Strength of the Soviet Economy Essay Example for Free

Strength of the Soviet Economy Essay The Soviet Union played a major role in the allied victory in World War II. They stopped the Nazi advances and eventually pushed them back on the eastern front. The Russian people showed great resolve to triumph in spite of drastic errors in judgment by the Soviet leaders. Some of the poor decisions were made by Joseph Stalin. The first major mistake was that he believed that he could stall the Soviet Unions involvement in the war until 1942. Stalin also made an error in trying to take advantage of the war by launching an attack on Finland. The Second World War was also a test of the Soviet systems organizational power. The collective agenda allowed the Soviets to out produce German forces during the war. One factor highlighted as responsible for the Soviet victory in the Second World War is the strength of their economy after 1942. In August 1939 the Soviet Union signed a non-aggression treaty called the Nazi-Soviet Pact with the Nazis. This pact was signed so that Stalin could keep the Soviet Union out of a war with Germany on the eastern front of Europe. Stalin believed that war with the Nazis was a foregone conclusion. The pact was signed in the hope of pushing this conflict off until 1942. This was not a wise decision. The Nazis had become so confident and powerful with their Blitzkrieg model of warfare that the Soviets would have been more prepared for battle in 1939 rather than 1941. Operation Barbarossa allowed this more formidable Nazi force to smash through the Soviet defences in both the north and south of Russia and the Ukraine. The strength of the Soviet economy and rapid reparation made after the catastrophic losses within 1941-1942 was a major factor. Soviet production was located in the west which meant once quick advancements were made by the Germans in Operation Barbarossa using the ‘Blitzkrieg’ model, this either meant that the Germans had access to Soviet resources or the Soviet military had to destroy from the Germans as to not allow them to gain further usage ‘scorched earth’. This left Stalin with a limited resources and little production methods. The removal and transportation of Soviet factories from the west to the east was a decisive factor leading to the USSR winning the war because it meant that the Russians could produce all material needed without any threat from the Germans as the land distance was so vast. It was described as the Soviet Union being tipped on its side towards Asia. Stalins plan was to help Soviet industry switch to wartime production and improve the military options the Soviet commanders had. A major factor that helped this was the Soviets adaptability and experience of industrialisation having experienced Stalin’s 5 year plan. This meant the Soviet people were a lot more efficient when contributing to the war economy. Stalin spoke in 1931 about the Soviet Union needing to advance fifty to one hundred years in the next ten years to catch up with the rest of the world. When Germany attacked in 1941 ten years had passed. The Soviets had improved the infrastructure of industry. However, major drawbacks were still in place. The major problem involved the distance between the 3,500 new factories and the front line of the battlefield. The factories were spread out across the Soviet Union. The majority of the factories were located in the south but stretched from Stalingrad in the west to Siberia in the east. During the early years of World War II Stalingrad was instructed by the centralized Communist Party in Leningrad. Stalingrad was chosen due to its proximity and access to the Volga River. The protection of production was also harnessed with resources to be able to produce for the war. This was achieved with the lend-lease agreement with the US. This was designed to supply the Soviet Union with resources to help produce machinery and improve communication links as the distance between the Russian cities and businesses became stretched. The supplies were imported using the Black Sea remaining a safe distance from German attack. As a result, the Soviet Union were able to out produce Germany. The Russians become more efficient creating tanks, ensuring they were all the same would mean fixing them would become easier and the time it would take to produce shortened. The USA’s involvement in World War 2 was due to the Japanese bombing of pearl harbour , although Germany were not obliged to go to war with the Japanese as they had not been declared war by the Americans, Hitler decided to give assistance. This only meant a larger power became a German enemy. A major mistake made by the Germans was the underestimation of Soviet force, once the initial advancements were made in Operation Barbarossa. Hitler and the wider population believed that it would only be time before the Soviets would have to succumb to defeat. One German general believed that Soviet military leaders were ‘less of a threat than the tsarist Russian generals’. However this was not the only power that misjudged the strength of USSR as American generals also expressed that the Soviets would only last within a timescale of a single month to 3 months. Another mistake made by Hitler was his persistence and control with the army. Hitler aimed to complete Operation Barbarossa before the winter, as this wasn’t completed he forced them to continue. The harsh soviet conditions made this impossible, The German soldiers were unprepared for the winter weather which lead to thousands of deaths by hyperthermia. Whereas, the Soviet troops having adapted to the harsh conditions were able to continue. An advantage this gave Stalin was the time to organise both military and civilians. The delay of German troops due to the lack of support with clothing and supplies left them stranded in the centre of vast land, unable to continue and low on morale as communication was near impossible. This gave Stalin time to reorganise, one way Stalin organised the military was to ensure that a constant supply of equipment and man power fed through. Though soldiers were trained to maintain efficiency meaning less Soviet soldiers were likely to die in combat. Another way Stalin organised his military was to make sure Vasilevsky and Zhukov regained dominance in airspace. This resulted in German efforts to conduct Blitzkrieg tactic useless. Stalin also abolished the strong influence the communist party had on the army to ensure the military stayed resistant. Stalin also ensured that the civilian population was wel l led to ensure maximum efficiency in the effort of war. Regular propaganda messages ensured that morale was kept at a high level. Films were regularly shown highlighting the evil Nazi party to ensure that the population stay in favour of German invasion. Propaganda was also less based upon the strength of the communist party during war and focused more on national unity and fighting spirit in the war effort. This was to keep the Soviet population loyal to the communist party. Another key method in boosting morale in Russia was the reintroduction of practiced religion. Religion was never banned but suffered severe harassment since 1917, closing churches and killing priests it became dangerous to practice religion. The restoration of Christianity brought the backing of Christians and an improved morale in Soviet Russia. Another group that played a valuable role in the soviet victory was partisan groups. They were men and women who fought within German territory and attacked German soldiers and destroyed German equipment. This was particularly effective as the cutting of communication wires made it difficult to convey messages over vast land and very difficult to repair due to the lack of supplies. Ultimately, I believe that the Soviet economy was crucial for Soviet victory in the Second World War as without a strong economy producing output would have left the Soviets defenceless against the Germans. However I also think that the leadership of the military and civilians in Russia was crucial in becoming more efficient and consequently a stronger power. Smaller factors such as the contribution of the Russian civilians in protecting Leningrad were also detrimental in achieving victory. There are several interpretations highlighted by the western civilisation on why the Soviet Union won the war, there has tended to feature Soviet heroism in standing up to the German invasion, but to regard the other positive factors as unnecessary. There is often a focus on Stalin’s mistakes in leadership especially early in the war. This contrasts with Soviet historians views that highlight the determined resistance of the soviet people and leadership. I also believe this soviet viewpoint that without the patriotism towards Soviet Russia creating the biggest impotence towards the Russian war effort.

Defining Social Roles for Men and Women in India through Traditional Hi

Social Roles for Men and Women in India through Traditional Hindu Texts Throughout this essay, I will discuss the social roles of men and women in the home, within rituals and within creation. I will look at the roles of a husband and wife, as well as Goddesses and Kings. The main traditional texts that support these roles are the Rg Veda, the Kalpa Sutras, the epics (the Ramayana and Mahabharata), Tryambaka, and Manu Smrti. They are believed to lay the foundations for order in society, as well as giving people the knowledge of their duty. I will show how these separate texts have defined roles within castes and genders and show how their different styles of writings have defined roles in different ways. A person's role in society depends largely on their caste/class. Firstly, I think it is important to distinguish the difference between `Caste' and `Class'. A person's class (Varna) is dependant on their occupation. It can be changed throughout a person's life. "A varna is very far from being the same thing as a caste" A person's caste (jati) comes mainly from their blood line. The only way that a persons caste can be changed is through "violations of its rules" or through marriage to a member of another caste (although this is greatly frowned upon). In the past, a person's caste and class were the same. "There are fixed occupations for many castes" . In our more modern society however, two people who belong to the same caste do not necessarily do the same job. For example, a person belonging to the Warrior caste can be either a soldier or a doctor for the soldiers. This is where `sub-castes' are introduced. They distinguish between jobs as well as wealth within a certain caste. It shows different roles within society a... ...rsity press Hutton J.H 1980 Fourth edition Hinduism: A very short Introduction Oxford University press Knott K 1998 Hindu Goddesses; Visions of the divine feminine in the Hindu religious tradition University of California press Kinsley D 1986 The Perfect wife: The orthodox Hindu woman according to the Stridharmapaddhati of Tryambakayajvan Delhi- Oxford University Press Bombay Calcutta Madras Leslie J 1989 Roles and Rituals for Hindu Women Pinter Publishers, London Leslie J 1991 Dharma's daughters; contemporary Indian women and Hindu Culture Rutgers University Press Mitter S. S 1991 The rise of the Goddess in the Hindu tradition State University of New York Press; Albany Pintchman T 1994 Hinduism and Human rights: a conceptual approach Oxford University press Sharma A

Presidental powers Essay

In 2008, The Supreme Court heard and decided a case involving a fundamental right of citizens, that of habeas corpus. Habeas corpus is the right of an accused person to go before a magistrate (judge) and hear and respond to the charges under which they are being held. In this particular case, Boumediene v. Bush (2008) a number of complications are involved in what at first blush appears to be a relatively simple determination. Throughout history, the Executive Branch has assumed extra-constitutional powers in times of war. A troublesome aspect of this phenomenon is the fact that the Executive Branch itself most often defines the terms and limitations of its own power. Historically, the Executive Branch has acted in times of war as it pleased, pleading the exigencies of war, and has deferred judgments about their actions until after the fact. (Smith, 1997) The Executive has also had an adversarial relationship with both the Legislative and Judicial Branches with respect to these issues. Despite provisions in the constitution designed to avoid such eventualities, the reality is that, in times of war, all the branches of government are complicit in granting the executive branch dictatorial powers, including the ability to suspend habeas corpus. (Smith, 1997) The â€Å"flexing† of executive muscle during times of war began in the United States as early as 1798. President John Adams encouraged congress to pass the Alien and Sedition Acts, which severely curtailed speech and print criticisms of the government, . Sedition Acts 1798) and gave the Executive the power to deport non-citizens the Executive deemed â€Å"dangerous to the peace and safety of the United States. † (Alien Act 1798) The fact that Congress passed these bills illustrates a number of informative underlying points regarding the issue. First, the Alien Act avoided constitutional conflict by designating as its targets non-citizens. (Alien Act 1798) Also, Congress, as an entity of the governme nt, felt that the Sedition Act served them as well as the executive. (Sedition Acts 1798) A further point here is that the exigent circumstances in this case consisted of an undeclared war. Underlying the logic behind allowing extra-constitutional presidential power during war is the fact that the executive cannot declare war, congress must do this. (Smith, 1997) Thus, the circumstances surrounding the Alien and Sedition Acts initiated a dubious and dangerous precedent wherein the President is allowed to determine when and if a state of war exists in order to exercise extra-constitutional powers. It should be noted that these Acts, and Adams’ actions under them, did not go unchallenged. (Smith, 1997) They gave particular strength to the Jeffersonian Republicans’ claim that Federalist government exercised too much power. They also provoked Kentucky and Virginia to publish resolutions promoting the notion of State sovereignty. (Virginia and Kentucky Resolutions 1798-9) The outrage caused by these laws became a major factor in Adams loss to Jefferson in the election of 1800. (Smith, 1997) In a sense, then, one could argue that the Constitutional design of frequent elections remedied the abuse of executive power. This argument, however, ignores the failure of the checks and balances system to correct the problem. Ironically, the next President to test the use of extra-constitutional authority during an undeclared war was Thomas Jefferson. Smith, 1997) He attempted to enforce the Embargo Act of 1807 by charging violators with treason. This action was quickly repudiated by the federal courts. (Smith, 1997) In this instance, checks and balances worked. It should be noted, however, that Jefferson only acceded to the will of the Courts because he did not feel it a sufficient cause to ignore them. (Smith, 1997) While Andrew Jackson’s tenure as president served as a model for ignoring both checks and balances, and states’ rights, he did not bother to excuse his actions as the exigencies of a state of war(Smith, 1997). This being the case, while his administration did serve to illustrate a great weakness in the system of checks and balances, that of lack of enforcement power, it is not particularly relevant to this thesis. The first president to exercise extra-constitutional power during a declared war was Abraham Lincoln. (Smith, 1997) Lincoln first suspended habeas corpus in areas in rebellion against the United States. One could argue on a legal basis that he did nothing particularly unconstitutional in this case because the areas in question were in rebellion and his authority over them dubious at best. Smith, 1997) However, when Lincoln’s political opponents in the â€Å"loyal† United States began voicing opposition to his act, he suspended Habeas Corpus throughout the nation in 1862, and began jailing citizens for criticizing his actions. (Lincoln, 1862) Additionally, he began to prosecute American citizens in military tribunal courts for treason, precipitating the death penalty in some cases. (Smith, 1997) It wasn’t until 1866, after the war and Lincoln’s death that the Supreme Court rejected Lincoln’s actions, restored habeas corpus, and set aside a military tribunal’s sentence. Ex parte Milligan, 1866) Denial of the writ, argued Justice Davis for the Court, made it impossible for the accused to attain redress from the admittedly biased military tribunal. (Ex parte Milligan, 1866) During WWII, the issue of individual constitutional rights of citizens during war time again reared its head with Executive Order 9066. This order authorized the Military to designate citizens of Japanese descent as â€Å"dangerous†, (Roosevelt, 1942)deprive them of property and intern them in relocation camps without charge and with no burden of proof to justify their incarceration. Roosevelt, 1942) This action is frightening for a number of reasons: first, it was aimed at citizens, not non-citizens, it clearly violated several elements of the constitution and virtually every part of the Bill of Rights, (Roosevelt, 1942) it went unchallenged by most of the United States citizenry, and it was essentially upheld by the US Supreme Court in 1944. (Korematsu v. United States) The court’s defense of the actions taken pursuant to Executive Order 9066, that is, Japanese Exclusion and Interment, was to argue that the exigencies of war made it necessary. The court inexplicably dismissed the notion that the nature of the order itself was racist, and condoned the actions taken under it as necessary for the security of a nation at war. (Korematsu v. United States, 1944) The relationship of the Legislative branch to these circumstances, going all the way back to 1798, is complicit. They passed the sedition acts, passed laws in accordance with Lincoln’s findings, and offered no objections to Roosevelt’s behavior. It wasn’t until the era of Vietnam that the Legislative branch began to actively oppose executive â€Å"overreaching† using war as an excuse. (Smith, 1997) When Lyndon Johnson, and then Richard Nixon used executive power to expand an unpopular war, Congress responded with the War Powers Act. (1973) This law makes pointed and explicit references to the Constitution and frames itself as restoring the constitutional balance of power by limiting the time and nature with which the President can act militarily without the consent of congress. This is the first time that Congress has recognized the constitutional problems associated with undeclared wars. (War Powers Act, 1973) All of this history is the groundwork upon which executive, judicial and legislative action occurred with respect to the â€Å"war on terrorism† in the post- 9-11 United States. The Executive has informally redefined the nature of war, and in so doing, has effectively reversed the balance attempted by the War Powers Act. Smith, 2007)The nature of checks and balances, since 2001, has regressed to WWII levels of abuse, but this time without even the nominal justification of a declared war. Political considerations of short-sighted politicians led to the passage and renewal of the Patriot Act of 2001. While most of this law contains reasoned measures to increase domestic security, section 106 contains extremely troublesome language in that it appears to give the executive a â€Å"blank check† when dealing in activities that are counter to terrorist activities. It reads, in part: †¦when the United States is engaged in armed hostilities or has been attacked by a foreign country or foreign nationals, confiscate any property, subject to the jurisdiction of the United States, of any foreign person, foreign organization, or foreign country that he determines has planned, authorized, aided, or engaged in such hostilities or attacks against the United States; and all right, title, and interest in any property so confiscated shall vest, when, as, and upon the terms directed by the President, in such agency or person as the President may designate from time to time, and upon such terms and conditions as the President may prescribe, such interest or property shall be held, used, administered, liquidated, sold, or otherwise dealt with in the interest of and for the benefit of the United States, and such designated agency or person may perform any and all acts incident to the accomplishment or furtherance of these purposes. † – Patrio t Act of 2001 HR 3162 RDS (2001) (italics added) Under this umbrella, provisions, such as unwarranted wire taps within the United States become nominally legal. The federal courts, including the Supreme Court, have rallied around some of the provisions of the Patriot Act, while rejecting others. A key part of the act Scrutinized by Supreme Court is the denial of habeas corpus to â€Å"enemy combatants† held in Guantanamo Bay. In 2004, the Court determined that such enemy combatants had the right to petition for habeas corpus. (Rasul v.  Bush) The reasoning within the argument held that despite the fact that the area of detention in this case was Guantanamo Bay in Cuba, the U. S. held sufficient Jurisdiction that the right of Habeas Corpus did indeed apply. (Rasul v. Bush, 2004) This case opened the door to detainees challenging the nature of their detention on constitutional grounds. For the first time, the Courts heard circumstances and conditions of detainees and were able to adjudge the constitutionality of these activities. (Smith, 2007) Finally, in 2008, a deeply divided Supreme Court took the final step in securing detainees rights under the constitution by allowing them to appeal their detention to civilian courts. This decision states that the president had acted unconstitutionally in denying civilian due process. (Boumedien v. Bush, 2008) The fact that this case was extremely political in nature, having potentially significant impact on the presidential elections, illustrates a fundamental shift in the balance of power between the three branches of government. The â€Å"power of the purse† by which Congress could nominally control military actions by directing funding has been blunted by political considerations. Members of Congress cannot advocate cutting or eliminating funding for operations already in progress, since that action would manifestly compromise security, and endanger the lives of US military combatants. To advocate for funding cuts to military operations would be political suicide; thus the pendulum of War Powers has shifted back to the executive. Thought the constitution grants the singular power to declare war to congress, it is frustratingly vague as to what constitutes such a declaration. (Smith, 1997)That ambiguity has been exploited by the Executive Branch to keep the country mired in an unpopular war, and to exercise significant extra-constitutional powers both within and outside of the United States. While the nature of the dynamic between the Legislative and Executive branches in matters pertaining to war have historically been amiable, in the case of Vietnam and afterward, the relationship has been unbalanced and hostile.

Globalization and the Asian Financial Crisis

Globalization and the Asian Financial Crisis The Asian financial crisis is a prime example of an economic meltdown and it exemplifies the effects globalization has during times of widespread economic downturn. According to the Oxford English Dictionary, globalization is â€Å"the integration of national economies into the international economy through trade, foreign direct investment (FDI), capital flows, migration and the spread of technology. † The global economy is becoming further inter-twined and therefore it is very difficult to stop the effects of an economic crisis. The Asian financial crisis was a major economic crisis that spread throughout several Asian countries. The beginning of the Asian financial crisis can be traced back to July 2, 1997, with many believing the start of the crisis was triggered in Thailand (King 439). On this day, the Thai government floated their currency, the Thai Baht, and it also went to the International Monetary Fund (IMF) for â€Å"technical assistance. † One by one, South-East Asian countries such as Thailand, Indonesia, South Korea and Japan saw their economies crash in the wake of heavy foreign investment. An economic boom had made the region an attractive investment proposition for investors for much of the 1990s. From 1990 to 1997, the private capital flow to developing countries rose more than fivefold, from US $42 billion in 1990 to US $256 billion in 1997 (King 441). However, in the summer of 1997, the economic climate changed, on July 2, 1997, the Thai Baht fell around 20% against the US Dollar (King 441). This was seen as the trigger for the crisis, as investors grew nervous, which led to disinvestments on the Baht, resulting into domestic production and development stalling. The reason why this was happening was because many corporations depended on foreign investment and when they dried up, the businesses could not meet their debt repayments, leading to many firms folding across Asia. Within a week of that day in July, the Philippines and Malaysian governments were heavily intervening to defend their currencies. Soon other East Asian countries became involved; Hong Kong, Taiwan, Singapore and others to varying degrees. As global integration was spreading and growing rapidly, the markets were opening up and becoming more liberalized. This enabled these countries to get a huge influx of foreign capital. These countries were targeted by investors because they were classified as â€Å"emerging markets,† meaning that they had rapid growth and industrialization (Hanieh 65). Hence, they seemed to be ideal for investors as they sought after high profits and yields. It must be emphasized that most of the inflows that came were for short term portfolio investment purposes. Private capital inflows coming into the â€Å"emerging markets† were $42 billion, which increased to a gigantic $256 billion in 1997 (Hanieh 70). Ironically, that peak was the same year as the markets crashed. As mentioned previously, most of the inflows were for portfolio purposes; therefore, the stock markets were experiencing high booms and estate prices were also on the rise. Most of the countries had their currency pegging loosely against the US dollar in the run up to the crisis. The informal pegs to the US dollar encouraged capital inflows due to the large interest rate differential. This though, attracted problems too, due to the predictable nominal rates, it encouraged unhedged external borrowing. This asset boom continued to grow and the flow of credit continued to increase. This resulted into Japan, who was already suffering from their lost-decade, into depreciating their currency (Hanieh 74). As a result, this made their currency weaker and doing so, it made the exports of the South-Eastern countries uncompetitive. This was damaging to the rest of the countries to integrate on a global scale. Most of the functions that these countries undertake are producing parts of a production that would be later assembled and completed in countries like Japan or China. As stated earlier, these tiger-economies operated in a fixed exchange rate system; therefore, their central banks needed to keep enough reserves so that they could support the Baht at the fixed exchange rate. As the central banks ploughed money in to support their currency to maintain the exchange rate, business confidence was shattered and spread across other countries. The effect of this was further felt as their exports were much dearer since Japan devalued their currency. The knock-on effect was that foreign investors started to take their money out. Thailand was the major casualty of this and it quickly passed onto its neighbours; thus, the start of the Asian financial crisis. The financial crisis heavily affected three main emerging economies in the global market; Thailand, Indonesia and South Korea (Hanieh 64). These were the hot-bed for foreign investors who sought high returns on their investments. As the fixed currency fell, the more the investors pulled out; thus, worsening the currency further. The central banks tried in vain to hold the exchange rates as the Thai government spent $23 billion buying the Baht to maintain to US dollar peg (King 440). Investors sank money into these economies without knowing the full extent of policies involved; therefore, as the mounting hidden information of the Thai economy came to surface, it resulted in many speculative attacks on the Thai Baht, which finally forced the central bank of Thailand to float the Baht as it was no longer able to defend the itself against the US Dollar. It can be argued that the uncertainty, which is the absence of quality information on which to base investment decisions had increased the investment risk. This resulted in a contagion effect to other Asian countries. Much of the instability in the economy of Thailand was brought about by heavy short-term borrowing that required debt maintenance. The Thai government attempted to shore up shaky investor confidence by officially backing the financial institutions that were heavily indebted aboard. By October 27, 1997 the crisis had spread worldwide and had an impact on a global scale (Prakash 127). On that day, it provoked a substantial response from Wall Street with the Dow Jones falling by 554. 26 points (or 7. 18%), its biggest point fall in history, causing stock exchange officials to suspend trading (Prakash 128). There are several thoughts as to why the Asian financial crisis occurred. One of the clearest problems that can be seen is that of their financial systems. It has been evident that because the sudden influx of capital flows, the financial systems were not capable of handling the vast amounts. The weak financial systems led to poor investments and excessive risks. Negligent oversight of corporations caused consequences in economic downturns that were not a concern in the mid-nineties boom. The macroeconomic policies of the South-East Asian countries made their economies vulnerable to the uncertain confidence of their foreign investors. However, many economists argue that market overreaction and herding caused the plunge of exchange rates, asset prices and economic activity to be more severe than warranted by the initial weak economic conditions. Also, the deeper roots of the economic crisis went back to the early 1990s. Throughout the 1990s, growth in South-East Asia attracted huge capital flows. The account deficit of Thailand had grown from 5. 7% in 1993 to 8. 5% in 1996 (Khan, Islam, Ahmed 177). This was worsened as the domestic production slowed as the account deficit represented an even greater percentage. Much of the instability in the Thailand economy was caused by heavy short term borrowing and as previously stated; the government spent a lot of their reserves to maintain the exchange rate. This created a false sense of security in pretending the economy was stable. However, this support of the highly leveraged private sector by the Thai government lent the appearance of stability towards an unstable system and attracted even more foreign loans. In February 1997, the Thai company Somprasong was unable to make maintenance payments on its high levels of foreign debt. In the face of such instability, Finance One, the largest finance company in Thailand, failed at the end of May (Khan, Islam, Ahmed 182). Most of the lending by the company was made up of risky loans for real estate and stock market margin investment. This political instability resulted in the resignation of the Thai Finance Minister; thus, worsening the situation. The speculative attacks on the Baht forced Thailand to let the currency float on July 2, 1997, a key date in the Asian financial crisis. As an after effect, the currency depreciated further devastated the Thai economy. This forced the Thai government to call on the International Monetary Fund (IMF) for economic help. In August 1997, Thailand was the first country to seek help and the IMF approved a loan for $3. 9 billion (Glassman 126). However, the IMF gave stipulations that the government had to follow. These were maintaining a level of government reserves, increasing the VAT, government cuts and a reorganisation of the financial sector. As the Baht declined sharply, a second bail-out was approved. Indonesia and South Korea also approached the IMF for financial assistance. Another key element that caused the crisis was that in a lot of East Asian countries the capital account was liberalized for inward and outward flows for foreign investors; however, domestic investors could not invest aboard and this meant they could not diversify their risks. Throughout these countries, financial institutions were inadequate. They had poor prudential management of currency risks, credit evaluation and public financial reporting. Rising global credit and liquidity fed vast amounts of capital to badly regulated institutions. Those had limited transparency and poor due diligence from foreign lenders. The poor macroeconomic policies failed to manage these problems and left the countries vulnerable to shocks in many ways. Firstly, widening current account deficits, financed by short-term debt, exposed the economies to sudden reversals in capital flows. Secondly, weaknesses in the under-regulated financial sector fuelled risky lending. A further problem with exacerbated the crisis was the tendency for the government to intervene and bail out floundering companies. These guarantees put further pressure on the global market as the level of debt kept escalating. Together with the depreciating of the currency meant foreign debt proved to be too much of a burden. A further domino effect was evident between the economies. As the currency of the country depreciated, this had a negative effect on the competitiveness of other countries. Therefore, as the Thai Baht was tumbling, their goods became competitive and had a negative effect on other currencies, such as the Rupiah of Indonesia and the Ringgit of Malaysia (Glassman 129). After the Baht was put on the floating exchange rate, the economy of Thailand started to recover and was able to alleviate their debt earlier than they thought in 2003 (King 459). South Korea did manage to recuperate despite its weak financial system. However, Indonesia was especially hurt by firms going bankrupt and the devaluation of the Rupiah made it harder for them to recover. Monetary and Fiscal policies were tightened as countries fought to cope with the financial panic. The countries also raised interest rates in order to attract foreign currency and increase the price of domestic assets. On the other hand, higher rates meant higher repayments and many could not survive their debts. Following the Asian financial crisis, Russia, Mexico and Argentina all suffered economic collapses (King 61). Another factor that is thought to be one of the reasons for the crisis, the Asian currencies appreciated to levels that were too high leading to a crash in the markets. The IMF gave these countries support during these times and in return they wanted the countries to follow three key elements; large official financing packages, structural reforms, and macroeconomic policies that intended to counter the crisis itself (King 463). Structural reforms were seen as the root causes of the crisis. They intervened to shore up institutions and more importantly, improved the financial supervision and regulation. Thus, reducing the likelihood of a crisis reoccurring. Other structures were also altered to help the economies in the long run; they strengthened competition laws and increased transparency. This would help reduce eradicate corruption. Macro policies were harder to implement due to the turbulent market conditions; though, after some initial hesitations, nominal and real interest rates fell to pre-crisis levels. However, Indonesia’s policies steered them off course for a while before it was brought under control in late 1998 (King 464). The Asian financial crisis raised certain important issues that need to be taken into account for the international financial system. It is very important to prevent a crisis from occurring in the first place, because the short term flow of capital can be moved within seconds; therefore, prevention is the best sought achievement/target. Transparency is also important to crisis prevention. At the height of the Asian financial crisis, some unpleasant information was revealed, in particular, on the weaknesses of central banks international reserve positions. The IMF pointed this out as an integral part as closer monitoring of the finance sector could give alerts to any such problems in the future. Another issue that needed to be analyzed after the crisis was that of capital controls. As the countries liberalized the capital accounts, they left many short falls in the regulation of them. Tighter restriction and closer monitoring of the capital flows would have helped the financial institutions to keep greater control. An additional issue that should be noted is what policies the governments used and which ones seemed to be successful in such a crisis. Looking back at the Asian financial crisis, it seems that monetary policy worked. A period of high interest rates and the market pressures eased and interest rates soon fell below pre-crisis levels. In theory, if monetary policies were implemented earlier, it might have contrasted the spread of the crisis. However, the higher interest rates meant that debt repayments were higher and led to widespread insolvencies. These macroeconomic policies are crucial as they can be implemented to the changing economic conditions. The Asian financial crisis has brought a new way of thinking in the world of global finance. There are lessons that were harshly learnt by a few countries; however, the overall effect was a global one. In the contemporary world, one country does not stand by itself, global integration has meant that countries are connected and interlinked. Therefore, as we witnessed from the Asian financial crisis, the end result of poor management of financial institutions can have a drastic impact on the world economy. In the current climate, we are facing a global recession, an expected drop in world trade, all this as a result of a credit boom. The government and regulators must learn from the Asian financial crisis and hopefully they will be able to contain the latest economic crisis. Works Cited Oxford English Dictionary. Oxford University Press 2010. Web. 18 March 2011. McNally, David. Another World is Possible: Globalization & Anti-Capitalism. Winnipeg, Manitoba, Canada: Arbeiter Ring Publishing. Print. Adam Hanieh. â€Å"Forum of Hierarchies of a Global Market: The South and the Economic Crisis. † Studies in Political Economy Volume 83. (2009): 61 – 81. Print. Michael R. King. â€Å"Who Triggered the Asian Financial Crisis? Review of International Political Economy Volume 8. Issue 3 (2001): 438 – 466. Print. Aseem Prakash. â€Å"The East Asian Crisis and the Globalization Discourse. † Review of International Political Economy Volume 8. Issue 1 (2001): 119 – 146. Print. Saleheen Khan, Faridul Islam, Syed Ahmed. â€Å"The Asian Crisis: An Economic Analysis of the Causes. † The J ournal of Developing Areas Volume 39. Issue 1 (2005): 169 – 190. Print. Jim Glassman. â€Å"Economic Crisis in Asia: The Case of Thailand. † Economic Geography Volume 77. Issue 2 (2001): 122 – 147. Print.

Russian Tsars essays

Russian Tsars essays The history of Russia began many centuries ago. Russia had many tsars, not all of them were as great as these people that Im going to talk about. Russian history is amazing, because I was born there and I learned history from six to ninth grade there. You probably know that I already knew almost every little aspect, but now in this essay I can prove it to you. My four main Tsars are Vladimir which is Prince, Ivan the Terrible, Peter the Great and Catherine the Great and Michael Romanov. I chose them because every single of them has done amazing thing in making Russian history very memorable. First, Im going to talk about Prince Vladimir and his great achievements. The first Russian state was Kiev-Rus. By the 800s Slavic groups had founded many towns in what is now the European part of Russia and Ukraine, of which the two most important once are Novgorod and Kiev. In 970, Vladimir was sent by his father to govern Novgorod. His baptism, in 988 or 989, was followed by his marriage to Anna, sister of the Byzantine Emperor Basil II. was the grand prince of Kiev who converted to Christianity in 988, and proceeded to baptize the whole Kievan Rus. Early Russia was controlled by religion and it starts dominate everything He was the one who brought cristianity from Constantinople (byzantyne empire). Also terms like Caesaropapism which basically means government and church combined. Second, Ivan the terrible (Ivan grozni) is one of my favorite tsars, because he not just great Tsar-he is the cruel tyrant. All of his family died when he was a little boy when he was little he heard all kinds of screams. In 1547 Ivan was finally crowned Tsar of all Russians. Ivan was a real patriot he tried to unite Russia, but boyars tried to steal and bring country down. After reorganizing the army, Ivan conquered Kazan (1552) and Astrakhan (1556). Mongols were feared by Russians. Ivan was extremely smart he even faked his own dea...

A Balanced Scorecard Model For Project Management Information Technology Essay

A Balanced Scorecard Model For Project Management Information Technology Essay For a long time organizations are have been trying to use performance measurement methods in their system due to the fact that most time of managers is consumed by gathering, controlling, analyzing or reporting out data. Over time, it has been recognized that a valid performance measurement system can help organization to define its expectations and priorities, set strategies with goals and finally planning and decision making. Project Management Office, managers, program managers and project managers, as well as other organizations can use performance measurement benefits to evaluate project team performance, process effectiveness, client perception, resource management and leveling in a single or multiple project organization. By adding performance measurement to the project managers’ skills, they can accurately evaluate project performance against the mission and vision of organizations. Moreover, it helps project managers to find and assess risks and determine the value l evel creating for stakeholders. These papers will focus the issues of the performance of a project, and integrity of performance measurement and project management. The research objectives for this research study are identifying performance metrics for project management integrated to balances scorecard system; development of a balanced scorecard system with perspectives of project management; studying of use of created balanced scorecard system to evaluate projects. Any previous work in the area of project and project management, and performance measurement will be illustrated in literature review. The approach of how the balanced scorecard and project management methodologies will be integrated is shown in methodology section. Literature Review Project and Project Management Project A project is a temporary endeavor undertaken to create a unique product or service with a definite start time and end (PMBOK @ 2004). This uniqueness is a consequence of the difference in some way from the â€Å"normal† product delivered by an organization. Furthermore, every project is constrained in different ways by scope, time and cost and is defined by discrete activities which are related to each other and linked together over the project lifecycle. Figure 1 shows the constraints of a typical project. Moreover, a project consumes limited resources such as human, time, money, machines, facilities, and materials and requires specific skills to manage and execute and finally produces tangible deliverables according to stakeholder’s requirements. Figure 1 – Project Constrains Source: James Norrie,  Ã‚  Derek H T Walker., â€Å"A Balanced Scorecard Approach to Project Management Leadership†,  Ã‚  Project Management Journal.   Sylva: Dec 2004.   Vol. 35,   Iss. 4,   p.  47-56  (10  pp.) Project Stakeholders The project stakeholders are the parties who have positive or negative impacts on project performance and outcomes. The major sta keholders have direct authority to change the elements of the triple constraint. The Figure 2 illustrates the major stakeholders of a typical project. The figure also shows that, an internal part of an organization can recognized as stakeholders. Figure 2 – Project Main Stakeholders Source: Adopted from: PMI, (2004), PMBOK @ 2004 Project Management Keeping projects on-time, within budget and achieving a high level of quality of scope is difficult. Problems are due to poorly conducted analysis and design, but many also suffer from poor leadership and management. Project management is the planning, execution and controlling of project activities to achieve project objectives. Objectives include time, cost and scope or managing the triple constraints. Based on PMBOK @ 2004 definition, project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs or expectations from a project.

Critical dialogs Essay Example | Topics and Well Written Essays - 750 words

Critical dialogs - Essay Example However, one has to have impressions to a substance despite not knowing it (Bronner 17). Therefore, democracy is viewed as a complete system and tries to accomplish incompleteness. Fitche together with Kant, made a donation to critical theory by reinforcing the ideas of the theory. They and termed it as a dual relationship between nature and persons in terms of ideas. In addition, he stressed on key thoughts such as that of alienation improvement and importance of freedom. Alienation of improvement (disagreement between mind and nature) this is always occurred when there is the disparity of purposeful effort of concern with involvement of freedom. (Bronner 18). On the other hand, language is also key factor when studying emotional realm; the relationship between history of individual subject and the determination of the subject, in addition, record is made perfect though language; language expresses one event better and it is also a mechanism which conveys accuracy of the subject. (Bronner 101). Therefore, better understanding of communication will allow one to discuss a topic well whether in politic of proper context; this implies that it will provide a participant the proper value it stands in it place. Hence reducing chances of misinterpretation of the subject or object; this implies that an individual will improve his or her ability understand issues of life. Therefore, clear understanding about key theory nurtures one’s conceptual abilities; it outlines qualitative and quantitative interpretation of a research analysis. Thurs, one can easily show that critical theory is more of encouraging to an issue than destructive; brings a function of positivity than indifference in essence that it brings certainty in when judging (Bronner 102). Decision making is made easier since an outline for judgment is provided; an individual can easily for the procedures set for wise decision