Fundamental Problems of Economic System Essay

Before we further move on we have to know about the sources of economic problems and a brief about the economic system. 1. 2. 1 Scarce Means and Unlimited Wants Want is Want is an effective desire for a thing, which can be satisfied by making an effort for obtaining it. We have unlimited wants and as one want gets satisfied another arises. For instance, one may have the desire to buy a car or a flat. Once the car or the flat is purchased, the person wishes to buy a more spacious and designable car and the list of his wants does not stop here but goes on one after another. As human wants are unlimited, we have to make a choice between the most urgent want and less urgent wants. Thus the problem of choice arises. Means also known as resources are limited. Means are the ways to derive the satisfaction of the various wants. For instance, money is an important means to satisfy many of our wants. As stated, means are scarce and as such these are to be used optimally. In other words scarce or limited means are to be judicially used and economized to get the maximum satisfaction. Another problem which is to be viewed is that resources have alternative uses i. e. the same resource can be used for more than one purpose. For example, money can be used either buying a laptop or a play station, all depends on how you perceive the urge of the desire or want you want to satisfy. 1. 2. 2 An Economic System or Economy The term economic system can be defined as a set of techniques by which a society decides and create balance between resources and unlimited human wants. It therefore clearly signifies that being a part of social system not only natural resources but also man made resources also get included in the economic system. The economic system thus comprises of people and institutions like banks, markets etc. The set of parameters thus used to determine the components of economic system is very dynamic and depends upon various factors like social, political, geographical and climatic etc. This shows that we can distinguish the two economies, no economy in the world will be same. The difference can be judged on the basis of control of the economy For Example: The economic system of the country can also be based on the basis of involvement of society, more involvement of society in the economy and the decision are taken with a view of society and equitable distribution of wealth is characteristic of Socialist Economy. Contrarily if the economy is decentralized and the power lies in the hands of private enterprises then the said economy is capitalist economy. Primarily the difference is done on the basis of the control but other things like growth, production of the economy can also be used to judge the economic scenario of the two economies, the production done in a fiscal year, purchasing power of the people and employment are primarily the factors considered. 1. 2. 3 Economic Agents Economic agents are the key units of the economic system, the whole economy revolves around them. Producers, consumers, institutions and various other bodies come under this category. The agents are considered to be the most critical part of the economy as they guide and drive the economy by their actions. Check your progress A 1. What is an economic system? Ans. Economic system or economy is known a set of principles by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. The economic system thus comprises of people and institutions like banks, markets etc. . 3 FACTORS OF PRODUCTION Production process is an end to end activity which means that there is a relational pedagogy between input and output. Factors of production also known as productive inputs are the resources employed to produce goods and services, thus it constitutes the input part of the production process. Factors of production involve in the production process and improves the working of the process but do not form the ultimate part of the product. Factors of production can be broadly classified as: 1. Land . Labour 3. Capital 4. Entrepreneurship 1. 3. 1 Land In economics, land includes all natural resources which are free gift of nature. Thus, by land economists do not mean only agricultural soil, but also other natural resources such as minerals, water, climate and forests. Payment for use of land per period is called Rent. Land as factor of production implies the ground used to built and start the production moreover it serves as a pool of various minerals and valuable natural resources which facilitates the human mankind. Land is a fixed factor of production and thus it is not possible to increase. Land helps to facilitate the production only if the efficient workforce is used to generate the maximum output out of the limited resource. This means optimum utilisation of resources. 1. 3. 2 Labour Labour represents all physical and mental abilities which people can make available for production of goods and services. Labour is usually measured by the time spent in working during a period. Reward made per period of labour is called Wages. Labour is a non homogeneous factor of production. There are set of people in the underlying category which can be distinguished as skilled and unskilled worker. The workers that are skilled and educated are used in the operations of a more complex job requiring special skills and training and the other category belongs to the lower level working operations. The two factors which highlight the labour are efforts put in and performance which correlates the efficiency. The efforts put in by a labour can be modified with the motivational analysis that can help the person to make the worker work produce more. As land is the natural or passive factor in all production, so labour is the human or active factor. All the production results with the action of labour thus it can be said that labour is producer of all wealth. In economics the labour and capital is said to be the primary factors of production and from their union all of the production comes. 1. 3. 3 Capital Capital, which is not in itself a distinguishable element, but which it must always be kept in mind consists of wealth applied to the aid of labour in further production, is not a primary factor. There can be production without it, and there must have been production without it, or it could not in the first place have appeared. It is a secondary and compound factor, coming after and resulting from the union of labour and land in the production of wealth. Capital refers to man made resources of production. Labour plays an integral role in the capital formation, here too state of labour effects and relates with the capital formation an efficient worker will generate additional capital with additional production. Here the term investment arise which is the amount of capital formation in a year. The capital formation with a viewpoint of economy will include the accumulated part of the production process. The production is a continuous process and hence a halt can hamper the production in a big way, thus there is always some production in progress and some products add to the production of other products appreciating the value of the products will lead to the capital formation. 1. 3. 4 Entrepreneurship Entrepreneur represents a special human resource which provides his entrepreneurial abilities to the enterprise. Entrepreneur plays a crucial role in a free market economy it integrates all the factors of production land, labour and capital to produce the output with a view of anticipating all the losses if the output fails in the free market. Entrepreneur always is in the risky situation as he is the one who bears all d cost of inducing the other factors of production into the production process and the profits are the rewards of the entrepreneur at the end of everything. Nowadays Venture Capitalists and other financer are willing to diversify the risk of the new entrepreneur. The existence of the entrepreneurship as a part of factor of production is still debatable. Check Your Progress B 1. List the major factors of production? Ans. Major Factors of production are as follows: a. Land b. Labour c. Capital d. Entrepreneurship 1. 4 FUNDAMENTAL PROBLEMS OF AN ECONOMY Every economy has to face some problems as scarcity of resources having alternative uses in relation to demand give rise to the choice problem. The allocation of resources is the fundamental problem of the economy. These Fundamental problems are: 1. What to produce? 2. How to produce? 3. For whom to produce? 4. The choice between current consumption and growth through saving and investment. 1. 4. 1 What to produce? This question arises from the fact of limited resources in the society now apparently society has to decide which goods have to be produced and in which quantities, now it is clear that some of the goods have to be produced and some have to be foregone. This lead us to take an intermediate solution of what we must produce and what we must not as the goods that are foregone also have some wants associated with it which leads some of the customers dissatisfied. Another problem attached with the production is allocation of resources like for example if we have to produce product A and product B, both of them will require the exhaustion of the resources, here the problem of allocation of resources comes into picture as to how much resources we must allocate to which product. This is necessarily not an issue of the developing countries as developed countries can also face the problem of allocation of resources. 1. 4. 2 How to Produce? This is the problem of choosing method or technique of production which means that what combinations of factors a society decides to produce goods. For example if the economy decides to produce product A then how the production will take place and allocation of resources has to be decided. A combination of factors in appropriate amount for the production is known as the technique of production. The things that come into consideration while taking the decision of how to allocate the factors and which factors to be used can be decided with the current economic scenario. For example in developing countries where there is abundance of labour and relatively lesser amount of capital there we can use Labour Intensive Technique for the production and similarly in developed countries where labour is relatively less and capital is more, then Capital Intensive Technique can be adopted for the production purposes. The basic criteria of choosing the different types of technique in the different kind of scenario would be based on 1. Availability of the supplies of resources 2. Prices of the different resources which must lead to most cost effective way of production. The problem here is that the scarcity of resources which requires that the available resources must be used judicially and efficiently, if not economy has to face the inefficiency and thus productivity will hamper. 1. 4. 3 For Whom to Produce? This is the problem related with the issue of the distribution of the national product among the society. Society is a very vast term and includes a lot of components and consumers which include the ultimate consumers of the national produce thus it is very critical to state an effective distribution strategy, society thus itself decides how much is to distributed in what quantities. In a free market economy it is the income of the individual which is the deciding factor that how much he can purchase out of the available resources, Higher the income higher is the power to utilise the resource in his favour. The distribution strategy is also not free to operate in the economy on the basic principles of demand and supply there are certain factors which governs the marketing mechanism like from socialist perspective focus is on the providing basic necessities to all and generate motivation in the people to generate additional income by doing additional work, Similarly there has o be different strategies to be adopted in case of different economic structure. The problem of distribution does not have an easy way out it implies that there is always conflict of ideologies in setting up of the distribution strategy. 1. 4. 4 The Problem of Growth Economic growth suggests that there is an increase in the production of goods and services on a continuous basis. Growth thus i mplies that the economy must move on with increase in the substantial amount of the investment. Capital formation is thus necessary and for the expansion of the stock there has to be a sacrifice in the present level of consumption. If all the stock is used up and nothing is there for the future use, there will be no capital formation and thus no growth. 1. 4. 5 Choice between Public and Private Goods 1. Public Goods: It is those types of goods that can not be restricted and bounded by the use of an individual. The basic characteristic of these types of goods are: a) Consumption of the good by one person does not lead to the reduction in the availability for the consumption of others. b) No body can not get excluded from using the good. Free to air television channels are the examples of these types of goods. These are the goods available to all and anybody can see without getting obstruction in a way these goods comes as a right to a person. These goods satisfy a collective want of the society. 2. Private Goods: These types of goods are the just opposite of what we have just read Public Goods. The main characteristics or the Private Goods are: a) Consumptions by one consumer prevent simultaneous consumption by other consumers. b) It is reasonably possible to prevent a class of  consumers from consuming the good. Private goods are produced and marketed with a perspective of profit and it just satisfies an individual want. Bread can be one of the examples of Private Goods. 1. 4. 6 The Problem of Merit Goods The merit goods are those goods which follow the concept of need, rather than ability and willingness to pay. For example: Health Services it helps the society on the whole and caters the need at individual level, but since it is a costly merit service the same has to be privatised which results in the acquisition of services only by those whom have the power to pay the more money. Thus Merit Goods merit remains effective till it helps the individual as well society on a holistic level. Check Your Progress C 1. What is capital formation? Ans. Capital formation is the term used to coin the additional things added into the economy on account of growth. Capital stock added in the financial year counts on account of capital formation when it comes to real and tangible products and in case of services the additional value generated by rendering services that appreciates the value of Gross National Product. 1. 5 PRODUCTION POSSIBILITY CURVE Production possibility curve is also known as Production Possibility Frontier or Transformation Curve. Production Possibility curve is a curve which depicts Graphical  representation  of the alternative combinations of the amounts of two goods or services that an economy can produce by transferring resources from one good or service to the other. As the total productive resources of the economy are limited, the economy has to choose between different goods. The resources can be put into different types of goods it is therefore necessary to decide which product to be produced more and which has to be less. Assumptions underlying: 1. Given or fixed amount of resources available in the economy. 2. Given resources are being used fully and with utmost efficiency. 3. Technology does not undergo any change. Production possibility curve can be drawn with the help of a schedule that can be depicted between the two goods which can be produced with the full utilisation and efficient employment of given resources. This can be drawn on the basis of schedule for example we take Cloth and Tanks. Production Possibilities| Cloth| Tanks| A| 0| 15| B| 1| 14| C| 2| 12| D| 3| 9| E| 4| 5| F| 5| 0| This schedule when depicted on a graphical format takes a convex shape and depicts the optimum number of combinations of the two products with the given level of resources in hand. 1. 6. 1 Resource Allocation in a Capitalist Economy Capitalism, broadly speaking, is the economic system in which financial considerations dominate. It is a system in which the quest for financial reward is the driving force shaping what is done, by whom, how, where and when. This concept basically works on two dimensions: freedom of economic choice and freedom of enterprise. Freedom of choice means that in a world of scarce resources the individual is free to make his own decisions. Freedom of enterprise is usually more narrowly defined as the freedom to own and operate a business. Price Mechanism plays an important role in the role of determining the process of buying and selling. Market forces determine the price and quantity to be produced in the economy with the interaction demand and supply. In such economy the goods and services produced in the society with the aim of generating profit and thus the resources are allocated to the goods which provide better results on account of profit. The biggest concern een and faced in this type of economy is of income inequality, due to the price mechanism and profit motive the goods are not supplied to the poor and the philosophy rich is become richer and poor becomes poorer prevails. 1. 6. 2 Resource Allocation in a Socialist Economy Socialist economy is a structure of the economy which aims at providing great er equality and giving the working class greater ownership over the means of production. In a socialist economy or a socialist state believes that socialism is the most equitable and socially serviceable form of an economic arrangement designed to achieve human potentialities. Socialist economies are characterized by the means of production owned by the state or by the workers collectively called socialism. The authorities decide in a planned economy how the resource must allocate in a profitable manner which benefits the society at large, market forces are not allowed to influence the decision at all. It is the government who takes control of all the resources and decides what to produce and in what quantities. They produce with the perspective of the society at large and not with the view of the earning profit. 1. 6. 3 Resource Allocation in a Mixed Economy A Mixed Economy is an economy in which the decisions are taken in the combined manner some is taken by the market forces and some are taken under government regulation. The mixed economy as an economic ideal is supported by social democrats as a compromise between classic socialism. The production process is governed in a semi segregated manner, Critical sectors which are important with respect to the country as a whole is kept in hands of the government and rest consumer goods are kept open in the economy to kept work accordingly to the market mechanism. Check Your Progress D 1. What is production possibility curve? Ans. Production Possibility curve also known as Production Possibility Frontier is a curve which shows the combination of two or more goods or services that can be produced while using all the available factor resources efficiently. For Example: We can allocate the resources in the production of the cloths and tank. 1. 7. LETS SUM UP Knowledge has many branches and economics is an important and useful branch of knowledge because problems of poverty, unemployment, lack of growth, inflation which face all economies are best explained and explored and being solved with the help of Economics. An economic system can be defined as a â€Å"set of methods and standards by which a society decides and organizes the allocation of limited economic resource to satisfy unlimited human wants. The precise nature of economic system varies from society to society. Because , Economic system is the economics category that includes the study of respective systems. Means of production are the inputs used for production. The key term production is likely to be explained as the creation of an item or a production that gives maximum satisfaction to the people. Means of production can be classified into groups of homogenous (products having same features and can be substituted) and heterogeneous (products having different features from one another) units. There are various types of productive resources which are also generally called factors of production. Economists traditionally classify productive resources into four types: (a) Land – Includes all natural resources which are free gift of nature. Payment for use of land per period is called rent. b) Labour – Represents all physical and mental abilities which people can make available for production of goods and services. Reward made per period for labour services is called wages. (c) Capital – Refers to sum total of all man – made resources of production. Its formation in a year is called investment. (d) Entrepreneur – represents special human resource which initiates and organises the production process by combining other resources such as labour, capit al and land. In every economy, scarcity of resources gives rise to four fundamental problems of economy. These are: (i) what to produce – means which goods and in what quantity are to be produced, (ii) how to produce – means which methods of production are to be used for the production of goods and services, whether, labour or capital intensive, (iii) for whom to produce – means how the goods produced are to be distributed among the people, (iv) how much to grow – means how much to be saved and invested for increasing the productive capacity of the economy. The problem of what to produce is generally illustrated with the help of Production Possibility Curve (PPC) which is based on some simple assumptions. It gives an idea to the economy about what to produce and in how much quantity with full utilisation of its resources with given techniques of production and thus simultaneous increase in production cannot take place without reducing any one product. With economic growth only, it is possible to move PPC outwards and make simulataneous increase in production of all goods. Allocation of resources is different in every economic system. In capitalist economy, it takes place through relation between supply, demand and price forces wherein the means of production are owned by private sectors. Accordingly, it is the demand pattern in the economy which finally determines the resource allocation. In a socialist economy, the means of production are owned by government which tries to reduce income and wealth inequalities. Individual economic units are restricted in their decisions on the basis of economic rationality. In a mixed economy, both individual economic units and authorities take part in decision making process where even private sectors sometimes work under the government regulations such as price controls, subsidies and so on.

China Export Strategy

China's Export Strategy: What Can We Learn From It? Arvind Panagariya As much as by luck as by design, China stumbled onto an export and foreign investment strategy that has proved remarkably successful, helping the economy move quickly to a market-based system. experience serve as a model for other countries? But can the Chinese After three decades of inward-oriented trade and foreign investment policies, in 1979, China switched course and launched an â€Å"open-door† policy. During the 15 years that have elapsed since then, the country has ersistently, albeit gradually, liberalized its trade and foreign investment regime. This has been accompanied by a spectacular growth in GDP and During 1980-90, GDP grew annually at an impressive rate of Over the same period, exports grew at an annual rate of 11 foreign trade. 9. 5 percent. percent–more than twice as fast as world trade–and imports 9. 8 percent. More recently, in 1992 and 1993, GDP has shown annual growth rat es exceeding 13 percent. The annual growth in exports and imports during these two years has been 13 percent and 27 percent, respectively. What are the key trade and foreign investment policies that have led to this dramatic growth in China's foreign trade and GDP? And what lessons can we derive from China's experience for other economies in transition? (see box)? In the following, we examine the nature of reforms and why they worked well or poorly in particular cases. Though this study focuses on external economic policies, it is important to remember that the promotion of non-state enterprises has closely complemented China's outward-oriented – 2 strategy. These enterprises, owned collectively by local authorities in urban areas, townships or villages, enjoy a high degree of autonomy in their operations. Consequently, they have been most successful in taking advantage of the outward-oriented strategy. Promoting an â€Å"export culture† On the external front, three factors combined to give rise to China's success: adoption of an aggressive pro-export strategy by central authorities, active participation of local authorities and the presence of Hong Kong and Taiwanese investors looking for a source of cheap labor. With he beginning of the open-door policy, the central authorities began sending clear signals in favor of an export-oriented trade regime. A variety of instruments were employed to promote what may be called an â€Å"export culture†: geographical targeting, sectoral targeting, a liberal foreign investment regime, and liberal provision of export financing. Geographical targeting. China set up the so-called Special Economic Zones (SEZs) and Open Cities within which economic activities– manufacturing, banking, exporting and importing, and foreign investment-took place in a more liberal environment than is available in the rest of the economy. These zones helped to serve as focal points for investment from both domestic and foreign sources and to allow China to develop links with the world market, brought in part, by Hong Kong and Taiwanese entrepreneurs. Originally there were only a handful of such zones, all in Guangdong and Fujian provinces. Over time, many features of SEZs were extended to other cities. Two features of SEZs distinguish them from the rest of the country. First, the SEZs enjoy considerable administrative autonomy in the – 3 areas of investment, pricing, taxation, housing, and labor and land management policies. require virtually no Most foreign investments can be approved locally and central clearance. Second, the SEZs offer many The economic incentives to investors not available in the inland provinces. corporate income tax, normally 33 percent for foreign funded enterprises and 55 percent for state owned enterprises, is 15 percent for all enterprises in the SEZs. All imported inputs used in exports or sold within the Zones are In addition, tax holidays free of import duty and other indirect taxes. available to foreign funded enterprises are more generous in the SEZs than those available under the national tax legislation. Depending on the amount of investment, nature of the technology, and duration of the project, tax holidays of up to five years are available. The SEZs and open cities exhibited spectacular economic performance. In 1979, the three SEZs in Guangdong were small fishing villages with virtually no industrial activity. transformed into modern cities. By the end of 1980s, they had been In 1990, the SEZs and open cities accounted for 52% of total realized investment and more than half of total exports. During 1985-90, industrial output in Guangdong and Fujian grew at annual rates of 16% and 14. % compared with 6. 9% in the rest of the economy. Sectoral targeting. Side by side with geographical targeting, China has also engaged in sectoral targeting for exports. Targeted sectors, chosen at a broad level, have included light industrial products, textiles, and machinery and electronic goods. The most important instruments of targeting were production networks for exports (PNEs) and higher excha nge retention rights to targeted sectors. – 4 The Seventh Five Year Plan (1986-90) provided for the creation of PNEs. The idea was to bring the leading factories within the targeted ector into a network and support them through subsidies for technological upgrading, guaranteed supplies of raw materials and power, preferential access to transportation, attractive purchase prices for their goods, and higher exchange-retention rights than other enterprises in the same industry. The aim of the networks was to expand both the quailty and quantity of exports of the participating factories. The first industry group to benefit from this scheme was machinery and electronic goods. PNEs have also been created in light industrial products and textiles, and farm and sideline products. Rights to foreign exchange generated by exports are shared between the central and provincial governments. For targeted sectors, the allocation of retention rights was more favorable to the province and the foreign trade corporations (FTCs), which procure and export more than 80 percent of China's exports. In the case of light industries, arts & craft, and knitwear, foreign exchange was divided in the ratio of 20:80 between the center and province. Similarly, in machinery and electronic goods, for within-quota exports, the split between the center and provinces was 35:65. Though the retention rights have been revised recently, the bias in favor of FTCs has been retained. From the available data, it is difficult to judge the impact of sectoral targeting primarily because it was broad based. textiles and light industrial products in total exports The share of did expand significantly after 1985. But the effect on machinery sector is less clear. – 5 Overall, one thing which is clear, however, is that the export share of labor intensive sector has gone up in the latter half of 1980s. export shares of heavy and light industries were 47. % In 1982, 37. 6%, and respectively, in 1982. 52. 9%. By 1989, these shares had changed to 31. 9% and Liberal foreign investment regime. China's striking export performance is related to the size of foreign direct investment flows into the country (see table). Foreign investors have been lured to the Chinese market for three reasons. First, both policies and procedures have been designed to facilitate foreign investm ent. A 25 percent foreign investment gives an enterprise the At status of a joint venture and qualifies it for various tax incentives. he same time, foreign equity investment can rise all the way up to 100 percent. Restrictions on the choice of sectors are minimal; any preferences, sectoral or otherwise, take the form of extra incentives. As a result, joint ventures have been established in sectors ranging from hightechnology to consumer goods, services, and raw materials. lower or upper limit on the amount of foreign investment. There is no In large open cities such as Shanghai, foreign investment projects up to $30 million can be approved by local authorities. The limit in smaller open cities is $10 This autonomy has illion while that in unopened cities is $3 million. greatly simplified the approval procedures. Second, employment, wage and pricing policies for joint ventures are flexible. contractual Joint ventures are free to employ any required personnel on a basis. Employees ar e subject to warnings, wage cuts and – 6 dismissal. Except for a few product categories for which prices are set by the state, joint ventures are free to set their prices both domestically and abroad. Products or services for which prices are fixed are of two types. In the first category, prices are completely fixed (e. . , products such as grain, oil, and fuel; and services such as electricity and rent). In the second category, prices are allowed to fluctuate within prespecified bands usually ranging from 10 to 30 percent (e. g. , steel, cement, timber, coal and other major capital goods). Finally, China has given extra incentives to joint ventures. As already discussed, these incentives are particularly generous in the SEZs and open cities. Since 1986, additional preferential treatment has been The available to export-oriented or technologically advanced projects. ncentives include: o Exemption from state subsidies paid to employees to cover the benefits provided by the gov ernment of China; o Priority in obtaining Bank of China loans; o Tax exemption on profits remitted abroad; o Longer tax holidays from corporate income tax; o Extra tax benefits on profits reinvested in export-oriented or technologically advanced projects; and o Further reduced land-use fees, priority in obtaining utilities, transport, and communication facilities. Duty exemptions. China has also instituted an elaborate system of Under these schemes, uty exemptions on imported inputs used in exports. the concessional share of imports was 35 percent in 1988 and rose to 50 – 7 percent in 1991. played an The schemes, introduced in 1984 or later, seem to have role in expanding China's exports. Total exports important associated with concessional import arrangements account for 64 percent of China's manufactured exports. These exports doubled between 1988 and 1991. The domestic value added of these exports is, of course, lower than of other exports. Export financing. Ready access t o export credits is believed to ontribute favorably to export performance. The Bank of China, which is the primary bank dealing in foreign exchange, provides trade credits. Credit, offered in domestic currency, is available for working capital as well as fixed investment for the production of exports and import substitutes. main beneficiaries of these credits are FTCs. of total trade credits in 1991. The They accounted for 85 percent The Bank of China also offers loans in terms of foreign exchange, primarily to enterprises in which foreigners have invested, for working capital and fixed investment. Though contributing favorably to exports, the liberal credit policy has led to a rapid expansion of outstanding loans. The total volume of outstanding trade loans at the end of 1991 was more than three time that at the end of 1985. In part, this expansion was due to the growth of exports. But perhaps it also reflects a rising ratio of export credit to total exports. According to one calculation, this ratio was 150 percent in 1988. The Hong Kong connection A key element in China's success in the world markets so-called â€Å"Hong Kong connection†. as been the In the mid-1980s, Hong Kong entrepreneurs began shifting manufacturing facilities to China, attracted by lower labor – 8 costs as wages rose rapidly at home. This link with Hong Kong has not only brought much needed capital to China but also supplied new technology, modern management practices and critical links to the world market. Today more than half of China's exports to the rest of the world are handled by Hong Kong. Of the $45 billion in cumulative foreign investment commitments to China through 1992, 70 percent came from Hong Kong. This investment went mainly to export-oriented joint ventures. A large proportion of Guangdong's export production is supervised under contract by firms in Hong Kong. Processing activity for exports in Guangdong is also carried out largely in collaboration with partners in Hong Kong who supply materials. Many items, particularly in the toy and clothing sectors, which were previously exported by Hong Kong are now exported by Guangdong. Local policies China's economic system is highly decentralized now and the implementation of policy is largely under the control of provinces. Hence, in the fast-growing provinces, provincial and local officials have been deeply involved in the development process in general and export promotion in particular. The role of local authorities in facilitating foreign investment has been described earlier. In addition, there are a number of ways in which local authorities promote exports. First, the center gives mandatory targets or export quotas for only a limited number of items or in limited volumes. But in some provinces, for Moreover, example Jiangsu, the export-quota-system is far more elaborate. aking advantage of their monopsony power, FTCs are able to buy goods from enterprises at prices well below the corresponding domestic prices. Though – 9 the economic desirability of â€Å"exports at any cost† has been questioned, the FTCs have certainly been able to operate profitably on account of the monopsony power. Second, operating within the center's guidelines, provincial authorities have been expanding Direct Export Rights (DERs) to enterprises. Because the criteria for obtaining such rights are stringent, the DERs have not expanded as rapidly as would have been desirable, however. ith DERs account for only 5% of China's exports. Third, within the State's guidelines, provincial and city governments decide the allocation of raw materials imported by using locally retained foreign exchange earnings among enterprises, collectives and TVEs and across different sectors. Provinces and cities also provide indirect export Enterprises subsidies through the provision of critical inputs such as electric power to export oriented enterprises. higher bonuses for Further incentives are provided in the form of and employees on the basis of export managers erformance. Within the guidelines laid down by the State, provinces can confer rights to trade directly upon enterprises and enterprise groups. Finally, local authorities establish joint ventures between FTCs and enterprises to promote exports. establ ished 160 of these ventures. establish another 200 such ventures. The central lesson Perhaps the most important lesson, also consistent with the experience of other East Asian countries such as Korea, Taiwan Province of China, During the Seventh Plan, Wuxi City alone In the Eighth Plan, the city intended to 10 Singapore and now Thailand, is that the key to high GDP growth rates is export orientation and eventual success in the world market. The success in export expansion, in turn, depends on the policy package, which conveys a message in no uncertain terms that, rather than shelter import competing industries, the country will give priority to export oriented activities. China benefitted greatly from the clarity of signals sent by its policy reforms. Once the reform process began, there was rarely any doubt Despite occasional policy reversals, provincial and about its direction. ity governments, which implemented policies and enterprises, both state and nonstate, were convinced tha t the country was headed towards an export oriented regime. geographical In terms of static efficiency, virtually all policies-preferential treatment of foreign investment in targeting, general and in export sectors in particular, and discriminatory exchange retention rights–were highly distortionary. Yet, they combined to give a loud and clear signal that the government was determined to change the economy's orientation away from import substitution to export promotion. – 11 – Box Can India benefit from China's experience? Operationally, the Chinese model is not very applicable to the economies of Eastern Europe or the former Soviet Union. These countries have largely rejected the planning model, which has remained an integral part of the Chinese development strategy. The countries in Eastern Europe The have already evolved far closer to the market model than China. countries emerging out of the former Soviet Union, on the other hand, are still struggling with the problem of macroeconomic stabilization. The country for which the Chinese experience is most relevant is India. Both are highly populous and, by developing-country standards, large economies. They began their development process approximately at the same time and stressed self-reliance. Both relied increasingly heavily on import substitution policies and ended up with a highly capital intensive production structure. China changed course in 1979 while India continued (with modest liberalization) on the old course. In 1991, in many ways, India stood where China stood in 1979. China's in 1979. Import and The trade-to-GDP ratio was the same as controls were rampant and the investment domestic currency was overvalued. Despite these similarities, even in India's case, lessons from China are limited. In addition to the obvious differences in political systems which lead to very different political-economy processes in the two countries, there are three reasons for this. has been highly interventionist. been in China and elsewhere in First, the Chinese approach This approach can be successful–as it has East Asia–provided the government can – 12 implement â€Å"right† interventions judiciously. India's experience during the Second, India's last four decades in this respect has not been encouraging. conomy has already evolved far closer to a market economy than that of China. have For instance, export targets and foreign exchange contracts, which helped create a pro-exports ethos in China are neither arguably desirable nor feasible in India. greater role in India than in China. Similarly, private sector plays a far Finally, India has already carried out For example, in the a rea of many reforms that China is still contemplating. exchange rate, China has a multiple exchange rate system and its exchange market is not organized along the lines of market economies. India has chieved virtual current account convertibility and its foreign exchange market is organized along modern lines. Of the lessons that have general relevance to India, the following points would seem to be the most pertinent. o First, creating a liberal and flexible economic environment along the lines of SEZs in China would stimulate greater foreign investment. The country can begin with a small number of cities–e. g. , Bombay, Bangalore, Cochin, and Madras–and, as in China, local governments may be given full authority to approve foreign investment up to a certain limit. Most important, rules of entry and exit in the zones can be made more flexible. Because these zones will be introduced in limited areas with a high growth potential, political consensus may be easier, even if this requires new legislation. Eventual success in the open zones may open the way for Currently, India does have export political consensus on a wider scale. processing zones. But the geographical area over which such zones operate – 13 is far too limited to allow for the full play of liberal policies and make them focal points of investment activity. Second, provision of infrastructure facilities through active In participation of local authorities in the reform process is critical. the fast growing provinces in China, local authorities–especially mayors of the cities–have been deeply involved in the process of development. They try to ensure that investors get speedy clearance with respect to land use, supply of electricity, water and other facilities. In India, so far, it seems that the enthusiasm for reforms has not filtered to state governments and the center may well have to take a lead in this regard, offering both carrot and stick. All incentives and reforms at the central level can be rendered ineffective if the state and local authorities, which must provide land, power, communications facilities, and environmental clearance, do not cooperate. There is an urgent need to study caefully how such bottlenecks can be removed. o Third, there is a need for a shift in the production structure towards more labor intensive industries. The share of capital goods imports in total imports is rather small in India when compared with China and other fast-growing countries in East Asia. This, combined with the fact that India's import-to-GDP ratio is small, suggests that India is far more deeply into the production of capital goods than China and other comparator countries. In late 1970s and early 1980s, China also suffered from this problem and adopted policies to change the structure of production in favor of labor intensive goods. An important part of this strategy was targeting of a few – 14 sectors, especially for exports. this route. For India, it is perhaps unwise to follow Given the country's generally neutral and rules-based approach to reforms, it is perhaps best to rely on the standard trade policy tools, particularly the structure of tariffs. Recent reduction in tariffs on capital goods should help move the economy towards more labor intensive goods. What is needed is resistance to policies that reverse the impact of this policy change. In particular, there is need for labor-market reforms. The country will not be able to take advantage of low wages of skilled and unskilled labor unless potential investors are sure that they can operate factories around the year without fears of recurrent labor disputes. This fear has been behind the highly capital intensive technologies chosen by investors in recent years. Fourth, duty exemptions for assembly type operations combined with rapid processing of imported inputs and materials by customs authorities made a significant contribution to China's export growth. In India, duty exemptions for exporters exist but an improvement in their administration and simplification of procedures leading to speedy processing by customs will help boost exports. Also, for small exporters who rely on duty drawbacks, delay in getting the drawback as well as in obtaining inputs from abroad are common. An improvement in this direction is also desirable. Fifth, it is important to note that China was welcoming of foreign investment for both domestic and foreign markets. Most of the incentives– tax holidays, lower fees on land use, flexibility in the employment of labor etc. ,–were available to all foreign investors. ventures, some extra incentives were provided. For export-oriented joint The lesson here is that – 15 fears of tariff-jumping type of foreign investment should not lead to erection of barriers. Instead, if the regime is to be tilted in favor of export-oriented foreign investments, it should be done through positive incentives. Imposition of barriers to foreign investment will only add noise to signals of openness that India has been sending. A final point concerns the importance of a â€Å"Hong Kong† connection. In India's case, there are no geographic neighbors that are as economically dynamic as Hong Kong or Taiwan, Province of China. But through cultural ties, the most India can do is to attract investments from Indians in Hong Kong and Non Resident Indians (NRIs) elsewhere in the world. While this is obviously worth doing, India has to rely on a more diversified base of foreign investors. It may be argued that to meet the East Asian challenge, investors in the United States and Europe will be increasingly looking for sources of cheap labor. With its vast pool of cheap unskilled to middleMoreover, level skilled labor, India clearly fulfills this requirement. India's economic and political institutions are also familiar to western investors. What is needed is more open policies, transparency, and infrastructure. If this can be accomplished, India may well become the primary export base for the United States and European Community in the 21st century. Arvind Panagariya an Indian national, was a Principal Economist in the Bank's Trade Policy Division and is a Professor of Economics at the University of Maryland. He earned his PhD from Princeton. – 16 Direct foreign investment into China (billion dollars) Commitment 1988 1989 1990 1991 1992 (first half) Cumulative, end 1991 5. 3 5. 6 6. 6 12. 0 14. 5 48. 9 Actual n. a. 3. 4 3. 5 4. 4 3. 4 20. 3 ——————————————————————- Sources: China Statistics Yearbook 1990, 1991, Ministry of Foreign Economic Relations and Trade, China.

In the earth, the earth thou shalt be laid and answer the following questions

(a) What different arguments are presented through the poems two voices? (b) How do the poems language and structure contribute to its meaning? (c) Write about another of Brontà ¯Ã‚ ¿Ã‚ ½'s poems that has a death or a farewell as its subject matter, making some comparisons with the poem above. (a) In this poem â€Å"In the earth, the earth thou shalt be laid †¦Ã¢â‚¬  two adverse voices dispute the nature of death. The first warns of the grim finality and isolation of death. The second voice welcomes death as the bringer of peace after a life of troubles, and opposes the argument of oblivion with the prospect of posthumous kind remembrance. The first voice returns in the last two stanzas insisting that death brings complete annihilation and observes that the first speaker will be mourned by only one faithful individual. In the very first stanza, the first voice presents the second with the image of his grave: the laying of his body, the tombstone and the enfolding soil. The first voice talks of death as very final. It talks about the revoltingness of decomposition; warning of death's defiling bed: â€Å"Black mould beneath thee spread And black mould to cover thee†. The second voice welcomes the prospect of death. In stanza two, the second voice interrupts, creating a more sanguine tone. The voice seems to resign of death in â€Å"Well, there is rest there†, and the welcoming of death is expressed in the second line. The images this voice uses are by no means morbid. The second voice makes the argument that life is not restful and death is a time of great tranquillity and peace. It suggests death is a time when you and the environment come together as one. The twining of â€Å"sunny hair† with â€Å"grass-roots† suggests the intricate weaving of one life-from with another. The burial of fair hair takes down an implication of sunlight into the underlying darkness. The first voice returns in stanza three. This voice objects that â€Å"the rest† which the second voice looks forward to is only the chill rest of nothingness: â€Å"But cold, cold is that resting place Shut out from Joy and Liberty† There is no happiness of freedom in the oblivion and enclosure of the tomb. The first voice talks of the cold of the grave and that it is a place without any happiness or pleasure. It then counters the more positive attitude towards death of the second voice by expressing the fear and revulsion felt by the living towards the decaying of dead bodies and, therefore, the dead themselves: â€Å"And all who loved thy living face Shall shrink from its gloom and thee† The second's voice gives an emphatic rejection to the first's ideas. It suggests that, far from cold being the characteristic of death, it characterises the falsehood of the world and human relationships: â€Å"Not so, here the world is chill And sworn friends fall from me† This voice is very bitter about rejection. However, the rhythm the tone then lightens: â€Å"But there, they'll own me still And prize my memory† In death, he will be remembered and his worth recognised. He believes that his old friends from life will think of him fondly even if they were indifferent to him when alive. The first voice concludes the poems in the last two stanzas. In stanza five he seems almost contemptuous: â€Å"Farewell, then, all that love All that deep sympathy:† It is almost as if the first voice is dismissing the second as dead already. The nothingness of death is affirmed in a declaration of the indifference of heaven to human fate that is matched only by the indifference of the living: â€Å"Sleep on, heaven laughs above – Earth never misses thee -† In the final stanza the voice returns to the image of the grave with which the poem began, observing that the tomb irrevocably severs human relations. The last two lines are ambiguous, but seem to imply that there is, however, one person who mourns, one who was always faithful: â€Å"One heat broke, only† In conclusion, the two voices propose two completely different arguments into the nature of death. The first voice thinks of the physicality of being dead, and sees it as a time of cold and revulsion. The second voice thinks more of the state of being dead, perceiving death as a release from the troubles of life and enjoys the thought of people looking back fondly on his memory. (b) This poem, â€Å"In the earth, the earth† structure and language contribute a lot to the meaning of the poem. The six quatrains of this elegy are based on an iambic trimester and tetrameter, but with at least one substitution in most of the lines. In particular, the frequent substitution of a spondee in the first foot of each line helps to create the stately solemn tone that suits the subject. In the first stanza, the first voice presents the second with the image of his grace: the laying of the body, the tombstone and the enfolding soil. Key words in this image are emphasised by means of repetition, alliteration and word order. Thus the repetition of â€Å"the earth† in the first half of line 1 contributes to the setting of the melancholy, fatalistic tone. Alliteration in line 2 in â€Å"stone standing† builds on this. The repetition of â€Å"black mould† in lines 3 and 4 has a similar effect, but here the mould not only refers to the soil, but to the decay of the human body itself within the earth. â€Å"Black† likewise refers not only to the colour of the soul, but traditionally, in such a context, signifies death and mourning. But the whole elegiac effect is largely achieved by the word order that creates the heavily spondaic rhythm. In stanza 2, the second voice shows resignation in the â€Å"Well, there is rest there†, and the welcoming of death expressed in the second line. Moreover, in contrast with the image of death in the first stanza of â€Å"black earth† the image in lines 3 and 4 is by no means morbid; the â€Å"sunny hair† recalls life which is nurtured by sun, and the grass-roots refer to the means of life in the soil. Thus the whole curious effect is the image of weaving them together of two forms of life. The rhythm is highly irregular, for example with the substitution of two dactyls. Again this is an important factor in achieving the different tone of the second voice. The only spondee in this stanza falls appropriately on â€Å"grass roots†. The first voice returns in stanza three. The repetition of â€Å"But cold, cold† echoes the opening of stanza 1 (â€Å"In the earth, the earth†), and recaptures the contrasting tone. The voice objects that â€Å"the rest† which the second voice looks forward to is only the chill rest of nothingness: â€Å"But cold, cold is that resting place Shut out from Joy and Liberty† There is no happiness or freedom in the oblivion and enclosure of the tomb. It then counters the more positive attitude towards death of the second voice by expressing the fear and revulsion left by the living towards the evidence of decay (the grave, â€Å"that resting place†) and by extension towards the dead themselves: â€Å"And all who loved thy living face Shall shrink from its gloom and thee† Alliteration in â€Å"all†, â€Å"loved†, â€Å"living† and â€Å"Shall shrink† lend fluency to these lines, whose rhythm is more regular than the second stanza, thus giving this voice a more matter-of-fact tone and saving it from melodrama. In stanza four, the second voice's emphatic rejection of the first is signalled by the opening negative â€Å"Not so†, and by the italicised antithesis of â€Å"here† and â€Å"there† around which the stanza is built. The voice suggests that far from cold being the characteristic of death, it characterises the falsehood of the world and human relationships: â€Å"Nor so, here the world is chill And sworn friends fall from me† Assonance and alliteration (â€Å"friends fall from†) bind these lines and assist the emphasis. The rhythm also greatly contributes to this. The second foot of line 1 is a trochee, giving the italicised â€Å"here† appropriate stress. In line 2 three consecutive stressed syllables (â€Å"sworn friends fall†) reinforce the bitterness of the reflection. But in the contrasting lines 3 and 4 the rhythm lightens into regular iambs: â€Å"But there they'll own me still And prize my memory† The italicised â€Å"there† falls naturally on the stressed syllable of a regular iambic tetrameter. In death, he will be remembered and his worth recognised. The first voice concludes the poem in these final two stanzas. Again the characteristic of the voice is repetition. In stanza 5 the tone appears almost contemptuous: â€Å"Farewell, then, all that love All that deep sympathy:† It is almost as if the first voice dismisses the second as dead already. The nothingness of death is affirmed in a declaration of the indifference of heaven to human fate that is matched only by the indifference of the living: â€Å"Sleep on, heaven laughs above – Earth never misses thee -† In the final stanza the voice returns to the image of the grave with which the poem began, observing that the tomb irrevocably severs human relations. The last two lines are ambiguous, but seem to imply that there is, however, one person who mourns, one who was always faithful. Repetition and italicisation (â€Å"One heart†¦That Heart†) and the spondees falling at the beginning of lines give the ending of the poem a heightened dramatic tone. (c) Another of Brontà ¯Ã‚ ¿Ã‚ ½'s poems that has a death or a farewell as the subject matter is â€Å"Remembrance†. Like â€Å"In the earth, the earth† this poem is an elegy: the speaker in the poem reflects on the loss of the beloved. It consists of eight quatrains, whereas â€Å"In the earth† has only six, but like the above poem it is rhymed abab. This poem is written in the first person. There is only one voice in this poem. The poet appears to be contemplating the cold and isolated grave of her beloved and look back over the fifteen years since his death. The idea of the grave as â€Å"cold† and lonely reflects the ideas of the first voice in â€Å"In the earth†. The poet asks the lovers forgiveness for having forgotten him â€Å"While the world's tide is bearing me along†. But preoccupation with worldly matters has never distorted her love of him; she has loved none other. This sentiment of one person who faithfully mourns after death reflects the poem â€Å"In the earth† in the lines: â€Å"On heart broke only, there That heart was worthy thee! -† The poet then goes on to say how after a period of utter despair she deliberately turned away from grieving for him, learning to continue her existence even while recognising that she had no hope of future happiness. In the last stanza she acknowledges the fragility of her efforts at stoical acceptance. She dare not let her thoughts dwell upon him for fear that life would thereafter be unendurable. Like the first voice of the poem discussed earlier, this poem has a very slow rhythm and an intensely sorrowful tone. Also like the other poem, repetition of key words such as â€Å"far†, â€Å"cold† and â€Å"severed† enforce their points. The imagery of snow and distant, wild landscapes conveys a bleak, chill atmosphere. Brontà ¯Ã‚ ¿Ã‚ ½ also uses assonance in both poems, here on the different ‘o' sounds in stanza two, building the atmosphere of sorrowful retrospection: â€Å"Now, when alone, do my thoughts no longer hover Over the mountains on that northern shore †¦Ã¢â‚¬  Another similar effect Brontà ¯Ã‚ ¿Ã‚ ½ uses in both poems in repeating the opening of the poem. In â€Å"In the Earth†, she uses repetition to reflect the opening and also returns to imagery of the cold, isolated grave. In this poem, the first half of stanza three repeats the actual opening of the poem â€Å"Cold in the earth†. Ironically, this echoes the two uses of repetition used in the earlier poem: â€Å"In the earth, the earth† and â€Å"But cold, cold†. Also, this poem talks about two completely different feelings towards the death of her lover, just as the two voices in â€Å"In the earth† compare two completely different views towards death itself.

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TOURISM MARKETING - Coursework Example The reliability of online communication proves to be efficient in the delivery of information to tourists from diversified regions across the globe. The availability of social media provides relevant methods for the tourism industry to market its services. Tourists have the advantages to make reservations and advanced bookings through online communication means and do not have to be physically present at their preferred tourist destinations to make bookings. Marketing is one of the most reliable impacts that the travel and tourism industry benefits from, both online communication ansd social media. Impacts of Online Communication and Social Media on Travel and Tourism Marketing In the twenty first century the marketing process of travel and tourism made viral marketing possible, which refers to the process whereby the industry applies several marketing methods relying on the use of social media and online communication (Sigala & Gretzel, 2012). Through a sensitive review of the touri sm body, there is an offer on comprehensive viral marketing approach that has considerations of the global tourism business. With the availability of online communication and social media tourist destinations have the opportunity to market their brands and involve the audience to gain access to tourists and travelers at an international level. Online marketing policies and social media are applicable in the exploration process of the methods that are relevant to destination branding and audience assignation. Online communication is highly helpful for the tourism and travel industry’s marketing procedure because approximately 29% of the global population uses internet on a daily basis (Internet Usage Statistics, 2011). The research information on the internet usage was availed in June, 2010, and is reliable statistics for the marketers within the tourism and travel industry (Munar & Cai, 2013). The tourism and travel customers have the advantage to gain travel experience throu gh the internet forums availed in the internet. There is the possibility to seek advice and additional information about the various locations that the clients desire to visit. The development of the social media websites facilitates the change in communication frequencies with individuals’ virtual lifestyle. Social media retain a reliable spot for the tourism and travel industry because it endures a constant evolution due to the advancement in the internet services. The tourism and travel sector employs the social media websites as essential communication channels to assist in the access of the industry’s clients (Wang & Pizam, 2011). Online communication enhances the modes of access in that the audiences get reliable methods for access to their customers. The incorporation of the online communication seems elementary with the advantage that it is cheap and reliable in terms of accessibility. To market a tourism firm is much cheaper and efficient through application o f the internet unlike other outdated measures such as printing fliers. There are sources that confirm the idea that the internet in addition to other Information technology alterations has had an impact on the industry to an unprecedented scale. The information availed through the internet appears to be influential to the decision-making process in the current human society. Majority of the persons living in the present generation seem to rely extensively on the information that is available in the internet (International Conference & Brebbia, 2010). In the tourism and travel industry, it is evident that most tourists implement the internet in their travel and tourism arrangements such as booking air tickets with accommodations on

Succession Planning of A.C. Milan Research Paper

Succession Planning of A.C. Milan - Research Paper Example The soccer team plays in Series A league. A.C. Milan was established in 1899 by Herbert Kilpin and Alfred Edwards among others. The soccer team has its entire history in the top Italian football flight with an exception of 1982–83 and 1980–81seasons popular as Serie A between1929–30 (Singer, 2010). The club’s owner is former Prime Minister of Italy with a controlling shareholding by Mediaset Silvio Berlusconi as well as Adriano Galliani, the vice-president. The soccer team is ranked as a wealthy and most valuable asset in the Italian, as well as world football. The soccer team was one of the founding members of G-14 group (now-defunct) in Europes leading football clubs as well as the replacement, European Club Association. Milans subsequent seasons of success were derived from the former player, Carlo Ancelotti. His November 2001 appointment allowed Ancelotti to take Milan to 2003 Champions League final. However, the soccer team was defeated Juventus through penalty shoot-out to secure the sixth European Cup for the club. The members won scudetto between 2003 and 2004 prior reaching 2005 Champions League final (Hastings, 2014). The focus also started with a beating from Liverpool through penalties irrespective of the lead of 3–0 during half time. Mission: â€Å"To maintain the balance of management and of accounts both to support sporting excellence and the activities associated with the expectations of our clients and our stakeholders. The economic and financial management oriented to structural sustainability must be in compliance with the provisions of UEFA Financial Fair Play† Changes in the soccer teams include movement in diversified lines of business, alternate global markets, and new technology demanding for new attitudes among soccer soccer team managers and with different competencies, talents and qualifications the A.C Milan soccer team believes in career development among the

Famous Psychologist Essay Example for Free

Famous Psychologist Essay Throughout psychologys relatively brief history, there have been many famous psychologists who have left their mark both on psychology and on the world at large. While some of these individuals do not necessarily fit todays definition of a psychologist, a term which indicates a doctoral-level degree in psychology, their influence on psychology is without question. Learn more about psychologists by browsing through this list of some of the most famous thinkers in psychology history. Alfred Adler Public Domain Alfred Adler is known as one of the most influential thinkers in psychology. While he was initially a member of the Vienna Psychoanalytic Society, Adler eventually departed from Freuds theories and developed his own perspective, which he called Individual Psychology. He had a strong influence on a number of other eminent psychologists, including Carl Rogers, Abraham Maslow and Karen Horney. Mary Ainsworth Mary Ainsworth was a psychologist best known for her research on attachment theory and the development of the strange situation assessment. Her work played an important role in our understanding of child development and has influenced other fields including education. Gordon Allport Gordon Allport was a psychologist perhaps best-known as one of the founding figures of personality psychology. He also developed a trait theory of personality that described three broad categories of personality traits. Solomon Asch Solomon Asch was a pioneering social psychologist. His famous conformity experiments demonstrated that people will claim that something is correct when it obviously is not due to social pressure from peers. Asch also had an important influence on psychologist Stanley Milgram, whose own obedience experiments were inspired by Aschs work. Albert Bandura Albert Bandura is a psychologist known for his famous Bobo doll experiment as well as his concepts of self-efficacy and social learning. Bandura’s work is considered part of the cognitive revolution in psychology that began in the late 1960s. His theories have had tremendous impact on personality psychology, cognitive psychology, education, and therapy. Alfred Binet Public Domain Alfred Binet was a French psychologist famous for his development of the first widely used intelligence test. He is often described as one of the most influential thinkers in psychology history and his original test still serves as the basis for modern measures of intelligence. Mary Whiton Calkins Mary Whiton Calkins was the first female president of the American Psychological Association. She studied at Harvard with famous teachers including William James and Hugo Munsterberg. Despite completing all of the requirements for a doctorate degree in psychology, Harvard refused to grant her degree simply because she was a woman. James McKeen Cattell Image courtesy Library of Congress James McKeen Cattell was the first U.S. psychology professor. He is an important figure in psychology thanks to his work in intelligence, his use of quantitative methods and his focus on establishing psychology as a legitimate science. Raymond Cattell Image from Wikimedia Commons Raymond Cattell was a pioneering thinker who is perhaps best known for his use of multivariate analysis and his 16-factor personality model. Mamie Phipps Clark Mamie Phipps Clark was a pioneering psychologist known for her important research on child development and self-concept among minorities. As the first black woman to graduate from Columbia University, she faced discrimination because of her race and her gender. Her research with her husband, Kenneth Clark, played a major role in the Supreme Courts decision in the pivotal Brown vs. Board of Education case. Mihaly Csikszentmihalyi Hes an important contemporary psychologist, but one of your first questions is probably How do you pronounce his name? (Its me-HIGH chick-sent-me-HIGH-ee, by the way.) Learn more about his work and contributions to modern psychology in this brief biography. John Dewey Image courtesy Wikimedia Commons John Dewey was an American psychologist, philosopher, writer and educational theorist. His work had a vital influence on psychology, education and philosophy and he is often considered one of the greatest thinkers of the 20th-century. His emphasis on progressive education has contributed greatly to the use of experimentation rather than an authoritarian approach to knowledge. Erik Erikson Public Domain Erik Eriksons well-known stage theory of psychosocial development helped generate interest and inspire research on human development through the lifespan. An ego psychologist who studied with Anna Freud, Erikson expanded psychoanalytic theory by exploring development throughout the full lifespan, including events of childhood, adulthood and old age. Hans Eysenck Image from the Wikimedia Commons / Sirswindon at en.wikipedia Hans Eyesenck was a very prolific psychologist, publishing more than 75 books and 1600 journal articles. Prior to his death in 1997, he was the living psychologist most frequently cited in scientific books and journal articles. He was also a very controversial figure, and his outspoken views of subjects ranging from psychotherapy to intelligence made him the subject of criticism. Leon Festinger Leon Festinger was an influential social psychologist who is well-known for his theory of cognitive dissonance as well as his social comparison theory. Anna Freud Anna Freud began her career influenced by the theories of her father, Sigmund Freud. Far from living in her fathers shadow, Anna made important contributions of her own to psychology. She founded child psychoanalysis and summarized the egos defense mechanisms in her book The Ego and the Mechanisms of Defense (1936). Sigmund Freud Public Domain Sigmund Freud may be one of the best known figures in history, but he is also one of the most controversial. He was the founder of the school of thought known as psychoanalysis. The legacy of his life and work provokes both impassioned acclaim from his supporters and disdain from his detractors. While some view him as a cultural icon and others see him as a pseudo-scientific charlatan, there is no question that Freud left an indelible mark on psychology as well as other disciplines. Erich Fromm Liss Goldring / Erich Fromm Estate Erich Fromm was a neo-Freudian psychoanalyst who had a major influence on humanistic psychology. Today Fromm is remembered for his concept of freedom as a fundamental component of human nature.

Employee Benefit and Google Essay Example for Free

Employee Benefit and Google Essay Google, Inc. was ranked by Fortune magazine as the best place in the U.S. to work in 2009, and it has reached another zenith by becoming the most popular Web site. Google, Inc.’s goal of providing benefits and rewards is to â€Å"strip away everything that gets in our employees’ way† (Google, 2009). Google, Inc. provides a standard package of fringe benefits, but on top of that are first-class dining facilities, gyms, laundry rooms, massage rooms, haircuts, carwashes, dry cleaning, commuting buses – just about anything a hardworking employee might want. Schmitt states, â€Å"Let’s face it: programmers want to program, they don’t want to do their laundry. So we make it easy for them to do both† (Google, 2009). Google believes in providing both intrinsic and extrinsic rewards. They understand that many humans are not motivated by pay incentives alone. Google Inc. believes in administering rewards and that good company culture is vital to company success, therefore, Google hired a Culture Czar. Google, Inc.’s CCO, Chief Culture Czar, Stacy Sullivan, is devoted to one thing—make Googlers happy. One way of maintaining Google, Inc.’s culture and keeping employees happy is administering the best perks and rewards (Culture, 2009). Along with its compensation and traditional extrinsic benefits such as free health and dental benefits, flex spending accounts, 401K plans, insurance, tuition reimbursement, and vacation packages, they also have very unique benefits. These unique benefits include maternity benefits up to 18 weeks off at approximately 100% pay. In addition, new mothers and fathers get Take-Out Benefits to help make things easier. They are provided with expenses up to $500 for take-out meals during the first three months that they are home with their new baby. Additionally, Google, Inc. provides back-up child care and in the Gift Matching Program, Google, Inc. matches contributions of up to $3000 per year from eligible employees to non-profit organizations. With Adoption Assistance, Google, Inc. assists their employees by offering financial assistance in the adoption of a child. Google, Inc. will reimburse employees up to $5000 to use towards legal expenses. Free lunch and dinner from gourmet chefs create a wide variety of healthy and delicious meals every day. Got the munchies? Google, Inc. also offers snacks to help satisfy you in between meals. At Google headquarters in Mountain View, California employees have the convenience of seeing a doctor on-site. Google, Inc. is pleased to provide its Mountain View employees with free shuttles to several San Francisco, East Bay and South Bay locations. At Google headquarters in Mountain View, there is on-site oil change, car wash, dry cleaning, massage therapy, gym, hair stylist, fitness classes and bike repair. Google, Inc. will reimburse an employee for buying a hybrid car, up to $5000. Google, Inc. provides other benefits, too many to list, but one can assume that their full-time culture czar is not finished inventing new ways to reward employees (Google, 2009). More than the extrinsic rewards, people who choose to come to Google, Inc. come for other reasons besides just the outward perks and rewards. They come for freedom.

Lost World Of Tambun: Theme Parks In Malaysia

Lost World Of Tambun: Theme Parks In Malaysia The philosophy of marketing needs to be owned by everyone from within the organization. Marketing focuses on the satisfaction of customer needs, Marketing is not only much broader than selling, it is not a specialized activity at all It encompasses the entire business wants and requirements. Future needs have to be identified and anticipated. The marketing concept is a philosophy. It makes the customer, and the satisfaction of his or her needs, the focal point of all business activities. It is driven by senior managers, passionate about delighting their customers.Marketing is not only much broader than selling, it is not a specialized activity at all It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customers point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.This customer focused philosophy is known as the marketing concept. The marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires. INTRODUCTION OF Q1; Lost World of TambunTheme Parks in Malaysia The latest attraction from Sunway City Ipoh in Tambun, the Lost World is a new water theme park in Perak set to provide you a fun-filled adventure for friends and family! Nestled among lush greenery and limestone hills, the Lost World has a host of exciting activities to keep you coming back for more. Question 1: Your role: You are required to select a theme park of your choice. You are required to determine their organizational structure, products, markets, and competitors. Introduction As part of your research, you will need to define the structure of the franchise and the product that is being offered to the consumer. Content You are required to analyze: Their market strength Their zone of natural expansion Brand positioning and marketability of their brand Suggest steps to improve their sales and profits Suggest how they can take their business to a global scale Summary Conclude your research by summarizing all the above and provide a final solution on how the theme park may thrive in a completion market place. All cost for the event and portfolio must be self funding. Olympia College will not be responsible for any cost or any unforeseen circumstances occurred during this event. Answer Q1 As part of our assignment, I have chose the Lost World of Tambun theme park as my choice for doing my assignment. From my own research, there is five main elements which make up this world of adventures which is as stated in the structure belowà ¢Ã¢â€š ¬Ã‚ ¦ Jungle Wave Bay CLIFF RACER Tiger Valley Water park Hot Springs Spa FIVE ELEMENTS Water Park An exquisitely beautiful Waterfall Beach Garden exhilarating water rides in the theme park for everyone at the water park and where the water beach garden were the biggest wave pool in Malaysia where the waves could swell up to 3 feet high. At there, you could find a absolutely perfect landscaped beach which surrounded by 20 feet twin waterfalls with two rivers flowing into the pool. There is also a musical body wash as a refreshment before to the caption of Sandy Bay. Explorabay, a kids only zone which is specially designed for kids while Cliff Racer are intend for a adult and youth. And of course, the longest inflatable tube ride in Malaysia, Tube Raiders which is the family favourite giant slides while Adventure River is more on relaxing water ride. Cliff Racer Sail through the jungle canopy in an old mine cart after a drop from dizzying heights; just like in the old Wild Wild West movies! The park is perfect for those family escapades. Be sure to bring spare clothes for a change after a whole days fun on the numerous water slides and water games. The park also plays host to a few tigers and albino tiger cubs and visitors can witness the tiger feeding times between 11.30am to 5pm every day. The park is open everyday except Tuesdays (school/public holidays excluded) from 11am 6pm. One can have a cocktail at the Rum Jungle Bar between 6pm 9pm every night. Entrance tickets start at about RM25 per adult and RM 19 per child (children under 90cm gets free entrance). The park also offers special food, entrance and rides packages. Lost World Hot Springs Spa As the latest supplement for the visitors to enjoy the inimitable feel of the hot spring, the water in the hot spring come from a natural source, and this is a sanctuary for the visitors to relax and enjoy and to experience hygienic and rejuvenating hot water. Besides, there are many other elements which are catered for the visitors presenting the ultimate relaxation experience Tiger Valley There are feeding tigers show and their handles at play in the tiger valley. You can learn abit about how the tigers are cared through the valleys educational program where you will be able to get close and personal with one of these exquisite tigers. Lost World Petting Zoo Visitors can take a walk on the wild side and The Petting Zoo allows the public to touch, feel, feed and play with the animals; giving those looking for a more personal encounter, a closer perspective. Body Market Strength So many words packed into one, the Lost World of Tambun, where providing an action packed with exciting adventures with the most sensational rides and glamour in Ipoh, Malaysia. A 60 million Ringgit theme park which located in this historical town of Ipoh, in the middle of the North South corridor in Perak; and is set in the inborn landscapes of Ipoh, surrounded by exquisitely breath taking limestone features. The Lost World of Tambun has its own market strength just like the other theme park as well. As my research all over these theme parks, The Lost World of Tambun is the best theme parks if compared to all the competitors around within the northern region in Ipoh example like Bukit Merah. They has providing a variety services which provides leisure, relaxation, enjoyment as well as entertainment. Moreover, the price are quite reasonable for the services they are providing. As another market strength, Lost world of Tambun is the only theme park with natural hot spring and the water come from natural source and the thermal water in the pool are not recycled. Furthermore, they got a formation of the stand alone rock formation 10 storey building within the theme park. Based on the 4Ps, place, people, promotion and products, Lost World of Tambun had provides all these 4Ps if compared to other competitors as their market strength. Place 800 parking spaces provided Good transportation Natural pleasant landscape People Good services Caring from staffs Friendliness from staffs Promotion Invite international performance during parties; beach party Promote online through hot websites; facebook, etcà ¢Ã¢â€š ¬Ã‚ ¦ Promote through travel and tour agencies for packages Product Water Park Amusement Park Lost World Hot Springs Spa Tiger Valley Lost World Petting Zoo Zone of Expansion For your information, Lost World are exposed to the nature. Therefore, it has ample of natural resources around and within the park. As for the future expansion, they should take this advantage to make more for its zone of natural expansion usage from the natural sources. Currently, they are building a hotel of themselves which are rated as 4 5 star grades; visitors like foreign visitors do not need to look for other accommodations and can just stay inside the Lost World of Tambuns Hotel which are surrounded by natural source. Besides, they are also upgrading the hot spring spa section. As their future expansion, it could build up a monorail system for the overall accessibility within the theme park itself; visitors are able to travel from the theme park back to the hotel after explorer. Moreover, wide natural resources in their theme park which enable them to have their own cave which creates jungle tracking and cave exploring experience for customers. They should expand more on dry rides in did of only focus in wet rides as there is already a lot of wet rides. This will enable the visitors to have more choices during their explorer and will not feel boring. Brand positioning and marketability of their brand A great theme park which have its own nature and gave us a refreshing feeling when you are living in a hectic lifestyle; a way to expose yourself to the nature. Besides, it is a time for every member in a family to spend their time together and have fun in Lost World of Tambun. This is a way for family bonding to happen. Moreover, we can spend our time with our friends during holiday at there for entertainment and leisure. And of course, it is a good place for a couple to have a great day. What are they famous for? Their natural resources and it located in a historical place in Ipoh with natural thermal water sources. They are also considered as under the umbrella of Sunway Groups which lead them to success because Sunway group had prove themselves in Sunway Lagoon. Steps to improve their sales and profit In order to improve their sales and profit, they should depend on the economy scale which is reduce their cost in order to get more people. Besides, its also depends on how they generate their profit through the existing products. They can also provide more new family packages and teenage packages. Another step to improve their sales and profit is to extend business hour for dry parks and more events should be organize example like beach party. International performances should be invite example like super junior, wonder girls and big bang in order to attract more visitors. And of course, special rates for senior citizen should be apply and toys should be given to kids to show that the management is caring enough even to every single matter. How they can take their business to a global scale Extend their business to global scale, they can deal with the travel and tour regencies for packages and brings the tourism to Lost World of Tambun and let them recognize it and bring back this information back to the country. Moreover, they can have a deal with a country ambassador to promote their theme park in their own country and to attract foreign investment example like an big organization and this will lead them to develop another branch in their country by the help in modal from the organization; targeting hot weather country like india. Besides, it should have a deal with large organization to have a big retreat ( international conference ). And of course, the lost world management should also advertise their theme park through hot websites example like facebook.com, youtube.com, twitter.com and etcà ¢Ã¢â€š ¬Ã‚ ¦ Conclusion In any business success, marketing always plays a key part. You have to make a good relationship with your customers. You need to work out how you will reach and win new customers and make sure that they will be happy and remain satisfied of the services you are providing them. You need to always review and keep on improving everything you do to stay ahead of the competition.Although marketing plays an important role, it will not guarantee sales unless by doing it with a laid out plan. A well-researched and logical plan is important to have a better chance of building a long-term profitable relationships. A marketing plan will serve as a reference or your basis to execute a marketing strategy. By laying out plans, it will set out a clear objectives and explains how you will achieve them. You can define your business well if you have a written document that details the necessary actions to achieve your marketing goals. A marketing plan is considered a part of an over all business plan .