The significance of cross-cultural negotiation skills for the success Essay

The hugeness of culturally diverse exchange aptitudes for the accomplishment of global mergers and coalitions - Essay Example This is the place the term ’cross-cultural’ procures noteworthiness in examining arranging aptitudes basic for the accomplishment of global mergers and all the more explicitly for achievement in acquisitions and coalitions. As a general rule, mergers and acquisitions are sorts of corporate organizations which amalgamate to shape one single legitimate element. The word coalition may cover exercises like joint endeavors, innovation sharing understandings, and (apparently at risk for abusing hostile to confide in laws by value fixing) cartels, however not really shaping a solitary lawful substance. Mergers and acquisitions among business firms have happened inside state limits before they turned into a global wonder. It maybe says a lot for the absence of arranging aptitudes by one gathering or the other, when it is accounted for that 60 - 70 percent of M&As neglected to convey on what had been normal monetarily, as the result of the contact. Not exactly a fifth of universal M&As are said to make increased the value of the subsequent association. In any event, household mergers and acquisitions can anticipate shared conventions, administrative laws, and custom and practice, which apparently make it simpler for at least two gatherings to concur on basic business points and work towards accomplishing them.

6 Career Risks You Should Definitely Take if You Want to be Successful

6 Career Risks You Should Definitely Take on the off chance that You Want to be Successful You’ve most likely heard anecdotes about individuals who have discovered profession accomplishment by taking insane conviction based actions. Nowadays, playing it absolutely safe isn’t fundamentally the best approach to arrive at the objectives you would like to achieve. While you surely shouldn’t be crazy and face wild challenges that could end your vocation (or harm it), there are a few dangers that are reliably worth taking no matter how you look at it. In any case, how might you differentiate between a hazard that’s senseless and a hazard that will pay off? Here are a couple of instances of dangers worth taking, at whatever point the open door knocks.1. Request more.Are you developing enough in your present position? Is it true that you are being tested? Is it true that you are making what you’re worth? Do you have the preparation or confirmation you have to prosper in your activity? On the off chance that the response to any of these is no, at that point get your work done, make sense of what you would need to succeed, and afterward propose an arrangement to your manager about how you can get to where you need to be. Regardless of whether you don’t get all that you need, you’ll at any rate show your supervisor that you mean business-and that you know your own worth. Begin organizing over your compensation grade, and investigate openings that would expect you to stretch.2. Don’t consider pay a definitive goal.Keep your work-life balance solidly in your mind. Whenever you think you aren’t being sufficiently remunerated, think about any non-fiscal advantages or advantages you get. Additionally think about the way of life of your organization, and any life advantages it bears you. On the off chance that you’re gloriously upbeat where you are socially, expertly, and by and by and you’re getting sufficient opportunity to thrive outside your activity just as in-then more cash may really hurtâ your life instead of help you to proceed at a pace and style you enjoy.3. Take the necessary steps to learn stuff.Never ever leave behind a chance to discover some new information. At whatever point you feel stuck, consider whether you could get another ability, confirmation, or even a degree. It’s never under any circumstance a poorly conceived notion to acquire information, on the grounds that alongside it comes certainty, skill, and accreditations you can use to improve your career!4. Take a major move toward your passion.If you’re deteriorating at work and you’ve thought of each conceivable method to improve it, yet just can’t, at that point have a go at something new. Strike out an alternate way. Perhaps you can curtail your hours and extra low maintenance work accomplishing another thing to dunk your toe in new waters. Or on the other hand you can consider how to begin your own side business and go only it. Just strong moves can get you out o f genuine grooves. Don’t be reluctant to make them and move away from the comfortable snare of â€Å"what you know.†5. Figure out how to state â€Å"no.†In this merciless economy where organizations are scaling down and consolidating left and right, ensure you aren’t too reluctant to even think about saying â€Å"no† when you’re getting dumped on. In the event that you’re being approached to deal with more work than you can do adequately, at that point it’s truly alright to state â€Å"no.† You’re not being lethargic; you’re trying to deal with your expert and psychological well-being and complete your work well.6. Follow your bliss.If you don’t have an enthusiasm for what you’re doing, at that point basically you can and should seek after each open door that surfaces to make you move toward your joy. Indeed, even gradual steps toward satisfaction are superior to no means by any means.

How to Write a Good Argumentative Essay

How to Write a Good Argumentative Essay An argumentative essay is a type of academic work that helps the writer to demonstrate to readers that certain ideas are more valuable and important than others. Thanks to this paper, readers can be informed about the subject. The main purpose of this work is to persuade readers into agreement with the writers point of view. This type of work is not so easy to write, you should be very logical and bring strong evidence to support your argument. If the writer has a good ability of parsing through the different aspects of the subject and lead readers to the logical and obvious conclusion, this essay will be very effective. Making a strong argument is also a very hard task for any writer because this task always requires a lot of skills and efforts. This essay must provide readers with a good summary of the subject, but in the same way to bring your point of view to the audience and explain why this point of view is the best decision from all others. Thats why its very important to figure out how and where to move in your writing process. If you did everything right, your work should sway other people in their opinion on your essays subject. Argumentative essay: building a successful structure Before starting your work, you have to create the essays structure, so the whole writing process would be logical and well-defined. Here are the main parts that any argumentative essay must have: a) introduction â€" the first paragraph where the author states the subject that will be discussed in the work, without bringing their own opinion; b) main body â€" this is the largest part of the work, it may contain several paragraphs where you bring your opinion and support it with strong evidence; c) conclusion â€" the last and final section of your document where the author has to state their opinion and finish the work logically. Useful phrases and words Sometimes it can be very useful to use certain phrases and words that help to emphasize the facts, or introduce the alternative opinion. Keep in your mind that opinion words (like “in my opinion”, “as I think”, “I believe that”) may only be used in the last part of your essay where you should express your own opinion about the essays subject. You can choose from the next list of words that are used to make certain effect on your readers: How to put the same idea or thought in another way: rather, in other words, in that case if to put this more simply, if to keep it in mind if to look at another angle If you want to add more to a fact you already stated: as well as, besides, again furthermore, in addition, moreover, if to add in reality, if to mention regarding, as for If you are going to emphasize your readers point of view: on the other hand, besides at the same time, however How to introduce an alternative point of view to your readers: on the other hand, by contrast, another way is although, in comparison How to summarize facts and finish your work: in short, therefore to finish, in conclusion, if to summarize facts When you have finished your work, dont forget to proofread it and correct all errors. Better give yourself a couple of days for a short break and start reviewing with fresh eyes. Think if the work is enough logical and persuading. Make sure you have put strong evidence to support the argument. Try to read it to your relatives/colleagues/friends and watch their reaction. Get your feedback and make some changes if needed.

Exchange Rate Based On Economic Factors Finance Essay - Free Essay Example

Sample details Pages: 22 Words: 6555 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Exchange rate movements can have significant impact on a companys return especially for multinational companies and companies that involved heavily in export and import of goods. A small change in exchange rate would impact directly to the companys performance. Therefore these companies often use derivatives securities such as options, forwards and futures to hedge or mitigate risk arising from exchange rate movements. Don’t waste time! Our writers will create an original "Exchange Rate Based On Economic Factors Finance Essay" essay for you Create order Investors also use these tools to speculate and hope for profit from fluctuations in exchange rates. If investors predicted accurately on future exchange rate then this would provide a favourable return on their investment portfolio. In this paper, we will examine on how economic factors relate to exchange rate movements and use it to forecast. Firstly, we will look at four different types of exchange rate regime and how the exchange rate is determined. Next, we will examine Purchasing Power Parity (PPP) and we use it to calculate whether a currency is undervalued or overvalued. After that, we look at how Balance of Payment (BOP) could be one of the factors that influences exchange rate movements. Under BOP trade flow model, we use the trade flow and capital market participants to be the factors that determine the exchange rate equilibrium. We then use this model to predict future exchange rate movements when there is a shock in economic activity. Lastly, we will examine the relat ionship between official interest rate and exchange rate and use the interest rate differentials theory to predict future exchange rate. 1.1 TYPES OF EXCHANGE RATE 1.1.1 Free Floating Exchange Rate Regime Under this type of exchange rate, the value of a nations currency is fully determined by the market demand and supply in a freely competitive market. Under no government intervention in the exchange rate determination, the rate fluctuates purely based on the conditions of demand and supply. The benefit of choosing this type of exchange rate over fixed exchange rate regime is that the country will not suffer from balance of payments crisis because the currency will adjust accordingly and no reserves are being used to maintain its pegged value, but on the other hand, it causes lack of confidence to importer or exporter as the currency has the potential to fluctuate widely in a short period during period of turbulence. 1994 economic crisis in Mexico is a good example to explain balance of payment crisis due to its fixed exchange rate regime. Mexican peso had to be devalued immediately when Mexico government run out of its foreign reserves to maintain its fixed exchange rate regime, se e Whitt (1996). However, many nations will prefer managed floating exchange rate instead of free floating exchange rate as they can intervene the market and reduce the fluctuation of its currency. 1.2 Managed Floating Exchange Rate Regime This type of exchange rate is similar to free floating exchange rate, the monetary authorities or central bank will manage and control its fluctuation rather than simply leaving it to be set by the market. The central bank can alter its official interest rates or uses its reserves to influence the value of its currency in the short and long run. We will further discuss interest rates and BOP approach in chapter 2.2 and 2.3. 1.1.3 Fixed and Semi-Fixed Exchange Rate Regime Fixed exchange rate is often called as pegged exchange rate; the exchange rate is set at a declared par value and maintained by the authorities or central bank. The rate will not fluctuate in daily basis as the intervention from the authorities will fix the exchange rate by buying or selling its currency. The central bank must hold large foreign currency reserves to mitigate shocks in supply and demand. Third world countries often use fixed exchange rate to build confidence in investors and avoid bubbles in foreign market. Developing countries can use it to avoid out-of-control-inflation. In term of semi-fixed exchange rate regime, the value of a countrys currency is allowed to float between the permitted bands of fluctuation. Same as fixed exchange rate regime, central bank has to intervene in the foreign exchange market to ensure that the exchange rate stays within the specified bands and it can be done by buying or selling its countrys currency. In other words, central bank a cts as a dominant investor and has the ability to influence market exchange rate. However, the fixed exchange rate regime can backfire, if the foreign exchange market value of the currency is not reflected by the pegged rate. This will lead to investors to trade the currency in the black market; the currency will not be traded at the pegged rate, instead at market value. If the countrys currency were set its rate wrongly, take the case when central bank set its rate above equilibrium (an overvalued currency), in the long period of time, the monetary authorities will suffer from foreign reserves crisis. They must then either devalue their currency or change the regime from fixed to floating type of exchange rate. Please refer to Argentine economic crisis (1999 -2002) and Mexican peso crisis (1994) for a better understanding in the foreign reserves crisis. CHAPTER 2: FACTORS THAT INFLUENCE EXCHANGE RATE In this chapter, we first look at how Purchasing Power Parity (PPP) could be used to analyse the movements in exchange rate and hence predict future spot rate. The reason we start with PPP is that PPP perhaps covers the most fundamental approach to assess long-term value in the foreign exchange market. In order to develop more sophisticated models of exchange rate determination, we must first be able to grip a good understanding about the basic notion of PPP, theories and assumption of this approach. We look at three main types of evaluating a nations currency which are absolute purchasing power parity, real exchange rate and relative purchasing power parity. We then use them to determine whether the currency is overvalued or undervalued. Next, we consider balance of payment (BOP) approach in our study of movements in exchange rate. In this section, we begin with the BOP structure and classification and followed by BOP flow model of exchange rate determination. In this flow m odel, we first look at how trade flow determines the exchange rate equilibrium and later we combine with capital market participants to produce a more complete BOP flow model. We also examine in how exchange rate responds to a shock in economic activity based on the BOP flow model. We look at interest rates as predictor of exchange rate movements in section 2.3. We start with two fundamental interest rate hypotheses which are covered interest rate parity (CIP) and uncovered interest rate parity (UIP) and use them to determine the expected rate of depreciation or appreciation of a currency. Next, we discuss about how interest rate differentials cause movement in capital flow from one country to another and hence affect the exchange rate. 2.1 PURCHASING POWER PARITY (PPP) PPP is one the oldest method to forecast the long-term value of a foreign exchange and the foundation of PPP is based on the assumption of law of one price. Law of one price simply states that in an efficient market, all identical tradable goods must only have one price. This law implies that exchange rates should be adjusted to compensate for price differentials across nations; price of goods and services should cost the same in all nations when prices are measured in a common currency. However, law of one price does not always hold especially in the short time frame. At a point in time, the price for the same item in different market may not be unique if the price measured in a single currency. Antweiler (2009) stated that changes in exchange rate in the short run are news-driven whereas PPP describes the long run behaviour of the exchange rate. The economic forces behind PPP will eventually even out the differences in purchasing power of currencies. As mentioned earlier, we only consider the long-term value of the exchange rate in this paper hence this problem will no longer hold as the price will adjust accordingly. PPP divided into two categories, absolute purchasing power parity and relative purchasing power parity. 2.1.1 Absolute Purchasing Power Parity In order to derive the equation for absolute purchasing power parity, firstly we need to use the assumption of law of one price to equate price of one good expressed in two different currencies. Equation (2.1) holds with respect to all tradable goods and services consumed in two countries. Pi is the price of i good and service in domestic country and with asterisks is the price of goods and services in foreign countries. S is the nominal exchange rate between the domestic country and foreign country, expressed as price of a unit of foreign currency, measured in units of domestic currency. However, we assumed that there are no transaction costs such as transportation and tariffs in equation (2.1). It will be more appropriate to calculate the estimated exchange rate based on PPP if we use a basket of tradable goods and services as our measurement in both countries instead of a single tradable good. P and P* refer to the domestic and foreign countrys price of a basket of tra dable goods and services. Equation (2.2) is often called absolute purchasing power parity. Absolute purchasing power parity follows the proposition that a group of tradable products will have the same cost in every country if the costs are converted in a common currency. If the nominal exchange rate calculated based on equation (2.2) is greater (lower) than the actual exchange rate, it suggests that the domestic currency is undervalued (overvalued) against the foreign currency. 2.1.2 Real Exchange Rate PPP however does not always hold in practice, in this case, many economists wish to measure deviation from PPP and the most popular method used for this measurement is called real exchange rate: Real exchange rate, Q, is defined as the nominal exchange rate that takes inflation differential between two currencies into account. For the simplicity, we use Big Mac, the McDonalds sandwich, as our example to explain how economists use this approach to determine whether one currency is overvalued or undervalued. Let the United Kingdom and the United States be the domestic and foreign country used in our example. We also assume it costs pound;1 to buy a Big Mac in United Kingdom, UK and $1.5 in United States, US. In this case nominal exchange rate is said to be 0.667 (pound;1 = $1.50). If absolute PPP holds, then the value for Q is said to be one; the burger would cost the same in United States and United Kingdom since the burger is identical in both countries. However, if nominal exch ange rate remains constant, i.e. pound;1 = $1.50, and Big Mac costs pound;1.2 in United Kingdom, this implies that it costs 20 percent more in United Kingdom, suggesting that the pound is overvalued by 20 percent relative to US dollar, hence the absolute PPP no longer holds (Q is not equal to one). In this case, there will be an upward pressure on the demand for US dollar; one would buy the burger in US at the price equal to 1 pound (pound;1=$1.50) instead of buying it in UK which costs pound;1.20. Increase in demand for US dollar causes upward pressure on the nominal exchange rate until the price in US and UK is the same, the real exchange rate returns to 1. To further our study on Big Mac, in table 1, page 11, we show the prices of Big Mac in 17 countries expressed in term of US Dollars based on the actual exchange rate as of 4 July 1995. Since the Big Macs are identical, whether purchased in Sydney, San Francisco or Tokyo, they should theoretically cost the same or at least ro ughly the same price according to the law of one price. The Economist magazine found out that the law of one price does not hold when applied to Big Mac, as substantial deviations from PPP exist. Nevertheless, Cumby (1993) study the behaviour of Big Mac prices in 25 countries over seven-year period starting from 1987. The study found that 70-percent of the gap between actual exchange rate and their estimated Purchasing Power McParity values was removed. Purchasing Power McParity works exactly the same as PPP, instead of using a basket of tradable goods and services, it uses Big Mac index which published by The Economist. Table 1 Currency Big Mac Price Implied PPP of the US$ Actual Exchange rate % Over (+)/ In Local Currency In US Dollar Terms as of 4/7/95 Under(-) Valuation Hong Kong Hk$9.50 1.23 4.09 7.73 -47 Indonesia 3900 1.75 1681 2231 -25 Australia A$2.45 1.82 1.06 1.35 -22 Canada C$2.77 1.99 1.19 1.39 -14 Singapore S$2.95 2.10 1.27 1.40 -9 US $2.32 2.32 Italy Lire 4500 2.64 1940 1702 +14 Britain pound; 1.74 2.80 1.33 1.61 +21 Spain Pta 3.55 2.86 153 124 +23 S. Korea Won 2300 2.99 991 769 +29 Holland FI 5.45 3.53 2.35 1.55 +52 Sweden Skr 26.0 3.54 11.2 7.34 +53 Belgium Bfr 109 3.84 47.0 28.4 +66 France FFr 18.5 3.85 7.97 4.80 +66 Germany DM 4.80 3.48 2.07 1.38 +50 Japan  ¥391 4.65 169 84.2 +100 Denmark Dkr 26.75 4.92 11.5 5.43 +112 Source: McDonalds; The Economist, April 15, 1995 2.1.3 Relative Purchasing Power Parity There is another way of measuring real exchange rate which is known as relative purchasing power parity. As before, it measures the relationship between two countries relative inflation rates and the change in the exchange rate, we then use it to predict the future exchange rate. Relative purchasing power parity is defined as the rate of change in price level of a basket of tradable goods and services in one country relative to the price level in another determines the rate of change of the exchange rate between the two countries currencies. Equation (2.4) is obtained by taking logs of Equation (2.2) and the reason of doing so is one could measures the exchange rate in term of rates of growth when we apply derivative on natural logarithm (equation (2.5)). In equation (2.4), s is defined as the log of nominal exchange rate, p and p* represent the log of price in domestic country and foreign country. Next, if we apply derivative on equation (2.4), we arrived at the proportiona l rate of change, which is also known as relative purchasing power parity. The equation as above says that rate of change of currency, ds is equal home countrys inflation rate, dp minus foreign inflation rate, dp*. One way to interpret this relationship is simply saying when prices rise more rapidly in home country than foreign country then it is said that the domestic money losses its value relative to the foreign money or decrease in exchange rate, and vice-versa. Equation (2.5) is also valid for relaxing the assumption of no transaction cost when the transaction cost is proportional to the value of the goods. Take logarithm in Equation (2.6) we have: Since k is a constant, we end up with the same result as equation (2.5) simply because it vanishes when we differentiating a constant, k. In other words, proportional transaction costs have no effects on the relative purchasing power parity. In this section, we discussed how price differentials could be related to nominal exchange rate. Investors could use equations (2.2), (2.3) and (2.5) to predict the future spot rate movements. It is difficult to measure the change in price of a basket of tradable goods and services in both countries, therefore investors often use Consumer Price Index (CPI), Export Price Index (EPI) or Import Price Index in evaluating the estimated exchange rate based on these equations and make appropriate investment decision. In graph 1, we show a strong positive correlation between YEN ¥/USD$ exchange rate and Japan export prices (all commodities) from 2001 to 2010. However, the drawback of using Japan Export Price Index (EPI) is that EPI unable to tell us about the magnitude of the change in exchange rate corresponded to a unit change in export price. We note that the magnitude of the change in YEN ¥/USD$ exchange rates do not correspond well to the Japan export prices in year 2008 and this might be reason of the effect on global financial crisis in year 2007 to 2010. There are number of debates in the international economics on the issue of whether PPP is a valid tool for forecasting exchange rate. PPP could be calculated based on CPI, EPI, wholesale price indexes, wages or other set of price or cost indexes. Unfortunately, each approach may provide different set of answers as to whether a currency is undervalued or overvalued and this might lead to disaster investment decision if an investor chose a wrong set of index. In the effort of calculating relative PPP, we cannot fully rely on the set of price indexes as different countries may have different national preference and tastes, and hence different weight in their price indexes. Therefore, if two nations preference and tastes are not in common, using price indexes may not be the best approach to forecast its exchange rate. Apart from choosing appropriate set of price indexes, there is another problem called the base-year problem. Selecting different base-year could end up the same puzzle as before. However, this problem could be resolved by selecting the base year when both countries current account balance last attained is near zero. 2.2 BALANCE OF PAYMENTS (BOP) The BOP model of exchange rate determination was originally developed in the 1930s and 1940s by Robinson (1937), Machlup (1939), and Haberler (1949). In this section, we explain the meaning of BOP and its accounts, current account and capital and financial accounts. Next, we look at the basic model of BOP which only considers trade flow as the determination of exchange rate then we slowly develop to more complete BOP flow model which able to tell us the future exchange rate movements for a given shock in economy activity. 2.2.1 BOP Structure and Classification BOP is defined as a statistical statement that systematically summarises, for a specific period, the economic transactions of an economy with the rest of the world by IMF (please refer to IMF Balance of Payments Manual, Fifth Edition, Chapter 2 Conceptual Framework, page 6). The transactions refer to receipts and payments of all of the money coming in a country from abroad and going out from the country to abroad for a specific period. Examples of these transactions are payments for the countrys export and imports of goods, services and financial capital. Transactions that lead to a receipt of payment from foreigners (payment to foreigners) are recorded in the BOPs accounts as a credit (debit). BOP accounts are divided into two broad part, current account and capital and financial accounts. Current account deals with payments for import and export goods and services, income from abroad such as interest and dividends, and transfer payments. In order to figure out whether the bala nce of the current account of a country has a deficit or a surplus, one can calculate it using the equation as follow (IMF Balance of Payments Manual, Fifth Edition, Appendices, page 158): In other words, current account balance (CAB) is equal to the sum of net value of exports (X) and imports (IM) goods and services, net income abroad (NY) and net current transfer(NCT). A surplus of CAB indicates that the economy of a country being a net creditor to the rest of the world. This means that the country is providing resources to other economies more than it received, in return, they owes money to the country. This situation is often called as favourable balance and it indicates that there is an upward pressure on demand of the countrys currency, which leads to an increase in the value of the currency. On the other hand, deficit of CAB mirror the economy of a country being a net debtor to the rest of the world. It is said that the country is investing more in its country than saving and it uses resources from other economies to meet its domestic consumption and investment requirements. On the other part of BOP, capital and financial accounts which record the transactions related to international movements of ownership of financial assets. One can easily break capital and financial account into four categories; direct investment, portfolio investment, other investments and reserves account, refer to IMF Balance of Payments Manual, Fifth Edition, Chapter 3 Structure and Classification, page 77. Direct investment records the transactions on long term capital investment, such as purchase of fixed assets in foreign countries or domestic country by any residents or non-residents. Portfolio investment is referred to the transactions of buying or selling shares and bonds in financial markets. Other investments are referred to capital flows into banks or banks provide loans to residents or foreign investors. After the initial investment, any incomes or interest re payments generated by these assets are recorded in the current account. Reserve account is controlled by monetary authorities and these reserves are used for financing or regulating payments imbalances or for other purpose, refer to IMF Balance of Payments Manual, Fifth Edition, Chapter 3 Structure and Classification page 80. Any payment imbalances will usually lead to change in the holding of reserves as monetary authorities will use it for official market intervention to influence the spot rate. If a domestic resident purchased (sold) foreign assets or foreign resident sold his/her (purchased) assets in the domestic economy then it is referred to be capital outflow (capital inflow) and it is recorded as debit (credit) entry in capital and financial accounts. 2.2.2 BOP Flow Model In this section, we will use BOP flow model to determine and affect the value of an exchange rate. We will first be looking at the simple trade flow model of exchange rate determination and how do monetary authorities intervene in the foreign market under fixed and semi fixed exchange rate regime to manage its exchange rate. Next we will include capital market participants into our consideration of modelling exchange rate equilibrium and predict future spot rate movements. We also examine in how exchange rate respond to a shock in economy or large capital movements. The diagram above shows us how the equilibrium MYR/US$ exchange rate is determined under three different exchange rate regimes. On the vertical axis, we plot the MYR/US$ exchange rate and on the horizontal axis we have the quantity of US dollar printed by US government in a specific time frame. In this model, we shall only consider the demand of US dollar (D$) is affected by the Malaysian demand for US goods. To expl ain this, Malaysian residents must first exchange Ringgit Malaysia in the foreign exchange market before they could make payments for the US goods they wish to purchase. In the same vein, the supply of US dollar (S$) is only affected by the demand of Malaysian goods by US residents. In the free floating exchange rate regime, if the demand and supply for dollars is only affected by the trade flows, it should be in the equilibrium point (QE,E2) at all time, which is the intersection between supply (S$) and demand (D$) for dollars. To explain this phenomenon, if we look at the exchange rates above equilibrium, there is an excess of supply of US dollar (S$) and market will push the exchange rate down to equilibrium point, and vice-versa. Let us assume that the exchange rate regime between MYR and US Dollar were semi fixed and the permitted band of fluctuation was E1 and E3. If the equilibrium exchange rate is within the bands therefore no intervention by central bank is required. If the demand shifted above (below) the allowed band of fluctuation,D1$ (D2$), then the central bank must sells (buys) its own currency on the foreign exchange market and restore the equilibrium within the band. In the fixed exchange rate regime, if the MYR/US$ exchange rate were pegged at an artificially high level such as E3, then flow supply for dollars would exceed the flow demand of dollars and the gap between A an B would be the markets excess supply for dollars (QB -QA). In order to maintain at the level E3, the central bank must then buys its own currency on the foreign exchange market in return for the currency to which it is pegged. Graph 2 shows the spot rate between Malaysia and US (MYR/US$) for the period between 1st January 2004 and 31th December 2007. Between 1998 and 2004, the exchange rate between MYR and US Dollar was pegged wrongly at the rate above market equilibrium, 3.80 ($1=MYR 3.80) by Bank Negara Malaysia, Talib (2004). On 21th July 2005, Malaysia and US government agreed to remove this pegged regime and adopted managed float exchange rate regime. Since then, the value depreciated significantly and this indicates that the spot rate was pegged above the market equilibrium. In the BOP model, capital flows are important in analysing the exchange rate movements, especially in the short and intermediate-term horizon, Siourounis (2003). The diagram below shows how capital market participants could influence the value exchange rates. For the purpose of analysing, we divide capital participants into two groups; one seeking for capital gains (currency speculators) and other one is seeking for interest rate differentials (international investor). In the following section, we look at the model on how currency speculators influence the exchange rate whereas the interest rate differentials as a model to predict exchange rate movements will be discussed in section 2.3.3. The diagram above shows the exchange rate correspond to the demand and supply of dollars provided by currency speculators. On the right (left) side of vertical axis, the SP$ represented the supply (demand) of US dollars provided by currency speculators. Let the current spot rate MYR/US$ be the point where SP$ intersects y axis, Ee. If speculators predict the expectation of future spot rate be more than Ee, say E2, then currency speculators will convert Ringgit Malaysia to US dollars at the present and it convert back when the market rose above the current equilibrium point. In other words, currency speculators will be willing to supply more of US dollars in the future if the expected spot rate lies above Ee. The opposite case will be the same if expected spot rate lies below Ee. Complete BOP flow model of exchange rate determination is obtained by combining BOP trade flow model of exchange rate determination, diagram 1, currency speculation and exchange rate determination, diagram 2 and interest rate differentials as a model of exchange rate det ermination, diagram 5. This model allows us to study the interaction of commercial traders and capital market participants set the equilibrium level of spot rate. Diagram 3 (a) is the copy of the trade flow model shown in diagram 1 where exchange rate is determined by only trade demand and supply of US dollars. In order to capture the gaps between trade demand and trade supply we plot excess commercial demand curve for dollars, ED$ in diagram 3 (b), (D$-S$) and relate it to the supply of US dollars curve, SP1$. SP1$ curve is influenced by capital market participants, which consist of international investors and currency speculators. Plot ED$ and SP1$ in a same graph, we obtain the complete BOP flow model of exchange rate determination. In this model, the new equilibrium level of exchange rate is obtained by finding the intersection point between ED$ and SP1$. In other words, it is the intersection point between the net supply of dollars provided by capital market participants and the excess of commercial demand for dollars by commercial traders. However, investors are more interested in how exchange rates respond to shift in domestic and foreign economic activity, change in market expectations of future spot rates and independent shift in trade flows. Using BOP flow model of exchange rate (2), diagram 4 allows us to predict the future exchange rate movements and its direction caused by these shocks. Let us assume the SP2$ and ED1$ be the current supply and demand for US dollars respectively and the corresponding spot rate is at E1. If there is an increase in Malaysian economic activity (case 1), more Malaysian residents are willing to spend, this would imply that a relative increase in Malaysian demand for US goods and services. In turn, it causes an overall rightward shift of excess commercial demand for US dollars from ED1$ to ED2S. The market will respond to the change in Malaysian economic activity and restore its equilibrium at a higher rate, E2. In other words, greater amount of US dollars are injected by Malaysian residents whilst the supply curve remains constant, this caused an increase in the equilibrium spot rate. For the increase in independent trade flows, it will be the same explanation as increase in Malaysian economic activity. In case 2, we assume there is a positive shift in the market expectation of future spot rate and this positive shift would immediately impact the exchange rate. An upward shift in market expectation on the long run equilibrium would shift SP2$ upwards to SP3$, positive shift in capital market participants demand for foreign exchange resulting an immediately appreciation in the spot rate. Siourounis (2003) shows the empirical evidence for a positive shock to net purchase of US equities by UK, Germany and Switzerland have a significant and immediate effect on exchange rate that lasts between 10 and 17 months. In graph 3, we show there is a significant trend between USD$/AUD$ exchange r ate and Australias current account seasonally adjusted. However the exchange rate does not always associate with the Australias current account balance especially in year 2003 to 2004. This could be the reason when Australia became the host for Ruby World Cup (RWC) 2003. URS Finance and Economics (2004) stated that the results of this event contributed to additional economic activity in the short term throughout the Australian economy in terms of industry sales, employment, GDP and Government revenue. However, URS Finance and Economics (2004) also stated that after 2005 any RWC 2003 influence would have diminished on international visitors. We also note that gap between Australias current account seasonally adjusted and its exchange rate was diminished as well. In graph 4 shows the connection between GBP/MYR exchange rate and Malaysias current account balance. Starting from 2003, the exchange rates move along in the same direction with the movements in Malaysias current account b alance; however, this trend is not as significant as in graph 3. Nevertheless, investors could still use this approach to forecast exchange rate. 2.3 INTEREST RATES In this section, we look at the two main forms of interest rate hypothesis, covered interest rate parity and uncovered interest rate parity. Next, we look at the interest rate differentials as a model to predict future exchange rate movements and how it relates to capital movements from one country to another. 2.3.1 Covered interest rate parity (CIP) To explain the meaning of covered interest rate parity, we shall only consider that investors can either invest in UK (domestic country) or US (foreign country) fixed deposit. Let the UK fixed deposit and US fixed deposit rates be r and r* respectively. For simplicity, we assume that the investor can only convert his/her wealth through a 12-months forward exchange rate if he/she decided to invest in US fixed deposit. On the other hand, if the investor has decided to deposit pound;1 for 12 months in a UK bank which guarantee r interest at the end of the period. Then the pound;1 will accumulated to: For the cases when investor decided to invest pound;1 in US fixed deposit then at the end of 12 months period the pound;1 will accumulate to: Let F denote the forward exchange rate and S be the current spot rate, both measured in the unit of sterling price, (GBP per 1 unit of USD). Under no transaction costs and no arbitrage assumptions, equation (2.10) and equation (2.11) should be equal. We can rewrite the ratio F to S in a linear form. Where f is defined as the forward premium (discount), the ratio by which a countrys (UK) forward exchange rate to another (US) exceed (falls below) its spot rate. We can then substitute equation (2.13) to our equilibrium condition in equation (2.12) and express it as follow: Note that we can subtract one from both sides and r*f is the product of interest rate and forward premium (discount). In general cases, we can easily ignore the last term without affect the equilibrium condition as it is the second order of smallness, unless we are dealing we hyperinflation country then this term can not be ignored as it will be significant in measuring the equilibrium condition. Equation (2.15) states that the domestic interest rate must be higher (lower) than the foreign interest rate by the amount equal to the forward discount (premium) on the domestic currency; this is also known as covered interest rate parity hypothesis. However, empirical evidences show that equation (2.13) does not always hold precisely for the given interest rate differentials and forward premium as it contains transaction costs. In fact, for the fixed exchange rate regime, most researchers found out it felt within a specific bound. We define c to be the cost of carrying out the transaction. The absolute value c is too small that one can not justify it as an unexploited profit opportunity and hence the no arbitrage assumption is still valid in this case. Taylor (1989) studied the unexploited profit opportunities in three different types of economics, stable period, period of turbulences and later period of turbulences of an economic. He concluded that there is no unexploited profit opportunity to be found during the stable period in foreign exchange and this indicates that market is in efficient. He also noted that there is potential to exploit profitable arbitrage opportunity during periods of turbulences. In the later period of turbulences, frequency and size of the profit opportunities in the market had decreased significantly and this suggest that efficiency of the market had increased over time. 2.3.2 Uncovered interest rate parity (UIP) In the covered interest rate parity, we restrict investors to invest in foreign country by changing his/her currency through forward contract whereas in uncovered interest rate parity we do not restrict them. Therefore, investors bear the exchange rate risk as they are not guaranteed the value of exchange rate at the end of 12 months period. As equation (2.12), we replace F by Se where Se represents the expected spot rate at the end of 12 months period. Note that the ratio Se/S is not known; unlike in the equation (2.12), all variables are known at the present. The ratio can be greater (lower) than one if the expected spot rate is higher (lower) than the current spot rate. We can rewrite the ratio as follow: We define ?Se to be the expected rate of depreciation or appreciation of the domestic currency over the 12 months period. Substituting equation (2.17) into equation (2.16), we obtain: As before, we ignore the final term, r*Se in equation (2.18) The equation ab ove states the domestic interest rate must be higher (lower) than the foreign interest rate by the amount equal to the expected rate of depreciation (appreciation) of the domestic currency, this is also known as the uncovered interest rate parity hypothesis. 2.3.3 Interest Rate Differentials as Predictors of Exchange Rate Changes Has been mentioned in the previous section, we will look at how international investors react on the interest rate differentials and hence influence the change in exchange rate. Same as before, we assume a two-country world economy consist of United States and Malaysia. We also assume that investors will invest their wealth in Malaysia if the interest rate in Malaysia is higher than in United State, and vice-versa. Diagram 5 shows the relationship between interest rate differentials and the capital movement between two countries. At the point (iUS iMY)2, investors are indifference if they invested their wealth in Malaysia or United State; the interest in both country is the same. However, when the official interest rate set in United State is higher (lower) than in Malaysia, (iUS iMY)3, then investors will inject more capital into US (Malaysia) from Malaysia (US) as they could earn a higher rate of return. In the second part of the diagram shows the relationship between the size of the change in the spot rate and capital flows.   The slop represents the sensitivity of exchange rate towards capital flow; the higher it is the greater the magnitude of the change in spot rate towards capital flows. In reality, equation (2.20) does not always hold as the expected change in exchange rate predicted by investor does not always match with the spot rate at 12-months period. Therefore, we introduce u as the predictor error in equation (2.21). In evaluating the interest rate differentials as predictors of the change in exchange rate, investors have to measure the size and the direction of the predictor error. Mussa (1979) stated that the interest differentials explain little on the changes in exchange rates; therefore one has to include predictor error when evaluating the change in exchange rate. Graph 5, Appendices shows a positive relationship between MYR/GBP spot rate movements and the difference in interest rate between United Kingdom and Malaysia, (IUK- IMYR). Based on these data, if an currency speculator wishes to predict the future spot rate and he is considering interest rate differentials be the only factor that influences spot rate; he will exchange sterling pound for Ringgit Malaysia at the present and convert back to sterling pound in the future to obtain capital gain as the spot rate has the tendency to drift downward. Conclusion This paper found out that the relative change in price in the short run for both countries with respect to the nominal exchange rate does not hold when we use law of one price. Changes in exchange rate in the short run are news-driven and law of one price is valid when we measure the change in the long run. We also showed that prices of Big Mac in 17 countries did not cost the same price when we measured in term of US dollars. In the long run, studies showed that the gap between actual and estimated exchange rate using Purchasing Power McParity was removed. The real exchange rate is said to be equal to one if the absolute purchasing power holds when we measure the prices in both countries with respect to the nominal spot rate. Under the BOP model, if the spot rate were pegged at the rate above its equilibrium then the central bank would have to buy its own currency on the foreign market in return for the currency to which it is pegged. In corporate to this, we look at the case w hen Malaysia and United State removed the fixed exchange rate regime and adopted managed float exchange rate regime, the exchange rate depreciated significantly. We also discussed how capital market participants react and influence the exchange rate when there is a shock in economy activity. In the interest rates section, we discussed the meaning of covered interest rate parity and uncovered interest rate parity; we then use them as predictor of exchange rate changes. In driving these two hypotheses, we use no arbitrage opportunity assumption. However, studies showed that during period of turbulence there is potential to exploit profitable arbitrage opportunity whereas in the stable period there is no unexploited profit opportunity which indicates that market is in efficient. We also discussed how interest rate differentials will influence capital movements and its sensitivity. If interest rate in domestic country is higher than in foreign country then it will cause capital flow into domestic country by international investors. We also concluded that the greater the sensitivity of change in spot rates towards capital flows, the greater the magnitude of the change. We also showed that there is positive trend between YEN ¥/USD$ exchange rate and Japan export prices (All Commodities), USD$/AUD$ exchange rate and Australia current account seasonally adjusted, GBP/MYR exchange rate and UK current account seasonally adjusted, MYR/GBP exchange rate and interest rate differential.

The New York s Police Department - 1432 Words

Since the arrival of English settlements during the 16th and 17th centuries, early Colonial Americans societies established systems of normality and conformity that would eventually govern social behaviors. Law enforcement through the United States has been tasked with ensuring the protection of life and liberty, including that of personal properties. The populist of criminal behaviors tends to be a derivative of their geological locations coupled with opportunities, and in some cases, a demand that requires substances to fill. Different geographical localities will experience differ criminal activities within their jurisdiction. For example, New York’s Police Department would be heavily investigating criminally funded Organized Crime Enterprises, whereas, the Seattle Police Department would have a larger interest in the broad category of violent crime enforcement associated with Domestic Violence. Covering 3.79 million square miles, law enforcement from coast to coast will develop their department in which best serves their targeted criminal behaviors. What is evident within all law enforcement agencies is that cultural competence is pivotal to the department’s success and the increase of effective protective services and product delivery. Although departments are situated nationwide, will not encounter the same theoretical approach to community policing, however, this may be the approach that is needed in addressing the future of criminal activities. However, for theShow MoreRelatedThe Case Of Terry Vs Ohio2068 Words   |  9 Pagespolicies have been used by police everywhere in the United States. However, lately the use of this tactic, especially in New York, has raised the questions of whether or not these stop and frisks are actually helping as well as the question of whether or not these supposed random stops are unbiased. 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Art History Final Free Essays

They have manipulated our opinion, reactions, and even likeness of art. They defined who the great artists are and through their judgments they have even cited the value of art. But unfortunately for them, post-modern art has dethroned critics with the use of humor, wit, and scale of impact in their art. We will write a custom essay sample on Art History Final or any similar topic only for you Order Now Post-modern art rejects the idea Of beauty and truth and reveals the value Of irony. Artists such as Marcel Decamp, who created the Fountain, or Mark Tansy, shock, mock, and force the viewers to rethink the meaning of art. The reader/viewer must create a whole new context in which to hold the art, one which may truly challenge his belief structures, one which may force him, to make sense of what he is seeing, to hold a larger perspective than he errantly has in place. † 1 And this applies to the critic as well. His opinion can no longer be valued as before because this kind of art no longer has a meaning and its interpretation no longer matters. Its importance lies on the impact and sensation of its viewers. Art becomes then a participatory experience, one in which the audience receives, and handles as they may, the flows of libidinal energies which the artist set free. † 2 The control the words Of critics had over art is gone and viewers are able to let their unconsciou s decide what art is. Nothing can better explain the place of the critic with this ewe art as Roland Breather’s essay title does: post-modern art has brought â€Å"The Death of the Author. † In his essay Farther explains how in literature the identity of the author no longer has any importance. Nonperformance† may be admired, but not his â€Å"genius† The author. 3 By giving the power to the literature rather than to the writer itself, he is giving the power to the piece of art and not to the critic as it has always been. As explained earlier, the opinion of the critic was impeding us from reaching our own conclusions on art. But by denying beauty in art and introducing something as absurd as a urinal, post-modern artists â€Å"refused to assign [art] a â€Å"secret† that is, an ultimate meaning,†4 that a critic can easily identify or criticize, and instead, â€Å"liberates an activity† where each viewer can have their own reflections on the piece. In my essay I am giving the role of the author in Farther essay, to both the critic and the artist. Nevertheless, I am assigning the part of the modern author to the artist, and its opposite to the critic. Before, the importance was given to the author, he was recognized, in other words, the critic was recognized. But now, â€Å"language knows a subject, not a person. 5 And from my point of view I interpret this statement as meaning that the person, in other words the critic, does not matter anymore, the art does, the subject. Of course the critic will still be a critic and give their opinion, rank a piece of art, and judges it as well. But this time they cannot use an absolute standard of arbitration. By not being able to judge the way they used to, they assert Farther point, that ‘the explanation of the work is always sought in the man who has produced and for me this man he speaks about could only be the artist himself. Clement Greenberg, Harold Rosenberg, and Roseland Krause have been incredibly influential in the history of art. Greenberg championed and was the first to appreciate the achievements of abstract art. Rosenberg was also a supporter of the abstract expressionists and proved the importance of the happenings and performance art. Krause introduced a new approach that focused on aesthetics that apprehend cultural and historical issues. While I have criticized them in my essay shall also embrace their intellectual knowledge on the subject of art and its importance in society as well as history. Nevertheless, â€Å"the birth of the reader must be ransomed by the death of the author. 7 The public should continue to take in and learn from these figures opinions. Nevertheless, we cannot take what they say too literal. We must understand that they are critics, they are â€Å"a person who judges the merits of literary, artistic, or musical work. â€Å"8 They judge but they do not define art. Challenges to the Status Quo Art has deliberately hidden the figure of women and their work in society. There have been great women artists, but have not been recognized as such and valued by posterity. Many paintings by women were initially credited to males, suggesting that there is no objective difference between art made by omen or men, but when it is verified that the author is a woman, the economic and symbolic value of the work decreases immensely. Even today, there are works by women that are not attributed to the real author because the fact that they are women would reduce the price of the work considerably. As Linda Gnocchi explains in her essay, ‘Why Have There Been no Great Women Artists,† the answer to this question â€Å"lies not in the nature of individual genius or the lack of it, but in the nature of given social institutions and what they forbid or encourage in various classes or groups of individuals. Women have a long experience in the fields of art and culture, their contributions have always been present, although in many cases the concept of â€Å"respect† has not been applied to them in the same way as their male counterparts. They have always been relegated to a second plane. Being a woman and artist has often been seen as an injurious occupation and inconsistent, while it has been traditionally reserved the epithet of genius for men. Women have to live in a society which has not ceased to be sexist, in a culture where women are still thought of as an inferior place and lacking retain rights. And this, as Gnocchi explains, does not apply to art only. In her article she gives us the example of the great artist, Rosa Bonjour. Now a day if women become the CEO of a company, an architect, or a policeman, they would be categorized the same way Bonjour was: a tomboy, a woman with a desire to be more masculine, or selfish. Yet if men â€Å"have a need for feminine involvement,† 10 as Gnocchi puts it, the jobs such as pediatricians, child psychologists, or chef, are admired rather than frowned upon. In her essay Gnocchi explains the disadvantages women had in art education that led to he lack of great women artists. Some examples were the restriction put on them to participate in classes with nude models or be a part of several contests. Nevertheless, today those restrictions no longer apply but the lack of ‘great women’ still persists. Society and history is to blame for this. Now, as John Stuart Mill points out and Gnocchi quotes in her essay, â€Å"everything which is usual appears natural. The subjection of women to men being a universal custom, any departure from it quite naturally appears unnatural. † 1 1 We have progressed as a society and we have reached equality in many areas. However, sexism as well as racism seems it will never cease to exist because they are distinctions we consider natural. In her article Gnocchi writes about how her question can or has been answered incorrectly. Afraid to be included in the category of incorrect answers, I would like to put my life as a perspective instead and show how the views of today’s society regarding the sexes are clearly defined. From a very young age had a nanny, who as many would expect was a women because caring for children, cooking, and cleaning is a role usually given to a women if in a household. A man drove me to school every morning and generally anyone who drove that was not a family member was in fact usually a man. I remember the habitual comment that ‘women do not know how to drive. ‘ When I arrived to school there were five male security guards, and my teachers all the way from pre-kinder to about sixth grade were women. Society would see this as correct because security guards are there to protect and men being stronger than women means they can do a better job. And the reason why all my teachers at a young age were women is because we are still young, I do not receive a grade but simply mille faces, stickers, or a ‘good job’ in its place, and I need a mother figure at all times. High school was not much different. I started to get grades and was considered a grown-up, so men began being my teachers as well. Physical education, however, was still separated by sex, including the teacher, because â€Å"boys are more aggressive and they can hurt girls. † Now I arrive at Washington and Lee University. An Ivy League education in a beautiful campus with amazing professor, but, a place where it is believed that women only come here to get their MRS. degree. A joke that has been around since he university became co-educational back in the ass’s, saying that women only come here to look for a husband. At this point Gnocchi will probably consider me a feminist, but I am simply showing a perspective from someone that is in her twenties in the 21 SST century and can still clearly separate the roles of men and women as expected in the realm of our society that we claim has improved and changed. My life is only one perspective and many might not have had the same experience did, but it does support what Gnocchi repeatedly states in her essay. Quote Incision’s words once more: the question of women’s equality-?in art as in any other realm-?devolves not upon the relative benevolence or ill-will of individual men, nor the self- confidence or abjectness of individual women, but rather on the very nature of our institutional structures themselves and the view of reality which they impose on the human beings who are part of them. 12 This also includes the educational system today. Gnocchi makes one more important argument in her article. She explains that when it comes to art what needs to change is the way its history is taught. Lucy R. Leopard supports this argument in her article, Too Political? Forget It,† when lists the amount of information on art that has most times not been taught, and how it IS â€Å"No wonder activist and community art, always a step child, is slow to evolve. 13 The statement that ‘there have been no great women artists’ can be justified, but it does not mean it is correct. Women as well as other minorities have been deprived from being a ‘genius’, a term that is unreal but largely used for men, due to their social conditions and deprivation of an education. But the only way to transform this lack of recognition is to stop listing excuses, or have minorities keep aerating themselves as such and change the unnatural to natural in society. Artistic expression comes from the spirit, not the body type you have or hormones. The language of art is, more materially, embodied in paint and line on canvas or paper, in stone or clay or plastic or metal-it is neither a sob story nor a confidential whisper. â€Å"14 The Courage to Break Grounds For many years there have been many instances where artists have held public events to raise social and political issues, yet many of which are not on recor d. While artists know that when choosing this career path it will not be ass, especially economically, they risk their commodities for their passion. Nevertheless, this does not mean that they do not want recognition. If they are primarily concerned with audiences who will never write, curate, collect or fund art, they run the risk of being forgotten before they are even acknowledged . â€Å"15 A reason why political artists mostly limit their work to galleries, and this is a problem that must be fixed. However, I do not believe that political artists who only care about this acknowledgement truly care about making political art. In galleries the artwork will always first be seen as esthetics and subject to be rated and criticized by its artistic aspects rather than the subject matter and message it is trying to pass on. Political art is that which addresses public concern and takes a stand on an issue. It is a way to speak for those who wont and to open the eyes of those who cannot or resist viewing reality. It is also meant to support or represent those that cannot do it on their own. Most importantly it is supposed to change minds. Political art is not meant to be hidden by the walls of galleries and museums and constrained to the eyes of critics and elitists. It is meant for society to see as ell as to learn and experience what is being fought for Or sometimes encouraged. Nevertheless, politics is a sensitive subject. While I do believe it should be out for everyone to view, certain aspects of the viewer can affect the intended message of the artist, making it difficult to completely object the idea that such an important subject matter should have viewers with certain capacities of understanding. The real answer as to whether or not political art should be presented in public venues, even if it is protected by the first amendment to do so, lies on how it might impact the observers. How to cite Art History Final, Papers Art History Final Free Essays

Post Modern World

Introduction Postmodernism is the word used by sociologists and other scholars to refer to a the intelligence that has developed in the western world. It is a perception that incorporates a varied range of ideas, practices and critical methods that can be regarded as â€Å"postmodern†. Postmodernism is the historical period which is seen to follow modernism.Advertising We will write a custom essay sample on Post Modern World specifically for you for only $16.05 $11/page Learn More Modernity is the development accompanied by a counter practice which is idealistic rather than materialist, and treats the world, including nature, realistically rather than in the materialistic way. Modernization is understanding of the technological dominant of the world. This reflects the current globalization and the technological revolution taking place. Postmodernism is the tradition apparent in displeasure to modernism’s usual custom of beliefs, developing a different method for people trying to find themselves in the world (Barrow Robin, 1994). What is unique about the postmodern world view in regards to education? Postmodernism is the theory which states that the truth does not exist. Postmodernism asserts that the truth is defined by individual culture and that the truth is relative, not universal. If the truth is defined by culture, then it is not absolute truth because of the changing cultural diversity and faith worldwide. The truth is universal and is not relative truth. The postmodernism is based primarily on the theory of Darwin’s evolution. Postmodernism education is based on the notion that what people believe to be learning, consists of ways of looking at the world by people. Awareness, thoughts and language made by people, are useful to people’s wellbeing not because they are true (Barrow Robin, 1994). The focus of the classroom in postmodern education consists in the fact that there has occurred a shift f rom the teacher centered learning being common and widely spread in the system of education, to student centered learning. In postmodernism education students learn and interact in a social setting. Why is postmodernism sometimes claimed to be the negative philosophy? Human nature does not offer any new clue to understanding the world and do not play any role of forming alternative foundation of knowledge. Americas have been the victim of an intellectual and educational oppression that characterizes the culture.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More The philosophy is negative because if we cannot make judgments as to what is true, then, consequently, it is difficult to improve humanity. Truth cannot be strange (Burbules Nicholas, 2000). What might postmodern offer to the educational theory? According to postmodern thinking, the purpose of education shifts from teaching theoretical understand ing and skills to providing education atmosphere where students construct their own knowledge. A teacher is simply the guide; students get their knowledge on their own. In other words, eacher guides the student â€Å"on the side† (Burbules Nicholas, 2000). The principal of â€Å"guide on the side† which emphasizes a group project and individual thought, is the additional setting of postmodernism. Postmodernism has an enormous impact in the field of mathematics. Postmodernism is used to designate new practice of art. The validity of people may be attributed to the objective by a â€Å"specific† appeal of the people (Burbules Nicholas, 2000). Conclusion Living in a discourse of contingency and flexibility we can respect the complicated and deep lives of people we work together with. Postmodernism provides opportunities for Christians to discuss issues amenably to other societies (Burbules Nicholas, 2000). References Burbules Nicholas C. (2000). Philosophy of E ducation: In Routledge International Companion to Education, New York: Routledge. Barrow Robin. (1994). Philosophy of Education, Analytic Tradition: In The International Encyclopedia of Education, 2nd edition, Oxford: Pergamon Press. This essay on Post Modern World was written and submitted by user The198 to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

French Pronunciation of the Letter H

French Pronunciation of the Letter H The letter H is always silent in French. However, there are two different kinds of Hs: H  muet and H  aspirà ©. The type of H at the beginning of the word lets you know whether to make contractions and pronounce liaisons with that word. To find out whether the H in a particular word is muet or aspirà ©, check a good French dictionary. There will be an asterisk or some other symbol to distinguish the two kinds of Hs. French Words With H Click these links to hear the words pronounced in French:homme  Ã‚  Ã‚  (man)hockey  Ã‚  Ã‚  (hockey)haut  Ã‚  Ã‚  (high)hà ´tel  Ã‚  Ã‚  (hotel)hiver  Ã‚  Ã‚  (winter) Letter Combinations With H (Click for Detailed Lessons) CH H Muet Most French Hs are mute - that is, they are not pronounced and the word acts as if it begins with a vowel. This means that  contractions  and  liaisons  are required. For example,  le   homme  contracts to  lhomme  - you cant say  le  homme.  And  les  hommes  is pronounced with a liaison: [lay zuhm].Here are the most common French words that begin with  H  muet. For nouns, the gender is provided (in parentheses):habile  Ã‚  Ã‚  Ã‚  skillfulhabilità ©Ã‚  Ã‚  (f)  Ã‚  Ã‚  Ã‚  fitnesshabiller  Ã‚  Ã‚  Ã‚  to dresshabits  Ã‚  (m)  Ã‚  Ã‚  Ã‚  clotheshabiter  Ã‚  Ã‚  Ã‚  to live inhabitude  Ã‚  (f)  Ã‚  Ã‚  Ã‚  habithacker  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hackerHadà ¨s  Ã‚  (m)  Ã‚  Ã‚  Ã‚  Hadeshadj  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hajjhadron  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hadronhagard  Ã‚  Ã‚  Ã‚  distraughtHaà ¯ti  Ã‚  (m)  Ã‚  Ã‚  Ã‚  Haitihaleine  Ã‚  (f)  Ã‚  Ã‚  Ã‚  breathHalloween  Ã‚  (f)  Ã‚  Ã‚  Ã‚  Halloweenhalluciner  Ã ‚  Ã‚  Ã‚  to hallucinatehalo-  Ã‚  (prefix)harmonica  Ã‚  (m)  Ã‚  Ã‚  Ã‚  harmonicaharmonie  Ã‚  (f)  Ã‚  Ã‚  Ã‚  harmonyharpagon  Ã‚  (m)  Ã‚  Ã‚  Ã‚  skinflint, ScroogeHawaà ¯Ã‚  Ã‚  (m)  Ã‚  Ã‚  Ã‚  Hawaiihebdomadaire  Ã‚  Ã‚  Ã‚  weeklyhà ©bergement  Ã‚  (m)  Ã‚  Ã‚  Ã‚  lodginghà ©berger  Ã‚  Ã‚  Ã‚  to househà ©bà ©ter  Ã‚  Ã‚  Ã‚  to daze, stupefyhà ©breu  Ã‚  (m)  Ã‚  Ã‚  Ã‚  Hebrewhectare  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hectarehectique  Ã‚  Ã‚  Ã‚  hectichà ©donisme  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hedonismhà ©gà ©monie  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hegemonyhà ©licoptà ¨re  Ã‚  (m)  Ã‚  Ã‚  Ã‚  helicopterhà ©lium  Ã‚  Ã‚  Ã‚  heliumhà ©lix  Ã‚  Ã‚  Ã‚  helixHelsinki  Ã‚  Ã‚  Ã‚  Helsinkihà ©matome  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hematomahà ©misphà ¨re  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hemispherehà ©mophile  Ã‚  Ã‚  Ã‚  hemophiliachà ©morragie  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hemorrhagehà ©morroà ¯de  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hemorrhoidhà ©patite   Ã‚  (f)  Ã‚  Ã‚  Ã‚  hepatitisherbage  Ã‚  (m)  Ã‚  Ã‚  Ã‚  pastureherbe  Ã‚  (f)  Ã‚  Ã‚  Ã‚  grasshà ©rà ©dità ©Ã‚  Ã‚  (f)  Ã‚  Ã‚  Ã‚  heredityhà ©riter  Ã‚  Ã‚  Ã‚  to inherithà ©roà ¯ne  Ã‚  (f)  Ã‚  Ã‚  Ã‚  heroin,  heroineherpà ¨s  Ã‚  (m)  Ã‚  Ã‚  Ã‚  herpeshà ©siter  Ã‚  Ã‚  Ã‚  to hesitatehà ©tà ©rosexuel  Ã‚  Ã‚  Ã‚  heterosexuelheure  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hourheureux  Ã‚  Ã‚  Ã‚  happyhexagone  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hexagonhiberner  Ã‚  Ã‚  Ã‚  hibernatehibiscus  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hibiscushier  Ã‚  Ã‚  Ã‚  yesterdayhilare  Ã‚  Ã‚  Ã‚  beamingHimalaya  Ã‚  (m)  Ã‚  Ã‚  Ã‚  the Himalayashindou  Ã‚  Ã‚  Ã‚  Hinduhip-hop  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hip-hophippodrome  Ã‚  (m)  Ã‚  Ã‚  Ã‚  racetrackhippopotame  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hippopotamushirondelle  Ã‚  (f)  Ã‚  Ã‚  Ã‚  swallowhirsute  Ã‚  Ã‚  Ã‚  hairy, shaggyhistoire  Ã‚  (f)  Ã‚  Ã‚  Ã‚  story, historyhiver  Ã‚  (m)  Ã‚  Ã‚  Ã‚  winterholo-  Ã‚  (prefix)hologramme  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hologramhomà ©opathie  Ã‚  (f)  Ã‚  Ã‚  Ã‚  homeopathyhomicide  Ã‚  (m)  Ã‚  Ã‚  Ã‚  homicidehommage  Ã‚  (m)  Ã‚  Ã‚  Ã‚  tributehomme  Ã‚  (m)  Ã‚  Ã‚  Ã‚  manhomo-  Ã‚  (prefix)honnà ªte  Ã‚  Ã‚  Ã‚  honesthonneur  Ã‚  (m)  Ã‚  Ã‚  Ã‚  honorhonorer  Ã‚  Ã‚  Ã‚  to honorhà ´pital  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hospitalhoraire  Ã‚  (m)  Ã‚  Ã‚  Ã‚  schedule, timetablehorizon  Ã‚  (m)  Ã‚  Ã‚  Ã‚  horizonhorloge  Ã‚  (f)  Ã‚  Ã‚  Ã‚  clockhormone  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hormonehoroscope  Ã‚  (m)  Ã‚  Ã‚  Ã‚  horoscopehorreur  Ã‚  (f)  Ã‚  Ã‚  Ã‚  horrorhorrible  Ã‚  Ã‚  Ã‚  horriblehorrifier  Ã‚  Ã‚  Ã‚  to horrifyhorticulture  Ã‚  (f)  Ã‚  Ã‚  Ã‚  horticulturehospitalità ©Ã‚  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hospitalityhostile  Ã‚  Ã‚  Ã‚  hostilehà ´te  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hosthuile  Ã‚  (f)  Ã‚  Ã‚  Ã‚  oilhuà ®tre  Ã‚  (f)  Ã‚  Ã‚  Ã‚  oysterhumain  Ã‚  (m)  Ã‚  Ã‚  Ã‚  humanhumble  Ã‚  Ã‚  Ã‚  humblehumeur  Ã‚  (f)  Ã‚  Ã‚  Ã‚  moodhumide  Ã‚  Ã‚  Ã‚  humidhyacinthe  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hyacinthhybride  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hybridhydr-  Ã‚  (prefix)hydraulique  Ã‚  Ã‚  Ã‚  hydraulichydrogà ¨ne  Ã‚  (m)  Ã‚  Ã‚  Ã‚  hydrogenhygià ¨ne  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hygienehyper-  Ã‚  (prefix)hypo-  Ã‚  (prefix)hystà ©rie  Ã‚  (f)  Ã‚  Ã‚  Ã‚  hysteria H Aspirà © Hs in French words borrowed from other languages are usually aspirate. Though the  H aspirà ©Ã‚  is not pronounced, it acts like a consonant; that is,  contractions  are not permitted with it and  liaisons  are not made in front of it. For example,  le hockey  does not contract to  lhockey  but remains  le hockey. And  les  hà ©ros  (the heroes) is pronounced [lay ay ro]. If you were to pronounce this with a liaison, [lay  zay  ro], you would be saying  les  zà ©ros  (the zeros).Here are the most  common French words  that begin with  H aspirà ©.hà ¢bleur  Ã‚  Ã‚  Ã‚  boasterla  hache  Ã‚  Ã‚  Ã‚  axehacher  Ã‚  Ã‚  Ã‚  to chople  hachisch  Ã‚  Ã‚  Ã‚  hashishle haddock  Ã‚  Ã‚  Ã‚  haddockla  haie  Ã‚  Ã‚  Ã‚  hedgele haà ¯ku  Ã‚  Ã‚  Ã‚  haikule  haillon  Ã‚  Ã‚  Ã‚  ragla  haine  Ã‚  Ã‚  Ã‚  hatredhaà ¯r  Ã‚  Ã‚  Ã‚  to hatehaà ¯ssable  Ã‚  Ã‚  Ã‚  detestablehalal  Ã‚  Ã‚  Ã‚  halalle hà ¢le  Ã ‚  Ã‚  Ã‚  suntanhaleter  Ã‚  Ã‚  Ã‚  to pantle hall  Ã‚  Ã‚  Ã‚  hallla  halle  Ã‚  Ã‚  Ã‚  marketle hallier  Ã‚  Ã‚  Ã‚  thicket, brushle halo  Ã‚  Ã‚  Ã‚  halola  halte  Ã‚  Ã‚  Ã‚  breakle  hamac  Ã‚  Ã‚  Ã‚  hammockle hamburger  Ã‚  Ã‚  Ã‚  hamburgerle  hameau  Ã‚  Ã‚  Ã‚  hamletle hammam  Ã‚  Ã‚  Ã‚  hammamla  hampe  Ã‚  Ã‚  Ã‚  polele hamster  Ã‚  Ã‚  Ã‚  hamsterla  hanche  Ã‚  Ã‚  Ã‚  hiple hand-ball  Ã‚  Ã‚  Ã‚  handballle handicap  Ã‚  Ã‚  Ã‚  handicaple hangar  Ã‚  Ã‚  Ã‚  shedhanter  Ã‚  Ã‚  Ã‚  to haunthapper  Ã‚  Ã‚  Ã‚  to snatch, grabharangue  Ã‚  Ã‚  Ã‚  harangueharasser  Ã‚  Ã‚  Ã‚  to exhaustharceler  Ã‚  Ã‚  Ã‚  to harassla  harde  Ã‚  Ã‚  Ã‚  herdharder  Ã‚  Ã‚  Ã‚  to leashhardi  Ã‚  Ã‚  Ã‚  daringle  hareng  Ã‚  Ã‚  Ã‚  herringla  hargne  Ã‚  Ã‚  Ã‚  spiteful angerle haricot  Ã‚  Ã‚  Ã‚  beanharnacher  Ã‚  Ã‚  Ã‚  to harnessle  harpail  Ã‚  Ã‚  Ã‚  herdla  harpe  Ã‚  Ã‚  Ã‚  harp le  harpon  Ã‚  Ã‚  Ã‚  harpoonle  hasard  Ã‚  Ã‚  Ã‚  luck, chancela hà ¢te  Ã‚  Ã‚  Ã‚  hastehà ¢ter  Ã‚  Ã‚  Ã‚  to hastenhaut  Ã‚  Ã‚  Ã‚  highla hauteur  Ã‚  Ã‚  Ã‚  heightle  havre  Ã‚  Ã‚  Ã‚  havenhercher  Ã‚  Ã‚  Ã‚  to haulle hà ¨re  Ã‚  Ã‚  Ã‚  wretch,  young  stagle hà ©risson  Ã‚  Ã‚  Ã‚  hedgehogla  hernie  Ã‚  Ã‚  Ã‚  herniale hà ©ron  Ã‚  Ã‚  Ã‚  heronle hà ©ros  Ã‚  Ã‚  Ã‚  herola herse  Ã‚  Ã‚  Ã‚  hearse, harrowle hà ªtre  Ã‚  Ã‚  Ã‚  beech treeheurter  Ã‚  Ã‚  Ã‚  to strikele hiatus  Ã‚  Ã‚  Ã‚  hiatusle  hibou  Ã‚  Ã‚  Ã‚  owlle hic  Ã‚  Ã‚  Ã‚  snagle hickory  Ã‚  Ã‚  Ã‚  hickoryhideux  Ã‚  Ã‚  Ã‚  hideousla hià ©rarchie  Ã‚  Ã‚  Ã‚  hierarchyle hià ©roglyphe  Ã‚  Ã‚  Ã‚  hieroglyphehippie  Ã‚  Ã‚  Ã‚  hippiehisser  Ã‚  Ã‚  Ã‚  to hoist, heave, haulle hobby  Ã‚  Ã‚  Ã‚  hobbyhocher  Ã‚  Ã‚  Ã‚  to nodle hockey  Ã‚  Ã‚  Ã‚  hockeyla Hollande  Ã‚  Ã‚  Ã‚  Hollandle  homard  Ã‚  Ã ‚  Ã‚  lobsterHong-Kong  Ã‚  Ã‚  Ã‚  Hong Kongla Hongrie  Ã‚  Ã‚  Ã‚  Hungaryla  honte  Ã‚  Ã‚  Ã‚  shamele  hoquet  Ã‚  Ã‚  Ã‚  hiccuphors  Ã‚  Ã‚  Ã‚  outsidela  houe  Ã‚  Ã‚  Ã‚  hoela  houille  Ã‚  Ã‚  Ã‚  coalla  houle  Ã‚  Ã‚  Ã‚  swellhouleux  Ã‚  Ã‚  Ã‚  stormyle hooligan  Ã‚  Ã‚  Ã‚  hooliganla  houppe  Ã‚  Ã‚  Ã‚  tufthouspiller  Ã‚  Ã‚  Ã‚  to scoldla  housse  Ã‚  Ã‚  Ã‚  coverhousser  Ã‚  Ã‚  Ã‚  to coverle  houx  Ã‚  Ã‚  Ã‚  hollyle  hublot  Ã‚  Ã‚  Ã‚  portholela  huche  Ã‚  Ã‚  Ã‚  chest, trunkhuer  Ã‚  Ã‚  Ã‚  to boole  huguenot  Ã‚  Ã‚  Ã‚  Huguenothuit  Ã‚  Ã‚  Ã‚  eighthululer  Ã‚  Ã‚  Ã‚  to hoothumer  Ã‚  Ã‚  Ã‚  to smellhurler  Ã‚  Ã‚  Ã‚  to shriek

How to job hunt this holiday seasonÂÂ

How to job hunt this holiday season   The holiday season is typically a time to gather with friends and family, reflect on the year that has passed, and think ahead to the new year- but for many folks it’s also a time to job hunt. The truth is, many companies don’t take the holidays off when seeking to fill open positions, and it could mean plenty of opportunities for you. A recent article in Forbes  answered the question â€Å"Are the holidays a good time to job search?† with a resounding yes: â€Å"Many professionals (and job seekers) are preoccupied with all they have to do during the holidays- family gatherings, travel, winter break from school, big dinners, and shopping. Seemingly for many, job searching takes a back seat during this time. However, these types of distractions are actually even beneficial, because there is less competition for job seekers. The holidays aren’t always a slow period. On the contrary, there’s a significant rise in jobs and job opportunities.†T he article goes on to speculate why the holidays might just be the ideal time to lock down your next big job opportunity: â€Å"There are key industries that have expansive hiring during the holiday season, particularly retail, operations, and even financial services. Companies are heavily entrenched in finalizing their business and budget goals for the New Year, which often include increasing the job force, closing out final deals, and negotiating acquisitions of new projects to jump start the fiscal year. Here’s another insider secret: there’s an influx of professionals who give notice during the holidays in order to take those well-planned and sought after dream vacations, and companies want to be fully staffed on January 1.†So, if you’re on the lookout for your next big career move and want to make the most of your holiday job hunt, let’s take a look at some strategies you can utilize to take full advantage of the opportunities that are out the re!Prepare in advance.Keep in mind that the holiday window isn’t endless- it typically starts around Thanksgiving and ends around New Year’s Day, which means that you have approximately 6 weeks to take full advantage of the holiday job hunt. That said, you don’t want to eat up a great deal of time with things you can prepare in advance. Make sure you have a list of target positions and industries and that your basic resume and cover letter (documents you should of course tweak as needed for various openings) are current and in good shape before the holidays begin, so you can use these 6 weeks to maximize your job hunt- it’ll help put you a step ahead of the competition!Take advantage of seasonal employment opportunities.Many companies and industries get especially busy during the holidays and routinely hire additional seasonal staff to help them meet with higher than normal work volume. A few examples include the retail, travel and tourism, food and hospi tality, and package delivery industries, among others. Although these are typically jobs with finite and predetermined lifespans, they do represent good ways to make some additional money during the holidays. And who knows- if you do a particularly good job you may impress someone enough to extend your position indefinitely. If seasonal employment is something that interests you, make sure to filter for this type of employment in your job searches.Be patient.Patience is always a virtue when it comes to job hunting, but it’s especially true during the holidays. Although your job hunt might be taking place during the holiday season, don’t be surprised if it lasts until well after they’re over. The truth is, although the holidays can be a great time to discover and apply to new job openings while facing less competition because lots of other job seekers are busy and preoccupied with holiday plans, so are the people who posted the ads. It’s not uncommon for p roductivity at all levels in the workplace to slow down to a crawl during the holidays, and this includes HR departments. Therefore, don’t be surprised if you wind up sending out a ton of resumes but don’t receive a ton of responses quickly.Have a thick skin.Resilience is a key trait if you’re determined to job hunt during the holiday season and don’t want the process to eat away at your holiday spirit. We’re all aware of the mental toll that a job hunt often takes. Very few of us get to experience the luxury of a quick hire after a brief job hunt. It’s much more likely that you’ll take a few trips on the emotional rollercoaster of hope and rejection as you apply for jobs and await replies. But this doesn’t mean that your job hunt has to cast a shadow over your holiday celebration plans. Remember, job hunts take time and rejection is a natural part of the process that we all experience- it’s certainly in your best intere st to keep this in mind and develop a thick skin while looking for a new job, unless you want your job hunt to be the Grinch that spoils your holiday plans.Be flexible.Flexibility is especially important during the holidays. Amidst the hustle and bustle of the season, meeting at unexpected hours for a call or face-to-face interview on the fly or being willing to endure a little holiday office chaos at the places you’re interviewing might just be a part of your search during the busy holiday season. If you take it in stride and show potential employers that you’re not rattled by unexpected curveballs, it’ll only work to your advantage during the process.There you have it- consider this your holiday job hunting strategy guide for making the most of the opportunities available during this busy time of the year. Take advantage of the advice presented here and you can hopefully ring in the New Year with a new job. Good luck!

Decision Making Research Paper Example | Topics and Well Written Essays - 750 words

Decision Making - Research Paper Example The first stage of decision making according to Arkansas program is establishing a community within which the decision is to be made, this stage involves building and strengthening relationships between members of the community, norms and procedures that influence how problems are perceived and communicated within the group, this stage can take place before or during the time a problem is identified. The second stage is the perception phase where an individual recognises the fact that a problem needs to be solved. Interpretation is the third stage of decision making that involves explaining the specifics of the problem and identifying the issues that may have caused the problem. Judgement is the fourth stage that involves looking at other options that are available to respond to the problem and then choosing the option that will solve the problem satisfactorily (Baghbania et al, 53). Motivation involves analysing the issues that may make an individual choose a less effective solution and then prioritise the solutions based on the expected results. The next stage is implementing the best solution to the problem; the solution that is implemented should have the ability to avoid the hurdles that may arise in the implementation process. The seventh stage is reflection in action, this stage involves analysing the problem solving process and making appropriate adjustments to improve effectiveness of the solution selected. The final stage in the decision making process is reflection on action which involves determining whether the solution solved the problem adequately; this is done by examining the consequences and the expected outcomes of the solution. Example of decision-making An administrator in a hospital that admits patients in critical condition can be faced with a problem of getting one of the patients off a life support machine since he is unable to pay the bills or to continue letting him use the machine while his unpaid bills rise. In solving this problem, the administrator will be aware of the case by being informed by other medical practitioners who have direct contact with the patient. The second action that the administrator would take is ascertaining whether the patient is indeed unable to pay the cost of using the machine. The administrator would then try to find out why the patient is unable to pay the bill, whether it is due to genuine lack of money or negligence by his relatives or the financiers of the hospital bill. The administrator would then decide on the alternatives to take regarding the patient, which may include putting the patient off the life support machine or allowing him to continue using it although he cannot pay the bill. The administrator may decide to put the patient off the machine since there is a minimal chance of survival for the patient and his hospital bill is high which may be hard to recover. Before switching off the life support machine, the administrator will consider the issues may arise from his decision such as morality of the action, legal opinion on euthanasia among others and then prepare to handle them accordingly. The next

Explaining the relevance and importance of mentoring and counselling Essay

Explaining the relevance and importance of mentoring and counselling roles in the workplace - Essay Example It is a way in which an affirmative change in the employees are brought about and thereby transfer of valuable knowledge takes place from the mentor or the guide to the particular employee. Both Companies and their management find that this method is extremely favourable for the employees in terms of career growth (Robbins, 2003, p.56). Thus every organisation tries to implement this process in their day to day operations. In every workplace, the management feels that it is necessary for the employees to boost their potential and enhance their skills so that they can deliver better performance and can in turn increase the productivity of the company. It often happens that the employees have a lot of hidden potential. It is just that they need to be upgraded with certain skills. Often they have to be groomed according to the organisation culture and several issues relating to performance needs to be solved by the management. If the management feels that a particular employee requires this kind of grooming or training his areas have to be assessed and the company would recommend him for mentoring programme. The mentors would generally be someone from the managers or the supervisors of any team who would have prior experience about the work and how it should be done. Each department may also have a special coach delegated for that department. Differences between Coaching and Mentoring Applications of Coaching and mentoring are varied over different areas of business. Though the goals of both coaching and mentoring are the same that is to maximise the potentials of the employees for the benefit of the organisation, yet there is a subtle difference between the two. The chief aim of coaching is to improve the performance of the employees. The final performance is of utmost importance. On the other hand, mentoring is more inclined to grooming of an individual in a personalised way and it is more inclined towards personality development of the individual. The person wh o coaches a team has a definite agenda in his mind while undertaking the process (Bachkirova, Jackson and Clutterbuck, 2011, p.187). The mentor on the other hand would behave like a facilitator who would mould the individual in the way he wants to but there is no specific agenda that the person will remain confined to. Coaching in a workplace is related more to productivity at work and the career growth of the employees. Mentoring on the other hand stresses more on self reflection of the individual employees. Hence the bonding with the mentor is even better defined. The duty of coaching is generally assigned by the organisation to someone who holds much a higher position like a manager. The mentor is someone who would be able to influence the mentee in a deeper way and the person who is being mentored has to treat the person as a guide and have to have a personal acceptance in the matter. Coaching is provided to the employees so that enhances in individual performance would help in the growth and the development of the organisation. The mentor often looks forward for feedback from the employees which may contribute to the development of the employee as well. Hence the mentor has a scope of getting personal returns as well. There is a prospect of mutual knowledge exchange in this context. The system of coaching is mainly applicable to a team development in an office and a handful of people may come under the

What Theological Or Ethical Principles Religion Essay

What Theological Or Ethical Principles Religion Essay As palliative care is specialized comfort care for people who are approaching the end of their lives, it is related to many ethical issues and concerns. Its framework is based on the moral values and principles of the professionals involved, patients concerned, their families and society as a whole. Palliative care is a very sensitive issue and it is important that it is administered in an appropriate manner. The main objective is to achieve the best possible quality of life, both for the person, and for their family. As such, palliative care is more than the provision of medical relief from pain and other distressing symptoms. It encompasses the psychological, social, emotional and spiritual aspects of end of life care. The palliative care philosophy affirms life and regards dying as a normal process. It neither aims to hasten nor postpone death. It endeavours to provide a team-based support system for the person, enabling them to live as fulfilled a life as possible for the time remaining; and to help their family cope during their loved ones illness and prepare for their bereavement. Care can be provided at home, in a hospital, an aged care facility or a palliative care unit. Above all, palliative care respects the dignity of the person who is dying, carefully honouring their story, wishes and needs. A discussion about palliative care doesnt necessarily mean that death is imminent, in fact, its far better to start thinking and talking about your palliative care options before you need them. Palliative care is sometimes required for a person whose death is very near a matter of hours or days while others will need care over a longer period of time, sometimes years. In this case their care needs will tend to be less intensive and more episodic. The need for palliative care does not depend on any particular medical diagnosis, but the combination of many factors assessed through the judgement of the person, their family, the palliative care team and other medical professionals, including the persons GP. Families and carers may also receive assistance from palliative care services in order to help them cope with emotional and social problems; wounded healers also need healing. To palliate is to cover with a cloak of care; to offer protection and provide relief in the last chapter of life. A palliative approach is a type of palliative care and recognizes that death is inevitable for all of us. For me writing, I am reminded of a comment Professor John Swinton made in response to a question at the recent CAPS conference: Wherever we are in life, there is a storm coming preparedness becomes about the solidity of our foundations. End of life questions of quality, planning and dignity are ethically and theologically grounded in solidifying our foundation. Clements (1990) wrote of this, explaining that as the person moving through life finds their roles stripped from them, and if they have no spiritual foundation, they may be found naked at the core. Residential Aged Care Facilities are often the place where people spend the final chapter of their life; people come into care because they are no longer able to look after themselves and most will have chronic illness alongside ageing. The focus of care in aged care facilities is to help people live well with their illness and frailty during their time spent there. This focus on living well is the essence of the palliative approach to care. Our goal is always to assess and treat pain and other symptoms thoroughly, in familiar surroundings and in the company of the persons loved ones. Theres a Japanese proverb of which I am particularly fond, A sunset can be just as beautiful as a sunrise. In my work Ive seen many beautiful sunsets in peoples lives. Sadly, Ive also witnessed some that arent so beautiful. With forward planning they may have been different. The sudden onset of illness has a way of turning our lives, and the lives of our family and friends, upside down at any age. Suddenly decisions can be very difficult to make; thats why planning ahead is important. If we know what a persons choices and wishes are, were able to respect them if something should happen and theyre unable to tell us themselves. Medical treatment to manage symptoms goes alongside comfort care and could include surgery or medications. The focus of a palliative approach is on living. That is why staff will want to set goals and to plan for how the person wants to live the rest of their life. The end-of-life stage is an extraordinarily profound and emotional time; and a person does not have to be religious to have spiritual considerations. Spirituality is about how we make meaning in our lives and feel connected to other things, people, communities and nature. Spiritual questions, beliefs and rituals are often central to people when they are in the final chapter of their lives. Ensuring that staff are informed about each residents unique spiritual considerations will allow them to be properly respected and addressed. Helping the person to tell their story can help them find meaning, affirmation and reassurance. To effectively palliate would mean that: family and staff communicate openly and with compassion with the person in care and with each other; that pain control and comfort is achieved as far as possible; that the resident has every opportunity to communicate with those who are important to them; and that their physical, emotional, social, cultural and spiritual needs are addressed and as far as possible met. One size cloak of care does not fit all (Hudson, 2012). When these elements are neglected the cloak becomes an empty cover up, leaving the resident exposed rather than protected. When the cloak does not fit it is uncomfortable to wear (Hudson 2012) but the vulnerable population of people in their fourth age may wear it anyway for fear of seeming ungrateful. An appropriate cloak of care must have a spiritual lining, and provide opportunities to reveal hidden hurt; forgive, reconcile; and find peace in loss through tasks of self-reflection and self-transcendence. Spiritual and pa storal care in this context aims for wholeness and spiritual growth. Palliative care should not palliate death itself denying the stark reality of death and dying with false platitudes and consolation can mask existential pain and real needs and further, make these taboo. From a Christian theology, death is recognized as inevitable and necessary. Ageing is an inescapable process that in part defines human existence and experience. From the moment we are born we age. Ageing only ends when we die. Experience of human life tells us that ageing and death are linked. The curse of Adam in Genesis 3 introduces this finitude to our lives. Our role as pastoral carers is one of empowerment, relationship and human presence. Care of people who are suffering means providing real spiritual care, where a closeness or intimacy is developed between the person who is suffering and the carer. This is often quite alien for health professionals, who, through the culture of residential aged care accreditation, are subscript to activity theory and a doing role that emphasizes action rather than being with (MacKinlay, 2006). This involves not a sense of competence, but a sense of humility in the awareness of our own inability to fix anything, beyond being with that person at their point of need. The vulnerability of being present to ageing and death constitutes a simple and costly demand to stay. Not to understand or explain just to stay; Or else to expire in terrible wilderness, lonely silence (Caldwell 1960). In MacKinlays (2006) observation that care of people who are suffering means to walk the journey of suffering with them, to be present with them and authentic in caring (p. 167) I am reminded of Jesus telling his disciples to watch and pray (Matthew 26:36-46)  to bear witness. We cannot cure the scriptural worst enemy of the fatal sting but we CAN care sincerely respecting that the cloak is not ours to fashion and that the chapter will always have an end (Hudson, 2012). Jesus, in becoming human and by his death and resurrection, defeats death and gives resurrection hope of a body free from ageing, decline and frailty, providing hope to all people, especially those in the fourth age. Terminal illnesses do not inhibit people the way they used to; a person burdened with such an illness can live a long and reasonably well life. Consequently terminal disease is tangled in an ethics web concerning limited health resources, contributing to funding and community tensions. These tensions intrinsically present ethical issue in the equity of service provision. Stemming from this is the sensitive nature of transitioning to palliative care, and further to end-of-life care. End of life can be defined as that part of life where a person is living with, and impaired by, an eventually fatal condition, even if the prognosis is ambiguous, or unknown. The World Health Organisation defines palliative care as an approach that improves the quality of life of individuals and their families facing the problems associated with life-threatening illness, through the prevention and relief of suffering by means of early identification and impeccable assessment and management of pain and other needs, physical, psychological and spiritual. There is further tension surrounding communication and generational knowledge. As with Jefferys Mrs Davis there can be enormous gaps in generational perspective which may compromise informed decisions. The onus for decision making in a palliative care team lies with the resident themselves so, ethically, whose responsibility is it to be sure that a decision is well-informed? And further, who can be unbiased in providing information so as not to manipulate a decision? Contradictory beliefs, conflicting principles, and competing duties between the parties involved in end-of-life care can tear the cloak. Beauchamps primary principles of health care include: non-maleficence, confidentiality, autonomy, truth telling, informed consent, and justice. Empathy underpins each of the principles above, and in this lies the difficulty. We cannot understand (Okon, 2006 cited by Hudson 2012), we cannot try the cloak on for size but sometimes just looking as though you could understand (Saunders, 1987 cited by Hudson, 2012) makes a world of difference and goes some way to thwart loneliness. In end-of-life care, our presence as pastoral carers is strengthened in enabling spiritual growth through the sharing of connectedness and ritual. A palliative approach is built on an understanding of the uniqueness of individuals life histories and personalities, and implies commitment to an individuals developmental tasks of ageing and coming to peace. To be able to reach such goals as personal satisfaction, the individual must have means of expressing themselves. Our role in the care of older people is to support and enable each individuals sense of meaning and self-expression; to affirm each individual as a person of great value, and loved by God. Aged care is a delicate balancing act in that functional decline, infirmities and diseases are often inherent in ageing. Because of the nature of chronic illness in the fourth age, a caring response in the face of incurable illness is respect, and commitment to personal autonomy and integrity. That is, our role in promoting overall comfort and wellbeing through positively reinforcing and enabling those with such prognoses, to live to their best quality of life. The goal of palliative care is to provide comfort and care when cure is no longer possible. This paradigm shift entails a shift in the definition of autonomy. People at the end stage of life are not playing by the same rules as you or I who would oblige patient autonomy and nod to expert medical opinion. Health professionals in this context need to be enablers not decision makers. Gradual functional decline and loss of control in autonomy are inevitable with age. Loss of control is painful and scary. Perhaps this kind of persona is paralleled only in infancy leaving our elders feeling a sense of childhood being forced upon them (Jeffery, 2001). Unfortunately admission to aged care often does not help these older adults to feel less like children. The danger and ethical dilemma here is the assumption of impaired autonomy; in that decisions are made and autonomy declared lost even when this is unnecessary, because it is a simpler, easier course of action we know what is good for you (Jeffery, 2001). The basis of this kind of paternalism is beneficence its motivation is to act in a persons best interest so that no one gets harmed; making harm or burden the reason for intervention. Some loss of autonomy is inevitable in later life and steps have to be taken to act in the incompetent persons best interest, sometimes with their wishes recorded in living wills or advance care plans. Often autonomy presupposes someone, who acts in accordance with such a pre-conceived plan, and who is rational and independent; but autonomy may be better understood in terms of identity and self expression of values (Jeffery, 2001). A written advance care plan is about ensuring peace of mind. Effective advance care planning can avoid an unwanted transfer to a hospital. But even such counteractions as advance care planning can be problematic as these are based on todays situation and forecasted futures i.e. these cannot take into account tomorrows medical breakthrough. This being the case, there arise new ethical dilemmas e.g. do we have a right as people acting in someones best interests to tweak what they have proclaimed to want for themselves? Would they have wanted what they said they wanted were they deciding now? When autonomy is understood as a property of action or a capacity of persons (Reich, 1995); impaired autonomy, becomes a hopelessly limiting self fulfilling prophecy in that it diminishes à ¢Ã¢â€š ¬Ã‚ ¦the opportunities of those who lack certain abilities or capacities (Caplan, 1992). Autonomy needs to be seen as a way of valuing the human person, respecting them and recognizing their right to make decisions as the master of themselves. Personhood is not compromised or incapacitated by end stage life we are who we remember one another to be an essential aspect of being human is to care and be cared for; interdependence is a non-accidental feature of the human condition. Being human, we are bearers of the image of God (Gen 1:26). This image demonstrates our capacity for relationship with God, and with the rest of humanity (Green, 197). This capacity for relationship does not diminish as we age. If autonomy is taken as valuing ones uniqueness and the capacity to give gifts, it is a search for meaning in life authenticity. That is: as Jeffery writes; authentic choice is the autonomy of action that requires meaningful choices to be offered and identified with which equates to ones values and essentially what they stand for. If this is how we understand autonomy then this sheds new light on impaired autonomy. In effect we lose the ability to stand for what we stand for. In this case, autonomy becomes less about incompetence and more about advocacy in helping the person to reconnect their essential values to their choices and allowing them to give meaning to their life. By honouring this form of authentic control rather than a control via acquiescent consent or accept it or leave it culture we enable fulfillment and empowerment of the persons dignity. Being a resident in a nursing home may conjure conceptions of a twisted and limited self, and is destructive of autonomy. This is partly because the environment is thick with congruity and thin with community (Jeffery 2001); and partly because decision making is made nearly obsolete. The desire to control is moderated by the self-realization of the possibility of not being able to process all the relevant information: as the person psychologically shrinks, so too does their autonomy and self faith. Further, someone faced with a life shock can find their autonomy impaired in that they find themselves in a dramatically different world where previous life plans have no meaning and even stable values disappear (Jeffery 2001). In such settings autonomy becomes about the ability to make meaningful choices. An older person may not be able to carry out what they decide, but they are able to recognize commitments and to be themselves (Jeffery, 2001). As partners in end-of-life care, aged care staff must take into account such ethical dilemmas as autonomy and intergenerational tension in the way physical care is given; by focusing on presence, meaningful experience, journeying together, listening, connecting, creating openings, and engaging in reciprocal sharing.  Affirmative relationships support residents, enabling them to respond to their spiritual needs. Barriers to appropriate palliative care include lack of time, personal, cultural or institutional factors, and professional educational needs.  By addressing these, we may make an important contribution to the improvement of patient care towards the end of life.