Huck, Emma, and Asher: Studies in the Theme of Self-Actualization Essay

In Mark Twain’s The Adventures of Huckleberry Finn, Jane Austen’s Emma, and Chaim Potok’s My Name is Asher Lev readers are presented with three characters that of different time periods that each possess similar psychological traits.   They each strive to attain self-awareness as they learn the lessons of life through Huck’s journey down the river, Emma’s experiences in the art of match-making, and Asher’s conflicts with his family’s Hasidism.   Each novel uses the theme of psychological struggle for self-actualization of its youthful protagonists to explore growing up in the different periods.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In The Adventures of Huckleberry Finn, Huck is a young, immature boy at the beginning of the novel living by the Mississippi in the nineteenth century.   Huck observes his situation as one that is the design of others, not himself: â€Å"The Widow Douglas she took me for her son, and allowed she would sivilize me; but it was rough living in the house all the time [†¦]; and so when I couldn’t stand it no longer I lit out [†¦] and was free and satisfied. But Tom Sawyer he hunted me up and said he was going to start a band of robbers, and I might join if I would go back to the widow and be respectable. So I went back† (Twain, 1953, 11). This statement evidences Huck’s undying love for the freedom and escape he finds in nature, and also his desire for Tom’s approval.   Huck is forming his own personality, growing through his personal observations and realizations that civilization is not all that it appears or that he desires.   During his trip down the river on the raft with Jim Huck observes, â€Å"Other places do seem so cramped up and smothery, but a raft don’t. You feel mighty free and easy and comfortable on a raft† (118).   It is this recognition of value that ultimately allows Huck to leave Tom and â€Å"civilization† behind, as he sets out for the west to pursue his own independence and maturity. Twain utilizes several literary techniques in order to convey Huck’s maturation to the reader.   Firstly, by telling the story from a first person perspective, we see Huck’s development as it occurs, from his own mouth.   Rather than being told by an external narrator that Huck is growing up, we see it evidenced in his speech and perceptions.   Also, the recurring theme of hypocrisy that occurs in Huck’s encounters with the civilized world and in the views on slavery that emerge from the text, a framework of repetition is established so that readers might see Huck’s growth, when comparing it to a constant.   Finally, Twain utilizes the symbol of the Mississippi River—a thing that is in constant flux—to illustrate Huck’s own movement toward adulthood and self-awareness.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Like Huck, we see the theme of great personal maturation in the character of Emma, the Victorian English middle class girl.   Austen introduces her as a girl used to having â€Å"rather too much her own way, and a disposition to think a little too well of herself† (Austen, 2000, 1).   As a result, Emma spends the bulk of the novel meddling in other people’s lives and circumventing her love for Mr. Knightley.   When Emma finally admits to herself her true feelings, it is the result of the lessons she has learned along the way and her own self-actualization. Because of the near ruination of Harriet’s romance, her insults to Miss Bates, and Mr. Knightley’s gentle guidance throughout the novel, Austen writes, â€Å"Emma’s eyes were instantly withdrawn; and she sat silently meditating, in a fixed attitude, for a few minutes. A few minutes were sufficient for making her acquainted with her own heart. A mind like hers, once opening to suspicion, made rapid progress; she touched, she admitted, she acknowledged the whole truth† (268).   Like Huck, Emma found out her true nature through personal observations, and was able to advance into maturity with her own independent wisdom.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   With as much acuity as Twain, Jane Austen utilizes rhetorical techniques to convey the theme of self-actualization in Emma.   By structuring the story around social class, Austen creates a framework through which Emma moves.   Also, Austen utilizes word games throughout the text, such as Mr. Elton’s riddle meaning ‘courtship’.   Emma’s solution to the puzzle poses a double entendre, as she correctly guesses the answer, but does not see its meaning, just as she does not see the implications of her feelings for Mr. Knightley.   Finally, Austen uses Mr. Knightley as a static character, in order to emphasize Emma’s dynamic nature.   In Mr. Knightley’s steadfast character we see a yardstick by which Emma’s maturity is measured. Like in the previous two novels, in Chaim Potok’s novel My Name is Asher Lev, the theme of a youth struggling to achieve self-actualization is relayed.   Readers are presented with the title character, a Hasidic Jew growing up in Brooklyn, and an incredibly gifted artist.   Through Asher’s struggle with this staunch religious sect, that views his paintings as a sacrilege, he learns ultimately to accept his art and himself.    â€Å"Away from my world,† Asher states when living in Paris, â€Å"alone in an apartment that offered me neither memories nor roots, I began to find old and distant memories of my own, long buried by pain and time and slowly brought to the surface now† (Potok, 1972, 322).   Because he has survived the hardships imposed upon him by his family’s strict fundamentalism, Asher is now able to emerge from his past as an individual, apart from the culture, community, and family that produced him.   Like Huck and Emma, Asher achieves maturity and independence by the end of the novel. Potok conveys this development of character through several literary techniques.   Like Twain, he utilizes a first person point of view to demonstrate Asher’s movement from boyhood to maturity.   Also, in the figure of Asher’s mythical ancestor we see a reflection of the protagonist’s development.   As a child, the image of his ancestor invokes fear in Asher, but at the conclusion of the novel he acts as an embodiment of Asher’s own struggles with his heritage.   Finally, Potok creates powerful images throughout the novel, using Asher as a mouthpiece.   Through these beautiful descriptions we see Asher’s ability to comprehend and appreciate art, and, ultimately his growth as an artist. In each of these three individual’s stories we see the theme of a youthful journey into mature self-actualization.   In Huck’s trip up the river, Emma’s gallivanting through the social circles of Highbury, and Asher’s banishment from the Ladover community and excursion through Europe, there is a great and inspiring parallel: that of the human capability for change, growth, and enlightenment.   Whether the young characters come of age in the rural Midwest, Victorian England, or Brooklyn, the result is similar and includes the greatest gift a person can give to his or her self: thoughtful independence. Bibliography Austen, J. (2000). Emma. New York, New York: W. W. Norton & Company. Potok, C. (1972). My Name is Asher Lev. New York, New York: Alfred A. Knopf. Twain, M. (1953). The Adventures of Huckleberry Finn. London, England: Puffin Books.   

Science Periodic Table Essay

The Periodic Table The periodic table has been updated all throughout history. Elements have been around us since the beginning of time. Elements, such as gold and silver, are examples of these elements that have been known for centuries. The periodic table allows us to see the elements in their families so we can understand what properties they have. It also allows us to see the atomic number, atomic mass, and the symbol of the element. The periodic table is a source of knowledge that is still being updated as of this day.That is why the periodic table is such a valuable resource. In ancient times, the elements gold and silver were discovered. Another element that was known at this time was copper. The Greek philosopher, Aristotle said that all elements were made out of these four â€Å"roots. † The philosopher, Plato, renamed the â€Å"four roots† earth, fire, water, and air. Although they introduced the concept of elements, they did nothing to advance the nature of t he matter, which matter is made of. The age of enlightenment was a big adventure for the science world.Hennig Brand was the first person recorded to have discovered a new element. He was a German merchant who went bankrupt, while trying to discover the Philosopher’s Stone. The Philosopher’s stone was a mythical object that was supposed to turn inexpensive base metals into gold. He experimented with distilling human urine until he finally obtained a white substance which he named phosphorous in 1649. Brand did not go to the public with his discovery until another scientist named Robert Boyle rediscovered it and took it to the public.In 1661, Boyle defined an element has a substance that cannot be broken down by chemical means. Antoine Lavoisier developed the first chemistry textbook. This included the elements oxygen, nitrogen, hydrogen, phosphorous, mercury, zinc, and sulfur. Lavoisier's descriptions of the elements only classified elements as metals or non-metals. Joh ann Dobereiner began to classify the elements in triads. These elements that belong to these triads had properties that were similar to each other. A few of these triads are as follows: 1.Chlorine, bromine, and iodine 2. Calcium, strontium, and barium 3. Sulfur, selenium, and tellurium 4. Lithium, sodium, and potassium. With all these triads, the atomic mass of the second element was almost exactly the average of the atomic weights of the first and third elements. By 1869, 69 elements had been discovered. Alexandre Chancourtois was the first to notice the periodicity of the elements. Similar elements seemed to occur at regular intervals when they were arranged by their atomic mass. He created an early version of the periodic table.He called it the telluric helix. When the elements were arranged on a cylinder by order of the increasing atomic mass, Chancourtois could tell that the elements with similar properties lined up vertically. He published this work in 1862, but there was litt le to go on. In 1865, John Newlands classified 56 elements that had been discovered previously into eleven groups based on similar physical properties. Newlands said that many pairs of similar elements existed differed by some multiple of eight in atomic number.Dimitri Mendeleev created the periodic table that we use today. He arranged the elements by their atomic mass and noticed that they lined up with the elements that had similar properties with each other. He also noticed that when they were arranged in this way, the valences lined up as well. When he published his table in 1869, it had many advantages. This table is more widely used in today’s time. The discovery of the periodic table is also the discoveries of the elements.As the elements were discovered, they were added to the periodic table. Since the beginning of time, more elements have been discovered. The most recent was ununpentium. It was discovered in 2011. As anyone can see the periodic table is continuing to grow and develop. It is a child of the elements. As each element is named, the periodic table grows. The periodic table will always be an ongoing process and the updating of it will never end. That is because new elements are discovered every day!

An Opinion on the Future of Gender Equality

An Opinion on the Future of Gender Equality As much as I would love for gender equality to become an accomplishment soon, I genuinely question that it will entirely come to a possibility. Although numerous of nations claim that they are not gender one-sided, many people still consider themselves as more superior than the opposite gender. Throughout most of Earth’s entire life time, women are most likely to become inferior to their male opponents. This sort of separation is exceptionally dangerous and can prompt troublesome ways of life, such as difficult lifestyles and one gender being submissive to another.The degrees and reasons for the amount of inequality differ from all across the world. In some countries honor killing, the point at which a female individual from a family is executed for the view of having conveyed shame to their family. This had turned to a monsterous situation in countries such as Pakistan and the Middle E the Middle East. In July 2009, two Saudi Arabian sisters were murdered by their sibling within the presence of their father under the rubric of defending the familys honor. Another circumstance of wrongdoing incorporated more than 30,000 women in Guatemala who have been murdered in the course of recent years because of cases involving misogynistic violence. It has been estimated that 130 million girls were genitally mutilated in Africa and Yemen. 5,000 ladies in India who endured female infanticide each year due to inadequate endowment installment money given to the spouse by the brides family. These types of activities are unlawful viciousness against women, as well as towards the entire mankind. Another major problem involving gender equality that has been occurring is sex-selective abortion. This fuels the problems of having human trafficking, statistic awkwardness, and sexual abuse.Since women are seen as useless unless they are given birth to a male offspring, they suffer the most pain. India and China, the two most populated countries on Earth both practice the preference of male child birth over females. Females are considered underestimated and weak in Chinese society, and under ONE CHILD POLICY, many families keep the male offspring more often than female offsprings. Additionally in India, male child birth is widely supported and welcomed while that of a woman is viewed as a burden. Numerous governments routinely smother common society by limiting flexibility of the press, expression, and assembly. These confinements antagonistically influenced the two men and women: nonetheless, females are subjected to a large group of extra gender-specific human rights violations. This legitimate segregation undermines womens full personhood and equivalent cooperation in the public eye and puts at an expansion chance for brutality. In the governments’ eye, women are automatically viewed as weak and often dismissed if they want to report any type of offense. This can lead to the misuse of the judicial system and can make any court cases more prohibitively expensive to settle. The women’s movement has, appropriately, invested years crusading for lawful change and tending to sex predisposition in existing laws, however the concentration needs to move to changing demeanors and the social factors that keep women from practicing their rights. The power of the law to o vercome these forces ought not be overestimated. In this day and age, women are not the only group of people who are suffering from human rights violation. The LGBTQ + community has also had its fair share at the abuse governments have given them. They are constantly being tortured for being who they are, for liking someone of the same gender, and how they are perceived in everyone else’s eyes. The LGBTQ+ have always been denied from their decision from claiming getting hitched, embracing kids, or landing typical job positions. Countries all across the world feel that having two individuals of the same sexual orientation getting married is considered satanic or unnatural. This prompts churches and the court system to deny their rights to wed or have kids since â€Å" marriage ought to be between a man and a woman† or â€Å"God made Adam and Eve, not Adam and Steve.† People in this community have also been told that they will spoil in hellfire for they way they are. In any case, how are they causing issues for p referring someone over another. We should be totally legit, as much as anybody would love to have the world to have sexual orientation fairness, it will be completely inconceivable since the world is fundamentally one-sided to one sex. The world sees itself as being more male or ‘alpha† dominant instead of being equal to all sides. In an impeccable dream, gender equality would appear like a stage a route from ending up genuine. Be that as it may, in actuality, we need to remember that regardless of the amount we say that were equivalent, despite everything were isolated by what sex you are.

Information technology for Management Essay Example | Topics and Well Written Essays - 500 words

Information technology for Management - Essay Example In addition, web based tools allow recruitment managers to engage potential candidates through collaboration and communication tools. In the case of job seekers, the candidate solutions allow candidates to construct an online profile that captures all basic information of a candidate and stores them in its database. All data is indexed so as to facilitate recruiters to obtain the set of requisite candidates based on desired selection criteria. Candidates can further use this profile to apply for multiple jobs without having to construct a new profile, thus reducing the time required to seek a job position. Resumix charges a small administrative fee for allowing both the recruiters as well as the job seekers to post their requirements through requisite subscription offers. The web portal derives additional revenue from the provision of analytics that allows customers to generate reports using quantitative information within their profiles. It further allows companies to synchronize the job postings with their internal job databases irrespective of the technologies involved. By the provision of automation, all such postings at different ends are updated on a regular

Ergonomics safety and health Essay Example | Topics and Well Written Essays - 500 words

Ergonomics safety and health - Essay Example There are number of reasons why a product based industry cannot do without its implementation, and one of them is the direct exposure of the working staff to the heavy machinery used. The requirements of product manufacturing industry is not just limited to the heavy machinery, rather it involves lengthy working hours and using of the hard material which damages the softer parts of human body in many ways (Salvendy & Karwowski, 2012). The risks involved in the manufacturing industry are prone to pose greater threats towards the workers safety. Some of the injuries that the workers can come across include back injuries, stress related injuries, formation of cysts in some cases, carpal tunnel syndrome and various other similar defects that can have serious negative repercussions over the human activities in the outside world. Having identified the problems and injuries that the workers can come across, it is needed to formulate an action plan in form of human factor investigation which enables safe working. Human factor investigation enables creating a backup plan and risk assessment techniques. The investigation is conducted through a tool called Human Factor Investigation Tool (HFIT). While this tool was practically used in oil and gas industry, it can be used for manufacturing industry as well (Gordon, Flin, & Mearns, 2005). The first task in this project is to identify areas which could pose any threat to human safety, secondly highlight the areas where human fatigue is involved; repetitively working in same posture and over same equipment is unsafe as well. The strategy so devised must be based on the principle of reducing the direct contact of workers with heavy machinery. This can be done through automation. Automation finds its applications in industries like fire fighting scenarios where they can go into the buildings and not just put

Globalization debate Assignment Example | Topics and Well Written Essays - 750 words

Globalization debate - Assignment Example Some of the major factors that have necessitated the globalization process include advances in telecommunication and transportation infrastructure, the emergence and prosperity of the internet and telegraph technology, etc. These factors have played an essential role in the process of generating independence in the form of cultural and economic activities. The globalization process continues to influence business practices in various ways. Some of them include production, supply chain management, and marketing. In addition, it also defines the process of management of employees in businesses across industries. The process of globalization describes different dynamic phenomena that share similarities in various elements. First, the process cuts across national boundaries into other regions found far and beyond. Secondly, it causes increased integration and interdependence in human societies across the world. The globalization process often results in increased flows in the factors of production, most of which include labor and capital, products in the form of services and goods,and technology in national economies (Bernard 2003, 68). Globalization plays an essential role in influencing employment practices and workers in different countries. This paper examines the concept of globalization, and influences employees and employee management systems in organizations in both the developed and developing countries. One of the chief channels by which globalization affect developing countries is the existing labor market. It is important to realize that competition in the provision of goods and services, exchange rates, direct investments, and different forms of capital movements play an important role in labor earnings and employment in developing countries. In the processing of becoming competitive, developing countries break their trade

Interactive Whiteboards Essay Example | Topics and Well Written Essays - 750 words

Interactive Whiteboards - Essay Example "And the color, movement, sound and participation all come without messy chalk, stinky dry erase markers and copies of transparencies" (par. 2). Interactive whiteboards offer tremendous benefits not only for students, but also for teachers. They assist "people of many learning styles and save teachers time and space. Lessons can be saved into the system and can easily incorporate countless videos, maps, photos and websites. Teachers can pause videos and write notes on the screen, science classes can explore frogs through virtual dissection and geometry figures can be rotated, shrunk or expanded" (par. 18). In short, they make classroom instruction more efficient and learning more fun and interesting. The ability to harness the power, depth and breadth of the internet in this manner offers infinite new ways to try and reach out to students to grab their attention and improve their understanding of the material. There are many examples of ways in which this new technology has been and can be applied within the classroom. "Teachers can put a pyramid on the board and turn it so the class can see all the angles and sides. Students can count vertices by touching them on the board and setting them off in another color. Teachers can bounce between editing a paper on the board to searching for something online to illustrating what 1/16th of an inch looks like on a ruler" (par. 4). Any subject from math to literature to art and music can greatly benefit from these cybertronic chalkboards. This emerging hardware technology is significant because of its potential to revolutionize classrooms and teaching approaches. In the past, classroom instruction has tended to be one dimensional, very static, and non-interactive. Teachers would write on chalkboards or overhead slides, and would often be confined to the limited universe of often out-of-date instructional aids and materials to which they happened to have access. The ability of students to actively participate in a lesson, beyond raising their hand to answer the teacher's questions or make comments in a class discussion, was quite limited. With interactive whiteboards, teachers have the ability to take their lessons "outside of the box." Virtually any material available on the internet that pertains to the subject matter being taught can be summoned right then and there during a classroom lesson. This enables a much more detailed, nuanced and up-to-date discussion of the material. Further, students have a much greater opportunity to participate in the lesson in a meaningful way in which they can really interact with and digest the material. For example, at Centerville Elementary School in Minnesota, the technology prompted students to utilize their down time more productively, gathering around the board to review the material that had been taught earlier. "Using their fingers they dragged numbers on the screen into blank spots on a triangle as part of a math problem. When it's time for the class to leave for their next activity, one student pleads to the teacher, 'Can we check if it's right before we go'" (par. 11). As part of a literature lesson at the same school, teacher Tony Valenti used the device to bring to life the book

Philosophy - God's Existence Essay Example | Topics and Well Written Essays - 500 words

Philosophy - God's Existence - Essay Example In either case, belief in the existence/non-existence of God is the prime motivating force behind the manner in which we choose to lead our lives. Arguments for the existence of God are generally categorized into the ontological, cosmological and teleological. Saint Anselm uses abstract reasoning as proof of God’s existence. He conceives of God as a perfect being, â€Å"a being than which nothing greater can be conceived† (Anselm para1). This concept of God is understood even by the non-believer. Therefore, God exists in the understanding and cannot be conceived not to exist. Since the concept of God in understood and exists, God exists in reality. Saint Thomas Aquinas bases his argument on cosmology, which propounds that the existence of the world is contingent and must have a cause. Aquinas argues that motion, which is undisputed, predicates the existence of a mover. In this context, God is the â€Å"First Mover put in motion by no other† (Aquinas 58). Likewise, it is undeniable that everything has a cause and God here is the â€Å"First Efficient Cause† (58). Everything that exists has a necessity caused by another. God emerges as a necessary being, having his own inherent necessity and causing all other necessities. The acceptance of comparative degrees of quality: more and less, mandates the existence of â€Å"something which is uttermost† (59). This perfection is God. As all nature is designed to function towards the achievement of a particular purpose, it follows that this purpose has been ordained by an â€Å"intelligent being† (60), that is, God. Coming to the teleological argument, William Paley uses the analogy of a watch to assert that something as complex as nature has been ordered and specifically designed to serve a particular purpose. Therefore, even if we are unable to grasp the design and are aware of the defects, we cannot but acknowledge the contrivance which springs from â€Å"the intelligence of the

Spy Virus Linked to Israel Targeted Hotels Article

Spy Virus Linked to Israel Targeted Hotels - Article Example Moreover, Israeli has previously targeted events attended by prominent world leaders, and the fact that the virus was also in computers utilized in the commemoration of the 70th anniversary of the Nazi death camp confirmed the suspicion that Israeli was behind the cyber attack. Even so, the degree of sophistication of the virus has made it difficult for security experts to determine what kind of information the hackers stole. In fact, security experts estimate that it could take ten adept computer scientists â€Å"more than two years to build such a clean copycat† (Entous and Yadron, 2015). Overall, Kaspersky is relentlessly attempting to study the manner in which this sophisticated virus works before embarking on a mission to establish powerful antivirus programs to protect customers from cyber security vulnerability. Cyber criminality has been around for a long time. However, what is striking is that hackers are taking their ‘game’ to a completely new level. Hac kers have come to learn that by targeting security companies, they can learn quite a great deal about internet defenses. For instance, Kaspersky was a victim to the attack since the Israeli had a hint that Kaspersky antivirus programs protected the networks and computers in the target hotels. Following a successful attack on Kaspersky, it would be easy for the hackers to spy on their desired information. Verdonck (2015) affirms that hackers target the most vulnerable links in the company, who are the people. Kaspersky was no exception.

The Complete Works of William Shakespear Essay Example for Free

The Complete Works of William Shakespear Essay A burn is an injury caused by excessive energy transferred to the body. There are four different kinds of burns. The first type of burn is a thermal burn. A thermal burn is caused by an external heat source that causes the temperature of the skin and tissue cells in the skin to rise which causes the cells to get damaged or die. Thermal burns are usually caused by coming in contact with open flames, hot metals, or scalding liquids. The second type of burns are radiation burns. Radiation burns are be caused by extended exposure to radiation, such as Ultra-Violet  radiation from the sun. The third type of burns are Chemical burns. Chemical burns are caused by coming in contact with strong acids or alkalies. The last type of burns are electrical burns. Electrical burns are burn from coming in contact with an electrical current. Along with the four types of burns, there are also three different classifications on the levels of the severity of the burn. The least severe level of burn is called a first-degree burn or a superficial burn. A first degree burn only affects the epidermis, the  outermost layer of skin. An example of a first-degree burn is a sun-burn. First degree burns do not usually have any long term affects but sun-burns have been known to cause skin cancer. First-degree burns are very minor an heal quite easily. In the area around the burn and undamaged skin cells in the basale, or deepest layer of the epidermis grow and begin to spread out over wound until it is covered. A hormone called epidermal growth factor causes the basale epidermal skin cells to multiply until the skin reaches it original thickness. The next level of burn is called a second degree burn or a partial thickness burn. Second degree burns involve the epidermis and the dermis, the layer under the epidermis. The burn will be red, blistered and may be swollen. Second degree burns are painful and may cause scarring. The worst level of burns is a third-degree burn. Third degree burns destroy both the epidermis and dermis and may even damage muscles, tendons, or bones under the dermis. The wound will appear white or charred. The victim will feel no pain because all of the nerve endings have been destroyed. Second and third degree burns have a much more complex way of healing. The healing process has four stages. The first is the inflammatory phase in which the blood clots and the wound gets inflamed to kill off microbes, foreign objects and dead skin. The next stage is the migratory phase in which the wound begins to scab. The cells around the scab begin to migrate under the scab to cover the wound. In third-degree burns skin cells need to be implanted to start cell growth. Also in this stage blood vessels and scar tissue begin to grow. The next stage is the  proliferative phase in which epidermal cells begin to grow rapidly under the scab and blood vessels continue to grow. The final stage is the maturation stage in which the scab falls off after the skin under the scab have grown to its original thickness. The process in which scar tissue is formed is called fibrosis. Scar tissue has fewer blood vessels than regular skin and will have a different structure than regular skin. Scar tissue is usually lighter than your normal skin because of the lack of blood vesselsMore scar tissue is needed in more severe wounds.

Jindal Steel Power Limited

Jindal Steel Power Limited Jindal Steel Power Limited Company Profile Jindal Steel Power Limited, part of the Jindal Organization, is one of the important steel producers of the country. Founded at Hisar, Haryana by industrialist O P Jindal, it is currently the third largest producer in India in terms of tonnage. It manufactures sponge iron, iron ore etc. as well as active in power generation. With revenue of about $1363.5 million last year, the company employs more than 15000 people throughout the world. The company has its headquarters in New Delhi and is presently headed and managed by Naveen Jindal, son of late O P Jindal. (www.datamonitor.com) Decision making and analysis In the contemporary scenario, the success or breakdown of the business is closely associated with the class of decision making. Decision making at Jindal steel and power takes place at three levels * Corporate level: The decisions here generally concentrate on companys core competence, backward and forward integration, competitive advantages and manpower retention by employee empowerment. * Middle management: The decisions concern realization of goals set by the top management and to monitor the progress and make any mid course correction. * Operational management: Decisions related to product quality, delivery and after sales service to ensure customer satisfaction at all levels (internal as well as external). Strategic decision Cyclic industries like iron ore, steel or power are very susceptible to changes in government policies or in terms of availing new opportunities. Jindal management is in tune with such highly efficient strategic decision making. One such strategic decision taken by Jindal Steel and Power ltd. is discussed herein- â€Å"Jindal Steel and Power Limited has entered into a strategic alliance with Hydro Power development corporation of Arunachal Pradesh and the state government, to set up Subansiri Middle, a 1600 MW hydro electric power plant there (Asia Pulse, November 25,2009)†. The decision is considered strategic because- * This project will make them big enough in hydro electric power generation to eliminate any competition * There is a tremendous gap between supply and demand of power in India; this project will ensure returns which will never be affected adversely by any downturn in economy or political changes in the country. * Involves high degree of uncertainty and risk * Involves huge capital investment in the form of fixed assets and infrastructure Thus such decision is taken after undertaking extensive research and information analysis. Some of the important areas of research or information required before taking the decision are- * Information on the available alternatives to the decision; a critical and thorough analysis of the alternatives is required as huge investments are involved * Facts and information about the benefits or services being provided by the concerned state government like tax holidays, subsidies, land etc. (Arunachal Pradesh state government provides various incentives like Sales tax/VAT exemption up to 99% or low predetermined lease rents of land, (www.arunachalpradesh.nic.in). * Local and national competitors in Arunachal Pradesh, as well as analysis of the target areas * Information on availability of raw materials, labor supply and transportation facilities in the state of Arunachal Pradesh; as well as the legal and operational costs involved in the setting up of the plant Tactical Decision A tactical decision taken by Jindal steel and power management is â€Å"declaring a dividend of 550% for the shareholders†. The decision was taken after the company reported more than two-fold growth in consolidated net profits (www.jindalsteelpower.com). The decision taken here is tactical as- * It is medium term; dividends for one fiscal year * the decision is not very frequent or repetitive * the company will build brand loyalty and retain loyal stakeholders * Quantitative information is available about companys financials Although these decisions are less risk prone and have medium term effects, still they need to be taken after thoroughly analyzing the available information. Information required by the Jindal management before declaring dividends is discussed below * Complete information about the companys financial performance and reports * Understanding of the companys financial ratios to maintain a balanced financial leverage and favorable debt-equity ratio * Information on the other viable alternatives where the profits could be invested, if dividends are not to be declared * Competitor dividend policies whether dividends are declared by rival companies in that particular quarter Operational decision The bottom line of Jindal group depends on the decisions taken at operational levels. The guiding principles of decision making are waste management, quality management, delivery management in the most cost effective way. Jindal steel and power decided to hire another local transport company for the purpose of delivery of their raw materials from the market to logistics/ factory unit or goods from factory to market. The decision here is regarded as operational due to the reasons mentioned below- * The decision involved here is immediate and involves lower costs * Is for a short period of time * Has limited scope for decision * The decision is repetitive and susceptible to frequent changes Such decisions are often based on computerized data, experience of the managers or locally available information. Some information requirements are * Information about the cost and time benefits/losses associated with the decision * Comparative analysis of the available options (transport companies in this case) Competitive Intelligence Information on strategic and tactical moves of competitors plays crucial role in survival or death of an organization. Jindal Steel and Power limited is no exception to this. At Jindal, management is aware of its competition and does whatever it takes to keep ahead of the competitors. The main competitors of Jindal Steel and Power limited are * Steel Authority Of India Limited * Tata Steel * Tata Power * MSP Steel and Power limited Some cases or situations where information on competitors decisions and policies may prove or proved quite useful are discussed below Recently, when Steel Authority of India Limited entered into an exclusive agreement with the Indian Railways for supplying products, Jindal Steel and Power aware of the decision and the consequences, filed a case with the Competition Commission of India against Indian Railways on the basis that the exclusive agreement would threaten the likelihood of competitors contending for the projects through competitive bids (Business Standard, November 9, 2009). In another instance, Jindal steel and power ltd. being aware of the fact that the demand for galvanized iron and steel is quite high in many areas of north India, have themselves planned to launch something on the lines of galvanized steel launched by Tata steel in July 2009 (India Business Insight, November 2009). Having information about the decision of Tata steel to launch a new form of galvanized steel will prove quite beneficial to Jindal steel as they can launch a better product than the competitors and thus ensure that there is no loss or damage to their market share for the product in North India. In a similar situation, information on MSP steel and powers expansion plans in Chhattisgarh (www.myiris.com) is of utmost relevance to Jindal Steel and Power as it has a considerable market share in Chhattisgarh and MSP steel and powers expansion there might affect Jindals business and market share. Thus JSPL can take certain decisions and change/develop plans for their own expansion to make sure that there is no effect on their market share and they have a competitive edge over their competitors. Another instance where knowledge about competitors decisions and information proved quite beneficial to JSPL is regarding the setting up of a power plant in Arunachal Pradesh. Jindal Steel and Power, knowing about the plan of Reliance power to set up 1000 MW hydro electric power plant in Arunachal Pradesh (India Business Insight, 2009), formulated its own strategies and decisions accordingly, and decided to set up a hydro electric power plant with more power generation capacity before the establishment of Reliance Powers plant there. B2B Commerce Jindal Steel and Power Whatever the size of the business may be, B2B e-commerce undoubtedly adds value to its operations. Jindal group has kept itself abreast with the latest technology and launched a B2B portal Steelmart.com for the steel sector. It has formed alliances with various service providers like Indiaport.com and many others to provide a perfect environment for choosing and selecting new business associates for carrying out the transactions, not only for the companies under the Jindal group but the other firms in the steel sector as well. However in context of Jindal Steel and power, through this initiative, Jindal group intends to provide Jindal steel and power with an easy access to market functionaries: producers, distributors, suppliers etc and an electronic marketplace solution (Business Line, September 2000). This enables JSPL to ensure a continuous availability of raw materials whenever required to improve the efficiency level of operations and supply/distribution channels. B2B without any question offers variety of information on products, suppliers, product time and lead time, competitors, market share etc. and therefore besides the portal, Jindal management has developed an extensive system of B2B commerce or in other words, an online system providing suppliers all over the country the facility to register with the Jindal group and supply raw materials and other resources as and when required by the company. Jindal group already has a well established Enterprise Resource Planning and SAP mechanism, and B2B is just another leap forward to become more cost effective and competitive. Looking at the pace with which Jindal Steel and Power has rose to a position of eminence in the steel and energy industry, B2B holds even more importance for the company in the future and has very high future potential. Conclusion Jindal Steel and Power limited can be thus seen as a highly efficient and competitive company, in tune with the latest aspects of the technology and development, possessing at the same time, the wide experience and knowledge of an equally effective and efficient management team. The company is a live example of excellence and perfectionism involving highly competent decision making, planning and execution of the strategies. References * Indias Jindal to setup 1600 MW power plant in Arunachal (2009). Asia Pulse (Internet), 25 November. Available from Accessed 24th November 2009 * Arunachal Pradesh State Industrial Policy (2008), Department of Industries, Government of Arunachal Pradesh (Internet). Available from Accessed 24th November 2009 * Jindal Steel net up 2 fold; announces 550% dividend (2009) Press Trust of India (Internet) 27 May. Available from Accessed 24th November 2009 * Press Trust of India (2009) JSPL files complaint against railways with CCI. Business Standard (Internet) 9 November. Available from Accessed 25th November 2009 * Tata launches Galvanized Steel brand (2009). India Business Insight (Internet) 13 July. Available from Accessed 25th November 2009 * Company Profile ‘Jindal Steel and Power limited (2008). Available from Accessed 24th November 2009 * IRIS Business Service (2008) MSP Steel announces expansion plans (Internet) 13 August. Available from Accessed 25th November 2009 * Reliance Power to set up a hydroelectric power plant in Arunachal Pradesh (2009). India Business Insight (Internet) 30 September. Available from Accessed 25th November 2009 * The Hindu Bureau (2000) O P Jindal group launches portal for steel sector (Internet) 30 September. Available from Accessed 26th November 2009

The Meaning Of Chow Yun-fat (its In His Mouth) :: essays research papers

The Meaning of Chow Yun-Fat (It's In His Mouth) Ultimately, it comes down to his mouth. Chow Yun-Fat is the coolest movie actor in the world today, and the only way I can explain this is to talk about his mouth. He does cool things with his mouth. Smoking cigarettes is no longer an emblem of cool in the USA, but Chow does wonders with cigarette smoke in Prison On Fire. Director Ringo Lam understands this; like most of the great Hong Kong directors, he loves using slow motion and freeze frames to pinpoint important moments in his movies, and he saves a few of the most elegant slow-motion sequences for Chow blowing smoke and looking cool. In John Woo's over-the-top classic, Hard Boiled (the rough literal translation of the Chinese title is Spicy-Handed Gun God), Chow plays with a toothpick. There are few movie moments more violently cool than the shot of Chow, a gun in each hand, sliding down a stair banister blasting a dozen bad guys while letting his toothpick hang just so from the side of his mouth. In God of Gamblers, Chow plays a gambler who gets a bump on his head that turns him into some quasi- autistic prodigy, like Dustin Hoffman in Rain Man. Chow retains his intuitive skill at playing cards, but now he must be pacified by constant pieces of chocolate that he scarfs greedily, goofy smile on his face. Blowing smoke, dangling his toothpick, eating chocolate, or just smiling ... ultimately, when trying to explain why Chow Yun-Fat is cool, it comes down to his mouth. Everything I have said so far describes a subjective reaction to watching Chow Yun-Fat on the screen. Fill in the name of your favorite actor or actress, change the specific references, and this could be your essay. We don't learn anything new from such subjective meanderings; we only identify taste preferences. I'm proud to be a Chow fan, but then, I am proud to be a fan in general. With other favorites of mine, though, I am able to get at least a little bit beyond subjectivity. Be it Murphy Brown or X-Ray Spex, Bruce Springsteen or NYPD Blue, at some point I can analyze my relationship to the cultural artifact in question, place it in some cultural context, and come to some hopefully useful conclusions about both the particular text and our interaction with that text. Chow Yun-Fat, however, seems to defy my attempts at analysis; ultimately, it all comes down to his mouth and nothing more. Try describing Chow Yun-Fat to someone who has never seen him on the screen.

The Scaffold Scenes in Nathaniel Hawthornes The Scarlet Letter Essay

The Scaffold Scenes in Nathaniel Hawthorne's The Scarlet Letter In Nathaniel Hawthorne?s The Scarlet Letter, the Puritans constantly look down upon sinners like Hester Prynne, both literally and symbolically. The use of the three scaffold scenes throughout the course of the novel proved to be an effective method in proving this theory and showing how Puritan society differs from that of today?s. In the first scaffold scene, Hester is being led from the prison where she has spent the last few months, towards the scaffold clutching her newborn baby to her bosom, covering the scarlet letter-the two symbols representing truth and her lost innocence. She stands on the scaffold, with the magistrates and ministers standing above her on the pulpit, symbolizing that they will always be closer to God than she will ever be, however, the reader is unaware that Hester?s minister, Arthur Dimmesdale, who also stands above her on the pulpit, which is a bit of dramatic irony, considering the fact that he is the father of the infant, and her accomplice in her sin. Also during this scene, the man the reader comes to know as Roger Chillingworth hides in the shadows, looking up at Hester, the evil already swelling within him, blackening his soul. The events leading up to the next scaffold scene, some years later, are some of the most significant scenes in the entire novel. The treatment of Dimmesdale by Chillingworth, who Dimmesdale had taken in as his physician, plays a key role, due to the fact that Chillingworth?s intentions are less than pure. Chillingworth is bent on revenge, and is willing to do anything necessary, even destroy another man?s life in order to soothe the savage beast within. However, deep inside Chillingworth?s... ...t and withdrawn, as if all the life and faith he had in the world had been drained out of him. It is in this scene that Dimmesdale finally recognizes Hester and Pearl publicly, he takes them up upon the scaffold with him, and announces to the world what he has done, and through this he feels that he has suffered enough and that his conscience is clear, and with this he dies and goes to Heaven, a soul that has been forgiven, leaving Hester and Pearl alone once again with their grief, and their sin. These three scaffold scenes display the rise of conflict, the climax, and the conclusion. All three tie together to show a common theme, truth. The scaffold and those who stood upon it stood for truth, while those above them judged and those below gawked. It serves as an important symbol throughout the novel setting apart the sinners and those who would judge them.

Economic growth in Botswana :: essays research papers

I recently had the pleasure of listening to Dr. Scott Beaulier speak on his research on the reasons why the small and desolate country of Botswana has had such drastic economic growth in the last 30 years. Dr. Beaulier partook in what is called an analytic narrative, which is the act of learning about a country by going there and totally immersing ones self in their economy and way of life as to experience it all first hand. This helped him with his research. Botswana is a small country roughly the size of Texas with 1.7 million inhabitants. Nearly 80 percent of Botswana is the Kalihari desert. This makes Botswana a sub-Saharan, land locked country. Many economists believe in the geography hypothesis, which states that countries that are northern and near water will prosper, while those that are southern and land locked will most likely struggle. Botswana broke this hypothesis, being both southern and land locked. Botswana, unlike many neighboring countries, pursued a sound economic policy, favoring free trade, a free market, and a limited government. There was no military presence in Botswana till 1976. With no military presence, Botswana could grow without the need of military spending. Botswana also relied on their traditional customs, even in post colonial periods. Botswana had a pre-colonial institution called the Kgotlas that consisted of chiefs from various regions of the country. These chiefs would hold basically what was consider ed a town council with all the tribesmen to discuss issues. The chiefs took complaints constructively and worked to better the situation. This form of government set Botswana aside from many other African countries. Botswana was colonized by Great Britain in the 1880’s in an attempt to prevent to German, who had colonized neighboring Namibia, from tapping into South Africa’s diamond source. Great Britain was reluctant to colonize Botswana, due to its lack of favorable geographic qualities. In 1965, Botswana was established as an independent state. A major leader that emerged to lead Botswana was a man by the name of Comma. He married a white woman by the name of Ruth Wilson. He was a very lenient ruler, and tried to establish a successful country. He allowed refugees in from neighboring countries. He believed that no defense was the best defense. He figured that if his country was invaded, one of the major world powers would come to his aid. Therefore he had no military to spend money on. Economic growth in Botswana :: essays research papers I recently had the pleasure of listening to Dr. Scott Beaulier speak on his research on the reasons why the small and desolate country of Botswana has had such drastic economic growth in the last 30 years. Dr. Beaulier partook in what is called an analytic narrative, which is the act of learning about a country by going there and totally immersing ones self in their economy and way of life as to experience it all first hand. This helped him with his research. Botswana is a small country roughly the size of Texas with 1.7 million inhabitants. Nearly 80 percent of Botswana is the Kalihari desert. This makes Botswana a sub-Saharan, land locked country. Many economists believe in the geography hypothesis, which states that countries that are northern and near water will prosper, while those that are southern and land locked will most likely struggle. Botswana broke this hypothesis, being both southern and land locked. Botswana, unlike many neighboring countries, pursued a sound economic policy, favoring free trade, a free market, and a limited government. There was no military presence in Botswana till 1976. With no military presence, Botswana could grow without the need of military spending. Botswana also relied on their traditional customs, even in post colonial periods. Botswana had a pre-colonial institution called the Kgotlas that consisted of chiefs from various regions of the country. These chiefs would hold basically what was consider ed a town council with all the tribesmen to discuss issues. The chiefs took complaints constructively and worked to better the situation. This form of government set Botswana aside from many other African countries. Botswana was colonized by Great Britain in the 1880’s in an attempt to prevent to German, who had colonized neighboring Namibia, from tapping into South Africa’s diamond source. Great Britain was reluctant to colonize Botswana, due to its lack of favorable geographic qualities. In 1965, Botswana was established as an independent state. A major leader that emerged to lead Botswana was a man by the name of Comma. He married a white woman by the name of Ruth Wilson. He was a very lenient ruler, and tried to establish a successful country. He allowed refugees in from neighboring countries. He believed that no defense was the best defense. He figured that if his country was invaded, one of the major world powers would come to his aid. Therefore he had no military to spend money on.

A new India

It is an undeniable fact that the youth constitute a vast reservoir of energy, especially in a country like India with a population of more than 100 crore. Out of this total, those falling in the 15-30 age group constitute 40 percent. This means that nearly 40 crore young men and women stupendous man power by all counts indeed, are available for handling various tasks of national reconstruction. History bears out the undesirable fact that all great movements of nationwide importance have succeeded on the strength of massive youth power.In India, the epoch-making Indian National Movement could gain momentum and shake the very roots of the British Raj only when the youth were harnessed in it. Over a decade ago, Mao Tse Tung, the famous Chairman of the Chinese Communist Party, relied upon youth power to usher in a great Cultural. Revolution. The Chinese youth enacted a memorable drama of national reconstruction. The same is the story of the French Revolution. Large parts of West Europe and North America were swept across by massive waves of youth and student power.In India several top-ranking leaders have paid homage to youth power and have regarded it as an inexhaustible reservoir of human resources. ‘Catch their young ‘ has been the motto. Mahatma Gandhi once saul, â€Å"Young man. claiming to be the fathers of tomorrow, should be the salt of the nation. If the salt loses its flavor, wherewith shall it be salted? † The elders, including statesmen, expect India ‘s youth to do vote their energies to the task of reconstructing India in accordance with the long accepted ideals.There is little doubt that given the right lead and guidance, India ‘s youth can create a new society by eliminating the evils, making good the flaws and deficiencies and facilitating the reinstatement of the highly cherished moral values of the East. In addition to this they can lay the basis for reconstruction in all spheres-social, economic and political. This begins with uplifting the rural masses in particular from the state, of stagnation as a result of the shackles of decayed traditions and superstitions senseless customs, ruthless exploitation by the greedy landlords and ineffective and retrograde official programmes.In the social arena, the youth can help the rural masses who are gripped by the wily village leaders, crafty priests and other religious men who revel in supper situations. They can do something to broaden the ‘horizon ‘, of the village-folk. Social emancipation and reconstruction involves tackling the dowry menace, illiteracy rumoring of caste and clan prejudices, checking corruption, elimination of untouchability and other discriminatory practices, besides child marriage and ill-treatment of widows.These tasks seem formidable and arc bound to meet with rebuffs. But a little patience and perse?verance on the part of the youth to make headway. The task of economic reconstruction of the country is admit?tedly complex and the enlightened youth can make a significant contribution in it. It includes expediting development by facilitating implementation of the various programmes drawn by the Central and the State Governments.They can introduce the modern outlook to agriculture and industry and bring about the ‘Green ‘ and the ‘White ‘ revolutions, India ‘s youth policy aims at promoting govern?mental and non-governmental effort in implementing various programmes. During the last forty years of India ‘s independence, various youth programmes have been started in the country with a view to involving the youth in national reconstruction. In 1948, the National Cadet Corps was launched to create awareness of the youth in nation?al defence and to ensure their active participation.In 1969, the National Service Scheme was started to promote social consciousness, a sense of responsibility as well as a sense of discipline and dignity of labour among youth. With thi s view special camps were organized; ‘Youth against Famine ‘, â€Å"Youth against Dirt and Disease ‘, ‘Youth for Afforestation and Tree Plantation ‘ and ‘Youth for Rural Reconstruc?tion ‘ etc. Since 1981-82 economic -development programmes have been taken by NSS volunteers. During 82-83 about 5. 5 lacs students participated in various commendable programmes.Parallel to the NSS are the Nehru Yuvak Kendras which are innovative multi purpose institutions. The basic purpose of this scheme is to enable such youth to help the process of rural deve?lopment and popularize national objectives. At these centres, voca?tional training is imparted for self-employment and social service. Then, there is the National Service Volunteer Scheme, laun?ched in 1977-78, which provides opportunities to graduate students to involve themselves on a voluntary basis in nation-building acti?vities for a specific period on a whole time basis.These volunteers are genera lly engaged in promoting adult educational programmes. In this connection, exchanges of visits by youth of different regions of the country have been helpful. In the political sphere too, the youth can help in cleansing the Eugean stables. The entire political system is infested with oppor?tunism, nepotism, corruption, deception, fraud, intrigues and shrewd tactics. Most of the political parties have no clear far-sighted goal and no well-thought-out programmes of national reconstruction.The leadership is in the hands of senile octogenarians, power-hungry and unwilling to make way for the younger generation. Fortunately, India now has a young Prime Minister in Shri Rajiv Gandhi. He is Anxious to clear up the mess that has accumulated over the years and to ensure an honest, credible regime. The youth can play a significant role by strengthening his hands. Admittedly, the young men and women of today are disgrunt?led and frustrated on many counts.The internal strife, graft all round, d ouble talk, frauds, chicanery, political opportunism, decep?tion, deep-rooted corruption and an air of distrust among the young and the old are among the causes of unrest among India ‘s youth. Several institutions, like joint-family system, are disintegrating before their eyes. To make matters worse, there are social injustices and the unwillingness of the old fossils to step down and make way for the young people. However, there is no room for frustration and giving up; they should be brought round by patient endeavour.The role of the youth for national reconstruction became even more relevant in 1985 which was celebrated as the ‘International Year of the Youth ‘ with the basic themes of ‘Participation, Develop?ment and Peace ‘. In the years to come, the role of the youth in India and other developing countries of Asia, Africa and Latin America, in the task of national reconstruction is going to become increasingly more significant. The challenges are immense, and the youth, as a well-regulated wave of power can sweep through the country and meet these challenges competently, and life the country to heights of progress.

Remedies – Contracts Act 1950

REMEDIES †¢ method by which an injured party enforces a right or corrects a loss. It will depend on the nature of breach and the result will be differ between parties. The remedies available for breach of contract are: 1) RESCISSION †¢ An equitable remedy available at the discretion of the judge. It is available where a contract is voidable as a result of a vitiating factor such as misrepresentation, undue influence or duress. It will not cover damages. Car &Universal Credit v Cadwell Norris had paid ? 10 cash deposit and left another car as security and gave a cheque for ? 65 to Cadwell for Jaguar car purchased. The next day, Caldwell went to cash the cheque and discovered it was fraudulent and the car left as deposit turned out to be stolen. The court held that Mr Caldwell had successfully rescinded the contract. He had taken all steps possible to demonstrate that he no longer wished to be bound by the contract. He should not be prejudiced by the fact that his endeavours failed to locate Norris. 2) RESTITUTION †¢ It is not contractual and does not rely on plaintiff damages (quasi-contract). One party knowingly has received a benefit to which party is not entitled.An arrangement imposed by judge to rectify an occurrence of unjust enrichment. Sinclair v Brougham The society became insolvent, and the question arose how to divide up assets. By the time of the action, the only live issue was between some of the â€Å"B† shareholders and the depositors in the bank, the position of the â€Å"A† shareholders and trade creditors having been settled by agreement. The court held that the bank’s actions had been ultra vires and void, and that there was no possibility for the depositors to recover under quasi-contract. 3) DAMAGES It is a legal remedy available for breach of contract. Damages are an award of money to compensate the innocent party. The primary purpose of damages is to place the injured party in the position they would hav e been in had the contract been performed. †¢ Types of Damages:  There are basically four broad categories of damages: ? Compensatory (to cover direct losses and costs). ? Consequential (to cover indirect and foreseeable losses). ? Punitive (to punish and deter wrongdoing). ? Nominal (to recognize wrongdoing when no monetary loss is shown) An award of damages is subject to the application of the rules on causation, remoteness and a duty to mitigate loss. †¢ Provision : Section 74 & 75 CA Heng Hang Khim v Sineo Enterprise Sdn Bhd The court held that where the defendant failed to deliver vacant possession of a condo unit before the 36-month period as stipulated in the S&P agreement. The plaintiff was entitled to a refund of the sum paid which was compensation for loss & damage caused by breach of contract. Selva Kumar a/l Murugiah v Thiagarajah a/l Retnasamy The court held that there is no distinction between liquidated damage and penalties.In view of section 75 which prov ides that in every case the court must determine what is the reasonable compensation. Any failure to prove the damages will result in refusal to award such damages. †¢ Remoteness A claimant may only recover losses which may reasonably be considered as arising naturally from the breach or those which may reasonably be supposed to be in the contemplation of the parties at the time the contract was made. Hadley v Baxendale Due to neglect of the Defendant, the crankshaft was returned 7 days late to the plaintiff.The plaintiff unable to use the mill during this time and claimed for loss of profit. The Defendant argued that he was unaware that the mill would have to be closed during the delay and therefore the loss of profit was too remote. The court held that Hadley would have been entitled to recover lost profits from the five extra days the mill was inoperable. However, the rule should be that the damages were those fairly and reasonably considered to have arisen naturally from th e breach itself, or such as may be reasonably supposed to have been in the contemplation of both parties at the time the contract was made. Mitigation of Loss The law imposes a duty upon the person claiming damages to take all reasonable steps to reduce or mitigate their loss. If the plaintiff is able to avoid loss, damages will not be recoverable for the potential loss that the plaintiff may have suffered. Payzu v Sauders The court held that the claimant was not entitled to damages. He was given the opportunity to purchase at the discounted price but rejected this. He was under a duty to take reasonable steps to mitigate his loss. The offer was a reasonable one and one which the claimant could easily have complied with. ) SPECIFIC PERFORMANCE It is a discretionary order granted by the courts directing a person to carry out their obligations under contract. It is not generally used in breach of contract actions unless damages prove to be inadequate. When the court cannot supervise t he implementation of contract, it will not generally grant specific performance. Ryan v Mutual Tontine Westminster Chamber Association The lessor agreed to provide porter who would be ‘constantly in attendance’ but the porter also works as a chef. In his absence while working as chef, other person will perform his duties.The issue was whether tenant could seek an order of specific performance against the porter that he carries out his obligations. The court was not prepared to order specific performance because it would have had to constantly supervise the porter’s attendance. Lamare v Dixon The plaintiff induced the defendant to agree to take a lease of cellars by orally promising they would be made dry. The promise had no effect as a misrepresentation as it related to the future. The court refused the plaintiff specific performance since he had made no attempt to perform his promise.Cohen v Roche The court refused the specific performance to a buyer of a set of Hepplewhite chairs saying that they were ‘ordinary articles of commerce and of no special value or interest'. The buyer was contracting with a view to resale and for personal use. 5) INJUNCTION †¢ It is a discretionary court order. Unlike specific performance, this is a court order restraining a party from breaking their contract or from committing a wrongful act and will not be awarded if damages are an adequate remedy. An injunction may be: ? Prohibitory – preventing the breach of contract. ? Mandatory – requiring a person to perform some contractual obligation. ? Interlocutory – where it freezes the status quo between the parties until the dispute can be heard by court. Neoh Siew Eng & Anor v Too Chee Kwang (mandatory example) The landlord had cut the water supply. An injunction was granted requiring the landlord to keep all communication pipes in proper repair so that water supply to the premises would not be disconnected.Broome (Selangor) Rubber Plantations v R H Whitley (prohibitory example) An injunction was granted restraining an employee from entering into employment as a manager or assistant of any plantation in the States of Selangor and Negeri Sembilan other than the estate of his employers until the expiry of his contract of service. This is equivalent to â€Å"the specific performance by the court of that negative bargain which the parties have made†. †¢ Mareva Injunction It prevents the defendant removing or disposing any assets in the jurisdiction until the court makes decision.Mareva Compania Naviera SA v International Bulk Carriers SA, The Mareva. The shipowner hired out their ship (Mareva) to the defendant with half-monthly in advance. The defendant were only able to meet the first two installments, Mareva sued for damages and unpaid hire. They also sought an injunction to stop hirer removing any monies received from the voyage. The issue whether an injunction was obtainable to prevent the removal before judgment. The court held that an injunction was granted to continue until the dispute came to trial to prevent the defendants from disposing any assets. ) ANTON PILLER ORDER May be made available in exceptional circumstances. It is a  court  order that provides the right to search premises and seize evidence without prior warning. This prevents destruction of relevant  evidence, particularly in cases of alleged trademark, copyright or patent infringements. Anton Piller v Manufacturing Processes Ltd The plaintiff was under the belief that one of its agents was supplying confidential information to one of their competitors. However, they are concerned that subpoena would give ample time for the agent to destroy evidence.The issue was whether the company could obtain an order enabling them to enter the agent’s premises to inspect the documents. The court granted the order as there was strong prima facie case of infringement which could cause damage to applicant and clear evidence that the defendants had incriminating the material in their possession which they could destroy. 7) QUANTUM MERUIT Quantum meruit means â€Å"as much as he deserved†. It is the determination of value of the services extended based on the amount of work and the rate of work existing there for similar work, when an agreement or contract is not existing between the parties.The contract may be discharge by breach but where the contract is for goods & services, there is a new implied contract imposed by law on the party taking benefit that they will pay reasonable amount of quantum. †¢ Can arise where: ? A defendant has prevented a plaintiff from carrying out their contractual duties. ? The parties cannot agree on payment ? The parties agree on payment for the part-performance but not the actual amount. Sumpter v Hedges The claimant agreed to build two houses and was agreed that ? 565 would be payable on completion.The claimant done a little more than half job and then ran out of money and was unable to complete. Then defendant completed the work himself. The issue was whether the claimant could recover payment for work done. The contract was entire and not divisible. So, the claimant could not recover under it. Furthermore, it is not defendants fault he could not complete the job and so there was no entitlement for quantum meruit. While the defendant obtained the benefit, it did not constitute acceptance of partial performance in this case.

How much aggressive behaviour is shown on television? Essay

The average American child sees 32,000 murders, 40,000 attempted murders, and 25,000 acts of violence on television before the age of 18 (Ahmed, 1998). Gerbner’s studies of violence on American television (Gerbner, 1972; Gerbner & Gross, 1976; Gerbner et al. , 1980, 1986) Defining violence as: ‘†¦ the overt expression of physical force against others or self, or the compelling of an action against one’s will on pain of being hurt or killed’, Gerbner’s team have found that since 1967 the percentage of television shows containing violent episodes has remained about the same, but the number of violent episodes per show has gradually increased. In 1986, there was an average of around five violent acts per hour on prime-time television. On children’s weekend shows, mostly consisting of cartoons, about 20 violent acts per hour occurred. British research by Halloran & Croll (1972) and the BBC’s Audience Research Department were both based around Gerbner’s analysis. Both studies found that violence was a common feature of programming, although it was not as prevalent on British as on American television. Cumberbatch (1987), commissioned by the BBC, analysed all programmes broadcast on the (then) four terrestrial channels in four separate weeks between May and September 1986. The main findings from Cumberbatch’s (1987) study: Cumberbatch found that 30% of programmes contained some violence, the overall frequency being 1. 14 violent acts per programme and 1. 68 violent acts per hour. Each act lasted around 25 seconds, so violence occupied just over 1% of total television time. These figures were lower if boxing and wrestling were excluded, but higher (at 1. 96 violent acts per hour) if verbal threats were included. Death resulted from violent acts in 26% of cases, but in 61% of acts no injuries were shown, and the victim was portrayed as being in pain or stunned. In 83% of cases, no blood was shown as a result of a violent act, and considerable blood and gore occurred in only 0. 2% of cases. Perpetrators of violent acts were much more likely to be portrayed as ‘baddies’ than ‘goodies’, and violence occurred twice as frequently in law-breaking than in law-upholding contexts. Cumberbatch argued that whilst violence, and concerns about it, had increased in society in the decade up to 1987, this was not reflected by a proportional increase on television, even in news broadcasts. He concluded that: ‘While broadcasters may take some comfort from our data on trends in television violence, they must expect to be continually reminded of their responsibilities in this area and be obliged to acknowledge that a significant minority of people will remain concerned about what’s on the box’. More recently, the BBC and ITV commissioned Gunter & Harrison (1998) to look at the frequency of violence on terrestrial and satellite channels. Some findings from Gunter & Harrison’s (1998) analysis of violence on British television: The researchers monitored 2084 programmes on eight channels over four weeks in October 1994 and January/February 1995. The findings include: On BBC 1 and 2, ITV and Channel 4, 28% of programmes contained violent acts, compared with 52% on Sky One, UK Gold, SKY Movies and the Movie Channel.   Violence occupied 0. 61% of time on the terrestrial channels and 1. 53% on the satellite stations.   The greatest proportions of violent acts (70%) occurred in dramas and films; 19% occurred in children’s programmes. Most violent acts occurred in contemporary settings in inner-city locations. The majority of perpetrators were young, white males. One per cent of programmes contained 19% of all violent acts. Double Impact, shown on the Movie Channel, for example, contained 105 violent acts, as against on average 9. 7. The United States was the most common location for violence (47%), followed by the United Kingdom (12%). The third most likely location was a cartoon setting (7%), and then science fiction locations (4%). On the basis of the finding that violent acts account for 1% of programme content on terrestrial channels and less than 2% on some satellite stations, and the fact that 1% of programmes contained 19% of all violent acts, Gunter and Harrison concluded that: ‘The picture that emerges is not one of a television system permeated by violence, but rather one in which violence represents only a tiny part of the output and where it tends to be concentrated principally in a relatively small number of programmes’ (cited in Frean, 1995). An almost identical conclusion was reached by the American Academy of Paediatrics (Murray & Whitworth, 1999). As well as television, violent behaviour can also be seen at the cinema or on video (and what is shown may or may not be subsequently screened on television). Evidence indicates that a large percentage of 9-11 year olds have watched 18-rated videos, including particularly violent Nightmare on Elm Street, The silence of the lambs, and Pulp Fiction (Ball & Nuki, 1996; Wark & Ball, 1996). The effects of television on Children’s behaviour: Research into the effects of television on Children’s behaviour began in America in the 1960’s, following the publication of the results of Bandura et al’s ‘Bobo doll experiments’. These ‘first generation’ (or ‘Phase one’: Baron, 1977) studies involved filmed or symbolic) models. Essentially, Bandura et al. showed that children can acquire new aggressive responses not previously in their behavioural repertoire merely through exposure to a filmed or televised model. If children could learn new ways of harming others through such experiences, then the implication was that media portrayals of violence might be contributing to increased levels of violence in society (Baron, 1977). However, Bandura (1965) warned against such an interpretation in the light of his new findings that the learning of aggressive responses does not necessarily mean that they will be displayed in a child’s behaviour. Nevertheless, the possibility that such effects could occur was sufficient to focus considerable public attention on Bandura et al. ‘s research.

Nigerian Economy: Macroeconomic Analysis

sisNigeria – Country Report 2012 61310039 Indian School of Business 7/6/2012 Contents Economic Overview3 Gross Domestic Product (GDP)3 GDP Composition4 Inflation4 Shadow Economy5 Trade Overview5 Foreign Debt7 Labor Market & Human Capital7 Population and Income Inequality8 Unemployment9 Currency10 Money Supply and Monetary Control10 Fiscal policy12 Exchange rates12 Interest Rates13 Foreign Direct Investment14 Globalization and Comparative Advantage14 Conclusion15 References16 Economic Overview Nigeria's economy is estimated to be worth about $262bn, making it one of the largest economies in Africa.The estimates and analysis of various indicators is discussed in the later sections. The country has fared better than many other countries during the global economic downturn, but systemic problems in infrastructure and the labor market mean that its position in the Economist Intelligence Unit's global rankings remains towards the bottom during the forecast period, at 75th out of 82 countries. Efforts to create a significantly more attractive business environment are likely to produce only modest results owing to the slow pace of more fundamental reforms. Nigeria has taken steps to simplify trade by working on its tariff structure.However, there is still a protectionist sentiment in the country. Cross border smuggling is still a major concern and is liable to remain an important feature of the Nigerian economy. The capacity and efficiency of Nigerian ports (Trade) have improved following the implementation of an ambitious concessioning program that transferred management of terminals to private operators. However, although the reforms have improved port operations and ship turnaround times, there remains the problem of corruption in the customs service, which can complicate and delay the clearance of goods. Gross Domestic Product (GDP)The latest GDP projection data as brought out by World Bank is $ 268. 5 billion (2013 F) and the country population is projected at 175 million translating into a GDP/Capita to 2,213. The Real GDP Growth for Nigeria has been at 6. 8 %. However, considering the disparity in the country’s infrastructure viz-a-viz other Asian developing nations the growth rate is not enough for substantial improvement. Nominal GDP| 2007| 2008| 2009| 2010| 2011| 2012(F)| 2013(F)| US$ bn| 166. 5| 208. 1| 169. 4| 196. 3| 244. 2| 262. 4| 268. 5| N bn| 20,941| 24,665| 25,225| 29,498| 37,590| 42,877| 46,720| Real GDP growth %| 6. | 6| 7| 7. 8| 7. 4| 6. 4| 6. 9| Source: Economic Intelligence Unit| GDP Composition In Nigeria, the Investment component of the GDP as compared to the private consumption and government is very low, hovering at 17 % approximately. A developing market is required to invest around 40 to 50% of GDP in capital investment for successive number of years. However that is not seen with Nigeria. Hence, the prospect of Nigeria as an investment destination appears to be grim in the near future. | 2007| 2008| 200 9| 2010| 2011| 2012 F| 2013 F| Private consumption| 6. 6| -34. 3| 6. 4| -26. 7| 11. 8| 9. | 10. 4| Government consumption| 90. 8| 4. 4| -8. 1| 17. 8| 12| 8. 5| 8| Gross fixed investment| 24. 5| -6. 8| 9. 1| -3. 6| 6. 5| 6| 6. 5| Exports of goods & services| -11. 7| 43. 4| -30| 11. 4| 11. 9| 10. 4| 12. 4| Source: Economic Intelligence Unit| The graph below gives the GDP contribution – Industry wise for Nigeria. Crude is one of the major contributors to the GDP. Hence, and rate fluctuations in the price of crude oil have added volatility in the Nigerian GDP. Inflation Despite monetary tightening carried out by the CBN in 2011, the forecast for inflation remains negative.Inflation is expected to increase to 12. 7% in 2012. Fiscal laxity by the states is one of the main reasons for this. In addition, the payment of the newly instituted minimum wages and the injection of funds into the bailed out banks, inflationary pressure is bound to continue for the rest of the year. It is exp ected moderate only in 2014 as a result of moderation in commodity prices. The April 2012 inflation data as obtained shows a Month-on-month inflation to be (0. 13%), Year-on-Year (12. 9%), 12-Month Avg. Chg. (11. 1%). The inflation rate is exceedingly high and is detrimental towards investment in the country.The Consumer Price Index and Nigerian Inflation rate is shown below. Source: Economic Intelligence Unit Shadow Economy The untaxed and unregulated revenues – by some estimates – account for between 40% and 45% of gross domestic product (GDP). Nigerians make most of their living, as street hawkers, minibus drivers, money changers or market traders. In spite of the abysmal performance of the country’s economy, poor infrastructure and unfriendly business environment Nigeria has huge potentials to be tapped because of its huge deposits of Natural Resources nd population that can be gainfully employed. The black economy accounts for a large part of the Nigerian e conomy. Trade Overview Nigeria has considerable natural resources such as oils, and the revenue from oil exports forms a major chunk of the Government fund. Nigeria has recently started a sovereign wealth fund and the excess returns from oil exports viz-a-viz projected returns is directed to this sovereign fund. This fund is building up at a slower pace as the revenue is being directed towards meeting government excess spending to meet the countries capital requirement.The country has been putting efforts to tighten the fiscal policy and the same has been reflected in their medium-term expenditure framework. The country has projected a year-on-year budget deficit of 1% of GDP. However, from the recent trends it appears that Nigeria will be able to sustain a year-on-year budget deficit of 2% given the prices of oil remain stable even though the current European turmoil and a slowdown in china can push oil prices down and lead to further increase in Nigeria’s Fiscal deficit.Nig eria intends borrowing from the international capital market for meeting its capital expenditure requirement in the near future. The total value of Nigeria's exports in the first quarter of 2012 is at about USD 30 billion, the exports to India has reached USD 4. 2 billion, compared to USD 3. 7 billion credited to the US in the period under review. Nigeria's export to India is mostly crude oil and cashew nuts while India exports pharmaceutical goods, machinery, electronics and rice. The US was trailed by the Netherlands with USD 2. billion, followed by Spain with USD 2. 4 billion and Brazil which recorded USD 2 billion. Nigeria is a member of the WTO and does not impose permanent import restrictions however it has a huge banned list of import goods which coupled with ad valorem tariffs have given rise to increase in smuggled goods. As such the restrictions do not seem to have benefited the local industries. There are specially designated export processing zones which provide benefits from tax, duties, foreign exchange restrictions and import-export restrictions.The Nigerian Export Credit Guarantee and insurance corporation (Nexim) provides insurance under the government’s export guarantee scheme. This has helped exporters in raising funds at subsidized rates for refinancing. Nigeria figures 133rd on the Doing Business in Index among 183 world economies and 15th among the 46 sub Saharan African economies. The trade balance of Nigeria for period 2007 to 2011 and forecasted data for 2012 and 2013 is given below. | 2007| 2008| 2009| 2010| 2011| 2012(F)| 2013(F)|Trade balance| 37,748| 45,885| 25,342| 20,237| 34,528| 34,131| 28,778| Goods: exports fob| 66,040| 85,729| 56,121| 73,698| 103,847| 114,068| 111,836| Goods: imports fob| -28,291| -39,844| -30,779| -53,461| -69,319| -79,937| -83,058| Services balance| -16,902| -22,113| -16,479| -19,231| -24,761| -24,278| -25,914| Income balance| -11,747| -15,059| -14,404| -18,623| -22,905| -20,913| -24,624| Current tra nsfers balance| 18,545| 19,366| 18,694| 20,092| 25,004| 27,387| 28,562| Current-account balance| 27,643| 28,079| 13,153| 2,476| 11,867| 16,327| 6,802| Source: Economic Intelligence Unit|Nigeria and its neighboring African nations have imposed strong continental Trade Barriers which is depriving the continent of new sources of economic growth, new jobs and leading to a sharp fall in poverty and other factors. However, many African countries are losing several billions of dollars in potential trade earnings every year, because of high trade barriers with neighboring countries. It is easier for Africa to trade with the rest of the world than with itself.The Policy progress in the nation has been restricted due to political instability and tussle between the presidency and senior economic team. Policies towards changes in exploiting the proceeds from fuel exports are always the concern restricting policy improvements. The country has huge limitation in the power sector and the governmen t has initiated privatization program focused mainly on the power sector, However the progress has been slow as a result of private-sector reluctance, the various vested interests involved and strong union opposition.This is limiting foreign investments in Nigeria. Nigeria urgently requires Tax reform for attracting investments in the country and this policy reform is high on the political agenda. However due to conflicting interests and the fragile nature of the Nigerian administration reforms are expected to be slow. Foreign Debt Due to the economic slowdown public sector revenue and expenditure has contracted in the past 3 years. As a result of the budget deficit, infrastructure is facing acute shortage which is mostly financed by internal public borrowing while also seeking access to external funding.The Nigerian government has set on the path of prudent reforms to reduce total spending while improving funding for capital requirements for efficient spending that will translate t o long term economic growth. The government also launched a Euro denominated bond in 2011 and expects to return to the international debt capital markets again in the next few years. Labor Market & Human Capital The education system of Nigeria is in a poor state unable to meet the educational requirement of the country. There are currently only 46 tertiary institutions in Nigeria providing education covering all functional areas.Out of the 42m Nigerian children who ought to be in primary school, less than 24m are in school. Out of the 33. 9m children of secondary school age, only 6. 4m are in secondary schools. The pass rate for JAMB examinations is about 20% – indicates poor quality of secondary school graduates. The educational system has not been tailored to meet developmental needs of the nation. Any foreign investment has to transfer both funds and human capital to the country. There are no improvements visible in the near vicinity.The Nigerian Labor market is marred wit h constraints and there appears little prospect in the near future of resolving many of the key constraints to improving the labor market in Nigeria. Most of the talented Nigerians prefer to move out of the country and the country is suffering from a ‘brain drain’. Nigeria has a large number of very capable professional and highly skilled workers in a range of sectors. Unfortunately for the country, large numbers, particularly in the medical profession, live and work overseas, and the restoration of civilian rule in 1999 has failed to bring an end to the brain drain’. Although labor law reform in 2005 weakened the capacity of the unions to organize political or sympathy strikes, the labor movement remains powerful, capable of organizing paralyzing national strikes. Value of indexa| | Global rankb| | Regional rankc| | 2006-10| 2011-15| 2006-10| 2011-15| 2006-10| 2011-15| 4. 4| 4. 6| 80| 80| 16| 15| a Out of 10. b  Out of 82 countries. c  Out of 17 countries: A lgeria, Bahrain, Egypt, Iran, Israel, Jordan, Kuwait, Libya, Morocco, Qatar, Saudi Arabia, Tunisia, UAE, Angola, Kenya, Nigeria and South Africa. Source: Economic Intelligence Unit| Population and Income Inequality The population in Nigeria is growing at a very fast pace, but given the poor state of the countries health care and educational system, this is only constraining the already dismal state of the country the growth rate is presented below, the high rate of population growth and the deteriorating state of infrastructure is not conducive enough for enticing foreign investment. Population (Million)| 2006| 2010| 2015| Total| 140. 4| 152. 2| 166. 7|Period averages (%)|   | 2006-10| 2011-15| Population growth|   | 2. 1| 1. 8| Labor force growth|   | 2. 4| 1. 9| Source: Economic Intelligence Unit| Poverty in Nigeria remains significant despite high economic growth. Nigeria retains a high level of poverty, with 63% living on below $1 daily, implying a decline in equity. There have been attempts at poverty alleviation, but the inequality has been rising. Income inequality worsened from 0. 43 to 0. 49 between 2004 and 2009. This is correlated with differential access to infrastructure and amenities.In particular, there are more rural poor than urban poor. This primarily results from the composition of Nigeria's economy. Oil exports contribute significantly to government revenues and about 15% of GDP, despite employing only a fraction of the population. Agriculture, however, contributes to about 45% of GDP, and employs close to 90% of the rural population. This incongruence is compounded by the fact that oil revenue is poorly distributed among the population, with higher government spending in urban areas than rurally.High unemployment rates have rendered personal incomes even more divergent. The graph below gives a comparison of the population below poverty line in relation to the total  Nigerian population. Data Source: Economic Intelligence Unit Unemp loyment According to the ‘2011 Annual Socio-Economic Report' released by the Nigerian Bureau of Statistics, the total number of unemployed people have increased from approximately 7 million in 2006 to 16 million in 2011. In 2011, approximately 2. 1 million people were newly unemployed.The report has also predicted the new entrants into the unemployed pool to be around 8. 5 million in 2015. The increase is also interestingly explained by the tendency of Nigerian university graduates to stay away from labor intensive work. They are now ready to wait for a white collar job thus resulting in the entry of new university graduates into the unemployment pool. The total number of employed labor force has remained fairly constant from 2006 to 2011 at around 51 million. However, 10 million new people have been added to the labor force during 2006-2011.The increase in labor force could be explained by the steady increase in the number of universities, polytechnics and colleges of educati on. While the enrollment in universities and polytechnics has decreased from around 460,000 in 2006 to 340,000 to 2011, enrollment in colleges of education has increased during the same period. Whereas the enrollment in state and federal institutions has decreased during 2006-2011, enrollment in private institutions has increased steadily. According to the report, the increase in unemployment rate has been kept in check by Nigerian government's employment policies.The unemployment rate in rural areas was 25. 6% and 17. 1% in urban areas. The total national unemployment rate was 23. 9% in 2011. Total unemployment rate amongst males was 23. 5% in 2011 while the same rate amongst females was 24. 3%. The report explains that married women who previously stayed out of the labor force have now started entering the market for jobs due to a raise in claim for financial independence. More women are also now forced to enter the labor market because of the need to supplement the income of male s in families.The unemployment rate has been consistently growing in Nigeria due to lack of industries, political stability and a myriad of other reasons. Unemployment is leading to crime and shadow economy which is further hindering investments in the country. Data Source: Economic Intelligence Unit Currency The Legal Tender followed in Nigeria is the Naira (sign:  ? ;  code:  NGN). The Central Bank of Nigeria referred as CBN is the sole authority responsible for issuing and maintaining the volume of the currency in the Nigerian economy.The currency was adopted by Nigeria on 1st Jan 1973 replacing the pound that was being followed since the colonial days. Money Supply and Monetary Control The Central Bank of Nigeria (CBN) is the central bank of Nigeria. Since the global financial crisis of 2008-09, maintaining adequate liquidity and averting a total collapse of the banking system has been the main focus of the CBN. The CBN uses the Monetary Policy Rate (MPR) to anchor short t erm money market rates and other interest rates in the economy.Open market operations conducted through the Treasury Bills auction is the major instrument of monetary policy. The CBN also uses discount window operations (including standing lending and deposit facilities, repo and reverse repo operations) and Cash Reserve Ratio (CRR) in monetary management. The banking crisis of 2009 and the subsequent reform initiated in the banking sector has complicated the monetary policy. The central bank also ensures that there is sufficient lending in key sectors such as agriculture.Since 1977, Nigeria has had an Agric Credit Guarantee Scheme (ACGS) under the management of the central bank. The Central Bank of Nigeria (CBN) is responsible for maintaining a balance between its objective of managing inflation and the government's aim of reducing the cost of borrowing by the private sector to encourage investment in productive activities. The CBN is currently pursuing the former objective, having increased its prime interest rate six times during 2011: the Central Bank is attempting to counter what it sees as high inflationary expectations embedded in the system.As the forecast period progresses and the inflation outlook improves, the focus of the CBN will return to easing monetary policy and boosting lending to productive sectors. Nevertheless, this has been complicated by the banking crisis of 2009 and the subsequent reform program put in place by the Central Bank, which is likely to mean that risk aversion among the banks persists into the first part of the forecast period at least. Below is the summary of the key Monetary Indicators for Nigeria. Monetary indicators| 2007a| 2008a| 2009a| 2010a| 2011a| 2012b| 2013b| 2014b| 2015b| 2016b| |Exchange rate N:US$ (av)| 125. 8| 118. 5| 148. 9| 150. 3| 153. 9| 160. 7| 174. 0| 172. 0| 174. 0| 176. 0| Exchange rate N:US$ (year-end)| 118. 0| 132. 6| 149. 6| 150. 7| 158. 3| 170. 8| 173. 0| 173. 0| 175. 0| 177. 0| Exchange rate N:↚ ¬ (av)| 172. 44| 174. 33| 207. 46| 199. 42| 214. 19| 209. 71| 224. 46| 217. 58| 215. 33| 221. 76| Exchange rate N:â‚ ¬ (year-end)| 173. 66| 184. 49| 215. 49| 201. 31| 210. 42| 221. 23| 222. 31| 215. 39| 219. 63| 223. 02| Real effective exchange rate, CPI-based (av)| 38. 05| 42. 32| 38. 59| 42. 11| 42. 74c| 46. 39| 46. 44| 50. 42| 53. 60| 56. 5| Purchasing power parity N:US$ (av)| 71. 31| 80. 30| 88. 60| 99. 68| 115. 8c| 120. 9| 121. 0| 123. 9| 129. 2| 136. 3| Money supply (M2) growth (%)| 58. 1| 53. 6| 20. 6| 3. 7| -0. 5| 8. 7| 20. 5| 19. 6| 17. 5| 18. 5| Domestic credit growth (%)| 358. 3| 55. 9| 41. 1| 14. 1| 28. 1| 7. 9| 21. 5| 20. 7| 18. 2| 17. 7| Commercial banks' prime rate (av; %)| 16. 9| 15. 5| 18. 4| 17. 6| 16. 0| 16. 0| 14. 0| 13. 0| 13. 5| 13. 8| Deposit rate (av; %)| 10. 3| 12. 0| 13. 3| 6. 5| 5. 7| 6. 0| 5. 8| 5. 8| 5. 8| 5. 5| Money-market rate (av; %)| 6. 9| 8. 2| 3. 8| 3. 8| 8. 5c| 8. 8| 7. 0| 6. 5| 6. | 6. 0| a  Actual. b  Economist Intelligence Unit foreca sts. c  Economist Intelligence Unit estimates. Source: EIU| Fiscal policy While Nigeria’s fiscal policy during the last half of the decade has been favoring expansive expenditure in the productive sectors, there is growing pressure to introduce tough, unpopular market reforms to tighten the fiscal policy. However it will be difficult to do so considering the different interest groups that the government needs to placate and wider legislature that favors greater government expenditure to counter the crippling infrastructure deficit.Even as investment in infrastructure remains critical, how the government manages to bring down the share of recurrent expenditures while improving the quality of capital expenditure is the key challenge. Another challenge for the government will be how it manages its dependence on oil prices, the key component of its revenue. A return to recession in Europe or a less than expected growth in China could bring down the oil prices. Exchange rates Th e Central Bank of Nigeria (CBN) has been responsible for managing the exchange rate and this was being done by auctioning of foreign currencies.The CBN sets the exchange rate. However, Nigeria’s currency fluctuations is correlated to fluctuations in the oil prices. In 2007, the Naira saw significant appreciation viz-a-viz the dollar due to increase in Global crude prices. Nigeria’s central Bank intends making the Naira exchange rates floating and policy decisions are being formulated towards this objective. The CBN also intends to make the exchange rate independent to the extent possible and aims at intervening only to meet defined policy objectives.The country has seen a huge depreciation of the Naira in the past 3 Decades, presently owing to the stable and strong crude prices the currency is considerably stable but is forecasted to slip further if the Global Economic crisis continues to deter. Source: http://www. exchangerates. org. uk/ Interest Rates The CBN kept it s benchmark interest rate at 12%. The CBN will find it hard to balance its objective of managing inflation and the government’s aim of reducing the cost of borrowing by the private sector to boost investment.Nigeria has seen a slowdown in economic growth in its economy as a result of slackening in global economic activities. As the tight liquidity condition persists, short term interest rates have been rising for the past couple of years. Another cause of concern for the CBN was the slowdown in interbank lending, which prompted the CBN to guarantee placements in the interbank market. This also helped bring down the interest rates in the short term money markets, such as the interbank call rates.The above table indicates the Monetary Aggregates and Interest Rates as obtained in 2010. Foreign Direct Investment Although the government will continue to welcome foreign direct investment (FDI), the level of FDI outside the oil and gas sector will remain low in relation to the poten tial size of the market. This reflects the complexities of the local business environment, together with the bureaucracy, corruption, low productivity, poor infrastructure and low income levels that restrict the potential market.The salient feature of the policy is enumerated. Full foreign ownership is allowed in all sectors apart from banking, although the Central Bank of Nigeria (CBN) has been more relaxed on the issue since the 2009 crisis in the sector and the subsequent need to recapitalize the affected banks. A new bill proposes to outlaw discretionary awards of oil and gas contracts, and stipulates that licenses must be given through â€Å"open, transparent and competitive† bidding processes.Nevertheless, a number of Asian investors, from China, India and South Korea in particular, who have shown keen interest in entering Nigeria on the basis that they concurrently develop local infrastructure, may still find themselves the preferred bidder on new acreage. There is als o likely to be a continued bias towards policy favoring local business, as evidenced by the recent local content bill for the oil industry that gives indigenous firms priority in the awarding of oil concessions and requires foreign companies to employ more local staff.As a result, and with other countries set to improve more rapidly, Nigeria will slip in the global rankings from 67th to 71st out of 82  countries, and from 12th to 13th in the Middle East and Africa region. Value of indexa| | Global rankb| | Regional rankc| | 2006-10| 2011-15| 2006-10| 2011-15| 2006-10| 2011-15| 5. 1| 4. 6| 67| 71| 12| 13| a Out of 10. b  Out of 82 countries. c  Out of 17 countries: Algeria, Bahrain, Egypt, Iran, Israel, Jordan, Kuwait, Libya, Morocco, Qatar, Saudi Arabia, Tunisia, UAE, Angola, Kenya, Nigeria and South Africa.Source: Economic Intelligence Unit| Foreign direct investment, net inflows (% of GDP) in Nigeria was 2. 99 as of 2010. Its highest value over the past 40 years was 8. 28 in 1994, while its lowest value was -1. 15 in 1980. The below outlines the Annual inflows of FDI along with its percentage composition of the gross fixed investment. (US$ m)| 2006| 2007| 2008| 2009| 2010| 2011| 2012| 2013| 2014| 2015| Annual inflows of FDI| 4,854| 6,035| 5,487| 5,787| 3,000| 3,500| 6,000| 7,500| 7,250| 7,250| % of gross fixed investment| 40. 4| 39. 7| 32. 1| 35. 3| 13. 7| 14. | 20. 5| 20. 9| 16. 8| 14. 2| Source: Economic Intelligence Unit| Globalization and Comparative Advantage Nigeria has not benefited considerably from globalization due to mono-cultural export, inability to attract increased foreign investments and huge indebtedness. And the way forward for Nigeria is to focus towards diversification of exports, debt reduction and expand developmental cooperation. Nigeria got connected to the rest of the world with the arrival of British in the Year 1539 and by the 1800’s Nigeria was under complete control of the British Empire.And since then Nigeriaâ€℠¢s trade has been heavily dependent on British trade. Nigeria has been a country rich in natural resources and traded these resources for weapons and tools. This asymmetric trade is the reason for the wide variance in the distribution of the nation’s wealth. The country received its independence in 1960 and during that time the Farm products was its major export. Post-independence, farm products constituted the major portion of Nigeria’s Trade. The six major agricultural products then were cocoa, rubber, palm oil, groundnut, cotton and palm kernel.And this constituted 69. 4% of its total GDP for the year 1963/64. The other contributor to exports was oil. However, during that period oil was priced low at $3. 8 per barrel and thus was not much lucrative. The 1970’s saw Nigeria’s fortune turn with the jump in fuel price by almost 4 times. Nigeria had high grade petroleum reserves and these reserves were easier to extract. The petroleum price rose to $14. 7 p er barrel by January 1974 and rates continued to soar reaching a high of $38. 77 per barrel in 1981.Within the same period, total revenue from oil rose correspondingly. By 1978, oil contributed 89. 1% of Nigeria’s export and in the same year contribution from agriculture plummeted to 6. 8% of exports. The overdependence of the country’s economy on oil exports has seriously hindered the development in other spheres. Globalization poses a multitude of challenges on Nigeria. The countries very poorly on education, health, agriculture and industrial development and therefore it is imperative that Nigeria focuses on these area to fundamentally transform the nation.The country requires focusing on technological development and science and Technology are required to be central theme of their Developmental Strategy. The Country also requires focusing on basic Infrastructure such as power supply and telecommunications and these must exist regularly and uninterruptedly. Also, in dustrialization, including manufacturing and fabrication must be brought in at the center place. There is a need to revitalize agriculture by utilizing the technologies in the field and shifting to mechanized farming. ConclusionThere is an element of risk of doing business in Nigeria even though the debt of the country is in a manageable state. A prolonged European crisis and a slowdown in China will lead to dip in oil prices and Nigeria will face difficulties in meeting its deficit requirements. The currency of Nigeria-Naira is currently seen stable and after depreciating by an average of 6. 3% per year in 2012-13 to N174:US$1, the naira is expected to moderate more gently in subsequent years, to N176:US$1 in 2016, though the currency has seen a continuous downslide when data is compared for the last three decades.After the Banking crisis of 2009, the banking sector is skeptical on lending to private sector, however the confidence is returning. The political risk of the country is seen as high due to factions in the government and the rise in Islamist fundamentalism. Piracy is also a major phenomenon in the Gulf of Guinea which makes Nigeria’s coastline a risky shipping port. Nigeria declared a state of emergency in January 2012 in the northern parts due to a recent spate of terror attacks; however no civil war or major instability is expected in the short run.The government has been accused of largely ignoring public grievances like unemployment, poverty, inequality in wealth and corruption. Unless the government steps up to address these issues and establish credibility there is risk of escalation. The President Mr. Good luck Jonathan has recently commissioned investigations into allegations of corruptions in the oil subsidies and replaced the Chief of the Police for failing to root out infiltration by the insurgents into the government offices.However the effectiveness of these measures will depend on their enforcement. The future of the Nigerian ec onomy therefore depends on stabilizing governance and enabling the parliament to unlock major reforms in the Oil and Gas sector. References 1. Economic Intelligence Unit – (http://country. eiu. com/Nigeria) 2. CBN Monetary Survey 3. Exchange Rates – (http://www. exchangerates. org. uk/) 4. Shadow Economy Reference – (http://news. bbc. co. uk/) 5. Currency Reference – (http://www. cenbank. org/)