Effects on Economic Growth by Financial Repression Essay

Effects on Economic Growth by Financial Repression - Essay Example The McKinnon-Shaw hypothesis recommended the liberalisation of the financial sectors from such restrictions to stop economic stagnation and initiate economic growth. This hypothesis, however, is not without its share of critics who pointed out that severe financial repression must be distinguished from mild repression or that the McKinnon-Shaw framework failed to take into certain factors such as inflation or that some of its basic components lacked empirical basis. Moreover, specific studies of countries that adopted this financial repression yielded unequivocal results that could lead one to assert that financial repression leads only to one and only one result - economic stagnation. In connection with this, the cases of India and China, both of which have experienced financial repression, are presented in this paper to shed light to the McKinnon-Shaw claim that financial repression negatively affects economic growth. This is timely considering that both, especially China, are pres ently considered emerging super economies of the world. Financial repression is a term that was first coined in the 1970s by McKinnon and Shaw, but was actually a condition that existed prevalently before that. As a matter of fact, financial repression was the norm and financial liberalisation, its opposing term, the exception prior to the 1980s. Financial repression, thus, refers to government intervention in the financial environment by substituting regular market variables and mechanisms with its own (Spratt 58). The existence of financial repression can be deduced from the presence of the following factors: unsystematic distortions in financial prices such as interest and exchange rates; interest rates with ceiling caps and nominal interest at fixed rates, which lead to low or even negative real interest rates.

The photograph in focus Essay Example | Topics and Well Written Essays - 750 words

The photograph in focus - Essay Example The picture of the macaque covers the immediate front upper half parts of the animal and also little of the front parts of both sides of the animal such as the protruding shoulders. It is a close up picture meaning the photographer must have been considerably near the animal. Although the picture was taken from a close range, the image of the macaque does not fill the parameters of the photograph. It allows for approximately 50% view of the background on its top, right hand and left hand sides respectively. The photograph’s position is not centrally balanced but a little shifted to right the hand side giving a greater view of the background on the left hand side. Such characteristics of the photographs could be as a result of taking the picture in a rush in order to capture that exact moment hence no time to properly balance and plan. Again, it may be a deliberate move by the photographer in order to show the environment of the animal. In the picture, the macaque is covered in brown fur with patches of grey on the front side. It appears to be in a seated position with its butt to the ground and fore arms firmly supported on the ground due to its frontal horizontal posture. Its mouth is wide opened depicting that the animal is making loud sounds characteristic of a form of communication to other animals. The wide mouth is displaying a set of big strong teeth and tongue to further depict that this animal can handle or even take hard foods that require hard biting into and tearing. An example of such a food would be the crabs. The teeth are also a symbol of the strength of the animal as tools such as in fighting with others. Some of the teeth at the inner end of the mouth have black patches on their upper side depicting they are experiencing a mild form of decay. This can be a show of the lifestyle and brain capacity of the animal in that it does not disinfect its mouth against decay but the tongue keeps the mouth as clean. Some of the teeth appear to be br oken while some are totally missing from their sockets. This could be a show of the tough to break or chew type of diet that the macaque follows. In addition, it could also be as symbols of injuries from fighting either with enemies or in pursuit of dominance within social groups. The face appears to be squelched backwards with its eyes closed, ears pushed backwards, and nostrils half closed. This facial expression on the macaque shows the intensity in which it is making the noise. Both this facial expression and the extremely wide opened mouth show the great intensity in which it is making the sound which might be assumed is intended to warn an enemy or alert its comrades. The background of the picture shows fresh, deep green bushy vegetation. This is as a show of the habitual environment of the macaque. This is consistent with the macaque’s habitual home of mangrove forests and other marshy regions. Light in the photograph appears to be subjectively focused on the macaque o n its right side while the left side is in partial darkness. The lack of a properly defined shadow depicts that the light is not very strong. On the background, the light appears to be of bright yellow color as the morning sunrise while from the view of the animal it appears to be bright white in color. This difference in color of the light on the macaque is attributed to the reflection and absorption by its outer grey colored fur. Again, the whole right

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In the past, only the physical aspects of cancer were recognized. An individual’s body was only treated and the person within that body went unnoticed. Cancer, which was commonly known as the â€Å"C word†, was considered a death sentence. The patient was often not told the diagnosis as family and physicians felt that the patient was unable to handle this diagnosis. In early years there was a stigma to having cancer and people did not talk about it. In the late 70s, psychiatrist Limmie Holland was the first health care professional that began speaking about the human side of cancer. She began the initial permanent psychiatric service in a cancer research hospital in 1977 and this produced the field psycho-oncology. However people were often confused as to what psychiatrists were doing with cancer patients and they frequently questioned it. Even today, there is confusion about the need for psycho-oncology services in the medical community and occasionally even resistance from patients(Inman, 2010). When one is diagnosed with cancer, it is ego shattering. The secure, predictable place where one felt in control is no more - their world as they once knew it no longer exists. The changes they go through can be extremely challenging. Cancer influences every aspect of life: one’s body, mind, spirit; family; friends; job; relationship with God and future. The diagnosis often leaves them feeling physically, mentally, emotionally and cognitively out of control. Physically, treatment can produce exhaustion, pain, and irritability. Emotionally, feelings may become intense at times. Cognitive changes involve patients having difficulty with memory and concentration. The emotions one goes through may continue after treatment finishes. There are no... ...onjunction with the parent’s over-protectiveness. Social Effects Children with cancer may experience some social effects due to the illness. School-going children with cancer have limited time available for normal activities as they are preoccupied with hospitalizations, treatments, laboratory tests and radiology scans. They are also limited in terms of the types of activities they can engage in as they become easily fatigued, have limited mobility and have a higher risk of injury than other children. Some of the social effects of cancer and its treatment include feelings of being overwhelmed, anxiety, depression, fear, frustration, and a poor self concept (Spinelli, 2004). Psychological Effects Children with cancer may also experience psychological side effects such as social isolation, peer rejection, tendency to withdrawal and embarrassment (Spinelli, 2004).

Organizational Behaviour Essay

Explain ‘Y’ theory of Mc Gegor. Answer: Douglas McGregor proposed two   Ã‚  Home theories by which to view employee motivation. He avoided descriptive labels and   Ã‚  About simply called the theories Theory X and Theory Y. Both of these theories begin with Privacy the premise that management’s role is to assemble the factors of production,   Ã‚  Reprints including people, for the economic benefit of the firm. Beyond this point, the two   Ã‚  Terms of Use theories of management diverge. Theory Y The higher-level needs of esteem and self-actualization are continuing needs in that they are never completely satisfied. As such, it is these higher-level needs through which employees can best be motivated. Theory Y makes the following general assumptions: †¢ Work can be as natural as play and rest. †¢ People will be self-directed to meet their work objectives if they are committed to them. †¢ People will be committed to their objectives if rewards are in place that address higher needs such as self-fulfillment. †¢ Under these conditions, people will seek responsibility. †¢ Most people can handle responsibility because creativity and ingenuity are common in the population. Under these assumptions, there is an opportunity to align personal goals with organizational goals by using the employee’s own quest for fulfillment as the motivator. McGregor stressed that Theory Y management does not imply a soft approach. McGregor recognized that some people may not have reached the level of maturity assumed by Theory Y and therefore may need tighter controls that can be relaxed as the employee develops. Theory Y Management Implications If Theory Y holds, the firm can do many things to harness the motivational energy of its employees. Decentralization and Delegation – If firms decentralize control and reduce the number of levels of management, each manager will have more subordinates and consequently will be forced to delegate some responsibility and decision making to them. 2. Job Enlargement – Broadening the scope of an employee’s job adds variety and opportunities to satisfy ego needs. 3. Participative Management – Consulting employees in the decision making process taps their creative capacity and provides them with some control over their work environment. Performance Appraisals – Having the employee set objectives and participate in the process of evaluating how well they were met. 5. If properly implemented, such an environment would result in a high level of motivation as employees work to satisfy their higher level personal needs through their jobs. 2. Explain Chris Argyris’s immaturity – maturity theory. Answer: Chris Argyris developed the Theory of Immaturity-Maturity. Individuals progress at different rates from the total immaturity of early childhood (being passive, dependent, shallow, limited activity) to maturity (active, independent, deeper thoughts, more varied interests). Most organizations have bureaucratic or pyramidal values that foster immaturity in workers and â€Å"in many cases, when people join the workforce, they are kept from maturing by the management practices utilized in their organizations† (Hersey 65). Argyris’s Immaturity-Maturity Theory is the most intriguing of these motivational theories. Unfortunately, most organizations still adopt the bureaucratic or pyramidal style of leadership. This authoritarian style often resembles a family with a dominating parent (management) exercising almost total control over the children (employees). It is no wonder in these environments that trust and creativity are rare. There are exceptions however. The leadership of the author’s employer, the YWCA of Nashville, values employees and treats them with respect. As a result, YWCA staff members are more independent and have room to grow. It is easy to apply this theory to many circumstances outside the workplace. Families in which parents are either over-protective or, on the other extreme, do not protect their children at all may have offspring who are immature and have trouble forming long-term relationships. Governments with strong central authority where people have little personal freedom usually have citizens who are dependent financially and psychologically. Schools where rigid rules are more important than the free flow of ideas will probably graduate students with narrow views and a lack of creativity. It is obvious that human beings flourish only when they are in an environment with trust, support and independence. The fact that bureaucratic/ pyramidal values still dominate most organizations, according to Argyris, has produced many of our current organizational problems. While at Yale, he examined industrial organizations to determine what effect management practices have had on individual behaviour and personal growth within the work environment. Personality changes According to Argyris, seven changes should take place in the personality of individuals if they are to develop into mature people over the years. †¢ First, individuals move from a passive state as infants to a state of increasing activity as adults. Second, individuals develop from a state of dependency upon others as infants to a state of relative independence as adults. Third, individuals behave in only a few ways as infants, but as adults they are capable of behaving in many ways. †¢ Fourth, individuals have erratic, casual, and shallow interests as infants but develop deeper and stronger interests as adults. †¢ Fifth, the time perspective of children is very short, involving only the present, but as they mature, their time perspective increases to include the past and the future. †¢ Sixth, individuals as infants are subordinate to everyone, but they move to equal or superior positions with others as adults. Seventh, as children, individuals lack an awareness of a â€Å"self,† but as adults they are not only aware of, but they are able to control â€Å"self.

Post-humanist And Vitalist Posthumanism - 709 Words

Vitalist posthumanism on the other encompasses various philosophical orientations and philosophers, including the feminist theorist, non-representational theories, and more than human geographers who take inspirations from the deconstructive posthumanism but rather analyze humans’ well-being in a different ontology which Lorimer refers to as nonessentialist, vitalist ontology (Lorimer, 2009). Notable scholars who inspired this strand of posthumanism include Isabelle Stengers, Gilles Deleuze, Bruno Latour, and among other equally important scholars. The main argument of this strand of posthumanism especially from the work of Bruno Latour and his contemporaries is that, humans have never been modern and challenged the dualism perpetuated by†¦show more content†¦They are averse to the centrality position accorded humans and their consciousness over other beings. This aversion or challenge to the centrality of humans in geographical analysis as emphasized by humanistic ge ography is conspicuous when Latour states that â€Å"challenging the idea that humans occupy a separate and privileged place among other beings has been the central goal of a now familiar posthumanist agenda in geography† (cited in Anderson 2004, p.4). The third similarities shared by the deconstructive and vitalist posthumanism is that both strands shared a similar epistemological perspective. They both shared a seemingly analogous epistemology and that is an epistemology that is grounded in situated knowledge and not the kind of epistemology advanced by the humanistic geography which is constructed on the solitary human subject (Lorimer, 2009). By situated knowledge, it denotes a knowledge that is explicit to a situation, hence not having a universal applicability. Differences between Deconstructive posthumanism and Vitalist posthumanism Despite the commonalities between the deconstructive and vitalist humanisms discussed in the previous section, there are some differences that can be deciphered between these two strands. First and foremost, both strands differ from an ontological standpoint. Whilst vitalist posthumanism has a comprehensible ontology, the deconstructive posthumanism are anti-ontological in their approach (Lorimer, 2009). Secondly, the

Krell v Henry and Herne Bay Stream v Hutton - Free Essay Example

Sample details Pages: 7 Words: 2098 Downloads: 9 Date added: 2017/06/26 Category Law Essay Type Argumentative essay Level High school Did you like this example? To what extent would you describe the reasoning in Krell v Henry [1903] 2KB 740 and Herne Bay Steam Boat Company v Hutton [1903] 2 KB 683 as either compatible or incompatible?Date authored: 23 rd July, 2014. On the 9th August 1902, the coronation of King Edward VII and Queen Alexandria took place. However, the festivities were originally planned for the 26th June of that year, having been postponed due to the King falling ill with an abdominal abscess. Don’t waste time! Our writers will create an original "Krell v Henry and Herne Bay Stream v Hutton" essay for you Create order This delay gave rise to a number of cases brought by parties who had contracted into arrangements whereby they could watch and participate in the (as originally scheduled) royal celebrations. Of these so-called ‘coronation cases, Krell v Henry [1] and Herne Bay Steamboat Co v Hutton [2] are the two that arguably led to the greatest refinement of the English law doctrine of frustration of contract. Both relied on the authority of Taylor v Caldwell [3] which clarified the position on contractual impossibility, a flavour of frustration which asserts that both parties to a contractual obligation may be freed from it if, by no fault of their own, performance of the contract was made impossible. Particularly, if the impossibility pertains to something which ‘strikes to the root of the contract, then both parties would be restored to their original position, as far as was possible. The assumed approach to frustration of contract involving contractual impossibilities was to examine whether or not the absence was implicitly central to the contract. Both of the aforementioned cases took this test – and the Taylor case as a whole – as a starting point, though the differing judgements present a prima facie incompatibility. However, it could be argued that the reasoning in both cases is largely compatible and logically consistent. Moreover, it could be argued that both cases read together have led to a greater cl arification of the doctrine of frustration which is evident from subsequent case law. Krell and Herne Bay are distinguishable in terms of both the material facts and the decision reached. Krell concerned a defendant who rented a flat from which he intended to watch the coronation procession. The contract was held to be frustrated, even though he could still rent and occupy the flat, as the viewing of the procession (now impossible due to its rescheduling) was deemed to be the foundation of the contract. Even though the coronation was not explicitly mentioned during the pre-contractual negotiations, the court concluded that this intent was both implicit and integral. In Herne Bay Steamboat Co v Hutton the defendant contracted to hire a steamship to watch the royal naval review and to take a â€Å"days cruise around the fleet†. This contract was not held to be frustrated; even though the naval review was no longer possible, the defendant could still take part in t he cruise regardless. We see, therefore, a fundamental irreconcilability in the application of the ‘implied term test established in Taylor; in both cases the parties entered into their respective contracts with the royal festivities being the implicit reason for the contract. That there is another element – that of a general cruise around the fleet – in Herne Bay should be irrelevant; ostensibly the court had taken a less absolute view of the hiring parties intent in making their judgement. Criticism has particularly focused on Krell – Roberts (2003, para. 30.) paints the ruling in Mr Henrys favour as being fundamentally at odds with the common law principle of sanctity of contract. In Herne Bay, Stirling J accepted the logic of Taylor, but said the fact that the parties could still visit the fleet denied the possibility of frustration. He opined that the royal naval review was descriptive as to the nature of the trip, but not fully indicative of what was contracted for. In essence, the contract was limited, but not utterly diminished; that is, the cruise itself could still, and would still, go ahead as planned, merely without the coronation element. Therefore, the cases demonstrate judicial analysis of Taylor yet a reluctance to adhere to its core tenets; in Herne Bay there was held to be no frustration even in the case of a unique subject matter, lost due to impossibility, which stood as an overt reason for forming the contract. The treatment in this case becomes more similar to non-frustratory contract cases where a pursuer sues over a ‘loss of enjoyment, such as in Jarvis v Swan Tours[4]. I would argue, however, that instead of an incompatibility – the extent to which either case followed the Taylor reasoning – these decisions instead indicate a move to the more elegant test discussed in the later case of Davis Contractors v Fareham Urban District Council [5]. In this case, Lord Radcliff e reasoned that frustration would be possible when â€Å"such a change [has occurred] in the significance of the obligation that the thing undertaken would, if performed, be a different thing from that contracted for.† This test asserts that if the supervening act radically changes the subject matter of the contract then it will be frustration. If Krell and Herne Bay indeed contain an early iteration of the test in Davis, then they are compatible within this framework. To elaborate, in Herne Bay the royal presence may have formed part of the pre-contractual consensus; however, the contract would not be radically different after the change of circumstances as Mr Hutton could still make a profit from taking passengers on a pleasant tour around the fleet regardless of the timing of the coronation. Mr Henrys use of the flat, conversely, would be radically different as he would be obliged to make payment for a flat he has no use for, watching the coronation being the sole purpose of the rental agreement. Krell, therefore, is not merely distinguishable and of limited scope of application as opined by Koffman and Macdonald (2010. p.511), but just as thematically consistent with the ‘radical difference test as Herne Bay. Continuing to suppose that Krell and Herne Bay share an early adoption of the â€Å"radical difference† test, we may examine two cases which share the echoes of their logical reasoning; Nickoll and Knight v Ashton Eldridge Co [6] and Tsakrioglou Co Ltd v Noblee Thorl GmbH [7] . Nickoll concerned a stranded ship which was unable to deliver its cargo. As in Krell, the impossibility of performance is clearly radically different to what both parties intended. In Tsakrioglou, another merchant shipping case, the ship in question was unable to deliver its cargo through the Suez canal – as originally agreed by both parties – due to political reasons. The court held that taking the alternative Cape of Africa route was not frustratory. This case, as in Herne Bay, may have fallen on a bare interpretation of Taylor, but the court maintained that even limited performance should be upheld. It also suggests a high bar for situations in which courts will agree that frustration has taken place. This high bar further supports the idea that Krell and Herne Bay share compatible reasoning; the courts have been keen to prevent frustration from being an easy escape from a contract for fickle parties. Treitel (2004, para 7.14) points out that the conti nuation of any part of the contract apart from something trivial makes frustration unlikely.In Blackburn Bobbin Co v Allen [8] the outbreak of war was held not to be frustratory, even given concerns by the merchant shipping company that the goods would be destroyed due to the predations of the Imperial German navy. This high threshold – which exists to prevent buyers evading a minor disappointment, or vendors a more difficult method of supply – is evident in Krell and Herne Bay (with regards the former, Morgan (2013, p120) suggests the high threshold has been reached as Mr Henry lacked an obligation to reschedule given that the King may not have survived his appendix surgery). As well as both cases being decided â€Å"correctly† against the high threshold for successful frustration, both demonstrate a common judicial reluctance to infer too much of the mental thought processes of the parties. Brownsword (1993, p246-247) puts forward a key distinction; Mr Krell was treated as a consumer he had a very specific intent in mind, an assumption the court had little difficulty in basing their judgement upon. In Herne Bay, however, the Court of Appeal was unwilling to infer such a clear purpose. Mr Hutton intended to hire the steamship so that he could in turn hire the use of it to paying guests. Stirling J asserted that the â€Å"risk fell on the defendant whose venture the taking of passengers was†. This suggests a shared reasoning – the judges are more likely to be able to establish the root of a contract where it concerns a disappointed consumer rather than assess the nebulous interests of remote third parties in the more commercial situation seen in Herne Bay. Alternatively, it can be said that compatibility simply is not relevant. As indicated above, it can be argued that the evolution from Taylor to the test in Davis is a move towards a fairer system. However, Lord Wilberforce in National Carriers v Panalpi na [9] was reluctant to assert the supremacy of either test. He suggested they overlapped considerably and that the one used is the one â€Å"most appropriate to the particular contract under consideration†, that is, the tests should be used on a case by case basis depending on the specifics of that particular situation. Furmiston et al (2012, p.722) draws an analogy to the standard of the reasonable man, suggesting the organic approach taken in these cases was correct. To conclude, the reasoning in both the cases examined is compatible. The judges Vaughan Williams J, Stirling J and Romer J sat on both cases, and it cannot reasonably be inferred that they intended to create clarification on the precedent laid down in Taylor without ensuring the cases can be read in concert with one another. Indeed, the words of the judges suggest that they had precedential consistency very much aforethought; Vaughan Williams J stated that all cases of this type must be decided on their own merits, indicating a preference for the more organic approach later seen in Davis. He even went on to evoke a strong analogy akin to the facts of Herne Bay when making his judgement in Krell; that of someone who has hired a taxi to take him to the Epsom Derby. Even in the event of the cancellation of the Derby, the contract to convey the hirer to Epsom still exists. As previously stated, both cases stand under the weight of the later approach taken towards frustration in cases such as Davis, that of looking at whether or not the contract is so radically different as to make freeing the parties from it the only fair and reasonable course of action. Additionally, the cases clearly delineate situations in which a court will be willing to apply the doctrine of frustration – the court plainly saw the contract was robbed of its commercial value in Krell yet recognised the situation in Herne Bay was still commercially viable; as Lord Roskill in Pioneer Shipping v BTP Tioxide [10] remarked, the doctrine of frustration was â€Å"not lightly to be invoked to relieve contracting parties of the normal consequences of imprudent commercial bargains†. The cases clearly demonstrate how this doctrine may be correctly applied. As the cases fit so comfortably within the radical difference test and the reasoning applied to each of them can be seen in following case law, we can conclude that they are compatible. Bibliography References Furmston M. P. (2012) Cheshire, Fifoot Furmstons Law of Contract (16th edition, Oxford University Press) Koffman L. and Macdonald E. (2010) The Law of Contract (7th edition, Oxford University Press) Treitel, G. (2004) Frustration and Force Majeure (2nd edition, Sweet Maxwell) Brownsword, R. (1993) ‘Towards a rational law of contract, in Willhelmson, T. (ed), Perspectives of Critical Contract Law (Aldershot: Dartmouth) Morgan, J. (2014) Contract Law Minimalism: A Formalist Restatement of Commercial Contract Law (1st edition, Cambridge University Press) Roberts, T. (2003) ‘Commercial Impossibility and Frustration of Purpose: A Critical Analysis, 16 Can. J. L. Juris 129 Cases Blackburn Bobbin Co Ltd v Allen (T.W) Sons Ltd [1918] 2 KB 467 Davis Contractors Ltd v Fareham Urban District Council [1956] UKHL 3 Herne Bay Steamboat Co v Hutton [1903] 2 KB 683 Jarvis v Swans Tours Ltd [1972] EWCA Civ 8 Krell v Henry [1903] 2 KB 740 National Carriers v Panalpina [1981] AC 675 Nicholl and Knight v Ashton , Eldridge Co [1901] 2 KB 126 Pioneer Shipping Ltd v BTP Tioxide Ltd [1982] AC 724 Taylor v Caldwell [1863] EWHC QB J1 Tsakiroglou Co Ltd v Noblee Thorl GmbH [1962] AC 93 Internet Resources www.lexisnexis.co.uk legalresearch.westlaw.co.uk [1] [1903] 2 KB 740 [2] [1903] 2 KB 683 [3] [1863] EWHC QB J1 [4] [1972] EWCA Civ 8 [5] [1956] UKHL 3 [6] [1901] 2 KB 126 [7] [1962] AC 93 [8] [1918] 2 KB 467 [9] [1981] AC 675 [10] [1982] AC 724

Supply Chain Management Practice, Theory, And Future...

Supply Chain Management: Practice, Theory, and Future Challenges Name Institution Abstract Purpose – To analytically assess current changes in the theory and practice of supply management and through this assessment identify possible barriers, and key trends. Design approach – The paper is based on an exhaustive study of eight supply chains which included ten companies in America. Managers from at least four levels of the supply chain were interviewed, and the supply chains were outlined and observed. Findings – The paper shows that supply management is, at finest, still developing regarding both practice and theory. The paper identiï ¬ es an array of the main barriers and enablers to supply management and ends with a valuation of the key trends. Research limitations– The research presents some limitations to current thinking about supply approach and supply chain management. It reveals the considerable gaps between practice and theory. Practical effects – A dominant challenge concerns which could or should manage the supply chain. Obstacles to effective supply management are outlined, and some practical steps to overcome them also suggested. Originality/worth – The paper is unique in the mode in which it lures on a wide orderly study to censoriously assess current theory and current developments. Keywords Supply chain management, Strategic management, Suppliers Introduction Supply management can be regarded as both an evolving ï ¬ eld of practice and an evolvingShow MoreRelatedThe Problem Of Supply Chain Management Research1448 Words   |  6 Pagesaddresses an issue within supply chain management research that has not been given much attention, and thereby attempts to bring focus to modern slavery within organizations with international supply chains. 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