Asian Crisis Essay Research Paper Introduction A free essay sample

Asiatic Crisis Essay, Research Paper Introduction A fiscal crisis swept like a shrub fire through the? tiger economic systems? of South East Asia between June 1997 and January 1998. One state after another, local stocks markets and currency imploded. When the dust started to settle, the stock markets in many of these states had lost over 70 % of their value. Leaderships of some these states had to near the International Monetary Fund ( IMF ) to implore for monolithic fiscal aid. The crisis in Asia has occurred after several decennaries of outstanding economic public presentation and growing. Annual Gross Domestic Product ( GDP ) growing in the ASEAN- 5 ( Thailand, Malaysia, Singapore, Indonesia and Philippines ) averaged closed to 8 % in the last decennary. Per capital income degrees besides had increased tenfold in Korea, fivefold in Thailand and fourfold in Malaysia. Furthermore, per capital income degrees in Hong Kong and Singapore now exceed those in some industrial states. Although there were of import differences between the single states, a figure of elements were common to most. We will write a custom essay sample on Asian Crisis Essay Research Paper Introduction A or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Export had long been the engine of economic growing in these states. A combination of cheap and comparatively good educated labor, export orientated economic systems, falling barriers to international trades, heavy investing by foreign companies, had combined during the old one-fourth of the century to transform many Asiatic provinces into export human dynamos. The nature of these exports had besides shifted in recent old ages from basic stuffs and merchandises such as fabrics to complex and progressively high engineering merchandises, such as cars, semi-conductors and consumer electronics. Beginning of the crisis The wealth created by the export-led growing helped to fuel an investing roar in commercial and residential belongings, industrial assets and substructure. The value of commercial and residential existent estate in metropoliss such as Hong Kong and Bangkok started to surge. This started a edifice roar all around the part. Heavy adoption from the Bankss financed much of this building. As for industrial assets, the continued success of Asiatic exporters encouraged them to do even bolder investings. This was exemplified most clearly by South Korea? s giant diversified pudding stones, or chaebol, many of which were encouraged by the authorities. But the chaebol ever rely on heavy adoptions, built up a monolithic debts that were tantamount, on norm, four times their equity. As might be expected, as the volume of investings ballooned during the 1990s, frequently at the bequest of national authoritiess, the quality of many of these investings declined significantly. All excessively frequently, the investing is based on unrealistic projection of the future demand conditions. The consequence was the outgrowth of important extra capacity. A good illustration was the investings made by Korean chaebol in semiconducting material mills. Investings in such installations surged in 1994 and 1995 when a impermanent planetary deficit of Dynamic Random Access Memory french friess ( DRAMs ) led to crisp monetary value additions for this merchandise. However, by 1996 supply deficits had disappeared and extra capacity was get downing to do itself felt, merely as the Koreans started to convey new DRAM mills on watercourse. The consequences were predictable ; monetary values for DRAMs plunged through the floor and the net incomes of Korean DRAM makers fell by 90 % , which meant it was highly hard for them to do scheduled payments on the debt they had taken on to construct the excess capacity in the first topographic point. In another illustration, a edifice roar in Thailand resulted in the outgrowth of extra capacity in residential and commercial belongings. By early 1997 it was estimated that there were 365,000 apartment units unoccupied in Bangkok. With another 100,000 units scheduled to be completed in 1997, it was clear that old ages of extra demand in the Thai belongings market had been replaced by extra supply. By one estimation, by 1997 Bangkok? s edifice roar had produced plenty extra infinite to run into its residential and commercial demand for at least five old ages. The Debt Bomb By early 1997 what was go oning in the Korean semiconducting material industry and the Bangkok belongings market was being played out elsewhere in the part. Massive investings in industrial assets and belongings had created a state of affairs of extra capacity and plunging monetary values, while go forthing the companies that had made the investings moaning under immense debt burdens that they were now happening hard to service. The brand affairs worse, much of the adoption to fund these investings had been in US dollars, as opposed to local currencies. At the clip this had seemed like a smart move. Throughout the part local currencies were pegged to the dollar, and involvement rates on dollar adoptions were by and large lower than rates on adoptions in domestic currency. However, if the authoritiess in the part could non keep the dollar nog and their currencies started to deprecate against the dollar, this would increase the size of the debt load that local companies would hold to service, when measured in the local currency. Currency depreciation, in other words, would raise adoption costs and could ensue in companies defaulting on their debt payments. At the same clip, it makes the exports more expensive and less competitory on the universe markets. Reflecting turning imports, many SE Asian states saw the current history of their Balance of Payments switch strongly into the ruddy during the mid 1990s. By 1995 Indonesia was running a current history shortage that was tantamount to 3.5 % of its Gross Domestic Product ( GDP ) , Malaysia? s was 5.9 % , and Thailand? s was 8.1 % . With shortages like these get downing to stack up, it was going progressively hard for the authoritiess of these states to keep the nog of their currencies against the US dollar. If that nog could non be held, the local currency value of dollar dominated debt would increase, originating the apparition of large-scale default on debt service payments. The scene was now set for a potentially rapid economic meltdown. Meltdown in Thailand The Asian meltdown began on February 5th, 1997 in Thailand. That was the day of the month that Somprasong land, a Thai belongings developer, announced that it had failed to do a scheduled $ 3.1 million involvement payment on an $ 80 billion Eurobond loan, efficaciously come ining into defaulting. Somprasong Land was the first victim of bad overbuilding in the Bangkok belongings market. The stock market fell another 2.7 % on the intelligence, but it was merely the beginning. Following Somprasong destiny is Finance One, the state? s largest fiscal establishment. On July 2nd, 1997, the Thai authorities bowed to the inevitable and announced that they would let the tical to drift freely against the dollar. The tical instantly lost 18 % of its value, and started a slide that would convey the exchange rate down to $ 1=Bt55 by January 1988. As the tical declined, so the Thai debt bomb exploded. On July 28th the Thai authorities took the following logical measure, and called in the International Monetary Fund ( IMF ) . With its foreign exchange militias depleted, Thailand lacked the foreign currency needed to finance its international trade and service debt committednesss, and was in despairing demand of the capital the IMF could supply. Furthermore, it urgently needed to reconstruct international assurance in its currency, and needed the credibleness associated with deriving entree to IMF financess. Without IMF loans, it was likely that the tical would increase its free-fall against the US dollar, and the whole state might to into default. The Domino Effect Following the devaluation of the Thai tical, wave after moving ridge of guess hit other Asiatic currencies. One after another in a period of hebdomads the Malayan ringgit, Indonesian rupiah and the Singapore dollar were all marked aggressively lower. With its foreign exchange militias down to $ 28 billion, Malaysia let its currency, the ringgit, float on July 14th, 1997. Next up was Indonesia, whose currency, the Rupiah, was allowed to drift on August 14th. For Indonesia, this was the beginning of a hasty diminution in the value of its currency, which was to fall from $ 1=2,4000 Rupiah in August 1997 to $ 1=10,000on 6th January 1998, a loss of 75 % ! Economic Situation in Malaysia As the ringgit declined against the US dollar, the authorities deferred disbursement on several high profile substructure undertakings including its esteemed Bakun dike undertaking. This was followed in December 1997 by the release of programs to cuts rate disbursement by 18 % . The authorities besides stated that it would non bail out any corporations that become insolvent as a consequence of inordinate adoption. Economic Situation in Indonesia Indonesia has many weak points ; two of the major jobs are its weak and unstable economic substructure due to the overspending of the authorities of skyscraper undertakings, beach and vacation resorts alternatively of bettering its basic substructure of the state. The other major job is the rampant corruptness and cronyism, which involves the president? s household and top authorities functionaries. Economic Situation in Singapore Singapore has non been hard-hit by the crisis and economic growing has merely slowed down somewhat. One of the grounds is that the Singapore authorities does non hold much foreign debt. The authorities has sufficient foreign militias to cover with crisis such as this 1. Corruptness is all but non-existent due to the rigorous enforcement of the Torahs. It besides had a solid foundation formed through old ages of sound economic direction and policies. Economic Situation in Korea The presence of corrupt dictators, the last three presidents, is one of the grounds for the hapless economic state of affairs. The close relationship between the authorities and the chaebol is the other ground. The chaebol spent money recklessly by donating liberally to politicians who so arranged for unbarred bank loans. Lessons Learned In order to forestall another economic crisis, reforms on certain countries has to be done: # 183 ; To hold a more flat playing field for the private sector by leveling monopolies and puting up simpler, more crystalline regulative system # 183 ; To cut down unproductive authorities disbursement such as military build-up, prestige undertakings, subsidies and warrants to favoured sectors and houses # 183 ; To hold a greater transparence and answerability in authorities and corporate personal businesss. Standard patterns should include of import countries such as revelation, bankruptcy and corporate administration # 183 ; The liberalization of capital flow in a prudent and proper sequenced manner that will maximize the benefits and understate the hazards of free capital motions # 183 ; Strengthening the banking system that protects the economy of little depositors and at the same clip, freed from authorities intercession in the allotment of recognition. Decision Globalization offers unprecedented chances: the opportunity to accelerate the gait of investing, occupation creative activity and growing. Consumers from advanced states will be able to profit from the cheaper imports. At the same clip, it carries with it risks: a greater exposure to switch in market sentiments, which can trip a monolithic displacement in capital, and in bend, precipitate banking sector crisis with spill-over effects in other economic systems. The Asiatic economic systems, particularly those of Thailand, Indonesia, Korea were severely hurt by the crisis due to the broad spread corruptness in the authorities, cronyism, unplanned and unstructured growing with ill managed banking and fiscal systems. To hold a recovery, assorted reforms and alterations in the administration has to take topographic point. Finally, it is deserving underscoring that despite its dramatic impact, the long tally effects of the crisis may be good, non bad. To the extent that the crisis gives Asiatic states an inducement to reform and reconstitute their economic systems, they may emerged the experience non weaker, but stronger establishments and a greater ability to achieve sustainable long-run economic growing. Bibliography Goad, G.P. , ? The Region? s Brutal Economic Contraction Looks Set to Continue but a Distant Hope Still Beckons? , The Wall Street Journal, Oct 26, 1998. Henderson, C. ( 1998 ) , ? Asia Falling? Making Sense of the Asiatic Currency Crisis and its Aftermath? , McGraw-Hill, Singapore. Shameen, A. A ; Bacani, C. , ? No terminal in sight? Now, political relations excessively drives Asia? s money sufferings? , Asiaweek, Jan 16, 1998. Tsang, D. ? The Asiatic Debt Market? , Asiaweek, Dec 19, 1997. Woodael, P. , ? East Asiatic Economies? , The Economist, March 7, 1998.

What is Determinism

What is Determinism Free Online Research Papers In the realm of Philosophy, various questions are always raised on the strength of various concepts and subjects with philosophers and scholars postulating theories by eloquently articulating ideas that are relevant to the edification of the human mind. The concept of determinism, like many other themes, has been a vital debating issue which has contributed to building the world of knowledge. Whilst some philosophers and scholars postulate and defend the relevance of determinism, others especially the proponents of indeterminism and self-determinism contest its soundness as a theory. This term paper examines the concept of determinism which claims that â€Å"everything in the universe is governed by causal laws† (A Modern introduction to philosophy Third edition, 1973, p2) and critically review its relevance. The objective is mainly to attract an appreciation of the notion of free will and moral responsibility as inherent feature in most human actions. The main focus here is the intellectual debate which relates to the conflict between the concepts of determinism and that of self-determinism. In reviewing the concept of determinism, an attempt was made to critically examine its strength with key questions with a view to strengthen the argument in the debate for ‘free will and moral responsibility’. One of such critical questions is ‘why should someone be held responsible for actions he/she can’t help doing? It is my view, to completely accept the idea of the determinists would be a deliberate attempt to refuse a striking attribute of God being good. God being good would not punish someone for what he/she can’t help doing. It also questions the morality behind punitive measures and social sanctions in response to human actions that are repugnant to the laws of a state and social values. The paper concludes by subscribing to the view that the concept of self-determinism is rationally sound and accepts determinism with some degree of limitation particularly with regards to the occurrence of some natural and spontaneous events that transcends human ability to make choice or do otherwise. 1.1 Determinism: Definition and Types In order to clearly understand what determinism is, an attempt was made to explore the views of various philosophers and writers on the subject matter. In the book ‘A Modern Introduction to Philosophy, Third edition, 1973, p2, Paul Edwards in his introductory writings with reference to determinism talked about â€Å"The theory that everything in the universe is governed by causal laws† suggesting â€Å"that whatever happens at some specific moment is the outcome of something that happened at a previous moment, i.e., that the present is always determined by the past†. According to J. Stuart Mill, determinism indicates â€Å"that all mans volitions are invariably determined by pre-existing circumstances. It may take diverse forms, some cruder, some more refined†. Determinism is further said to claim â€Å"the view that all events, including mental events, are governed by causal laws. Every event is the inevitable effect of some set of circumstances (the â⠂¬Å"cause†) that necessitate that event†¦.† There are two main forms of determinism viz. Naturalistic and Theistic determinism. 1.1.1. Naturalistic Determism Naturalistic determinism is the theory which asserts â€Å"that mans behaviour can be fully explained in terms of natural causes† . Key proponents of this notion include Thomas Hobbes and B. F. Skinner. Skinner in particular asserts that human behaviour is completely influenced by man’s genetic composition and environmental factors. He however subscribes to the possibility of human choices but rejects the claim that such choices are free and that their manifestations are determined by what he referred to as â€Å"antecedent physical causes† . 1.1.2. Theistic Determinism Unlike the philosophy of naturalistic determinism attributed to man’s behaviour, theistic determinism is another school of thought which advocates that every events including human behaviour are completely determined or caused by God. Martin Luther and Jonathan Edwards are renowned advocate of this view. 1.2 Determinism; A Critical Review The perspective of determinists that all events, including human actions, are predetermined is certainly incompatible with the concept of free will which states that human beings have freedom of choice or self-determination. Advocates of the various schools of thoughts have advanced arguments all with the objective of rendering the opposing views untenable. In relation to the claims of determinism which conflict with that of free will, I would like to present a critical review of determinism. Another key advocate of determinism is the notable Philosopher Immanuel Kant. According to him, â€Å"The actions of men †¦ are determined in conformity with the order of nature, by their empirical character and by the other causes which cooperate with that character; and if we could exhaustively investigate all the appearances of men’s wills, there would be not be a single human action which we could not predict with certainty†¦ † The determinists claim that everything that happens results from something which transcends man’s. They maintain that human beings behave the way they do because various factors including genetics, astrology and God have so determined and that everything that man does is laid out before we do it† . They assert that what man does that no one could rightly say that a given human action could have been performed otherwise than it in fact was performed. Thus, according to determinism, someone sitting on the brown chair rather than the blue bench is not a free choice but is fully determined by previous factors. Having examined the claims made by various deterministic theorists, I personally hold on to the view that the extreme extent to which determinism is said to consider, like all other events, human actions as being caused by some external factor is, respectfully, flawed. This indeed virtually rejects the fact of the being of free will which I believe is one of the constitutive aspects of human acts . To reject the concept is free will is basically to communicate the idea that human beings could not be morally held responsible of accountable for their actions of behaviour. On the basis of this, it is my view that to assert in absolute terms that every event under the sun has been pre-determined or governed by causal laws is false and that the philosophy of self-determination reflected in man’s ability to determine his own behaviour freely is tenable. In order to validate my argument, I would like to set off with the premise that God being the most Supreme Being is good and that a being that is good will not will evil. The theistic determinist and Puritan Theologian Jonathan Edwards maintained that the idea of free will or self-determination contradicts the sovereignty of God. He argues that God being in control of all things no one could act contrary to his will and that God being sovereign he must cause every event, be it human or otherwise . On the basis of this statement, the determinist is supporting the fact that God caused the act of man’s disobedience by eating of the Tree of Knowledge and Good in the Garden of Eden even though He admonished against it. If the theory of determinism is plausible, then everything people do is completely caused; and on the basis of causal antecedent, nothing could happen except what does happen. The critical questions to contend with now are why did God punish and drive Adam and Eve out of the garden when they can’t help doing what they did? Who is responsible for the act of disobedience? Can someone, after giving instructions and caused it to be disobeyed, inflict punishment on the person who disobeyed? To believe that God caused every human action is a deliberate attempt to reject the striking attribute of God being good. God being good would not punish someone for what he/she can’t help doing. The fact that punishment was meted out indicates that Adam and Eve acted on their own free will to disobey and therefore carried the moral responsibility for the wrong done. The fact that a commandment was given indicates that man had the ability and freedom to do otherwise. Furthermore, if determinism were true, then the question arises, what is the morality behind punitive measures and social sanctions in response to human actions that are repugnant to the laws of a state and social values? It would appear absurd to hold robbers and other social deviants responsible for what they do if determinism is true. In every human society and institutions, laws and rules are made in order to regulate proper behaviour consistent with social and institutional values. These efforts would be a dissipation of people’s energies if determinism were true. The fact that such laws and rules exist suggests that man has the tendency to behave otherwise. Would determinists say all people who fail in life have so been determined to fail even with the possibility of opportunities offered them and the fact that there are numerous examples of successful people whose footprint could be emulated? It is a stubborn-fact that most people are responsible for being failures in l ife because of failure to wholeheartedly embrace every opportunity that knocked at their doorsteps. Hard work can certainly contribute to success and changing one’s low social status upwards. Another issue with determinism is that its insistence on the claim that everything is determined suggests that both determinists and self-determinists have been determined to think the way they think. In trying to persuade the self-determinists to accept the view that everything is determined is self defeating and suggests that indeed man has option to reject what he believes and accept another view. With regards to this, the determinists are oblivious of the fact that freedom for man to choose â€Å"is a wonderful gift of God to His rational creatures† as supported by the biblical evidence from Proverbs 1:29 31; and Hebrews 11:24 26. Through the complementary activities of reason which is the faculty of deliberation and argument and Will, the faculty of choice and decision, man has the ability and freedom to choose from a wide range of options either for the good or bad. 1.3 Conclusion Conclusively, whilst I subscribe to the views of self-determinist particularly with respect to man’s behaviour, I do also accede to the fact that factors such as hereditary, the environment and God do influence the occurrence certain events or things. It must be noted that man is in compliance with some laws of nature such as obedience to the physical laws of gravity, nutritional laws and the laws of instinct. All these laws influence man to respond spontaneously to his physical environment. Research Papers on What is DeterminismComparison: Letter from Birmingham and CritoEffects of Television Violence on ChildrenMoral and Ethical Issues in Hiring New EmployeesMind TravelBringing Democracy to AfricaRelationship between Media Coverage and Social andUnreasonable Searches and SeizuresInfluences of Socio-Economic Status of Married MalesBionic Assembly System: A New Concept of SelfThree Concepts of Psychodynamic

Gifted and Talented Essay Example | Topics and Well Written Essays - 1250 words

Gifted and Talented - Essay Example It was Francis Galton, who is credited with using the term â€Å"gifted† for these individuals (Ford, et al, 1996, p. 75). The perception amongst educators reveals that they remain critical of the ability of nonverbal tests to assess intelligence because it appears as a test for nonverbal students (students that cannot converse well). It is crucial that they understand that nonverbal tests can also measure of highlight intelligence (Distin, 2006, p. 85). More importantly, these tests provide an opportunity for students to demonstrate their intelligence and ability without linking their ability to perform on the test to the influence of language, vocabulary, and academic exposure. Consider the example of musically, creatively, and spatially gifted students and other students who manifest a great deal of practical and creative intelligence (Ford, et al, 1996, p. 75). These students are less likely to demonstrate the same degree of command over the English language, grammar, voca bulary, and presentation, but the same does not translate into their non-giftedness. In fact, it remains the responsibility of educational institutions to identify and accommodate these students as well (Phillipson & McCann, 2007, p. 52). Nevertheless, it is important here to note that the inability of the tools employed at measuring giftedness to incorporate racial, income and ethnic differences. Even the first and the longest running longitudinal study concerning giftedness individuals, conducted by Lewis Terman, failed to take into account cultural differences amongst the diverse population. In fact, this also represents that despite all the claims of equality and equal opportunity, United States is still far from achieving the status of a colorblind society (Ford & Trotman, 2001, p. 237). Furthermore, Terman study on giftedness, which began in 1921, also highlights other critical factors about giftedness that it is not correlated with high achievements. Several studies and resea rches in the recent future have also confirmed this fact. Terman cherry-picked individuals for his study of gifted individuals and then continued to take deep interest within their lives (Pfeiffer, 2008, p. 97). He played the roles of a counselor, mentor, teacher, and friend for these people and did not hesitate to pull strings and write letters of recommendations for this student. The prime reason being that he wanted to ensure that these gifted students could live up to their potential. Interestingly enough, one of the most crucial conclusions derived from this study is the fact that achievement and giftedness are not correlated despite repeated attempts by Terman to influence the results of this sample (Ford, et al, 1996, p. 75). This finding is crucial to study multiculturalism within gifted students because there are many institutions, which factor the achievements and accomplishments of students to measure and identify their giftedness. Quite understandably, giftedness can all ow individuals to achieve more than the average student population; this causation is not a necessity (Phillipson & McCann, 2007, p. 52). In fact, the insistence of institutions on factoring achievements to measure giftedness has also played a critical role in excluding minority populations from gifted students. In most cases, these minority students belong from lower income class families, where they fail to gather the same level of resources to assist them in standing out of the crowd.

Call it what ever you like Essay Example | Topics and Well Written Essays - 250 words

Call it what ever you like - Essay Example Antonio is liked by people and has a good heart. He is able to bring out his emotions very in the court while pleading for mercy from Shylock (Shakespeare, Coleman & Barnes, 23). Shylock is the unsuccessfully character and is resented by everyone. Shylock is a rich man who lends out money to Antonio. However, when he needs his money repaid, Antonio is not in a position to repay and this becomes a major source of conflict between the two friends. In the court scene, Shylock is able to bring out very well mixed emotions and anger. He however, later becomes sympathetic when the case turns again as they had not agreed on how to measure the pound of flesh and blood (Shakespeare, Coleman & Barnes, 23). He is well armed with his knife in court and could not wait to be finally allowed to get his pound of flesh. Shylock can be analyzed as a very inhumane and unfair character as he does not even give Antonio a chance to explain himself, he harbors secret hated for Antonio and would be delighted to destroy him the best way he would (Shakespeare, Coleman & Barnes, 23). The other characters hate shylock as he finds fun and satisfaction oppressing them. Other aspects of the play such as costumes, lighting, props as well as sound were well incorporated and the performance was extemporary good (Shakespeare, Coleman & Barnes, 23). All through the play, the characters were able to capture my attention and create enthusiasm to keep watching. The production was top notch. I have learnt vital lessons from the play and will aim at becoming a better and peace-loving

Technical Writing Assignments Essay Example | Topics and Well Written Essays - 1250 words

Technical Writing Assignments - Essay Example It begins by outlining the relationship between microwaves and other forms of wave-radiation, such as light and radio, in order to help the reader understand what a microwave is. It then goes on to discuss some of the special properties of microwave radiation versus other kinds of radiation, such as the fact that microwaves travel in straight lines and can impart energy into water particles. Finally, it moves on to discuss exactly how those properties have been turned in to practical applications: because microwaves can go in straight lines, they can bounce off of objects, and use the reflection to determine distance: this is radar. Typically, radars had to rotate, but according to the article, some new radars are structured more like a fly’s eye, pointing at all directions simultaneously. Microwaves also have the property of being able to excite water molecules through other substances, meaning that they can be used to cook food. The article also details the timeline of these discoveries, so that its reader is able to gain a better understanding of the process through which microwaves have been developed throughout time. Fundraising Proposal This proposal will discuss fundraising for public schools. It’s primary audience will be school administrators, with its secondary audience being outside groups including businesses, that could create reciprocal fundraising relationships with schools. Fundraising is a difficult task for a public school. Parents feel that they have already paid their fair share (if not more) through taxes, and are often cash-strapped in a way that makes it difficult for them to put more money towards their children’s education. Furthermore, they will often be donating to projects that will never see fruition in their children’s educational experience. While some things, such as buying new instruments for a music class, can be done relatively quickly, most of the needs that will be addressed by fundraising, such a s redevelopment, renovation, adding new buildings and so forth can only happen after a great deal of fundraising has already occurred, bureaucratic processes have moved forward, and the investment is actually converted into a practical benefit to children. With children being in a school at most six years (for primary students) it is incredibly unlikely that any parental donation. Sure, some families may have several children attend the school, but this is unlikely. For all of these reasons, parents, though often tapped for fundraising efforts in schools, are actually not particularly beneficial. Schools would do better to build fundraising relationships with outside organizations rather than parents: these relationships can be longer lasting, and often involve larger sums that parents would have access to. Furthermore, any relationship should be mutually beneficial, and this is more possible with outside groups than it would be with parents. These forms of fundraising relationships must be reciprocal: this does not mean quid pro quo, where the school does something of equal value specifically for a particular amount of donation – this is fundraising, not anything else. However, it should be beneficial to both parties. These fundraising relationships will obviously be beneficial to the school, which gets money for much needed upgrades, equipment, building projects and so on. But the question remains, how should this relationship be beneficial to

Role of Politics in Police Decision Making

Role of Politics in Police Decision Making Should politics play a role in police administration decision making? This question has evolved over the years. Both concepts are interrelated but separate entities and yet they overlap in purpose. The term politics can mean a range of things depending on perspective and the situation. In terms of police politics the meaning of politics depends on the particular law enforcement organization or the size of the administration. In general, the term politics refers to the processes involved in governing a country or organization. Police administration â€Å"administration activities that control, direct, and coordinate police personnel, resources and activities in the service of crime prevention, apprehension of criminals, the recovery of stolen property and the performance of a variety of regulatory and helping services† (Schmalleger 97). Police administration is the delicate management and ethical leadership of a law enforcement organization. Administration involves selection and hire of officers and support staff, policy’s, relationships with the community, stress and health management, working with fellow agencies, and dealing with the political aspects of each. Politics and policing have evolved over the past century and a half from four main eras in American Policing. The Political Era, reform Era, Community Era, and the New Era. The Political Era occurred between 1840 and 1930 and was marked by a drastic changes in social order and by law enforcement doing the bidding of politicians. The Reform Era occurred between 1930 and the 1970s was known for traditional crime fighting and the removal of politics from law enforcement and from police being the lap dogs of the political elite. The Community Era occurred between 1970s and present day and it focused on community involvement in law enforcement. Finally the New Era overlaps with the Community Era between 2001 and present day focuses on large scale threats involving terrorism and political campaigns on mass surveillance (Schmalleger 100-101). Decision making is a main component of being an elected official or police chief and understanding the politics of the community is part of making the correct decisions. This due mainly to the how the leadership of city’s are structured. Society elects congressman, mayors and other political figures to create and put in place laws and policy’s to maintain order and make sure that public money is well spent in the process. One of the purposes of the law enforcement is to make sure those laws and policy’s are followed. Harold Lasswell defined politics as who gets what, when and how (Schaefer 196). Politics involves the controlling of power and with that power comes control and influence over people and organizations. Society often debates the approach of more police or less police. The deployment of more officers into high crime areas is a common political move. There are two main divisions of police politics personal politics and community politics. Personal politics deals mainly with internal influences in the law enforcement organization such as who gets promoted and why. The second is community politics which deals directly with the external control and delegation of the department. A fundamental value of our society is that policing should be subject to and under some control of the public. (Alpert, Dunham 96). Since the management above the Police Chief is generally the Mayor and city council both are involved in making decisions. The mayor of a city or town is elected by the community. The mayor then hires an impartial, outside firm, to interview and then hire the Chief of Police when the position is vacant. Below the Chief of Police in the chain if command is a deputy chief and various captains, in charge of patrol officers. A Police Chiefs actions are directly scrutinized by the mayor. Modern policing combines the local community and police officers into community policing. The purpose is to combine resources to combat and prevent crime and increase the level of everyday life. Many of these changes are are in response to community’s greater involvement in the political arena and the louder voicing of concerns (Carter 7). The internet has played a large part in these movements largely in part due to social media. People are able to voice a concern, spread an agenda, and even display police brutality throughout the world. A witness to a crime or abuse of power that can upload a video to Youtube for the whole world to see, brings a lot of attention to issues in the past might have been kept quiet or covered up. Most non-specific crimes occur without regard to race, ethnicity, age, gender or lifestyle and because crime is one political factor that everyone can agree on, many cities will spend money for crime prevention and incarceration even with tight budgets (Carter 8). If the mayor or campaigning politician of a city says that taxes need to be raised to hire more officers, or pay for equipment, its an easier sell than saying taxes need to be raised to decorate a city, or build a new stadium. In such a situation the tax raise would gain support, even if after the fact the money is used elsewhere, often the pockets of the political elite. Society is more likely to pay attention to a car accident or shooting as opposed to a rare bird flying over head. Violent crimes stand out, and that leads to more media exposure and curiosity. This also gives politicians more speaking ammunition for various political initiatives that are supposed to modify crime rates in some fashion. Politicians use community policing as another means to relate to their constituents, because by supporting various anti crime initiatives they are able to bond with the community, whether they actually are apart of the community or not. Its simply another measure to become elected and gain power. Political campaigns often use the guise of a new approach(s) on crime to gain support by promising to provide better services to the publicincreasing the quality of life (Carter 10). This is not to say that a politicians proposal isnt valid, but certainly if the approach doesnt succeed, their support will drop, and all that will be achieved is a politicians appointment, and subsequent battle for reelection against someone with similar promises. The police administration cant just make decisions that they feel are best without the taking into account the political views of the community. When or if they do they are either overridden by powers higher up, or state attorneys refuse to prosecute or simply override their decisions. Since political views and police administration are directly intertwined one will have an affect on the other. If a police administration failed to act or respond to a crime or issue under their purview, there would be a backlash from the community. Without political support, law enforcement decisions would fall flat. Decision making in police organizations is a tedious, often politically motivated and a very complicated process. The reasoning behind decisions must be sound and rational and free of bias. Whenever a decision in law enforcement administration is made, the chief or top level management has to be aware of different points of view, if the choice being made intuition or emotional feelings, w hat the ramifications will be, what will be accomplished. (Morreale 2) One of the most politically polarizing issues in recent years, and best examples of politics and police administration clashing, has been the New York Citys Stop and Frisk policy. The stop and frisk policy involves randomly detaining individuals, the majority of which are of non-Caucasian ethnic descent, on the street while police search them for contraband such as drugs and weapons. The NYC police department engages in the stop and frisk tactics without any legal motivation, such as genuine suspicion of committing a crime, but that is part of the problem (Peltz). The law allows police to engage in these tactics simply by believing someone has or will commit a crime, but that doesnt meet probable cause standards and â€Å"88 percent of the stops resulted in neither arrests nor tickets† (Peltz). Even if the political reason behind the crime was well intended, it has been used to racial profile people that haven’t committed crimes. This is an example of policing and polit ics that don’t mix because the practice was encouraged and set up by the mayor and carried out by police and in this particular case both sides were wrong since its an abuse of power on both sides. Generally it is against the code of a city or town to advertise or do campaign work of any type while on duty. Take a patrol officer for example, if he was campaigning while on duty, he wouldn’t be serving or protecting. Hed be using city taxes which pay for his salary to promote or bash a particular campaign. This behavior would should a bias for or against a candidate and would look as if the city supported that officers political views. An officer is certainly allowed to campaign while off duty, on his or her own time, as long as it does not breach a code of professionalism. Even when political campaigning is carried out while off duty there can be professional repercussions for an individuals beliefs and objectives. A couple examples of political campaigns and the retaliation suffered is apparent in the following stories. In Missoula County located in Montana, a $120,000 settlement was reached in favor of sheriff’s deputies who alleged retaliation because of their plans to run for sheriff and under sheriff. Detective Sgt. T.J. McDermott and running mate Detective Jason Johnson were subjected to a hostile working environment simply because of their campaign objectives (Haake). In another case in Cook County, Illinois, a $2.4 million lawsuit was settled between 21 deputies. The 21 deputies brought the lawsuit against Tom Dart because they were unfairly treated and even denied promotions when they backed his political opponent when he was running [for] sheriff in 2006 (Sun Times Media). Ideally politics shouldnt play a roll in police administration, but more often than not they do because its simply unavoidable. You cant really ever separate an elected or appointed official from the political machine because part of their position requires the taking of sides and support of an agenda. The sensitive nature of balancing the needs and values of a small community, city or large metropolis are always in flux. What was needed five, ten, or fifteen years ago may not work in todays society. Whats needed in a particular area of the community or by a particular culture may be different than what is required by others. Society evolves and changes and so do the types of crimes committed within them. The political landscape and the police administration must adapt to meet the needs of the ever changing people for which they serve. Works Cited Schmalleger, Frank. Criminal Justice: A Brief Introduction. 9th ed. Boston: Prentice Hall, 2012. Print. Schaefer, Richard T. Sociology Matters. Boston: McGraw-Hill, 2004. Print. Reed, Wilson Edward. The Politics of Community Policing: The Case of Seattle. New York: Garland Pub., 1999. Print. Alpert, Geoffrey P., Roger G. Dunham, and Meghan S. Stroshine. Policing: Continuity and Change. Long Grove, IL: Waveland, 2006. Print. Haake, Kathryn. Missoula County Pays $120K to 2 Deputies in Discrimination Settlement. Missoulian.com. Http://missoulian.com/, 14 Feb. 2014. Web. 27 Feb. 2014. http://missoulian.com/news/local/missoula-county-pays-k-to-deputies-in-discrimination- settlement/article_d28b2df4-9a9b-11e3-9fc4-0019bb2963f4.html>. Cook County to Settle Deputies Suit vs. Sheriff Tom Dart for $2.4M.89 WLS, Chicagos Talk Leader. Sun-Times Media, LLC, 14 Feb. 2014. Web. 26 Feb. 2014. http://www.wlsam.com/common/page.php?pt=Cook+County+to+settle+deputies %27+suit+vs.+Sheriff+Tom+Dart+for+%242.4Mid=85483is_corp=0>. Mahr, Joe, and Christy Gutowski. 7 DuPage Deputies Sue Sheriff, Alleging Retaliation.Chicago Tribune. N.p., 22 Nov. 2013. Web. 27 Feb. 2014. http://articles.chicagotribune.com/2013-11-22/news/ct-dupage-sheriff-lawsuit-met- 1122-20131122_1_federal-lawsuit-16-year-sheriff-john-zaruba>. CARTER, DAVID L. POLITICS AND COMMUNITY POLICING: VARIABLES OF CHANGE THE POLITICAL ENVIRONMENT. JSTOR. Southern Public Administration Education Foundation, Inc. (SPAEF), 1995. Web. 01 Mar. 2014. http://www.jstor.org/stable/40861642>. Morreale, Stephen A. Join Academia.edu Share Your Research with the World.Elements of Decision-making in Police Organizations. Stephen A. Morreale, n.d. Web. 28 Feb. 2014. http://www.academia.edu/778699/Elements_of_Decision- making_in_Police_Organizations>. Peltz, Jennifer. NYC Stop-And-Frisk Controversy.The Huffington Post. TheHuffingtonPost.com, 16 Oct. 2012. Web. 28 Feb. 2014. http://www.huffingtonpost.com/2012/10/16/nyc-stop-and-frisk-a-decade-rising- numbers_n_1970951.html>.

George :: essays research papers

George B. McClellan came from a well-to-do family. His father was a Doctor, which accounts for George's good education. Also his mother and father where christians serving the Lord, which accounts for his concern for his fellow man. His grandfather was a revolutionary war general, which may account for his going into the military. Since George had concern for his fellow man he was careful while moving his army, the Potomac, to new places. He also always wanted to be well prepared before battle. When George would ask the leaders in Washington for more supplies and men they would turn him down. So he would delay an attack until he thought he was ready for battle. This unfortunately cost him his career in the miltary. After he was out of the military, he was nominated as a presidential candidate, but not surprising to Geoge he lost the election. George wanted to live a normal life after this and due to investments he would be able to live comfortably for a long time. Later he and his family traveled to England and spent three and half years touring all over Europe. While he was in Europe President Lincoln was assassinated, when George heard this news he was devastated. In early October 1885 George had experienced chest pains and on Octob George B. McClellan tried to not to act against his belief in the Lord. He prayed everyday in hope of keeping his family and men safe. He was very concerned about the wellfare of his men. The leaders in Washington did not care for George and his men all they where concerned about is the appearance in the papers about the war and wh at people thought. So soon enough George was asked to step down from his postition. George still kept his faith in the Lord and moved on. Never once did he doubt his belief. If it was not for his strong faith in the Lord he probably would of lived a nonfulfilling life, but since he did keep his faith he lived a long fulfilling life.   Ã‚  Ã‚  Ã‚  Ã‚  George B. Mcllellans life was inspiring to some people. No matter what he kept his faith in the lord through thick and thin. He tried his hardest when going for something and did not give up easily.

Good Habits

Practicing good things in our lives, make us and our surrounding happy. Every individual should engage in good deeds to becomes good human being . There are many tall leaders ,who became our role models. The reason behind their greatness is, indulging themselves in good habits . The habits like, reading books that radiates knowledge and moral , or attending religious ceremonies ,or participating in group sports ,would make a comprehensive or a complete human being .Lets discuss in detail. Firstly, good habits are very essential for leading a harmonious life. if we look in to biography of famous people, we can learn that they had indulge healthy habits like reading books or spending their most of the time in library. Reading enhances our knowledge and perception towards outer world. There are many beautiful books that teach, the proper way of personal and social life. Hence one must cultivate this habit to lead a good life.Secondly, religion teaches the holistic way of life, that incl udes respecting elders and nature . Attending these religious ceremonies will change individual behavior and make them to live a moral and virtue life. Irrespective of any religion, all teaches to become a good human being . By spending some time from our daily life in religious rituals, will inculcate high moral in people. Further more , participating in sports especially in group sports,also help us to construct our personality in positive direction .Playing in team teaches to how to be a part of team, and it also show co-ordination of each other to get success ,it could be in sports or in personal life. To put it in to nut shell,indeed good habits make a good human being . Spending time with good books or attending religious ceremonies ,certainly bring changes in personality . And plying group sports enhance harmony and integrity in our social life. Good Habits Good Habits Did you know that a person can be defined and be judge by his or her appearance. If someone is dirty maybe his personal hygiene or his good habits are not well practiced. A good habit may result to one’s cleanliness and we all know that cleanliness is next to godliness. The assigned person will be using some pictures to show the students the different good habits a person should practice. And every picture the students will be asked to give their opinion about it and reflect to themselves if they are doing the habit indicated in the picture or not. 1. Sleeping early is one good habit to practice.We should always go to bed early to be able to have enough rest for the day and to regain energy for the next day. Because being sleepy in school is not a good attitude a student should have. Growing kids like you should have at least 8-10 hours of sleep for you to be able to grow taller and most especially energetic for the rest of the day. 2. Brushing your teeth. We shoul d brush our pearly white teeth 3 times a day to be able to keep them from cavities. Using dental floss and mouthwash are also required to keep our gums healthy. Also we should visit our family dentist to have our teeth check so that our teeth will be free from cavities.We should take care of our teeth since we use them for eating. 3. Cutting our nails. We should keep our nails clean and short and we should do it weekly. Since our hands are the dirtiest part of our body we should always make sure they are clean. We could also bring alcohol and hand sanitizer to keep our hands and nails clean. 4. Combing our hair. Especially to the girls since we do not want to look like we just got off the bed we should comb our hair to be presentable to others. And also to look beautiful and handsome. 5. Exercising. As children you always play outside so it is a good habit since we stretch and exercise our bodies.And we should not always watch TV and play computer games. Outdoor activities are more fun than indoor activities since as kids you are able to explore your surroundings and appreciate nature. 6. Taking a bath or shower. It is important to be able to keep our bodies clean most especially after playing outdoor games with friends. Also change your underwear regularly, make sure they are clean and also washing of our hands before and after eating. 7. Well balance diet. A well balance meal is always good for our bodies and especially to your growing bodies. We should consult the food pyramid to be able to know how to balance our diet.A meal should compose of Go, Grow, and Glow foods to be able to give our bodies the necessary vitamins, nutrients and minerals for us to be able to do our works and chores for the day. In addition, they will sign an oath stating that they will be practicing the good habits everyday and help their fellow classmate to do the same thing. The oath is indicated below: â€Å"I, (Name) promise to practice the good habits regularly. In addition, I p romise also to help my fellow classmates to do the same thing. † This activity will be submitted next meeting. Also they are required to bring coloring materials for next week’s activity.

Symbolism in A Long Days Journey into Night Essays

Symbolism in A Long Days Journey into Night Essays Symbolism in A Long Days Journey into Night Paper Symbolism in A Long Days Journey into Night Paper Essay Topic: A Long Way Gone Literature ONeill makes extensive use of symbolism in the play by introducing objects, props and cultural artifacts that develop the major themes in the play. He achieves this by giving the objects second meanings far beyond the literal, and by having them stand for whole concepts that are in fact the plays core. One of the first and most meaningful things of this nature that the reader, or a member of the audience is introduced to is the fog and the foghorn, when Mary mentions them for the first time: Thank heavens, the fog is gone. I do feel out of sorts this morning. I wasnt able to get much sleep with that awful foghorn going all night long (Baym 1343). Throughout the play, the presence of the fog parallels the time of day when night comes, so does the fog, and when it is morning, the fog is gone. This, of course, is no coincidence. One of the key human features explored in the play is deception, or keeping each other in the dark. Thus, one might suggest that the fog and darkness in the form of the night are congruent symbols reinforcing one another, because they come together and empower the same concept. The fog can also be seen as a sort of a personal fog each character is shrouded in, and something that suggest blurriness and unreality, especially in the final parts of the play when the fog is denser than ever and makes everything sound so sad and lost (Baym 1390-1391). The fog, then, obscures ones perception of the world, and it parallels the attempts of each member of the family to obscure or hide reality Tyrone and his stinginess, Mary with her addiction, Jamie with his life of a loafer and Edmund, with his tuberculosis that they all attempt to hide from Mary. The second important symbol is the foghorn, which too has a number of possible or combined meanings. Foghorns are used by ships for signaling in foggy conditions, therefore are a sort of warning and orienting signals. In the play, the foghorn stands for each family members efforts to find a way through the mess theyre in, perhaps excluding Mary, since she is completely passive. The fact that she does not like the foghorn also suggests that she is not up to trying to better the situation (Baym 1343). A partial success in finding a way through everything appears in the compromise that Edmund and Tyrone reach That Edmund doesnt have to go to a lousy sanatorium, and can go wherever he chooses. This compromise is only partial, though, because his choice has to be within reason (Baym 1402). In the warning sense, there are instances when the foghorn has significance as well, for example when Jamie warns Edmund of himself in his long speech Remember I warned you, for your sake. Give me credit. Greater love hath no man than this, that he saveth his brother from himself (Baym 1412). Thus, the foghorn symbolizes the search for solutions and ways around obstacles, but just as an actual foghorn on a ship, this search does not actively bring solutions about for the most part, it only emphasizes the presence of difficulties (the fog). A third major object, or objects, that stand for an important concept in the play are alcohol and morphine. The reason I chose to group them together is because both stand for the same concept escape. Alcohol does it for the men in the family, and morphine is Marys scene, but they all seek to escape what plagues them and these substances alter their thinking and perception (at least in theory) to do that. Nearly every stressful conversation or encounter that brings up any of the familys troubles results in either one (or more) of the men drinking, or Mary going upstairs to take morphine I understand that Ive been a God-damned fool to believe in you! Tyrone says as he realizes that his wife is back on the drug, and immediately pours himself a big drink (Baym 1366). Edmund drinks on several occasions although he isnt supposed to due to his illness, and even though his father knows it, he still lets him drink with only symbolic protest, probably because he subconsciously realizes that Edmund needs the escape just like him (Baym 1393). This peaks in the final scenes of the play, when the whole family is under the influence, and in a state of stupor. In the effort to obscure the grim reality from their minds (all of this with the dense fog outside and the faint haziness in the air), the men are all drunk, and Mary is higher than ever on morphine, according to Tyrone (Baym 1416). Therefore, both alcohol and morphine stand for the familys collective effort of escape. From the examination of the above and other objects, props, or cultural artifacts in the play, it becomes evident that the vast majority of those used by ONeill were meant to stand for more complicated concepts, and to act as symbols that develop the major and underlying themes of the play.

Affirmative action debate essays

Affirmative action debate essays When they were first initiated, affirmative action policies were needed to address the discrimination faced by women and members of minority ethnic groups. These policies have enabled many people to secure better employment and educational opportunities. In their wake, however, affirmative action policies have also spawned criticisms of reverse discrimination, and given rise to charges that in the long run, these policies harm the people they were intended to help. This paper argues that while affirmative action policies were necessary in 1965, they are no longer appropriate in 2003. In fact, this paper presents arguments why affirmative action policies are ineffective in addressing the discrimination problems faced by African Americans, Latinos 1. Race is not a sharply-defined category. Many critics of affirmative action point to the problem of "racial boxing" that these policies inherently promote. Linda Chavez, for example, argues that race categories are arbitrary concepts, which are fluid and This problem is best illustrated in the arbitrary definitions of what constitutes being "Latino" or "Hispanic." An Argentinean person of Spanish ancestry, for example, would most likely be considered "Caucasian." However, if the same person speaks fluent Spanish instead of fluid English, he automatically becomes "Hispanic." Such arbitrary classifications are also at work among other racial groups. All Asians are usually lumped together because of the way they look. Such a catchall category, however glosses over important cultural differences and even makes light of deep-seated cleavages between groups like the Japanese and Koreans. Even Caucasian people of Eastern European descent are asserting their distinctness from other Caucasians. Just as it is impossible to classify who belongs to what ethnic group, it is also virt...

Philosophy Paper Essay Example | Topics and Well Written Essays - 1000 words - 1

Philosophy Paper - Essay Example An in-depth analysis of Aristotle’s criticism of Plato will necessarily reveal that, in some cases, Aristotle has failed to perceive the heart of Platonic concept of ‘form’. In other cases, it seems that Plato himself failed to predict oppositions such Aristotle’s criticisms and, therefore, to add some reasonable tenets to the concept of ‘form’. For example, he could say that Forms are the replications of the One and Oneness, and as the terms, ‘one’ and ‘many’, are meaningless without one another, ‘form’ and ‘particulars’ are meaningless without each other. For human cognitive process, both are simultaneously necessary, though ‘form’ precedes physical reality, as one precedes many. Indeed, these tenets are inherent to the idea of ‘form’ and they need not be invented; rather they need to be discovered. Aristotle’s criticisms themselves have limitations; therefor e, referring to those limitations and proving the effectiveness of the concept of ‘form’ to explain those limitations, Plato could make his theory of ‘form’ more self-sufficient. Plato claims that different ‘forms’ of different physical realities exist prior to the existence of physical realities. For him, the physical realities are the replicas or facsimiles of the ‘form’. He sees it as the ideal essence of the physical existence of things in this world. It is perfect, indivisible, transcendent and immutable. He believes that because of an innate idea of these forms, man can know things as they are. On the other hand, Aristotle complains that though ‘form’, as Plato assumes, exists prior to things’ physical existence, â€Å"Forms arises even of things of which we think there are no Forms† (Socrates 27). He further complains that Plato’s ‘form’ is applicable to static images of things (which he often names ‘substance’); therefore, it is not applicable to dynamic process of things such dissolution, decay, birth, etc. In Aristotle’s own words, â€Å"what on earth the Forms contribute to sensible things, either to those that are eternal or to those that come into being and cease to be. For they cause neither movement nor any changes in them† (Socrates 28). He makes his third criticism on the ground that the ‘substance’, which is concrete also, cannot evolve from the abstract, as he says, â€Å"All other things cannot come from the Forms in any of the usual senses of 'from'† (Socrates 34). Aristotle’s most severe criticism of Aristotle comes in a form of question: â€Å"why should '2' be one and the same in the perishable 2's or in those which are many but eternal, and not the same in the '2 itself' as in the particular 2?† (Socrates 39) Here, he asks that if two different particulars have something in comm on, will there be three forms (two for the two particulars and one for the common feature)? Plato could star his refutation of Aristotle’s criticisms by excavating the inherent limitations of Aristotle’s theory of ‘substance’. According to Plato, â€Å"‘Forms’ are as it were patterns fixed in the nature of things. The other things are copied from the Forms and are similarities.†

The Global Financial Crisis has as its basis a failure of regulation Coursework

The Global Financial Crisis has as its basis a failure of regulation. A Critical Discussion - Coursework Example The Global financial Crisis first began in USA’s sub-prime mortgage market and this gradually resulted in a global economic recession of a huge magnitude. In this mortgage market, the financial institutions issued sub-prime mortgage loans to householders. In most cases, these borrowers had unstable incomes and failed to fulfill the basic criteria of credit worthiness. The borrowers mostly kept their respective properties as mortgage and the loans were issued to them against the value of this collateral security. During that time, there was an upswing in the property market and the financial institutions could easily realize the value of this collateral asset by a forced sale. Therefore, the lenders considered the property market a safe place and did not hesitate to issue loans against the property assets kept as collateral security. A regime of low interest rate was prevalent at that time and the mortgage loans were issued at this floating interest rate. As a result, the borrowers had to repay a small amount of the loan every month. However, the U.S Federal Reserve Bank increased the lending rate of interest in the country. During 2004-2006, the lending interest rate in USA’s housing market recorded a sharp rise. Following this, the borrowing householders had to repay a higher installment of the loan to the financial institutions each month.... They tried to improve their financial situation in this way.2 In the property market, the supply of property exceeded the demand by a large amount, resulting in a huge decrease in the prices of the properties. Now, there were institutions in Europe, Asia and even Africa who had invested in the U.S market. The property assets which were given as collateral security in exchange of the loans issued in the USA were held by these institutional investors across the world. This was made possible by a complicated method of securitization resting on strategies of globalization. Thus, the repayments of the loans made by monthly installments by the borrowers were actually delivered to these institutional investors around the globe. Once the borrowers started defaulting, the monthly repayment of the loans stopped reaching the institutional investors. This resulted in huge losses for the institutions. Banks in the U.S.A and Europe defaulted; various stock indexes declined considerably, the market value of equities and commodities plummeted and there were la rge scale job losses resulting in unemployment in the economy. This financial crisis continued to spread to several countries of the world.3 4 The global financial crisis of 2008 had four features that were common with the other crises of the world: the increase in the assets prices that did not prove to be sustainable, upsurges in credit that resulted in increasing of debt burdens, the accumulation of marginal loans and the build up of systemic risk and the failure of regulation to control the crisis. It was seen that in the crisis, the regulatory regime had proved to be insufficient. In the developed countries, finance companies,