Poetry Throughout the Ages :: essays research papers

This anthology is a published collection of poetry throughout the quint study periods including- the Pre Elizabethan period, Elizabethan Period, Metaphysical Period, Romantic Period and the Victorian Period.The Pre Elizabethan Period was first in Old English and then in Middle English. Old English was used after the fall of the Roman Empire in the 5th and 6th centuries. The invaders from Germany who settled in England were called the Angles, the Saxon, and the Jutes. The names of these tribes sleep with from the term Anglo Saxon. The most famous poetry from this period is Beowulf. Beowulf was written around 1000AD and be called a saga. At the condemnation poems were performed and sung to audiences than were written or understand out. This poem is nearly strange people and creatures with special powers. It tells a story of a hero and his adventures, noblemen and kings.The Elizabethan Period began when Queen Elizabeth I became Queen of England. She had the posterior for 45-year s, which ended with her death in 1603. The Queens tastes in fashion were high classed. Her love of music, drama, and poetry gave motivation and financial support to the Englands greatest writers. When his father died when he was 18, and beingness the youngest countersign this left him penniless. He turned to the law and at 23 he was already in the House of Commons. Bacon saw himself as the inventor of a method which would encourage a light in nature.The Metaphysical period began after James I took the throne. This period found many new developments in science including- optics, astronomy, sailing and navigation. Notable scientists like Newton and Galileo finding most of these scientific discoveries. Poets from this time used their knowledge of science to explain things they experience. One of the major poets is John Donne. He was born in London to a wealthy family. He was against the Catholic Church but allied with James I and his son Charles I with the Anglicans. He entered the p riesthood life later and from then his poetry became more religious in nature. The Metaphysical period refers to things that are abstract like God, hatred, love, death. Poets from this time tried to explain the unexplainable by using scientific metaphors known as conceits. Donne is interesting because his poetry was first to do with love and then became about God as he got older.Romantic poetry used simple language which described their everyday aspects of life and nature.

Provocation Through Comedy :: Movie Script Film Creative Writing Essays

Provocation Through ComedyIf I were to write a take away concerning women and sports, first of all I theorize Id make it a comedy. I think sometimes it is easier to convey serious thoughts done a comedy, because the viewer doesnt feel so tangled up in the emotion of drama, leaving them laughing and in a good frame of mind to consider the points being made by the film after(prenominal) they watch the film. I think this idea is much akin to the idea that it is easier to discuss issues and problems of race and gender through a forum like film because a person stern identify with an idea being expressed without having to take responsibility for the authorship of the idea. I think that a comedy is more capable of providing a powerful ending because the viewer isnt expecting it.Obviously if I were a screenwriter I would want to write a film that was ludicrous and distinguishable from the other films made about women in sport. This might at first seem difficult, given the proliferati on of films made on the subject, but they follow a lot of the same trends. One of these trends is the portrayal of the latent aggression in women that is released through sport. Women are not permitted by society to be aggressive in any area and still maintain their femininity. If I were to write a film I would include this theme and I would try to show that women can be aggressive in many areas. Their aggression can be in something other than sports, for example, business. I think a situation that would show this and as well as be comical could be perhaps a woman that owns a sports team. Another issue is the fact that all of the women in the films we watched were made to prove their femininity. I dont think that it is necessary to prove that a female athlete must stand up to an accepted level of femininity. There really is no tenability to make a female athlete buy new dress shoes or learn to put on lipstick. I really dont think that it is necessary for any woman to prove their f emininity whatsoever, especially not in these superficial, commercial ways. So if I were to write a film, she wouldnt go through that trouble. Her power suit could be pants and she wouldnt have to wear makeup.

history :: essays research papers

Primary Documents line of work1.GNP The total market value of all goods and services produced by a nation.2.Economy management of resources3.Culture the arts, beliefs and usage of a group at a certain time4.Technology application of scientific knowledge5. Social living together in a community6.Political social structure or affairs of a government1.Social History-, Charles Manson and the Sharon Tate murder and Abe Lincoln freed slaves, declaration of independence 2.Political History- JFK assassination, Pres. Clinton?s impeachment trial, Florida vote scandal.3.Scientific/Technological History- silicon Valley, Bill Gates Microsoft Empire, element bomb 4.Economic History- stock market crash of the 30?s that led to the great depression, 5.Cultural History- Woodstock, martin Luther?s Lutheran church and Mardi gras1.What you hypothecate the document says in enormous terms. We will not stand for an unjust govt2.To whom is the document written?To the king of England3. Include examples of how the Declaration of Independence illustrates The five themesIt explains the bill of America from their time. How trade was curl off, how they were deprived trials and for quartering troops among their towns.ConstitutionIt was the setting up of laws and rules for their new country away from a king, with their own thoroughgoing government.AmendmentsAmendment I Religion, Speech, Press, Assembly, Petition (1791) Amendment II Right to Bear Arms (1791) Amendment III Quartering of Troops (1791) Amendment IV Search and Seizure (1791) Amendment V Grand panel, Double Jeopardy, Self-Incrimination, Due Process (1791) Amendment VI Criminal Prosecutions - Jury Trial, Right to Confront and to interpret (1791) Amendment VII Common Law Suits - Jury Trial (1791) Amendment VIII Excess Bail or Fines, Cruel and Unusual Punishment (1791) Amendment IX Non-Enumerated Rights (1791) Amendment X Rights Reserved to States (1791) 1.Military figures certify that the number of people dismissed from th e military for reasons related to homosexuality rose last year to the highest total since 1987.2.Donald Blom and the fact that he no longer has a right to bear arms due to his criminal record is very likely that he will go to prison for bearing arms3. non up to date4.uuu5.When Bethe Feltman killed her two young children in Jefferson County in 1998, the prosecution and defense force lawyers agreed she was insane, no dialog box trenchant her fate and no wizard ever argued that she should be put to death. The Rocky Mountain News reports.6.When Bethe Feltman killed her two young children in Jefferson County in 1998, the prosecution and defense lawyers agreed she was insane, no jury decided her fate and no one ever argued that she should be put to death.history essays research papers Primary Documents Task1.GNP The total market value of all goods and services produced by a nation.2.Economy management of resources3.Culture the arts, beliefs and customs of a group at a certain time 4.Technology application of scientific knowledge5. Social living together in a community6.Political structure or affairs of a government1.Social History-, Charles Manson and the Sharon Tate murder and Abe Lincoln freed slaves, declaration of independence 2.Political History- JFK assassination, Pres. Clinton?s impeachment trial, Florida vote scandal.3.Scientific/Technological History- Silicon Valley, Bill Gates Microsoft Empire, atom bomb 4.Economic History- stock market crash of the 30?s that led to the great depression, 5.Cultural History- Woodstock, martin Luther?s Lutheran church and Mardi gras1.What you think the document says in broad terms. We will not stand for an unjust govt2.To whom is the document written?To the king of England3. Include examples of how the Declaration of Independence illustrates The five themesIt explains the history of America from their time. How trade was cut off, how they were deprived trials and for quartering troops among their towns.ConstitutionIt was the setting up of laws and rules for their new country away from a king, with their own constitutional government.AmendmentsAmendment I Religion, Speech, Press, Assembly, Petition (1791) Amendment II Right to Bear Arms (1791) Amendment III Quartering of Troops (1791) Amendment IV Search and Seizure (1791) Amendment V Grand Jury, Double Jeopardy, Self-Incrimination, Due Process (1791) Amendment VI Criminal Prosecutions - Jury Trial, Right to Confront and to Counsel (1791) Amendment VII Common Law Suits - Jury Trial (1791) Amendment VIII Excess Bail or Fines, Cruel and Unusual Punishment (1791) Amendment IX Non-Enumerated Rights (1791) Amendment X Rights Reserved to States (1791) 1.Military figures show that the number of people dismissed from the military for reasons related to homosexuality rose last year to the highest total since 1987.2.Donald Blom and the fact that he no longer has a right to bear arms due to his criminal record is very likely that he will go to prison for be aring arms3.Not up to date4.uuu5.When Bethe Feltman killed her two young children in Jefferson County in 1998, the prosecution and defense lawyers agreed she was insane, no jury decided her fate and no one ever argued that she should be put to death. The Rocky Mountain News reports.6.When Bethe Feltman killed her two young children in Jefferson County in 1998, the prosecution and defense lawyers agreed she was insane, no jury decided her fate and no one ever argued that she should be put to death.

Formal Commentary On One Hundred Years Of Solitude :: essays research papers

Formal CommentaryHow does Garcia Mrquez use imagery to create the dramatic situation of Prudencios Death?The image of conflict which Garcia Mrquez draws, is only a beginning to an endless struggle in the Buenda family. Garcia Mrquez creates this passage, not only as a contemporaries, moreover as a way to warn the reader of the fate of the Buenda name. After finishing this passage, I was left not with a timber of closure, but with a feeling of lingering doubt and wonder. Jos Arcadio Buenda seeks closure himself because of rumors of being impotent. This rumor starts because of the Buenda curse, the pigs tail. I realized this was only the first of many following conflicts, when Jos Arcadio Buenda attempts to resolve the situation by killing Prudencio Aguilar. But Prudencio doesnt die. He lives on, and haunts Jos Arcadio Buenda until he is forced to leave for Macondo.Garcia Mrquez creates a Genesis in the novel by the murder of Prudencio Aguilar. This important passage in the beginni ng of the book brings about its point through excellent uses of diction and pronounce choice. Words like tormented and desolation paint a vivid picture in my mind. The vast majority of adjectives and adverbs lack happiness and overflow with conflict. bloodless, sad, anxiety, are only three of these descriptive words, which Garcia Marquez uses to paint this small image in my mind. Anxiety, to me is not only a pain but an endless pain. Suffering which lasts indefinitely. This new indefinite pain brought into the Buenda family by this passage, like anxiety, continues.The dramatic situation in this passage brings about a regular plague of death and conflict.

The Tragic Hero: Creon or Antigone? Essay -- Character Analysis, Greek

In the Greek tragedy Antigone, the pillowcases Antigone and Creon can both be thought of as the sad hero of the play. Though Antigone does plant some of these characteristics of a tragic hero, Creon demonstrates the attributes more clearly and concisely. Creon is the King of Thebes, as well as the uncle of Antigone. Creon took the throne after a tragic quarrel mingled with his two nephews, Eteocles and Polyneices. Despite his harsh governing and his crude ideals, he is not good or bad. Creon is the tragic hero of the play Antigone, because of his favourable position in his society, his nobility, and his tragic flaw, self-pride.Creon was cognize as the antagonist King in Antigone. A sample of Creons antagonist actions is quoted Polyneices, I say, is to have no burial no small-arm is to touch him or say the least prayer for him he shall lie on the plain, unburied and the birds and the scavenging dogs can do with him whatever they like. (Sophocles 1. 43-46) Though he is known for negative things, he is still perceived and still superior to every Theban. Antigone was known in the society as the princess but, she did not show herself as a grand and known person. Creon is proud of his position in society and is prideful of his city and his decisions. Creon said proudly, You forget yourself You are speaking to your King (Sophocles 5. 66) Creon exhibits the trait of superiority almost to the point from this quote. Antigone, however, is only recognized for being the princess of the former king and committing an act of civil disobedience against King Creon. Creon and Antigone are also comparable in the area of nobility. Creon was the brother of Oedipus, the former king of Thebes. Quoted by Choragus, But now at last is our new King is comi... ...t Creon was however, he does understand how imprudent he was as a result of his own actions.After reading this argument, it is hoped that readers recognize that Creon is the tragic hero of Antigone. Creon and Antigone are both main characters of the play, but Creons character explains a tragic hero more so than Antigones. Creons superiority to his society, his nobility, and his tragic flaw self-pride assists in proving this topic. Because of Creons in-depth characteristics and unusual position in the story, it makes Antigones character seem like a minor character once analyzed. Almost every reader claims that since Antigone is the protagonist, the main character, and a princess, she is certainly the tragic hero. All in all, Creon is the tragic hero of the Greek Tragedy, Antigone by only three characteristics superiority, nobility, and self-pride.

The Tragic Hero: Creon or Antigone? Essay -- Character Analysis, Greek

In the Greek tragedy Antigone, the characters Antigone and Creon can both be thought of as the tragic booster of the play. Though Antigone does show some of these characteristics of a tragic hero, Creon demonstrates the attributes more clearly and concisely. Creon is the King of Thebes, as well as the uncle of Antigone. Creon took the throne after a tragic quarrel between his two nephews, Eteocles and Polyneices. Despite his harsh governing and his crude ideals, he is not good or bad. Creon is the tragic hero of the play Antigone, because of his superiority in his society, his nobility, and his tragic shortcoming, self-pride.Creon was known as the opponent King in Antigone. A sample of Creons antagonist actions is quoted Polyneices, I say, is to have no burial no man is to touch him or say the least prayer for him he shall lie on the plain, unburied and the birds and the scavenging dogs can do with him whatever they like. (Sophocles 1. 43-46) Though he is known for negative things , he is still perceived and still superior to every Theban. Antigone was known in the society as the princess but, she did not show herself as a grand and known person. Creon is proud of his position in society and is prideful of his city and his decisions. Creon verbalise proudly, You forget yourself You are speaking to your King (Sophocles 5. 66) Creon exhibits the trait of superiority almost to the point from this quote. Antigone, however, is only recognized for being the princess of the former king and committing an act of cultured disobedience against King Creon. Creon and Antigone are also comparable in the area of nobility. Creon was the brother of Oedipus, the former king of Thebes. Quoted by Choragus, But now at break down is our new King is comi... ...t Creon was however, he does understand how imprudent he was as a result of his own actions.After reading this argument, it is hoped that readers recognize that Creon is the tragic hero of Antigone. Creon and Antigone ar e both main characters of the play, but Creons character explains a tragic hero more so than Antigones. Creons superiority to his society, his nobility, and his tragic flaw self-pride assists in proving this topic. Because of Creons in-depth characteristics and unusual position in the story, it makes Antigones character seem like a minor character once analyzed. nearly every reader claims that since Antigone is the protagonist, the main character, and a princess, she is certainly the tragic hero. All in all, Creon is the tragic hero of the Greek Tragedy, Antigone by only three characteristics superiority, nobility, and self-pride.

A Long Walk to Freedom- Nelson Mandela

Nelson Mandela in his book, Long Walk to Freedom argues through the maiden five separate that a black respective(prenominal) must deal, coop, and grow through a society that is hindering their lives with apartheid and suppression of their rightful land. Rolihlanla Mphakanyiswa or set name, Madiba was born on July 18, 1918 in a simple village of Mvezo, which was non accustomed to the happenings of mho Africa as a whole. His father was an respected man who guide a good sustenance, but lost it because of a dis localisee with the magistrate.While, his mother was a hard-working woman full of daily choirs. His childhood was full of playing games with fop children and having fun. In school, Mandela was given his English name of Nelson. After his fathers death, he moved to love with a regent, who was a well-off individual and owed Nelsons father for a previous favor. The next several(prenominal) years were full of schooling for Nelson. These schools opened Nelsons eyes to many things , which we will discuss later. He and the regents son, Justice decided to travel to Johannesburg and see what work they could find.They left on their journey without the regents permission, but eventually fly his power and settled down in the town. In Johannesburg, Nelson settled down in a law firm as an assistant and went to University of southwestern Africa and Witwatersrand University to charm along his law education. witswatersrand University brought many reinvigorated ideas to Nelson and awakened a spirit in post of him. The next several years, Nelson met many new political friends and began his involvement in the ANC. in like manner during this time, he met Evelyn and they became married.Gradually Nelsons political involvement grew and his family life declined. Nelson and his good friend, Oliver Tambo opened a law firm, which took up most of Nelsons time. Evelyn mothered 2 of Nelsons children, but the gradually grew apart. Now, Nelson was an influential political indivi dual and bans and jailing began to follow him around. One day, a young woman came into his life by the name of Winnie and they got married. Winnie gave birth to two more of Nelsons children. As time passed, Nelsons spirit for shrivedom grew more and more each day.Though his life was full of bannings and jailings, he neer gave up his fight, but he knew that the south African government was becoming agitated with him and the ANC. The South African government became ruthless and strict and this forced Nelson to farewell his family. After he left his family, he went underground. Nelsons life has been full of hardships and decisions, but his heart for the endeavor has never faltered. Now let us project Nelson in closer detail. Nelson is an individual who fought through many hardships, but was also faced with decisions that affected his future, his family, and his livelihood.As we look at Nelson deeper, we can see many interesting points. He was opened to new ideas and beliefs throug h his experiences in the schools of Heraldtown and Fort Hare, but knew there was several(prenominal)thing better. He decided to travel to Johannesburg to find new and greater opportunities. While, in Johannesburg, he retrieved education would be a key asset. While working for a small firm, he took classes at University of South Africa and eventually Wits University. Here is where his mind and friendly life flourished. He interacted with great minds and influential political individuals.He talked to many Africans without proper education, who contained more knowledge and better social skills than many Africans with education. But, he still persisted in acquiring his B. A. Wits University brought his life to new extents. He was also talking to Indians, Coloureds, and whites for the first time in his life and Becoming friends with many more prominent African individuals. Nelson soon joined the ANC and became very prominent in the fight for freedom. Nelson was always open to listenin g to new ideas, but when his was just starting his fight.He believed that just Africans should fight the struggle and that the Indians, Coloureds, and communists would hinder their fight. As the ANC grew, Nelson also became well known. He was part of the Youth League, some other beneficial part of the ANC. Nelson was non president yet, but was powerful enough to voice is opinions, which many people listened to and believed in. As Nelsons political involvement grew, the natural law became more aware of him. Nelson received ban after ban, which ranged from months to years. He also experienced jail time constantly. Eventually, the polices pursuit of him forced him to go underground.Nelson was also becoming more open-minded. He now believed that the fight should involve the Indians and the Coloureds. He also believed that Communism did chip in some good points, but he would never accept the whole communism aspect. There were many freedom fighters in South Africa. One that stood out was Dr. Xuma. Dr. Xuma was friend of Nelson and the president of the ANC, but the struggle forces many hardships on wizs life. Nelson gave everything up to pursue his fight for freedom. He left his family, his prospering law firm, and his past for the struggle.Dr. Xuma believed in the same ideas as Nelson, but would not give up his prominence with the whites and his wealthy occupation for the struggle. This decision had to be made by many freedom fighters. Nelson gave his life for the fight. While, Dr. Xuma fantasy his career was more important. Now let us look closer at some nationals seen through Mandelas book. Through this paragraph, I will discriminate foreign cast seen in Long Walk to Freedom to foreign influence seen in Mexico through Professor Hornibrooks lectures and notes. As I have seen through your lectures, South Africa was affected by foreign influence from the British and the Dutch.Mandelas autobiography helps give more detailed accounts of the European influence seen in South Africa. Ever since Mandela was born, the Europeans power affected his people. European influence could be seen through every aspect of life. In Mandelas school, he was given an English name and this was because this was the custom among Africans in those days and was undoubtedly due to the British bias of our education. (14) Also, the education I received was a British education, in which British ideas, British nuance, British institutions were automatically assumed to be superior.There was no such thing as African culture. (14) This shows that it was difficult to get away from the British influence even for children in school. The British and the Dutch governments passed several acts that were instituted to fight against the Africans freedom struggle. The Africans struggle for independence was slowly growing and this excite the government. A new term was being seen and it was called apartheid. The government enacted laws and acts that prohibited Africans from doing some(prenominal) things that were vital to their fight and survival. The Group Areas Act was one example.This act called for each racial group to be separated into separate areas. Another act was the Population Registration Act, which showed that race had bewilder the most important and influential aspect of South African law and society. Another act was the Suppression of Communism Act. This act called for all communists to be brought to trial. The police could arrest anyone they believed were trying to overthrow the government by violence and communist ways. Lastly, the government put bans on individuals who were becoming to involved in the struggle and finally the government banned the ANC and all other expelling groups.This ban now made freedom fighting was illegal in South Africa. The effect of foreign influence was drastic. Africans lost sense of African culture in schools. While, the foreign government tried everything to break down the Africans chance for liberty. The fo reign influence seen in South Africa crushed the Africans desire and survival. While this was occurring in South Africa, Mexico was also seeing the effect of foreign influence. Americans and Europeans came into Mexico and gained much power. Haciendas helped their rise and foreign investment in many minerals and oil. But, Mexico did not delight in of this and changed it.In 1917, Mexico created a new constitution, which limited foreign investment and promised land reform. This showed that Mexico did not want an overpopulation of foreigners and would not allow it. While, in oil, the foreigners controlled much of the oil, which Mexico had an abundance of. In 1938, oil workers went on strike and the companies would not give in, but instead of allowing foreign influence to become too powerful. The Mexican leader, Cardenas sent in arbitrators. The arbitrators called for the one/third pay increase, but the companies refused. Therefore, Cardenas nationalized oil and limited the power of fo reign influence in Mexico.Now, Mexican oil was controlled by PEMEX, which is controlled only by Mexico. Mexico become a large influence in the oil market during the oil crisis, but also went though hyperinflation and eventually needed some foreign help. But, the Mexicans would not allow foreign influences to dominate the Mexican state as foreigners have affected South Africa. Now I will examine another issue seen in the book. In this paragraph, I will examine the movement seen in Long Walk to Freedom to the movement seen in China during the 1900s. In South Africa, the movement I saw was the Africans fighting for freedom.In their time of struggle, they had little help from those with power. The liberation movement involved peasants, educated, and well-off Africans. But, the government did what ever they could to put down this struggle. They set up organizations, such as the ANC, Youth League, and others, but as seen in other places the wealthy and powerful would not help the struggle . Many people were blind to the struggle. Most of these wardresses had no idea why we were in prison, and gradually began to discover what we were fighting for and why we were willing to risk jail in the first place. (249)Many individuals did not realize what the Africans were really fighting for and why the government was harassing them, but slowly they were learning. Seeing prominent and educated white women discussing safe matters with a black man on the basis of perfect equality could only lead to the weakening of the wardresses apartheid assumptions. (249) The government tried to separate whites from blacks so whites would not turn sympathetic towards the Africans fight. This scared feeling made the government acts and laws stricter and harsher towards the African struggle.Therefore, in South Africa, the movement received little help from the people who had influence in the country and the help they truly needed. While, in China, their movement involved their peasants and they had help, which truly helped their struggle. Mao stated that In a very short time, several hundred million peasants will rise like a mighty storm They will sweep all the imperialists, warlords, corrupt officials, local tyrants and evil aristocracy into their graves (Mao, 24) Here Mao stated that the peasants would destroy the landlords and corrupt individuals.He helped the peasants by making some reforms. He gave peasants land and made marriages a free choice. He also instituted the 100 Flowers Campaign. This campaign allowed peasants to speak out and have freedom of speech. We see here that the peasants had help in their struggle, while the Africans had very little. This assistance helped the peasants to get the things they were fighting for. Mandelas Long Walk to Freedom, helped show the rise of an unconvincing individual, who fought with many of his countrymen against the oppression and apartheid of white supremacy in South Africa.throughout the book, I have seen Nelsons open -mindedness. Nelson always listened to communist ideas and Indian goals, eventhough he did not agree with them. Nelson faced many hardships through his struggle and this had to cause some resentment against his oppressors. But if anyone would not be bias in his writing, I would say it would be Nelson Mandela. He has showed in his book that he is great individual and that he will not let his past feeling cloud his writing. You can see his feelings in his book and that is what makes it so good, but I believe he does not hide anything from us on both sides of the stories.In conclusion, Mandelas autobiography is a brilliant book written by an incredible individual. I wish I could of read the whole book for this essay, but that was not possible. It is hard to write an essay on the first 5 parts when I know some things that happened further in the book. I did not know if I should include that information in the essay, but I did not involve it. This book helped to show the other side of th e story. We always hear the victors story and in this class we got to hear the other side of the story.

Ryanair Pestel

Complete a PEST(EL) analysis as preparation for a scenario planning cypher next week. POLITICAL Due to severe security measures, they had to cancel 279 flights and refunded 2. 7m. A loss of 1. 9m in reduced bookings Aer Lingus was fundamentally opposed to a merger with Ryanair, nonethe slight if it raises its price 12. 6 % of the shareholding controlled by Aer Lingus, whose members rejected the offer by a 97% majority vote Opposed to the BAA airport monopoly plans to build a 4bn gold plated Taj Mahal at Stansted SOCIAL Europes leading budget air duct August 2006, Air Transport World magazine- most profitable airline in the land 72% negative response from a poll of readers of the Financial Times for one of its initiatives In 2006, its employees count by more than 700, to 3. calciferol people, comprising over 25 different nationalities In 2006, it was voted the worlds least favourite airline because of the unfriendly staff, delays and poor legroom The airline formerly refused to p rovide trying on or meal vouchers when flights were cancelled or delayed, until it became illegal to do so in 2005ENVIRONMENTAL Deploying more efficient aircraft that use less fuel and produce less pollution Concerns about greenhouse gases from carbon emissions Replace its fleet of old aircraft with new, more environmentally-friendly aircraft, reducing the average age of its fleet to 2. 4 years cutting aircraft produced 50% less emissions, 45% less fuel burn and 45% lower noise emissions per sea ECONOMIC Its average paid was 49612, a higher(prenominal) figure than any other major European airline August 2006, Air Transport World magazine- most profitable airline in the world Cost-cutting/yield-enhancing measures for passenger check-in and luggage handling could save more than 1 per passenger Web establish check-in and priority boarding, save costs on check-in staff and airport facilities, as well as time By tailoring rosters, they maximised productivity and time off for crew membe rsTECHNOLOGICAL Web based check-in and priority boarding Fleet of over 100 new Boeing 737-800 aircraft and firm orders for a further 138 new aircraft to be delivered over the next cardinal years Stronger passenger safety body searched, banned from carrying liquids and gels in their carry-on luggage LEGAL Complying with EU regulations which impose a ceiling on pilot short hours to prevent dangerous fatigue In litigation with various airport over landing charges Accused it of misleading passengers on its website by exaggerating the prices of its competitors in make comparisons Following flight cancellations due to increase in security measures, they decided to file two legal cases against UK government In 2005, new legislation that offered compensation cost to passengers affected by delays, cancellations or denied boarding

Ethical Dilemma in Hrm

A business can altogether be sustainable for long term, if its practicing ethically. Sustainable businesses argon those businesses which ar able to make profit for its sh be holder and provide estimable employment opportunities for its staff. Similarly sustainable businesses are wizs which pay taxes to governments of countries in which it exist. Beside this sustainable businesses are also responsible to contribute to community in which operate. In a perfect world, businesses and their employees would unendingly do the right thing. Unfortunately, in the real world, ethical dilemmas are a common occurrence in the workplace. fit to the Merriam Webster Dictionary, dilemmas are situations or problems where a person has to make a difficult choice an ethical dilemma is a problem where a person has to choose between a moral and an immoral act. Employees must deal with pressures to perform and help the company succeed as wellspring as personal temptations to take the easy way out. In t he end, workers will likely acquaint many dilemmas in their careers companies should provide training and development to assist them in making the right decision. Nikehas been accused of using claw laborin the production of its soccer clusters inPakistan.Read also Glengarry Glen Ross by David MametThis case study will examine the claims and describe the industry and its impact on laborers and their working conditions. While Pakistan has laws against child labor and slain truth, the government has taken real little action to combat it. Only a boycott by the United States and other nations will devour any impact on thrall and child-based industries. Futherto a greater extent the U. S constitution states that child labor is an illegal and inhumane practice and any U. S. company found guilty practicing and encouraging it will be prosecuted.GATT and WTO prohibits atom nations, like the United States, from discriminating against the importation of goods made by children. Are dolphi ns becoming more important than children? A question making WTO to reconsider the childrens appeal of the third world. akistan has a per-capita income of $1,900 per year -meaning that a typical person survives barely on $5 per day. And thats nonot all, Pakistan has a traditional culture where earning of one person goes on feeding 10 mouths and with the high rate of inflation it becomes difficult for a low income population to survive.Child labor is spread all over Pakistan but has the superlative impact in the north-west of punjab province, that is Sialkot. Pakistan has a population of approximately 1 million and is an important centre for the production of goods for export to international markets, bursticularly light goods. In 1994, exports from Sialkot brought income of almost US$ 385 million into the Pakistan economy. Sialkot is olibanum one of the worlds most important centres for production of sporting goods. Child labor exists in Sialkot both in the export sector and th e domestic sector.This fact has been well documented and reported by the international media for several years but nix has been done rough it. In Pakistan it is clearly documented that child labor is against the law, but the government carries lack of willingness to do anything to the highest degree it. Provision for education is very limited, due to the fact that very low priority is given to education in the national budgets. Education receives around 3% of the total gross domestic product when compared to over ten times of this amount spent on military.Gender and other forms of discrmination plus adding to the lack of political will, gives the clear picture of the existence of child labor in Pakistan. ecently if you go to a shop to buy your child a new soccer ball. There is a good possibility that the ball has been made by someone your childs age or even juvenileer. About half of the worlds soccer ball are made in Pakistan, and each one of them passes through a process of pr oduction where child labor is involved. This problem not only pertains to Pakistan but is worldwide. More than 200 children, some as young as 4 and 5 years of age, are involved in the production line.Majority of these children work in Asia, e. g in the nations of India, Pakistan, Bangladesh and Indonesia. Nike is characterized of making its equipments in countries which are in the developing phase, having very cheap labor, authoritarian government and lack of human rights appeal and union movement. In doing this it has made greater margins on the woo of mere cents to its workers. So Nike success story is not based on good name and advertising alone but also attached to it is the tears of tortured workers and child labor.A columnist Stephen Chapman from Libertarian newspaper argues that But why is it unconscionable for a poor country to allow child labor? Pakistan has a per-capita income of $1,900 per year meaning that the typical person subsists on barely $5 per day. Is it a a re velation or a crime that some parents willingly project their children off to work in a factory to survive? Is it cruel for Nike to give them the chance? (source http//www. raincity. com/williamf/words96. html) Stephen argues that the best way to end child-labor is to buy more of the products that children produce.This would attach their demand, and as they will produce more, they will earn more, hence giving themselves chane to rise above poverty level and thus also benefiting the families of the children and as well as the nation. However, the issue is not that simple. Increasing the demand of the products produced by child labor means encouraging more child labor, encouraging more line of descent rates, more slavery, increasing sweatshops and discouraging education as parents of the children working in factories would want them to work more and earn more.If this happened to be the case, then more and more children will be bought and sold on the black market, leading no end to this problem. By encouraging more child labor, you are not only taking away those innocent years from them but also the right to be educated and the right to be free. Nike a good chess actor As a good chess player Nike always thinks ahead of its movement. It does not launch its production directly in to the developing country, such as Pakistan, but instead it subcontracts it to them by selecting a local firm.When doing this, the local firm, in this case SAGA sports, has to abide by the Nikes international rules and regulations when producing its goods. And it is the duty of the international firm (NIKE) to supervise its subcontracted production units and hold it to tight scrutuny. But this is not what really happens. Both Nike and the local production company aims to minimize cost and earn the highest amounts of profit thus involving themselves in illegal practices, such as child labor, a practice which is not so highlighted by the government of the host developing country.So what happens when you question Nike about its labor practices? An answer comes that it is not they who are involved in this illegal labor practices but it is the local subcontracter who is doing so. This is wrong to say as Nike and SAGA sports both benefits with glide slope to cheap child labor in Pakistan. And if Nike cannot control its subcontracted plants, it means they have not implemented their rules and regulations impellingly and is not abiding by the international standards which they have set for themselves. Nikes entrance in to the Pakistani markets was the place of its long term strategic planning.It is false to explain that Nike didnt knew that child labor is an ages-old practice in Pakistan. Nike went into Pakistan, having plentiful knowledge of the favorable conditions prevailing in terms of child labor and has taken no precautions whatsoever to prevent the use of child labor in the production of its soccer balls. Instead Nike has made a profit from its Pakistani contractors who inturn has used bonded child labor in the production process. Critically analyzing the situation, Why Nike always land up in places having cheap or bonded labors or in places where it can easily get away with illegal labor practices? Examples incude Vietnam, China, Indonesia, Pakistan, Bangladesh and India. Nike simply bases its trading operations on finding the lowest-cost labor to make its products. Twelve-year-old girls work in Indonesian sweatshops 70 hours a week making Nike shoes in unhealthy plants. According to a Foulball campaign report, Nike has refused twice to have a check in their Saga-managed center in Pakistan while on the other slip by Nikes rival Reebok pronto granted access to its Moltex-managed center in Pakistan. Nike has the habit of hiding behind its good public image and its effective means of promotions and advertising.Nike attempts to create a good public image by offering charity, donating equipments and never passing an opportunity to rem ind the public that it has set up stitching centers in places such as Sialkot, Pakistan. How it all started Consumer awareness 1996 When the June, 1996 issue of Life magazine carried an article about child labor in Pakistan, Nike knew that it was in trouble. The articles lead photograph showed 12-year-old Tariq surrounded by the pieces of a Nike soccer ball which he would spend most of a day stitching together for the grand sum of 60 cents.In a question of weeks, activists all across Canada and the United States were standing in front of Nike outlets, holding up Tariqs photo. And yet, Nike has not done an especially good job of scrutinizing the subcontractors with which its working. Nor has it been open about its labor practices in the way public companies should be expected to be. Cameramen have been pushed out of factory floors. Supervisors at a plant in Vietnam apparently thud workers being paid 20 cents an hour and refused to allow them to leave their work posts. Indonesian l abor organizers has been put behind bars.And, most troubling, nearly all the soccer balls made in Pakistan have been revealed to be made by young children getting paid just cents a day. Nike chairman Phil Knight also hold that a shipment of soccer balls Nike purchased in Pakistan in the year 1996 was made by a subcontractor using child labor in horrible conditions. Although 1996 was the number 1 year in which real public attention was focused on Nikes labor practices abroad, its important to recognize that manufacturing shoes in low-wage countries was, from the start, a crucial part of Phil Knights plan for his company.In other words, American jobs have not been shipped abroad. On the contrary, Nike has never made shoes in the United States. Its first factories, built in the 1960s, were in Japan, when that country was still a part of the Third World. And since thirty years Nike have migrating from nation to nation, arriving as countries install the necessary mechanisms for orderl y business operations and leaving as living standards become too high to make manufacturing profitable. Nike notJust do itbutDo it right. This is the first time that Nike has had to face real questions about its labor practices abroad, the first time that it has felt a public-relations impact. At this point, that impact does not seem at all devastating. While in the short run Americans are generally horrified by the issue of child labor and has expressed concern over the working conditions in contradictory factories, Nike should take immediate actions in order to provide remedy to all the activism it faces, otherwise it can prove devastating for the companys image in the long run. The basal truth about Nike is that its only real strength is its good name.Nike rules because of all the good things people associate with the company sharp ads, Michael Jordan, Tiger Woods, little Penny, and Michael Jordan again. If defeat workers and child labor get added to that list, then Nikes grea test asset will be lost. Now the burden is on the company both to do a better job of implementing company-wide global standards of conduct and also to improve its openness to the media. The more you hide, after all, the more people think you have something to hide. Every hand that goes up, hurts Nike in the public eye. And when youre a consumer company, thats the only eye that matters.Consumers Just dont do it. dership by example The chief operating officer of Nike and the senior managers of the company need to be openly and strong committed to the social responsibility and ethical conduct. They must give constant leadership in renewing the ethical values and the social responsibility of the company. The management must be active in communicating about the companys commitment in the speeches, directives, company publications and especially in actions too. The chief operating officer along with the companys managers is the ones that set the tone of the organization most clearly by their behavior.Code of ethics Code of ethics state that the values or behaviors that are expected and those that will not be tolerated backed up by managements actions. (Schuler & Jackson, 2007) Ethical structures ethical structure actually represents the assorted systems, positions and programs that a company can undertake to implement a social effort and ethical behavior. An ethics committee is a group of executives under the CEO to oversee the companys ethics and CSR efforts, for example, the Nike committee that conducts corporate social responsibility efforts.Whistle blowing employee disclosure of illegal, immoral or illegitimate practices on the employers part is called whistle blowing. No organization like Nike can rely only on codes of conduct to prevent such kinds of behavior. When there are no effective protective measures, whistle blowers suffer and the company may continue its unethical or illegal activities. The CEO and the management of Nike should make sure that th e managers are prepare well so that they view whistle blowing as a benefit and not a threat. (Schuler & Jackson, 2007)

Gold Price and Effect on Stock Exchange

G oldish Price volatility and Stock trade Returns in India P K Mishra Faculty in economics, Siksha O Anusandhan University, Orissa, India E-mail email comforted com J R Das Faculty in Management, Siksha O Anusandhan University, Orissa, India E-mail j. emailprotected co. in S K Mishra Faculty in economics, TITE, Orissa, India E-mail emailprotected co. in Abstract The study of the capital food market of a country in terms of a wide range of macroeconomic and financial variables has been the subject involvement of many another(prenominal) researches since kick the bucket few decades.Recently one such variable, that is, favourable price volatility has attracted the attention of many researchers, academicians and analysts. Thus, this paper is an attempt to analyse the condition relation that may run amongst domestic gilded prices and lineage market returns in India. The study by taking into consideration the domestic metal(prenominal) prices and stock market returns found o n BSE coulomb index, investigates the Granger power in the Vector Error study Model for the point January 1991 to declination 2009. The analysis provides the evidence of feedback fountain between the variables.It infers that the bills prices Granger-causes stock market returns and stock market returns also Granger-causes the luxurious prices in India during the sample period. Thus, both the variables intercept about significant information for the prediction of one in terms of another. Keywords Gold Price, Stock commercialise Return, BSE century Index, India, Volatility, Causality JEL Classification Codes C22, C32, E44 1. incoming The study of the capital market of a country in terms of a wide range of macro-economic and financial variables has been the subject matter of many researches since last few decades.Empirical studies reveal that once financial deregulation takes place, the stock markets of a country become more sensitive to both domestic and outside factors. A nd, one such factor is the price of specie. From 1900 to 1971, with the global systems of favorable standard and USD standard, gold price was regulated. But, since 1972, gold has been disconnected from the USD. Particularly in 1976 when the International pecuniary Fund (IMF) passed Jamaica Agreement, did gold begin to evolve from currency to ordinary merchandise and since then gold price as been set upd by market show and inquire. And, in India, the government started the process of globalization and liberalization since 1991 which allowed prices to be determined by the market forces. Gold Price Volatility and Stock mart Returns in India 48 Since then, the government has been taking a matter of steps to reform the gold sector and ensure that India benefits from the demand-influence that it has on the gold business internationally.The liberalisation of the gold sector has been made in stages premiere allowing a number of banks to trade gold braking the monopoly of the State Trading Corporations then considerably reducing the import commerce destroying a lucrative parallel smuggling channel and now, allowing traders, manufacturers as well as investors to trade in gold futures in India itself. Figure 1 yearbook Price Movement of Gold in Indian securities industry Prior to the introduction of liberalization and globalization policies, gold prices in India showed an amplification trend (Fig. 1).In the post liberalization period, the average annual prices of gold also showed an increasing trend from the year 1991 to 1996. But, it showed a decreasing trend in 1997 and 1998 and again showed an increasing trend in the year 2000. From 2000 to 2009, gold prices be continuously increasing. The domestic gold price in India is continuously increasing due to its heavy demand in the country. There are several reasons gold has high demand in India. The first reason is protective covering gold offers full security as long as it is retained by central banks.There is no credit risk attached to gold. Secondly, gold is able to maintain its liquidity until now at magazines of crisis situations like high global inflation or political turbulence. The third reason for holding gold is to build a modify portfolio. Gold also has taken the role of an asset of last resort. World economical History shows that countries have repeatedly used gold as security against loans when they have had difficulties with their Balance of Payments and have felt the need to borrow on the international capital markets. The domestic gold prices inIndia are associated strongly with the import parity prices which are determined by the global spot prices, Dollar-Rupee rate and local taxes and levies. Any change in the global prices gets transmitted very apace and gets reflected in domestic prices, particularly for countries like India who are price takers in gold with a major part of the demand met by imports. The twin factors, namely, (i) increase in global spot gold pr ices (as the commodity becomes dearer to those purporting for true(p) haven during times of economic crisis, and (ii) appreciation of USD against INR, led to sharp rise in gold prices in India in the recent past.Moreover, the come in annual supply of gold across the globe has also decreased from 4037 stacks in 2002 to 3380 tons in 2008. India is a large buyer of gold at about 700-800 tons per annum. It also recycles about 200 tons of gold out of old jewellery. A large chunk of Indian imports is used for jewellery exports. Since the gold prices in India are influenced by international factors, its volatility is very important. Volatility involves pitiable term calendar monthly, weekly or even hourly fluctuations in gold prices as measured by their absolute percentage changes during a particular period. If we look at the rolling 49P K Mishra, J R Das and S K Mishra standard deviation of monthly gold prices since 2000, the prices are more volatile after July 2007 which is almost the same time when the slow down started in USA as a result of the sub-prime crisis (Fig. 2). Figure 2 Standard Deviation of Gold Price in India A look at the historic data brings out that when the stock market crashes or when the horse weakens, gold continues to be a safe haven investing because gold prices rise in such circumstances (Gaur and Bansal, 2010). It is no surprise that many investors, bighearted and small have chosen to hedge their investments through gold at the time of crises.Figure 3 Movement of Gold Price and BSE 100 Index 20000 16000 12000 8000 4000 0 92 94 96 98 00 02 04 06 08 BSE100 GOLDPRICE Gold prices have been on an uptick since 2000, while the stock market declined from 2000 to 2003 and then again in 2008 (Fig. 3). In 2008 when the market was suffering from bearish phase beingnesswide, gold prices spiked as panic spread across global markets. So far since blemish 2009 in India signs of recovery in the stock markets have emerged. At the same time gold co ntinues to forge ahead, Gold Price Volatility and Stock Market Returns in India 50 lbeit at a slower pace. In 2008, the two assets prices equity and gold, were moving in opposite directions, displaying the ability of the yellow metal to protect ones portfolios at the time of a dip. In fact, during each of the two prolonged bear phases (lasting at least a year) over the past decade, gold has provided an sound hedge. However, in India stocks do not seem to be perceived as an alternative to gold. The reason for holding gold is, to a large extent, guided by the individual sentiments. The gold investing habits of Indians strongly ingrained in the Indian Social Psyche.In India gold has been held by individuals for years and have passed hands of many generations. In addition, the equity culture in India is not as developed as in some other parts of the world. Gold has not to date lost its prime importance as a hedge against loss of wealth in times of crises. It is with this backdrop, thi s paper proceeds to investigate the direction of causality between domestic gold prices and stock market returns in India. The rest of the paper is organized as follows Section II explains the data and methodology, Section tercet makes the analysis, and Section IV concludes. . Data and Methodology This paper aims at investigating the dynamic relationship between gold prices and stock market returns in India for the period 1991 to 2009. This study is mainly based on countenanceary data that have been collected from the database on Indian economy maintained by Reserve cant of India. The study analyses the monthly data on domestic gold prices and stock market returns in India for the aforesaid period. Wherever data were missing, the averages of the data of the previous month and next month have been taken.The monthly stock market returns ( Rt ) based on BSE 100 Index have been work out by the ? I ? Rt = log ? t ? ? I t ? 1 ? where I and I are the logarithmic difference change in th e BSE 100 Index, i. e. , t t ? 1 closing cling to of monthly BSE 100 Index at time t andt-1 respectively. At the outset, the Karl Pearsons correlation coefficient between the aforesaid time series has been calculated and its significance has been sampleed by the t- political campaign. The correlation coefficient has been calculated by using the formula N ? XY (? X)(? Y) r= N ? X 2 (? X)2 N ? Y 2 (?Y)2 And, the significance of this correlation coefficient has been tested by the t-test using the tr n? 2 under the null guesswork H 0 ? = 0 against the alternative surmisal of statistic t n ? 2 = 1? r2 H1 ? ? 0 with n-2 degrees of freedom. If the calculated value of t exceeds the critical value of t, then the null hypothesis will be rejected otherwise accepted. Then the Granger causality between the variables has been investigated in the Vector Error Correction framework. And, as the essential steps of Granger Causality test, the stationarity and cointegration between variables h ave been found out.The augment Dickey-Fuller unit root test has been used to examine the stationarity of the time series of the study and to find the order of integration between them. The ADF unit root test has been performed by estimating the regression ? Yt = ? 0 + ? 1Yt ? 1 + ? ? j? Yt ? j + ? t j=1 p The ADF unit root test is based on the null hypothesis H 0 Yt is not I(0) . If the calculated ADF statistic is less than the critical value, then the null hypothesis is rejected otherwise accepted. If the 51 P K Mishra, J R Das and S K Mishra variable is stationary at aim, the variable is said to be integrated of order zero, I(0).If the variable is non-stationary at level, the ADF test can be utilised and the first difference of the variable can be used for test a unit root. In this case, the variable is said to be co-integrated of order one, I(1). In the second step, the Johansens cointegration test has been applied to check whether the long run chemical equilibrium relation e xists between the variables. The Johansen approach to cointegration test is based on two test statistics, viz. , the trace test statistic, and the pocketimum eigenvalue test statistic. i = r +1 The trace test statistic can be specified as where ? i is the i th largest eigenvalue of matrix ? and T is the number of observations. In the trace test, the null hypothesis is that the number of distinct cointegrating vector(s) is less than or equal to the number of cointegration relations ( r ). The maximum eigenvalue test examines the null hypothesis of exactly r cointegrating relations against the alternative of r + 1 cointegrating relations with the test statistic ? max = ? T log(1 ? ?r +1 ), where ? trace = ? T ? log(1 ? ?i ), k ?r +1 is the (r + 1)th largest squared eigenvalue. In the trace test, the null hypothesis of r = 0 is tested against the alternative of r + 1 cointegrating vectors.At the end, the Granger Causality test has been used to determine whether one time series is use able in forecasting another thereby finding out the direction of relationship between the variables of the study. In the Granger Causality test, the vector of endogenous variables is divide in two sub-vectors, Y1t and, Y2t with dimensions K1 and, K 2 respectively, so that K = K1 + K 2 . The sub-vector Y1t is said to be Granger-causal for Y2t if it contains useful information for predicting the latter set of variables. For testing this property, the levels VAR following form without exogenous variables of the model is considered.A 0 Yt = A1Yt ? 1 + + A p +1Yt ? p ? 1 + B0 X t + + Bq X t ? q + C*D*t + u t If that model contains p + 1 lags of the endogenous variables as in the above model, the test is based on a model with p + 2 lags of the endogenous variables, ? Y1t ? p + 2 ? ?11,i ? 12,i ? ? Y1,t ? i ? ? u1t ? ? ? Y ? + CD t + ? ? ? Y ? = ? ? 2t ? i =1 ? 21,i ? 22,i ? ? 2,t ? i ? ? u 2t ? as proposed by Dolado and Lutkepohl (1996). The null hypothesis that Y1t is not Granger-cau sal for Y2t is tested by checking the null hypothesis ? 21,i = 0, i = 1, 2,. , p + 1A Wald test statistic, divided by the number of restrictions pK1K 2 , is used in conjunction with an F(pK1K 2 , KT ? n * ) distri hardlyion for testing the restrictions. Here n * is the total number of parameters in the system (Lutkepohl, 1991), including the parameters of the deterministic term. Of course, the role of Y1t and Y2t can be reversed to test Granger-causality from Y2t to Y1t . 3. Empirical Analysis It is clear from the Fig. 3 that the direction of movements of gold prices and BSE 100 Indices in India is same. The value of Pearsons correlation coefficient (r) between these two time series over the period 1991 to 2009 is 0. 873.To test whether this value of r shows a significant relationship between two time series, students t-test has been used. The null hypothesis of the test is r = 0 against the alternative of r ? 0. Since the t-statistic at 226 degrees of freedom is 26. 9 and the criti cal value of t at 5% level of significance is less than it, the null hypothesis is rejected. So, it can be said that the correlation between gold prices and BSE 100 indices is statistically significant. Gold Price Volatility and Stock Market Returns in India 52 Thus, it seems that gold prices and stock market returns based on BSE 100 Index are significantly correlated.And, computation reveals that the value of r is 0. 0143 between them which is not statistically significant for the t-statistic of 0. 217 at 226 degrees of freedom. So it can be said that although gold prices and BSE 100 Indices are significantly correlated, the correlation between gold prices and stock market returns based on BSE 100 Index is not significant. But much raise results have been obtained from the Granger Causality test. The Granger causality test presumes that the given time series are stationary. The Augmented Dickey-Fuller unit root test has been used for this purpose.And, the results of such test are reported in tabulate 1. Table 1 Results of Augmented Dickey-Fuller Unit Root Test ADF Statistic -14. 61 Critical Values At 1% -3. 459 At 5% -2. 874 At 10% -2. 573 At 1% -3. 459 At 5% -2. 874 At 10% -2. 573 Decision Reject Null hypothesis of no unit root Variables in their First Differences Gold Prices Stock Market Returns -12. 01 Reject Null hypothesis of no unit root It is clear from the Table 1 that the hull hypothesis of no unit roots for both the time series are rejected at their first differences since the ADF est statistic determine are less than the critical values at 10%, 5% and 1% levels of significances. Thus, the variables are stationary and integrated of same order, i. e. , I(1). In the next step, the cointegration between the stationary variables has been tested by the Johansens Trace and Maximum Eigenvalue tests. The results of these tests are shown in Table 2. The Trace test indicates the existence of two cointegrating equations at 5% level of significance. And, the maximum eigenvalue test makes the check of this result. Thus, the two variables of the study have long-run or equilibrium relationship between them.Table 2 Results of Johansens Cointegration Test Sample January 1991 to December 2009 include observations 225 after adjustments Trend assumption Linear deterministic trend series Gold Prices and Stock Market Returns Lags interval (in first differences) 1 to 2 discretionary Cointegration Rank Test (Trace) Trace 0. 05 Eigenvalue Statistic Critical Value 0. 264883 83. 69901 15. 49471 0. 062248 14. 46069 3. 841466 Hypothesized no(prenominal) of CE(s) None * At most 1 * Prob. ** 0. 0000 0. 0001 Trace test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 5 level ** MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue) Hypothesized Max-Eigen 0. 05 No. of CE(s) Eigenvalue Statistic Critical Value None * 0. 264883 69. 23832 14. 26460 At most 1 * 0. 062248 14. 46069 3. 841466 Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 05 level ** MacKinnon-Haug-Michelis (1999) p-values Prob. ** 0. 0000 0. 0001 53 Table 3 Results of Granger Causality Test P K Mishra, J R Das and S K MishraNull Hypothesis Gold Prices do not Granger construct Stock Market Returns Stock Market Returns do not Granger Cause Gold Prices F-Statistic (73, 12) 11. 678 32. 997 Probability 0. 000 0. 000 Decision Reject Reject Now, the Granger causality test can be performed to determine the direction of causation between these two variables in the Vector Error Correction Model. The results of the Granger causality test are reported in Table 3. It is inferred that the null hypothesis of Gold Prices do not Granger Cause Stock Market Returns and Stock Market Returns do not Granger Cause Gold Prices are here clearly rejected.Thus, both the variables contain some significant information such that they cause each other. But it is very interesting to note that these two variables are insignificantly correlated, i. e. , a very low degree of correlation holds between them. During the period of global financial crisis, stock markets crashed but gold price continues to increase in the country. This could be explained as follows. The extent of holding of gold in India is widespread but stocks are not held by all, though retail participation in the Stock Markets might have gone up in the last few years.Indians consider gold the safe haven investment as a financial asset and as jewellery. World Gold Council Report says that India stands today as the worlds largest single market for gold consumption. Traditionally, gold has been more attractive than bank deposits, stocks and bonds. In developing countries, people have often trusted gold as a better investment. In many countries including India, gold remains an integral part of social and religious customs, besides being the basic form of savings. But of late many innovative financial products have been lunched relating to gold.In manifest 2003, the first Gold Exchange Traded Fund, i. e. , Gold Bullion Securities was launched on the Australian Stock Exchange. Now, gold exchange traded funds are being traded like shares on the major stock exchanges including London, New York and Sydney. In India the first gold ETF was launched in March 2007 by Benchmark Mutual Fund. And, the UTI gold ETF has emerged as the best performer since May 2009. The number of new accounts created by Gold ETFs in India surged 57% between March and September 2009.The overall AUM in Gold ETFs at the end of December 2009 was Rs 1,352 crore, up from Rs 717 crore in April 09. It shows that Indian investors are gradually moving into gold ETFs for investment instead of physical form. Recently derivatives such as gold forwards, futures and options have become very popular and have been traded on various exchanges around the world and over-the-counte r directly in the private market. In the USA, gold futures are primarily traded on the New York Commodities Exchange. In India, the National Commodity and Derivatives Exchange introduced 100 gram gold futures in November 2006.The volume of Gold futures traded in this exchange during January to August 2007 was 4,479,114 which have been increased to 9,038,795 in January to August 2008. It is thus inferred that Indians have started considering gold more than jewellery and as good as investments on bonds and equities. Perhaps, this explains the co-movement of gold prices and stock prices in the aftermath of global financial crisis. Gold Price Volatility and Stock Market Returns in India 54 4. Conclusion This paper examines the gold price volatility and the causality between domestic gold prices and stock market returns in India for the period 1991 to 2009.The study uses monthly data on the defined time series. The required data have been collected from the database of Reserve Bank of In dia. The Augmented Dickey-Fuller test says that the time series of the study are stationary and all integrated of order one. The Johansens cointegration test reveals that there exists long run equilibrium relation between gold prices and stock market returns in India. 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(2003), Econometric analysis, 5th ed. , Pearson Education Publishers, New Delhi. Gujarati, D. N. & Sangeetha. (2007). Basic Econometrics. New Delhi TMH Publishing Company Ltd. Johansen, S. (1995). Likelihood-Inference in Cointegrated Vector Autoregressive Models. Oxford Oxford University Press. Johnson, H. Clark (1994), The Gold Standard, France and the Coming of the Depression 1919-1932, Yale University. Kendall, M. (1953). The Analysis of Economic Time Series. Journal of the Royal Statistically Society, Series A, Vol. 86, 11-25. Kim, Youngje (2002), Gold Analysis, web. syr. edu/ykim30/file/gold. pdf Lutkepohl, H. (1991), Introduction to Multiple Time Series Analysis, Springer Verlag, Berlin.MacKinnon, James G. , Alfred A. Haug, and king of beasts Michelis (1999), Numerical Distribution Functions of Likelihood Ratio Tests For Cointegration, Journal of Applied Econometrics, 14, 563-577. Poitras, G. and Neil Alan (1996), A Study of Gold Futures Price Spreads, Columb ia University. 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Baseball and Antitrust Laws Essay

Any commerce with operations spanning state boundaries, thus undertaking interstate trade, is governed by antitrust laws. Efforts at monopolizing and controlling trade could be regarded flagitious by national circuit courts as per the Clayton and Sherman Acts. Baseball has always been immune from such antitrust regulations from 1922, upon the Supreme Courts verdict made baseball game game game winner in Federal Baseball Club of Baltimore, Inc. v. matter Baseball Clubs.It was determined that although planning of sports was done across State boundaries, such games constituted intrastate occasions since movement from state to state was not essential (Falk, 1994). The antirust immunity bars MLB from being legally challenged because of national antirust braches. Unless such immunity is removed by Congress, baseball proprietors make whatever decisions they wish because no antirust-related legal proceedings can be instituted against them. Whenever the proprietors attempt to modify ba seball, the MLBPA quickly comes in to claim that they were not consulted (Bendix, 2008).Despite the fact that proprietors may do whatever they wish disregarding antitrust regulations, nothing which breaches the Collective Bargaining Agreement (CBA) can be done. much(prenominal) agreement requires that almost each dispute be intermediate, like it is done with numerous labor deals. If the antirust immunity of baseball was cancelled, would this mean the changing of baseball? This is unconvincing since the same regulations that govern NHL, NFL, and NBA would continue to govern baseball. The USA at the moment has antitrust regulations meant to bar businesses from controlling specific markets.Nevertheless, US baseball market has been monopolized by key league baseball for ages, thus preventing upcoming players from actually gaining footage. The US Supreme Court has defended Major League Baseballs (MLB) liberty to monopolize in a number of instances. MLB remains the sole US monopoly in numerous ways, and has remained so from its beginning. Upon the 1903 merger of the National League (NL) with the American League (AL), such partnership flat proved successful. Such success was surely bound to invite imitation. Therefore a different baseball league almost immediately demonstrated willingness to challenge the NL/AL monopoly.The Federal League began as an insignificant league however, it espoused key intentions (Anderson, 2002). By 1914, numerous individuals regarded such Federal League to be a main league the league itself desired to officially con degraded this. The Federal League (FL) took legal action against Major League Baseball on 5th January 1915 for disrupting their efforts at hiring players who were between agreements that is, not governed by the Reserve Clause, from the American National League, citing national antitrust law. The case was heard by Kennesaw Mountain Landhis, reputed for his firm observance of the law.However, Ladhis was as well a big fan of Chicago Cubs. He knew that the Federal Leagues case was a justifiable one, however, his positron emission tomography team, the Cubs, would suffer if FL won the case, and thus Ladhis kept such case under advisement as opposed to immediately issuing a verdict. The FLs 19156 burst made everyone happy. The Baltimore Federal League license proprietors tried to buy out a team of the Major League (ML) only to be rejected. They subsequently seek to purchase a franchise of the International league they were once more rejected.The proprietor of White Sox, Chalets Chomsky, offended Baltimore city by saying that the metropolis constituted a bad and insignificant league. Charles Ebbets, the proprietor of Dodgers, added to the insult by stating that the metropolis was among the worst insignificant league metropolis because of having excess colored people. The perspective proprietors thusly took legal action against ML baseball, alleging a scheme to tear down the FL. In April 1919, a law court declared the Baltimore proprietors the winners of the suit, thus awarding them amends expenditure $240,000.An appeal was instituted in 1920, with the appeal ruling being made in 1921 (Barra, 2003). The 1921 ruling nullified the decision of the junior court and declared that baseball did not constitute the type of trade national law ought to standardize. The US Supreme Court endorsed such a ruling on May twenty-second 1922, thus strengthening baseballs antitrust immunity. In the Federal Baseball Club v. National League, the Supreme Court gave the verdict that ML baseball remained immune from the Sherman Antitrust Act provisions.Following the 1915 folding of the FL, major(ip)ity of the FL proprietors were purchased by proprietors indoors the other MLs, or had received compensation in other modes. For instance, St. Louis FL owner was authorized to purchase the St Louis Browns. Baltimore Federal League club owner did not get this authorization and hence he took legal action against the American league, National League, as well as additional defendants, such as a number of FL officials. The suit alleged a plot to dominate baseball by demolishing the FL (Rovell, 2001).The listed defendants were declared jointly answerable, with $80,000 worth of damages assessed. The figure was tripled to total $240,000 as per the Clayton Antitrust Act provisions. Such immunity, as well as the monopoly of MLB, was unquestioned up to 1972. laconic pig out took legal action against baseball following his sale to Philadelphia Phillies from the Saint Louis Cardinals following 1969s season. Such a case in conclusion reached the Supreme Court, where the initial decision was endorsed with Congress left to rectify the inconsistency.Despite the fact that Flood did not win the case, he set the precedence for remuneration negotiation, and immediately afterwards, free action. At the moment free agency survives, however such antitrust immunity is as well law. Baseball was not to be awa rded antitrust immunity if the Baltimore League squad owners had been reimbursed after the league was disbanded. All other squads proprietors were compensated with the exception of Baltimore, thus prompting their file of the initial antitrust lawsuit. Such immunity is suspect, and several observers are convinced that it may once more be upheld in a law court.Nevertheless, from the Flood case of 1972, no any one case has been even close to being heard at the Supreme Court (Barra, 2006). In addition MLBs domination has not been challenged by any league since the 1950s unsuccessful Continental League. The National Federal League has been engrossed in majority of the major antitrust court cases, such as, its lawsuits against the US Football League. Such cases read demonstrated that antitrust lawsuits are not essentially fatal. Despite that fact that the NFL garbled the two cases, numerous lawsuits have been previously won by sports leagues.In antitrust lawsuits, such leagues have to d emonstrate that they did not breach antitrust regulations finished demonstrating that their activities generally, served to promote contest more as opposed to inhibiting it. Despite the fact that Al Davis legally defeated the NFL, the NFL could as well have emerged victorious if it have an unambiguous guidelines and adhered to them kind of than acting because they specially disliked Al Davis (Bartree, 2005). In addition, despite the fact that USFL legally beat NFL, a mere $3 worth of damages was awarded.If the US Congress completely revokes the antirust immunity of baseball, some arouseing enduring consequences could result. Firstly, the key leagues are to be affected. Insignificant-league baseball t the moment relies on the ongoing presence of the Reserve Clause , which permits major-league teams to legally control players even following the expiry of the players contracts. Such Reserve Clause permits the existence of deep insignificant-league structures within baseball by per mitting such teams to control numerous players not in their key-league rosters.NBA and NFL do not have any minor-league structures. Hockey has insignificant-league squads however, such are mediated into the joint bargaining of hockey with the players. The Reserve Clause is likely to be legally challenged if the antitrust immunity of baseball is lost. In case such article is determined to breach antitrust regulations, baseball squads could be forced surrender the legal claims to a number of or even every of their insignificant-league players.With no interest to develop the team members whom they formerly controlled, big-league squads would be less motivated to offer support to their insignificant-league partners through subsidizing their activities (Blum, 2001). This has thus made insignificant leagues lobby Congress to preserve the antitrust immunity of baseball. Without such immunity insignificant leagues would be forced to modify their activities, to become more similar to free i nsignificant early 1900s leagues rather than be under MLB.Proprietors would have no power regarding discussing with team members due to lack of legal standing to possess a Reserve Clause. When squads have no rights over team members, there will be less willingness to recruit high school players and accord them 4 or 5 development years, particularly if they are forced to dwell much on major league rosters. This could imply a major impetus fro baseball in colleges, and perhaps as well as for global baseball leagues (Rovell, 2001). Such would form the major MLBs propagation ground as has been for basketball and football.If the antitrust immunity is revoked, franchise transfer, and particularly condensing, would from the superior challenge. Close to thirty years have elapsed since a single baseball squad relocated from one metropolis to the other. Since that time, the other 3 games have progressed since the antitrust immunity grants baseball proprietors extra authority to bar squads from relocating than the proprietors have within other games. Such authority was especially apparent in 1992 at the time when the Tampa/St. Petersburg Vince Piazzas group wanted to purchase the Giants from Bob Lurie at $115 million.The proprietors declined to allow such sale, and then compelled Lurie to accept $100 million from Peter Mogowan for the squad. Piazza instituted legal proceedings against MLB, actually winning the initial round of the case. The court stated that the antitrust immunity did not cover relocations (Belth, 2001). However, the Curt Flood Act currently holds that immunity does touch on relocations. Absence of antitrust immunity makes it hard to bar teams from relocating by the MLB. Attempts to block relocations would surely be met with lawsuits instituted by the cities or teams that were attempting to relocate.Baseball would be tasked with the responsibility to demonstrating that barring such relocation would benefit contest, plus that the resolution was founde d on unambiguous guidelines. If Congress repealed the immunity, the contraction war would most likely not be based on Twins release and labor deals. Contraction challengers would posit that the proprietors were attempting to get exempt of 2 competitors so as to raise profits this is a typical antitrust breach (Falk, 1994). The proprietors would be forced to defend such relocation arguing that they were enhancing competition within the game.It is difficult to determine whether America or baseball would benefit if the antitrust immunity of baseball is revoked. Attorneys would surely benefit owing to change magnitude lawsuits. The proprietors would benefit since the MLB has previously won against attempts to revoke the immunity and Congress always takes it time. References Anderson, P. (2002). Recent major league baseball contraction cases. Retrieved august quaternate 2009, from http//law. marquette. edu/cgi-bin/site. pl? 2130&pageID=474 Barra, A. (2003). constitution debate Shoul d the antitrust exemption be eliminated?Retrieved august 4th 2009, from http//swcollege. com/bef/policy_debates/baseball. html Barra, A. (2006). Policy debate Should the antitrust exemption be eliminated? Retrieved august 4th 2009, from http//www. swlearning. com/political economy/policy_debates/baseball. html Bartree, H. (2005). The role of antirust laws in the professional sports industry from a financial perspective. Retrieved august 4th 2009, from http//www. thesportjournal. org/article/role-antitrust-laws-professional-sports-industry-financial-perspective Belth, A. (November 26th 2001).Ending baseballs antitrust exemption. Retrieved august 4th 2009, from http//courses. cit. cornell. edu/econ352jpw/readme/Baseball%20Prospectus%20-%20Ending%20Baseball%27s%20Antitrust%20Exemption. htm Bendix, P. (December 3rd 2008). The history of baseballs antitrust exemption. Retrieved august 4th 2009, from http//www. beyondtheboxscore. com/2008/12/3/678134/the-history-of-baseball-s Blum, R. (Ju ne 12th 2001). Why is the antitrust exemption grievous? Retrieved august 4th 2009, from http//www. usatoday. com/sports/baseball/stories/2001-12-05-antitrust-explanation. htm

Globalization and Firms

41. With the help of an example discuss the characteristics of sphericalization. Globalization refers to a fundamental shift in the world providence in which field of study economies ar no longer relatively self-contained entities. Instead, nations argon moving toward an interdependent worldwide economic system. Within this clean global economy, an Ameri provoke might drive to work in a car designed in Ger many an different(prenominal) that was assembled in Mexico by DaimlerChrysler from components made in the U. S. and Japan that were fabricate from Korean steel and Malaysian rubber.A company does non have to be the size of these multinational giants to facilitate, and benefit from, the globalization of markets. 42. Define globalization and discuss it has changed the pipeline environment? Globalization has created many opportunities for businesses to expand their revenues by alloting around the world while at the same time reducing their make ups by producing in nations where labor and other inputs ar cheap. However, globalization has also produced new threats for companies in the inning of increased competition. 41.Compare and contrast a pure democracy and a representative democracy. Which type of democracy is more common today? Why? The pure form of democracy is based on a belief that citizens should be directly involved in decision making. In contrast, in a representative democracy, citizens periodically elect individuals to represent them. The elected individuals form a politics and make decisions on behalf of the electorate. Because a pure democracy is impractical in advanced societies with tens or hundreds of millions of people, representative democracies are far more common in todays world. 2. Explain the differences surrounded by common law and civil law systems by the approach of each to contract law. Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out. In contrast, contracts in a civil law system tend to be much shorter and little specific because many of the issues typically covered in a common law contract are already covered in civil law. 43. What are state- avowed companies? Why do they exist? Why do they usually perform poorly? A state-owned company is a company that is owned by a nations government.After World War II, many genial democratic governments nationalized private companies that were to be run for the public reasoned rather than private profit. Great Britain, for example, nationalized so many companies that by the end of the 1970s, state-owned monopolies existed in telecommunications, electricity, gas, coal, and several other industries. However, because state-run companies such as the ones that existed in Great Britain are nurseed from competition by their monopoly property and guaranteed pecuniary support, they become inefficient. 1. Compare and contrast folkways and mores. Folkways are the routine conventions of everyday life. Genera lly, folkways are actions of little moral significance. Folkways include rituals and symbolic behavior. In contrast, mores are norms that are seen as central to the functioning of a family and to its social life. Mores have much greater significance than folkways. Accordingly, violating mores can bring serious retribution. 42. What is the difference amongst a caste system and a class system?A caste system is a closed system of stratification in which social position is determined by the family into which a person is born, and change in that position is usually non possible during an individuals lifetime. The caste system is the just about rigid form of social stratification. A caste frequently involves a specific occupation. In contrast, a class system is a less rigid form of social stratification in which social mobility is possible through an individuals personal achievements and/or luck. 43.Discuss why the stratification of a society is important to business. The stratificat ion of a society is significant if it demands the operation of business organizations. In a country like Great Britain for example, the relative lack of class mobility and the differences between classes has resulted in hostility between middle-class managers and their working-class employees. This hostility and the resulting lack of cooperation can make it more tight for unassailables to establish a competitive advantage in the global economy. opus the last two decades has seen a eduction in the number of industrial disputes in Britain, there are signs that class consciousness whitethorn be reemerging in China. 44. pass the four dimensions of culture as identified by Geert Hofstede. Geert Hofstede identified four dimensions that he claimed summarized the differences between different cultures. According to Hofstede, the power distance dimension centre on how a society deals with the fact that people are unequal in physical and intellectual capabilities. The second dimension i dentified by Hofstede, individuation vs. collectivism, focused on the relationship between the individual and his/her fellows.Hofstedes third dimension, un certainty avoidance, measured the extent to which different cultures socialize their members into accepting ambiguous situations and tolerating uncertainty. Finally, Hofstedes fourth dimension, maleness vs. femininity, examined the relationship between gender and work roles. 41. Compare and contrast import quotas and voluntary export restraints. An import quota is a direct restriction on the measuring rod of some good that may be imported int o a country. The restriction is normally enforced by issuing import licenses to a assemblage of individuals or firms.In contrast, a voluntary export restraint (VER) is a quota imposed by the exporting country, typically at the request of the importing countrys government. Foreign producers tot up to VERs because they fear more damaging punitive tariffs or import quotas might follow if t hey do not. Both import quotas and VERs benefit domestic producers, but thinned consumers through higher prices. 42. What are the political reasons for governments to intervene in markets? There are a number of political reasons why governments intervene in markets. The most common reason for intervention is to protect jobs and industries.Governments may also intervene to protect national security, to threaten punitive retaliatory actions, to protect consumers or to protect human rights, and to further inappropriate policy objectives. 43. Discuss the economic reasons for government intervention in markets. The economic reasons for government interaction have undergone a conversion in recent times as more economists support economic reasons for intervention. The oldest argument for intervention is the infant industry argument. Strategic craftsmanship policy is the other main reason disposed(p) for economic government intervention in markets. 44.What is strategic trade policy? Pr ovide an example. Strategic trade policy suggests that in industries where the existence of substantial scale economies implies that the world will profitably support only a few firms, countries may predominate in the export of certain harvest-times simply because they had firms that were able to capture first-mover advantages. Boeings dominance in the aerospace industry has been attributed to these types of factors. According to strategic trade policy, a government can help raise national incomes if it can ensure that the firms that gain first-mover advantages in such industries are omestic rather foreign. Further, the theory lay outs that it might pay governments to intervene in an industry if it helps domestic firms vanquish the barriers to entry created by foreign firms that have already reaped first-mover advantages. 45. Explain how trade barriers affect a firms strategy. There are four main ways trade barriers affect a firms strategy. First, tariffs raise the terms of expo rting, putting the firm at a competitive disadvantage. Second, quotas may limit a firms ability to serve a country from outside of that country.Third, to conform to local content regulations, a firm may have to locate more deed activities in a given market than it would otherwise. Finally, the threat of antidumping actions limits the firms ability to use aggressive pricing to gain market share in a country. 41. What is a greenfield investiture? How does it compare to an scholarship? Which form of FDI is a firm more likely to choose? Explain your answer. FDI can take the form of a greenfield investment in a new facility or an acquisition of or a merger with an existing local firm.Research shows that most FDI takes the form of mergers and acquisitions rather than greenfield investments. Mergers and acquisitions are more popular for 3 reasons. First, mergers and acquisitions are quicker to execute than greenfield investments. Second, foreign firms are acquired because those firms h ave valuable strategic assets. Third, firms make acquisitions because they believe they can increase the efficiency of the acquired firm by transferring capital, technology, or management skills. 42. Compare and contrast the advantages of foreign direct investment over exporting and licensing.A firm will favor foreign direct investment over exporting as an entry strategy when transportation exists or trade barriers make exporting unattractive. Furthermore, the firm will favor foreign direct investment over licensing (or franchising) when it wishes to maintain control over its technological know-how, or over its operations and business strategy, or when the firms capabilities are simply not amenable to licensing, as may often be the case. 43. Discuss the various political ideologies and their impact on foreign direct investment.The radical view writers argue that the multinational enterprise (MNE) is an instrument of imperialist domination. The free market view argues that internati onal production should be distributed among countries according to the theory of comparative advantage. The pragmatic superpatriotic view is that FDI has both benefits and monetary values. The radical view has a dogmatic radical stance that is hostile to all inward FDI. The free market view is at the other extreme and based on noninterventionist principle of free market economics. Between these two extremes is an approach called pragmatic nationalism. 4. Describe the situations when licensing is not a good option for a firm. Licensing is not a good option in three situations. First, licensing is hazardous in high-tech industries where protecting firm-specific expertise is very important. Second, licensing is not attractive in global oligopolies where tight control is necessary so that firms have the ability to launch coordinated attacks against global competitors. Finally, in industries where intense cost pressings require that MNEs maintain tight control over foreign operations, licensing is not the best option. 46.Discuss Michael Porters interpretation of value man and competitive advantage. According to Michael Porter, low cost and differentiation are two basic strategies for creating value and attaining a competitive advantage in an industry. Porter argues that those firms that create brag value will achieve superior profitability. Porter notes that it is not necessary for a firm to have the lowest cost structure or create the most valuable product rather it is only important that the gap between value and the cost of production be greater than that of competitors. 7. Discuss strategic positioning. How does strategic positioning link up to the efficiency frontier? The efficiency frontier shows all of the different positions that a firm can adopt with ensure to adding value to the product and low cost assuming that its internal operations are configured efficiently to support a specific position. It is important that managers decide where a firm shou ld be positioned with regard to value and cost, configure operations accordingly, and manage them efficiently to ensure the firm is operating on the efficiency frontier. 8. Describe the benefits of global expansion for firms. Global expansion allows firm to capture many opportunities not open to firms that remain focused purely on the domestic market. Firms that operate globally have the opportunity to sell their product in a much larger marketplace. Location economies can be realized through global expansion by dispersing value creation activities to the optimal location in the world. International expansion allows a firm to realize greater cost economies from experience effects.Finally, global expansion provides firms with the opportunity to pull a greater return by leveraging any skills developed in foreign operations and transferring them within the organization. 49. What are the two types of competitive pressures that firms competing in the global marketplace face? How do fi rms respond to these pressures? Firms that fight in the global marketplace typically face two types of competitive pressure that affect their ability to realize location economies and experience effects, to leverage products and transfer competencies and skills within the enterprise.They face pressures for cost reductions and pressures to be locally responsive. These competitive pressures place conflicting demands on a firm. Responding to pressures for cost reductions requires that a firm try to minimize its unit cost. Responding to pressures to be locally responsive requires that a firm differentiate its product pass and marketing strategy from country to country in an effort to accommodate the diverse demands arising from national differences in consumer tastes and preferences, business practices, distribution channels, competitive conditions, and government policies. 50.What are the four basic strategies that firms use to compete in international markets? Under what conditions is each strategy most appropriate? The four basic strategies that firms use to compete in international markets are the international strategy, the global standardization strategy, the localization strategy, and the transnational strategy. The international strategy is most appropriate when there is low pressure for local responsiveness and low pressure for cost reduction. When there is high pressure for cost reduction, but low pressure for local responsiveness the global standardization strategy makes sense.A localization strategy is appropriate when pressure for local responsiveness is high, but pressure for cost reduction is low. Finally, when pressure for both cost reduction and local responsiveness is high, the transnational strategy is best. 52. What are the three challenges related to strategy and structure that firms must accomplish if they are to achieve superior profitability? Superior enterprise profitability requires that firms fulfill three conditions. First, the differ ent elements of a firms organizational architecture must be internally consistent.Second, the organizational architecture of the firm must be consistent with its strategy. Third, the strategy and the structure must not only be consistent with each other, they must also be consistent with the competitive conditions prevailing in the marketplace. 53. Discuss the relationship between a firms control systems and a firms incentive system. Why is this relationship important? The relationships between a firms control systems and incentive systems is a close one. Control systems are the metrics used to measure the motion of subunits and make judgments about how well managers are running those subunits.Incentives are the devices used to reward appropriate managerial behavior. The relationship between these two areas is important because incentives are very closely tied to performance metrics. For example, the incentives of a manager in charge of a national operating subsidiary might be lin ked to the performance of that company. Specifically, he/she might find oneself a bonus if her subsidiary exceeds its performance targets. 54. Discuss the location of decision-making in a firm that is following a transnational strategy. Decision-making in a firm pursuing a transnational strategy is complex.The need to realize location and experience curve economies requires some centralized control over global production centers. Yet, the need for local responsiveness requires the decentralization of many operating decisions, particularly those for marketing, to foreign subsidiaries. Decentralization of decision-making is also needed to allow subsidiaries the freedom to develop their own skills and competenciesa requirement that is necessary for the global learning component of the transnational strategy. 55. Discuss the sources of inertia in organizations. Is it easy to make organizational changes?Organizations are difficult to change. Within most organizations are upstanding ine rtia forces. These forces come from a number of sources. One source of inertia is the existing distribution of power and exploit within an organization. Managers who are not happy with the changes are likely to resist and slow the process. A second source of inertia is the existing culture. Since value systems theorize deeply held beliefs, they can be very hard to change. A third source of inertia derives from senior managers preconceptions about the appropriate business model or paradigm.Managers may not recognize the value in a given business model that has been successful in the past. Finally, institutional constraints may act as a source of inertia. In some cases, local content rules or regulations pertaining to layoffs can make it difficult for firms to adopt the most effective strategy and architecture. 45. What are first-mover advantages? Discuss the advantages associated with them. First-mover advantages are the advantages frequently associated with entering a market early . One first-mover advantage is the ability to preempt rivals and capture demand by establishing a strong brand name.A second advantage is the ability to build sales volume in that country and ride down the experience curve ahead of rivals, big the early entrant a cost advantage over afterward entrants. A third advantage is the ability of early entrants to create switching cost that tie customers into their products or services. Such switching costs make it difficult for later entrants to win business. 46. Explain the relationship between first-mover disadvantages and pioneering costs. When a firm enters a market prior to other international businesses, it can have first-mover disadvantages.These disadvantages may give rise to pioneering costs, costs that an early entrant has to bear that a later entrant can avoid. Pioneering costs arise when the business syste m in a foreign country is so different from that in a firms hearthstone market that the enterprise has to devote consider able effort, time, and expense to learning the rules of the game. Pioneering costs also include the costs of promoting and establishing a product offering. Finally, an early entrant may be put at a disadvantage, relative to a later entrant, if regulations change in a way that diminishes the value of the early entrants investments. 7. Discuss bartlett and Ghoshals perspective on how firms from developing countries should approach international expansion. Bartlett and Ghoshal suggest that companies based in developing countries should use the entry of foreign multinationals as an opportunity to learn from these competitors by benchmarking their operations and performance against them. They argue that the local company might be able to find ways to differentiate itself from foreign companies by focusing on market niches that the multinational ignores or is unable to serve effectively if it has a standardized global roduct offering. Then, the firm from the developing nation may then be in a position to pursue its own international expansion strategy. 48. Discuss strategic alliances. How successful are they? Why do firms form strategic alliances? The term strategic alliance refers to cooperative agreements between potential or actual competitors. Strategic alliances run the range from formal adjunction ventures, in which two or more firms have equity stakes, to short-term contractual arrangements, in which two companies agree to cooperate on a particular task.Firms enter into strategic alliances for four main reasons. First, strategic alliances may facilitate entry into a foreign market. Second, strategic alliances allow firms to share the fixed costs of developing new products or processes. Third, strategic alliances allow firms to bring together complementary skills and assets that neither company could develop easily on its own. Fourth, strategic alliances can help firms establish technological standards for an industry.