Product plcmnt s nw trnd n th UK Essay Example | Topics and Well Written Essays - 14500 words

Product plcmnt s nw trnd n th UK - Essay Example Two of thÐ µ Ð µxponÐ µntÃ'â€"Ð °l growth of dÃ'â€"gÃ'â€"tÐ °l-onlÃ'â€"nÐ µ modÐ µs, such Ð °s wÐ µbsÃ'â€"tÐ µ, Ð µ-mÐ °Ã'â€"l, cÐ µll phonÐ µ modÐ µs Ð °nd product plÐ °cÐ µmÐ µnt. Product plÐ °cÐ µmÐ µnt Ã'â€"s, Ã'â€"n Ð ° mÐ °nnÐ µr dÐ µpÐ µndÐ µnt on "InsÃ'â€"dÐ µr" rÐ µsÐ µÃ °rch. AspÐ µct hÐ °s not bÐ µÃ µn formÐ °lly Ã'â€"dÐ µntÃ'â€"fÃ'â€"Ð µd Ã'â€"n thÐ µsÐ µ studÃ'â€"Ð µs, thÐ µ rÐ µspondÐ µnts undÐ µrstÐ °nd thÐ µ concÐ µpt of product plÐ °cÐ µmÐ µnt. ThÃ'â€"s suggÐ µsts thÐ °t rÐ µspondÐ µnts Ã'â€"n Al KÐ °rrh ET. study wÃ'â€"ll bÐ µ rÐ µquÐ µstÐ µd to Ð °ddrÐ µss product plÐ °cÐ µmÐ µnt Ð °s "pÐ °Ã'â€"d to thÐ µ lÐ °bÐ µlÐ µd products, or Ð µmblÐ µm of Ã'â€"dÐ µntÃ'â€"ty, usÃ'â€"ng Ð °udÃ'â€"o Ð °nd / or vÃ'â€"suÐ °l Ð µntÐ °Ã'â€"ls progrÐ °mmÃ'â€"ng wÃ'â€"thÃ'â€"n thÐ µ mÐ °ss of thÐ µ nÐ µwspÐ °pÐ µrs" (KÐ °rrh, 1998, p. 33). RussÐ µll Ð °nd BÐ µlch (2005) ThÐ µ usÐ µ of hybrÃ'â €"d pÐ µrÃ'â€"ods of promotÃ'â€"on Ð °nd sponsorshÃ'â€"p wÃ'â€"thÃ'â€"n thÐ µ contÐ µxt of product plÐ °cÐ µmÐ µnt Ð °nd sponsor-ownÐ µd clÐ °ssÃ'â€"fÃ'â€"Ð µd dÃ'â€"splÐ °ys (such Ð °s Ð µÃ °rly wÃ'â€"rÐ µlÐ µss "soÐ °p opÐ µrÐ °") Ð °s Ð °n Ð µxÐ °mplÐ µ of Product PlÐ °cÐ µmÐ µnt. VolumÐ µ numÐ µrous dÃ'â€"stÃ'â€"nctÃ'â€"ons, whÃ'â€"ch lÃ'â€"vÐ µ for product plÐ °cÐ µmÐ µnt (FÃ'â€"g. 1) suggÐ µsts thÐ °t product plÐ °cÐ µmÐ µnt Ã'â€"ncludÐ µs Ð ° progrÐ °m dÐ µsÃ'â€"gnÐ µd to support thÐ µ logo Ð °nd thÐ µ plÐ °cÐ µmÐ µnt Ã'â€"s dÐ µsÃ'â€"gnÐ µd to support thÐ µ Ð µvÐ µnt contÐ µnt, Ð °nd possÃ'â€"bly Ð ° pÃ'â€"cturÐ µ of sponsorshÃ'â€"p. If thÃ'â€"nkÃ'â€"ng Ð °bout product plÐ °cÐ µmÐ µnt Ð °s "brÐ °ndÐ µd Ð µntÐ µrtÐ °Ã'â€"nmÐ µnt", Ð °s proposÐ µd by Hudson Ð °nd Hudson (2006), covÐ µrs Ð °ll thÐ µ followÃ'â€"ng sÃ'â€"tuÐ °tÃ'â€"on mÐ °y dÐ µsÃ'â€"gnÐ °tÐ µ Ð °s thÐ µ product plÐ °cÐ µmÐ µnt: †¢ thÐ µ Ð µvÐ µnt Ã'â€"s ownÐ µd Ð °nd / or strongly Ð °pprovÐ µd thÐ µ logo, whÐ µrÐ µ only onÐ µ Ð µmblÐ µm Ã'â€"s Ð ° pÐ °rtnÐ µr of thÐ µ Ð µvÐ µnt (dÐ µmonstrÐ °tÃ'â€"on, Ð µÃ °rly wÃ'â€"rÐ µlÐ µss dÃ'â€"splÐ °ys such Ð °s Lux ThÐ µÃ °trÐ µ Ð °nd Lucky StrÃ'â€"kÐ µ ProgrÐ °m wÃ'â€"th JÐ °ck... ThÐ µ Ð µvÐ µnt hÐ °s Ð µvolvÐ µd to support thÐ µ logo, Ð °lthough Ð ° fÐ µw pÐ µrÃ'â€"ods of plÐ µnty, tÃ'â€"mÐ µs of "AdvÐ µrtÃ'â€"sÃ'â€"ng" Ð °nd "Ð °dvÐ µrgÐ °mÃ'â€"ng" Ð °rÐ µ most rÐ µlÐ µvÐ °nt to thÐ °t concÐ µpt Ð °nd thÐ µ bÐ µst known. AdvÐ µrgÐ °mÃ'â€"ng sÐ µÃ µs thÐ µ logo Ã'â€"ntroducÐ µd Ã'â€"n sports computÐ µr Ð °nd dÐ µmonstrÐ °tÃ'â€"ons Ã'â€"ncludÐ µ NÐ µstlÐ µ NÐ µsquÃ'â€"ck Ð °nd KÐ µllogg's CocoPops sÃ'â€"tÐ µs, BÐ °skÐ µtbÐ °ll Ð °dvÐ µrgÐ °mÐ µ for SprÃ'â€"tÐ µ Ã'â€"s Ð °ssocÃ'â€"Ð °tÐ µd wÃ'â€"th thÐ µ lÐ °st FIBA World ChÐ °mpÃ'â€"onshÃ'â€"p Ã'â€"n bÐ °skÐ µtbÐ °ll, whÃ'â€"lÐ µ BÐ °rclÐ °ys communÐ °l Ð °dvÐ µrgÐ °mÐ µ TrÐ °nsÐ °Ã'â€"d ChÐ °llÐ µngÐ µ, to support thÐ µ bÐ µnÐ µvolÐ µnt humÐ °nÃ'â€"ty Ð °ssÐ µmbly TrÐ °nsÐ °Ã'â€"d, whÃ'â€"ch works (pÐ °rtÃ'â€"culÐ °rly Ã'â€"n AfrÃ'â€"cÐ °) to Ð °dvÐ °ncÐ µ through thÐ µ trÐ °nsport Ã'â€"s orgÐ °nÃ'â€"zÐ µd Ð °nd gà 'â€"vÐ µ pÐ µoplÐ µ bÐ µttÐ µr Ð °ccÐ µss to bÐ °sÃ'â€"c sÐ µrvÃ'â€"cÐ µs such Ð °s hÐ µÃ °lth Ð °nd lÃ'â€"vÐ µlÃ'â€"hoods. AdvÐ µrtÃ'â€"sÃ'â€"ng rÐ µfÐ µrs to thÐ µ contÐ µnt or thÐ µ Ð µmblÐ µm of clÃ'â€"ps supplÃ'â€"Ð µd Ð °s mÃ'â€"nÃ'â€"-movÃ'â€"Ð µs, whÐ µn thÐ µ clÐ °ss of thÐ µ nÐ °mÐ µ of thÐ µ Ð °dvÐ µrtÃ'â€"sÐ µr. ExÐ °mplÐ µs Ã'â€"ncludÐ µ thÐ µ BMW lÐ µÃ °sÐ µ, stÐ °rrÃ'â€"ng ClÃ'â€"vÐ µ OwÐ µn, Ð ° BrÃ'â€"tÃ'â€"sh plÐ °yÐ µr, Ð °nd thÐ µ dÐ µvÐ µlopmÐ µnt of Skyy vodkÐ ° from www.skyy.com whÃ'â€"ch housÐ µs somÐ µ of thÐ µ mÃ'â€"nÃ'â€"-movÃ'â€"Ð µs.†¢ Ð °ctÃ'â€"vÃ'â€"tÃ'â€"Ð µs Ã'â€"n whÃ'â€"ch thÐ µ Ð µmblÐ µm usÐ µd Ð °s props to Ð µnhÐ °ncÐ µ / support thÐ µ Ð µvÐ µnt contÐ µnt (Ð °t thÐ µ dÃ'â€"scrÐ µtÃ'â€"on of thÐ µ crÐ µÃ °tor of thÐ µ Ð µvÐ µnts). BrÐ °nds usÐ µ thÃ'â€"s pÐ °th cÐ °n bÐ µ chosÐ µn Ã'â€"n rÐ µlÐ °tÃ'â€"on to thÐ µ Ð µvÐ µnts crÐ µÃ °tor for pÐ °y or wÃ'â€"thout pÐ °y, whÃ'â€"lÐ µ thÐ µ prÐ µvÃ'â€"ous Ã'â€"s morÐ µ common.RussÐ µll Ð °nd BÐ µlch (2005) ThÐ µ usÐ µ of hybrÃ'â€"d Ð °rrÐ °ngÐ µmÐ µnts bÐ µtwÐ µÃ µn promotÃ'â€"on to thÐ µ fÃ'â€"rst stÐ °tus, Ð °nd Hudson Ð °nd Hudson (2006) mÐ °rkÐ µd Ð ° pÐ µrÃ'â€"od of Ð µntÐ µrtÐ °Ã'â€"nmÐ µnt Ð °rrÐ °ngÐ µmÐ µnts wÃ'â€"th Ð °ll thrÐ µÃ µ. TrÐ °dÃ'â€"tÃ'â€"onÐ °l pÐ µrformÐ °ncÐ µ Ð µvÐ °luÐ °tÃ'â€"on for Ð °ny kÃ'â€"nd of Ã'â€"nvÐ µstmÐ µnt Ã'â€"t wÐ °s rÐ µcollÐ µctÃ'â€"on Ð µstÃ'â€"mÐ °tÐ µs.

Madrigal leading up to Monteverd

Madrigal leading up to Monteverd Account of the evolution of the Madrigal leading up to Monteverdi. Madrigals are secular songs for all voices. It formed the basis of poems and sonnets set to music, and various other types of poetry. The first generation of Madrigals were set for four voices; these were (cantus) Soprano (altus) Also (tenor) tenor and (bassus) bass. Madrigals dealt freely with the music, mainly of a homophonic and contrapuntal textures, in a series of overlapping sections and consistent use of imitation. The Madrigal was written for all voices, except at the time, of sacred music, which was written for male voices only. Madrigals in the fifteenth century were written in the vernacular. At this time there was an international style of music. The sixteenth century goes development of voices and new influences. The development of the Italian Madrigal is in three stages. This progression is shown in the third generation madrigal composer, Monteverdi. The Madrigal development spans from 1530 to 1620 approximately. This is at the same time as the end of the Renaissance period and the baroque period. With the development of instruments at this time, harmony was adapted and instruments were brought together to create a contrast of new music. This illustrates the development along with the Madrigals, and how they developed with the music. The First Generation of Madrigals includes composers such as Jaques Arcadelt (ca. 1507 1568). He was a Franco-Flemish composer, and worked in Florence, Rome and France. Arcadelts composition Il bianco e dolce cigno was first published as a set of Madrigals in 1538, and is the most famous of the early Madrigals. This work is predominantly homophonic, and uses imitation for harmonies of 3rds and 5ths. The piece has four parts, and is predominantly consonant, apart from a few suspensions and resolutions. The typical sixteenth century Madrigal is through composed, meaning nothing is repeated and is continuous. Thus, all new words have new music. This is also very typical as it is set for 4 voices. The meanings of the words is the most important part of the madrigal, thus, the words are drawn out over a long moving melody and occasional use of dissonance and chromatic usage, to show the connotation of the words. Mid-sixteenth century (the second generation), Madrigals now consist of 5 to the maximum of 6 voices. This shows the steady progression of Madrigals from the first to the second generation. Cipriano De Rore (1546 1565) who composed Da le belle contrade doriente around 1560 1566. In this madrigal, the woman expresses sorrow that her lover is about to depart. The composer chose intervals associated with sadness and reflected the natural speech inflection. He also includes Melisma, dissonant notes, and a lot more chromaticism, and breaking phrases, to really draw out the emotion of the words. This has clearly adapted from the first generation of Madrigals, more technically demanding and increased range and use of cross rhythms than that of earlier Madrigals. The Third generation of madrigals occurred around the late sixteenth century. In this period, this launched the Baroque era, and experimentation and development of harmony and literal context. A highly experimental composer was Luca Marenzio (1553 1599) who composed Solo e pensoso 1590. It starts with an ascending chromatic sequence, which demonstrates the use of experimentation with harmony at this time from the earlier Madrigals, hence, with the chromatic opening and harmonic usage. The texture in this generation is much broader in its approach and fuller than that of earlier Madrigals. At this point, Madrigals would have been sung for a purpose, because earlier Madrigals were sung just for the enjoyment for the singers. Another third generation composer was Carlo Gesualdo (1560 1613). His use of experimentation with madrigals continued to be used throughout into the Baroque era, with such contrasts between chromatic and harmonic passages, to express the meanings of the words and convey the emotion. His Madrigal ‘lo parto e non piu dissi, is experimental both harmonically and rhythmically. This is highly dissonant due to the chromaticism in all parts of the melody and countermelodies. In short, the Madrigal took course of several changed throughout the three generations. Its harmonic progression becoming more complicated and experimentation with rhythms progressed through the sixteenth century and was a primary key of basic song writing for the Baroque era.

History :: essays research papers

Robert E. Lee: this Confederate commander outgeneraled McClellan. Jefferson Davis: first and last president of the confederacy, he wasn’t a very good president even though he served at the Mexican war. Ulysses S. Grant: wasn’t good at anything except war, but he was one of the best at that. With the help of gunboats, Grant captured two major Confederate forts: Fort Henry on the Tennessee river and Fort Donelson on the Cumberland river. The latter exploit gained him a nickname. When the Confederate commander asked for surrender terms, Grant replied â€Å"No terms except unconditional and immediate surrender can be accepted.† From then on, Grant was known as unconditional surrender Grant. Abraham Lincoln: Stonewall Jackson: commanded an army from Virginia. Got the name Stonewall for being the main rason the confederate won the first battle of bull run. William T. Sherman: commander general appointed by Grant to command the Union army in Tennessee. His army was able to fight I way from Tennessee through Georgia to the Atlantic coast and then move north through the Carolinas. P.G.T. Beaureguard: commander general for the confederate army, April 12th 1861 he gave order to fire the cannon at Fort Sumter. This was the start of the Civil War. William McClellan: Copperheads: Northern Democrats Ironclads: first type of submarines. Did not play a big role but where new technology made during the war. Ft. Sumter: By the time Lincoln was inaugurated this was one of the last two forts in confederate states that remained in Union hands. It stood at the mouth of the harbor in Charleston, South Carolina. It was built out of heavy brick but was within easy range of cannon positioned on the nearby shore. Confederates wanted to take control of this fort because it symbolized union power. On April 12th when the first shots were fire on Ft. Sumter is began the Civil War. Battle of Antietam: First battle of Bull Run: Here at the little creek of Bull Run Northern soldiers confronted an equally inexperienced Confederate army. The civilian population was similarly unacquainted with the realities of war. In Washington ladies and gentlemen put on their best clothes and mounted their carriages and horses. Carrying picnic baskets and iced champagne they rode out to observe the battle. At first the Union forces had the upper hand. In the middle of the day more Virginian troops arrived with Stonewall Jackson. The made a very strong stand which gave their general the name Stonewall.

African-Americans Volunteer to Join Ww1 Essay

I am happy to write on behalf of Jorida Petritaj. As her English Language Learner’s teacher for the past three years, I have gotten to know her well, and can appreciate what an extraordinary person she is. Jorida has worked very hard these past three years I have known her, and I have seen her grow not only in her English proficiency, but in her academics across the board. She has set high standards for herself, and maintains these standards consistently throughout high school. She has earned the respect of teachers and peers. Jorida came to Affton High School her freshmen year of high school from Albania, and in spite of her limited English proficiency has excelled in each of her classes, and has chosen to take honors classes as well. She works very hard, and helps other ESOL students who are new to Affton. In spite of all of the difficulties that a high school student endures both socially, and academically, Jorida has matured and made choices that have given her excellent opportunities in the Affton community. As an outstanding citizen, I have seen her assist other students during the school year. She genuinely has a desire to see others learn when they are struggling. Her empathy is evident in the way she engages with other students. She has worked during her high school years to help her family. Her family made the decision to come to America so Jorida and her little brother Gledi would have greater academic opportunities. Jorida has taken full advantage of this gift by following her dream of working in the pharmaceutical field by attending South County Technical’s Pharmacy School. Jorida will be an asset to any program that she attends. She will thrive in any setting: academically, socially, and professionally. Your consideration for this deserving student is deeply appreciated.

Poultry Rearing. Essay

A prospective poultry producer is expected to furnish and maintain the best possible housing, equipment and daily management to assure maximum performance. Marketing needs may change your types of production such as sizes of the birds. The industry produces small birds for Cornish hens, very large birds for deboning and all sizes in between. Cooperation by the companies and poultry producers will help both be successful. Below are some facts that may help you decide if poultry farming is for you. Poultry Houses 1. A contract to grow poultry must be made with a poultry company before building any poultry houses. . Property should be located where access to the complex facilities – feed mill, processing plant, hatchery etc. – is relatively easy. 3. Poultry houses must conform to industry standards and may vary from company to company. 4. Poultry house equipment must conform to industry standards and may vary as well. 5. Poultry house locations are regulated by the S. C. D HEC 6. The areas around the poultry buildings must be able to accommodate feed trucks, catch and haul equipment and other traffic. 7. Size and number of houses will be decided upon with the poultry company before any construction. . If you are considering purchasing an existing poultry operation, the company that you will be growing for needs to visit the property along with you to determine if it is suitable for growing birds. At this time, building improvements and extra equipment can be discussed. Finances 1. The lending agency that you decide to use will help you with the financial arrangement. 2. Levels of income from the proposed poultry operation need to be reviewed with company personnel. Study the contracts carefully. You cannot plan on getting average pay on the contact each flock. You should plan to have reserves to cover your expenses in the case of low pay periods and longer times due to market conditions etc. There is no set amount of income you can expect to receive? however, the financial swings in poultry are less than other commodities. 3. Enough insurance to cover the cost of buildings and loss of income following a disaster – storm, ice etc. is a must. It should be reviewed annually to determine that the farm is adequately covered. 4. Money management and cash flow are very important as well as a good financial record keeping system for the poultry operation. Other Considerations . Your poultry company will have a management program that all growers are expected to follow. Your field representative will work closely with you on what is expected and the best ways to produce a quality product. You need to discuss the time required to manage your houses so that you may plan for labor needs. 2. Keep your buildings and equipment properly maintained and in top working order. Preventative maintenance is a daily job. More maintenance is required on an older house and equipment. 3. Always be ready in advance for bird arrival. Your field representative will work with you to prepare your houses. The first few days are critical to good performance. 4. The house must be at the proper temperature (to program specifications), feed and water ready and environmental controls working properly. 5. Be prepared to spend considerable time with your flock, especially during the first few days, to assure proper environment and husbandry. 6. Keep good flock records—mortality, feed deliveries, vaccinations, etc. 7. Collect and dispose of dead birds daily, along with monitoring feed, water and air. Good housekeeping is vital to success. 8. Your main job is to manage the flock throughout the production period. Report problems to your field representative immediately. 9. Be aware that the size of the birds produced and time between batches may vary according to market demand. 10. Vacation needs to be scheduled around flocks. 11. Be vigilant in your biosecurity. Allow only authorized personnel on the farm, avoid going to other farms yourself and avoid contact with all other forms of poultry. Critical Management Factors 1. Temperature – Should be kept at optimum level regardless of age of birds or season. Your system should be able to respond to changing weather conditions night and day. 2. Ventilation – replaces oxygen used by birds, removes moisture and ammonia and must continually be monitored. 3. Feed and water – Keep plentiful and clean according to production program. 4. Husbandry – study the flock daily for signs of discomfort, disease, proper feed and water consumption. With experience, you should be able to look at the birds and determine if they have a problem. 5. Understand that you are working with a live animal that may have special needs. 6. Culling chickens is a key part of the job. Outside the House 1. Disposal of dead birds must be done according to state regulations. Your field manager will recommend proper methods. 2. Depending on the size of your operation, you may need additional equipment. 3. Keep a supply of spare parts for inhouse equipment, so that problems can be solved quickly. 4. No run off water should be able to get into the house. Keep drainage around the houses open and operable. 5. All access roads need to be in good shape with easy access to feed bins and poultry houses. 6. Weeds and grass need to be mowed around the house and farm to reduce rodent and other problems. 7. Understand environmental challenges created by poultry operations such as dust, smell, nutrient management, etc. . No chemicals, pesticides, herbicides, insecticides or medications should be used in or around poultry houses without approval by company. Conclusion The suggestions listed above may not fit all situations and company programs. Work closely with your field representatives to conform to company policy and assure success in your operation. Â · It is rec ommended that you work in a poultry operation before getting into the business. Â · Understand that this is a long term decision. Â · This list may not necessarily reflect what will happen on every farm.

Edgar allen poes fall of the h

Edgar allen poes fall of the h The Fall of the House of Usher In Edgar Allen Poe's, "Fall of the House of Usher", Poe utilizes life-like characteristics of a decaying house to give it an unnatural or supernatural atmosphere, and in effect bring it's inhabitants to their impending doom.From the beginning of the story, the house is given a supernatural and unusual atmosphere, Usher's house, its windows, bricks, and dungeon are all used to portray a dismal and unusual atmosphere. When the narrator is approaching the house of his friend, Roderick Usher, Poe refers to the house as the "melancholy House of Usher" (718). This could be interpreted as the house being in a state of depression, in reality houses don't have a sense of feeling, Poe is giving the house life with these words. This is the first sign of a supernatural or unusual atmosphere.When the narrator is examining the building from the outside he describes what he is seeing and how he feels as he looks upon the house, "the vacant eye-like windowsupon a few r ank sedges-and upon a few white trunks of decayed trees-with an utter depression of soul which I can compare to no earthly sensation more properly than to the after-dream of the reveller upon opium" (718).Roderick MacRae

Free Essays on A Love That Could Never Be

A Love That Could Never Be Have you ever loved someone so much, but you couldn’t be with them? In â€Å"The Scarlet Letter,† Nathaniel Hawthorne demonstrates a love that could never be with Hester Prynne and Arthur Dimmesdale. Since Hester was shone from a normal life in society after her acts of adultery, she could not be with the man she loved. Since Mr. Dimmesdale was the â€Å"saint on earth† (Hawthorne 251) he was also not able to show his affection towards Prynne in public or even in private. In the opening chapters we first begin to learn about Hester, but never about the man she committed adultery with. While on the scaffold the townspeople gather around her and watch as the magistrates try to convince her to tell who the man was. â€Å"Wondrous strength and generosity of a woman’s heart!†(Hawthorne 70) Hester loved this man so much she felt that it was no need for her to bring him down with her. So she stood up on the scaffold with the baby in her arms â€Å" And would that I might endure his agony, as well as mine!† (Hawthorne 71) Hester realizes that if she confesses the name of the man that it would not help them to be together but instead making it completely impossible. As the story progresses we learn more about the child that was born through this unholy union. â€Å"Thy heavenly Father sent thee!† (Hawthorne 102) Hester wouldn’t even reveal the name of her daughter’s father. Pearl would repeatedly ask who her father was but Hester would simply say the heavenly Father or ignore the question. She did this out of fear of the name of the man she loved getting out. If anyone in the town found out who this man was he would be ruined and so Hester would be just as miserable as she was. Pearl became the â€Å"mother’s only treasure† (Hawthorne 92) Pearl kept Hester alive and yet in some strange way punished her by reminding her of the dreaded sin that she committed. When we start to learn about Arthur Dimmesdale,... Free Essays on A Love That Could Never Be Free Essays on A Love That Could Never Be A Love That Could Never Be Have you ever loved someone so much, but you couldn’t be with them? In â€Å"The Scarlet Letter,† Nathaniel Hawthorne demonstrates a love that could never be with Hester Prynne and Arthur Dimmesdale. Since Hester was shone from a normal life in society after her acts of adultery, she could not be with the man she loved. Since Mr. Dimmesdale was the â€Å"saint on earth† (Hawthorne 251) he was also not able to show his affection towards Prynne in public or even in private. In the opening chapters we first begin to learn about Hester, but never about the man she committed adultery with. While on the scaffold the townspeople gather around her and watch as the magistrates try to convince her to tell who the man was. â€Å"Wondrous strength and generosity of a woman’s heart!†(Hawthorne 70) Hester loved this man so much she felt that it was no need for her to bring him down with her. So she stood up on the scaffold with the baby in her arms â€Å" And would that I might endure his agony, as well as mine!† (Hawthorne 71) Hester realizes that if she confesses the name of the man that it would not help them to be together but instead making it completely impossible. As the story progresses we learn more about the child that was born through this unholy union. â€Å"Thy heavenly Father sent thee!† (Hawthorne 102) Hester wouldn’t even reveal the name of her daughter’s father. Pearl would repeatedly ask who her father was but Hester would simply say the heavenly Father or ignore the question. She did this out of fear of the name of the man she loved getting out. If anyone in the town found out who this man was he would be ruined and so Hester would be just as miserable as she was. Pearl became the â€Å"mother’s only treasure† (Hawthorne 92) Pearl kept Hester alive and yet in some strange way punished her by reminding her of the dreaded sin that she committed. When we start to learn about Arthur Dimmesdale,...

Coffee Cup and Bomb Calorimetry

Coffee Cup and Bomb Calorimetry A calorimeter is a device used to measure the quantity of heat flow in a chemical reaction. Two of the most common types of calorimeters are the coffee cup calorimeter and the bomb calorimeter. Coffee Cup Calorimeter A coffee cup calorimeter is essentially a polystyrene (Styrofoam) cup with a lid. The cup is partially filled with a known volume of water and a thermometer is inserted through the lid of the cup so that its bulb is below the water surface. When a chemical reaction occurs in the coffee cup calorimeter, the heat of the reaction is absorbed by the water. The change in water temperature is used to calculate the amount of heat that has been absorbed (used to make products, so water temperature decreases) or evolved (lost to the water, so its temperature increases) in the reaction. Heat flow is calculated using the relation: q (specific heat) x m x Δt Where q is heat flow, m is mass in grams, and Δt is the change in temperature. The specific heat is the amount of heat required to raise the temperature of 1 gram of a substance 1 degree Celsius. The specific heat of water is 4.18 J/(g ·Ã‚ °C). For example, consider a chemical reaction that occurs in 200 grams of water with an initial temperature of 25.0 C. The reaction is allowed to proceed in the coffee cup calorimeter. As a result of the reaction, the temperature of the water changes to 31.0 C. The heat flow is calculated: qwater 4.18 J/(g ·Ã‚ °C) x 200 g x (31.0 C - 25.0 C) qwater 5.0 x 103 J The products of the reaction evolved 5,000 J of heat, which was lost to the water. The enthalpy change, ΔH, for the reaction is equal in magnitude but opposite in sign to the heat flow for the water: ΔHreaction -(qwater) Recall that for an exothermic reaction, ΔH 0, qwater is positive. The water absorbs heat from the reaction and an increase in temperature is seen. For an endothermic reaction, ΔH 0, qwater is negative. The water supplies heat for the reaction and a decrease in temperature is seen. Bomb Calorimeter A coffee cup calorimeter is great for measuring heat flow in a solution, but it cant be used for reactions that involve gases since they would escape from the cup. The coffee cup calorimeter cant be used for high-temperature reactions, either, because they would melt the cup. A bomb calorimeter is used to measure heat flows for gases and ​high-temperature reactions. A bomb calorimeter works in the same manner as a coffee cup calorimeter, with one big difference: In a coffee cup calorimeter, the reaction takes place in the water, while in a bomb calorimeter, the reaction takes place in a sealed metal container, which is placed in the water in an insulated container. Heat flow from the reaction crosses the walls of the sealed container to the water. The temperature difference of the water is measured, just as it was for a coffee cup calorimeter. Analysis of the heat flow is a bit more complex than it was for the coffee cup calorimeter because the heat flow into the metal parts of the calorimeter must be taken into account: qreaction - (qwater qbomb) where qwater 4.18 J/(g ·Ã‚ °C) x mwater x Δt The bomb has a fixed mass and specific heat. The mass of the bomb multiplied by its specific heat is sometimes termed the calorimeter constant, denoted by the symbol C with units of joules per degree Celsius. The calorimeter constant is determined experimentally and will vary from one calorimeter to the next. The heat flow of the bomb is: qbomb C x Δt Once the calorimeter constant is known, calculating heat flow is a simple matter. The pressure within a bomb calorimeter often changes during a reaction, so the heat flow may not be equal in magnitude to the enthalpy change.

Course reflection Essay Example | Topics and Well Written Essays - 500 words

Course reflection - Essay Example I learnt a lot of persuasive strategies including lexical features as well as images, logos, and color combinations. Assignment 1 inculcated a sense of being emotionally intelligent. I have learnt how to mould language and make use of different digital features to address my point rightly to the right person in the workplace. This assignment polished my critical analysis skills. Assignment 2 was a very important assignment from the professional point of view. One’s resume is one’s reflection before an employer, and so it has to be built very carefully and strategically. In Assignment 2, I not only learnt the way to make a resume but also the way to modify it according to the job I am applying for. Through this assignment, I learnt how to represent myself in writing and speak through writing. This assignment polished my technical and strategic skills. Assignment 3 was very important in the sense that it inculcated leadership and management skills in me. In organizations, leaders and managers have to regularly pass instructions to the followers and subordinates. This assignment helped me learn some effective design strategies and ways of passing instructions. I was weak in making memos and well-structured pamphlets before but now I am competent in it. Assignment 4 helped me take my writing skills to the next level. First I learnt how to write instructions, and then I learnt how to describe a process. I found some radical differences between the two. Having done this assignment, I can write operations in detail, assign responsibilities to the team members, and establish channels of communication as required. All of these are very important managerial skills. My career goals as a nurse are to be competent not only in delivering instructions to my colleagues and subordinates, but also to be emotionally intelligent, prudent, and caring toward the patients. This course has

President Bush's Crime Control Agenda Essay Example | Topics and Well Written Essays - 500 words

President Bush's Crime Control Agenda - Essay Example In the Des Moines IA GOP Debate in 1999, George Bush states his position on gun control: "I'm in favor of keeping guns out of the hands of people who shouldn't have them like felons & juveniles. I'm for enforcing the laws on the books.... We need to send a signal to people, don't be illegally selling guns and don't be illegally using guns. The best accountability for somebody who breaks the law with a gun is called jail, certain jail" (Who is George Bush 2007). In this statement it becomes notable that even though the president supports gun ownership, he sets specific rules and restrictions on how firearms should be handled. The gun control of Bush allows gun to be primarily used solely for hunting and self-protection. Believing in the right of a citizen and his family to be protected against threats of crimes, he stresses that "law-abiding citizens ought to be able to own a gun" (St. Louis Debate 2000) yet "we ought to get guns out of the hands of people who shouldn't have them" (St. Louis Debate 2000). Rigorous background checks are put in place in order to ascertain whether a person is allowed to own a gun. However, if gun laws are broken, people are held accountable for the consequences.

Social Security Program Essay Example | Topics and Well Written Essays - 500 words

Social Security Program - Essay Example Both the States and the Federal Government had started to distinguish that certain dangers in an inexorably industrialized economy could best be met through a social protection methodology to open welfare. That is, the contributory financing of social protection projects might guarantee that security was accessible as a matter of great with an open assistance approach whereby just those persons in need might be qualified for profits. In the United States, as in most streamlined nations, social protection first started with specialists remuneration (Mathews, 2014). A Federal law coating non military person workers of the Government in risky employments was received in 1908, and the first State recompense law to be held sacred was ordered in 1911. By 1929, specialists compensation laws were basically in everything except four States. These laws made industry answerable for the expenses of remunerating specialists. Advancement of U.S. programs has been logical and incremental, formulate d because of particular issues, and portrayed by an incredible level of decentralization (Livingston, 2008). The Office of the Chief Actuary (OCACT) arranges and coordinates a system of actuarial gauges and examines relating to the SSA-managed retirement, survivors and handicap protection programs and supplemental security pay program and to anticipated changes in these projects. Evaluates operations of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund; gauges future operations of the trust stores; behaviors investigations of project financing; performs actuarial and demographic research on social protection and related system issues; and appraisals future workloads. Provides specialized and consultative administrations to the Commissioner, the Board of Trustees of those two Trust

A Mighty Fortress Is Our God by J. S. Bach A Musical Report Essay

A Mighty Fortress Is Our God by J. S. Bach A Musical Report - Essay Example This "â€Å"A Mighty Fortress Is Our God† by J. S. Bach – A Musical Report" essay outlines the work of Johann Sebastian Bach. â€Å"A Mighty Fortress Is Our God† still holds popularity owing to the versatile musician J. S. Bach had become as he traveled frequently to several places, and his encounter of diverse cultures undoubtedly makes a significant impact on the musical artistry that presents the unfading memory of such music from his period. Besides being an organist, he was also recognized for possessing a beautiful soprano voice which, along with his special skills in playing the violin, continuo, and church choir performance, had withstood severe criticisms. His determination to pursue not just a career in music but also create an entire unique world around it as if a wonderful abode for an auditory refuge managed to build for him an enduring impression in which the heart of audience was drawn to a type of music readily capable of engaging human nature with profound sensibility as in the well-crafted â€Å"A Mighty Fortress Is Our God.† It would also amount to an inevitable appreciation of Bach regardless of the listener’s background on account of the flexibility his rendition took, for instance, when he came up with a musical composition which was styled in French at Luneberg. Bach’s influence on the baroque style in music is quite signified in the monophonic texture and volume of the hymn shaped out of its initially severe complex rhythmic structure. This piece shaped the baroque society by being the â€Å"Battle Hymn of the Reformation.†... Just as how a harpsichord was intended to establish the identity that is uniquely baroque for musical creations, the organ was similarly used to yield to the common objective of bringing a grotesque form in â€Å"A Mighty Fortress Is Our God.† This piece shaped the baroque society by being the â€Å"Battle Hymn of the Reformation,† which even during the early part of the 16th century had been sung upon entry to the Imperial Diet of the Worms when Luther defended his theses and critical beliefs against Catholic misdeeds. In a way, J.S. Bach’s rendition of the hymn (Ein’ Feste Burg ist unser Gott) reflected the erudite traits present in the opposing major religions that were tested in the midst of extravagant progress and by high philosophical intellects within the baroque society after the Age of Enlightenment in Europe. Being a music piece of the period of 1600-1750, Bach’s â€Å"A Mighty Fortress Is Our God† projects an essential attribute o f the baroque style as perceived through its grandiosity, irregularity, and strangeness. Compared to the music of the preceding Renaissance age, baroque music is found to be rich in various textures, levels of intensity, and melodies that seemed to form more embellished or intricate sound. To normal listeners, the characteristics of the original musical pieces of this era appeal to the senses not only emotionally but also experimentally. In either approach, a genius baroque musician had a particular unity of mood, form or style, and selection of instruments. By unity of mood, composers followed a specific kind of affection in generating rhythmic and melodic patterns such as those constituting â€Å"A Mighty Fortress Is Our God† and this affection unified the mood in music,

Issues in the Field of Engineering Essay Example | Topics and Well Written Essays - 1500 words

Issues in the Field of Engineering - Essay Example The carbon dioxide laser cutting and wielding machines applies the use of energy state transition which occurs between the rotational states and the vibration states of the carbon dioxide molecule to help in the emission of light long infrared. This wave1lengths often occurs at about 10 Â µm. The carbon dioxide lasers helps in the maintenance of continuous and high levels of the power applied, making them suitable in cutting and marking applications. They are often applied in the cutting of steel and super alloys at various power levels ranging from 1 to 5 kW. The lasers are also applied in the laser eye and in the correction of the laser vision. (Krar 51) Some of the specifications for the cutting and the laser wielding machines which includes the transverse speed, power, Y-axis travel, X-axis travel and the Z-axis travel. Usually there are three different types of carbon dioxide lasers: transverse gas flow, axial gas flow and the sealed tube. For the various sealed tube lasers, the power output is 40 to 80 watts (W) per meter of the each of the tube length. The lasers are usually pumped by flash lambs, near IR laser diodes and also the gas discharge lambs. A number of the specialty laser cutting and welding laser cutting machines are applicable in the cutting of pipes tubes, films, adhesives and composite materials. The laser cutting and welding machines helped in the cutting of machines are specifically designed in the cutting of rubber, plastic, stone, marble, metal, foam, granite and the composite material. Some of the laser cutting and welding machines include integral interface and computer interface. Other systems include moto rized heads, robotic arms, guidance modules, pallets, gantry tables, monitoring systems, cabinets, sensors and laser optics. Various laser cutting and welding machine helps in the designing of applications with highest demand on the cutting speed. The fields of application

Case Study -( The Social Environment and Human Behavior) Essay - 1

Case Study -( The Social Environment and Human Behavior) - Essay Example This has implications on the higher economic classes from the lower. a. The greater availability of screening against abnormalities in the infants born to the elite (than in the lower economic classes) will cause a higher proportion of brighter, stronger children to the upper income class, giving them better chances for succeeding than the lower classes b. Better birth quality among the rich will tend to concentrate wealth in a small sector of society, since children born to the rich will be better qualified for the higher paying positions. Wealth distribution is thus compromised. The direct problem of the case is how to address the problem of the deterioration of Baby Kim’s health and development. The immediate question that must be resolved is whether or not Kim’s continued separation from parent should be terminated, and Kim returned home to her parents. The separation of a child from its parents is always an important issue, because it is normally presumed that parents are the best source of sustenance, support, and love for the child. The state should have an extraordinary reason, based on strong and compelling evidence, that the parents could not provide the proper care for their own child before it takes such a child away and relegates her to foster care. In this case, there appears to be no strong or compelling reason for Kim to be taken from her parents. The matter of methamphetamine use prior to Kim’s birth is not an overriding issue, since Kim’s mom would have been allowed to keep her had she agreed to sending her younger son to day care. Her refusal to send him to day care was the cause for her separation from her children and for Kim’s relegation to foster care. There is no evidence that Kim’s parent neglect their children’s care in any way whatsoever. The home is well maintained, the sons are healthy, happy and bright. In no way does any evidence show that Kim’s parents, specially her mom, is an unfit

Issues in the Field of Engineering Essay Example | Topics and Well Written Essays - 1500 words

Issues in the Field of Engineering - Essay Example The carbon dioxide laser cutting and wielding machines applies the use of energy state transition which occurs between the rotational states and the vibration states of the carbon dioxide molecule to help in the emission of light long infrared. This wave1lengths often occurs at about 10 Â µm. The carbon dioxide lasers helps in the maintenance of continuous and high levels of the power applied, making them suitable in cutting and marking applications. They are often applied in the cutting of steel and super alloys at various power levels ranging from 1 to 5 kW. The lasers are also applied in the laser eye and in the correction of the laser vision. (Krar 51) Some of the specifications for the cutting and the laser wielding machines which includes the transverse speed, power, Y-axis travel, X-axis travel and the Z-axis travel. Usually there are three different types of carbon dioxide lasers: transverse gas flow, axial gas flow and the sealed tube. For the various sealed tube lasers, the power output is 40 to 80 watts (W) per meter of the each of the tube length. The lasers are usually pumped by flash lambs, near IR laser diodes and also the gas discharge lambs. A number of the specialty laser cutting and welding laser cutting machines are applicable in the cutting of pipes tubes, films, adhesives and composite materials. The laser cutting and welding machines helped in the cutting of machines are specifically designed in the cutting of rubber, plastic, stone, marble, metal, foam, granite and the composite material. Some of the laser cutting and welding machines include integral interface and computer interface. Other systems include moto rized heads, robotic arms, guidance modules, pallets, gantry tables, monitoring systems, cabinets, sensors and laser optics. Various laser cutting and welding machine helps in the designing of applications with highest demand on the cutting speed. The fields of application

Kinetic lab report Example | Topics and Well Written Essays - 500 words

Kinetic - Lab Report Example the amount of time for a given amount of product, sulfur, to form). Recall that a rate for a chemical reaction is expressed as an amount of product formed (or reactant used up) divided by the time interval of the change: The aim of my experiment is to determine the dependence of the initial rate of reaction on the initial concentration of thiosulfate ion. The concentration of the other reactant, H+, will be kept constant. A higher initial concentration of thiosulfate will lead to faster rate of reaction, since an increase in the number of thiosulfate ions per unit volume will lead to higher probability for successful collision. (2) A solution of 1 M sodium thiosulfate, is available (center bench or hood). Add 70 mL of this solution to 210 mL of water to make a solution approximately 0.25 M in thiosulfate. We will refer to this as your "stock thiosulfate solution". (7) The experiment is now repeated four more times, using progressively more dilute thiosulfate solutions. Note, however, that for each experiment, the disappearance of the "X" corresponds to formation of the same amount of precipitated sulfur in the reaction mixture. The diluted solutions are prepared as follows: The collected data indicates that the rate of reaction is increasing with increasing amounts of thiosulfate solution. An increase in the amount of thiosulfate augments the amount of particles available in solution to react. Hence there is a larger probability for reactants to react and so the rate of collisions increases which in turn increases the rate of reaction. Moreover as it is assumed that the total amount of sulfur created during the reaction remains constant, it can be implied that the usage of reactants during the reaction is small which supports the idea that the concentration of reactants is constant throughout the reaction. Given the two unique sets of data, the stock solution

The Creative Development Of Ict Education Essay

The Creative Development Of Ict Education Essay Fine motor skills ICT involves using many of our fine motor skills from the obvious mouse control clicking and selecting shapes or areas on the screen, the new touch screens, keyboard buttons, phone buttons and touch screens and pushing buttons such as power switches. Gross motor skills interactive whiteboards provide good opportunities for use of gross motor skills as we have to reach up and down to make them work, and use whole bodies to reach certain buttons or selections. Consoles such as the Nintendo Wii involve a lot of gross motor skill action to play the games dancing, running, jumping, stretching, throwing and so on. Creative Development Most ICT can offer some kind of creative development from drawing pictures, shapes, and colouring in Paint applications on PCs, laptops and tablets. You have to choose from brush sizes, erasers, pencils, pens, colours. Older children could even do junk modelling with old computer equipment (electrical parts removed first). Increase confidence ICT products are interactive and children get instant reactions from them. Children are in control. Digital cameras provide instant pictures for them to see and talk about. A lot of learning is done through games so they are unaware and enjoy taking part. Shy children can sometimes react better to cameras and come out of themselves. Increases world knowledge Children constantly see adults using ICT every day, from televisions, microwaves, digital clocks and radios, computers, sat navs and so on. By using ICT themselves they are copying adults and can see themselves as part of the wider world. Interest and confidence in engaging with ICT in their many forms are necessary so that all of us are able to play a full part in society. (Stirling University) Mathematical development There are lots of maths games for ICT ranging from basic shapes to solving complex calculations all making learning fun. BugBots are a type of pre programmed bug which moves to given instructions such as left, forward, backwards. Language development again there are lots of languages games for ICT ranging from letter recognition to sentence structure to story writing as well as crossword games, wordsearches making it fun. Toy phones prompt children to talk and make conversations and in addition to this there are general discussions and learning to share and compromise. Construct a booklet which can be issued to parents which identifies safety concerns for children using ICT and how these concerns are being addressed in the child care setting. See separate attached document. Identify and describe various ways in which ICT can be used to support the Early Years Foundation Stage curriculum. Reference should be made to the various types of ICT available, not just computers. Early Learning Goals Numeracy as mentioned before there are lots of maths games for ICT ranging from basic shapes to solving complex calculations all making learning fun. BugBots are a type of pre programmed bug which moves to given instructions such as left, forward, backwards. Other means of ICT teaching Numeracy skills are toy shop tills, toy phones and calculators which all have numbers and opportunities for number play/work. Literacy as above there are lots of languages games for ICT ranging from letter recognition to sentence structure to story writing as well as crossword games, word searches making it fun. Young children can learn to type their names, recognise the letters in their names. Touch screen tablets encourage the letter formation using fingers. Other means of ICT that Literacy can be incorporated into are toy phones or walkie talkies which prompt children to talk and make conversations, role play in shops with tills. Whiteboards offer interaction for the children in writing on a larger scale using pens or their hands. Physical Education ICT can be used for PE lessons, or physical activities in that the children can watch videos, CD Roms of various sports and activities and then try them themselves. Some games consoles have games on them where the children interact physically with dancing, running, jumping, throwing, batting, bowling and even skiing. Personal and Social Education ICT products are interactive and children get instant reactions from them. The children are in control which increases their confidence and in turn their understanding. Digital cameras provide instant pictures for them to see and talk about, as do camcorders. Shy children can sometimes react better to cameras and come out of themselves, noisy disruptive children can be calmer and more responsive when in control and getting instant reactions from ICT. and in addition to this there are general discussions and learning to share and compromise. Creative Development ICT can offer lots of creative development ranging from drawing pictures, shapes, and colouring in using Paint applications on PCs, laptops and tablets. The creations can be printed out onto paper to be kept for assessment or display purposes or proudly taken home. Knowledge and Understanding of the World ICT can give children a good basis of understanding the world around them videos, CD Roms, pictures, slideshows. Children can learn about other cultures, religions, countries and using web cams can even talk to other children in childcare settings all over the world or country. Identify the ways in which families can become involved in ICT including ways in which the childcare setting can promote its use. à ¢Ã¢â€š ¬Ã‚ ¦.the use of ICT helps remove the boundaries between learning and experiences that take place in the home and at school (Teaching Expertise) In general IT literate parents are already in a good position to help their children become familiar with ICT around and outside of the home. They can already teach their children the basics such as using a mouse and keyboard, touch screen devices, games consoles, play phones all before they enter the childcare setting. ICT has been embedded into the Early Years Curriculum as a separate subject so it can offer new and further things to these children, as well as introduce the basics to those who dont have this advantage from home. Using digital cameras or camcorders children can record or photograph things at home that they may not be able to take into the childcare setting for safety or risk of loss reasons, and then talk about them once in the setting examples of this could be pets, precious things, clothes etc. Parents who are not IT literate can access free ICT courses at most local colleges or community centres. Classes include basic PC processing, using laminators, using digital cameras, introduction to interactive white boards. Most towns have internet cafes and computers for use in local libraries, some McDonald branches now even have iPads you can play whilst visiting! The childcare setting itself can offer email and text messaging services for newsletters, photos and essential messages such as closures or general reminders. Some settings even have cctv or webcams for parents to watch their children at play during the day from their home or work computers.

The Meaning of Doctrine of the Trinity in Christianity and Islam Essays

THE MEANING OF THE DOCTRINE OF THE TRINITY IN CHRISTAINITY AND ISLAM The doctrine of the Trinity is one of the most difficult aspects of Christian life. Some people may look at it at a glance, believing that such study will encourage them in their faith and there believes. Others are concerned about the Islamic believe of the doctrine of the Trinity, which make it trinithesim. For a monotheistic religion like Islam, Christian and Hindi, it is both improper and not ideological to believe in any idea of three gods. In Christianity the doctrine of the Trinity accepts that God is one which implies that God, the Son and the Holy Spirit are one, He exists as three persons: Jesus Christ the son revealed himself as the Father in some passage in the Bible, and the Holy Spirit, the bond of love between Jesus and the father. The concept of the holy Trinity for many centuries has serious conflict in defining it from different religions and scholar. Christians believe in the Trinity, and also a Christian believes in God the father God the son and God the holy spirit. Some people may even believe in the wonders of the Holy Spirit. However, if one does not believe in the orthodox concept of the doctrine of Trinity, then that person cannot be regarded as a Christian. Nevertheless, the Trinitarian theology is not easily understood completely. It is one of those mysteries of faith. In Islam the belief that God is one, and oppose the Christians that such a concept is a denial of religion which states that monotheism is the practice of one God. The Quran has repeatedly and affirm that God is one. People of the Book, do not go to excess in your religion, and do not say anything about God except the truth: the Messiah, Jesus, son of Mary, w... ...vealed in Jesus Christ (Murad). Mohammed is seen as one who wrote down the revelation entrusted to him by angel Gabriel; Jesus is one, who was himself the definitive revelation of God (Murad). Classic Christian theology holds that, as God incarnate, Jesus reveals God and makes restoration to him possible through his saving death and resurrection. The Islamic criticism of the doctrine of Trinity is a more fundamental concern about the identity of Jesus Christ himself (McGrath 204). For many Muslim in the world today, Jesus was a prophet to them and not an incarnate of God as the Christianity believes. The doctrine of Trinity has never been seen as compromising or contradicting the unity of God. The Trinity, to put it as simply as possible, is ultimately the distillation and correlation of the Christian tradition’s immensely rich teaching about the nature of God.

Free Capital Mobility and Capital Control :: Essays Papers

Economists, albeit, argue for free trade, but when it comes down to the idea of untrammeled capital flow, it doesn’t seem to get unanimous support. It is a natural phenomenon that almost everything we see in nature (i.e. fluid, air, etc) travels down the concentration gradient. Same way, it had been thought that freeing international capital flow would help the countries that are struggling economically as the capital should flow down the concentration gradient; but in reality it doesn’t quite happen that way. During the 1980’s, world’s economic policy makers’ prevailing view was that â€Å"money should move freely around the globe, allowing capital to find the most profitable and productive investments, no matter what country there happen to be in.† [Wessel, Davis, 1998] Even though policy makers want to make the world a safer place for free trade in goods, services and capital, according to Rodrik â€Å"†¦.. the idea of global capitalism is inherently impracticable. Capitalism is, and will remain, a national phenomenon.† (Rodrik) Capital is the most important ingredient of a country’s economic existence. It is really important we understand what we really mean by the word ‘capital’. According to the Merriam- Webster dictionary, the etymology of the word ‘capital’ says that in Medieval Latin this word came to mean the head of cattle or other livestock. De Soto in his book ‘The Mystery of Capital’ suggests that the cattle and the livestock are low maintenance possessions; they are mobile and can be moved away from danger; they can be counted etc. On top of it, they can generate future value by reproducing, or giving us milk, meat, leather, etc. Thus the word ‘capital’ begins to do two jobs simultaneously- capturing the physical dimension of the assets (livestock) and its potential to generate future surplus (Paraphrased, De Soto, 2000; pg.40-41). So, capital of a country is a very important component for its stable economy. All the countries, rich and poor, have capitals in their own place. But, some countries know how to inject life to their capitals while the rest of the other countries don’t- and that’s what makes all the difference. Economists have argued for free trade of goods and services for hundreds of years but free capital mobility is a fairly new phenomenon. We have learned that free trade of goods is beneficial for the consumer; it also boosts people’s living standard.

A lesson Before Dying

In the book â€Å" A lesson Before Dying† the chracters in the book have a lot of different personalities. There are many ways to compare the meaning of the characters name to themselves in the book. Grant’s name means great and as in the story he struggles between the meaning of life and the things that control it, many influences in his life show him valuble things that help him get through his struggles of being a black man in the south with an education, and himself considering he is powerless against changing his life around. Vivian’s name means alive, and as it shows she is a white schoolteacher and represents grants individualist side, in a way that pushes him in the way of doing great things, but her family does not accept grant because of his color. She shows frant the meaning of being alive and working for things. Emma’s name means universal so in a way it ties in with her in the story because she has an open mind and is kind to everyone no matter the race, or ethnicity. She shows people the good they have in themselves and why it is important to show love and kindness. Lastly there is Paul and his name means small, since he is the youngest in the sheriff’s department he is more tolerant but stubborn, and finds new ways for things, and everyone say he comes from a good stock, which means he comes from a family that he treats people well regardless of race or ethnicity. Many of the names from the characters go along with their personalities in the story, not always exactly the same but close to who they are. A Lesson Before Dying Professor Askassi ENGL 102 Section 021 12 April 2010 Rodnika’s Personal Reflection on A Lesson Before Dying. The story, A Lesson Before Dying by Ernest J. Gaines is a awesome book so far. I can relate to this whole situation in numerous of ways. This story just bring back a time that my brother had to go through years ago and how he is still paying the price even though he guilty in all matters. I believe that the court system is full of a lot of stuff. They convict incents people for no reason. I can imagine how not only Jefferson but his family is going through.My life has change in way that I couldn’t imagine after my brother was locked up and sentence to life in prison. My life changed tremendously on August 15, 2007 as I sat in the court room with my family and friend as the prosecutor read the verdict of my brother Rodney as guilty with two counts of first-degree murder charges and life in prison. I sat there crying over and over again because I knew that just was n’t true and they made a mistake but then I realize that I will never see my brother again walking on these streets.The way I was raised as I’m my brother keeper and the same goes for him. Even though, he wasn’t my mother child she felt grief that I was going through. Just a year before, my brother and I were sitting outside Barry Farm neighborhood in Washington, Dc with my cousins and friends on a nice spring day. We all was out enjoying the sun and was glad to be around the neighborhood where all the fun happens at. Even, thought this environment wasn’t as safe as it should we still enjoy ourselves and was glad to be around there.But then same night time, and that was my key to go in the house because too much stuff goes on at night time. I got a funny feeling inside of me to tell my brother to come inside too but at the age of twenty-one he just wouldn’t listen to me. The clock hit one in the morning and I started to hear a lot of gun shots outs ide of my cousin window. Then when I heard a lot going off I just knew something wasn’t right. I looked outside and there was a shootout going on in the neighborhood. I was scared and nervous cause I didn’t know where my brother was.The gun shot had to have stopped twenty minutes later. I called and called my brother because I heard police siren everywhere in neighborhood. But, he never answered the phone. I didn’t sleep at all that night. But, then I finally got a phone call saying that the police had locked him up and took him in. I was so shocked I knew my brother wasn’t responsible for that dangerous activity that went on. When, my family and I got down there they said there are locking my brother up because he was the key shooter of this event and they found the gun he was using.I knew my brother never owned a gun. We had to wait months for the DA to come out with evidenced that they thought they had on Rodney. While, going through trail they explain ed that the fingerprint on the gun matched my brother. But, I knew that was impossible. We always question them to do another test but they ignore us every time. I believe it’s funny how the court systems lock poor innocent people up. My brother is in there surviving time for something he had nothing to do with.Till this day we are still trying to get his case back on trail so we can retest the fingerprint on the gun again. He was just in the wrong place at the wrong time. In the story A Lesson Before Dying, I feel sorry for Jefferson a young black man that was in a situation at the wrong place at the wrong time just like my brother Rodney. They are both in the system surviving time and will never walk foot outside of a jail yard ever again. It funny the system believes and does what they want to do and thinks it alright. But, in my brother case they will not win this battle. A Lesson Before Dying Professor Askassi ENGL 102 Section 021 12 April 2010 Rodnika’s Personal Reflection on A Lesson Before Dying. The story, A Lesson Before Dying by Ernest J. Gaines is a awesome book so far. I can relate to this whole situation in numerous of ways. This story just bring back a time that my brother had to go through years ago and how he is still paying the price even though he guilty in all matters. I believe that the court system is full of a lot of stuff. They convict incents people for no reason. I can imagine how not only Jefferson but his family is going through.My life has change in way that I couldn’t imagine after my brother was locked up and sentence to life in prison. My life changed tremendously on August 15, 2007 as I sat in the court room with my family and friend as the prosecutor read the verdict of my brother Rodney as guilty with two counts of first-degree murder charges and life in prison. I sat there crying over and over again because I knew that just was n’t true and they made a mistake but then I realize that I will never see my brother again walking on these streets.The way I was raised as I’m my brother keeper and the same goes for him. Even though, he wasn’t my mother child she felt grief that I was going through. Just a year before, my brother and I were sitting outside Barry Farm neighborhood in Washington, Dc with my cousins and friends on a nice spring day. We all was out enjoying the sun and was glad to be around the neighborhood where all the fun happens at. Even, thought this environment wasn’t as safe as it should we still enjoy ourselves and was glad to be around there.But then same night time, and that was my key to go in the house because too much stuff goes on at night time. I got a funny feeling inside of me to tell my brother to come inside too but at the age of twenty-one he just wouldn’t listen to me. The clock hit one in the morning and I started to hear a lot of gun shots outs ide of my cousin window. Then when I heard a lot going off I just knew something wasn’t right. I looked outside and there was a shootout going on in the neighborhood. I was scared and nervous cause I didn’t know where my brother was.The gun shot had to have stopped twenty minutes later. I called and called my brother because I heard police siren everywhere in neighborhood. But, he never answered the phone. I didn’t sleep at all that night. But, then I finally got a phone call saying that the police had locked him up and took him in. I was so shocked I knew my brother wasn’t responsible for that dangerous activity that went on. When, my family and I got down there they said there are locking my brother up because he was the key shooter of this event and they found the gun he was using.I knew my brother never owned a gun. We had to wait months for the DA to come out with evidenced that they thought they had on Rodney. While, going through trail they explain ed that the fingerprint on the gun matched my brother. But, I knew that was impossible. We always question them to do another test but they ignore us every time. I believe it’s funny how the court systems lock poor innocent people up. My brother is in there surviving time for something he had nothing to do with.Till this day we are still trying to get his case back on trail so we can retest the fingerprint on the gun again. He was just in the wrong place at the wrong time. In the story A Lesson Before Dying, I feel sorry for Jefferson a young black man that was in a situation at the wrong place at the wrong time just like my brother Rodney. They are both in the system surviving time and will never walk foot outside of a jail yard ever again. It funny the system believes and does what they want to do and thinks it alright. But, in my brother case they will not win this battle.

Business, Government & Society – Notes on Relevant Journals

Berend (2000) From Plan to Market, From Regime Change to Sustained Growth in Central and Eastern Europe * After the state socalism collapsed in Central and Eastern Europe in the early 1990s, the Washington consensus of 1989 (a broadly accepted set of criteria for a reform program) was adopted as a blueprint for the process of transformation. * Central elements: * Macro-economic stabilization (for countries with significant inflation and indebtedness) * New institutions Legislation * Price and trade liberalisation * Radical privatization * Most of the â€Å"transformatologyâ€Å" literature is based on the assumption that the elimination of deformed non-market economies, a restoration of market, and private ownership, paired with a laissez-faire free market system would automatically solve all major economic/social problems of the transforming countries. The economic crisis within the Central and Eastern Europe area started much earlier – in the mid-late 1970s when growth slo wed significantly and the terms of trade for the state socialist countries began to deteriorate (1973 first oil shock 20% decline, for some even 26-32%) Schumpeter’s theory of â€Å"structural crisis†: advancements in technology lead to decline of the old leading sectors and export branches based on old technology, generating wide-ranging slow-down and decline and causing an economic crisis even in rich, advanced countries.However, although rising new technology led to the emergence of new industries, new leading export sectors and an impressive new boom in the US and other advanced countries, the Central and Eastern Europe countries experienced a â€Å"peripheral structural crisis† – they suffered all the negative consequences of a the â€Å"structural crisis† but due to not having sufficient resources for R&D, know-how and financial sources, they were not able to take advantage of the technological development.After 1989, when the countries of th e region lost the protection from Comecon’s isolation and regional self-sufficiency, they were forced to enter the world market and compete with the advanced countries (already adjusted to new technology) and also on their own opened domestic market. Consequence: the peripheral structural which had prolonged since 1973 continued and worsened during the 1990s. Also contributing to the economic crisis: serious macro-economic policy errors e. excessive devaluation of the currency; too abrupt opening to trade with the West; and the failure in government management of the state sector * Foreign trade deficits increased dramatically and nearly all countries in the region dropped into an indebtedness trap – debt service consumed about 40-75% of the countries’ hard income and quite a few started to lose control over inflation * Economic policy during the transition: Change was too fast countries of transformation should not have attempted to jump directly from a central ly planned to a laissez-fair economy and from an entirely state-owned to a 100% privatized economy * State regulations and government policy were needed self-regulating mechanisms were not yet developed, market imperfections and non-market friendly behaviour were present * Suggestion (Kolodko) : A regulated market, instead of a self-regulation market, a mixed economy with a restructured and efficient state-owned sector for at least a period of time, and a â€Å"fine mixture between market and stae† would have been a more natural transition from plan to market * However, this approach was not adopted and led to a collapse of many old companies (lost a bulk of their value and had to be sold for a fraction of their previous value) mass unemployment, sharp decline in living standards (especially for vulnerable layers of society) * Outcome: Industry recovered only in two countries – Poland and Hungary * Some experienced a new crisis – Bulgaria and Romania * Russia an d Ukraine as well as several other successor states of the Soviet nion had experienced constant decline throughout the entire decade * Poland, the Czech Republic, Hungary, Slovakia and Croatia – market economies are functioning, economic decline and rapid inflation are over, the annual economic growth is impressive * Performance differences: * Often explained by the lack of determination to pursue radical reforms author agrees * However, besides pursuing systemic change, the countries in transformation also have to adjust to the â€Å"structural risis†, by restructuring the economy according to the requirements of modern technology to reach a sustained and higher than average growth technological and structural transformation of the economy are central elements of the transition * Window of opportunity slowly opened after 1989 when direct foreign investment became the key factor in technological modernization and restructuring in the area but only played an important r ole in the three frontrunners of transformation – Estonia, Latvia and Slovenia * In addition, not all investments contributed to restructuring, some of them served only to enlarge the investors’ markets. However, key investments were made in the most backward infrastructural sphere, especially telecommunication that serves as the basis for any kind of technological progress to date. * Investments had positive effects on Eastern Europe where they generated growth of domestic business which led to economic growth (especially in Poland).Big transnational businesses were also obliged to reinvest some of its profits and to use domestic products and sub-contractors initiated small local business activities. * Russia, the successor states of the Soviet Union, and most of the Balkan countries exhibited minimal progress in restructuring. FDI was minimal in this area and mostly went into the extracting branches of oil, gas and raw materials; transnationals are present but do not develop processing industries and export branches. Consequently, this area was unable to adjust to the late 20th century technological revolution and declined into a continuous peripheral structural crisis. In those Central European countries, where impressive FDI assisted technological-structural adjustment, transformation is paving the way to sustained growth and catching up with the West. These countries became memers of NATO and are candidates for EU membership. Murrell (1993): What is Shock Therapy? What Did it Do in Poland and Russia? Poland: * Shock therapy failed in Poland * The reform program implemented in January 1990 comprised a number of related measures * Fiscal policy was tightened considerably budget surplus in Q1 1990 * Real value of the money supply was halved * Tight limits were placed on credit * Trade liberalisation removed all restrictions * Anti-inflation wage tax was set at strict levels Government made a commitment to privatisation on a massive scale * Soli darity and the Catholic Church were two of the strongest social institutions in Eastern Europe helping to maintain the shock therapy model * Once it was realised that the shock therapy was not going to produce as many benefits as expected, it came under severe attack gradually, many of the elements of the initial program were withdrawn or weakened monetary policy was loosened * Further movement away from the shock program occurred throughout 1991 in the face of massive and open opposition to the government’s policy * Fiscal and monetary policy were considerably loosened budget deficit began to rise to the levels of 1989 * Reversal of trade policy tariff rates increased and selective protection was endorsed * Although policy was modified during the two years following the big bang, the commitment of the large part of society to change was never in doubt. * Change was inexorable (kohklematu), given the collapse of the communist regime that had blocked reforms that had been dema nded for so long. * Nevertheless, Polish economy started to show first signs of success after policy was rescued from the shock therapists. Russia: Stages of the reform chronology in Russia are similar to those in Poland, but without a successful outcome * Less preparatory reform during the communist period in Russia * Core group of reformers were radical and ambitious, and more removed from its own society than were the Polish reformers * Radical reforms had hardly advanced beyond their explicitly destructive first phases before they were rejected by society * By 1991 economic reform in the Soviet Union had hardly progressed beyond the stage of decentralisation within the old system and it was still very equivocal * Price controls and state orders contributed to about 75% of economic activity * Small private sector did not thrive on its own, it was in a symbiotic relationship with the state sector * Law on contract had not been implemented by the end of USSR * Russia’s econo mic and political leaders still did not fully comprehend the difficult conceptual and institutional issues related to establishing macroeconomic control and they had little experience Russia could not match Poland’s years of contact with the West, the experience and knowledge of its policymakers gained in the worldwide academic community, and the years of learning in interactions with the world financial community. * In 1990 and 1991, the Russian government had been gradually gained power (and this was accelerated by the failed coup). * In late October 1991, Russian President Boris Yeltsin announced his intention to launch a radical attack on the country’s economic problems. He had been given freedom in administrative and policy choices for one year and he decided to assign the policymaking duties to a group of theorists, who had a strong preference for rapid change and who had vague idea about how to bring this change about * Murrell argues that shock therapy was the guiding force of policy as Russia began real economic reform in January 1992. * The reform (1992) was certainly more radical than the Polish big-bang, including: * Freeing of most prices * Removal of the old supply system * The complete liberalisation of imports * A thoroughgoing change in the tax system * Rapid closing of the budget deficit * Stringent tightening of monetary policy * A privatisation program with very ambitious goals Preparation for early convertibility of the ruble together with and immediate relaxation of rules on foreign exchange trading * Renegotiation of the existing trading relationships with the other ex-republics * There was greater determination in Russia to undermine the existing institutions of government; the incoming government viewed its mission as an attack on the old Soviet system. * In several areas, the degree of shock, the amount of policy implementation, and even actual policy were unclear * Uncertainty about the nature of policy was present even among those at the apex of government * As early as February 1992, criticisms about the economic policy started to arise * As 1992 proceeded and the economic crisis became more threatening, some old mechanisms of control began to return * Broad powers to control prices and to use central directives on production * To avoid large scale bankruptcy, the government began to make credit available to nterprises in significant amounts * Due to a threat that better enterprises were being brought down with the bad ones, directors of enterprises formed an alliance along with independent labour unions to put pressure on the government, which was forced into compromise with these interest groups * Direct consequence of the policies introduced in January 1992 was that the political forces representing the dominant economic interests of the old Soviet system were much stronger than they had been before those policies were introduced * The short burst of shock therapy in Russia had considerable s uccess if destruction is counted as a goal. But the destruction of the old was hardly matched by the creation of market-oriented institutions of economic control. Blanchard (1994): Transition in Poland * First two years: * Large decreases in GDP * Even larger decreases in industrial production * Output stabilised in mid-1992 * Employment declined initially more slowly than GDP, but has kept declining despite the turn in output * Hardening of budget constraints * Subsidies to state firms were decreased Tax arrears, interenterprise arrears and bank loans were limited and decreasing * Sources of output decline during the first 2 years: * Stabilisation * Price liberalisation * Collapse of trade between Central and Eastern Europe countries * State firms are controlled by workers with uncertain stakes and horizons, and have limited access to finance; state has remained de jure owner of state firms but is not able to exercise its control rights control has reverted to the workers * Led to slow adjustment of employment to decreasing output, appropriation of profits to workers in the form of wages and low restructuring and investment * Slow privatisationFidrmuc (2003): Economic reform, democracy and growth during post-communist transition Key point: There are merits to simultaneous democratisation and liberalisation – democracy reinforces economic liberalisation, which in turn leads to better growth performance. Democracy is clearly not a necessary condition for high growth (as the examples of Chile and China illustrate), but as the experience of the post-communist transition countries shows, democracy results in policies and institutions that facilitate economic reforms and create an environment that is favourable for growth. However, democratisation alone is not the key to growth; it is through its positive impact on economic liberalisation that it improves growth performance. By 1993, barely 3 years into transition, three frontrunners – the Czech Repub lic, Hungary and Slovenia – attained a level of political freedom and civil liberties comparable to the UK, France or Germany. * Most post-communist countries succeeded in sustaining at least a moderate level of democracy, despite very turbulent economic and political developments, military conflicts or coup attempts. * The high speed of democratisation reflected not only the desire of these countries’ citizens to live in democracy, but also the encouragement or outright pressure from Western governments, international organisations and especially the EU which made democracy and explicit precondition for accession negotiations. Democracy has a positive effect on progress in implementing market-oriented reforms. * Economic liberalisation, in turn, has a positive effect on growth * Therefore, democracy indirectly improves growth performance. * Economic performance during transition and initial conditions affected the progress in democratisation – countries that we re more developed at the outset of transition and those that grew faster during transition in turn implemented greater degree of democracy. Growth performance during transition: * All post-communist countries experienced dramatic contraction of economic activity at the outset of the reforms, but the subsequent transition paths diverged considerably. Some countries reached the bottom of transformational recession after 2-4 years and then recovered * Some, most notably Poland grew at impressive rates subsequently * Others (Bulgaria, the Czech Republic and Romania) experienced a second dip later on * In contrast, most Soviet Union countries experienced deep and protracted depression with little subsequent recovery –> for Moldova and Ukraine, transition resulted in a decade of continuous decline * By 2000 only 4 countries have exceeded the 1989 level of output * Berg et al. (1999) found that the initial output fall is attributable primarily to initial conditions and macroeconomic instability, whereas the effect of liberalisation on growth was overwhelmingly positive. When considering separately the effects of liberalisation on state and private sectors, they conclude that liberalisation contributed to the contraction in the state sector, but this was more than compensated by the expansion in the private sector. The further a country lies from Brussels, the more reluctant it was to implement radical economic reforms – therefore, being father away from Western Europe is associated with lower growth, although the relationship is often not significant. * Engagement in military conflicts, not surprisingly, lowers growth. * On the other hand, once the war is over, the affected countries tend to grow more rapidly as they make up for the loss of output. * Government expenditure does not have a significant impact on growth Democracy and growth: * The post-communist countries implemented, at least initially, economic and political reforms simultaneously. In so me cases, political reforms even preceded the economic ones.Hellmann (1998): Winners Take All: The Politics of Partial Reform in Postcommunist Transition Key point: A conventional approach suggests that in the short-term, economic reforms are believed to generate high transitional costs before long-term gains are realised. Therefore, politicians in democratic systems are reluctant to undertake radical reforms whose benefits will not be realised before the next elections. For an economic reform to be successful, governments need to focus on restraining the net winners of the reform as they are the one’s responsible for setting the highest obstacles for the advancement of the reforms. The partial reform model: Explains why some countries have maintained partial reform over time, even though the short-term costs are higher and the overall gains are lower than those associated with more comprehensive reforms * Explains why post-communist countries in which the net winners of the reform process appear to have significant political power over economic policy-making nevertheless have remained mired in a partially reformed economy * Provides a possible explanation for the strong link between democracy and economic reform among the postcommunist transitions that stresses the advantages of including the very groups that suffer from the transitional costs of reform Conclusion: The costs of transition have been substantial in all transition economies – to varying degrees, each country has faced some combination of high inflation, high unemployment, declining real incomes, decreasing state services, and increasing uncertainty. * However, the losers of the reforms have not constituted the main political obstacle to the progress of reform. * In fact, it is these countries in which governments have been most vulnerable to the losers’ threat of an electoral backlash against reform that have adopted and sustained the most comprehensive reform programs. * In contrast, governments insulated from electoral pressures have made, at best, only partial progress in reforming their economies. * Moreover, economic reforms, once adopted, have rarely been reversed, even when the reform governments that initiated them have been ousted.In addition, there have been cases in which electoral backlashes were followed by intensification of reform in some areas * Partial reforms were predicted to generate rent-seeking opportunities arising from price differentials between the liberalised sectors of the economy and those still coordinated by nonmarket mechanisms * Rapid foreign trade liberalisation without complete price liberalisation managers were able to sell their highly subsidised natural resource inputs (oil/gas) to foreign buyers at world market prices * Privatisation coupled with the creation of an effective corporate government structure reduces asset stripping by enterprise insiders. Actors who enjoyed extraordinary gains from the distortions of a partially reformed economy have fought to preserve those gains by maintaining the imbalances of partial reforms over time – the winners from an earlier stage of reform have incentives to block further advances in reform that would correct the very distortions on which their initial gains were based. In effect, they seek to prolong the period of partial reforms to preserve their initial flow of rents, though at a considerable social cost. * Therefore, the challenge posed by the winners is based on a set of assumptions about the costs and benefits of reform that differs from the assumptions of the conventional J-curve pattern upon which most existing models of the political economy of reform are based. J-curve assumes that economic reforms generate concentrated costs in the short term and dispersed benefits over the long term, whereas Hellman has demonstrated that in the postcommunist transitions, economic reforms have tended to produce highly concentrated gains to particula r groups in the short term, while dispersing the transitional costs of reform throughout the economy. * The partial reform model stresses the need to restrain the winners by increasing competition with other groups or by restricting their ability to veto reform measures unilaterally. * In this view, expanding political participation to include the losers in the policy-making process could place limits on the concentrated political power of the winners and prevent them from sustaining a partial reform equilibrium. * One of the fundamental tenets of the politics of economic reform has always been to create a constituency of winners with a stake in sustaining and advancing the reform process. This has been a common strategy both for making the reforms irreversible and for building up the necessary political support for further reforms. * Yet a comparison of the post-communist transitions suggests that the winners can do far more damage to the progress of economic reform than the losers . * Therefore, the success of economic reform depends both on creating winners and constraining them. * Paradoxically, the most effective means of constraining the winners in the post-communist transitions has been to guarantee the political inclusion of the very constituency that most existing political economy models seek to exclude: the short-term losers of reform. Progress in the implementation of market reforms could reduce the private gains to the initial winners over time, while increasing efficiency gains for the economy as a whole from winners’ perspective, J-curve is reversed * Countries that adopt more comprehensive reforms at the start have a narrower gap between the income curves of winners and losers. More on PARTIAL REFORM and other information: Roland (2002): The Political Economy of Transition Normative political economy – focuses on the decision-making problem of reformers Reformers face 2 types of political constraints: * Ex ante political constraint s – feasibility constraints * Ex post political constraints – related to backlash and policy reversal Relaxing political constraints – 4 options: 1.Building reform packages that give compensating transfers to losers from reforms * Easiest way – ‘Buy their acceptance’ * In the real world and transition economies it is hard to do 2. Making reforms partial to reduce opposition * Partial reform, usually in the framework of a gradualist strategy, has some clear disadvantages. It yields lower efficiency gains than a complete reform. * However, partial reform also has several potential advantages over full reform – it is less costly in terms of compensation payments to losers. * If partial reform is less costly to reverse than full reform, political acceptability can be easier than for full reform because it provides an option of early reversal. If a partial reform is implemented, a continuation toward full reform seems unattractive to a majo rity then it is always possible to come back to the status quo (Russia – turned back too early?! ) * Gradualism thus lowers the cost of experimenting with reform and thus makes a move away from the status quo more easily acceptable to a majority. * Partial reform can also build constituencies for further reform through the use of â€Å"divide and rule† tactics (showing that rejection of a current reform plan can lead to the adoption of a plan that would hurt them even more, they may prefer to accept the first one) and the optimal choice of sequencing of reforms (e. g privatisation of those enterprises with â€Å"good† outcome first) 3.Creating institutions that make a credible commitment to compensating transfers * Can offer benefits * However entails economic costs * E. g extending voting franchise- ensuring poorer segments of population vote 4. Waiting for deterioration of the status quo to make reform more attractive * Sometimes only option is to wait * Howev er, decision-making paralysis may occur if political decision making is characterised by different parties trying to push the burden onto the other parties Understanding the difference in transition paths between central European countries like Poland and Russia and the former Soviet Union on the other hand: * Law and property rights: One argument – the extent of state capture and rent seeking was much more important in former Soviet Union countries than in central Europe and this difference goes a long way in explaining differences in output performance (EBRD, 2000; Hellman and Shankerman, 2000) * Geopolitical factors * Quite important, although they have been underestimated since the beginning of the transition – in geopolitical terms, the transition represents the shift of central Europe and the Baltic states toward western Europe several nations are given the opportunity to have more interaction with western Europe or even join the European Union * Entry to the EU implies adopting the political and economic system of the west. The potential reward of belonging to the club of western nations makes it more worthwhile to undergo the cost of transition.Moreover, the geopolitical factor increases the perceived cost of reversing transition policies, since such reversals would raise the risk of being left out of the western club, an outcome than many in central and eastern Europe would view as disastrious. Geopolitical impact of transition for Russia: * Transition represents the loss of the Soviet empire and also of territories (Ukraine or the Baltic States) – wound to Russian nationalist pride * Trauma of the loss of superpower status could be compensated for by economic gains from transition to a certain extent. Unfortunately, such gains have not materialised so far for the majority of Russians. Entry of Russia into the EU is neither expected nor especially desired. * Thus, resistance to transition proved much harder in the former Soviet Un ion than in central and eastern Europe. Sequencing: The sequence of reforms in transition economies are roughly in line with political economy theory, which suggests that reforms expected to be more popular should be adopted first and the less popular reforms tend to be delayed. For example, in both Central and Eastern Europe, democratic reforms preceded economic reforms because support for democracy was much stronger than support for economic reforms. * Apart from political reforms, certain other institutional changes can be decided at an early stage of reforms. For example, establishment of institutions for competition policy should be among the first reforms to be implemented in transition economies.This reduces the danger of existing monopolies going into private hands, which may have enough power to prevent the government from introducing competition policy or any other measures that are opposed to their interests. * Another important early step in the sequence of transition re forms is encouraging the development of a small private sector prior to more comprehensive reforms (in Hungary, small private sector was already producing 10% of industrial output by 1990) * As the Big Bang Price Liberalization in Vietnam showed, the prior existence of a viable private sector buffered the shocks of economic liberalization and macroeconomic stabilization and facilitated a supply response.In Vietnam, after the implementation of a radical price liberalisation, output initially fell, but an impressive growth in agriculture still led to positive growth in GDP. * In transition economies, the best firms tend to be privatized first as the privatization of more profitable firms creates political support and goodwill to for further privatization and other reforms. * Another set of sequencing issues arises with regard to mass privatization. Mass privatization in countries like Russia created a sudden and strong concentration of economic power among insider managers. This is es pecially dangerous because a sudden shift of economic power to insider managers may make it easier for them to threaten or use bribery against politicians and regulators to take advantage of subsidies or favorable legislation.The insider uses the threat of reducing economic activity and destroying jobs which leads to inequality of wealth which in turn might increase political instability. Trade-off between the speed of reforms and the size of budgetary transfers: * The theory of political economy suggests that faster reforms involve higher compensation costs like unemployment benefits and pensions due to a higher level of restructuring. In addition, there are claims that a faster rate of restructuring in transition economies is associated with a worsening fiscal state. * However, the role of the social safety net in helping overcome political constraints is quite clear.In the case of central European countries like Poland and the Czech Republic, the social safety net has helped to m itigate the negative ffects of transition on income inequality, especially for the most vulnerable proportions of the population. Role of political institutions: * When it comes to the role of political institutions and the progress of reforms, there are contradicting views. * Empirical analysis by Hellman and EBRD has found that stronger executive branch of government tends to be associated with less progress in reform, whereas there tends to be a positive correlation between the broadness of coalition and the progress of reforms. * However, empirical findings by Rubini and Sachs, among others, have shown that weak executive branch and broad coalition goverments are obstacles to reforms. Faster progress in reforms due to broader coalition may be explained by the fact that if reforms are accepted by broader coalitions, perhaps there is less chance they can be reversed. * However, broad coalitions tend to paralyze decision making due to the holdup power of some groups and to differin g views within the coalition. * Another possible interpretation is that the population is eager to get reforms implemented, whereas the politicians and those holding office are opposed to it. In that case, closer checks on the executive branch and frequent elections are a way to force the politicians to move, whereas politicians with more discretion would choose to block reforms. According to Roland, the most likely explanation for the positive correlation between progress of reforms and broadness of coalitions and weakness of the executive branch is that it is likely that the countries where it was the easiest to push for democratic reforms, are also the countries where resistance to economic reforms was relatively smaller. Whereas in countries with less initial support for reforms, it is quite likely that both democratic reform and economic reform are less advanced. Therefore, the differences in initial conditions of reform are what determine the intensity of political constraints , and thus the initial choice of political institutions, and hence the initial choice of policies. Popov (2000) – Shock Therapy vs Gradualism:Primary issue regarding transition performance – strength of institutions Secondary – speed of reforms * By now most economists would probably agree that because liberalisation was carried out without strong market institutions it led to the extraordinary output collapse in CIS states * The worse initial conditions for transformation, the greater the probability of the deep transformational recession, and hence the more likely delays in liberalisation * Gradualists objected to the elimination of old regulations and institutions before the new ones are created, warning that the institutional vacuum may have a devastating impact on output Transformational recession Supply-side phenomenon – reallocation of resources (restructuring) due to market imperfections is associated with the temporary loss of output Argument: Di fferences in economic performance in post-communist countries during transition appear to be associated predominantly not with chosen reform paths, but with the magnitude of initial distortions in industrial structure and external trade patterns, and with the initial level of economic development. The higher the distortions (militarisation, over-industrialisation, â€Å"under-openness† of the economy and the share of perverted trade flows), the worse is the performance as measured by the GDP change. And the higher was GDP per capita before transition, the greater were distortions embodied in fixed capital stock, the more difficult it was to overcome these distortions to achieve growth. The impact of speed of liberalisation appears to be limited, if any. Reasons (distortions): * High defence expenditure and the need for conversion * Overcoming the effects of the Cold War Defence expenditure was abnormally high – declines in defence output were not offset by increases in non-defence output * Reallocation of resources from industry to services * External trade distortions – the degree of openness of socialist economies (the share of external trade in GDP) * In most countries, including the majority of the former Soviet republics, trade was relatively underdeveloped * A bit better in Azerbaijan, Hungary and Vietnam * Shift to world market prices in interrepublican trade led to reduced trade – prices used were completely different (resource commodities underpriced, finished goods overpriced) Policy factors: institutions, rule of law and democracy The decline of the institutional capabilities contributed a great deal to Russia’s and CIS poor economic performance * Regardless of the criticism against â€Å"big governments† and too high taxes in former socialist countries, the downsizing in the government that occurred in most CIS states during transition went too far – drastic reduction of government spending (50% and more in real terms in the course of just several years) cannot lead to anything else but institutional collapse * In addition, in most CIS states the reduction occurred in the way that instead of shutting some programs down completely and concentrating limited resources on others, governments kept all programs half-alive, half-financed and barely working Three major patterns of change in the share of government expenditure: 1) Under strong authoritarian regime – China Cuts in government expenditure occurred at the expense of defence, subsidies and budgetary financed investment, while expenditure for â€Å"ordinary government† remained largely unchanged 2) Under strong democratic regimes – Poland * Budgetary expenditure, including â€Å"ordinary government† expenditure declined only in the pre-transition period, but increased during transition itself – social safety nets? 3) Under weak democratic regimes – Russia * Reduction of the general le vel of government expenditure led not only to the decline in the financing of defence, investment and subsidies, but to the downsizing of â€Å"ordinary government† which undermined and in many nstances even led to the collapse of the institutional capabilities of the state * Russian pattern of institutional decay proved to be extremely detrimental for investment, and for general economic performance To sum up, Gorbachev reforms of 1985-91 failed not because they were gradual, but due to the weakening of the state institutional capacity leading to the inability of the government to control the flow of events. Similarly, Yeltsin reforms in Russia, as well as economic reforms in most other FSU states, were so costly not because of the shock therapy, but due to the collapse of the institutions needed to enforce law and order and carry out manageable transition. Therefore, there is enough evidence that differing performance during transition, after factoring in initial conditions and external environment, depends mostly on the strength of institutions and not so much on the progress in liberalisation per se. Democratisation without strong rule of law usually leads to the collapse of output.After allowing for differing initial conditions, it turns out that the fall of output in transition economies was associated mostly with poor business environment, resulting from institutional collapse. Liberalisation alone, when it is not complemented with strong institutions, cannot ensure good performance. Ericson (1991): The Classical Soviet-Type Economy: Nature of the System and Implications for Reform Characteristics of the Soviet-type economic system: * A hierarchical structure of authority * Rigid, highly centralised planning of production and distribution * A commitment to maximal resource utilisation * Formal rationing * Exhaustive price control * The lack of any liquidity or flexible response capability * The lack of legal alternatives to assigned economic rela tionships * Absolute and arbitrary control by superiors Incentives that are geared to meeting the plans and desires of evaluating superiors Any economic reform must struggle against these characteristics and their natural consequences. One important consequence is that while the administrative superstructure has been subject to rather frequent â€Å"reform†, the physical structure of production and interaction has changed only very slowly. Strengths and weaknesses of the traditional Soviet-style system: Strenghts: * Very good at mobilising scarce resources and concentrating on a few clear, well-defined objectives (that can be expressed in measurable, quantitative and communicable terms and that yield large observable outcomes) * Building of major heavy industrial capacities * Collectivisation of agriculture * Post-war reconstruction of industry Development of an unprecedented military-industrial complex * Maintenance of the world’s last true empire Weaknesses: * Centra l authorities lack the information and physical capability to monitor all important costs * Decisions made in ignorance of opportunity costs lead to a vast range of negative externalities: * Damage to the capability of users to produce (especially with needed quality) * Unusable output forced on others in the system * Destruction of the resource base due to improper exploitation * Collateral damage to agriculture etc * Incentives used lead agents to: * Avoid any change or risks * Shun innovation * Ignore information important to others * Work to rules regardless of the impact on othersThus, while the traditional Soviet economic system has been effective in achieving a few centrally definable and achievable objectives, it is also inherently wasteful and inefficient in the pursuit of those objectives. Implications for reform: 2 monumental obstacles: * Vast resource commitment – however, lack of resources currently available in Soviet-style economies is probably not the most ser ious obstacle, for it might be dealt with through aid from abroad * Primary obstacle: characteristics of the Soviet-style system are interconnected and mutually supporting, altering one or a few is merely disruptive of the stable functioning of the system and its effectiveness.Thus, a meaningful reform must eliminate all characteristics more or less simultaneously. THEREFORE Partial reforms will not suffice The analysis implies that radical reformers are correct to seek the total replacement of the traditional system. Radical marketization and privatisation undercut of destroy each of the nine defining characteristics of the traditional system. Fischer & Gelb (1991): The Process of Socialist Economic Transformation Enterprise reform: * Enterprise reform, which requires the imposition of bottom-line discipline, definition and change of ownership, and reform of management, is the heart of the transformation process. Two phases (opinions differ which should come first) * Restructuring * PrivatisationSlow privatisers argue that firms should be sold off gradually after restructuring. They emphasise the danger of severe economic dislocation if too much change is attempted quickly. Fast privatisers argue that the benefits of a rapid and irreversible shift to private production outweigh the costs of reduced state revenue. They believe that comprehensive and rapid ownership reform is necessary to increase efficiency. * Broad distribution of shares, or vouchers with which shares can be bought, across the population The Role of the State: * Redefining the previously all-encompassing role of the state is one of the greatest challenges for reform.Institutions and professions taken for granted in market economies have to be re-created and reformed to support markets: * Secure legal environment to protect property rights and regulate commercial relations * Accounting and audit systems are needed to organise and monitor information * Investments in human capital to complement the system reforms in areas such as: accounting, credit and market analysis and bank inspection. * Management skills need to be upgraded and modernised (especially in finance and marketing) * In some areas, such as financial markets, reform may require a greater state role than before. * Reforming governments need urgently to: * Introduce broad-based taxes and to develop the capacity for tax administration, rather than continue to depend on profit remittances from state enterprises. * Institute a social safety net, especially for those affected by the new phenomenon of open unemployment * Liberalisation of labour and capital markets is also important.Labour market reform measures to make it easier to hire/fire labour, relaxation of wage regulation, introduction of unemployment insurance, establishment of institutions (inc. employment agencies) to encourage labour mobility. Capital market reform development of financial markets and private sector institutions (inc. banks). However, freeing input markets should not be an early priority. * Enterprise reform is the heart of the transformation process. 2 phases: restructuring and privatisation. Slow privatizers vs fast privatizers. Reforming governments will have to introduce broad-based taxes and develop the capacity for tax administration, rather than continue to depend on profit remittances from state enterprises. The reforming goverments will also have to develop a social safety net. Sequencing of reforms: Reforms need to include macroeconomic stabilisation, price reform, trade reform, small-scale privatisation, new regulations for private investment, the creation of emergency unemployment insurance and the start of work on new tax, legal and regulatory institutions. * For countries with severe internal/external imbalances, priority no. 1 has to be macroeconomic stabilisation (e. g sharp cuts in firm-specific subsidies, tight credit limits, trade liberalisation at a heavily depreciated exchange rate, fixing th e nominal exchange rate (in countries with high inflation)). Stabilisation can be assured only by following consistent macroeconomic policies over periods of years. Shleifer (1997) : Government in Transition Key point: Russian government is less effective in serving the market economy – as well as its people – than the Polish government. But why? Arguments to the effect hat Russia is historically and culturally incapable of good government (such as low trust and anti-market culture) lack support. More convincing argument: Russia has not had as radical a change in its government, in terms of both structure and personnel, as Poland or the Czech Republic. Comparison of Poland and Russia: * Both were industrial economies at the time reforms began * Both economies faced substantial disruption from the collapse of COMECON and other trade following the demise of the Soviet Union * Both economies were in poor condition when the reforms began, suffering from inflation, goods sh ortages and declining production. * Both experienced a near-collapse of the state prior to transition. In Poland – total demise of the communist party and its military regime * In Russia – the Gorbachev government faced a similar crisis, which led to the dissolution of the Soviet Union and the creation of independent Russia * After communism collapsed, both countries moved to fragmented, rapidly changing party systems and â€Å"semi-presidential† regimes, in which a conflict between president and legislature was present from the start. * Both were led in their transition by charismatic, populist presidents committed first and foremost to the destruction of communism. However, despite these similarities as of 1990, the two countries appeared in 1996 to have very different results of their reforms. I argue that an essential part of transition to capitalism is the transition of government.Despite similar economic reforms, government in Russia continues to retain su bstantial political control over economic life, and moreover uses this control to pursue predatory policies toward business. The political transition in Russia has not gone nearly as far as it has in Poland, and this slowness of political transition disturbs economic growth. Government in transition: * Even when the communist power collapsed, some remnants of a large government often remained, ready to continue political control. The principal goal of the political transition was to replace these remnants with institutions supportive of capitalism. This entailed two steps: * Depoliticisation – government control replaced with control by market orces * Price liberalisation – eliminates price controls that were used by planners to either stimulate or discourage production of particular goods, or to create shortages that allow planners to maintain their power over resource allocation. * Stabilisation – imposes a harder budget constraint on the government, and thus prevents politicians from using subsidies to encourage firms (and regions) to pursue political ends * Privatisation – removes direct control over firms from the government * New functions taken on by government: provision of laws and regulations that support a market economy. * The state had to be weakened overall, but strengthened in a few areas. * However, even with the three radical measures taken, the government retains much regulatory power which it can use to either support market economy or hurt it. Shock therapy does not guarantee depoliticization (as politicians can still exercise control in other ways) or a transformation of government institution which includes: * creation of laws and legal institutions that protect private property, enforce contracts between private parties, but also limit the ability of officials to prey on private property * creation of regulatory institutions that deal with competition, securities markets, banking, trade and so on * Despite sho ck therapy, politicians in Russia, particularly at local level, retain enormous control over economic life, which they use to pursue political ends and to enrich themselver. * This makes them rather different from politicians in Poland * Russia is also behind in creating the institutions of a new market economy. ALSO Transition of government into one that supports markets from the one that preys on them has gone further in Poland than in Russia – regulators of small business exert more power over business in Moscow than in Warsaw and use this power to enrich themselves. In addition, the Russian government has not yet successfully taken on the basic market supporting functions, including police protection. * Russia is much more of a laggard in the transition of its government than it is in shock therapy. Human capital of politicians: Key point: Lack of turnover of human capital in Russian politics may well be a serious reason for the poor performance of its government * Many R ussian politicians are communist leftovers experiencing significant hardships understanding what is expected from them. Few of these leftover politicians have transformed themselves into capitalist politicians. In Poland, 75% of local leaders elected in Poland in 1990 had no record of government service and 45% of newly elected mayors were under the age of 40 – in Poland the people have largely changed and been replaced by a younger crowd, with some experience in both democratic politics and market economy, whereas in Russia, the local leaders are largely the very same people who were there before the reform began. In this respect Solidarity changed Poland – Russia would be a very different place politically if it had a similar revolution from below. Incentives of local politicians to support private business * Campaign support * If politicians need to collect campaign contributions to run their elections, they might favour new business as a source of potential campaig n donations * Local tax base * If politicians need to provide public goods to attract votes, and must collect taxes to pay for these goods, they would support the growth of new business to broaden the tax base * Personal share holdings Local politicians may support private business if they effectively become shareholders in it and profit personally when it does well Poland vs Russia: Elections: * Poland had held elections more consistently than Russia and officials at very local level – where small business would actually have a political say – are all elected. * Because of elections, Polish politicians appear to be much more supportive towards private business than Russian politicians. Tax base * In Poland, the principal source of funds for local governments are local taxes and fees, especially property taxes incentive to the local politicians to broaden the tax base to increase revenue through new business formation and employment * In Russia, over 2/3 of local gover nment evenues comes from their share in taxes collected by central government through negotiation governors have little incentive to broaden their tax bases and instead focus on negotiations with Moscow Personal financial incentives: * In Russia, many of the local officials see a rather short and insecure future for themselves in politics. If the private economy grows, they are likely to lose power because they will not be acceptable to the new business elites or will be replaced by younger politicians during new elections. Absence of political security may prevent the politicians from accessing the future profits of the firms, therefore many local government officials simply destroy local business through excessive corruption and regulation – they take what they can while they can. Initial conditions Poland had been pursuing economic reforms at least since the 1980s (much longer than Russia) Polish private sector was well established by 1990 when reforms began (by 1986 1/3 o f the Polish labour sector was employed in the private sector) * Poland had a much more substantial legal history and tradition to rely on – many of its commercial laws were adopted as soon as reforms began because they were based on Poland’s own pre World War II laws * National tradition made the implementation of at least some institutional reforms much easier. * Russia had been building capitalism for a much shorter time – Gorbachev’s reforms allowed some quasi-private firms in Russia, but few compared to Poland. Russia’s history of market institutions is sparse too – pre-revolutionary laws were an instrument of autocratic control, not protection against it; regulatory agencies have been created from scratch, employees often view their jobs as mandates for personal enrichment rather than efficient regulation. * However, author believes that importance of initial conditions can be overrated – many countries in Eastern Europe, such a s Slovakia and the Czech Republic, are growing rapidly even though they had as little private business before the reforms as Russia did. Some countries of FSU are also growing despite having a limited history of legal traditions and public institutions. With proper political incentives, initial conditions are often overcome. Suggestions: Acceleration of elections at the sub-regional or local level * Fiscal federalism – more generally the tax system – needs to be reformed as well. * Institutional reforms need to continue – legal reforms are most important among those, but creating functional bureaucracies, one at a time, is also crucial. * Russia made the mistake of beginning with economic reforms and delaying the political and institutional reforms (however, author believes that business pressures are likely to play a critical role in the political transition of Russia and of course they did not exist before economic reforms) Estrin (1991) – Privatisation in Central and Eastern Europe Key points: Appropriate mode of privatisation depends on the development of capital market institutions and the availability of foreign or domestic private capital * Transition must be rapid to be effective, so reforming governments have been faced with the tasks of selling assets whose value is far in excess of domestic resources. Privatisation: * Objective: to improve enterprise performance and national economic efficiency and to help public finances (Vickers and Yarrow, 1988) * Definition (Milanovic) – transfer from the public to the private sector of ownership in such a way that private individuals become the identifiable ultimate owners Seven central areas in which property rights and the mechanism of resource allocation must be altered in order to build a functioning market sytem: 1) Ownership and control 2) Means of allocation 3) Aims of the System 4) The Allocation of Labour 5) The Allocation of Capital 6) International Trade 7) Role of StateReformers in Central and Eastern Europe strongly believe that their recent history proves that when the state is owner, it will always interfere in the operation of firms in such a way as to hinder the beneficial impact of competition Hinds (1990) – absence of effective private property rights is at the heart of the failure of actual socialist systems, and must be immediately eradicated by widespread privatisation. Privatisation: * Important way of raising government revenues, but it will not affect the state’s long-term financial position if enterprise efficiency is not changed; may still be sensible from a revenue point of view is short-term conditions call for additional expenditures with limited availability of taxation or other income sources * Important element in building markets Significant role in the formation of labour market institutions and the process of wage bargaining * Privatisation prevents a reversion to the old systems How to Privatise and to W hom? One of the main problems – mass privatisation in countries where domestic savings are small and capital market institutions weak Arguments FOR selling state’s assets: * Considerable revenues * If monetary overhang threatens to destabilise the macroeconomy, privatisation could absorb some of the excess liquidity. * Owners established through a process of financial exchange will have the strongest demand effective corporate governance Arguments AGAINST selling state’s assets: * Unequal distribution of income and wealth Traditional modes of privatisation are very slow and most analysts agree that for transition to be effective the changes must be fast * Valuation problem – nothing upon which to base valuation (no relevant record of profitability), a significant proportion of companies are loss-making, thus it is likely that sales price will be negative * No domestic actors with the resources to buy Most of these problems are resolved by a free distribut ion of the state’s holdings: * No need to value the assets initially * No need to find domestic purchasers * Privatisation could be extremely rapid * Provided an operational scheme can be devised, privatisation can be constructed in a highly egalitarian way, preventing the early concentration of wealth in the hands of the nomenklatura or black marketeers who otherwise would be the people most likely to gain from privatisation Disadvantages of free distribution: * Losing the revenues from sales Possibility of weak governance if capital ownership is dispersed – central issue is whether population at large are the appropriate owners to dramatically improve company performance Potential buyers or recipients: * Public at large – external privatisation or privatisation from above * Transfer of ownership to shareholders * Foreigners – access to hard currency, superior management skills and technical know-how * Insiders – internal privatisation or privatis ation from below * Involves the sale of shares to workers and managers in the firm * Attractive: * Could be administered quickly and relatively easily, yet could still provide some revenue to the government * Participative organisations may be more productive * Negative: Yugoslav experience: employee control may conflict with effective corporate governance * No establishment of credible procedure for wage determination and for reducing inflationary pressures * Clearly not suitable for companies that require a significant degree of restructuring (probably the vast majority) * Unjust – workers and managers in profitable firms stand to gain considerably from the privatisation process, while those employed in loss-making firms would obtain nothing * Potential for bribery and corruption as workers and managers can use insider information to undervalue the assets or to transfer them illicitly into their own hands Roland (1994) – On the Speed and Sequencing of Privatisation a nd Restructuring Big bang approach – fast privatisation through mass privatisation plans with no definite sequencing, leaving the task of restructuring to the owners of the privatised firm Key point:Political constraints necessitate a gradual approach to restructuring and gradualism has implications for the speed and sequencing of privatisation. In particular, we ward on the danger of privatising too fast firms where restructuring should best be delayed for political reasons. Conclusion: A condition for successful gradual restructuring is a screening mechanism to separate good firms from bad ones. It is crucial to separate thee firms and their channels of finance, so that good firms would become independent of government through government and face hard budget constraints while bad firms would remain under government control with strengthened control. Arguments for the big bang view of mass privatisation: * Speed Price liberalisation in a state-owned enterprise economy will n ot give the correct incentives, thus it is necessary to achieve very quickly a critical mass of private ownership in order to get firms to respond to market signals. * If not done: * Danger of inertia – due to firms not taking new profit opportunities * Danger of continued soft budget constraints – loss-making firms expect to be bailed out * Importance of getting the State out of the economy * Committing the State to avoid continuous intervention in enterprise activity * Absence of clarified property rights * Danger of large scale decapitalisation by managers who have de facto control without assigned property rights Experience: * Poland Plan: combining fast privatisation through giveaways together with strong control rights given to mutual funds to avoid dispersed ownership of firms * Political constraints have played a major role in blocking Polish mass privatisation – in 1994, four years after the beginning of â€Å"big bang† in Poland, it is still not implemented * Russia * Speed of privatisation – obvious success (about 1/3 of workers were in privatised firms by end of 1993) * Problems with restructuring * Former managers are still in control (workers did not sell their shares to outsiders to assure outsider control; managers preventing them) Political constraints: There are 2 main sources of political constraints to privatisation: * Ex-ante political constraints – feasibility constraints * Proposals may be blocked – e. in Poland where coalition in power preferred distribution to workers whereas the Polish mass privatisation programme involved distribution to the population at large * In Russia, policy-makers took into account ex-ante political constraints by designing a giveaway plan favouring managers and workers (Boycko, Shleifer and Vishny (1993) justify that this was the only way to get privatisation adopted) * Sometimes coalitions push forms of privatisation that are economically not sensible but poli tically difficult to avoid * Ex-post political constraints – concern the danger of backlash and reversal of given politics * This may be the case when a programme advertised as very egalitarian induces a high concentration of wealth in the hands of a small number of people * However, political constraints related to redistribution of wealth and income may not be the most serious * More serious political constraints are related to serious income risks related to restructuring – general knowledge that there will be a massive shift from heavy industry to services, from big to small enterprises, but in most cases, nobody knows in advance which enterprises will survive and which will die Experience: * Big bang restructuring is not ex ante feasible * Gradual restructuring may be more acceptable ex ante because: * Gradualism allows for â€Å"divide and rule† tactics * Gradual resolution of uncertainty may enhance ex ante feasibility * Aggregate uncertainty related to u ncertainty: restructuring may be positive but it can go wrong, too advantage to moving gradually by starting to restructure only a subset of enterprises or sectors * Gradual eform packages tend to start earlier – Hungary and China * Optimal sequencing: * Better to start with reforms having the highest expected outcome for a majority and to delay the reforms that are expected to hurt the most Gradual restructuring and privatisation policies: * No political constraints – restructuring may be left to the new private owners * Political constraints – very fast and non-differentiated approach to privatisation danger of partial renationalisations (subsidising a great number of firms) and general delays in restructuring (due to soft budget constraints/no incentives) * Gradual privatisation policy allows for: Establishment of a screening mechanism separating good from bad firms * Best firms tend to get privatised first as they are more likely to find a buyer less large r edundancies and better performance * Privatisation may be slow, but it is possible to speed it up: * Managers incentives to restructure before privatisation especially when given shares * In Poland, although mass privatisation has been blocked, successful privatisation has continued at a fast speed especially in smaller and medium enterprises through a â€Å"liquidation programme† – management buyout * Emergence of a sound private financial system If good firms get privatised first, bad firms remain under state control private savings are allocated to good firms with high yieldings sound financial system may emerge * A credible pol