Music Recording Industry free essay sample

For centuries man had dreamed of capturing the sounds and music of his environment by means of music recordings. The road to successful music recording had not been smooth until the derivation of the music recording industry. Since the inception of the music recording industry, the way in which music is produced, distributed, sold and consumed have greatly changed so also has popular music changed over time. These changes resulted from new technology which was invented between 1890 and 1900 and paved way for entry, which In turn has caused significant structural shocks within the industry.The Sound Recording Technology invention has not only changed the way we listen, but has also substantially reduced the cost of production, reproduction and distribution of the industry product to the very minimum especially within the past 5 years. Although technology seems to pose an obstacle to entry into the industry, recently, the main barrier to entry over the past years has been radio airplay because of the cost associated with Informing consumers about the existence and the nature of products In the Industry. We will write a custom essay sample on Music Recording Industry or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Between 1900 and 1910, there was an integration of three large firms (Victor, Columbia andEdison) who controlled most audio-related products including playback devices and the audio products themselves and this served as a substantial barrier to entry. But it is possible for another technology of supply, high speed internet, might eventually offset this important barrier to new entrants into the industry. After 1910, the music recording Industry became the center of controversy involving (1) alleged price fixing by the major firms in the Industry and (2) massive alleged copyright Infringement by consumers, in what amount to a free-for-all over economic rents.The clash between he firm and their consumers has erupted in legal open warfare, with the Federal Trade Commission and courts finding the major firms guilty of overcharging consumers by nearly half a billion dollars in a scheme that maintain artificially high prices, and the industry suing hundreds of consumers for copy right In fringement according to Proof Peter J. Alexander in Market Structure of the Domestic Music Recording Industry.In 2003, The Business week online posted that, The Recording Association of America (ARIA the trade association for the music recording industry, issued hundreds of subpoenas aimed at individual consumers whom they alleged to e copyright violators. MARKET STRUCTURE Number of Firms The market structure of the music recording industry is made of five large international and integrated firms. These firms are Veined Universal, Sony Corporation, Time Warner, Mi Group and Bertelsmann GAG. These firms exhibit number of characteristics including dating back as far as the twentieth century.Also, with the exception of Time Warner, all the firms have been sold and bought many times. Additionally, each firm except MI Is part of a larger media with particular production, manufacturing and distribution. The largest among these firms is the Veined Universal Music which was created in 1998 from two major French firms, Polygraph and MAC. According to the Various Company Reports, represented by the table below, the Veined Universal Music is currently the largest music company in terms of market share and recorded music revenues.It owns the largest recorded music in the world, with over one million catalog of recorded music. Its operational activities include production, distribution and publishing of music as well as licensing of music copyrights. According to Proof Peter J. Alexander, in 2002, one out of very four compact disks sold worldwide was a Universal Music Group Product. Some of the Effendis other media holdings include Universal studios (motion picture), USA Networks (television) and Houghton Muffling (book publishing). Table 1. Worldwide Conglomerate Revenues of the Major Firms, 2002 Firm Total Worldwide Revenue billions) Veined Universal $57 Time Warner $18 MI Company Reports, 2002 | $60 Sony $41 Bertelsmann $0. 36 Source: Various Sony Corporation is a subsidiary of Japanese conglomerate and its operational activities include production of Sony compact disks, distribution of recorded music and also publishing music. Sony Corporation is a leading manufacturer of audio, video, communications, and information technology products for the consumer and professional markets.Its motion picture, television, computer entertainment, music and online businesses make Sony one of the most comprehensive entertainment and technology companies in the world. Other media of the Sony Corporation are the motion picture houses Columbia pictures and Trim-Star pictures. According to Andrew Herman, Sony Corporation became presence in the music record when it bought CBS in 1988. Bertelsmann is a German multi media corporation founded in 1835, based in Gutturals Germany. It is the second largest global media conglomerate measured in terms of total revenue.Bertelsmann media holdings include books and magazine publishing, producing, manufacturing, and distribution of recorded music. It is also a major European television and radio broadcaster and content producer. Bertelsmann bought RCA in 1985, and that increased their interest in becoming a major presence in the music industry. Time Warner is a US based conglomerate and it is the second largest cable provider in the USA. It produces, manufactures, publishes and distributes recorded music. Time Warner also controls the publishing rights of over one million music titles.Other media holding include Warner Brother (motion pictures), WEB Network (television), HOBO (television), Time Life (magazine) and Warner Books. MI is a British conglomerate which also produces, manufactures, distributes and publishes recorded music. It is the second largest music publisher and comprises more than one hundred music label. The MI Group also has a major publishing arm, MI Music Publishing also based in London with offices globally. It is the least diversified among the other firms. According to Pro J Peterson, recently, four of these giant firms have been in negotiation to merge their recording business).In early 2004 Time Warner sold its Warner Music subsidiary to a new set of owners led by the Canadian Frogman interests. Combinations between any of these firms would have led to more concentration in that field. Barriers of Entry raisers to entry in the record industry are generally regarded as low. A number of independents have entered the market successfully over the last ten years. A number of artists signed to independent labels have featured in the singles and album charts. The Top 40 singles charts gained 540 new entrants in the year ending September 1993, 84 of which were from independents.The Top 40 album charts gained 272 new entries over the same period, 42 of which were from independents according to the British report on recorded music. A small independent record company has few sunk costs since recording, manufacturing, distribution and marketing can all be contracted out to independent third parties. Many costs have come down in recent years. For example, recording equipment of reasonable quality can be purchased for a few hundred pounds, allowing initial recording to be done way from the studio. At the smallest end of the market a recording can be made in a home studio.The combination of rapidly changing consumer tastes and a pool of artistic talent in the I-J provides opportunities for independents. Independents can compete against the majors in the signing of new artists in a number of ways. An Independent may concentrate on a particular type of music and be better placed than a major to spot new talent and make contact with an artist. Artists may be more attracted to an independent that has a good reputation in their type of music than to ajar (that is, they might be perceived as having more street creed).There appears to be a pool of people with experience of the record business that is willing to set up record companies, for example ex-artists, producers, artists managers or ax-employees of the majors. The reputation of these people may be sufficient to attract new artists. The independents often develop links with the majors. For example, if a new artist is successful but the independent cannot market the artist overseas, the independent may come to an arrangement with a major under which he artists recordings are licensed to the major, the artist is signed by the major, or the major takes some financial interest in the independent.Whatever the particular arrangements, there are likely to be benefits for both parties. The majors are interested in sharing in the A;R successes of the independents, while for their part the independents gain funds for further A;R. The risks to the artist of signing with an independent are reduced if this exit route is available. The option of outright sale to a major is also open to an independent. The major may be attracted y the existing artist roster, the back catalogue, the personnel or the name of the label. The possibility of a profitable exit from the market is an incentive for a new entrant The table below shows entrance of new firms to the music industry since 1983 Source: British 1994 report on recorded music Shares of the Market According to the BBC worldviews. Com up to 90% of the global music market is accounted for by Just five corporations: MI Records, Sony, Veined Universal, Time operate in all of the major music markets in the world. Each of the corporations maintains their headquarters in the US, the largest of the worlds markets.Of the Big Five, Veined Universal is the largest, with 29% of the market share and Unholy owned record operations or licensees in 63 countries. Its nearest rival is AOL rime Warner, with 15. 9% of the market share. Each of the corporations operates in a rarity of fields beyond recorded music, incorporating publishing, electronics and telecommunications, thus extending their influence to cover more markets within the global entertainment industry. In achieving their dominance in music sales, the Big Five each own a large portfolio of labels, from formerly independent labels to large regional operators in different oratories.The biggest exception to their domination of the market is in India, where the large film music market has so far defied these corporations. Africa has also proved to be a difficult market for the American-owned corporations, largely because the economic situation outside South Africa means a lack of profitable markets. In South Africa, Gallo Records is one of the biggest record labels, not only because of its representation of African music, but also from being exclusive licensee for Warner Music International. Ere Big Five are not always in competition with each other, and it is in their best tersest to act together at times.MI is the sole licensee of BMW material in Greece. A press material in May 2002 stressed that the deal would work well for both companies, with MI licensing some important internatio nal artists, and Bums Greek artists being looked after by a company with a much bigger local presence. Co- operation and partnerships, then, can yield not only greater profits, but maintain their status as corporate giants. Many well-known smaller labels are in fact owned by one of the Big Five companies. Nile labels are often started by entrepreneurs, the dominance of the major labels sakes large scale success difficult for these firms.And should they achieve a high degree of success, they excite to the predatory instincts of the large corporations. This gives the major labels a wider ranging repertoire in different geographical markets and musical genres. Juju Nile small labels will continue to exist, they become increasingly unable to grow Introit becoming part of one of the Big Five companies. This pattern looks set to continue into the future as the larger companies continue their strategy of acquisition, and potentially merge amongst themselves in an attempt to dominate the market even further.

Free Essays on Medieval Lyrics And Ballads

Recently, the term ‘ballad’ can be associated with everything from Solomon’s Song to an Aerosmith song. The dictionary defines it as a traditional story in song or a simple song. However, the medieval ballad is something of a different nature than that of the popular musical ballads of today. The definition of ballad in the medieval context is a narrative poem. The authors usually remain anonymous and the ballad is more often than not accompanied by dance (Gummere). This is not surprising considering the word ‘ballad’ comes from the Latin word ‘ballare,’ meaning ‘to dance’ (Dixon). Almost all ballads follow the same distinct criteria. They are all performed by a minstrel or troubadour complemented by music and are normally performed for an audience. All ballads tell a story with major themes of revenge, envy, betrayal, loyalty, and superstition, although they may touch on other subjects. These stories only focus on one major event and can be about the dramatic events of heroes or every day people. Though the bulk of the stories begin in the middle of an event, there is very little background information given (Knight). Characters rarely show any development and most stories lack detail. It is also important to know that there are there are three types of ballads: traditional ballads, broadside ballads and literary ballads (Dixon). Traditional ballads originated from ‘folk tales’ or other anecdotes told by peasants in England. These were most commonly passed by oral tradition. The broadside ballad is the traditional ballad’s cousin in many ways. These ballads were more common in urban or city like areas in the 16th century and were more likely to be printed and handed out instead of performed. The literary ballad is a combination of both the traditional and broadside types. These ballads appeared in the 18th century when ballads began to be published (Gummere). Medieval ballads, of course, ar... Free Essays on Medieval Lyrics And Ballads Free Essays on Medieval Lyrics And Ballads Recently, the term ‘ballad’ can be associated with everything from Solomon’s Song to an Aerosmith song. The dictionary defines it as a traditional story in song or a simple song. However, the medieval ballad is something of a different nature than that of the popular musical ballads of today. The definition of ballad in the medieval context is a narrative poem. The authors usually remain anonymous and the ballad is more often than not accompanied by dance (Gummere). This is not surprising considering the word ‘ballad’ comes from the Latin word ‘ballare,’ meaning ‘to dance’ (Dixon). Almost all ballads follow the same distinct criteria. They are all performed by a minstrel or troubadour complemented by music and are normally performed for an audience. All ballads tell a story with major themes of revenge, envy, betrayal, loyalty, and superstition, although they may touch on other subjects. These stories only focus on one major event and can be about the dramatic events of heroes or every day people. Though the bulk of the stories begin in the middle of an event, there is very little background information given (Knight). Characters rarely show any development and most stories lack detail. It is also important to know that there are there are three types of ballads: traditional ballads, broadside ballads and literary ballads (Dixon). Traditional ballads originated from ‘folk tales’ or other anecdotes told by peasants in England. These were most commonly passed by oral tradition. The broadside ballad is the traditional ballad’s cousin in many ways. These ballads were more common in urban or city like areas in the 16th century and were more likely to be printed and handed out instead of performed. The literary ballad is a combination of both the traditional and broadside types. These ballads appeared in the 18th century when ballads began to be published (Gummere). Medieval ballads, of course, ar...

Econometrics Essay Example | Topics and Well Written Essays - 750 words

Econometrics - Essay Example The classical linear regression model is written such that the coefficients of the independent variables measure the sensitivities of the dependent variable on the independent variables. It is usually assumed that there is an error term which measures the unexplained variance of the dependent variable that is not accounted for by the independent variable. Therefore, only a proportion of the variance is explained by the regression analysis. c) Any particular normal distribution can be related to the normal distribution because the normality assumption allows us to perform statistical tests concerning the estimated parameters using the normal distribution and related tests involving chi-square, t-distributions and F-distributions. d) It is not appropriate to take natural logarithms of interest rates, expressed as percentages because natural logarithms of interest rates are taken to minimize autocorrelations and render the interest rates scale free. However, interest rates expressed as percentages are scale free and uncorrelated already and therefore there is no need to take natural logarithms again. e) The Durbin Watson statistic can be used to estimat... (http://pages.stern.nyu.edu/churvich/Forecasting/Handouts/DWTest.pdf) 2. a) Omitting a significant variable from a regression analysis overstates the marginal impact of other variables in the model. For example, lets consider the impact of education on earnings. This relationship can be written in the form of a regression model as follows: (1) (Greene, 2003: p. 9). The above regression neglects the possibility that most people have higher incomes when they are older than when they are young, regardless of their education. (Greene, 2003: p. 9). Thus overstates the marginal impact of education on earnings. If age and education are positively related, then the regression model will associate all the observed increases in income with increases in education. Therefore a better way to study the determinants of income is to include the effects of age in the regression as follows: (2) according to Greene (2003: p. 9) earnings tend to rise less rapidly in the later earning years than in the early ones. To accommodate this possibility, the above model can be extended as follows: (3) (Greene, 2003: p. 9). b). Regression analysis studies the relationship between two or more variables. One variable is considered independent while two or more variables are considered to be independent. (Anderson et al, 2005). The aim of the regression analysis is to measure how changes in the dependent variable are explained by changes in the independent variables. Including an insignificant variable as one of the independent variables may minimize the effects of the actual variable causing the variation in the independent variable. Like in the example above, if truly age is not a determinant of income as

Civil Disobedience. George Orwells 1984 Essay Example | Topics and Well Written Essays - 750 words

Civil Disobedience. George Orwells 1984 - Essay Example The capacity to think is what differentiates us from all other creatures that roam this earth. Our knowledge of the human beings is also what tells us that there are things beyond our grasp that make up for who we are and how we act in relation to our surroundings. Yes, I believe in the human spirit. I believe that there is a force much more than our tangible being that presupposes our need for the attainment of a life without constrictions or what most appropriately is, upright. This is a need that is the most fundamental aspect of our evolution simply because it is human nature. George Orwell’s 1984 is a terrifyingly realistic portrayal of a country manipulated by one party in such a way that they have reined supremacy over the people in a manner so cunning and much more egocentric than that of a monarchy.Winston Smith, the low-ranking official in the dominating party, is a representation of the human spirit. Overcome by the power and influence of Big Brother and the domination of ‘The Party’ he is the tamed voice of the internal screams of the people upon the knowledge of what is actually going on in Oceania. His outlook is one of optimism in the bleakest time. It is a yearning for an inkling of redemption even though it is almost something unthinkable given the circumstances of the time and the rampant greed and selfishness. The final conversation between O’Brien and Winston is a sad epiphany of a wishful thinking yet an admiring commentary on the perseverance of the human spirit despite overwhelming difficulties. O’Brien sarcastically comments on his unlikely optimism as being the last man of its kind. â€Å"Your kind is extinct;we are the inheritors. Do you understand that you are alone? You are outside history, you are non-existent†¦And you consider yourself morally superior to us, with our lies and our cruelty?† and to which Winston confidently replies, â€Å"Yes, I consider myself superior† (Orwell, p. 156). This conversation also discusses the principal notion of self over belief in any God. This is also what Emerson reiterates in his essay of self-reliance. â€Å"To believe your own thought, to believe that what is true for you in your private heart is true for all men, — that is genius† (p. 13). What compels us to do everything that we do is first based on how we feel and how we react to the outside stimulus. With or without religion there must be that something that guides us in what we do and that our relationship with other people persuasive unto what we a re capable of doing and what we refrain from. As Marx famously said, religion is the opium of the people. If a person follows everything religion prescribes without having to think for himself then he is nothing less than the people of Oceania who dismiss all the capricious and whimsical acts of their own government who were supposed to be their representative and protect them from all possible harms. â€Å"Men are infinitely malleable. Or perhaps you have returned to your old idea that the proletarians or the slaves will arise and overthrow us. Put it out of your mind. They are helpless, like the animals. Humanity is the Party. The others are outside — irrelevant† (Orwell, p. 156). This ideology is the basic premise that allowed ‘The Party’ to maintain their control over the people. This is the very idea that Winston stands against. It is a social commentary on how there are powerful people that makes manipulation possible. It is a government grounded on fear, cruelty and hatred. There is absolute lack of equality among the people. The very essence of Communism premise that the proletariats have to overcome and defeat in opposition to the bourgeoisie. â€Å"

Medical Coder Research Paper Example | Topics and Well Written Essays - 1250 words

Medical Coder - Research Paper Example They are like a very essential part of the health care industry and without them the industry cannot operate proficiently. What medical coders do is, whenever a patient receives any service from the physicians, the health care centre that has provided the facility to the patient needs to document the facility or service that they had provided to that particular patient. Then these medical coders receive the documented papers and extract the relevant information from it. Then they need to assign a particular CPT code for every type of medical facility provided. Then these bills are further being preceded by the patient’s medical insurance provider. Approximately, for all these health care facilities provided, there are more than 9000 CPT codes that are assigned. And not only this, the number of ICD codes is over 13500. Whereas, CPT stands for Current procedural terminology and ICD stands for International Classification of Diseases. ICD codes are assigned for the medical diagnosis. The medical coders generate reports after assigning the codes to inpatient and outpatients. The reports are useful for the management purpose in the hospitals, as well as the information is also used compensating the health care providers. These coders are hired by the hospitals themselves. The history of medical coders dates back to 1347 at the time of Black Death. At that time Sicily was facing the bubonic plague that had even reached to London causing deaths of almost 70,000 citizens of London by 1348 (Taylor, 2009). The plague was not ended at that time, it continued for almost 3 more centuries. At that time there was a London publication that used to publish the number of fatalities caused by this plague on weekly basis. The city government of London then used to trace the disease throughout the city. This is actually the earliest form of medical coding and classification of

Comparison of Capital Flows in Asia

Comparison of Capital Flows in Asia 1.1 Background of the Study Capital controls were widely used to prevent the free flow of funds between countries until the late 1970s. A cautious relaxation of such controls during the 1980s proved consistent with greater economic integration among advanced countries and strengthened the case for capital market opening more generally. By the early 1990s, capital controls appeared to be finished as a serious policy tool for relatively open economies. The conventional view about international financial integration is that it should enable capital to flow from high income countries, with relatively high capital labor ratios, to low income countries with lower capital labor ratios. If investment in poor countries is constrained by the low level of domestic saving, access to foreign capital should boost their growth and it would also allow residents of richer countries to get higher returns on their savings invested abroad. Openness to capital flows can expose a country’s financial sector to competition, spu r improvements in domestic corporate governance as foreign investors demand the same standards locally that they are used to at home, and impose discipline on macroeconomic policies and the government more generally. So, even if foreign capital is not needed for financing, financial openness, to both inflows and outflows, may create ‘collateral benefits’ such as domestic financial sector development which could enhance growth in total factor productivity[1]. Capital account liberalization in financially repressed economies often leads to a period of rapid capital inflows followed by financial crises with international financial integration and policy agenda for further liberalization of capital inflows. Concern has also been expressed as to whether the costs of increased vulnerability to financial fragility might not outweigh the gains from financial integration. But most of the countries continue to progress in dismantling capital controls to integrate their financial markets with the rest of the world. 1.2 Justification and Relevance of the Study Economic growth is thought to be a function of investment and other factors. The conventional belief is that foreign capital inflows bring new investible funds and foreign exchange with which the recipient country can achieve higher rates of investment and therefore growth. The role of foreign capital in economic growth is an issue that has provoked continuous debate. Foreign capital augments the total resource availability in a country, but its impact on investment and economic growth is controversial. If judiciously used, it could have favorable effects on economic growth through higher investment and other positive effects. But it is also possible that foreign capital investment might not yield any net benefit to the host country. Economic liberalization and globalization have resulted in rapid mobility of resources between nations as to reap the comparative advantage of the respective country. The 1990s saw a number of capital account crises in emerging market economies. The cris es, which were precipitated by a sudden reversal of capital inflows, occurred against the background of financial market deregulation, capital account liberalization, and financial sector opening. Deregulation and liberalization have undoubtedly brought about benefits in the form of greater financial resource mobilization for domestic investment and economic growth. At the same time, this has created new sources of vulnerabilities in the balance sheets of commercial banks, corporations, and the public sector. For Countries that are still in the process of opening the capital account, how best and how fast to proceed remains an unresolved issue. There is no presumption that the resource requirements of implementing a quick transition are either smaller or larger than those of managing a long transition process or administering capital controls. Developing effective regulatory framework takes time, but a lengthy process may create wrong incentives and distortions. A big-bang approach may be appropriate if a prolonged transition is likely to create resistance from vested interests or if different elements of the existing system are so dependent upon each other that a piecemeal reform is not possible without creating significant distortions. International capital movements can support long-term growth but are not without short-term risks. The long term benefits arise from an efficient allocation of saving and investment between surplus and deficit countries. However, large capital inflows may challenge the absorptive capacity of host countries in the short run by making them vulnerable to external shocks, heightening the risks of economic overheating and abrupt reversals in capital inflows, and facilitating the emergence of credit and asset price boom-and-bust cycles. The inflows expanded the available resources for funding productive investments and privatization, and for raising export capacity and helped finance current account deficits. They contributed to the development of domestic financial markets and the efficiency of banking systems. Foreign participation in domestic government securities markets contributed to liquidity of secondary markets and greater sophistication of financial services such as in Hungary an d Poland. FDI helps in transferring the managerial and technological skills, and strengthen domestic institutions. For the European Union accession countries, capital inflows are a mutually reinforcing factor in the process of integration into the European Union[2]. The long term capital flows, particularly of direct investment have been an important factor in the capital account surplus, and the trend of higher long term inflows has intended to be sustained. A major reason for this has been the success of adjustment programes adopted in Indonesia, Malaysia and Thailand in the mid 1980, after a period of instability. In these three countries, an overvalued currency was depreciated, large fiscal deficits pattern was repeated in the Philippines in the early 1990s. In all four countries, macroeconomic stabilization was accompanied by policies to open the economy to foreign trade and reform the financial sector[3]. As a consequence of the foreign capital surge experienced by a number of developing countries, since the early 1990s international economists and policy makers have been debating about whether foreign capital flows should be the object of specific policy. The debate crystallized around two opposite stances. On the one hand, there were those who claimed that capital flows were largely exogenous to the recipient countries and, in addition, very destabilizing. The implication of this view was that the economic authorities should design and implement policies to dampen the impact of capital flows on domestic macroeconomic variables. The opposite position departed from the assumption that capital flows largely respond to domestic variables, be they long-term i.e., those affecting the country’s risk premium, or related to short-term demand management. In either case, there is no need to worry explicitly about capital flows. Policy makers concentrate exclusively on improving domestic policies. An early, and influential, analysis of the capital surge to developing countries ascribes it mostly to the effect of falling international interest rates[4]. There were other factors as well, most of them exogenous to emerging economies. In particular, the recession in developed countries reduced rates of return on capital and made investors look for higher returns elsewhere. Likewise, since the Asian financial crisis, foreign capital has retreated from most emerging economies, regardless of the quality of domestic policies. In some cases, the sudden stop[5] has been particularly traumatic e.g., in case of Argentina and Chile. In Argentina, the sudden stop in capital flows created the fiscal and financial problems. In Chile, it has had less disastrous, although still quite unfavorable, effects. But in all cases, the reversal of the 1990s inflows has been dramatic, and it has been accompanied by a sharp deterioration in growth performance. Building upon Ricardo, the welfar e gains from the international partition of labor are widely acknowledged. The economic policy implication has been to remove exchange rate volatility to foster trade and growth. The impact of exchange rate volatility on trade among two or a group of countries has both a micro and macroeconomic dimension. From a microeconomic perspective exchange rate volatility, for instance measured as day to day or week to week exchange rate fluctuations is associated with higher transactions costs because uncertainty is high and hedging foreign exchange risk is costly. Indirectly, fixed exchange rates enhance international price transparency as consumers can compare prices in different countries more easily. If exchange rate volatility is eliminated, international arbitrage enhances efficiency, productivity and welfare. These microeconomic benefits of exchange rate stabilization have been a detrimental motivation of the European monetary integration process. Low transaction costs play an importa nt role for international and intra-regional trade and capital flows. 1.3 Research Questions We have discussed above about the need of international financial integration, liberalization of capital accounts and potential benefits of capital flows. Many countries in the world opened their capital account to reap the benefits of international capital flows for their economic development and growth. A number of studies have been done so far for the study of capital flows on different issues. Some studies are related with benefits and liberalization of capital account which are: does capital account liberalization lead to growth? by Quinn and Toyoda in 2008; why capital account convertibility in India is premature? by Williamson; financial liberalization and the new dynamics of growth in India by Chandrasekhar in 2008; analysis of the capital account in India’s balance of payments by Ranjan et al in 2004; capital account liberalization and economic performance: survey and synthesis by Edison et al. Some are about the capital flows and economic growth such as; FDI and econ omic growth relationship: an empirical study on Malaysia by Mun in 2008; and what makes international capital flows promote economic growth? an international cross-country analysis by Shen et al, in 2010. While others focused on the impact of capital flows on different macroeconomic variable which are; capital flows and their macroeconomic effects in India by Kohli in 2001; differential macroeconomic effects of portfolio and foreign direct investment by Gunther et al in 1996; effects upon monetary conditions, saving and the domestic financial sector by Henry and Tesar in 1999 and many others. An empirical study of the impact of capital inflows upon output growth has been done by Gruben and McLeod in 1996. The studies mentioned above give an idea about the capital flows and their relation with many economic indicators. These topics of capital flows give us keen interest to explore more and study extensively what could be the possible relation and effects with other variables. Capital inflow to Asian countries brought substantial benefit to them. These flows permitted higher levels of investment, facilitated the transfer of technology, enhanced management skills, and enlarged market access. The Asian countries adopted their policies to translate capital flows into capital formation and related imports, and thereby mitigated pressures on exchange rates. By successfully managing foreign capital flows, the East Asian countries could achieve high growth rates. Moreover, capital inflows which were a blessing to the East Asian economies in their development process, created problems in the nineties due to mismanagement. Countries with sound macroeconomic policies and well functioning institut ions are in the best position to reap the benefits of capital flows and minimize the risks. Some countries are gaining from the capital inflows while some others are having negative impact of this on their economies. India and China are the two emerging economic giants of the developing world. Both the economies have immense natural resources, skilled and unskilled, cheap but quality labor force, huge domestic market and above all the relatively stable political environment. Both the economies hence have vast potential to attract Foreign Direct Investment (FDI) to serve the local market and to become a more important part of the global integration. After China’s entry into World Trade Organization (WTO) China has emerged into the most attractive FDI destination in the developing world. India’s FDI is far below than that of China. Hence, to know more about capital flows in China and India, we have selected these countries for the study of their capital flows and managem ent. Apart from China we have selected Malaysia for the study. Foreign direct investment has been an important source of economic growth for Malaysia, bringing in capital investment, technology and management knowledge needed for economic growth. The most important benefit for a developing country like Malaysia is that FDI could create more employment. In addition, technology transfer is another benefit for the host countries. These three Asian counties attracted capital flows to reap the benefits of financial integration. Capital flows affect a wide range of economic variables such as; exchange rates, interest rates, foreign exchange reserves, domestic monetary condition and the financial system. The developments, which have been done in many Asian countries, have stimulated a keen interest to understand what have been the nature, trend, pattern and economic effects of capital inflows as well as the appropriate policy responses comparatively in the selected Asian Countries. Therefore, here, we are interested to know what have been the surges of capital flows in Asian countries. What caused a need of financial sector reforms in India? How and why liberalization was done and what are the recent trends and composition of capital flows in India? What has been the pattern of capital flows in selected Asian countries? And, further what is the relation of capital flows with exchange rate in selected Asian countries? What could be the policies to manage the flow of capital? To get the answer of the questions mentioned above, some objectives have been set to study and discuss in an appropriate manner. The objectives of the present study have been given below. 1.4 Objectives The broad objective of the present study is to analyze the capital flows comparatively in selected Asian countries. To fulfill the broad objective, there are some small objectives such as: To study the surges of capital flows in Asia; To study the financial sector restructuring, liberalization and capital flows in India; To analyze the trend and pattern of capital flows in India, China and Malaysia comparatively; To analyze the impact of net capital flows on real effective exchange rate and management of capital flows comparatively in selected countries; and To give policy implications. 1.5 Research Design and Methodology The present study is designed to have eight chapters including Introduction and Conclusion. The first chapter is an introductory chapter where the background and justification of capital flows has been given. This chapter gives us a glimpse of the whole study design including the methodology. Liberalization led to greater capital mobility to all the Asian countries and so we are interested to explore more about capital flows. Some objectives are set based on the research questions. To fulfill the objectives, chapter outline has been made. In the second chapter, theoretical perspective of capital flows has been given on various issues related to capital flows. In this chapter a literature survey of existing studies on capital flows has been done and explored what has been the nature, causes and outcomes of capital flows and what kind of financial system and policies are the best suitable to reap the benefits of capital flows. Then, in the third chapter, analysis of surges of capital f lows into Asia has been given. Causes of Asian crisis, consequences, restructuring and improvement of the financial system under various programemes has been given. Average annual growth rate of FDI flows in Asia had been calculated and analyzed to know the surges of capital flows in different regions of Asia. In the fourth chapter, financial sector restructuring in India under various schemes has been given. With the report of Narsimham Committee in 1991, various reforms have been done in money market and capital market. The details of these reforms, different policies improvement in financial sector and their impact on different market indicators has been discussed in this chapter. A discussion of liberalization of the market for international trade and capital mobility in India has been elaborated in the fifth chapter. In this chapter, the trend, pattern and composition of capital flows in India has been analyzed. Percentage of source-wise and industry-wise capital flows in India has also been calculated and analyzed in this chapter. In the sixth chapter, background of capital flows in India, China and Malaysia has been given. Origin and starting of capital mobilization and changing trend of different capital flows in these countries have been analyzed in this chapter. A comparative analysis of trend and pattern of capital flows in India, China and Malaysia has been done in this chapter. A comparative analysis of the relationship between exchange rate and capital flows in India China and Malaysia has been done in chapter 7. For the purpose of empirical analysis to see the impact of net capital flows on real effective exchange rate with some other explanatory variables, OLS method of multivariate linear regression model has been used. Unit root test to fulfill the stationary condition of time series has been done based on three methods; one is ADF test, second is Phillip-Perron test and third is KPSS. A comparative analysis of capital flows and the behavior of real effective exchange rate have been done and then the management of capital in these three countries has been discussed. Conclusion and Policy Implications is the eighth chapter which includes the crux of the present study followed by Bibliography and Appendix. 1.5.1 Countries for the Study The countries for the study of capital flows are chosen from Asia. Selected countries are: 1. India 2. China 3. Malaysia 1.5.2 Data Sources The data for the present study has been taken from various secondary sources. The data sources which have been used in the present study are given below: 1. World Development Indicators (The World Bank). 2. International Debt Statistics (The World Bank). 3. International Financial Statistics (IMF). 4. World Economic Outlook (IMF). 5. Publications of Reserve Bank of India like: i. Report on Currency and Finance. ii. Handbook of Statistics on Indian Economy. 6. UNCTAD database. 1 [1] Eswar S. Prasad and Raghuram G. Rajan, â€Å"A Pragmatic Approach to Capital Account Liberalization†, Journal of Economic Perspectives, Volume 22, Number 3, Summer, 2008, pp. 150-153. [2] See Inci Otker Robe, Zbigniew Polanski, Bany Topf and David Vavra, â€Å"Coping with Capital Inflows: Experience of Selected European Countries†, IMF Working Paper, WP/07/190, 2007, pp. 7. [3] Linda M Koenig, â€Å"Capital Inflows and Policy Responses in the Asian Region†, IMF Working Paper, WP/96/25, 1996, p. 6. [4] Also see Calvo, Leiderman, and Reinhart, 1993. [5] Calvo, Izquierdo, and Talvi, have felicitously labeled this term, 2002, pp. 3-4

Eli Whitney: The Inventor That Shook The Nation :: essays research papers

Eli Whitney, one of the first great American inventors, who had a very interesting inventing period. It pretty much didn't happen. But I'll explain that later. I chose Eli for a very good reason: I knew absolutely nothing about him. Well, other than the given, he invented the cotton gin. I've always enjoyed researching inventors, so it was either Mr. Whitney, or Robert Fulton. Happily I chose Eli. From studying Eli I hoped to learn about some of his other inventions, what inspired him to invent, in what conditions did he grow up and live in, and also what did his inventions lead to (as in other inventions or discoveries). Since I knew nothing about the E-ster when I began, I was eagerly soaking up information. So I knew nothing to be true or false when beginning. He proved to be a very interesting and almost tragic inventor. Now I'll get into the information part of it. Well, I may as well begin in the beginning . . . you know what I mean. Mr. Whitney was born on December 8, 1769 in Westborough, Massachusetts. He was one of the first great American inventors. It probably began early on because he always enjoyed toying with objects. He loved to build and take apart items. When he was twelve, he made a violin. Shortly after, when he was in his teens, he established a prominent nail making business. Later on, 1783-1789 to be exact, he taught grammar school in Westborough. When he'd had enough of that, he entered Yale in 1789, then graduated in 1792. After Yale, he journeyed to Savannah, Georgia to teach and study law. There he met Catherine Littlefield Greene. She invited him as a guest to stay in her home while he studied law. Eli believed he should start fixing things to earn his keep around the house. After many of the visitors to Mrs. Greene's house, a certain couple began to discuss the south and their needs. Eventually, the talk fell upon cotton, and how useless the cotton that grew there was. It took ten hours of hand work to separate the cotton from the seeds. That was when Mrs. Greene suggested they ask Mr. Whitney. She said: quote "Gentlemen, apply to my young friend, Mr. Whitney. He can make anything." Unquote. He watched how people would go about doing this and in ten days, he had created a prototype of the

Reaction Paper About the Guest Speaker

Reaction Paper about the Guest Speaker Last Wednesday, September 5, 2012, was our National Science Month Celebration with the theme: â€Å"Science in the K-12 curriculum, sustaining a better future. † Our guest speaker was born on July 15, 1965 in Cotabato City. She finished her study on Western Mindanao State University in 1978 as third honourable mention. She passed the examination for the qualifications on studying in Philippines Science High School and studied in Philippines Science High School-Diliman as a DOST scholar. She studied BS Agricultural Engineering in UP Los Banos on 1988 and passed the board exam as ninth placer.I was so amazed when I heard that the person in front of us talking got ninth place on an Engineering Board Exam. She is now a Provincial Science Officer in Cotabato Province. Her husband is Condo N. Pham Jr. and has 4 children. She is non-other than Engr. Normina B. Pham. Her topic is about innovation. She also shared about their reunion. Engineer sai d that in more than 240 elementary students passed the examination in Philippines Science High School, only 175 students graduated. Her classmates are now Vice President of Ateneo, bosses of young stars today, scientists that are finding cure to vaccines, AIDS, HIV and etc.She also talked about the birth of call center ten years ago. The call center’s birth is also the birth of cybersex which has clients all over the world. She also said that innovation must be replicated. You must deliberate the information you’ve got, have imagination and initiative. Students are more productive on imagination than teachers. She said that we should bring in changes in our community. Do better in what you are doing now. And I quote, â€Å"The Future depends on you. † -Reyel Joy E. Gauran III-Emerald

Amnesty is Already a Verb

Amnesty is Already a Verb Amnesty is Already a Verb Amnesty is Already a Verb By Maeve Maddox A reader questions a word she heard spoken by a Fox News announcer: [The announcer used] the non-word â€Å"amnetize† to mean â€Å"granting amnesty to.† Just to make sure that it is not a real word, I looked it up as â€Å"amnetize† and â€Å"amnitize.† How can we stop this grammatical ugliness before it spreads? There’s no entry for amnetize in either the Oxford English Dictionary or in Merriam-Webster. I checked the Ngram Viewer as well: no sign of it there. According to OED and M-W, the verb that means â€Å"grant amnesty to† has the same form as the noun: OED amnesty (verb): To give amnesty to, to admit to amnesty; to proclaim the overlooking of the past offences of (rebels). M-W amnesty (transitive verb): to grant amnesty to A Google search for the verb amnetizewith and without quotation marksgarnered only about 300 hits. The two contexts in which I found the verb form amnetize were in discussions of sports contracts and in posts critical of US immigration policy: What is the rush to amnetize Scola? To make room for Howard? That’ll be the subject of a third amnesty in a few years unless the bureaucrats amnetize-as-they-go. There isnt an Illegal Alien he won’t Amnetize!    the obama minions will soon amnetize 40+ million new voters Im sitting down to type an argument that says the Spurs shouldnt and wont amnetize Richard Jefferson this season. One writer questions the validity of the word even while using it; another encloses it in quotation marks to indicate that the word is being used in a nonstandard way: Obama and the democrats want badly to amnetize (is that a word?) all 12-20 million illegals. With the vast majority of ‘amnetized’ illegals voting Democrat, they will take the next presidential election. The kind of amnesty meant in the context of sports refers to â€Å"amnesty clauses† in contracts between players and franchises: The Amnesty Clause is a clause negotiated into the newly ratified Collective Bargaining Agreement between the players and owners which allows a team to release one player from their roster and be free of any financial obligations to that player.  This was added to allow teams to clear salary cap space in preparation for new salary cap rules.   A player who is released under this program is said to be â€Å"amnestied.† Sporting Charts Dictionary Note that this official definition uses the verb form amnestied and not amnetized. Bottom line: The standard verb that goes with the noun amnesty is amnesty, not â€Å"amnetize.† 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 Misused Words category, check our popular posts, or choose a related post below:Arrive To vs. Arrive AtUsed To vs. Use ToHow Long Should a Synopsis Be?

Profile of Serial Killer and Rapist Henry Louis Wallace

Profile of Serial Killer and Rapist Henry Louis Wallace Serial killer Henry Louis Wallace killing spree began in 1990 with the murder of Tashonda Bethea in his hometown of Barnwell, South Carolina. He went on to rape and murder nine  women in Charlotte, North Carolina between 1992 and 1994. He was arrested on March 13, 1994. After a subsequent trial and conviction, Wallace (a.k.a. The Taco Bell Strangler) was given death penalty on nine counts and is awaiting the sentence to be carried out. Early Life Henry Louis Wallace was born on November 4, 1965, in Barnwell, South Carolina, to Lottie Mae Wallace, a single mother. The home Wallace shared with his older sister (by three years), his mother, and his great-grandmother had no plumbing or electricity. Wallaces mother was a strict disciplinarian who had little patience for her young son. She did not get along with her mother, either, and the two argued constantly. Despite the fact that Lottie worked long hours at a full-time job in a textile mill, the family had very little money. As Wallace outgrew out his clothing, he was given his sisters hand-me-downs to wear.  When Lottie felt the children needed to be disciplined, and she was too tired to do it herself, shed often make Wallace and his sister get a switch from the yard and whip each other. High School and College Despite his volatile home life, Wallace was popular at Barnwell High School. He was on the student council and. His mother would not allow him to play football, so he became a cheerleader instead. Wallace enjoyed high school and the positive feedback he received from other students, but academically his performance was less than stellar. After graduating in 1983, he attended one semester at South Carolina State College and one semester at a technical college. At the time, Wallace worked part-time as a disc jockey, which he preferred to college. Unfortunately, his radio career was short-lived. He was fired after he was caught stealing CDs. Navy, Marriage And a Downward Spiral With nothing holding him in Barnwell, Wallace joined U.S. Naval Reserve. From all reports, he did what he was told to do and he did it well.  In 1985, he married high school classmate, Maretta Brabham. In addition to becoming a husband, he also took on the role of stepfather to Brabhams daughter.   Not long after he was married, Wallace began using drugs- and his drug of choice was crack cocaine. To pay for the narcotics, he began burglarizing homes and businesses. While stationed in Washington, he was served with burglary warrants for crimes  in the  Seattle  metro area. In January 1988, he was arrested for breaking into a hardware store, and later plead guilty to a charge of second-degree burglary. The judge sentenced him to two years of supervised  probation but according to his probation officer, Wallace blew off most of the mandatory meetings. In February 1991, Wallace broke into his old high school and the radio station where he once worked. He stole video and recording equipment and was caught trying to pawn them. In 1992, he was arrested for breaking and entering. Due to his near-perfect service record, Wallace managed to get an Honorable Discharge from the Navy when his criminal activity came to light, but he was sent on his way. Shortly thereafter, his wife him. In November of that year, he relocated to Charlotte, North Carolina where he found work at several fast-food restaurants. Wallace's Murder Time Line In early 1990, Wallace murdered Tashonda Bethea in his hometown of Barnwell, and then dumped her body in a lake. Her corpse was not discovered until weeks later. Wallace was questioned by the police regarding her disappearance but was never formally charged in her murder. He was also questioned in connection with the attempted rape of a 16-year-old Barnwell girl, but again, was not charged.In May 1992, Wallace picked up Sharon Nance, a convicted drug dealer and known prostitute. When she demanded payment for her services, Wallace beat her to death, then dropped her body by the railroad tracks. She was found a few days later.In June 1992, he raped and strangled Caroline Love at her apartment, then dumped her body in a wooded area. Love was a friend of Wallaces girlfriend. After he killed her, he and her sister filed a missing persons report at the police station. It would be almost two years (March 1994) before her body was discovered.On February 19, 1993, Wallace strangled Shawna Haw k at her home after first having sex with her and later went to her funeral. Hawk worked at Taco Bell, where Wallace was her supervisor. In March 1993, Hawks mother, Dee Sumpter, and her godmother Judy Williams founded Mothers of Murdered Offspring, a Charlotte-based support group for parents of murdered children.On June 22, he raped and strangled coworker Audrey Spain. Her body was found two days later.On August 10, 1993, Wallace raped and strangled Valencia M. Jumper- a friend of his sister- then set her on fire to cover up his crime. A few days after her murder, he and his sister went to Valencias funeral.A month later, in September 1993, he went to the apartment of Michelle Stinson, a struggling college student and single mother of two sons. Stinson was a friend of his from Taco Bell. He raped her and then, sometime later, strangled and stabbed her in front of her eldest son.On February 4, 1994, Wallace was arrested for shoplifting, but police had not made a connection between h im and the murders. On February 20, 1994, Wallace strangled Vanessa Little Mack, another Taco Bell employee, in her apartment. Mack had two daughters, aged 7 and 4 months at the time of her death.On March 8, 1994, Wallace robbed and strangled Betty Jean Baucom. Baucom and Wallaces girlfriend were co-workers. Afterward, he took valuables from the house and left the apartment, taking her car. He pawned everything except the car, which he left at a shopping center.Wallace went back to the same apartment complex on the night of March 8, 1994, knowing that a man named Berness Woods would be at work and would have access to Woods girlfriend, Brandi June Henderson. Wallace raped Henderson while she held her baby, and then strangled her. He also strangled her son, but the boy survived. Afterward, Wallace took some valuables from the apartment and left.The police beefed up patrols in east Charlotte after two bodies of young black women were found at The Lake apartment complex. Even so, Walla ce sneaked through to rob and strangle Deborah Ann Slaughter, who had been a co-worker of his girlfriend, and stabbed her 38 times in the stomach and chest. Her body was found on March 12, 1994. Arrest, Trial, and Aftermath Wallace was arrested on March 13, 1994. For 12 hours, he confessed to the murders of 10 women in Charlotte. He described in detail the womens appearances; how hed raped, robbed, and killed them; and spoke about his crack addiction. Over the next two years, Wallaces trial was delayed due to the choice of venue, DNA evidence from murdered victims, and jury selection. Proceedings began in September 1996. On January 7, 1997, Wallace was found guilty of nine murders. On January 29, he was sentenced to nine death sentences. On June 5, 1998, Wallace married a former prison nurse, Rebecca Torrijas, in a ceremony that was held next to the execution chamber where he has been sentenced to die. Since his conviction, Wallace has made several appeals in an attempt to overturn his death sentences. He stated that his confessions had been coerced and his Constitutional rights had been violated.  In 2000, North Carolina’s Supreme Court upheld the death sentences. His appeal to the U.S. Supreme Court was denied in 2001, and in 2005, Superior Court Judge Charles Lamm rejected a further appeal to overturn Wallace’s convictions and nine death sentences.

A Political Life of Pablo Picasso Research Paper

A Political Life of Pablo Picasso - Research Paper Example The research paper "A Political Life of Pablo Picasso" highlights Pablo Picasso's political side of life. Pablo Picasso is one of the pre-eminent artists of the twentieth century, having mastered various art forms such as painting, sculpting, print-making, ceramic-making and stage designing. Alongside Henri Matisse and Marcel Duchamp, Picasso is considered to have revolutionized plastic arts in the early part of the twentieth century. His political commitments have been one of the most underexplored areas of his life and work. But new scholarship and evidence from exhibitions identify the political facet of Pablo Picasso. This essay will argue that though not much publicized or documented Picasso held strong political beliefs. This is evident from the events of his personal life and the content of his artistic works. Although art critics often suggest that art should transcend politics, this assertion does not always holds true. The most important event in Picasso’s life, whic h betrays his strong political sympathies, is his joining the French Communist Party in 1944. Picasso’s contribution to the party came via his three drawings of Maurice Thorez in 1945. He also gifted to the Communist town of Vallauris, his sculpture L’homme au mouton. The painting ‘The Peace Dove’, produced in the aftermath of the the Second World War is further evidence for the link between the aesthetics and politics of the great painter. Picasso’s deep involvement with Leftist politics is made obvious through his 1953 portrait of Stalin.

Why is stress such a major concern for employers today Essay

Why is stress such a major concern for employers today - Essay Example People, who can take it as an opportunity or challenge, can improve their performances and make a mark. The different factors that cause stress are known as stressors. The environmental stressors include economic, political and technological changes. Organisational structure is always influenced by economic environment of the country and this has been more closely realised in the current global financial turmoil. Because of economic slowdown in most of the developed nations, organisations have been forced to change their structure in the form of cost reduction, halting production and most importantly reducing employee strength by lay off or even permanent job cuts. This has created immense stress on employees. Their anxiousness gone to extreme high as their job security declined. Organisations are often forced to change their structure because of various political reasons. When a country is politically restless, organisational structure also becomes unstable because of that. For an instance, when East Germany integrated to West Germany many people were under stress of loosing job, changing organisational culture etc. Another important environmental factor is technological change. In this advanced age of information, everyday a new technology is getting invented. Because of these new technological inventions, an employee’s skill or experience might become obsolete at a very short period of time. Consequently, a person might come under huge stress of loosing importance in the current system of operation. Some times implementation of new technology in organisation leads to even reduction in number of employees if few of them found not suited for that new platform. These things make employees to come under huge mental stress. Role demands include the pressure of performing a job which the person is not supposed to do, when the role itself is not clear to the