Consciences Realized National which Fire contends is using the concept without the pessimistic character originally found in Jaspers (Note 15, Chapter 3) in reference to Karl Jaspers notion of Gratuitousness. The last chapter proposes dialogs as an instrument to free the colonized, through the use of cooperation, unity, organization and cultural synthesis (overcoming problems in society to liberate human beings). This is in contrast to antispasmodics which use conquest, manipulation, cultural invasion, and the concept of divide and rule. Fire suggests that populist dialogue is a necessity to revolution; that impeding dialogue dehumidifies and supports the status quo. This is but one example of the dichotomies Fire identifies in the book. Others include the student-teacher dichotomy and the colonizer-colonized dichotomy. In his article for the conservative-leaning City Journal, Sol Stern[3] notes that Pedagogy of the Oppressed ignores the traditional touchstones of Western education (e. G. , Rousseau, John Dewey, or Maria Interiors) and contains virtually none of the information typically found in traditional teacher education (e. G. , no discussion of curriculum, testing, or age-appropriate learning). To the contrary, Fire rejects traditional education as official knowledge that intends to oppress. Spread[edit]Since the publication of the English edition in 1970, Pedagogy of the Oppressed has achieved near-iconic status in Americas teacher-training programs, according to Sol Stern. A 2003 study looking at the curricula of 16 schools of education, 14 of them among the top in the country, found that Pedagogy of the Oppressed was one of the most frequently assigned texts in their philosophy of education courses. Such course assignments are a large part of the reason the book has sold almost 1 million copies, which is a remarkable number for a book in the education field. [3] Influences[edit]The work was strongly influenced by Franz Fanons and Karl Marx. One of Firers dictums is that: there neither is, nor has ever been, an educational practice in zero space-time†neutral in the sense of being committed only to preponderantly abstract, intangible ideas. According to later critics, heirs to Firers ideas have taken it to mean that since all education is political, leftist math teachers who care about the oppressed have a right, indeed a duty, to use a pedagogy that, in Firers words, does not conceal † in fact, which proclaims † its own political

Net Present Value is the most realistic technique for evaluation

Net Present Value is the most realistic technique for evaluation Introduction Drury (2000) stated, The theory of capital budgeting reconciles the goals of survival and profitability by assuming that management takes as its goal the maximization of the market value of the shareholders wealth via the maximization of the market value of ordinary share. Capital budgeting decisions may be defined as the firms decision to invest its current funds most efficiently in the long term assets in anticipation of an expected flow benefits over a series of years. (Pandy, 2005) According to the above definitions of capital budgeting, following features can be identified, I. Exchange current funds for future benefits II. Funds are invested in long term assets and III. Benefit will occur to the firm over a series of years. Therefore main objective of the capital budgeting decisions are to maximize the wealth of the shareholders by, à ¢Ã¢â€š ¬Ã‚ ¢ Determining which specific investment projects to be undertaken à ¢Ã¢â€š ¬Ã‚ ¢ Determining the total amount of capital expenditure which the firm should be obtained à ¢Ã¢â€š ¬Ã‚ ¢ Determining how this portfolio of projects should be financed. In capital budgeting process different investment appraisal techniques are used to evaluate the investments. They are mainly traditional and Discounting Factor (DCF) methods. In traditional method consist of Payback and Accounting Rate of Return (ARR) which dont have the time value adjustment. But in DCF method Net Present Value (NPV) and Internal Rate of Return (IRR) are included and they are adjusting the time value of money to the cash flows. These techniques give different benefits and limitations in investment evaluation process, although as per the theoretical view DCF analysis may give more benefit to the organization. However successful completion of a project mainly depends on the selection criteria adopted while choosing the project in the initial phases itself and the choice of a project must be based on a sound financial assessment and not based on impression. DCF techniques are being widely used in both public and private sector. This is the method recommended for evaluating investment proposals. In this method, the incremental cost and benefits of proposals are discounted by a required rate of return in order to obtain the net present value of the proposal. Investment decisions are essential for a business as they define the future survival, and growth of the organization. The main objective of a business being the maximization of shareholders wealth. Therefore a firm needs to invest in every project that is worth more than the costs. The Net Present value is the difference between the projects value and its costs. Thus to make shareholders happy, a firm must invest in projects with positive NPVs. We shall start this essay with an explanation of investment appraisal, NPV, then compare this method with other investment appraisal methods and finally try to define, based on the works of Tony Davies, Brian Pain, and Brealey/Myers/Allen, which method works best in order to define a good investments. What is Investment Appraisal? A means of assessing whether an investment project is worthwhile or not Investment project could be the purchase of a new PC for a small firm, a new piece of equipment in a manufacturing plant, a whole new factory, etc Used in both public and private sector Types of investment appraisal: Payback Period Accounting Rate of Return (ARR) Internal Rate of Return (IRR) Profitability Index Net Present Value (discounted cash flow) Why do companies invest? Importance of remembering investment as the purchase of productive capacity NOT buying stocks and shares or investing in a bank! Buy equipment/machinery or build new plant to: Increase capacity (amount that can be produced) which means: Demand can be met and this generates sales revenue Increased efficiency and productivity Investment therefore assumes that the investment will yield future income streams Investment appraisal is all about assessing these income streams against the cost of the investment Capital budgeting versus current expenditures A capital investment project can be distinguished from current expenditures by two features: a) Such projects are relatively large b) a significant period of time (more than one year) elapses between the investment outlay and the receipt of the benefits. As a result, most medium-sized and large organizations have developed special procedures and methods for dealing with these decisions. A systematic approach to capital budgeting implies: a) The formulation of long-term goals b) The creative search for and identification of new investment opportunities c) Classification of projects and recognition of economically and/or statistically dependent proposals d) The estimation and forecasting of current and future cash flows e) A suitable administrative framework capable of transferring the required information to the decision level f) The controlling of expenditures and careful monitoring of crucial aspects of project execution g) A set of decision rules which can differentiate acceptable from unacceptable alternatives is required. The classification of investment projects a) By project size Small projects may be approved by departmental managers. More careful analysis and Board of Directors approval is needed for large projects of, say, half a million dollars or more. b) By type of benefit to the firm  · An increase in cash flow  · A decrease in risk  · an indirect benefit (showers for workers, etc). c) By degree of dependence  · Mutually exclusive projects (can execute project A or B, but not both)  · complementary projects: taking project A increases the cash flow of project B.  · substitute projects: taking project A decreases the cash flow of project B. d) By degree of statistical dependence  · Positive dependence  · Negative dependence  · Statistical independence. e) By type of cash flow  · Conventional cash flow: only one change in the cash flow sign e.g. -/++++ or +/-, etc  · Non-conventional cash flows: more than one change in the cash flow sign, e.g. +/-/+++ or -/+/-/++++, etc. Brief Introduction to Discounted Cash Flow and Methods This section would give a briefing on the mentioned topic and explain them thoroughly later on in this report. Discounted cash flow (DCF) DCF focuses on the time value of money, Rs.1 is worth more today than Rs.1 in the future. The reason being that it could be invested and make a return (yes, even in times of low interest, so long as interest rates are positive). So thats the discounting methodology, DCF has two methods. Net Present Value (NPV) The annual cash flows are discounted and totaled and then the initial capital cost of the project is deducted. The excess or deficit is the NPV of the project, it goes without saying that for the project to be worthwhile the NPV must be positive and the higher the NPV the more attractive is the investment in the project Internal Rate of Return (IRR) The IRR or yield of a project is the rate of return at which the present value of the net cash inflows equals the initial cost, which is the same as the discount rate which produces a NPV of zero. For an investment to be worthwhile the IRR must be greater than the cost of capital. Due to the following reasons, DCF method is identified as a best method for Investment appraisal processes, à ¢Ã¢â€š ¬Ã‚ ¢ They give due weight to timing and size of cash flow à ¢Ã¢â€š ¬Ã‚ ¢ Thy take the whole life of the project in to irregular cash flows do not invalidate the result obtained. à ¢Ã¢â€š ¬Ã‚ ¢ Estimate of risk and uncertainty can be incorporated à ¢Ã¢â€š ¬Ã‚ ¢ Use of discounting methods may lead to move accurate estimating and à ¢Ã¢â€š ¬Ã‚ ¢ They rank projects correctly in order of profitability and give better criteria for acceptance or rejection of projects than other method. Because of that in theoretically said that DCF analysis is best method to evaluate the investment over its rivals. A survey carried out by the Arnold Hatzopolous (2000) and Graham Harvey (2000) to identify the practical usage of investment appraisal techniques among the large manufacturing firms of UK had revealed that NPV and IRR are less behind its rivals in practically. Therefore they have commented that there is a gap between usages of appraisal techniques in practically and theoretically. The economic evaluation of investment proposals The analysis stipulates a decision rule for: I) accepting or II) rejecting Investment projects The time value of money Recall that the interaction of lenders with borrowers sets an equilibrium rate of interest. Borrowing is only worthwhile if the return on the loan exceeds the cost of the borrowed funds. Lending is only worthwhile if the return is at least equal to that which can be obtained from alternative opportunities in the same risk class. The interest rate received by the lender is made up of: The time value of money: the receipt of money is preferred sooner rather than later. Money can be used to earn more money. The earlier the money is received, the greater the potential for increasing wealth. Thus, to forego the use of money, you must get some compensation. The risk of the capital sum not being repaid. This uncertainty requires a premium as a hedge against the risk; hence the return must be commensurate with the risk being undertaken. Inflation: money may lose its purchasing power over time. The lender must be compensated for the declining spending/purchasing power of money. If the lender receives no compensation, he/she will be worse off when the loan is repaid than at the time of lending the money. Internal Rate of Return The internal rate of return (IRR) is another widely used method of investment appraisal. It calculates the rate of return, where the difference between the present values of cash inflows and outflows, the NPV, is zero. Thus when would a company undertake the project? Simply when the expected rate of return, the IRR, exceeds the target rate of return of the company. This is called the IRR rule. When the IRR is superior to the target rate of return, the NPV is positive. When IRR is equal to the target rate of return then NPV is equal to 0, and when the IRR is inferior to the target rate of return, then the NPV is negative. IRR can easily be determined through interpolation, which assumes a linear relationship between the NPVs of a capital investment project obtained using different discount rates. The exact rate is calculated algebraically using the theorem of Thales. we would have to compute a complex weighted average of these rates to be able to compare it to the IRR. This very much complicates the task, and gives us yet another reason to stick to the simple NPV method to better appraise investments. It has been shown that NPV proves to be much more reliable and simple of use than IRR. IRR is indeed subject to many pitfalls developed above. Nevertheless, a very important proportion of managers still use the IRR method to define attractive investments. Why could this be? It can be argued that managers do not trust the cash flow forecasts they receive. In the case of two projects A and B having the same NPV, IRR plays an important role. Project A requires an investment of 8,000 and project B necessitates an investment of 80,000. As said earlier both NPVs are the same. In such a situation where the NPVs are similar, managers would go for the project, whose initial investment is the lowest. If the project were to be dysfunctional, it is always easier to recover from a small initial loss than from a bigger one. By looking at the IRR the choice is quickly made. The project with the highest IRR is the one with the less risk. To summarize we have seen that although easy to use when used correctly, there are many drawbacks to the use of the IRR. IRR ignores the size of investment projects. That is two projects may have the same IRR but one project can return many times the cash flow returned by the other project. If the project cash flows are alternatively positive and negative, then we obtain two or more IRRs, or even no IRR, which can be disconcerting for interpretation. IRR should not be used to make a choice between mutually exclusive projects because it proves to be unreliable when it comes to ranking investment projects of different scale. So Forth, the IRR rule is difficult to apply when the discounting factors used over the years are different. Indeed, it is not easy to define what opportunity cost IRR should be compared to. Modified Internal Rate of Return (MIRR) Modified internal rate of return (MIRR) is a financial measure of an investments attractiveness. It is used in capital budgeting to rank alternative investments. As the name implies, MIRR is a modification of the internal rate of return (IRR) and as such aims to resolve some problems with the IRR. Problems with the IRR While there are several problems with the IRR, MIRR resolves two of them. First, IRR assumes that interim positive cash flows are reinvested at the same rate of return as that of the project that generated them. This is usually an unrealistic scenario and a more likely situation is that the funds will be reinvested at a rate closer to the firms cost of capital. The IRR therefore often gives an unduly optimistic picture of the projects under study. Generally for comparing projects more fairly, the weighted average cost of capital should be used for reinvesting the interim cash flows. Second, more than one IRR can be found for projects with alternating positive and negative cash flows, which leads to confusion and ambiguity. MIRR finds only one value. Calculation MIRR is calculated as follows: , Where n is the number of equal periods at the end of which the cash flows occur (not the number of cash flows), PV is present value (at the beginning of the first period), FV is future value (at the end of the last period). The formula adds up the negative cash flows after discounting them to time zero, adds up the positive cash flows after factoring in the proceeds of reinvestment at the final period, then works out what rate of return would equate the discounted negative cash flows at time zero to the future value of the positive cash flows at the final time period. Spreadsheet applications, such as Microsoft Excel, have inbuilt functions to calculate the MIRR. In Microsoft Excel this function is =MIRR. Example If an investment project is described by the sequence of cash flows: Year Cash flow 0 -1000 1 -4000 2 5000 3 2000 Then the IRR r is given by . In this case, the answer is 25.48% (the other solutions to this equation are -593.16% and -132.32%, but they will not be considered meaningful IRRs). To calculate the MIRR, we will assume a finance rate of 10% and a reinvestment rate of 12%. First, we calculate the present value of the negative cash flows (discounted at the finance rate): . Second, we calculate the future value of the positive cash flows (reinvested at the reinvestment rate): . Third, we find the MIRR: . The calculated MIRR (17.91%) is significantly different from the IRR (25.48%). Lefley and Morgan have developed a financial appraisal model, which has extended the traditional appraisal methodologies so as to provide more considered comparison for individual investment projects. The Lefley and Morgan model creates a profile, which combines the uses of NPV, Discounted payback period, and the discounted payback index, (DPBI). The discounted payback period is interesting to take into consideration as the entity proceeding with the investment might be lacking money and would prefer having a quick return of the funds invested. DPBI is used to assess the number of times the initial cost of the investment will be recovered over the projects life. It is calculated by dividing the accumulated present values by the initial capital cost. Combined these methods give a fairly accurate view of an investment. Net present value vs internal rate of return Independent vs dependent projects NPV and IRR methods are closely related because: Both are time-adjusted measures of profitability, and their mathematical formulas are almost identical. So, which method leads to an optimal decision: IRR or NPV? a) NPV vs. IRR: Independent projects Independent project: Selecting one project does not preclude the choosing of the other. With conventional cash flows (-|+|+) no conflict in decision arises; in this case both NPV and IRR lead to the same accept/reject decisions. NPV vs. IRR Independent projects If cash flows are discounted at k1, NPV is positive and IRR > k1: accept project. If cash flows are discounted at k2, NPV is negative and IRR Mathematical proof: for a project to be acceptable, the NPV must be positive, i.e. Similarly for the same project to be acceptable: Where R is the IRR. Since the numerators Ct are identical and positive in both instances:  · Implicitly/intuitively R must be greater than k (R > k);  · If NPV = 0 then R = k: the company is indifferent to such a project;  · Hence, IRR and NPV lead to the same decision in this case. b) NPV vs. IRR: Dependent projects NPV clashes with IRR where mutually exclusive projects exist. Example: Agritex is considering building either a one-storey (Project A) or five-storey (Project B) block of offices on a prime site. The following information is available: Initial Investment Outlay Net Inflow at the Year End Project A -9,500 11,500 Project B -15,000 18,000 Assume k = 10%, which project should Agritex undertake? = $954.55 = $1,363.64 Both projects are of one-year duration: IRRA: $11,500 = $9,500 (1 +RA) = 1.21-1 Therefore IRRA = 21% IRRB: $18,000 = $15,000(1 + RB) = 1.2-1 Therefore IRRB = 20% Decision: Assuming that k = 10%, both projects are acceptable because: NPVA and NPVB are both positive IRRA > k AND IRRB > k Which project is a better option for Agritex? If we use the NPV method: NPVB ($1,363.64) > NPVA ($954.55): Agritex should choose Project B. If we use the IRR method: IRRA (21%) > IRRB (20%): Agritex should choose Project A. See figure below. NPV vs. IRR: Dependent projects Up to a discount rate of ko: project B is superior to project A, therefore project B is preferred to project A. Beyond the point ko: project A is superior to project B, therefore project A is preferred to project B The two methods do not rank the projects the same. Differences in the scale of investment NPV and IRR may give conflicting decisions where projects differ in their scale of investment. Example: Years 0 1 2 3 Project A -2,500 1,500 1,500 1,500 Project B -14,000 7,000 7,000 7,000 Assume k= 10%. NPVA = $1,500 x PVFA at 10% for 3 years = $1,500 x 2.487 = $3,730.50 $2,500.00 = $1,230.50. NPVB == $7,000 x PVFA at 10% for 3 years = $7,000 x 2.487 = $17,409 $14,000 = $3,409.00. IRRA = = 1.67. Therefore IRRA = 36% (from the tables) IRRB = = 2.0 Therefore IRRB = 21% Decision: Conflicting, as:  · NPV prefers B to A  · IRR prefers A to B NPV IRR Project A $ 3,730.50 36% Project B $17,400.00 21% See figure below. Scale of investments To show why: The NPV prefers B, the larger project, for a discount rate below 20% The NPV is superior to the IRR a) Use the incremental cash flow approach, B minus A approach b) Choosing project B is tantamount to choosing a hypothetical project B minus A. 0 1 2 3 Project B 14,000 7,000 7,000 7,000 Project A 2,500 1,500 1,500 1,500 B minus A 11,500 5,500 5,500 5,500 IRRB Minus A = 2.09 = 20% c) Choosing B is equivalent to: A + (B A) = B d) Choosing the bigger project B means choosing the smaller project A plus an additional outlay of $11,500 of which $5,500 will be realized each year for the next 3 years. e) The IRRB minus A on the incremental cash flow is 20%. f) Given k of 10%, this is a profitable opportunity, therefore must be accepted. g) But, if k were greater than the IRR (20%) on the incremental CF, then reject project. h) At the point of intersection, NPVA = NPVB or NPVA NPVB = 0, i.e. indifferent to projects A and B. i) If k = 20% (IRR of B A) the company should accept project A.  · This justifies the use of NPV criterion. Advantage of NPV:  · It ensures that the firm reaches an optimal scale of investment. Disadvantage of IRR:  · It expresses the return in a percentage form rather than in terms of absolute dollar returns, e.g. the IRR will prefer 500% of $1 to 20% return on $100. However, most companies set their goals in absolute terms and not in % terms, e.g. target sales figure of $2.5 million. The profitability index PI This is a variant of the NPV method. Decision rule: PI > 1; accept the project PI If NPV = 0, we have: NPV = PV Io = 0 PV = Io Dividing both sides by Io we get: PI of 1.2 means that the projects profitability is 20%. Example: PV of CF Io PI Project A 100 50 2.0 Project B 1,500 1,000 1.5 Decision: Choose option B because it maximizes the firms profitability by $1,500. Disadvantage of PI: Like IRR it is a percentage and therefore ignores the scale of investment. The Payback Period (PP) The CIMA defines payback as the time it takes the cash inflows from a capital investment project to equal the cash outflows, usually expressed in years. When deciding between two or more competing projects, the usual decision is to accept the one with the shortest payback. Payback is often used as a first screening method. By this, we mean that when a capital investment project is being considered, the first question to ask is: How long will it take to pay back its cost? The company might have a target payback, and so it would reject a capital project unless its payback period was less than a certain number of years. Example 1: Years 0 1 2 3 4 5 Project A 1,000,000 250,000 250,000 250,000 250,000 250,000 For a project with equal annual receipts: = 4 years Example 2: Years 0 1 2 3 4 Project B 10,000 5,000 2,500 4,000 1,000 Payback period lies between year 2 and year 3. Sum of money recovered by the end of the second year = $7,500, i.e. ($5,000 + $2,500) Sum of money to be recovered by end of 3rd year = $10,000 $7,500 = $2,500 = 2.625 years Disadvantages of the payback method It ignores the timing of cash flows within the payback period, the cash flows after the end of payback period and therefore the total project return. It ignores the time value of money. This means that it does not take into account the fact that $1 today is worth more than $1 in one years time. An investor who has $1 today can consume it immediately or alternatively can invest it at the prevailing interest rate, say 30%, to get a return of $1.30 in a years time. It is unable to distinguish between projects with the same payback period. It may lead to excessive investment in short-term projects. Advantages of the payback method Payback can be important: long payback means capital tied up and high investment risk. The method also has the advantage that it involves a quick, simple calculation and an easily understood concept. Discounted Payback Method Some companies require that the initial outlay on any project should be recovered within a specific period. The discounted payback appraisal method requires a discount rate to be chosen to calculate the present values of cash inflows and then the payback is the number of years required to repay the initial investment. Yet payback can give misleading answers. Project Year 0 Year 1 Year 2 Year 3 A -4,000 2,500 500 5,500 B -4,000 2,500 1,800 0 C -4,000 3,180 500 0 The cost of capital is 10% per annum Project A Year Net cash Discount factor Present Cumulative flow at 10% values present values 0 -2,000 1.00 -2,000 -2,000 1 500 0.91 455 -1,545 2 500 0.83 415 -1,130 3 5,000 0.75 3,750 2,620 Project B Year Net cash Discount factor Present Cumulative flow at 10% values present values 0 -2,000 1.00 -2,000 -2,000 1 500 0.91 455 -1,545 2 1,800 0.83 1,494 -51 3 0 0.75 0 -51 Project C Year Net cash Discount factor Present Cumulative flow at 10% values present values 0 -2,000 1.00 -2,000 -2,000 1 1,800 0.91 1,638 -362 2 500 0.83 415 53 3 0 0.75 0 53 The payback rule does not take into consideration any cash inflow that occurs after the cut-off date. For example if the cut-off date is two years, project A, although clearly the most profitable on the long term will be rejected. Thus if a firm uses the same cut-off regardless of project life then it will tend to accept many poor short lived projects and reject many good long lived ones. The Accounting Rate of Return (ARR) The ARR method (also called the return on capital employed (ROCE) or the return on investment (ROI) method) of appraising a capital project is to estimate the accounting rate of return that the project should yield. If it exceeds a target rate of return, the project will be undertaken. Note that net annual profit excludes depreciation. Example: A project has an initial outlay of $1 million and generates net receipts of $250,000 for 10 years. Assuming straight-line depreciation of $100,000 per year: = 15% = 30% We here see that ARR is based on profits rather than cash flows and that it ignores the time value of money. It therefore just gives a brief overview of a new project, and should not be recommended as a primary investment appraisal method. As said earlier the impact of cash flows and the time value of money are essential in making an investment decision. Another disadvantage of the ARR is the fact it is dependent on the depreciation policy adopted by the business. Disadvantages It does not take account of the timing of the profits from an investment. It implicitly assumes stable cash receipts over time. It is based on accounting profits and not cash flows. Accounting profits are subject to a number of different accounting treatments. It is a relative measure rather than an absolute measure and hence takes no account of the size of the investment. It takes no account of the length of the project. It ignores the time value of money. The payback and ARR methods in practice Despite the limitations of the payback method, it is the method most widely used in practice. There are a number of reasons for this:  · It is a particularly useful approach for ranking projects where a firm faces liquidity constraints and requires fast repayment of investments.  · It is appropriate in situations where risky investments are made in uncertain markets that are subject to fast design and product changes or where future cash flows are particularly difficult to predict.  · The method is often used in conjunction with NPV or IRR method and acts as a first screening device to identify projects which are worthy of further investigation.  · It is easily understood by all levels of management.  · It provides an important summary method: how quickly will the initial investment be recouped? limitations of NPV when evaluating alternative investment proposals NPV is not that flexible and only uses information available at the time of the decision. It does not account for changes to the projects after the initial decision is made. NPV factors in risk by using a single discount rate, but in reality choices in the future concerning the project will likely change its payoffs and risk. Try real option analysis instead if you want to get around this problem. NPV only evaluates tangible and quantifiable projects. Some projects with negative NPVs are carried out anyway because they have some kind of strategic value, e.g. it shows the firm in a good light, builds goodwill or allows access to as yet unknown earnings in the future. Conclusion In conclusion it can thus be stated that only discounted cash flow methods should be used for appraising investments. This leaves us with the discounted payback method, the IRR, and the NPV. The Discounted payback method, ignoring cash flows that occur after the payback point, cannot be used on its own as it simply provides an overview. Concerning the IRR, although easy to understand it has many pitfalls that have been developed above. Thus the NPV rule proves to be the safest and most reliable. Yet the ideal