The Debate Over Middle Ground Essay Topics

The Debate Over Middle Ground Essay Topics What You Should Do About Middle Ground Essay Topics Starting in the Next 5 Minutes Self-defense should be dealt with by the second amendment. To choose which subject you're likely to discuss, it's vital to see the complete collection of good persuasive speech topics from the special area of study. It's essential not just to supply the evidence to strengthen your position but also to refute that of your opponents. Ad 2, pick a topic appropriate for a synthesis essaythe ap english language synthesis essay you're presenting your opinionthere are two fundamental methods to. Body paragraphs are the principal section of an essay. Several More Examples Now that you get a great comprehension of these sorts of essays, the remainder of this lesson will just be a list of possible essay topics. This list deals with a number of the easy to write essay topics. The conclusion provides the general verdict of the argument. Another good idea is to receive some absolutely free essay examples of different sorts and on various subjects to find a general idea of the way in which a prosperous debatable paper looks. Our experts are prepared to help you compose a top-quality Rogerian argument essay on any topic you select. Still, if you discover a specific gun control-related topic interesting, it's not sufficient to make a great topic for a research paper. There are just a few things that define whether an essay you're working on is going to be a good one. Hope this list provides you a good essay writing help. It is probably that an individual may not locate a specific topic interesting which others might. There's no obvious right or wrong answer when it has to do with using torture to acquire information. Where to Find Middle Ground Essay Topics The essay topics are categorized in various groups only for the ease of readers. Since you can see, these kinds of essays often tackle difficult subjects. A Rogerian essay differs a great deal from the other kinds of academic writing. Most the topics utilized for writing process essays are associated with academics. There may be several barriers which make it difficult that you just manage with the project sentencechecker by yourself An option is to find a valid Internet composing community which will enable you to pitch your requirements and ultimately employ somebody to compose the article for your advantage. All you will need is to pick the field you're good at. Another distinct characteristic of a research paper is the fact that it requires a presentable collection of referenced sources. So, this is the location where you start your research you ought to be familiarized with the text of the Second Amendment. The Most Popular Middle Ground Essay Topics The teachers don't always assign the specific topic. Only classroom teachers are qualified for. Usually, students find it complicated to select a suitable topic. 1 student might need to find counseling, while another may want to center on mindfulness approaches and other strategies before coming to class. Deciding upon the topic for your Rogerian Argument essay is easily the most important to think about. Fun element is engaged in all facets of writing. Top Middle Ground Essay Topics Secrets There's an argument on either side for its complete repeal, despite the fact that we might disagree on quite a few other difficulties. Government should think about allowing euthanasia. Death penalties ought to be thought to be crimes. Same-sex marriages ought to be forbidden. A Startling Fact about Middle Ground Essay Topics Uncovered For nearly every matter, if it will become a federal issue, half of the nation won't be content with the federal choice. Making it a state issue is likely to make the most people satisfied. You came to the correct place! Write about the most crucial thing in your life. Introducing Middle Ground Essay Topics Remember your essay shouldn't be a string of jokes, it's a narrative it ought to have a start, middle and the end. The Tempest isn't the only play i n which Shakespeare utilizes a pure disaster as a vital plot element. Afterwards, you have to explain the explanations for which you support that side. In the prior generation, doctoring involved mastering a couple of approaches to an issue. They might not realize there's a difference between course content they will find emotionally disturbing for reasons aside from trauma, and course content that's triggering due to PTSD. The list of calories ought to be displayed in each fast food restaurant. On the bright side, you usually won't need to decide on a fixed topic and adhere to it. Tell how you clean your hair. Unique vision of the subject is the one most important thing in all sorts of text.

Analytical Failure Of Iraq During Persian Gulf War

Analytical Failure of Iraq in Persian Gulf War Affiliation Student’s Name Introduction Failures analysis is the process of gathering data and information in order to find the cause of failure especially when the goal had been set. Analytical failure of war, on the other hand, is failures by decision making bodies to make appropriate decision which will lead to victory. This failures occurs when military and political leaders come up with war strategies which when implemented leads to failures or losses. War analytical failures are always attributed to lack of sufficient intelligence information about the opponents, failure to predict possible long term consequences, having misleading information, poor leadership and overreliance on weapons without knowing their weakness. In contrast, however, military disaster can befall some territories, irrespective well informed their generals are, because of weakness in their abilities. Super powerful countries may also face the same problem because their leaders may misperceive on coming warnings and threats or make poor calculations in the way they respond to possible catastrophic dangers1. Strategic intelligence is essential in making the most appropriate decisions when it comes to defense policies. There should be proper gathering, analysis and appreciations of pertinent and factual data. In most intelligence failures, problems always starts with collection of data from the ground by professionals who then analysesShow MoreRelatedOperation Iraqi Freedom And Operational Design1939 Words   |  8 Pagesand his team of planners perceived that the original contingency plan developed in the event of war with Iraq deemed OPLAN 1003-98 needed updating. â€Å"It was, Rumsfeld declared, the product of old thinking and the embodiment of everything that was wrong with the military.† This plan based on lessons learned from the 1991 Gulf War projected the need for almost 400,000 troops to execute another war with Iraq. Rumsfeld’s guidance not only was to trim the numb ers but to also establish a new paradigm. EvenRead MoreGender Neutral Ground Combat Arms Roles7352 Words   |  30 PagesProfoundly influenced by two post-9/11 protracted wars that highlighted the expanded role of women in combat, civilian leaders have opted to pursue a gender neutral military apparently on the grounds that integrating women in direct ground combat arms roles is both essential and prudent. Central to the rhetoric is that women are not only qualified, but that they bring a wealth of diverse talents that they should be able to apply across all disciplines within the Armed Forces and in turn, be affordedRead MoreSocial Power of the News Media12127 Words   |  49 Pagesreport about the Gulf War, for instance, presupposes at least some knowledge about the geography of the Middle East, as well as general knowledge about wars, international politics, earlier historical events, and so on. This means that a lack of education may seriously limit 14 Political Communication in Action news understanding, as is shown by much empirical research. In other words, powerlessness may involve limited (passive) access to massmediated discourse due to a failure (fully) to understandRead MoreNational Security Outline Essay40741 Words   |  163 Pages The Laws of War and Neutrality 24 CHAPTER 7: War Crimes and Nuremberg Principle 28 CHAPTER 12: Nuclear Weapons: Deployment, Targeting and Deterrence 33 CHAPTER 13: Arms Control in the Nuclear Age 36 Chapter 14: Measures to Reduce Tensions and Prevent War 41 CHAPTER 16: The Law of the Sea 43 CHAPTER 17: The Constitutional Framework for the Division of Nat’l Security Powers Between Congress, the President and the Court 48 The 1973 War Powers Resolution 49 II. The War Powers Resolution:Read MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. 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Revised and Expanded Edition E SSAYS ON _ T WENTIETH- C ENTURY H ISTORY Edited by Michael Adas for the American Historical Association TEMPLE UNIVERSITY PRESS PHILADELPHIA TempleRead MoreDeveloping Management Skills404131 Words   |  1617 Pages168 How Creative Are You ? 169 Innovative Attitude Scale 171 Creative Style Assessment 172 SKILL LEARNING 174 Problem Solving, Creativity, and Innovation 174 Steps in Analytical Problem Solving 174 Defining the Problem 174 Generating Alternatives 176 Evaluating Alternatives 176 Implementing the Solution 177 Limitations of the Analytical Problem-Solving Model 178 Impediments to Creative Problem Solving 178 Multiple Approaches to Creativity 179 Conceptual Blocks 183 Percy Spencer’s Magnetron 185 Spence

The History of Jazz free essay sample

The work chants and folk music of black Americans are among the sources of Jazz, which reflects the rhythms and expressions of West African song. Ragtime, an Afro-American music that first appeared in the sass, was composed for the piano, and each rag is a composition with several themes. The leading ragtime composer was Scott Joplin. The first improvising jazz musician was the corniest Buddy Bolder, leader of a band in New Orleans.The first jazz bands were usually made up of one or two cornet players who played the principal melodies, a clarinetist and trombonist who improvised countermeasures, and a rhythm section (piano, banjo, string bass or tuba, and drums) to accompany the horns. These bands played for dancers or marched in parades In the South. Some of the first New Orleans musicians were among the most stirring of all Jazz artists. They Include clarinetist Johnny Odds, clarinetist-soprano saxophonist Sidney Becket, pianist Jelly Roll Morton, and corniest King Oliver. We will write a custom essay sample on The History of Jazz or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The first jazz record was made in 1917 by a New Orleans band the Original Dixieland Jazz Band, made up of white musicians who copied black styles. The New Orleans musicians discovered that audiences were eager for their music in the cities of the North and the Midwest. In the sass Chicago became the second major Jazz center. White Chicago youths, such as tenor saxophonist Bud Freeman and clarinetist Benny Goodman, were excited by the New Orleans masters including the thrilling Louis Armstrong, who played In King Olivers band.The third major Jazz center was New York City, and It became the most Important. In New York, pianists such as James P. Johnson created the piano style by transforming rags and Southern black folk dances into jazz. Jazz was first played in the ballrooms and theaters of New York. Louis Armstrong was among the Jazz musicians who accompanied Ma Rained and the rich-voiced Bessie Smith, the classic blues singers of the sass. When Armstrong began singing, too, he scattered songs by improvising his own phrases and nonsense syllables.Billie Holiday was only a teenager when she began her singing career. She subtly changed the notes and rhythms of popular songs to give them new, often ironic meanings. Ella Fitzgerald was the popular favorite among later swing scat vocalists. The bop era, which lasted from about 1945 to 1960, was also the period of cool jazz. Sass. Many bop pieces were played at the fastest tempos yet heard in Jazz. Bop featured many-noted solos and unusual, quickly changing harmonies. The opposite of cool Jazz was hard bop, which was played in the Eastern cities.Hard bop was vigorous and energetic and emphasized the Afro-American basis of Jazz. The sass also brought forth composers who were not considered either bop or hard bop creators. The traditional forms of Jazz songs were abandoned by Lewis, Nichols, and George Russell, who wrote complex, brightly colorful works for big bands. Chicago revived as a Jazz center in 1965 when a cooperative, the Association for the Advancement of Creative Musicians , was formed to produce concerts and to teach music to inner-city youths.European enthusiasm about post-1960 Jazz led to two important trends of the sass and sass. First, improvising musicians from many countries were inspired to draw on their individual musical heritages to create new kinds of Jazz. The most popular result of this trend to variety has been fusion music, which Joins Jazz, rock, and Latin-American rhythms. The concert on Wednesday night was pretty monotonous, my passion is for dance music and hard ,uplifting beats,such as rap, rock, and house. I did enter the auditorium with an open mind, but Jazz did not click.

The Roles of Men and Women in a Society Essay Example For Students

The Roles of Men and Women in a Society Essay The Roles of Men and Women in a Society There is a complexity in understanding the role of men and women in a society. Scientists and biologists are challenging themselves to explain the mental and behavioral processes of genders. Natalie Angier born and raised in New York writes â€Å"Men, Women, Sex and Darwin† an essay about evolutionary psychology and the misleading perceptions it has women. She focuses on five topics that the theory argues proving them wrong, and using them for support. The first area the theory introduces â€Å"men are more promiscuous and less sexually reserved than women are† (30). Evolutionary psychology proposes that men are always after sex. They explicitly say men hold a special force attracting them to sex which women cannot fully comprehend. Angier explains that men can be open about their sexual life, unlike women who are impacted by culture and society. Women are judged as â€Å"either chaste or trampy† (35) a woman is seen as pure or a slut. Since the beginning of time women are looked down upon when regarding their sex life. Harassment of women based on their sex life is due to religious and/or cultural influence, which has a stronghold over American society. We will write a custom essay on The Roles of Men and Women in a Society specifically for you for only $16.38 $13.9/page Order now Relating back to Christianity, if you are a virgin it means you are pure and clean, on the other hand if you are not then you are dirty and considered a lower class. I agree that women have the same sex drive that men do, but due to society and culture, women feel unconfident and unwilling to show it. I believe that it is not because â€Å"women supposedly have a lower sex drive than men do† (36) but that they have more precaution of become pregnant. Men have this need to have multiple sex partners for their own confidence. I agree with Angier that men have this competition with other males to see who can get more women. They do this for their need to be dominating other males. The ability of a men attaining more females boosts their self-motivation and satisfaction. Evo-psychos’ second interest is that â€Å"men are naturally attracted to youth and beauty† (30). The theory says that men are attracted to these women because of child bearing. It also says that a healthier younger woman will be able to carry his children. I disagree with this reason, I think that media influences what we expect from people. Unconsciously in our society we are brainwashed by magazines, TV and advertisements, to tells us how we should be and who we are attracted to. If a young child plays with Barbie’s, it automatically gives her the stereotype of how she is theoretical to look like when she is older. Women constantly have an urge in our society to be thin, models and actors tell us how we are supposed to be. If we look at another society for example Africa, I found this article on the web about men attracted to fat women being another type of society. â€Å"They conducted a study in South Africa where fat women are preferred (like many other places) and theyve found correlation that relate to fertility, health, and even how hungry a guy is, due to evolutionary instincts. (Shaolin36). In the essay Angier quotes from Gowaty, â€Å"What pleases me might not please somebody else† (39) disagreeing with the evolutionary psychology theory. Depending on where a person is from, how culture and society influenced them will determine whom they are attracted to. The third statement that evolutionary psychology has made is â€Å"women are in herently more interested in a stable relationship than men are† (30). They perceive that women want someone who will provide for them, and be able to take responsibilities in control. I agree with this concept. .ua71e50212db92b285ecef7dab6aa140a , .ua71e50212db92b285ecef7dab6aa140a .postImageUrl , .ua71e50212db92b285ecef7dab6aa140a .centered-text-area { min-height: 80px; position: relative; } .ua71e50212db92b285ecef7dab6aa140a , .ua71e50212db92b285ecef7dab6aa140a:hover , .ua71e50212db92b285ecef7dab6aa140a:visited , .ua71e50212db92b285ecef7dab6aa140a:active { border:0!important; } .ua71e50212db92b285ecef7dab6aa140a .clearfix:after { content: ""; display: table; clear: both; } .ua71e50212db92b285ecef7dab6aa140a { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ua71e50212db92b285ecef7dab6aa140a:active , .ua71e50212db92b285ecef7dab6aa140a:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ua71e50212db92b285ecef7dab6aa140a .centered-text-area { width: 100%; position: relative ; } .ua71e50212db92b285ecef7dab6aa140a .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ua71e50212db92b285ecef7dab6aa140a .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ua71e50212db92b285ecef7dab6aa140a .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ua71e50212db92b285ecef7dab6aa140a:hover .ctaButton { background-color: #34495E!important; } .ua71e50212db92b285ecef7dab6aa140a .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ua71e50212db92b285ecef7dab6aa140a .ua71e50212db92b285ecef7dab6aa140a-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ua71e50212db92b285ecef7dab6aa140a:after { content: ""; display: block; clear: both; } READ: Usama bin Laden Biography EssayIf a woman is looking for someone to settle down with then this proposition makes sense. This fourth statement applies also to the second, â€Å"women are naturally attracted to high-status men with resources† (30) demonstrating Darwin’s â€Å"survival for the fittest’ in action. For a woman to find a man with the right resources it will lead her to peruse a child with him. If a man has more money and a stable job, then the woman knows she has a provider and her children will be cared after. If a women were to settle with someone of lower rank than her unable to support a family, then that would no satisfy the needs of h er life and goals. The last topic evolutionary psychology brings up is how â€Å"humankind’s core preferences and desires were hammered out long, long ago†¦Ã¢â‚¬  (30). Evo-psychology tells us that since ancestral time men have been dominant over women. Generally, women come across upon as being quiet and nurturing, whereas men are shown with strength and dominance. A man has always been the dominating sex, dating back to the Stone Age. During that period, several thousands of years ago, the male has been the one who would go out hunting, and battle. Women are seen as a â€Å"care-taker† and making sure that the group was satisfied. Even today in our society we see how men still dominates our world. If we take a look of all the people who have impact on big decisions, their all male. Researchers are still analyzing why genders behave and act the way they do. Angier has put together her essay clarifying her reasoning’s to the theories that evolutionary psychologist have came up with. Work Cited 1. Angier, Natalie. â€Å"Men, Women, Sex, and Darwin. † 50 Essays. Ed. Denise B. Wydra. 2nd ed. Boston: Bedford, 2007. (29-41). Print. 2. Shaolin36. â€Å"untitled†. DearCupi. ORG. â€Å"n. d†. Web. 5 October 2009.

Couple Plan to Clone a Baby essays

Couple Plan to Clone a Baby essays My article is about one couple, Bill and Kthy, who want to have a baby cloned for them. Bill and Kathy have tried to have a baby for almost ten years. But after all the fertility drugs and artificial insemination there has been no luck so they want to clone their first child. Bill and Kathhy say they know the risks involved in cloning a baby. Bill says that if they were not to give birth to an abnormal child and if complications occurred then they would "about" the process. This already is a very controversial issue and now they are saying that they would have an abortion. When asked about the other ways on getting a child other than cloning, adoption, Bill and Kathy responded by saying "you can adopt a child from oversees, what happens is by the time you get a baby, they've been so messed up in the orphanage where they are that you are taking on a health hazard." My opinion is this is stupid. This couple just wants to be in the center of the spotlight by cloning a child. You can easily adopt a baby without going to another country or without the baby having been in an orphanage. The couple said that the clone would be of Kathy. Well if everything worked out then it would someday look identical to her. When a baby is born he/she has it's own unique look. Babies look like both mother and father and this baby is going to have all the mother's characteristics. This child will grow up out of place being the first clone human and that could destroy her for the rest of her life. ...

Conjunctive Adverbs

Conjunctive Adverbs Conjunctive Adverbs Conjunctive Adverbs By Maeve Maddox Conjunctions are words that link words, phrases, and clauses and provide a smooth transition between ideas. Adverbs modify verbs, adjectives, and other adverbs. Some adverbs can also join or show connections between ideas. When they do this, they are called conjunctive adverbs. Conjunctive adverbs show comparison, contrast, sequence, cause-effect, or other relationships between ideas. The most common conjunctive adverbs are: accordingly also besides consequently conversely finally furthermore hence however indeed instead likewise meanwhile moreover nevertheless next nonetheless otherwise similarly still subsequently then therefore thus Conjunctive adverbs function in three ways. 1. They indicate a connection between two independent clauses in one sentence: The primary meaning of the term  Ã¡ ¸ ¥eá ¸ ¥Ã‚  was million or millions; subsequently, a personification of á ¸ ¤eá ¸ ¥ was adopted as the Egyptian god of infinity. In this explanation of why a particular word was personified the way it was, subsequently joins the ideas and conveys sequence at the same time. The word heh means millions; it follows that the personification derived from heh would be a god of infinity. 2. They link ideas in two or more sentences. Democracy has empowered thousands upon thousands of the â€Å"selfish, ignorant, timid, stubborn, or foolish,† who come from a mix of different nationalities. All hope is not lost, however, since there are â€Å"hundreds who are wise.†    In this quotation from a speech by Woodrow Wilson, the however connects and contrasts â€Å"thousands of foolish citizens† in the first sentence with â€Å"hundreds who are wise† in the second sentence. 3. They show relationships between ideas within an independent clause. We are determined to do whatever must be done in the interest of this country and, indeed, in the interest of all to protect the dollar as a convertible currency at its current fixed rate. In this quotation from a speech by John F. Kennedy, indeed connects ideas within the sentence: the idea of doing something on a national level and on an international level as well. Punctuation note: A conjunctive adverb within a sentence is set off by commas. A conjunctive adverb that begins or ends a sentence is set off by one comma: Therefore, let us reconsider this legislation that marginalizes a large proportion of employees. You were late for the fifth time today; you are dismissed, therefore. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar 101 category, check our popular posts, or choose a related post below:20 Great Opening Lines to Inspire the Start of Your StoryTry to vs. Try andGrammar Review #1: Particles and Phrasal Verbs

Theory and Knowledge Development in Nursing Article - 1

Theory and Knowledge Development in Nursing - Article Example lf of the previous century, nursing theories have been developed to provide methods of thinking which provide direction in constructive diagnosis and solving problems in working with patients. While patient cases will have similarities, each case is also uniquely different and may require a different process of determining solutions. A patient is inherently individualistic, based on social and economic factors as well as the type of illness involved. What may work for one patient, may not work for another patient, due to differing circumstances of age, eating habits, social structure and economic environment such as working status or for those who are unemployed. Nursing morals and ethics will also come into play when confronted with issues of insurance coverage and what solutions are available as defined by the coverage, if there is any coverage. Consequently, right answers in one case may not be right in another, based on principles which are not always absolute (Nourreddine, 2001, p.3). When evaluating nursing knowledge, nurses will ask themselves what they know, what the extent of that knowledge is, based on how that knowledge is attained through various methods, and whether it is appropriate. Epistemology is the term used for the study in the theory of knowledge which has several basic types. Empiric knowledge is developed through scientific observations, suitable testing and ability to replicate and validate the information. Personal (priori) knowledge is attained from thought processes alone. Intuitive knowledge comes from feelings and hunches that come from unconscious recognition of experiences or patterns as known from previous experiences or by some type of educational process. Somatic knowledge is experience attained from a physical experience which becomes a learned process through conducting physical tasks. Ballet dancers and gymnasts are great examples of those with somatic knowledge. Metaphysical knowledge which is a spiritual precept of knowledge

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

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

Personal Responsibility Paper Essay Example for Free

Personal Responsibility Paper Essay Personal responsibility is taking action so that one cant blame anyone but themselves, an education will help support their future because they are taking responsibility for their own actions and if one is responsible in their personal life they will be responsible in their college life. Education Supporting Ones Future Having a college education will definitely help when a person is shopping around in the job market. With the economy being in the state that it currently is in, a person without a college degree can easily be looked over when being compared to the person that does have the college degree. † Over their careers, full-time, full-year workers whose highest degree is a bachelors make 74 percent more, on average, than those whose highest attainment is a high-school diploma, the authors found. When those with more than a bachelors degree are included, the premium for higher education rises to 84 percent† (Supiano, 2011). If one is a college student that is going back after many years of working full time and taking care of a family an area that one may need to focus on for improvement might be time management. One will have to set up and follow an entirely new schedule so they can fit in their new duties as a college student. Setting clear starting and stopping times is a good planning strategy. â€Å"A variation of this technique is called time boxing. Time boxing is one way to overcome resistance to a task, focus your attention, and make a meaningful dent in large projects† (Ellis, 2011). Responsibility: Personal and College Life If one is responsible in their personal life one will be responsible in their college life. â€Å"When applied to education, personal responsibility means that students accept the responsibility to study hard and to learn as much as they can in courses that press against the limits of their capacity† (Haskins 2009). Being responsible is something one has to do in their everyday life whether it is going to work every day or taking care of their family. So if one can manage to be responsible in other aspects of their life one should be able to be a responsible student. Why Education Is Important To Ones Future The most important reason an education will help support ones future is because they are taking responsibility for their own actions. If one wants to better their life, whether it is successfully or just emotionally they are the one taking responsibility and are ultimately in control of how they handle it. Having a learning strategy will help to make your education a success. Everyone learns differently but one strategy that would be helpful to a person working through their education is metacognition: Metacognition usually deals with self-awareness of a student about his/her own capability in a particular learning area. The student evaluates his/her performance and tries to come up with better ways of learning. Self-critique, taking responsibility, personal reflection, individual monitoring, and changing study habits are some examples of metacognitive strategies. (Simsek, Balaban, 2010) The way a student could incorporate this strategy into their upcoming months would be taking responsibility and making sure friends and family know how important getting a college education is to them so they are understanding when times come up that they are not able to be around because they have responsibilities from class that may be more important. Personal reflection is another method a student could incorporate buy looking back and seeing what study methods worked best for them and their schedule. Conclusion By taking that next step to continue with education and work towards getting that college degree one is already helping to support their future. If one has been responsible in their life prior to starting their college education then one should be able to transition into their college duties with little disruption. Incorporating different learning strategies into their life will also assist with this transition to college student. References Ali Simek, Jale Balaban, Contemporary Educational Technology – Learning Strategies of Successful and Unsuccessful University Students; 2010, 1(1), p37 Ellis, D. (2011). Becoming a master student (13th ed.). Boston, MA: Wadsworth, p75 Haskins, R. (2009, July). The Sequence of Personal Responsibility [Article], Retrieved from the Brookings Institute website: http://www.brookings.edu/research/articles/2009/07/09-responsibility-haskins Supiano, B. (2011). Whats a Degree Worth? Report Has Answers, by Major. Chronicle Of Higher Education, 57(38), A20.

Nestle :: essays research papers

Nestle (Brief Overview) 1.  Ã‚  Ã‚  Ã‚  Ã‚  Unconventional methodology of extension to other countries in it’s early years. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle made a name for itself with an experiment involving a child who was intolerant to his mother’s milk or any other substitutes. Nestle not only saved the baby’s life but achieved the feat with a formula developed with a formula that included lactose as one of it’s key ingredients. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Several acquisitions along Nestle’s timeline would further accent its touch in its major revolution in the food industry. CASE1 : IMPORTANT FACTS OF THE CASE. 1.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle’s commencement in 1866 by the Swedish pharmacists and further expansion into Europe and subsequently the rest of the world 2.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle’s landmark acquisituions. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle’s first mover strategy. The writer makes a comparison to enterprises during the industrial revolution. These companies had to invest in infrasture that are almost negligible in todays commerce activities, to start off production. Nestle had to engage in activities with a potential high risk such as their milk collection process in china. 4.  Ã‚  Ã‚  Ã‚  Ã‚  It’s broad based globalization that attracted 99% of it’s revenue from outside of it’s home country in a little over a century 5.  Ã‚  Ã‚  Ã‚  Ã‚  The employment of tactics and strategy in a saturated market like Europe in the late nineties. ( I.E. potential to find an emerging market way before it gets prosperous. Responses to income levels) 6.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle focused more on customization instead of the then resounding and domineering globalization. They believed in customizing a product to suit a local niche one market at a time. That way new product failure rate remained minimal and New product Development grew significantly. This process is referred to as local adaptation by the writer. CASE2 : With regards to emerging markets 1.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle has always pioneered in being the first mover into a new market. 2.  Ã‚  Ã‚  Ã‚  Ã‚  Aligned with the vision of its proprietor they configure new products to their best fit assumption and then introduce it to a unsuspecting market. 3.  Ã‚  Ã‚  Ã‚  Ã‚  After having a substantial leverage on the market, subsequent growth in the market would also mean growth for the subsidiary market share of nestle. 4.  Ã‚  Ã‚  Ã‚  Ã‚  Examples of such products experimented with include tofu, noodles and of Nestlà ©Ã¢â‚¬â„¢s favorite, condensed milk. 5.  Ã‚  Ã‚  Ã‚  Ã‚  Nestle noticeably pierces the market with staple or basic fodd items before upgrading to more upscale products. CASE 3: What is required for the strategy to work 1.  Ã‚  Ã‚  Ã‚  Ã‚  A centralized organizational goal and focus on new product development accented with the regional taste. 2.  Ã‚  Ã‚  Ã‚  Ã‚  An unbiased commitment to optimum product standards. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Subsequent monitoring and alterations as required 4.  Ã‚  Ã‚  Ã‚  Ã‚  Progress report and full disclosure to stakeholders involved to determine if it is worth continuing.

How Cleanliness Can Influence Life of Kazi Zawad Badruddoza

Whereas the cleanliness is relate well to the aspects in our life. There is some reason why cleanliness is important to our life. Cleanliness influences our health, controlling our mood and then keeps the relationship with our friends. The clothes and the pants which we wear must be clean so that no more germs that can affect allergy like irritation. The food and the drink which we consume must be clean from microbes to prevent risk of illness like stomach ache, diarrhoea and many more.Then, the objects around us it should be clean from dust so we not experience the respiration illness. With kept our cleanliness so that our life must be healthy. Another reason we must watch cleanliness because the cleanliness can controlling our mood. Cleanliness makes us feel fresh and comfortable. A clean room makes us feel freshness because all of the objects are clean and free of dust so that the air is fresh. Its floor is clean so there are no bacteria or microbes and we can do the activities wi thout worried about hygiene problem.Cleanliness can be regarded as personal or environmental. These habits ensure that a person would stay fit and healthy for a long time so you will not be force to use those anti aging treatments or some sort of surgery. These habits help us in developing an ideal and healthy life style which makes our lives even more delightful and joyous. Lesser effort would result in more success if a person has healthy mind and a healthy mind can only exist in a healthyCleanliness is one of the good qualities. It is a part of our civilization. A man of dirty habits is far from civilization. So, with the progress of civilization man cleans himself more and more. He cleans his body. He cleans his mind and heart. He cleans all his action and manners. He cleans his soul. This will lead him to the highest form of civilization. But on the cleanliness of body, depend all other cleanings. Hence, cleanliness is considered so important.

Monopoly as a source of market failure Essay

Abtsract. Environmental problems also occur when one of the participants in an exchange of property rights is able to exercise an inordinate amount of power over the outcome. This can occur, for example, when a product is sold by a single seller, or monopoly. A firm that has no competitors in its industry is called a monopoly. Monopolies are not all evil. Neither are they utterly good. Monopolies are much maligned because their profit incentive leads them to raise prices and lower output in order to squeeze more money out of consumers. As a result, governments typically go out of their way to break up monopolies and replace them with competitive industries that generate lower prices and higher output. Our study examines Arcelor-Mittal: the uncontrolled growth of this steel giant often at the expense of peoples’ health in a rapidly globalizing world has given people all around the world common cause for resistance. We have focused on Arcelor-Mittal Temirtau Kazakhstan which as we think is the best example of monopoly of market failure. Our paper work on â€Å"Monopoly as a source of market failure† explores global steel giant’s environmental and social impacts in 2008-2009 that have emerged from the Environmental&Natural Resource Economics. First, we provide the background information about the theory of natural monopoly as a source of market failure. Then we show the certain case of such monopoly – ArcelorMittal Temirtau Kazakhstan. Our research analysis is divided to two parts: background information and social&environmental impacts of global steel giant’s work in our homeland. Considering the situation and the current conditions of Arcelor-Mittal we then provide following solutions to the company that have to be implemented in order to enable it to overcome and or limit the potential problems in the foresseable future. This topic is very crucial and relevant not just only for our country to be mentioned and finally to be solved but also for the whole world as Arcelor-Mittal is operating worldwide. However it still neither has taken into account the seriousness of the problems that it has induced to the environment nor all of the responsibility. Introduction: The rise of a steel giant. We are all shareholders, maybe not in the company, but 1 / 13 indeed in our environments, and shareholders of corporations such as ArcelorMittal need to be aware of this reality. Company shareholders are often blinded by the glossy reports, company greenwash and figures detailing rising profits. This paper work seeks to create a new awareness amongst ArcelorMittal’s shareholders, and calls on them to act on the evidence presented. Many perceive the rise of Mittal Steel – now ArcelorMittal – from a small mill to a global steel giant as one of the great wonders of the business world. The success of the company has coincided with the exploitation of weaker national laws and political wrangling. In the last three decades Mittal has bought up old, run-down state-owned steel factories in places like Trinidad, Mexico, Poland, Czech Republic, Romania, South Africa and Algeria. The cost of Mittal Steel’s success has largely been paid by the communities living and working near the company’s plants. Mittal Steel has a global reputation for prioritising productivity over the environment, communities and fair labour practices in countries where it operates steel mills, such as Romania, Poland, Czech Republic South Africa, Kazakhstan and the United States, in spite of frequent company statements about its attention to and investment in these areas. No longer can they be uninformed shareholders reaping annual profits. They need to accept responsibility for the negative impacts their investments have on peoples’ lives along with accepting the profits they reap on their shares. It is critical to understand that the local injustices presented in the report will not just ‘go away’. They need careful deliberation and shareholder resolutions for ethical investment that calls for improved operations on the ground in order to deliver environmental justice to local people. Economic monopolies have existed throughout much of human history. In ancient and medieval times dire scarcity of resources was common and affected the lives of most human beings. When resources are extremely scarce, little room exists for a multiplicity of producers for many products and services. Monopoly is a well-defined market structure where there is only one seller who controls the entire market supply, as there are no close substitutes for his product and there are no barriers to the entry of rival producers. However in this dynamically changing world there is no such situation where the commodity does not have a substitute. So for a monopoly to be effective there must be no practical substitutes for the product or service sold, and no serious threat of the entry of a competitor into the market. This enables the seller (â€Å"monopolist†) to control the price. The term monopolist is derived from the Greek word â€Å"mono†, meaning â€Å"single†, and â€Å"polist† meaning seller. Thus the monopolist may be defined as the sole seller of a product which has no close substitutes. At the beginning we state the background information about the theory of natural monopoly as a source of market failure. Then we show the certain case of such monopoly – ArcelorMittal Temirtau Kazakhstan. Our research analysis is divided to two parts: background information and social&environmental impacts of global steel giant’s work in our homeland. Considering the situation and the current conditions of Arcelor-Mittal we then provide following solutions to the company that have to be implemented in order to enable it to overcome and or limit the potential problems in the foresseable future. The Theory of Natural Monopoly. Market failure occurs when resources are misallocated, or allocated inefficiently. There are five important sources of market failure, each of which results from the failure of one of the assumptions basic to the perfectly competitive model. Each also points to a potential role for government in the economy. One of the causes of market failure is imperfect competition, particularly monopolies. An imperfectly competitive market is one where the assumption of many buyers and sellers does not hold. These types of market organizations include monopoly, monopsony, oligopoly, and monopolistic competition. The operations of monopoly or natural monopoly often result in misuse of market power and inefficient allocation of resources, which reduce community welfare. For this reason, governments generally regulate monopoly and enforce laws preventing cartels. This type is a major rationale for a comprehensive competition policy. A monopoly is a market with one seller and many buyers. A monopoly may exist because of special 2 / 13 government regulation or because the monopolist is the sole owner of a resource (due to a patent or some other reason). A monopoly has the following characteristics: †¢There is only one producer in the market †¢They sell a single product with no close substitutes †¢Monopolies are price makers. The monopolies demand curve is the market demand curve; therefore the firm can sell the product at a higher price but only if it reduces output. It has control over the price or quantity sold, but not both. †¢There are very strong barriers to entry. This might include: High capital costs; High ‘sunk’ costs. Sunk costs are those which cannot be recovered if the firm goes out of business, such as advertising costs – the greater the sunk costs the greater the barrier. Technological knowledge, when one firm acquires the technological know-how that other firms do not have Patents and copyrights, protecting other firms from copying their product; Government regulations and restrictions; The monopoly can execute predatory pricing which involves dropping price very low in a ‘demonstration’ of power and to put pressure on existing or potential rivals and/or limit pricing. Limit pricing is a specific type of predatory pricing which involves a firm setting a price just below the average cost of new entrants – if new entrants match this price they will make a loss! A natural monopoly. A natural monopoly is a firm that can supply a good or service to an entire market at a lower price than if there were two or more firms. It has some similarities to a monopolist. It is an imperfect competitor, the sole producer in a market, and able to retain this position because of barriers to entry, such as government regulation, technological leadership or large start-up capital, It is able to restrict output in order to increase price and earn supernormal profits. However, a natural monopoly has a downward-sloping average cost curve (AC) over the relevant range of outputs, which results from economies of scale. Economies of scale develop in the long run, which is a period of time when all inputs are variable and the constraints imposed by diminishing returns no longer apply. The graph below shows the long run as being made up of a series of short-run periods, shown as a series of short-run AC en shown together illustrate economies of scale. Figure 1. Economies of scale. Source Senior Economics Workbook: NCEA Level 3. Geoff Evans, Ben Cahill, John Rogers. Pearson Education New Zealand Limited, 2005. Chapter 10. Page 93. A â€Å"natural monopoly† because it is economically efficient for there to only be one supplier. The following diagram can help to illustrate just why: Figure 2. A natural monopoly. Source Senior Economics Workbook: NCEA Level 3. Geoff Evans, Ben Cahill, John Rogers. Pearson Education New Zealand Limited, 2005. Chapter 10. Page 109. Given the downward sloping supply curve, and ignoring the demand curve for a minute, having an equilibrium at point E1, which gives us price P1. We could assume that this is a monopoly equilibrium, where Q1 represents the entire size of the market – it represents everybody who wants to buy the good. But in the case of a duopoly market, where there are two suppliers, we could assume that each seller in the market has exactly half of the market. This corresponds to the equilibrium E2 on the above diagram, which gives us quantity Q2 and price P2. We can assume the Q2 = 0. 5 x Q1, and that each of the two firms supplies Q2 of the good in question. And here a major problem arises. If we have one firm only, the marginal cost of supply is P1, which is lower than the duopoly price, P2. This means that having two firms in a market ends up with the firms having to charge a higher price than if only one firm existed. In this case, it is efficient, or â€Å"natural†, for there to only be one firm in 3 / 13 the market. This is why declining-marginal-cost industries are called natural monopolies. Because natural monopolies tend to be utilities, which are services like gas, electricity, water and telephones, which the public generally holds to be necessities of life, we are not comfortable allowing these firms to charge monopoly prices (i. e. , the pricing where MR = MC). Because these are staples or necessities, the demand curve for these goods is very inelastic – it is very steep. This means that the monopolist price would be much higher than the free-market price, and a large volume of people would be denied basic necessities of life. Instead, we use the power of government to regulate prices in these markets. The normal avenue for regulation of natural monopolies is the public utilities commission. These exist at the state-level in the United States, and at the national level in many other countries. Utilities commissions are given the task of making sure that utility companies make enough money to stay in business, but not enough to enjoy monopoly profits. They make sure that everybody is served, and served well, in theory. Since utilities are monopolies that are not subject to market forces and competition, they have little pressure to be responsive to market forces, which means that they do not have to treat their customers well, because their customers do not have the ability to switch to a different supplier. The costs of monopoly: †¢Less choice. Clearly, consumers have less choice if supply is controlled by a monopolist – for example, the Post Office used to be monopoly supplier of letter collection and delivery services across the UK and consumers had no alternative letter collection and delivery service. †¢High prices. Monopolies can exploit their position and charge high prices, because consumers have no alternative. This is especially problematic if the product is a basic necessity, like water. †¢Restricted output Monopolists can also restrict output onto the market to exploit its dominant position over a period of time, or to drive up price. †¢Less consumer surplus A rise in price or lower output would lead to a loss of consumer surplus. Consumer surplus is the extra net private benefit derived by consumers when the price they pay is less than what they would be prepared to pay. Over time monopolist can gain power over the consumer, which results in an erosion of consumer sovereignty. †¢Asymmetric information There is asymmetric information – the monopolist may know more than the consumer and can exploit this knowledge to its own advantage. †¢Productive inefficiency Monopolies may be productively inefficient because there are no direct competitors a monopolist has no incentive to reduce average costs to a minimum, with the result that they are likely to be productively inefficient. †¢Allocative inefficiency Monopolies may also be allocatively inefficient – it is not necessary for the monopolist to set price equal to the marginal cost of supply. In competitive markets firms are forced to ‘take’ their price from the industry itself, but a monopolist can set (make) their own price. Consumers cannot compare prices for a monopolist as there are no other close suppliers. This means that price can be set well above marginal cost. †¢Net welfare loss Even accounting for the extra profits derived by a monopolist, which can be put back into the economy when profits are distributed to shareholders, there is a net loss of welfare to the community. Welfare loss is the loss of community benefit, in terms of consumer and producer surplus, that occurs when a market is supplied by a monopolist rather than a large number of competitive firms. 4 / 13. †¢Monopoly welfare loss A ‘net welfare loss’ refers any welfare gains less any welfare loses as a result of an economic transaction or a government intervention. Using ‘welfare analysis’ allows the economist to evaluate the impact of a monopoly. †¢Less employment Monopolists may employ fewer people than in more competitive markets. Employment is largely determined by output – the more output a firm produces the more labour it will require. As output is lower for a monopolist it can also be assumed that employment will also be lower. The benefits of monopoly:Monopolies can provide certain benefits, including: †¢Exploit economies of scale As we have already mentioned above, the natural monopoly exploits economies of large scale. This means that it can produce at low cost and pass these savings on to the consumer. However, there would be little incentive to do this and the savings made might be used to increase profits or raise barriers to entry for future rivals. †¢Dynamic efficiency Monopolists can also be dynamically efficient – once protected from competition monopolies may undertake product or process innovation to derive higher profits, and in so doing become dynamically efficient. It can be argued that only firms with monopoly power will be in the position to be able to innovate effectively. Because of barriers to entry, a monopolist can protect its inventions and innovations from theft or copying. †¢Avoidance of duplication of infrastructure The avoidance of wasteful duplication of scarce resources – if the monopolist is a ‘natural monopoly’ it can be argued that competitive supply would be wasteful. Natural monopolies include gas, rail and electricity supply. A natural monopoly occurs when all or most of the available economies of scale have been derived by one firm – this prevents other firms from entering the market. But having more than one firm will mean a wasteful duplication of scarce resources. †¢Revenue Monopolists can also generate export revenue for a national economy. A single firm may gain from economies of scale in its own domestic economy and develop a cost advantage which it can exploit and sell relatively cheaply abroad. Remedies for monopoly:If a monopolist can gain a foothold in a market it becomes very difficult for new firms to enter, with the result that the price mechanism is restricted from doing its job. Resources cannot be allocated to where they are most needed because the monopolist can erect barriers to other firms. These barriers will not ‘naturally’ come down. The failure of markets to ‘self regulate’ is at the heart of monopoly as a ‘market failure. There are a number of ways in which the negative effects of monopoly power can be reduced: Regulation of firms who abuse their monopoly power. This could be achieved in a number of ways, including: †¢Price controls Setting price controls. For example, the current UK competition regulator, the Office of Fair Trading (OFT), has developed a system of price ‘capping’ for the previously state owned natural monopolies like gas and water. This price capping involves tying prices to just below the current general inflation rate. The formula, RPI – X, is used, where the RPI (the Retail Price Index) is the chosen index of inflation and ‘X’ is a level of price reduction agreed between the regulator and the firm, based on expected efficiency gains. †¢Prohibiting mergers Prohibiting mergers – in the UK the Competition Commission can prohibit mergers between firms that create a combined market share of 25% or more if it believes that the merger would be against the ‘public interest’. In making their judgement, the ‘public interest’ takes into account the effect of the merger on jobs, prices and the level of competition. †¢Breaking up the monopoly Breaking up the monopoly into several smaller firms. For example regulators in the EU are currently 5 / 13 investigating potential abuse of market dominance by Microsoft, which is under threat of being broken up into two companies – one for its operating systems and the other for software. †¢NationalisationBringing the monopoly under public control – which is referred to as ‘nationalisation’. The ultimate remedy for an abusive monopoly is for the State to take a controlling interest in the firm by acquiring over 50% of its shares, or to take it over completely. The monopolist can still be run along commercial lines, but be made to operate as though the market were competitive. †¢Deregulation In those cases where a monopolist is already State controlled, such as the Post Office, it may be necessary to engage in deregulation to enable it to become more efficient. Deregulation could be used to bring down barriers to entry and open up a previously state controlled industry to competition, as has happened with the British Telecom and British Rail monopolies. This may help encourage new entrants into a market. Do Monopolies Undermine The Environment? As monopoly and natural monopoly tend to have a perpetual ownership of a scarce resource, they do not only ‘tie-up’ the existing scarce resources making it difficult for new entrants to exploit these resources, but also they often cause some environmental problems. Furthermore for many skeptics of the environmental benefits of market economies it seems that the fear of monopoly control over natural resources is one of their greatest concerns as well. The reality is actually much more complicated, because of the following: 1. Most natural resource industries are not controlled by monopolies, and are in fact characterized by a high degree of competitiveness. Agriculture, forestry, and fishing industries are almost everywhere characterized by markets with hundreds or thousands of players, some of them big but with plenty of smaller players as well. While limited degrees of market power exist in some of these industries in some areas, on the whole they are actually some of the more competitive industries in the world. Even energy and mineral industries are fairly competitive and where they are not they are characterized by oligopoly structures, almost never a monopoly. 2. Monopolies restrict output and raise the price of goods above their marginal costs (which leads to a loss of social welfare), which is why economists (mostly) consider them bad. But from an environmental perspective, they may actually be quite good since they lead to lower resource use and higher prices. For example, if oil was a completely competitive market the price would be lower and we would burn even more of it than if OPEC kept the price artificially high! The problem the environmentalist faces is not that monopolies keep prices high and limit output (that’s called conservation), but that this has a regressive effect and hurts the poor. (By the way, this is one of the biggest issues that confront environmentalists more generally, who for the most part would like to see resource prices rise. ). 3. As to examples where monopolies restrict R&D or limit technological innovation, there certainly are examples of this, but in general, the profit motive is sufficient to overcome this. Bottom line: the cheap prices of resources are the greatest threat to advances in efficiency and monopolies lead us in the opposite direction. 4. There are examples of what economists call â€Å"natural monopolies† where fixed costs are so high that only one company can be profitable providing a given service in a given region; examples are water, telecommunications, and electricity (imagine if every provider of water had to build their own pipe system? ). In cases where natural monopolies arise it is much more efficient for society to grant the company limited monopoly rights and regulate them. These are often called public utilities and abound in America (PG&E is my public utility in CA). The problem with public utilities is that often the regulators force them to charge very low prices that favor consumers but again lead to increased uses of resource; that is, if the monopolies were unregulated we would see lower resource use. 5. Let us not forget that the biggest monopolies in the history of humanity are state-owned. The monopolies in the former Soviet Union were certainly the biggest ever (and the worst environmental 6 / 13 offenders the world has ever known), and even today state-run monopolies for all sorts of resources (primarily oil, gas, and telecommunications) abound. Almost without fail, they are characterized by high prices, poor service, and abysmal environmental records. 6. Since competitive markets are one of the foundations of a prosperous economy, market-based societies have developed various forms of anti-trust legislation to ensure relatively high degrees of competitive in most markets. Laws regulating market share, anti-competitive pricing, etc. are commonplace in all of the advanced market systems, and have a relatively good record of success. Probably the greatest success has been in the telecommunications industry where deregulation has led to real price declines of almost 95% in telecommunications fees over the past 25 years. (Examples of the failure of states to break up monopolies abound in Latin America, particularly in telecom. I have written about how the Telmex in Mexico is one of the most egregious examples of robbing from the poor to give to the rich and how it is a great impediment to Mexico’s economic development. What the Mexiccam telecommunications industry desperately needs is more market-based competition to break Telmex’s grip, but unfortunately, due to immense corruption the average Mexican must continue to spend large shares of their meager earnings on phone calls. ) 7. Probably the biggest pro-competition policy is free trade and globalization. The greatest threats to regional and national monopolies come from trade from abroad and the innovation that trade accelerates. Contrary to popular wisdom, globalization does not increase the power of corporations over individuals, but just the reverse; people can shift their business to the other companies more easily as their choices increase. If you doubt this, just look at how lists of the â€Å"Fortune 500† companies continually shift every few years, and even more so in this more globalized age. In summary, while economists have long ago identified the pros and cons of monopolies, how they interact with environmental outcomes is not entirely straight-forward. What is obvious is that in non market-based economies we witness the worst forms of monopoly abuse and the resulting environmental degradation. ArcelorMittal: Going nowhere slowly. Background. ArcelorMittal Temirtau Kazakhstan(formerly Mittal Steel Temirtau, Ispat Karmet and Karaganda Metallurgical Plant). Arcelor Mittal Temirtau (AMT), founded in 1950, is one of the largest integrated steel plants in the world. The steel plant, along with all its infrastructure facilities, captive coal, iron ore and power plant, was acquired by ArcelorMittal – then Ispat – from the Kazakhstan government in 1995. Located in the city of Temirtau, population 170 000, in the Karaganda Region of Central Kazakhstan, it covers about 5 000 hectares and has a steel-making capacity of about 5. 5 million tonnes per annum. AMT operates eight coal mines in the region, producing a total of 12 202 million tonnes of coal in 2007. In the same year AMT’s output of rolled steel was 3. 581 million tonnes. The plant exports about 90 percent of its output, mostly to Russia, Iran and China. The towns of Temirtau and Karaganda as well as the surrounding area (about 1 million people) indirectly depend on the plant, which used to account for nearly 10 percent of Kazakhstan’s GDP . As of 2006 it employed 55 000 people and generated 4 percent of the country’s GDP. Figure 3. ArcelorMittal Temirtau exports the majority of its steel output but local residents pay the costs. Photo by CEE Bankwatch Network. Table 1. Mittal’s plant in Temirtau has received several direct and indirect loans from IFIs in the last 12 years: Year1997 Financial InstitutionEBRD PurposeTo restore productive capacity and improve efficiency in the steel mill and coal mines; develop value-added, higher quality steel, and to implement three environmental action plans that would improve environmental and health & safety impacts and bring the company into compliance with World Bank environmental guidelines. AmountUSD 54 million 7 / 13 RecipientAMT (former Ispat Karmet Steel Works) Year1997 Financial InstitutionIFC. PurposeTo restore productive capacity and improve efficiency in the steel mill and coal mines; develop value-added, higher quality steel, and to implement three environmental action plans that would improve environmental and health & safety impacts and bring the company into compliance with World Bank environmental guidelines. AmountUSD 132. 5 million RecipientAMT (former Ispat Karmet Steel Works) Year1999 Financial InstitutionIFC PurposeTo support the development of small and medium enterprises directly or indirectly associated with AMT and/or to assist workers formerly employed by AMT and/or to provide for the growth of the private sector in the Karaganda region. AmountUSD. 2. 5 million RecipientIndirect financial help to AMT through Kazkommertsbank. Year2001 Financial InstitutionIFC PurposeTo stimulate the relationship between the large corporate sector (in this case AMT) and the private SME sector. AmountUSD 3. 4 million equity investments. RecipientAMT. Year2004 Financial InstitutionIFC corporate loanPurposeTo enable LNM to improve the environmental performance of its present and future subsidiaries and bring them up to World Bank Group and/or European Union standards; – to assist LNM in creating and maintaining an environmental and worker health and safety system on a corporate wide level, to bring all its current and future operations in compliance with WB and/or EU standards;- to rehabilitate, dbottleneck and provide working capital and cash support to LNM’s present and future subsidiaries.      

Time Expressions in Spanish

Time Expressions in Spanish Here are some miscellaneous words and expressions of time, with an example of each used in a sentence: al cabo de (after) - Al cabo de una semana, si el paciente no ha respondido al tratamiento, la dosis puede ajustarse. After a week, if the patient hasnt responded to the treatment, the dose can be adjusted.  ¿A cuntos estamos?  ¿A cuntos estamos hoy? (What day is it?) cada dà ­a (each day, every day) - Cada dà ­a te quiero ms. I love you more each day. el fin de semana (weekend) - Disfrute de un fin de semana romntico en nuestro hotel. Enjoy a romantic weekend in our hotel. de hoy en ocho dà ­as (a week from today) - De hoy en ocho dà ­as nos parecer que fue todo un mal sueà ±o. A week from now it will seem to us like it was all a bad dream. pasado/a (last) - La semana pasada fuimos a la ciudad. Last week we went to the city. prà ³ximo/a (next) - La vacunacià ³n masiva comenzar la semana prà ³xima.The mass vaccination will begin next week. (Prà ³xima can also be placed before the time designation.)  ¿Quà © fecha es hoy? (What day is it today?) que viene (next) - El DVD estar disponible la semana que viene. The DVD will be available next week. quince dà ­as (two weeks, fortnight) - Cada quince dà ­as se extingue una de las 6.700 lenguas del mundo. Every two weeks one of the worlds 6,700 languages goes extinct. un rato (a while) - Y despuà ©s saltaba a la piscina y nadaba un rato. And afterward I would jump in the pool and swim for a while. todos los dà ­as (every day) - Jugar todos los dà ­as con los hijos es fundamental para su desarollo. Playing every day with your children is essential for their development.

New SAT Format What It Means for You

New SAT Format What It Means for You SAT / ACT Prep Online Guides and Tips The SAT has had a complete makeover. Just a quick glance will show you that it barely resembles its previous self. Manystudents, luckily, will find its transformation quite attractive. This guide will help you catch up on the changes with a comprehensive overview of the new SAT format. Read on to learn about the test’s new designand scoring, followed by some tips on what these changes mean for test-takers. To begin, let’s go over the overall structure of the SAT. What’s the Structure of the New SAT? On a broad strokes level, the new SAT looks very different from its predecessor. The old SAT had tensections of various lengths. They were 10, 20, or 25 minutes in length, and, for the most part, the order of subjects was completely random. Among these ten sections was an unidentified experimental section, which, though unscored, could still mess with test-takers’ minds with its strange question types. For most test-takers, the changes to the SAT are probably very welcome. For one thing, the new SAT format 2016 is much more predictable. Now you can know exactly what order the subjects come in, as well as the amount of time and number of questions you’ll get. Furthermore, you won’t have to deal with ten sections, but instead will get just four, or five if you choose to take the now optional essay.That pesky experimental section, by the way, has been eliminated. This chart shows the structure of the new SAT. Since we now know section length and number of questions, we can also estimate approximately how much timeyou get per question. Order Section Time in Minutes # of Questions Time per question 1 Reading 65 52 75 seconds 2 Writing and Language 35 44 48 seconds 3 Math No Calculator 25 20 75 seconds 4 Math Calculator 55 38 77 seconds 5 Essay (optional) 50 1 Total: 3 hours, 50 minutes (3 hours without essay) 154 (+1 essay prompt) As you can see, the new SAT presents each topic in one big chunk of time, rather than dividing them into several shorter sections. The only exception is Math, which is divided for the first time into a â€Å"calculator permitted† and a â€Å"calculator prohibited† section. The Essay section now comes at the end of the SAT, and the decision to take it is left up to the student. When you take the SAT, you’ll get a 5-minute break after about every hour of testing. That means you’ll get a break after the Reading section and a second one after the Math No Calculator. If you’re taking the Essay section, you’ll also get a break before starting. In addition to giving the test in its entiretya more predictable structure, College Board has also become more transparent about what you’ll encounter on each individual section of the SAT. Let’s take a closer look at each section, starting with the one that always comes first: Reading. "Don't like the weather in New England? Just wait five minutes!" Unlike the fickle weather that inspired this cheesy dad joke, the new SAT format is very predictable. Reading Section Structure SAT Reading is the longest section of the new SAT, clocking in at 65 minutes. All Reading questions are passage-based. You’ll answer 10 to 12 questions on each of five passages, for a total of 52 questions. As you saw in the chart above, that leaves you with about 1 minute and 15 seconds per question. All of the questions are multiple choice and feature four answer choices: A, B, C, and D. The source and subject matter of each passage is predetermined, a useful piece of information for your test prep. You’ll get one passage from US or world literature, two dealing with history and social studies, and two related to science. One or more of these passages will be accompanied by a graphic, such as a table or graph. In fact, you'll encounter tables and graphs in all four sections of the SAT. Writing and Language Section Structure The SAT Writing and Language section is about half as long as Reading at 35 minutes. It’s technically called Writing and Language, but you’ll probably hear it shortened to Writing. All of its questions are also passage-based. You’ll get 11 questions for each of four passages, for a total of 44 questions on the Writing section. That leaves you with about 47 to 48 seconds to answer each question. All of the Writing questions are multiple choice with four answer choices, A, B, C, and D. Since some of the questions ask you about changing a word or sentence, many will feature an answer choice (typically choice A) that reads, â€Å"No change.† Going along with the SAT’s greater predictability, the subject matter of the Writing passages is predetermined. The passages deal with Careers, Social Studies, Humanities, and Science. Unlike the Reading section, you won’t encounter any prose or selections from literature; all of the Writing passages will be argument-based, explanatory, or nonfiction narrative. As mentioned above, you'llfind data interpretation questions on graphs and tables throughout the SAT, and the Writing section is no exception. One or more of the passages will accompany a graphic, and you might be asked whether the passage and graphicare in sync with each other. The designers of the new SAT went a little graph crazy; you'll find graphics in every section of the test. Math No Calculator Section Structure A Math section during which you’re not allowed to use a calculator is completely new on the SAT. This 25-minute section asks you 20 questions, and you’re not allowed to use a calculator on any of them. 15 of these questions are multiple choice, and the remaining five are â€Å"grid-ins,† officially known as student-produced responses. Time #of Multiple Choice #of Grid-ins 25 minutes 15 (#1-15) 5 (#16-20) The Math No Calculator section asks questions that fall into three skills areas, Heart of Algebra, Passport to Advanced Math, and Additional Topics. The main focus, as you can see in the chart below, falls on Heart of Algebra and Passport to Advanced Math. Content Categories #of Questions Percent of Test Heart of Algebra 8 40% Passport to Advanced Math 9 45% Additional Topics 3 15% Source: College Board You won’t find any Problem Solving and Data Analysis questions here. These question types are featured much more heavily on the Math with Calculator section. Math With Calculator Section Structure You can use a calculator throughout this 55-minute section, though you don’t necessarily need to. College Board says it wants to test your calculator fluency, or your ability to determine when a calculator’s a useful tool and when it would just slow you down. The Math with Calculator is the longer of the two math sections and asks 38 questions. This leaves you with about 1 minute and 17 seconds per question. The Math with Calculator section asks 30 multiple choice questions and eightgrid-ins. One of the grid-ins will be an Extended Thinking question, which features a word problem or graphic and asks two or more questions about it. Outside of this Extended Thinking question, the math questions won’t relate to one another. Aswith the Math No Calculator section, the grid-ins will come at the end: Time #of Multiple Choice #of Grid-ins 55 minutes 30 (#1-30) 8 (#31-38) The Math with Calculator section tests from the same skill areas as the Math No Calculator - Heart of Algebra, Passport to Advanced Math, and Additional topics - but it alsotests Problem Solving and Data Analysis. In fact, almost half of the Math with Calculator questions fall into this skill area, as you can see in the chart below . Content Categories # of Questions Percent of Test Heart of Algebra 11 29% Passport to Advanced Math 7 18% Problem Solving and Data Analysis 17 45% Additional Topics 3 8% Source: College Board This section may be your last on the SAT, meaning you’ll pass in your materials and leave the testing center. If you elect to take the essay, then you’ll get a 5-minute break and then move onto the Essay section. Essay Section Structure The 50-minute Essay section tasks you with writing an essay based on a 650 to 750-word passage. You’ll be prompted to write a thesis-driven essay in which you analyze the passage’s argument. This assignment is entirely different from the one on the old SAT, where you were asked to present an opinion and support it with examples from pretty much anywhere, like your personal experience or favorite books. On the new SAT Essay section, your prompt will typically give you a succinct summary of the passage’s central argument. Then you’ll be asked to analyze how the author builds his/her argument. Here’s one example of an essay prompt from College Board: Write an essay in which you explain how Paul Bogard builds an argument to persuade his audience that natural darkness should be preserved. In your essay, analyze how Bogard uses one or more of the features in the directions that precede the passage (or features of your own choice) to strengthen the logic and persuasiveness of his argument. Be sure that your analysis focuses on the most relevant features of the passage. Your essay should not explain whether you agree with Bogard’s claims, but rather explain how Bogard builds an argument to persuade his audience.* *Emphasis mine. As you see in this example, you’ll be reminded that your essay should not discuss whether or not you agree with the author’s claims. Instead, you should present an objective breakdown of the techniques the author uses to persuade his/her readers. If you’ve made it this far, you now have an understanding of the SAT’s structure, both on the big picture level and in each individual section. There’s another important feature to learn to understand the new SAT format - how the SAT is scored. Everyone can sing along to the beautiful melody of "rights-only" scoring. How Is the New SAT Scored? The new SAT is scored on a scale from 400 to 1600. You’ll get two section scores, one for Math and one for Evidence-Based Reading and Writing (EBRW), which is essentially your Reading and Writing sections combined. The scale for both Math and EBRW ranges from 200 to 800. If you choose to take the essay, your essay score won’t factor into your total scores. Your essay will be scored by two readers. You’ll get three scores between 2 and 8 for three areas: Reading, Analysis, and Writing. A perfect essay score would be an 8|8|8. In addition to your section and total scores, you’ll also get test scores that show how you performed on each of the four sections individually. Plus, cross-test scores and subscores will break down certain skills, showing how you did on questions that test your Analysis in Science, Command of Evidence, and Words in Context skills, to give a few examples. These subscores can serve as valuable feedback for your test prep, but the most important scores for college are your section scores and how they combine to form a total score out of 1600. One last note about SAT scoring - the process now uses â€Å"rights-only† scoring. In other words, you won’t get any point deductions for wrong answers. You’ll just get one point for every correct answer, and no points for wrong or blank answers. Now that you’re familiar with the format of the new SAT, let’s consider what the main structural updatesmean for students. How can you evolve to meet the challenges of a new SAT world? How to Adapt to the New SAT Format: 4 Tips Simply familiarizing yourself with the new format is one important step in your SAT preparation. If you know the test inside and out, then you’ll know exactly what to expect on test day and eliminate any unwelcome surprises. Let’s look at the new features on theSAT this year and how you can best prepare for them. #1: Learn to Manage Your Time Over Four Long Sections Four sections is a big decrease from ten, which is what students got on the old SAT. In previous years, students had to shift their thinking quickly from one subject to another and back again. Now, students taking the new SAT are tasked with maintaining focus on one subject for a longer period of time. On the Reading section, for example, you’ll be reading and delving into five passages in a row. On Math, you’ll be answering questions for almost an hour, even more if you consider the "no calculator" section together with the "calculator permitted" section. Working quickly and efficiently under narrow time constraints is still an essential skill, but now you also have to endure focus for longer periods of time. You’ll also need to sharpen your time management skills, figuring out how to divide your time so you don’t, for example, spend an hour on one or two Reading passages and run out of time on the remaining ones. Finally, you should work on mental strategies for recovering from a particularly challenging question or passage. You don’t want to let one hurdle trip you up for the rest of the section. Instead, you’ll have to know when to move on because your time will be better spent on otherquestions. #2: Determine Whether You Need the Essay Since the new essay is optional, you have some more research to do before you register for the SAT besides your optimal test date. You should figure out whether or not you need to take the essay section for your prospective colleges. If you are taking the essay, then you’ll have to prepare for this section separately from the other sections. First, you should familiarize yourself with the rubric that graders will use to give you their three scores for reading, analysis, and writing. Then you should focus on honing your ability to analyze an argument and write an organized, well-supported essay under time constraints. This section calls on your writing skills, but it also tests your reading comprehension and analysis. With the elimination of the experimental section, you're no longer a College Board guinea pig. #3: Forget About the Experimental Section The new SAT no longer features an extra unscored section to test out new material. Since this section was never identified, its absence shouldn’t affect your test-taking experience very much. Fortunately, you won’t have to deal with unusual format or question types you haven’t prepared for, nor will you have to add an extra section to your practice tests to account for extra time. Instead, you can feel confident that your official SAT practice tests will resemble the SAT you’ll get on test day. The structure is much more predictable, so you should go into test day knowing exactly what to expect. #4: Use the New Scoring System to Your Advantage There are a few ways that you can make the most of the new SAT scoring system. For one, the rights-only scoring means that you shouldn’t leave any questions blank. Since there are no more point deductions, you should make your best guess on every question. Even if you’re not sure, you have a shot at getting it right (an even greater shot now that the multiple choice questions feature four answer choices instead of five!). Since math now counts as half of your total score (in the past, it counted toward one-third), you may shape your test prep to reflect this altered emphasis. You may divide your time so that you focus just as much on math as you do on the verbal sections, especially if you’re weaker in math. Of course, the way you divide your time also depends on your individual strengths and weaknesses as a student. Finally, you can use all the cross-test and subscores to inform your test prep. You should take the time to calculate these various scores for your official practice tests. Then you can look for patterns in the questions you tend to answer right and the ones you tend to get wrong. For instance, your subscores might reveal that you’re strong on Words in Context questions but need to work on Command of Evidence. You can use these score typesas feedback to adjust your test prep and target your weak spots. Reading this guide is a great initial step in studying for the SAT, as it helps you get familiar with big picture format, like timing and number of questions. Below are some moreresources for learning about thecontent ofeach section, along with some strategies for studying for the new SAT. Now that you know about the format of the new SAT, you can move on to learning about content and question types. How Can You Prep for the New SAT? Now that you understand the structure of the test, you may have some other questions that have come to mind. What exactly is Heart of Algebra, for instance. How do questions test your Command of Evidence? How do the passage-based Writing questions differ from the passage-based Reading questions? We have lots of guides covering the content of the new SAT, as well as articles that offer strategies for time management and approaching each question type. Here are a few essential ones that may be useful as your next step in learning about the SAT. New SAT Math: What's Changing? New SAT Reading Section: Changes and Strategies New SAT Writing: What You Need to Know How to Study for the New SAT in 2016 How Long Should You Study for the SAT? A 6 Step Guide Once you know exactly what to expect on test day, you can delve even deeper into content and strategies and design your best study plan to conquer the SAT. What’s Next? If you’re familiar with the ACT, you might have noticed that the SAT and ACT now look extremely similar. This guide shows just how alike the two tests are with a full comparison of the new SAT and the ACT. In addition toits format changes, another major change to the SAT is its elimination of obscure vocab words. Check out this guide to learn about how important vocabulary is on the new SAT and how to study vocab in the right way to prepare. In its efforts to becomemore transparent about the SAT, College Board partnered with Khan Academy to offer free study resources tostudents. Check out this guide to learn about Khan Academy’s SAT prep program, as well as some of its limitations. Want to improve your SAT score by 160 points? Check out our best-in-class online SAT prep classes. We guarantee your money back if you don't improve your SAT score by 160 points or more. Our classes are entirely online, and they're taught by SAT experts. If you liked this article, you'll love our classes. Along with expert-led classes, you'll get personalized homework with thousands of practice problems organized by individual skills so you learn most effectively. We'll also give you a step-by-step, custom program to follow so you'll never be confused about what to study next. Try it risk-free today:

MNEs only tend to migrate to greener activity if force by government Essay

MNEs only tend to migrate to greener activity if force by government regulations - Essay Example The rest of the essay will present views from both sides of the debate and argue that ultimately a strong regulatory framework is essential if Multinational Enterprises (MNEs) are to take green standards seriously. In looking to answer the topic question, it is useful to peruse sociological scholarship and policy literature on the subject. Conventionally, analyses of the topic have tended to focus on corporate compliance within existing legislations. Here, it is tacitly assumed that complying with regulations by targeted groups is essential and sufficient for meeting goals of social regulation. (Dahl, 2010, p.248) Another assumption is that business enterprises go out of their way and improve their green standards only when they are faced with steep penalties for failing to do so. In this analytic framework, corporations are seen as ‘amoral calculators’ of risk and reward for themselves; and their primary motive is to maximize profits while minimizing losses in the form of penalties. This used to be the traditional view on corporate compliance. Yet, in recent years a refreshingly new pattern of corporate behaviour has started to emerge, giving government agencies and social activists renewed hope. (Kagan, et. Al., 2003, p.52) â€Å"It is becoming apparent that an increasing number of companies now perform, to a greater or lesser extent, "beyond compliance" with existing regulatory requirements. This suggests that the degree of variation in, and the motivations for, corporate behaviour may be much broader than many researchers have imagined previously. This is of practical importance: some existing regulatory strategies, in focusing on compliance, have failed to facilitate, reward, or encourage beyond-compliance behaviour, or even inadvertently discourage it, while other regulatory reformers, in contrast, have argued that government-mandated self-regulation  is the key to progress.† (Kagan, et. Al., 2003, p.51) Hence, it could be argued, th at MNE’s need not always be pushed by government regulations in order to make their activities clean and green. Scholars such as Samuel Loewenberg, on the other hand, are not quite enthused by the record of major corporations (especially those based in the United States), in upholding green standards. The chemical industry in the United States, which is a major contributor to environmental pollution, has been a culprit in this regard. While the industry got away with its slack quality and safety standards in its home country, it got into controversies upon entry into the European market. The EU, worried that it does not possess health and environmental data on most of the chemical compounds currently in use, is drawing up legislation that â€Å"by 2005 will require the industry to conduct extensive safety tests on 30,000 common chemicals. At least 1,500 are expected to be banned or severely restricted in their use as a result. The industry estimates that the testing alone wi ll cost it more than $7.5 billion.† (Loewenberg, 2003, p.55) MNE’s based in the United States, whose present safety norms are supported by Washington, continues to put pressure on the EU to loosen up its standards. In Washington, MNEs wielding insider connections and an abundance of campaign funds are used to wooing legislators and regulators. (Vernon, 2010, p.B04) But this tactic does not

Analysis of a Career Assessment Instrument Essay

Analysis of a Career Assessment Instrument - Essay Example Additional reason for choosing the MMPI relates to its enhanced accuracy after having undergone series of rephrasing and adjustments to overcome unnecessary biases. The original MMPI underwent revisions to become MMPI-2, MMPI-2RF and MMPI-A. Additionally, the choice for the instrument was due to the possibility of using it in legal and criminal settings to understanding psychological behaviors of criminals, and high-risk employment setup to measure mental fitness of candidates. The Minnesota Multiphasic Personality Inventory (MMPI) is a clinical test and measurement tool mostly used for investigating mental health issues. The instrument has a number of benefits that are important to recognize. To begin with, the instrument provides counselors with ability to avoid discriminations. This aspect is a factor of many revisions that the MMPI passed through with the latest taking place in 2008. For instance, the initial MMPI had certain elements that focused more on Christianity while ignoring other religions. Another benefit of using the MMPI relates to the availability of about 10 scales of measurement that target different forms of mental illness. For instance, Scale1 is hypochondriasis scale, Scale 2 is depression, Scale 3-hysteria, Scale 4- psychopathic deviate scale and Scale 5 refers to masculinity-femininity scale. As argued by Brown and Lent (2013), this division of scales makes it easy for professional counselors using the tool to conduct quick assessme nt whose results are mostly specific and accurate. Even with the scales, the instrument allows users to avoid prejudging patient conditions, and advocates mention of scale number as in â€Å"Scale 1† instead of hypochondriasis. Another benefit of MMPI relates to its synchronization to technological advancements that has made it compatible with computer. It is possible to analyze the test outcomes using computer software. The Minnesota

Riordan Manufacturing, Inc Essay Example | Topics and Well Written Essays - 750 words

Riordan Manufacturing, Inc - Essay Example The company has a mission of providing outstanding quality and it believes it can achieve it through deploying Total Quality Management Practices (TQM) such as Six Sigma. The company has a strong emphasis on enhancing its quality control practices in order to accomplish and exceed the quality standards set by the customers. Hence, the processes of Riordan Manufacturing should be compatible with the mission which they are undertaking to provide outstanding quality. More importantly, we know that bad quality is highly correlated with increasing costs and lost sales. Review of the current processes The supply chain of Riordan Manufacturing is initiated by the procurement department. As raw materials are received, they are moved to the factory after validation by the respective personnel. At the same time the shipping documents of the raw materials are compared by the supervisor against the incoming orders. At the end of the day, the receiving area manager provides the details of the ent ire amount of raw materials to the inventory clerk who enters the information into the inventory control system. The second stage of the supply chain starts with manufacturing of the goods which takes place when inventory from the storage area is received to the manufacturing premises. The inventory clerk adjusts the information by taking out raw materials and sub assemblies (Work in process) and incorporating them to the inventory control system.... Potential Bottlenecks and Possible Solutions As per the definition, a bottleneck is the activity in a process that inhibits or slows down the overall capacity of the process (Chase, Jacobs & Aquilano, 2006). This reduces the productivity and causes the cost of production to increase. According to the processed defined, we need to enhance these processes a way such that inefficiencies are reduced in the system. At the current moment, the processes of supply chain management for Riordan Manufacturing are being handled through a manual process which is inefficient and consumes a lot of time. The manual based operation creates a paper based environment where there is a lot of room for error. From the beginning of the supply chain that is procuring raw materials to the final product that is delivered to the customer, every operation is performed manually. These are the inherent bottlenecks in the system as it can have disastrous consequences in the long term as a result of inventory loss which will further trigger lost sales and an increased cost of production. The initial process of supply chain is managed by the procurement department which is supposed to procure or remove raw materials from the inventory. They use a hard copy of the data which is processed to further departments. This is a major hurdle in the way of improving efficiency since it increases the physical transaction that is involved with each department. Furthermore, the productivity of the department also slows down since each department has to enter the data into their respective database. An optimal solution to handle this issue is to implement a single online system which can

Monetary Policy and Financial Institutions of Kenya

Monetary Policy and Financial Institutions of Kenya CHAPTER ONE 1.0 INTRODUCTION The world is turning into a â€Å"demon† to its own people as many are living in deplorable situations that are hardly bearable. The price level have risen sharply in the recent past coupled with dwindling wage levels and declining growth rate, especially, in majority of African countries where poverty has embedded itself to an extent that people in these countries live below one dollar per day. However, majority of governments have embarked on instituting major reforms through introduction of avant-garde monetary policy schemes, which forge the way forward through which the monetary authority re-design its policy by focusing primarily on price stability as the primary objective. In the last twenty years, majority of both developed and emerging economies respectively have embarked on IT framework as their best choice in conducting monetary policy, with none of inflation countries targeters abandoning the framework, save for Finland and Spain, that have already joined the European Monetary System (EMS) in late 90s. IT-framework; an approach to management of monetary policy was pioneered by the New Zealand Government in 1990 after it abandoned its pegged exchange rate five years later. By the year 2009, over twenty-five countries comprised of developed, emerging, and developing countries around the world had so far espoused the IT-Framework and have reported greater achievement of low inflation rate. Majority of these countries mainly from Latin America, East Asia and United Kingdom had experienced high bout of inflation and financial crises exacerbated by their former monetary policy regimes. These not only resulted to sacrificing output and employment but als o resulted to severe increase in international capital flow leading to a switch to floating exchange rate. 1.1 Historical Background In relation to many other African countries, the monetary policy and financial institutions of Kenya has developed rapidly within the last two decades and probably more advanced than other countries at a similar stage of underdevelopment. Kenya opened its own Central Bank in September 1966 with the hope that, it would at least generate secondary expansion by facilitating the creation of bank credit and accelerate the process of monetization of the economys subsistence sector, in spite, of its openness and sensitivity to fluctuations of primary commodities. The next decade following the establishment of her Central Bank witnessed interesting changes in Kenyas monetary and banking policies as the oil shock of 1973 created inflexibility in the foreign exchange reserves as they declined considerably. Hence, the magnitude and speed of reduction in credit expansion were not adequate to show the decline in foreign exchange reserves. In fact, the fear that tight monetary policy induced from outside could hamper the rate of development at home led to feeble corrective measures such as restraining inflation impact due to price boom of exports, which coincided with expansionary monetary policy under a low profile of interest rates. In the early 1980s and 1990s Kenya experienced high inflation resulting from a prolonged spell of drought and political instability that resulted from introduction of a multiparty system in the Kenyan political history in late 1980 and also general elections followed later in 1992. Besides, in 2002, the growth per capita was negative due to high corruption of the highly ranked government official and political interferences of major decision-making organs of government including the Central Bank of Kenya, as it could not carry out its mandate freely. In the year 2008, Kenya faced another dark moment in terms of its political stability as the whole country went into turmoil due to the highly disputed general elections of 2007. The once giant of East African countries went down into â€Å"ashes† and major sectors of the economy especially the financial sector got hurt the most. Since then, it has been very difficult for the resurgence of economic stability, political stability a nd financial institution even after the power brokering that gave birth to a coalition government in that same year. However, in late 2010, the coalition government of Kenya gave hopes to recovery of major sectors of the economy when the New Constitution unanimously voted into existence in a referendum. This Constitution has brought about major reforms in the financial and political arenas more specifically in the Central Bank of Kenya as per se; hence, major changes are expected to be instituted by CBK for an effective and independent monetary policy conduct. 1.1.2 Road map of Kenya towards adoption of ITF 1.1.2a) Central Bank of Kenya main policy objective The amended Central Bank of Kenya Act of 1996, CAP 491(4) permitted the Banks operational autonomy in the conduct of monetary policy and mandated price stability as one of its primary objectives through formulation and implementation of such principal object of the bank, thus, promoting the long-term goal of economic growth. In fact, the Central Bank of Kenya does not announce an inflation target; instead, it uses money growth reserve as her main nominal anchor of which the repo rate forms its main operational target. It is in this perspective that the CBK monitor and control inflation rate through interest rate transmission channel as a way of conducting monetary policy. Apart from the main objective that is price stability, the Bank has a mandate to balance its inflation goals against other goals such as exchange rate stability and promotion of liquidity, solvency and steady-market back up while ensuring equilibrium in domestic and external payments. 1.1.2b) Central Bank of Kenya attributes that favor ITF adoption The Bank like any other bank of its caliber is mandated by the legislation to carry out its objectives in a more coherent and consistent manner without any external interference, thereby commanding greater central bank independence. The ‘Old Constitution of the Republic Kenya of (1963) and ‘Newly Promulgated Constitution of the Republic Kenya of (2010) have further strengthened the Banks Act, thereby, empowering the bank to carry its main objective without political interferences and curbing time-inconsistency trap. The appointment and removal of the CEO of the Bank (governor) and his/her deputy rest with the president discretion for a period of four years term in office unless stated otherwise. In connection to the governor term of office termination, the president has a directive to appoint a tribunal comprised consisting of a chairperson and two members who hold offices in High Court or Court of Appeal. This tribunal enquires on matters related to termination of such appointments and make recommendation to the president. Nevertheless, these might undermine the Banks credibility in upholding autonomy in case the termination of the governor might be unlawfully since the appointing authority might compromise the tribunal to favor his/her decision. In conformity with the Act CAP (491), the MPC is hereby required to forward a report at least every six month to the Minister detailing all dealings the bank is undertaking hence the Minister shall table the MPC report before the Parliament for further amendment and deliberations. The Bank is exempted from any taxation whatsoever in respect to losses or profits. The Banks books of records and financial statements subjected for auditing by the Controller and Auditor General only if the Minister of Finance deems it appropriate for such auditing. Both Governor and Deputy Governor are indebted to adhere to the bank in totality and prohibited from engaging in any other paid businesses, professional activities or employment while still in office. These is in agreement with majority of literature such as (Klomp and Haan 2008) who based their idea on Cukierman Index which states the following inherent features for a central bank to be termed as more independent: (i) if the governor appointing authority rest with BOG rather than the president, is not prone to relieve of his/her duty, and has a longer tenure in office. (ii), if the government has no tendency to interfere with banks conduct of business, for example, in policy formulation and implementation; if there is a greater independence be it of legal instruments or goal instruments; and also if the government has no capacity to borrow from the bank. (iii) last but not least, if the bank main objective is price stability. 1.1.2c) Economic Independence of CBK Kenya has also experienced tremendous financial innovations intensifying greater implications to monetary policy transmission mechanism. The Bank is empowered to act as a fiscal agent of the government or any public entity. Similarly, the advance made by bank to the government is supposed to be secured with securities issued by government, of which are supposed to mature before twelve months, bears interest at market rate, and are advanced for a short-term period to the government. In compliance with the statute, the CBK has an authority to grant loans and advances not exceeding three years in fixed period to government as a Deposit Protection Fund Board (DPFB), while the bank has mandate to lend or give credit to public entity, although, it is limited in extending such credits. The main interest is built on the various chief features associated with the introduction of inflation targeting framework by most of the Central Banks of both developed economies and transitional economies around the world; borrowing heavily from various aspects of literature that have analyzed greatly the development of this framework in order to determine the viability of the framework in low income countries such as Kenya. indeed, little has been done in A model specific to the needs of Kenya will be developed while building a general structure within the framework of an ITF so as to distinguish between group characteristics of the inflation-targeting and non-targeting central banks since its inception, and the relationship between various variables mentioned in the hypothesis. In addition, the paper depicts lessons learned by countries that have already adopted the strict ITF since 1990s. What become apparent evident in process of this review, however, is that several contributory problems must first be solved before forming an informed judgment on the likelihood of low-income countries embracing the framework. The first of these problems is whether there are impetus and aspect linked with decisions to move from a specific monetary practice to another. Second problem revolves around the feasibility of other policy designs of monetary policy such as exchange rate regime and central bank independence Third problem will address chief pitfalls that could prevent low-income countries from embracing this policy design. The study hypotheses investigates the relationship between conditions that lead to adoption of inflation targeting framework in developed economies and examine if these pre conditions have a replicate effect in low income countries. The other parts of the paper shall be structured as follows: In section II, assess modification of monetary policy conduct under ITF by various developing countries central banks, the cons and pros of shifting to such strategy. In section III evaluate the exchange rate transition and its role to inflation targeting framework more specifically the following interrelated issues will be taken into considerations: the role of nominal exchange rate it plays as a nominal anchor, the costs associated with the real exchange rate overvaluation; and the approach for exiting the pegged exchange rate. Section IV reviews the role of the central bank independence since it forms the core tenet of conjecture that is built around the inflation targeting framework.Likewise, other contributory factors to embracing the framework will be captured in this Section. The paper concludes with the policy recommendation and the way forward. 1.3 General Salient features, Implementation and Experience A better strategy for monetary policy is built on the following inherent characteristics as summarized by Svensson Lars 1997; Friedman, 1990; McCallum, 1990 that is, it is supposedly to be highly correlated with the goal and has a tendency to be controlled by central bank with much ease than the goal itself. Similarly, the public and the central bank should be able to comply to it with much ease than the goal. In addition, transparency is of greater importance in terms of the efficiency and effectiveness of the bank communicating to the public its objective and procedure of conducting its monetary stance. Literature from (Bernanke and Mishkin 1997), Bernanke et al. (1999) and (Svensson Lars 1997) has vehemently mentioned various elements that form this framework which includes. First, price stability is formally chosen as the main intent of monetary policy, which indicates the monetary stance and the central banks principle of appraising its performance. Second, the central bank issues a declaration, which categorically states the numerical target for inflation within a specific, horizon-thus the bank has the latent to lessen the possibilities of falling into time inconsistency trap in carrying out its primary goal. Third, either the government can opt to choose the target, independently or collectively with the central bank, which is associated with appropriate changes in the central banks law thus enhancing instrument independence of the institution in achieving its target. Fourth, the ITF promotes high transparency in the conduct of monetary policy thus enabling flow of information from the central bank to the public and government. Svensson Lars (1997) stated that, when the authority anticipate the policy target deviation, the strategy should be attuned in such a way it is neither contractionary nor is it expansionary in accordance with keeping the policy on target. On this background, the IT-framework work best in forecasting future inflation, that is, the relevant information for forecasting monetary policy is of greater importance in predicting future inflation. Indeed, this transparency of inflation targeting forms a better juncture in terms of motivating and focusing the activities insi de the central bank. More so, there is high tendency of central bank accountability, which is often outlined in case of breach of inflation target, meaning it helps in clarifying what the central bank is capable and incapable for it to be accountable. Although, inflation targeting has proved to be the best modern strategy it does not lack some criticism or problems that characterizes it in terms of implementation and monitoring. For instance Svensson Lars (1997) has described some of the inherent problems that makes this strategy ineffective, which includes: central banks inability to restrain inflation due to the fact that, previous decisions and contracts play a vital role in determining current inflation. In other words, the authority can only have power over the future inflation. In addition, monitoring and evaluation of monetary policy by public faces a greater set back due to the inadequate control of inflation. CHAPTER TWO 32.0 Literature Review A large body of literature has been developed to analyze the effectiveness of an explicit numerical anchor since such framework was adopted in early 1990s. There exists a large number of literatures on major development of Inflation Targeting Framework since its inception in developed countries and emerging economies. However, there is little development in low-income countries in regards to adoption and implementation of this framework varies greatly in most of these countries because of lack of a well-developed financial market, inadequate fiscal position, political interferences and also lack of market integration in majority of them thus posing a bigger challenge to welcoming this framework as a way of monetary policy conduct. Therefore, the section borrows heavily from past studies that have since been done in order to demarcate the gaps that have made the framework ineffective. 3.1 Transition to Inflation Targeting Framework: Central Bank of Kenya In the past decades, the monetary policy encountered by most of the emerging markets economies has been depressing, these resulted to extreme periods of monetary instability, vacillating from high inflation, to colossal capital flight, and thereby led to downfall of many financial systems. However, the forecast for successful monetary policy in the majority of countries in transition have so far been augmented. This has been typified by considerable decline of inflation rate in Latin America region as an example of an emerging region, which dramatically fell from an average of above 400% in 1989 to less than 10% (Mishkin Savastano, 2001) According to Morande and Schmidt-Hebbel (997), â€Å"this objective of inflation control has been interpreted by public as formal targets or â€Å"hard† targets.† Thus enables the central bank to be more accountable by explicitly announcing a multi-year target for inflation. Downs and Vaez-Zadeh (1990) declared that â€Å"during the transition it is not possible to forecast market behavior†¦..[s]ince the old money-model is bound to be obsolete and perhaps of little use† (318). Indeed, the ‘old fashioned regime of money-growth targeting framework has proved inefficient in the recent past, although the Central Bank of Kenya has been able to maintain inflation rate as low as possible. Above all, the de-regulation of economic activities in the early 1990s marked a major landmark in the conduct of monetary policy in Kenya in terms of objectives, instruments and institutional framework. Mwega 1990(a) developed a model that sought to explain the changes in the CPI Growth e.g. real income (T) changes, changes in money supply (M2), changes in import prices and changes in previous years inflation rates (Pt-1) were the expansionary variables. In these results, he found money supply to be a significant determinant of inflation. Similar study was done by Ndungu (1993) where he did a comprehensive study on the dynamics of the inflationary process in Kenya for the period 1970-1991. He used a monetarist model, named the error correction form of model and empirically showed monetary growth, interest rates changes, real income growth and excess money printing which were significant determinants of inflation in Kenya assuming a closed economy. When he included the external economy, he found the exchange rate had a significant effect on the domestic price level. The results of his study indicated inappropriate government policies (monetary and fiscal) resulted lack of control of inflation especially in 1980-1990 where inflation level escalated. Mishkin and Schmidt-Hebbel (2007) in there panel data analysis comprising of both inflation-targeting industrial countries and non-inflation targeting industrial countries, argued that ITF has helped these countries in achieving stable inflation rate in the long-run where they are attributable in oil-prices and exchange rate shocks, and that are associated with strengthening of monetary policy independence and enhanced policy efficiency. Taguchi and Kato (2010) assessed the performance of the IT in East Asian economies where they adopted a co-integration approach between money and inflation. The estimation results were that, the ITF in the sample of few selected economies, except for Philippines, proved to work well as an anchor for controlling inflation through speeding up price adjustments (stabilizing inflationary expectations) against money supply in the context of floating exchange rate. Similarly, they argued that, â€Å"well-functioning inflation targeting framework was consistent with enhanced monetary autonomy under the post-crisis floating exchange rate.† Aizenman and Hutchison (2008) used a simple empirical model where they estimated panel data for 17 emerging markets for both inflation-targeters and non-inflation targeters and concluded that there was a stable inflation response running from inflation to policy interest rates for inflation-targeters in emerging markets who have anchored their inflation than in non-inflation targeters whose central banks respond less in such markets. Similarly, they argued that â€Å"the response to real exchange rate was much stronger in non-IT countries, however, suggesting that policymakers are more constrained in the IT regime where they attempt to target both inflation and real exchange rate and these objectives are not always consistent.† 2.2 An overview of the exchange rate transition and its role in ITF The Central Bank of Kenya policy objectives have been to protract an exchange rate that will ensure international competiveness while maintaining domestic rate of inflation at low levels through conduct of strict monetary stance. Calvo and Reinhard (2002) argued that Majority of emerging markets are facing problem in performing inflation targeting due to various issues of how to manage the exchange rate under the condition that their external debt is primarily denominated in U.S. dollars. Therefore, the idea of this framework is believed to work best under floating exchange rate regime.Hence, inflation targeting framework as a monetary policy strategy becomes unrealizable in majority of this countries due to too much concern towards exchange rate volatility. In recent times, countries with fixed exchange rate have a tendency to fix their domestic currency value to countries whose main objective is to anchor their inflation in readiness to keep inflation rate in check. Most of the countries that have adopted a crawling target or peg their currency tend to devalue at a firm rate in order to keep their inflation rate low vis a vis their counterpart anchoring countries. These periods marked a milestone that foresaw an accelerated money supply growth and high inflation, but at the same time there was a move to speed up economic reforms and accelerate the pace of liberalization. â€Å"An exchange rate regime makes central bank quite accountable because it has clear-cut goals [b]ut can actually weaken accountability of the Central Banks in emerging- markets countries, by eliminating important signal that can help keep monetary policy from becoming too expansionary† (Blejer, Ã…  creb, 1999, p. 41).Also, for the same reasons described in (Mishkin, 1999a) â€Å"exchange rate targeting can promote financial fragility and lead to foreign exchange crises that can also lead to full-fledged financial crises with disastrous consequences for the economy†(Cited by Blejer Ã…  creb, p.50) .Hence, a continuous adherence of exchange rate regime is probable to have far-reaching impact of economic sluggishness and exacerbate redundancy in the economy, w hich is exactly what Kenya has experienced in the past. Therefore, the Central Bank should move more assertively by provision of an extra credibility, where policy easing is desired to prevent output reductions, without igniting fears of renewed inflation. Mishkin Savastano ( 2001) acknowledged that â€Å" [t]here are three broad monetary policy strategies that can produce an explicit nominor anchor that credibly constrains the discretion of the central bank over the medium : â€Å"hard† exchange-rate pegs, monetary targeting, and inflation targeting†. In spite of this, majority of industiralized economies, notably the United States, have used a more or less the same strategy of anchoring inflation. However, it does not explicitly anchor inflation but it implicitly anchor its inflation. a monetary policy with an implicit but not an explicit nominal anchor sought of monetary policy strategy to achieve macro-economic goals. Whereas, the three monetary policy strategies have enabled emerging economies to set up institutions and mechanisms that have effectively and efficiently constrained the discretion of their monetary authorities; their suitability to conditions in different markets differs according to each strategy that is adopted by each country. Reinhart and Rogoff (2004) declared that, â€Å"Developing countries central banks tend to pursue exchange rate targets that considerably are more deterministic than their official pronouncements†¦.[while] a managed floater might be operating a fixed exchange rate or a crawling peg for extended periods†. Likewise, Kenya has undergone myriad exchange rate regimes in the past mostly driven by various economic cycles, and chiefly the balance of payments deficit. For instance, up to 1974, the exchange rate was pegged to the dollar, but later the devaluation of the currency resulted to a change of the peg to the SDR.1 from 1974-1984 period. This regime lasted until 1990 when a dual exchange rate system was adopted that lasted till October 1993 when, after a series of devaluations, the official exchange rate was abolished. (Mwega and Ndungu, 2001) acknowledged that â€Å"Kenya adopted a unified and flexible exchange rate in the early 1990s, as part of a market-based reform program designed to improve the investment environment and spur economic growth†(Cited by Ndungu, 2008). In addition, the (Kenyan Economic Survey, 1995) revealed that the nominal exchange rate suddenly depreciated by about 32%, moving to Ksh38 to the U.S dollar from Ksh 44 to the dollar, and inflation declined from 46% in 1993 to 28.8% in 1994 (as cited in Ndungu, 2000) as a result of shilling appreciating against dollar in 1995†. 2.3 Central Bank Independence The literature on ITF in emerging market economies suggests that this monetary policy strategy should be adopted only if some institutional preconditions are met. One of them is Central Bank Independence. Many scholars have given much attention to the central bank autonomy and the role it plays in adopting ITF. Indeed, where central bank is autonomous from government interference it is likely to insulate itself from political pressures to finance government fiscal deficits, which can result to over-expansionary monetary policies that would lead to inflation above target. Cukierman, Webb and Neyapti (1992) constructed Central Bank Index that was designed in two folds that is, legal independence and turnover rate of governors, where both revolved around central bank charters and legislation and the relationship it has over the overall performance of the economy. This paper provides an overview of the mushrooming literature on authority autonomy and precision relating it to the mechanis ms through which central banks have in the past adopted greater openness, thereby, focusing more on the role they play in adoption and effective implementation of inflation targeting framework. (Klomp and De Haan, 2010) used a random coefficient model and they estimated a sample of more than 100 countries to re-examine the relationship between CBI (measured by both governors TOR and central bank legal indicator) and inflation. They found Central Bank Index to be negatively insignificant with the level of inflation rate of country specific. Most literatures in developing countries have focused on de facto independence as a proxy of CBI that is governors turnover rate. Studies of Cukierman, Webb and Neyapti (1992) stated that the average and variance of inflation has a negative correlation to governors turnover rate in most of the developing. This is due to the fact that, majority of studies has expressed doubts over the reliability of most of indicators used to construct Central Bank Independence indices. Indeed, there exist a greater divergence when it comes to categorization of indicators used to measure CBI incase of high income countries, emerging countries and low income countries. Cukierman,1994 and Eijffinger and De Haan (1996) have categorically contended that, the CBI indices in majority of high income countries are arises from central banks laws interpretation and are of great concern to legal independence indicator, whereas, in developing countries de facto independence indicators form the main measure of central bank independence. Axel Dreher, Jan-Egbert Sturm, Jakob de Haan (2010) used a data set comprising of eighty-eight countries term of office of central banks governors since 1975-2005. They used logit model to test the likelihood central bank governor term of tenure geting terminated before their legal term in office expires. According to their results, the probability of a TOR as a measure of CBI tend to soar under certain condtions which includes: unstable political system, undue elapse of governor term of service in office and during elections period in self-governing countries. Accordingly, they indicated in their hypothesis that there was a higher chance of the governors getting replaced if there was huge drop out of veto players from the government. Alex, Webb and Bilin (1992)) developed legal independence where they mentioned some of the intrinsic features such as the degree of independence that the authority should bestow to the Bank, and lone dependence on legal component of independence. Beside s, the legal independence is significant in ascertaining inflation rate in developed economies. Whereas, turnover rate of governors forms a better turning point of inflation determination in developing countries. Likewise they argued that, in cases where governor legal term of office is shorter than that of government CBI is likely to be compromised by the government, thereby, resulting to increased TOR. More over, the governor is likely to be susceptible from government influence thereby derailing long-term objective of policy formation and implementation under the pretext of political pressure especially during election periods. (Kuttner Kenneth, Posen Adam 2010), took the same direction and indicated that undue appointment of governor in office result to construed information to the bank in terms of carrying out its primary objective of price stability. For instance, unjustifiable appointment of governor under low inflation periods may reinforce the exchange rate, while the opposite is always true. Since governors appointment seem to contain valuable information regarding the exchange rate and inflation rate. Gutierrez (2003) indicated that CBI has positieve impact in reducing the chances of governments incurring budget deficits through quasi-fiscal activities. Since such activities can be understood on their inflationary impacts. Posen and Kuttner (2010) estimated the effect of legal appointment of governor to office exchange rates and bond yield and argued that the main test was to verify the scope to which markets observe that the next governor will bring a swing in policy, whereby he/she is expected to determine the bearing of such swing. This is in conformity with the fact that, the news conveyed may favour either one side due to markets reaction after such appointment. 2.4 Financial Institutions Another important prerequisite for successful ITF stressed by the literature is a healthy financial and banking system. Several reasons can be advanced to explain the great importance of well-functioning financial system under inflation targeting framework. First, a sound financial system is essential to guarantee an efficient transmission of monetary policy through the interest rate channel which forms the major channel through which the CBK carries out its main objective of price stability, and more specifically forms an enabling environment of smooth exchange and provision of credit. Second, according to Mishkin (2004), a weak banking sector is potentially problematic to achieve inflation target, because the central bank would be hesitant to raise short-term interest rates for fear that this will impact the profitability of banks and lead to a collapse of the financial system. Third, countries characterized by weak financial institutions are more vulnerable to a sudden stop of cap ital outflows, causing a sharp depreciation of the exchange rate which leads to upward pres