Financial Crisis Recovery Essay Example for Free

mo exculpateary Crisis Recoery Essay1997-1998 monetary CrisisThe weaknesses in Asiatic pecuniary systems were at the root of the crisis that caused galacticly by the lack of incentives for effective encounter management created by implicit or explicit government guarantees against failure. The weaknesses of the fiscal field too were m take ined by rapid growth and accentuated by deep uppercase inf scummys, which were sectionly encouraged by pegged commuting grade. In the mid-1990s, a series of external shocks began to change the scotch environment the devaluation of the Chinese Renminbi and the Japanese Yen, emerging of U. S. involvement rates which led to a strong U.S. dollar, the sharp decline in semiconductor prices unbecomingly affect their growth. The crisis began in Tailand when the Thai baht crease of in July 1997 with a series of speculative attacks on the baht extended afterward quite a hardly a(prenominal) decades of outstanding economic exert ion in Asia. As the U.S. economy recovered from a recession in the advance(prenominal) 1990s, the U.S. Federal Reserve marge under(a) Alan Greenspan began to raise U.S. interest rates to brain off inflation.This made the U.S. a more attractive investment destination relative to Southeast Asia, which had been attracting hot m oney flows through with(predicate) with(predicate) lavishly short-term interest rates, and embossed the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the broad(prenominal)er U.S. dollar caused their own exports to become more expensive and slight competitive in the global marketplaces. At the same time, Southeast Asias export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Mevery economists believe that the Asian crisis was created non by market psychology or technology, but by policies that distorted incentives within the lenderborrower relat ionship. concussions of the crisis to the South eastside AsiaMost of Southeast Asia and Japan having money depreciation, devalued line of descent markets and former(a) addition prices, and a precipitous break in private debt. It were resulting large quantities of impute became available generated a highly leveraged economic climate, and pushed up asset prices to an unsustainable level. These asset prices suitually began to decay, causing individuals, fiscal institutions and corporations in the affected countries were slangrupt. A change in market sentiment could and did lead into a violent of silver depreciation, insolvency, and expectant outflows, which was difficult to stop. In the year after collapse of the baht peg, the value of the just about affected East Asian currencies fell 35-83% against the U.S. dollar (measured in dollars per unit of the Asian bills), and the most serious stock declines were as great as 40-60%. Lenders led to a large withdrawal of credit fro m the crisis countries, causing a credit crunch and further wedgeruptcies. external investors attempted to withdraw their money the stand in market was flooded with the currencies of the crisis countries, putting depreciative pressure on their alternate rates. As a result, short-term economic activity has slowed or contract severely in the most affected economies like inflation and rising in unemployment. It impossible that the government doing nonhing when the crisis happened to their country. To interdict currency values collapsing, countries governments brocaded fiscal spending in domestic interest rates to exceedingly high levels (to friend diminish flight of working capital by making lending more attractive to investors) and to intervene in the exchange market, buying up any excess domestic currency at the pertinacious exchange rate with remote reserves.But when interest rates were very high, it raft be passing damaging to an economy that is healthy, wreaked further havoc on economies in an already fragile state, composition the central banks were hemorrhaging foreign reserves, of which they had finite amounts. As a system to maintain competitiveness, policies to strengthen the countrys balance-of-payments account were pursued. For example, exports were encouraged and imports were discouraged, the latter through an ontogeny in import taxes on certain(prenominal) goods and services. Measures to increase exports for providing handouts this instant to commonwealth affected included reducing the cost of doing business through such means as tax incentives to boost the manufacturing, agriculture, and services sectors.In the parapraxis Malaysia for example, on that point argon policies regarding 1997 crisis Denial and hesitation, the Malayan government denied that there was a crisis in the first place Tight fiscal and monetary policies, and restructuring the banking system political science proposed to use regional currencies instead of the U S dollars in inter-ASEAN bilateral condescension and Financing the recovery programs with the total cost of all measures was RM62 one million million million. While in the upshot of Indonesia, the government providing assistance to the deplorable like efforts to shield poor and vulnerable sections of society from the worst of the crisis, by deepening and widening social safety nets and devoting unassailable budgetary resources to increasing subsidies on basic commodities such as rice measures to increase transp bency in the financial, corporate, and government sectors and steps to improve the efficiency of markets and increase competition.Another example of service the poor and needy, government must be fair and redistribute the wealth equally to them according their basic necessities of life. In Malaysia, the practicing of zakat system and waqaf contribution to jock the poor and needy indirectly pass on benefit the society. Moreover, Bank Rakyat and ar-rahnu market on Mosl em pawn-broking will help the small and intermediate tapeprise to expend their business. Government also must allocate the budget expenditure for subsidizing mainly on education, healthcare and housing for the peck. The Inter internal monetary computer memory (IMF) is an global organization that abides financial assistance and advice to genus Phallus countries. It was created out of a need to prevent economic crises like the Great Depression. With its sister organization, the World Bank, the IMF is the largest habitual lender of funds in the population. It is a specialized agency of the joined Nations and is run by its 186 member countries.Membership is open to any country that conducts foreign policy and accepts the organizations statutes. The IMF is responsible for the creation and maintenance of the world(prenominal) monetary system, the system by which international payments among countries take place. A core responsibility of the IMF is to provide loans to member co untries experiencing actual or potential balance of payments capers. This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth, while under taking policies to right-hand(a) underlying problems. Unlike ripening banks, the IMF does not lend for specific projects. It therefore strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global economic trade. To achieve these goals, the IMF focuses and advises on the macroeconomic policies of a country, which affect its exchange rate and its governments budget, money and credit management.The IMF will also appraise a countrys financial sector and its regulatory policies, as well as structural policies within the macroeconomic that relate to the labor market and employment. In addition, as a fund, it may offer financial assistance to n ations in need of correcting balance of payments discrepancies. The IMF is thus entrusted with nurturing economic growth and maintaining high levels of employment within countries. The large financial packages which the IMF has ar assertd for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. The IMFs constituent in providing financial assistance to its members in overcoming short-term balance-of-payment difficulties more often than not has been evident.Advantages and disadvantages of IMFThe IMF offers its assistance which it conducts on a yearly basis for individual countries, regions and the global economy as a whole. However, a country may ask for financial assistance if it finds itself in an economic crisis, whether caused by a sudden shock to its economy or poor macroeconomic planning. A financial crisis will result in severe devaluation of the countrys currency or a major deple tion of the nations foreign reserves. In return for the IMFs help, a country is usually required to embark on an IMF-monitored economic reform program, other than known asStructural Adjustment Policies (SAPs). An IMF loan provides a cushion that eases the adjustment policies and reforms that a country must make to correct its balance of payments problem and restore conditions for strong economic growth. Supporters argue that the IMF can also impose necessary reforms on an economy.Reforms such as privatization, fiscal responsibility, control of Money supply, and attack corruption. These policies may cause short term pain, but, are essential for preventing future crisis and long term development. Substantial financial advantages are attached to IMF credits because debtor countries benefit from lower debt service costs. Moreover, commercial banks often demand agreement with the IMF before lending is resumed and generally will charge lower interest rates to countries with an IMF program . The benefits attached to the IMF loan can be regarded as a compensation for the policy adjustments which the debtor countries carry through.At the same time, thanks to the unique character the IMF can play, the costs involved for the creditor countries seem to be instead limited, as the opportunity costs of forgoing the proceeds of alternative investments are relatively small. By temporarily providing finance and at the same time fostering adjustment, member countries could flood out external problems without overly detrimental measures either for their own population or for other countries. The interest rates aerated by the IMF in normal circumstances can be relatively low, because the special role of the IMF in the international financial system reduces the risk of infections for the IMF itself as well as for the creditor countries which have provided the resources. Because of its special position the IMF can mitigate the risks attached to its loans.Helped by its low fundin g costs, the IMF can charge debtor countries lower interest rates than private sector participants which have to charge high spreads because of the sovereign risks involved. Over time, the IMF has been subject to a range of criticisms, generally focused on the conditions of its loans. The IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights temperament. On giving loans to countries, the IMF makes the loan conditional on the slaying of certain economic policies. These policies tend to involve * Reducing government borrowing Higher taxes and lower spending * Higher interest rates to stabilize the currency.* set aside failing firms to go bankrupt.* Structural adjustment. Privatizations deregulation, reducing corruption and bureaucracy. The problem is that these policies of structural adjustment and macroeconomic intervention make the situation worse. For example, in the Asian crisis of 1997, legion(predicate) countr ies such as Indonesia, Korea and Thailand were required by IMF to pursue tight monetary policy (higher(prenominal) interest rates) and tight fiscal policy to reduce the budget famine and strengthen exchange rates. However, these policies caused a minor slow down(a) to turn into a serious recession with mass unemployment. The IMF have been criticized for imposing policy with little or no chatteration with affected countries. Jeffrey Sachs, the head of the Harvard Institute for International Development said In Korea the IMF insisted that all presidential candidates immediately endorse an agreement which they had no part in drafting or negotiating, and no time to understand.The situation is out of hand. It defies logic to believe the small group of 1,000 economists on 19th path in Washington should dictate the economic conditions of life to 75 developing countries with virtually 1.4 billion people. Because the IMF lends its money with strings attached in the form of its SAPs, man y an(prenominal) people and organizations are vehemently opposed to its activities. Opposition groups claim that structural adjustment is an undemocratic and inhumane means of loaning funds to countries facing economic failure. Debtor countries to the IMF are often set about with having to put financial concerns ahead of social ones. Thus, by being required to open up their economies to foreign investment, to denationalize globe enterprises, and to cut government spending, these countries suffer an inability to properly fund their education and health programs.Moreover, foreign corporations often exploit the situation by taking advantage of local cheap labor while showing no regard for the environment. The ambitional groups say that locally cultivated programs, with a more grassroots onward motion towards development, would provide greater relief to these economies. Critics of the IMF say that, as it stands now, the IMF is only deepening the rift mingled with the wealthy and t he poor nations of the world. Indeed, it seems that many countries cannot end the spiral of debt and devaluation.The relatively low interest rates charged by the IMF can lead to moral hazard behavior on the part of the debtor countries. This is largely trim down through the tough policy measures which the IMF imposes as a condition for its programmers. In practice, most countries do not turn to the IMF if not forced by adverse circumstances. Decisions about which countries may borrow money are made by rich countries. Poor countries have little say about loans and the conditions attached to them. The IMF will only lend money to countries if they agree to certain conditions. These conditions increase poverty. The livelihoods of people in poorer countries are destroyed by unfair competition from foreign goods and services. The IMF does not give good financial advice. Countries have suffered by following it.IMF East Asia CaseThe IMF was involved in one of the worst East-Asian economic crises thus far. Everything started when Thailand was experiencing difficulties in meeting foreign liability obligations so the IMF intervened by suggested to devalue the Baht. The same suggestion was made to Indonesia, Korea and the Philippine. Soon, South Korea and Taiwan jumped in the trend and Hong Kong and Singapore dollars faced speculative attack. The crisis spread all the way to South America where Brazil and Argentina currency came under attack, but they both stood their grounds and refused to devalue which readiness have prevented a global financial crisis. Other aspects of the handling of the case that were looked down upon were the issue of the bail-out and the political situation of the borrowing country had once again been ignored. Thailand had already borrowed from the IMF and they were bailed-out very publicly which gave an incentive for surrounding countries to follow very wild projects or decisions, believing that the IMF would be a safety net as opposed to a len der of closing resort.This is what happened in South Korea when large, unprofitable investment projects were undertaken, largely due in part to the conglomerates of businesses that are close to the bureaucracy but more importantly, sponsored by the IMF. Likewise, Fund officials protested that many East-Asian countries needed a reform in the banking system and plaque, where bad banking, nepotism and corruption do not help create stable and efficient economies. During August December 1997, the International Monetary Fund signed three necessity lending agreements with Thailand (August), Indonesia (November), and Korea (December). These programs established packages of international financial support at an unprecedented cumulative sum of approximately $110 billion, based on the financing commitments. During the period August to December, the IMF programs failed dramatically to meet the fair game of restoring market confidence.In all three countries, the exchange rate was expected t o stabilize, but in fact quickly depreciated far below the targets set in the program, and this despite a very sharp increase in interest rates. Foreign investors remained unconvinced about the debt servicing capacity of the private debtors despite the proclaimed availability of IMF loans, and continued to demand the repayment of short-term loans as they fell due. The IMF programs failed to achieve their goal of maintaining moderate economic growth in the Asian countries. The programs also failed on several intermediate goals, including the preservation of creditworthiness, the continuation of debt payments, and the stabilization of the exchange rate at levels that prevailed upon the signing of the original lending agreements Indonesia was deeply affected by the 19971998 crises, more so than its East Asian neighbors. Its economic contraction was deeper and more prolonged.It was the only one to experience a (temporary) loss of macroeconomic control. Eight long time have passed since the collapse of Suhartos New Order regime on the heels of the economic crisis of 19971998. During that time, Indonesias economy contracted by over 13% in 1998 alone. This followed three decades of virtually uninterrupted rapid economic growth and led to deep social and political crises. Although countries such as South Korea and Thailand were able to overcome their economic crises in a few years, Indonesias crisis resolution has been complicated by political instability, at least until 2004, and by a slower recovery.Indonesia was formally under International Monetary Fund management from 1997 to the end of 2003. But the presence of the IMF actually increased the severity of the Indonesian economy, not more than one year after that there were capital flight out of the country that led to massive unemployment, compounded by the drastic decline in the exchange rate. At the end of 1998 more than 50% of Indonesias population lives below the poverty line. One of the IMFs policy prescript ions is to close 16 banks and it caused the anger of people and withdraws their money in national banks and some foreign banks. In May 1998, due to an agreement between the IMF and Suharto, the government revoked subsidies for food, and raises the price of oil and electricity.This policy had a strong opposition from the people and not long after that, Suharto regime fell. During Megawati regime, in August 2003 the government finally decided not to continue the IMF program and choose to enter the post-program monitoring. The government option raises the consequences that are not much different. IMF can still continue to dictate economic policy in Indonesia because the government still had to consult every economic policy that will be taken with IMF. The Indonesian government announced that they would pay the remaining debt to the IMF, totaling U.S. $ 7.8 billion, within 2 years. It seems to be the correct political decision to break away from the economic policy interventions that ha s continued since the crisis in 1997.2008 monetary Crisis Triggered by events in The US and EUThe cause or trigger of the 2008 global financial crisis was the boom of the United situates housing bubble which peaked in approximately 20052006. Since banks began to give out more loans to potential space owners, housing prices began to increase. The increase in house price and improvement of construction activity started around 1992. At that time the Federal Reserve was holding its policy interest rate at an unusually low level by the standards of the past few decades. The good generation lasted until 2005, when monetary policy was tightening after another(prenominal) spell of low interest rates. Over that period, construction activity contributed 1/5 partage points annually to the growth rate of substantive gross domestic product, and the component of employment in construction and finance, out of the total workforce, rose from 10 percent to 11 percent. That is, over this period , of the 27.4 million people added to work rolls (which ended 2006 with a total of 136 million), 4.8 million were directly related to construction and fifi nance. Finally, the nation was left with an excess stock of housing.A contraction in construction transpired to wind down the inventory overhang, which is often a feature of economic slowdowns and recessions. In addition to that, behind lending standards also contributed to the Real estate bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain. As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. That kind of financial innovation attracted institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed an d invested heavily in subprime MBS reported significant losses. While the housing and credit bubbles were expanding, US Government was going a process called financialization.US Government policy from the 1970s onward has emphasized deregulation to encourage business, which resulted in less oversight of activities and less disclosure of information about unfermented activities undertaken by banks and other evolving financial institutions. Thus, policymakers did not immediately recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. These institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses.These losses impacted the ability of financial institutions to lend, slowing economic activity. The U.S. Financial Crisis In quiry Commission reported its findings in January 2011. It concluded that the crisis was avoidable and was caused by 1. Widespread failures in financial regulation, including the Federal Reserves failure to stem the tide of toxic mortgages 2. Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk 3. An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis 4. Key policy makers ill prepared for the crisis,5. deficient a full understanding of the financial system they oversaw and systemic breaches in accountability and ethics at all levels.3536 Table 1 The Causes and Impacts of world-wide Financial CrisisTaken from Takatoshi Ito Comparison of the Financial Crises Japan and Asia in 1997-1998 vs. U.S. 2008-09 The Collapse of World TradeAlthough the crisis is originally from financial sector, trade had great implication that hit cou ntries around the world. Exports collapsed in nearly every major trading country, and total world trade fell faster than it did during the Great Depression. From a peak in July 2008 to the low in February2009, the nominal value of world goods exports fell 36 percent the nominal value of U.S. goods exports fell 28 percent (imports fell 38 percent) over the same period. Even a country such as Germany, which did not experience their own housing bubble, experienced substantial trade contractions, which helped spread the crisis. The collapse in net export in Germany contributed to the decline in their GDP which put the country into recession. In the fourth quarter of 2008, Germanys drop in net exports contributed 8.1 percentage points to a 9.4 percent decline in GDP (at an annual rate) Japans net exports contributed 9.0 percentage points to a 10.2 percent GDP decline. Real exports fell even faster in the first quarter of 2009.The Decline in Output Around the GlobeThe financial crisis was rapidly familial to the real economy. The financial disruption was so strong and swift in most countries so that their confidence level in economy fell as well. Confidence levels are measured in different ways across countries, but they were generally falling throughout 2008 and reached recent lows in the fall of 2008 and spend of 2009. As noted, world GDP is estimated to have fallen roughly 1.1 percent in 2009 from the year before.In advanced economies, the crisis was even deeper the IMF expects GDP to have contracted 3.4 percent in advanced economies for all of 2009. For OECD member countries, GDP fell at an annual rate of 7.2 percent in the fourth quarter of 2008 and 8.4 percent in the first quarter of 2009. Despite the historic nature of its collapse, the U.S. economy actually fared better than about half of OECD economies during those quarters. The decline in industrial ware across major economies, each of these economies in January 2009 was more than 10 percent below its Ja nuary 2008 level, and Japan faring far worse relative to the other major economies. Impact on Developing CountriesThe impact of the crisis on developing countries will affect different types of international resource flows private capital flows such as Foreign Direct Investment (FDI), portfolio flows and international lending official flows such as development finance institutions and capital and current transfers such as official development assistance and remittances. The World Association of Investment Promotion Agencies foresees a 15% drop in FDI 2009. FDI to Turkey has already fallen 40% over the last year and FDI to India dropped by 40% in the first six months of 2008. FDI to China was $6.6 billion in September 2008, 20% down from the monthly average in year 2008 so far, and mining investments in South Africa and Zambia have been put on hold.The crisis has led to a drop in bond and equity issuances and the sell-off of risky assets in developing countries. The average volume of bond issuances by developing countries was only $6 billion between July 2007 and March 2008, down from $ 15 billion over the same period in 2006. Between January and March 2008, equity issuance by developing countries stood at $5 billion, its lowest level in five years. As a result, World Bank research suggests some 91 International Public Offerings have been withdrawn or postponed in 2008.However, not all developing countries were effected tremendously by 2008 financial crisis. In South East Asia we may take a look Indonesia performance towards the 2008 financial crisis. Indonesia experienced a significant macroeconomic shock at the end of 2008. But, of course, Indonesia was not on its own. Indeed, Indonesia was one of the least affected countries in South East Asia. Although GDP growth slowed markedly to 4.4% in the first quarter of 2009, it did not experience the collapse in growth experienced by countries such a Korea, Thailand and Malaysia.Indonesias growth in recent years has been driven predominantly by non-tradeables rather than tradeables, and, although the crisis trim growth across the board, sectors such as embark and communications, and utilities have continued to grow in double digits. At the same time, the tradeable sector which has performed better is agriculture, which, at 4.8%, has experienced its strongest growth since the East Asian crisis, helping to compensate for the effects of the crisis. Indonesia has learnt from 1997 crisis so that they can manage 2008 financial crisis well. The Role of International Institutions of The G-20The G-20, which includes 19 nations plus the European Union, is the the main nations of much of the coordination on trade policy, financial policy, and crisis response. Its membership is composed of most of the worlds largest economies and makes up nearly 90 percent of world gross national product. The first G-20 leading crown was held at the peak of the crisis in November 2008. At that point, G-20 countries connected to keep their markets open, adopt policies to support the global economy, and stabilize the financial sector. The second G-20 leaders summit took place in April 2009 at the height of concern about rapid falls in GDP and trade. Leaders of the worlds largest economies pledge to do everything necessary to ensure recovery, to repair our financial systems and to maintain the global flow of capital. Furthermore, they committed to work together on tax and financial policies. Perhaps the most notable act of world coordination was the decision to provide substantial new funding to the IMF. U.S. leadership helped secure a commitment by the G-20 leaders to provide over $800 billion to fund multilateral banks broadly, with over $500 billion of those funds allocated to the IMF in particular.In September 2009, the G-20 leaders met in Pittsburgh. They noted that international cooperation and national action had been critical in arresting the crisis and putting the worlds economies on th e path toward recovery. They also recognized that continued action was necessary, pledged to sustain our strong policy response until a durable recovery is secured, and committed to avoid premature withdrawal of stimulus. They launched a new Framework for Strong, Sustainable, and equilibrate Growth that committed the G-20 countries to work together to assess how their policies fit together and evaluate whether they were collectively consistent with more sustainable and balanced growth. Further, the leaders committed to act together to improve the global financial system through financial regulatory reforms and actions to increase capital in the system. It set up emergency lines of credit (called Flexible Credit Lines) with Colombia, Mexico, and Poland, which in total are worth over $80 billion.These lines were intended to provide immediate liquidity in the event of a run by investors, but also to signal to the markets that funds were available, making a run less likely. In each of these countries, markets responded positively to the promulgation of the credit lines, with the cost of insuring the countries bonds narrowing (International Monetary Fund 2009b). The IMF also negotiated a set of standby agreements with 15 countries, committing a total of $75 billion to help them survive the economic crisis by smoothing current account adjustments and mitigating liquidity pressures. IMF analysis suggests that this program discouraged large exchange-rate f in fluctuate in these countries (International Monetary Fund 2009). These actions as well as the very existence of a better-funded global lender may have helped to keep the contraction short and to prevent sustained currency crises in many emerging nations.The Government ResponsesThe U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009. The U.S. Federal Reserves new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last- resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the tractableness with which institutions could tap such liquidity. United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital necessitys, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. The response of the Federal Reserve, the European Central Bank, and other central banks was taken shortly and dramatic.During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy creating currency as a method to combat the liquidity trap. By creating $600,000,000,000 and inserting this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets.The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal. The goal of these bailouts from the perspective of the largest financial institution is billions of dollars in taxpayer money allowed institutions that were on the shore of collapse not only to survive but even to flourish. The legislation that created TARP, the Emergency sparing Stabilization Act, had far broader goals, including protecting home values and preserving homeownership. sexual congress was told that TARP would be used to purchase up to $700 billion of mortgages and to obtain the necessary votes, Treasury expectd that it would modify those mortgages to assist struggling homeowners.However, almost immediately, as permitted by the broad language of the act, Treasurys plan for TARP shifted from the purchase of mortgages to the infusion of hundreds of billions of dollars into the nations largest financial institutions, a shift that came with the express promise that it would restore lending. Treasury, however, provided the money to banks with no effective policy or effort to force the extension of credit. There were no strings attached no requirement or even incentive to increase lending to home buyers, and against our strong recommendation, not even a request that banks report how they used TARP funds. It raised the issues on accountability in providing the bailouts.Lesson Learnt from 2008 CrisisThere are several lessons that can be learnt from 2008 financial crisis. Those lessons are stated below 1. Aggregate volatility is part of market system. There is a need to have more depth study of aggregate volatility. 2. Long lived large firms (such as financial institutions) may not be fully trusted. We should rethink the role of account of firms in market transactions. In addition, we need to revisit the key elements of the economy of organization so that reputation should be derived from the behavior not merely from the asset. 3. Economic growth will only take place if there is real increase in the real commodities not financial commodities. 4. People mistakenly equated free markets with unregulated markets. 5. form _or_ system of government makers should be flexible in their policies and guided by overall national objectives. 6. altogether trading countries should diversify both their exports composition as well as export destination. 7. World financial system is becoming fragile so that there is a need to reform the current financial system. Muslim based economy system has great opportunity to alter the existing financial system.Islamic perspectiveFrom Islamic perspective, the approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts. There were horrible gaps between the rich and the poor all over the world, which remained existent all the time, even after the fall of the planned economy. It goes without saying that the position in developing and under developed countries is even worse. This uneven and unjust system of distribution needs to be reformed on a conceptual basis. The entire world forthwith is crying on the present financial crisis, but few people have realized that this is basically a crisis of rich people who were playing with scads of wealth, and all of a sudden, their income faced a steep fall. So far as poor people are concerned, they have been living in eonian crisis all the times, but no on e care for them, The present crisis should not be examined within the relatively narrow confines of debt rather, it is fundamentally a promontory of social justice, a concept that is paramount in Islam. Social justice includes three aspects, namely a fair and equitable distribution of wealth the furnish of basic necessities of life to the poor and the needy and protection of the weak against economic exploitation by the strong.The debt burden, however, is increasing inequality between rich and poor countries and is equivalent to exploitation. It also means that poor countries are often unable to provide the most basic services for their citizens. The huge debt that currently burdens poor countries has arisen from loans that have charged interest and have not selld risk between the lender and the borrower and have, therefore, contravened the two most fundamental principles of Islamic finance. Islamic commands to refrain from charging interest and to share financial risk seek to av oid the concentration of wealth and the economic exploitation of the weak and thereby prevent situations such as the current debt crisis from arising in the first place. The core belief in Islamic finance is that money should not in itself be an earning asset therefore, Islam prohibits any and all forms of interest.There are also other systems which prevent an economic crisis of pandemic proportions to arise contractual relationships in business, finance or trade must be based on trust and familiarity of networks of common experiences (takaful) which implies that debts cannot be repackaged and resold as assets globally to faceless investors while profit must be redistributed directly to the poor (zakat) in the dedicated month of Ramadan to build and strengthen social safety nets through institutions of charity offbeat and education. Over and above zakat, all Muslims pay zakat fitrah to the poor, during the month of Ramadan, either through state collection centers or direct contrib utions to the poor. There is a trend within rural areas to identify destitute families and the disabled within the underserved rural areas of the State where they reside. Over the last few years, increasing realization of a topic poverty during an economic crisis creating the new poor among the Muslim working classes and abnormally high repayment rates through unlicensed loan-sharks and licensed money-lenders have made national banking institutions which serve the poorer rural communities shift their services to the Ar-Rahnu market or Islamic pawn-broking market.Currently four Islamic financial institutions, Bank Rakyat (The Peoples Bank) the Yayasan Pembangunan Ekonomi Islam Malaysia (Islamic Foundation of Economic Development, Malaysia) Permodalan Kelantan Bhd (Kelantan Investment Co.) and the Agro bank offer such services to the rural and urban working classes. It has established an Ar-Rahnu XChange Franchise Network, where it plans to provide an Ar-Rahnu franchise throughout th e country, managed by reputable cooperatives of the working classes. Given the acute dependance of the working classes on ready cash in times of emergency and the high rates of interest in regular pawn-broking market, there seems to be few alternatives merely to expand the Ar-Rahnu market among Muslims and non-Muslims and charge the poor for safekeeping services, rather than interest. Despite the fact that loan disbursements of Bank Rakyat alone is among the services which have contributed to Bank Rakyats amazing rise as a successful national cooperative bank, giving out higher than normal dividends to its share holders, loan sharks are virtually setting up desks outside flats and apartment buildings of the Muslim poor in towns and cities to offer cash and carry facilities to the desperately poor.This lucrative market speaks volumes of the rise of atopic poverty among those on or below the poverty line, the inadequacy of zakat and disbursements of zakat, the high dependency on reg ular income earners among the middle classes for welfare driven services and products and unreadable nature of the rising wealth of the Muslim and non-Muslim upper classes in Malaysia The Islamic finance can bring on significant gains in money released into public capital and infrastructure. The redistributive mechanisms of surplus are instituted into welfare based institutions such as free or subsidize education, health and child care, education, and even publicly tell employment. Its principles may differ from modern welfare economics except the gains at the far end of the redistributive machinery are similarly directed towards the poor. The policies of the New Economic Policy in Malaysia, state welfares in Brunei, or publicly instituted employment as in MENA countries are more Islamic than regular, except they are part of the post-colonial reformist policies of Muslim states which preceded the modern up-beat drive towards Syariaah compliant finance. Islamic finance, however, h as not demonstrated a clear connectivity with redistributive justice as in the post-colonial political economy except through instituted deductions of zakat from dividends of shareholders.Profits from credit or financial corporations are not necessarily redistributed through zakat. Furthermore, for borrowers, the appreciated value of assets and services as forecasted and create into systems and rates of repayments which compensate for the lack of interest and, in reality, repayment rates may even out with the regularrates are generally fixed in advance unlike regular interest rates which are more flexible, varying according to market conditions. However, it does allow more capital to be released into projects immediately, allowing a more extensive amount of goods and services to be produced, without the worry of serving loans. One, however, has to be assured of significant productivity even in the early stages of the loan but payments of zakat accruing from successful investment, f rom the financier or production from the borrower are fixed at a low rate of 2.5%. It is also consensual rather than forced (as in income taxation) and Muslim countries in general pursue income tax collections as the more important thrust of national revenue.There are generally two disparate systems at work in Muslim countries Islamic finance and post-colonial welfare instituted economics. The welfare inputs in Islamic countries which are operational straight off proceed whether or not there are institutions of Islamic finance in the country. In Malaysia, Brunei, and the MENA countries discussed in this paper, components of welfare economics in heavily subsidized education, health, housing, farming, and welfare for the poor, are part of a post-colonial legacy of social reform to institute economic parity across groups and classes. In these Muslim nations, the public sector has played an important role in employment for Muslim or indigenous citizens, often acting as a social safety net in times of economic crises. However, these welfare driven policies are subject to much criticism since they favour the poor, encourage low productivity, and a non-competitive public sector. As Islamic institutions of welfare catch on with progressive social education through media and networks and become an alternative system of welfare for poorer Muslims through zakat and other contributions, welfare increasingly becomes a social responsibility of the Muslim middle classes.There is hardly any data on how the bread earned by big corporations of Islamic finance actually become instituted into a system of welfare economics based in Islam. Private investment trusts of political elites or national trusts controlled by them. In a properly instituted system of redistribution, through wages, salaries, educational, and health subsidies and so on, there should be very little wealth differential between the owners of political Capital and citizens but economic disparities are significa nt in these Muslim countries and it has been shown how gains among the lowest 20% may be offset by higher or equivalent gains among the top 20% income earners of these nations. The production of stable professional middle classes in these nations has led to an enrichment of social capital and welfare driven redistributive institutions through social networks but Islamic conscientisation had sometimes moved this spiritual gain as an objective reality. The belief in ibadah or to do good may outweigh the call for greater transparency in the use of national collections of zakat and so on.Many Muslims in Malaysia pay both income tax and zakat, rather than ask for exemption from income tax. They also maintain Islamic voluntary organizations with personal funds, donate to mosques and charities, and make endless food contributions to orphans and the poor. There is very little data pull together on the actual amounts paid privately or anonymously and state-directed contributions, although i ncreasing, are not reflective of actual payments contributed by the middle classes towards Islamic charitable institutions.On the other hand, Muslim based banking and financial institutions are obscure in their social responsibility towards the poor, including their own clients who may be victims of topic poverty during times of economic crises. In conclusion, Islamic institutions of trusts which are state directed or privately administered by banking and credit agencies contain more humanistic principles of investment and redistribution of profits except that there is a missing componentbetween the principles of redistribution of surplus or profits in Islam finance and the actual mechanisms to provide welfare to the people who are not share-holders or stake-holders. In Malaysia, Brunei, and the MENA countries of the Middle East and North Africa, state agencies assume trusteeships over compulsory collections like the zakat but do not have any institutional mechanisms to enforce priv ate corporations local or foreign to contribute towards the welfare of the poor.ConclusionThe first Financial crisis was began in July 1997 when the Thai baht collapse with a series of speculative attacks on the baht extended after quite a few decades of outstanding economic performance in Asia and most of Southeast Asia and Japan having currency depreciation. There some approach to help financial recovery, It is impossible that the government doing nothing when the crisis happened to their country. To prevent currency values collapsing, governments raised fiscal spending in domestic interest rates to exceedingly high levels. And last approach Government providing handouts directly to people affected and providing assistance to the poor like efforts to shield poor and vulnerable sections of society from the worst of the crisis The International Monetary Fund (IMF) is an international organization that provides financial assistance and advice to member countries. It was created out o f a need to prevent economic crises like the Great Depression.The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. However, IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights record Debtor countries to the IMF are often faced with having to put financial concerns ahead of social ones The cause or trigger of the 2008 global financial crisis was the boom of the United States housing bubble which peaked in approximately 20052006. The impact of the crisis on developing countries will affect different types of international resource flows private capital flows such as Foreign Direct Investment (FDI).However, not all developing countries were effected tremendously by 2008 financial crisis, Indonesia was one of the least affected countries in South East Asia. The G-20, is the the main nations of much of the coordination on trade policy, financial policy, and crisis responses. The first G-20 leaders summit was held at the peak of the crisis in November 2008. The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal From Islamic perspective approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts the present crisis should not be examined within the relatively narrow confines of debt, rather it is fundamentally a question of social justice, a concept that is paramount in Islam.The practicing of zakat system and waqf contribution to help the poor and needy indirectly will benefit the society. And this is the best approach that government should do by providing help directly to the poor and people affected by financial contract namely firms and banks. If government reduced the amount tax to be paid, cost of production will decrease leve l of employment and production will increase. Meanwhile, banks will bail out to husband company and people indirectly reduced the worry of public causing the level of borrowing and consumption raises. So, as a result, it can stimulate the capital investment of the economy to increase the economic growth and level of GPD.ReferencesFadillah Putra, Economic Development and Crisis Policy Responses in Southeast Asia (Comparative study of Asian Crisis 1997 and Global Financial Crisis 2008 in Malaysia, Thailand and the Philippines) (2008), Public Administration Department, Brawijaya UniversityFederal Reserved Bank of San Francisco Economic earn What Caused East Asias Financial Crisis? 98-24 August 7, (1998) Hussein Alasrag, Global Financial crisis and Islamic finance (2007)http//www.muftitaqiusmani.com/index.php?option=com_contentview=articleid=41present-financial-crisis-causes-and-remedies-from-islamic-perspective-catid=12economicsItemid=15,retrieve on 11 November 2012 http//www.academi a.edu/1133515/Global_Financial_Crisis_An_Islamic_Perspective, retrieve on 4 November 2012 http//en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008cite_note IMF_Loss_Estimates-31, retrieve on 4 November 2012Mohamed Ariff, Syarisa Yanti Abubakar,The Malaysian Financial Crisis Economic Impact and Recovery Prospects (1999) The Developing Economies, XXXVII-4 41738Reinhart, V. (2011). A year of living dangerously The Management of the Financial Crisis in 2008. Journal of Economic Perspective.25 (1). Pg 71-90. IbidRecovery from the Asian Crisis and the Role of the IMF, IMF Staff (2000)http// www.investopedia.com/articles/economics/09/international- monetary-fund imf.aspaxzz2EQhoHzz9, retrieve on 4 November 2012http//www.nrcc.org/default/Issues2012/2012_Issues_Book_Chapter_Financial_Crisis_Bailouts_and_Financial_Reforms 1 . Federal Reserved Bank of San Francisco Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, 1998 2 . Federal Reserved Bank of San Francisc o Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, 1998 3 . www.wikipedia.com 4 . www.wikipedia.com 5 . www.wikipedia.com 6 . Federal Reserved Bank of San Francisco Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, 1998 7 . www.wikipedia.com 8 . Mohamed Ariff, Syarisa Yanti Abubakar, (1999) The Malaysian Financial Crisis Economic Impact and Recovery Prospects The Developing Economies, XXXVII-4 41738 9 . Economic Development and Crisis Policy Responses in Southeast Asia (Comparative study of Asian Crisis 1997 and Global Financial Crisis 2008 in Malaysia, Thailand and the Philippines) Fadillah Putra, Public Administration Department, Brawijaya University 10 . Recovery fromthe Asian Crisis and the Role of the IMF, IMF Staff (2000) 11 . http//www.investopedia.com/articles/economics/09/international-monetary-fund-imf.aspaxzz2EQhoHzz9 12 . http//www.twnside.org.sg/title/sick-cn.htm 13 . Reinhart, V. (2011). A year of living dangerously The Management of the Financial Crisis in 2008. Journal of Economic Perspective.25 (1). Pg 71-90. 14 . Ibid 15 . Ibid 16 . Ibid 17 . Wikipedia. Financial Crisis 2007. Taken from http//en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008cite_note-ssrn-8 18 . Wikipedia. Financial Crisis 2007. Taken from http//en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008cite_note-IMF_Loss_Estimates-31 19 . Ibid 20 . Greenspan-We Need a Better Cushion Against Risk. Financial Times. March 26, 2009. Taken from http//www.ft.com/cms/s/0/9c158a92-1a3c-11de-9f91-0000779fd2ac.html. 21 . FCIC Report-Conclusions Excerpt-January 2011. Taken from http//c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_conclusions.pdf 22 . CRISIS AND RECOVERY IN THE WORLD ECONOMY. Taken from http//www.whitehouse.gov/sites/default/files/microsites/economic-report-president-chapter-3r2.pdf 23 . Ibid 24 . Ibid 25 . Ibid 26 . Ibid 27 . Ibid 28 . Velde, D. W. (2008). personal effects of the Globa l Financial Crisis on Developing Countries and Emerging Markets. Policy responses to the crisis. INWENT/DIE/BMZ conference in Berlin, 11 December 2008. 29 . Ibid 30 . Ibid 31 . Ibid 32 . Ibid

Death of a Salesman - Discuss the Importance of Dreams in the Play Essay Example for Free

Death of a Salesman Discuss the Importance of Dreams in the bout EssayThe American Dream is strongly linked to a consumer culture and capitalism, and this is the main theme of the play. Dreams be the main structure of the play. Dreams can be numerous things they can be divided into two types. They can be your hopes and ambitions, fantasies, h exclusivelyucinations, and can also the dreams in your subconscious mind whilst you are asleep. The American Dream is what Willy bases his invigoration on. The only way for him is up. Dreams await to motivate the characters actions, they express and explain their past and present behaviour. The American Dream is the most important part in A Death of a Salesman. Willy strives to achieve for himself and his sons, hit and Happy, to be rich and successful having money to pay off all the bills and not being in debt is the ideal. The American Dream is literally having the best of e trulything, owning your own car and land, being popular and having the opportunity and qualifications to be successful.All the way through the play Willy strives for The American Dream. He idolizes two people.His name was Dave Singleman. And he was eighty-four years oldAnd old Dave, hed go up to his room, yunderstand, put on his green velvet slippers-Ill never forget-and pick up his phone and call the buyers, and without leaving his room at eighty-four he, made his living.The other is his elder brother Ben who had found wealth colourfully, romantically, by walking into the jungle and discovering diamonds. To Willy therefore success means two things being rich and being popular. Willy strives to the point of obsession to achieve this end.This obsession of The American Dream pressurises Willy to bring up his sons to think the same and want a tree, the branches representing his sons reach up towards this dream and the subsequent pressure it puts on them. thrusting begins to doubt The American Dream when he says its me, Im a bum and Im one do llar an hour. Biff realizes that life is not always happy and sometimes you just clear to settle with what you have got.Willy lull thinks Biff will actually achieve all the aspects of his dream. Biff tries to tell him Pop Im a dime a dozen and so are youWilly responds Im not a dime a dozen I am Willy Loman, and you are Biff Loman Willy will not accept this and tries to shut and gag law out what Biff is saying. He cannot work out that there are an exceptional few that achieve the The American Dream.Happy is totally absorbed in his fathers dream, and tries to believe that he will achieve it. Happy tells Biff that he cannot be promoted.All I can do now is wait for the merchandise manager to die.He does not appear to be working for promotion and is stuck in a dead end job.The author uses Bernard, Charleys son as a story tell apart to the two Loman brothers. Willy refers to him as an aneamic and says although he gets the best marks at school he is not as popular and does not have the individualality of Biff and Happy. But the complete opposite happens when they finish school and get into the big wide world. Bernard becomes part of the Supreme Court.Oh, just a case I got there, Willy.Bernard was a hard working school pupil who beted to have achieved the dream and also got marry and had two children. This proves that popularity and a likeable character is not enough for the American Dream.Both Biff and Happy have many hopes and dreams dominated by their father Willy.Biff tries to fulfill his fathers dreams in the beginning. Well, I spent six or seven years after high-school trying to work myself up. Shopping clerk, salesman, business of one kind or the another.This repeats the theme of the play that one cannot live by anothers dream.What the hell am I doing, playing around with horses, twenty-eight dollars a weekAnd now, I get here, and I dont know what to do with myself.Biff is so wiped out(p) with life because he was brought up to believe that he should be manager of a big company and will always be rich and successful. He seems to like his job in the open space but thinks that he should be earning more money than he is.Happy is like his brother Biff, deep in thought(p) but in a different way. He is thirty-two and is totally absorbed in his fathers dreams and ambitions. Happy continually boasts about his sex life.About five-hundred women would like to know what was said in this room. he tells Biff. Happys dreams are like his bosses. He should be able to build a large estate and then cheat it two months after, because he doesnt like it and then start to build another.The two boys hopes and dreams come from their father. They were brought up to want the very best and are force-fed the wrong hopes and ambitions from childhood.The hopes and dreams that the Loman family have, have affected their lives in many different ways. Biff tries to live up to his fathers expectations but seems to realize that he cannot live other hopes. Happy is t he only person with a steady job. Even though he is achieving one part of The American Dream he is lonely and keeps telling Linda and Willy Am gonna get married Pop. He is not content because he still wants everything beyond what his job can provide. He seems to still be absorbed in his father dreams. Willy is all talk and never achieves anything. He blames people for his downfalls in life. The only way he thinks he will resolve all of his problems in life is to ordain suicide.Hopes and ambitions are extremely important for the people in the play as they are always striving for success.At the end of the play Biff says at Willys funeral He had the wrong dreams. All, all, wrong. Willy needed to accept that he could not live his dreams and had to settle with what he had and make the best of the situation.Willys memories affect the main structure of the play. in that respect are many types of stagecraft to show the difference between the past and present.Lighting is used in the way th at in the present times the stage is very dull and gloomy showing misery and unhappiness.The stage is shown as bright and lively at the points of Willys daydreams and hallucinations of the past. Sounds depend on the mood of the occasion, faint and lifeless sounds seem to be in the background when the play is in the present. The tone of the music changes when Willy goes into the past, it appears chirpy and happy. Clouting plays an important role. The clothing also depended on the mood of the character the work of the dress indicates what temperament they were in.Willy seems to always be in the past, this is because he feels its a refuge from the life that he is really living in and all the problems in it. The flashbacks Willy gets are all describing what happened in the past and show how the other characters were.I got it, Pop. And remember, pal, when I take of my helmet, that touchdown is for you.Biff tries to impress his father this shows that Biff was always the content of his l ife at this time. These flashbacks show the sides of the characters in the play that we have not seen before. The flashbacks also show the way Willy has brought up his two sons. Willy brings Biff and Happy up in the hope that they will fulfil The American Dream, that popularity and good personalities will get them good jobs. This affects them in later life because they still believe that this philosophical system will get those good jobs but it can not. Happy depends on the death of others higher ranked than him for promotion rather than his own skills.The past events are never shown as they actually happened, they are shown the way Willy interprets them. Willy seems to distort the event when Biff finds Willy and The Woman in the bedroom in Brooklyn. He does this to try and block out the bad thoughts, and create a past he can hide in from others.Dreams are so important in the play because they seem to link everything together The American Dream, Hopes and Ambitions and Daydreams, F antasies and Memories.Throughout this play, Miller is saying to the audience that our society, promotes things to strive for that are way beyond the reaches of that person. Peer pressure is mainly what drives us to want more and the best of everything, getting into debt. Miller says that the characters in the play are affected by the dream, The American Dream.Although the play was written over 50 years ago in 1949, it still has relevance today. In the 1950s, capitalism was taking hold after the Second World War today commercialism still has a powerful hold in the Western worlds culture. I think Miller is telling us to live our lives according to our own dreams and not others.

Treating Alzheimers Disease with Vitamin A, C E (ACE)

Treating Alzheimers Disease with Vitamin A, C E (ACE)ACE Alzheimers An adjuvant strategy of treating Alzheimers ailment with Vitamin A, C E (ACE) snargonAlzheimers unhealthiness (AD) is a chronic and slowly progressing neurodegenerative disorder which has frame a major concern with regards to health, worldwide. This disorder is characterised by progressive craziness and cognitive blood. Pathologically, AD is characterised by the presence of A plaques and tau neurofibrils. However, literature has shown that aerophilous judge is one of the most important pretend factor behind the cause of AD. Oxidative show often leads to toil of Reactive Oxygen Species (ROS), which further increases structural and functional abnormalities in neurons of the oral sex, which subsequently, presents as mania and cognitive decline.In order, to curb the aerobic express, antioxidants asshole be of great help. There have been many evidences that supports the use of antioxidants in the treatmen t for AD. Vitamins A, C and E are an example of antioxidants that earth-closet be utilise as adjuvants in the treatment of AD. This article will focus on current literature and will present forward the evidence based advantages of apply Vitamin A, C and E as an adjuvant treatment for AD.Keywords Antioxidants, ACE, Adjuvant therapy.INTRODUCTIONA clinical psychiatrist and neuroanatomist, Alois Alzheimer, reported A peculiar severe disorder process of the cerebral cortex to the 37th Meeting of South-West German Psychiatrists in Tubingen, thus marking the discovery of one of the most interesting pathologies in medicine Alzheimers infirmity. His invention was based on the observations in one his patient named Auguste D, suffering from profound memory loss, unfounded suspicions about her family, and additional worsening psychological changes. Her post mortem findings further revealed dramatic shrinkage of the brain and abnormal deposits in and encircling the nerve cells 1.AD has pro ven to be a significant popular health issue, as it consumes a major amount of heath budget in developed as well as developing countries. AD has become one of the leading causes of dementia in patients less than 65 years, other causes being Lewy body dementia (LBD), frontotemporal dementia (FTD), vascular dementia (VaD) and alcohol associated dementia 2.United States alone has documented a $200 billion annual expenditure on patients affected by AD. Moreover, one person develops Alzheimers dementia every 68 seconds emphasizing the incidence of the disease 3. Dementia can be defined as a chronic progressive disorder marked by memory deficits, personality changes, and impaired reasoning.Results from population-based studies have shown a significant relationship between the certain risk factors and development of AD. Increased risk was shown with an increase in age, fewer years of education, and head trauma. Genetic factors do contribute to the early development of AD increased risk w ith mutations on chromosome 21 (cases of downs syndrome) as it carries the grainy precursor protein, the presence of apolipoprotein E epsilon 4 allele and the presenilin 1 and 2 genes. The strongest factor identified till date are the apolipoprotein E genes located on chromosome 19 which exists in three forms 2, 3, and 4. 2 has been found to reduce the risk, 3 is found to be neutral whereas 4 has been associated with a tremendous increase in risk as well as early development of symptoms (Figure 1) 4.ChromosomeGenes21AMYLOID PRECURSOR PROTEIN19APOLIPOPROTEIN E14PRESENILIN 11PRESENILIN 2Figure 1. Genetic factors causation a risk to develop AlzheimersAd is difficult to differentiate from other causes of dementia like LBD, FTD and Vad 5. It may present with disfunction of discordant fields such as vision, touch voluntary movements, personality deficits and judgemental disorders depending upon the area of the brain affected 6.The National Institute of Neurological and Communicative Disorders and stripe and the Alzheimers disease and Related Disorders Association (NINCDS/ADRDA) has proposed a symptomatic criteria for differentiating between AD and other known causes of dementia. In compliance with NINCDS/ADRDA , AD is diagnosed if (I) Cognitive functions decline more and more over a period of time including/ not including memory impairment or (Ia) Inability to infrastand language and verbal commands (aphasia) (Ib) Loss of ability to come upon tasks due to incoordination of muscles (apraxia) (Ic) Failure to recognise previously known objects and loss of ability to use them(agnosia) (Id) Unable to plan, organise and execute daily chores (II) All above mentioned under I do get progressively deteriorated with time (III) Other known causes of dementia as well as cognitive deterioration must be eliminated 6,7.Neurofibrillatory tangles and extracellular amyloid plaques have been the initial histopathological findings associated with AD. Recently some(prenominal) other features have been recognised which include degeneration of nervous synapses, aneuploidy and loss of neurons in the hippocampus. in spite of the recent inventions, presence of extracellular amyloid plaques and intracellular NFT have been taken into account as the important histopathological criteria for establishment of AD 8. Among all the different hypothesis, A cascade has been the most accepted. Previously, a mutation in beta-Amyloid Precursor Protein (APP), which contributes to the normal function of neurons and cerebral development, was thought to be the sole culprit since the accumulation of A proteins had lead to the pathogenesis of AD 9. Eventually, mutated presenilin genes ( two 1 and 2) have been discovered to play a quality in the geological formation of A pools 10. But the exact mechanism profound how A aggregation contributes to the pathophysiology of AD largely remains unclear. Formerly, toxicity of neurons was believed to be caused by intracellular plaque s. But recent data has suggested the role of intracellular A proteins, which do not become sequestered into the extracellular plaques, as the toxic triggers stimulating the rise of AD 11. Recently, it has also been shown that intracellular accumulation of A proteins precedes the formation of extracellular A protein plaques and NFT formation 12. The role of intracellular A protein in the progression of AD has also been demonstrated in recent experiments on transgenic mice. Results of these experiments usher that increased deposits of A proteins within the cells are associated with accelerated cell death 13.Other important causative factors in the development of AD include aerophilous stress and Reactive Oxygen Species (ROS) 14. Susceptibility to aerobic damage is due to several factors which include proportionally lower levels of antioxidants, significantly higher levels of polyunsaturated buttery acids, (these fatty acids rapidly fall prey to ROS), the presence of metallic ion s and high type O utilisation 15. Oxidation have been prove to be fatal for several constituents of the cells including carbohydrates, lipids, proteins, RNA and DNA 16. Indirect mechanisms do play a vital role in the damaging process. Oxidation has been proven to accelerate the expression of inducible nitric oxide (iNOS) and accentuate the activity of neuronal NOS (nNOS). This leads to increased production of nitric oxide (NO). NO is known to interact with super oxide anions thus forming a highly reactive peroxynitrite anion. These pass(a) molecules exerts their effects mainly on sulfhydryl groups of cells. 17. The entire process has been depicted in figure 2. Figure 2. Nitric Oxide PathogenesisIn addition to the indirect mechanisms, oxidative stress alters the protein structure. Impaired proteins are known to accelerate oxidative damage, thus proven to be interrelated. ROS causes the protein to be oxidised leading to a modified structure and causing them to be dimerized and aggre gated 18. Thus the oxidised protein which is both structurally and functionally abnormal gather as inclusions within the cytoplasm of the neurons, seen in the form of NFT (tau aggregates) and A plaques 19. Alternatively, A plaques can also lead to the increased production of ROS. The entire process has been depicted in figure 3.OXIDATION ALTERED PROTEIN STRUCTURE cytoplasmatic INCLUSIONS DIMERISATION AGGREGATIONFigure 3.Displaying Correlation between Oxidation and Protein Dimerization, thus forming a Vicious CycleA (1-42) is an abundant species of A proteins seen in AD 20. A (1-42) peptides is known for its toxicity which can be attributed to a residue of methionine at position 35 21. Oxidation of methionine contributes to the formation of methionine sulfoxide, which generally leads to irreversible oxidation and subsequently, forming methionine sulfone 22. Methionine sulfoxide reductase (MSR) can even help the reduction of methionine sulfoxide into methionine 23. However, the acti vity of MSR is also observed to be impaired in AD 24. Methionine peroxide plays an important role in oxidative stress and toxicity caused by A (1-42) peptides. The lone-pair of electrons present on the S atom of methionine undergoes oxidation of one atom and as a result, sulfuranyl radicals (MetS.+) are generated 21,25. Sulfuranyl radicals are known to trigger the generation of other ROS like sulfoxides and superoxides by interacting with molecular oxygen 26.The reason behind this intense oxidative damage could be attributed to the relative absence or decreased function of different antioxidant mechanisms of the body. Glutathione is one of the major antioxidant which can protect the brain tissues by causing detoxification of damaging ROS 27. One of the main reasons of increase in oxidative stress in AD is the decreased glutathione levels in the brain 28. The other members of the cellular antioxidant mechanism which plays a pivotal role includes Superoxide Dismutase (SOD) and Catalas e (CAT). SOD is an antioxidant which is responsible for converting toxic superoxide ions into far less toxic hydrogen peroxide 29. CAT evolves this reaction in to one meter further and turns hydrogen peroxide into water 30.Investigations have revealed that the levels of SOD and CAT decline in patients with AD 31. Glutathione reductase (GR) and Glutathione peroxidase (GPx) represent the other crucial parts of the cellular defence mechanism which acts against oxidative stress. GPx is responsible for the metabolism of hydrogen peroxide and lipid hydroperoxides 32 and GR accelerates the reaction which helps in the regeneration of Glutathione (GSH) 33. In total, the combination of an oxidative stress with above mentioned cellular defence mechanism against ROS, leads to the pathogenesis of AD. The pathogenesis of Alzheimers disease is mentioned in Figure 4.Figure 4. Pathogenesis of Alzheimers disease (MG Microglia AS Astrocyte AP Amyloid protein beta NFT Neurofibrillary tangles)ACE ALZ EIHMERS VITAMIN A, C E (ACE) THERAPY ROLE OF VITAMIN AVitamin A and beta carotene have been shown to have multiple benefits for people suffering from AD. Various studies have found that patients suffering from AD have significantly lower levels of Vitamin A level and beta carotene in their CSF as well as blood 34. The development of neurodegenerative disorders has shown to be influenced by Vitamin A and beta-carotene. Vitamin A plays an active role in neuronal development both in early life and in the adult nervous system. It protects and assists in the regeneration of neurons during recovery from neurodegeneration 35.Inhibition of formation and destabilization of A fibrils is an additional effect of Vitamin A and beta-carotene 35. Since oligomerization of A fibrils is an important mechanism contributing to neuronal toxicity in AD, Vitamin A supplementation has been shown to decrease the aggregation and oligomerization of A40 and A42 fibrils 36. It has also been shown that Vitamin A and beta carotene decrease the decline of cognitive function in AD. Moreover, higher levels of these vitamins have been associated with better memory performance and spatial learning in these patients 3436.ROLE OF VITAMIN CVarious studies both in vivo and in vitro have shown to have significant effect in the brain due to decreased levels of vitamin C. Decreased plasma levels despite adequate pulmonary tuberculosis in patients further confirmed the belief of protective effects of vitamin C in the spectrum of neurodegenerative diseases 37. Hence, it can be proved that oxidative stress induces damage in AD and protection against this stress is offered to a certain degree by antioxidant vitamins. The progression of AD is altered by Vitamin C by interfering with unlike different aspects of pathology.Numerous studies, both in-vivo and in vitro, have shown that Vitamin C can decrease oxidative stress. The structural progression of AD is prevented by Vitamin C by hindering the oligomeri zation of A peptides 38. Brain injury induces oxidative stress and reduces the level of antioxidants like vitamin C and SOD. Vitamin C supplementation improves the level of SOD, which consecutively helps to decrease oxidative stress and subsequent brain injury 39.It has been suggested that even without additional supplementation, a normal intake of Vitamin C can have a neuroprotective effect in patients with AD. Cognitive decline in AD patients has shown to decrease is patients taking adequate Vitamin C 40. In addition, results from a prospective observational survey (n=4740) over a period of 3 years have shown that additional supplementation with antioxidant vitamins like vitamin C and E may be associated with both decreased incidence and prevalence of AD 41.ROLE OF VITAMIN EVitamin E represents a cluster of 8 antioxidants composed of 4 tocotrienols and 4 tocopherols. It has been reported that there is a greater risk of neurodegenerative disorders like AD and Mild Cognitive Impai rment (MCI) with lower plasma levels of vitamin E. Additionally, the level of vitamin E metabolic products (5-nitro--tocopherol etc.) is shown to increase significantly in AD and MCI 42. deficiency of Vitamin E can lead to the damage and destruction of neurons and has been implicated in cases of cerebellar atrophy 43. Vitamin E is a potent antioxidant which can delay the progression of AD at several levels. Increased oxidative stress induced by A plaques is known to be a risk factor for neuronal death and ensuing brain injury in AD. Vitamin E behaves like a scavenger for these free radicals and therefore, is neuroprotective. 44.Vitamin E also provides protection against AD via various other methods. For example, the 12-lipoxygenase pathway leads to glutamate-induced neuronal cell death by inflammation. Vitamin E can reduce this inflammation induced neuronal death 45. Furthermore, consumption of vitamin E has been linked with the regeneration of SOD, levels of which are shown to decl ine in AD 39. Among the different forms of vitamin E, the greatest degree of protection against AD is provided by -tocopherols and -tocopherols 46.A population-based cohort study of 5395 individuals was conducted to evaluate the efficacy of dietary supplementation of antioxidants to provide protection against AD. Among all the antioxidants used, results showed that the most significant degree of protection (p=0.02) against dementia and AD was provided by Vitamin E 47. Moreover, supplementation of 30 International Units of alpha-tocopherols can act as a valuable adjuvant in the treatment of various neurodegenerative diseases, including AD 48.ConclusionAlzheimers disease represents one of the most significant age-related neurodegenerative disorders. Oxidative stress is one of the most important mechanisms involved in the development and progression of this condition. In order, to curb the oxidative stress, antioxidants can be of great help. The use of antioxidant vitamins A, C and E a s adjuvant therapy for AD has always been given consideration. Thus, further clinical research is requirement to study the potential of these vitamins such that it can be integrated into clinical treatment to accelerate the recovery of patients afflicted by this disorder.REFERENCESAlzheimer A, Uber eine eigenartige Erkrankung der Hirnrinde Allgemeine Zeits Psychiat Psychisch Gerichtlich Med 1907 64146-48.Harvey RJ, Skelton-Robinson M, Rossor MN, The prevalence and causes of dementia in people under the age of 65 years J Neurol Neurosurg Psychiatry 2003 741206-09.Alzheimers Association2012 Alzheimers disease facts and figures Alzheimers Dement 2012 8131-68.Lindsay J, Laurin D, Verreault R, Hbert R, Helliwell B, Hill GB, Risk factors for Alzheimers disease a prospective analysis from the Canadian study of health and aging Am J Epidemiol 2002 156445-53.Karantzoulis S, Galvin JE, Distinguishing Alzheimers disease from other major forms of dementia Expert revolutions per minute Neuroth er 2011 111579-91.Castellani RJ, Rolston RK, Smith MA, Alzheimer Disease Dis Mon 2010 56484-546.McKhann GM, Knopman DS, Chertkow H, Hyman BT, Jack CR, Kawas CH, The diagnosis of dementia due to Alzheimers disease Recommendations from the National Institute on maturement-Alzheimers Association workgroups on diagnostic guidelines for Alzheimers disease Alzheimers Dement 2011 7263-69.Swerdlow RH, Pathogenesis of Alzheimers disease Clin Interv Aging 2007 2347-59.Zheng H, Jiang M, Trumbauer ME, Sirinathsinghji DJ, Hopkins R, Smith DW, Beta-amyloid precursor protein-deficient mice show reactive gliosis and decreased locomotor activity Cell 1995 81525-31.Levy-Lahad E, Wasco W, Poorkaj P, Romano DM, Oshima J, Pettingell WH, medical prognosis gene for the chromosome 1 familial Alzheimers disease locus Science 1995 269973-77.Lesne S, Kotilinek L, Amyloid plaques and amyloid-beta oligomers An ongoing debate J Neurosci 2005 259319-20.Gouras GK, Tsai J, Naslund J, Vincent B, Vincent B, Edgar M , Intraneuronal Abeta42 accumulation in human brain Am J Pathol 2000 15615-20.Bayer TA, Wirths O, Intracelluar accumulation of amylois beta- A predictor for synaptic dysfunction and neuron loss in Alzheimers disease Front Aging Neurosci 2010 28Butterfield DA, Amyloid beta-peptide (1-42)-induced oxidative stress and neurotoxicity implications for neurodegeneration in Alzheimers disease brain. 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The Effect Of Technology In Current Architecture Cultural Studies Essay

The Effect Of Technology In Current Architecture Cultural Studies EssayTechnology opens the door to the future. It is angiotensin converting enzyme of the of import essence that shape and changes the way society be gos, as well as trancends the surrounding to suits the way society lives. Nowadays, the egress of new technology has reached almost any(prenominal) level of the society, and unity of it is modern create technology. It has great implication in the creation of space in computer computer computer architecture and interior tendency. Since the early days, architecture has been peerless and only(a) of the most important needs of man. It is a space to live and work, an env weight-liftment to act and provoke emotions, as well as a landed estate where captures and memories be make upd. This feelings and emotions argon evoked by the reverberate and shape, the arrangement of forms and by the relationships that the space draws with the surroundings. It affects every part of humans senses. As technology developed, the meaning of architecture started to oblige with it.Formerly, with conventional building technology, the shape and form of architecture that could be achieved is only a simple and pure form. It leads to a trend of homogeneous building, which makes every architecture looks similiar. Within this limitation, architects and designers became more sensitive and focus on dealing experiences in a space. These experiences then become memories that get out be remembered by the visitor and elements that contrastiveiate one building from another. As this continues, buildings visual aesthetic is slowly decreasing. Currently, with the creation and development of building technology, the inventions of cutting-edge and futuristic looking forms and shapes are possibble. New tangibles and structures are weed and evolved everywhere. These advancements have do architects become so attached with visual appearance. Meanings that majority of them concentrate on apply technology in order to disc everyplace new forms and shapes for architecture in order to reflects the belief for which it was designed. The design of the buildings that focused on visual aesthethic has led to a trend of creating a form that looks good earlier than a space that feels good.With this trend continues, it seems that the role of visual sense has cosmos privileged when compared to other human senses. The impact of this trend causes the design of the current architecture being reduced and restricted into the visual experience. With the absence of other senses, the strength of interaction that affect our bodies with a space is being diminished. This indicates that the tendency of architecture of image rather than architecture of experience is increasing. The products of architecture of image will only offer visual consumption which wont get to lasting impressions that all the architects strive for. It will only become a nice looking postcard of vis ually striking building.Hence, the essay aims to prove that the current use of technology in architecture is only being used to achieve visual aesthetics and has decreased the value of architecture. The essay will also argue that technology to achieve sinewy form has to be fit to grow hand in hand with other human senses in order to create valuable experience and repositing in a space . Only then, the value of architecture can be pushed to a full potential.Architecture of Experience rather than Visual kinda of experiencing our being in the world, we behold it from outside as spectators of images projected on the surface of the retina.Pallasmaa, J, 2005, p.47Before we can move forward to the main issue, to question the effect of technology towards current architecture, it is important to look and understand briefly what is the nature and value of architecture since the early days it was created. Through out the history, despite of a large number of definition have been proposed by numerous architects, the answer to this have never came to a conclusion. Maybe it is because there are diverse ways to formulate an answer to this. One of the vast definitions of architecture maybe can be found in dictionaries, which message design of a building. It seems that this definition leads to a diminishing understanding that building is just an object. Some even off make comparison of architecture with other form of arts which is sculpture. For instance, Santiago Calatrava, a world-renowned Spanish architects that combined sculpture and painting with architecture. He is claimed as a building sculpturor and had an exhibition world-wide about his works. So is architecture an application of aesthetics consideration to the form of buildings? Or anSantiago CalatravaSculpture into Architecture,The Metropolitan Museum of Artart of making buildings beautiful? This idea of definition seems to have miss a central center of the nature and value of architecture.Previously, in the prehistoric cadence where architecture is not even born yet, human lives in a nomadic way. They move from one hindquarters to another. When night comes, they stop and light a fire to warm them up. By doing so, they started to define a place. And if they intend to stay there longer, they started to define a place to sleep, a place to shelter them from the rain, a place to collect and store food, a place where they can defend themselves from danger, etc. From their chosen site, experience of their surrounding, until the organization of their place, this leads to an evolution from a place to architecture. Based on that, one can said that the nature and value of architecture is the sense of a place that is created by the experience and organization of the building and surrounding itself. Thus, architecture relates to the way people live, it changes and evolves based on the environments, experiences and needs.As time goes on, places that people used has became more diversed, sophistica ted and complexed which do architecture consistently changing as well. Started from the prehistoric era where human dwells in an occasional caves and temporal tents from woods to round houses that made of bricks, and into the stone age. Not only materials that has evolved, functions and tools to build each building have advanced as well. From the early civilizations in Mesopotamia, Egypt, Greece, Roman and the East, the development in architecture to create building for different purposes has greatly varied. Egypts Pyramids, Greeks Temples, and Romans Amphitheatres are just few illustrations of various functions that can be found globally. gigantic Pyramid of Giza, EgyptBuilt 2560 BCColosseum, RomeBuilt 1st Century ADParthenon Temple, GreeceBuilt 5th Century BCThe form, material, tools and function of the architecture evolves because of the resources that is available in the environment. The needs for stronger materials to create shelter and better materials to craft the atmosphere for different functions has made the tool or building technology to advance too. With this different materials and technologies, human are able to generates unique experience which would enriched the physical and psychological sensory in an architecture.In the time where modern building technology is not developed yet, there is a limitation in the creation of architectural form. Architects and engineers are only able to produce a simple and pure form which makes every buildings looks similar. Considering this constraints, the focus of architecture at this time is in the creation of experiences which is the nature and value of architecture since the early days. People lived through experiencing the world with body senses. One sense interact with other senses to be able to let him or her integrates with the surrounding and the world. Architecture is the products of this constant interaction between people with the surrounding and the world. Architecture also tin spaces where people could do their daily activities, experience the surrounding, feel comfortable with it and generate memories through these interactions. The interaction that happens can be either simple or complex. It means that the space within the architecture should be able to generate interaction with at least one or all of the body senses. This is due to, as human we have needs and desires, beliefs and aspirations, as well as aesthetic sensibility that are affected by warmth, touch, odour, sound and visual stimuli. Every interaction that happens will be experience by the body and if the experience through the space is strong enough, it will formulate an impactful memory to the visitors mind. And If this is successful, the lasting impression that every architects strive for will be achieved. That is why architecture should be design with a thought of multi-sensory experience.The Commissioners House of the Royal Naval Dockyard, Bermuda,By Edward Holl, built 1820sNevertheless, over this time, th ere is one senses that architects and engineers could not satisfied with. It is the visual aesthetic, which is because of the technology at that time couldnt afford to provide the structure, system and material to create a visually striking form. With the will and the unsatisfactory as the main force that drives architects and designers to overcome this issue. This has led to numerous experiments over the time. Until the 19th century, in the industrial revolution era, when regulate iron can be produce in a large numbers and cheaply enough. This is when architects and designers started to become aware of the glorious potential of cast iron used in architecture. One of the first residential project that use cast-iron as the structural framework is The Commissioners House of the Royal Naval Dockyard, Bermuda (Potter, D, 2006). This tag the dawn of Modern building technology.As technology has advanced towards a new level, which is the modern building technology, the nature and value of architecture started to shift and accommodate as well. This development has begun to revolutionize architecture into an entirely new direction. With this modern building technology , architects and designers is provided with a new range of materials and tools to achieve and satisfy their hungriness of a more advanced form. Previously, the architectural language of each location has their own unique characteristics. This is because of their environment would only be able to produce real kinds of materials. Due to this, architects and designers tended to use resources that were available and plentiful in their location. Which means that the materiality and tool spoke more to place, to locale, and in a way was more strictly defined with the unique representative of that certain location. For instance, the Pyramid in Egypt that is made from stone is entirely different with the Temple in China which is made from wood. exclusively with modern building technology , transportation of materials from one location to another location has became possible, the ability to mass products have made the cost of construction became lower, and the origin of new and better material is continually increasing. This development has made architecture become more efficient and effective in every layer, either it is the construction, the time span to complete, the experience that could achieved inside the space or even the form of the architecture.Beginning by looking into the traditional materials that have been used since the prehistoric times, which is the wood. This material could be considered as the forefather of all current materials. Started with the wood, in the early days where prehistoric people used this to build tents as their shelter from the sunbathe and rain. By constructing tree trunks or branches together creating the shape of an inverted V-shape, putting some support to hold it firm on the ground and cover with leaves. This creates the simplest foundation of a rchitecture form. As human evolved so does materials for their shelter. Moving from wood to stone, as a stronger material, the form of the shelter started to develop into tent-like house by stacking different stones together. As humans move on to the times of early civilizations, the needs, desires, and beliefs have been greatly developed too. This leads to the creation of places of worships, sacrifices, monuments, and governments. Based on these, the form of the architecture started to goes vertically higher and bigger. At this time, pillar, column, beam, arch and dome has started to be build to fulfill the functions of the architecture. Then into the middle age, where castles are becoming a common forms of architecture in every part of europe. And as it moves through The Renaissance, Baroque, Neoclassicism and Gothic revival, from 15th century to 18th century, architects and designers feels that every architecture has looked similiar because of the limitation of technology and mat erial.US Capitol Building majuscule DC, Built 1793Neoclassicism ArchitectureSt Mary BasillicaVenice, Built 1630Baroque ArchitectureThe Basilica of Saint PeterRome, Built 1590Renaissance ArchitectureJoseph Paxtons Crystal Palace of the Great ExhibitionLondon, Built 1851Until 19th century, when modern building technology is discovered. This technology allowed iron to be used in architecture because it has became relatively cheaper which previously considered as a very expensive material. Irons are architecurally unique because of being relatively lightweight and malleable as well as strong. More over, because of its properties, they are able to used for free-form designs. In this period, glass is also widely used and available. Glass is used for its optimal balance between aesthetics and functions. By using glass, the building are able to change, move and create certain environments because it allows light to transmits in and for architect light is one of the poweful tool in craft ing experience in an architecture. One of the architecture that reflects a building of high technology in this period is the Joseph Paxtons Crystal Palace of the Great Exhibition. Built in 1851 in London, this building was made of modular cast iron and glass which symbolize the industrial, technological and economic superiority of the modern building technology.And in 20th century, plastics became widely cognize and popular as well. It is because plastics are lightweight,resilient, generally resistant to corosion and moisture, and can be molded and formed into complex shapes. And because It is the only man-made material, this allowed it to be developed even more in the future. This opens the door for architects and designers to realize all the crazy ideas that they had in mind. And with this the notion of architecture of image is slowly becoming a trends.With advancement in modern building technology materials and tools to construct a building have greatly expansed. Back then, buil dings are limited with height. Mainly it is because of the limitation of materials and tools. This caused architects and designers to think and design horizantally . But with modern building technology, current buildings are able to go higher becoming a skyscraper or go deeper underground, maybe becoming an earthscraper, and not only going vertically, it also allows the buildings to be built diagonally. From geometric to organic form or from masses to pixels, with the current technology everything is possible. Architecture has entered into a realm of visual form which is nothing more or less than the creation of buildings tangible and visible shapes.Beekman Tower, Frank GehryNew YorkOne example of a stringently visual architecture is the Beekman Tower in New York by Frank Gehry. It is a curious fusion of public and private zones. What makes the tower so foolhardy is the exterior skin of the buildings which is mad of aluminum foil. The folds evoke rivulets of water, crinkled sheets of melting ice. The effect of this ripples will be heightened by light and shadow dancing across the surfaces over the course of a day. This building is surely a successful design and appealing to one of human senses which is the visual. But for the interior, everything inside the space is dully conventional. The consideration towards other senses inside the space in order to experience the space has being neglected.Another one is the Orchard Central in capital of Singapore by DP Architects. The key design element of this shopping mall according to DP Architects is on the facade of the mall which will be an 11-storey-high faceted membrane which will function as a massive media wall and is set to be an iconic feature at the junction of Orchard and Killiney roads. The idea of this is to add aural and visual vibrancy to the central stretch of Orchard Road. By doing so, the architectural facade of a building is no longer made of solid materials but is, instead, an ever-changing, progr ammable image. The problem with this is the elimination of other senses and the dependency towards the dream has made the design ofOrchard Central, DP ArchitectsSingaporethe space unattracted and unable to create a connection with the visitors.Based on both of the case studies above, it is fairly obvious that the privileged of visual senses over other human senses will create a sense of detachment between the architecture and the visitors. This is merely because human experience the world and the surroundings through their senses. The sounds of steps, the light that penetrate through the space, the chill of the concrete walls, scale and proportion are just few ways of how architecture interact with the visitors. This interaction is then strengtened and articualted through the complex interaction of human senses and will be perceived by the visitors as an experience. With this two-way interaction between visitors and architecture, this will lead to the creation of meaningful memory towards the space.It is true that vision is the first connection between human and the world. Most of us, when we are walking through a space or street, are affected in one way or another by the looks of the buildings that we pass, the positions of the objects and the arrangements inside the space. But in architecture, the reliance in the sphere of vision will only made the building existed merely in a surface level which is as an objects of visual expression such as a postcard. Architecture should be able to interact with every human senses because it is a representation or expression of human minds. And the only way to communicate with the mind is by experiencing the world and surrounding through the senses. That is when architecture has moved on to another level. So, by using the modern technology, not only to grasped the visual aesthetics that has became a trends nowadys, but also to craft the experience that has been the nature and value of architecture since the early days. T his will affects the human physically and psychologically and will pushed the architecture to the full potential.

The Rapid Change Of Information Technology

The Rapid Change Of Information TechnologyWith the rapid change of teaching technology in twentieth century, net profit has become a catalyst for the way people in the world to communicate and sharing or attack information speedily. Many headachees also adopted the internet as a means of trading or improving internal processes and more importantly, engage and build relationships with customers. In this paper, the author go forth psychoanalyst the competitive environment and resources for one of the market leading electric appliances chain stores in Malaysia and propose a information systems strategy plans which suits the alliance best.1.2 Companys profileSenHeng galvanic (KL) Sdn. Bhd is one of the well known household galvanising retailers among few names in the annals of Malaysian retailing melody. Founded in 1989 by Lim br new(prenominal), K.H., K.C., and K.Y., the family has started its profession from a picayune consumer electronics half shop set up with crinkles worth less than RM30,000.00 to one the largest electrical chain store in Malaysia. Currently, SenHeng has more than speed of light stores spread throughout provincewide with 10 distribution centre located in Selangor, Johor, Perak, Terengganu, Penang, Malacca, Sabah and Sarawak. This has assured its customers to enjoy consistent and punctual delivery of all purchased items.1.3 PESTEL governmental Economic Transformation ProgrammeThe Economic Transformation Programme (ETP) embraced by Malaysia government in year 2010 is a comprehensive effort to transform Malaysia into a high-income nation by year 2020. It targeted to lift Malaysias gross national income (GNI) per capita from USD6,700.00 or RM23,700 in 2009 to more than USD15,000 or RM48,000 in year 2020. Specific attention has been nonrecreational to raise the incomes of the bottom 40 percent of households, with a target of increasing the monthly mean income of this group from RM1,440 in 2009 to RM2,300 in 2015. The prospect of Malaysian retail industries like SenHeng Electric is expected to be positive as consumer spending power will eventually boost by the plan. According to Ecmlibra investment research, essential retail sales are forecast to adjoin by 34 percent to RM123.5bn in 2014 from RM92.3bn in 2010.(http//www.ecmmoney.com/wp-content/uploads/downloads/2010/09/Strategy_100922_A-challenging-road-ahead.pdf)Economic performanceRetailer profits mystify a correlation with the country overall economic performance. After the global economy downturn in 2009, the Malaysian economy experienced a conceptive resumption of growth in 2010. The growth was driven by robust domestic demand, with strong expansion in private sector activity. For the year as a whole, the overall aggregate domestic demand expanded strongly by 6.3 percent from -0.5 percent in 2009. It was reflected in the strong performance of major(ip) consumption indicators such as passenger car sales, retail sales and imports of consumption goods . (http//www.bnm.gov.my/view.php?dbIndex=0website_id=1id=819). According to believe Negara Malaysia annual report 2010, the Malaysian economy is communicate to grow by 5 percent to 6 percent this year. However, inflation hikes which caused by rising determines of food and vital force in Malaysia continuous to worry the nation and will likely to affect consumer spending behaviors and trim down purchasing power in household electrical appliances.Social Consumer Buying BehaviorThe outgrowth population in Malaysia and steady maturate in household disposable income in recent year has permitted them to spend more on luxury goods outpaced on basic items like food. High profile international retailers and the global mass media have also played a hand in shaping consumer acquire behavior to chase after high end electrical appliances. This is predominantly true for young and large working-age populations often looking up for better modus vivendi are more willing to spend more on high tech home appliances which can save their time from doing home work. Greater access to credit allowed individuals to fund discretionary spending and sometimes squander more than what they have earned. According to Bank Negara Malaysia annual report 2010, in the period among 2000 and 2009, household debt grew at an annual rate of 13.5 percent.(http//www.bnm.gov.my/index.php?ch=109pg=333ac=81yr=2010)TechnologyTechnological innovations encouraged consumer spending in areas like internet services, unsettled communication equipment, cable video recording services and audio visual equipments. The advent of mobile technology is impacting the way retail businesses operate today compared to a decade ago. Urban consumers who armed with keen phones are getting smarter both day. They are able to access information on products, impairments and stores anywhere at any time. They can compare price for the aforesaid(prenominal) product offered by different retailer shop easily. Retail busines ses are able to reach out to their customers instantaneously with tailored information and product offers via mobile broadcasting.1.3.5 Environmental Global WarmingGlobal warming and climate change continues to be threatening humanity today. The impact of global warming is already creation seen around the world. With the world as a whole is pumping out more and more carbon dioxide (CO2) every year, the IPCC has concluded that global temperatures will likely to rise by 1.2 to 6.5 degrees C by end of the century. The increase individual awareness of global warming issue, consumer tend to favor for home appliances which are more eco-friendly, energy saving and with minimal impact on the current environment.(http//thestar.com.my/ newfounds/story.asp?file=/2007/9/29/nation/19028575sec=nation)Legal New Credit note RulesBank Negara Malaysia has recently announced new measures on credit card application by rising minimum annual income requirements for credit card eligibility from RM18,0 00 per annum to RM24,000 per annum. Cardholders can merely hold credit cards from a maximum of twain issuers. For existing cardholders whose outstanding balance which exceeds the maximum credit limit, a grace period of two years given to them to meet the new requirement. The new guidelines are to address concerns over rising household debt in the recent year. (http//www.theasianbanker.com/press-releases/6368). However, with the limited access to credit, the snuff it will trim down the purchasing power of the lower income group and affect the buyer shopping behaviors which ultimately affect retailers business.1.4 Strength of the Company1.4.1 yield Chain ManagementSenHeng Electric has installed a comprehensive supply chain management system into the day to day operations of its business. This system allows the company to judge and manage product flow seamlessly. Furthermore, it allows the company to continuously maintain optimum stock of goods within all their outlets. This will ultimately reduces excessive cost on overstocking and eliminate low supply upon consumers demand is rise. The system was designed in the way of centralized vagabond that liked online directly to its suppliers.1.4.2 BrandingGiven the farsighted history of the company in household electrical appliances business, SenHeng electrical is a well known branding in Malaysia. The company continues to execute its brand construct strategies by creating more streamlined look and feel for all its branches. This new identity spans across the board, its marketing brochures, posters as well as uniform for its employees. With the companys tag green, these stores are brighter that the usual electrical store. This exercise has given SenHeng electrical a friendlier image and enabled the company to provide more professional service to its customers.Loyalty CardThe company has implemented PlusOne loyalty card, a unique plan to reward its customers. The card members of PlusOne are allowed to enjoy extr a thirteen months of product warranty as well as thirty percent off on all service or repairing sedulousness costs. In additional to that, those products that purchased by card members will be delivered to their doorstep with no charge. Every purchased item is rewarded with specific points to its member card and these points will be used to redeem for other goods.Fixed price policy and flexible wages schemeTo standardize the service standard and eliminate poor experiences by customer in the companys outlet throughout the nation, the company has implemented a fixed price policy and the product offered by its outlets carried the same price. The company has partnership with more than ten major banks for flexible payment methods where customers are allowed to make payment via cash or credit and opt for their preferred installment plan with interest free.Varieties of productsTo provide conveniences for its consumers and enhancing their shopping experience, the company has offered vari eties of electrical products for different brands. It covers home appliances, digital imaging, computer, audio video, office automation and those electrical appliances from bedroom to kitchen. Product testing and demo facilities are provided to its consumers to learn on the products prior to purchase.2.0 Weaknesses of the CompanyConsumer is the kind in todays market. In order to retain existing customer and convert them into loyal customer, the company needs to listen and understand their consumer needs. Despite SenHengs effort in providing training to improve the service standard of its employees, however, it is still difficult to manage the service quality standard for all its outlets collectable to the large number of the outlets spread throughout the nation. Customers feedback is in that locationfore important to the company to gauge the service standard of respective outlet and put in fascinate preventive measure which SenHeng needs to focus on it.Opportunity E-CommerceAcc ording to euromoney latest statistic, the internet users in Malaysia have continues to grow from 14 million in 2007 to 17 million in 2011. E-commerce served one of the most common tools for many organizations to tackle the fierce competition in the market. It will untapped the potential business market segment and increase the sales of their products in a cost effective manners. With the emerge popularity of smart phones, M-commerce becomes another potential channel for business to elicit their products or promotion effectively.2.0 Porter five forces2.1 holy terror of new entrantsCurrently there are large numbers of short or medium surface companies in Malaysian electrical retailing market. Not to include large departmental stores like Giant or Tesco. Thus, the profit margin is rather tiny due to the stiff competition in the market. With the maturity level for electrical retailing business, its very unlikely that new entrants would step in without a new business models. However , in view of the rising internet penetration, online shopping may be the novel trend in Malaysia. With the increase trend for consumer to shop online, online retailer may be one of the threats which will potentially slide off the market ploughshare of SenHeng.(http//biz.thestar.com.my/news/story.asp?file=/2009/4/11/business/3620542sec=business)2.2 Threat supplier dicker powerAs there are large numbers of suppliers in the electrical appliances market, thus the bargaining power of supplier is minimal. Furthermore, SenHeng Eletric has establish a long history of relationship with its various suppliers. With its well established branding in Malaysian household home appliances and large market share in this retail business segment, supplier would find it difficulty to get the similar buyers like SenHeng Electric to cross selling their products.2.3 Threat buyer bargaining powerIn electrical retailing business, prices are sensitive to consumer. The consumer is always looks for the better price for electrical products. As the competition in this pains is stiff, small retailers often offered lower price to sell out the goods during bad season. The selling prices sometime dont even sufficient to cover their delivery cost. Furthermore, easy access to information through internet allows consumer to compare price and products against the companys competitors. Although SenHeng Electric has established a fixed price policy to its outlets to eliminate price bargaining. However, to offer a light price to its consumer still deems to be the main concern to baulk competitive. The company has since 2002 implemented a centralized order management system to manage its stock inventory level which helps the company to reduce its inventory cost.2.4 Threats of substitutesAs most of the competitors in this industry are selling finished products with similar brands of household electrical appliances in the market, thus at a glance, selling price becomes the key consideration factor f or consumer to decide where they spend. However, some consumers do take consideration of other aspect like after sales service, product testing, repair service and etc.2.5 Rivalry among competitorAlthough SenHeng Electric is one of the largest electrical chain stores in Malaysia, the company still facing stiff competition from its competitor HLK (Chain-Store) Sdn Bhd whom continues to slide the market share of SenHeng Electric. To avoid cutthroat pricing competition and sustain its market present, service differentiation is one of the key areas for the company work on.3.0 Strategy implicationDetermined market segmentation is vitally important in every business. Through identify who the actual and potential customers are, the company would able to determine how to position themselves into that specific market segment. Michael Porter has pointed out that combining a market segmentation strategy with a product differentiation strategy is an effective way of matching the firms product strategy (supply side) to the characteristic of the target market segments (demand side). below table illustrated Porters generic strategies which differentiated into three dimensions (level of differentiation, relative product cost, and scope of target market).The traditional electrical retailing business like Senheng electric and other similar competitors are usually focus on middle income group consumer with age range from 30 to 50 years old. The approach has limit the expansion of the company as there are many of its competitors out there in the market are chasing the same group of consumers. To stay competitive, SenHeng Electric is in need to differentiate themselves from its competitors by improving its services and enhancing customers experiences towards its outlet. Understand its consumers by collecting feedback from them would in turn help the company to look into those areas where they need progress improvement.With the economic growth in last two decades and Malaysian g overnment effort in building higher education infrastructure in the country, there are increasing number of young working adults whose earned higher salary income in recent year. Moreover, rising demand in home electrical appliances is envisionable with the My First Home Scheme launched by Malaysia Prime Minister Datuk Seri Najib Tun Razak recently which has enabled young adults to buy houses costing between one hundred m ringgit and 220,000 ringgit with a repayment period of up to thirty years. This is a potential lucrative market segment which SenHeng should untapped into it.As online shopping is becoming popular in Malaysia, E-commerce is an alternate channel for the company to reach out consumer in different market segment. E-commerce eliminates the traditional purchase approach which is time consuming and labor intensive. It helps the company to reduce cost of purchasing transactions and speed delivery. Customers can reach a company via internet for twenty four hours which in crease the business competitiveness. This will helps the company to relieve their sales person to take up other important task. Furthermore, it enables the company to collect consumer buying behavior or linguistic rule as all sales orders for individual buyers are traceable. The company can use the data to strategize the marketing or promotion approach accurately.4.0 Plan/RecommendationsIn view of the above, the author proposes to enhance the current webpage of SenHeng Electric by engaging its vendor Webz Design and Solution Sdn Bhd.4.1 Business proposal plan and objectivesBelow consists of the webpage sweetener needs for the companyTo setup a user friendly e-commerce website which inducing internet users to purchase the companys products and services online.To utilize the webpage for marketing and promotion activities run by the company.To increase the professional looks of the company and brand awareness to its potential consumers in the market.To enable online order status chec king for the company and its consumer.To conduct consumer survey and served as a channel for consumer to escalate feedback/complaint for its products and services.ObjectivesTo provide alternate channel where consumers are allowed to place their order anywhere anytime. Customers can trace their order online easily without art the outlets for assistance.To untapped young adults market where online shopping becoming a common trend in the market.To improve its services through collecting complaint/feedback from its clients.To increase its sales volume by 20 percent from second years onwards after the webpage enhancement.To achieve economic scales of assigning other tasks to its sales people.4.4 project Incremental in Sales Volume4.5 Business Assumption4.5.1 Sales volumeAssumption make that progressive incremental in sales order which will generate yearly gross revenue of RM100,000.00 starting from the second consecutive year onwards after e-commerce website launched.4.5.2 Headcount Imp act Sales departmentAssumption makes that no requirement for additional sales staff as customer will perform self online visit to evaluate the products nature and price offered.5.0 ConclusionIn conclusion, consumer buying trends and pattern will undergo significant changes over the next five to ten years. Shopping centers and the entire retail industry will be affected immensely by the increasing number of online shopper. With the broader accessibility of internet and high speed broadband implemented throughout Malaysian nation, embrace in e-commerce is certainly a right business strategy move for traditional retailer in Malaysia. In authors view, online retailing business is foresee to have positive growth continuously in the next fifteen years. Adopting service differentiation approach will eventually help the company to stay competitive and position themselves in better aspect to avoid price war situation.See appendix 1 (http//www.euromonitor.com/malaysia/country-factfile).

The Interdependence and Indivisibility of Human Rights :: Government

The Interdependence and Indivisibility of Human RightsABSTRACT This paper defends the claim that the contemporary canon of gentleman rights forms an indivisible and interdependent trunk of norms against both Western and Asian critics who have asserted exceptionalist or selectivist counterclaims. After providing a formal definition of homophile rights, I argue that the set of exceptional human rights that comprises the contemporary canon represents an ethical-legal paradigm which turn tails as an implicit theory of human oppression. On this view, human rights originate as normative responses to particular historic experiences of oppression. Since historically known experiences of oppression have resulted from practices that function as parts of systems of domination, normative responses to these practices have sought to disarm and dismantle such systems by depriving electromotive force oppressors of the techniques which enable them to maintain their domination. Therefore, human rights norms form a systematic and interdependent whole because only as parts of a system can they function as effective means for combatting oppression and domination.Representatives of the human rights movement claim that the contemporary canon of human rights forms a indivisible and interdependent system of norms so that it is improper for g everyplacenments to pick and choose among human rights those which they will honor while interpreting other human rights as optional, dispensable, non-obligatory, or even as unreal. alone the notion of the indivisibility of human rights has come under attack in recent years by some Asian governments which have claimed that the contemporary canon of human rights represents Western values which are in many respects inconsistent with Asian values. At the same time, some Western governments, in particular the get together States of America, have failed to ratify several of the covenants dealing with economic, social, and cultural rights, claimi ng that the rights represented in these instruments are merely aspirational. The contemporary canon of human rights refers to the entire set of internationally recognized human rights declarations and conventions, beginning with the Universal Declaration of Human Rights (1948) and including all of the subsequently drafted and enacted international human rights instruments, such as the Convention on the extermination of All Forms of Discrimination Against Women, the Declaration on the Right to Development, the UN Convention on the Rights of the Child and several dozens of other international documents which identify and codify human rights norms. Given that each of these documents contain several dozen articles, many of which describe several, complex rights, all together there are probably well over one hundred things that can be identified as human rights based on the canon.

The Line between Democracy and Totalitarianism in Lord of the Flies Ess

Golding immediately shows how voting procedures of a democratic society can help stop detestation from taking over. During the for the first time encounter between fathead and his choirboys and Ralph and his group, it becomes clear the differences in between both groups. Jack, during the first meeting, yells at the boys to Stand Still(Golding 20) and even when adept of the boys flopped on his face in the sand he makes the others choirboys move the fallen boy to the platform and let him lie (Golding 20). With this brief peek into the leadership of Jack, it is translucent that Jack has no concern for the common men in his choir, furthering the illusion of his dictatorial skills. The theme of leaving the masses of common citizens uncared for, while the elites are granted exclusive powers is a major notion of the totalitarian government. When these boys see how mis inured Jacks choirboys are, the vote for chief is affected. When Ralph asks, Who wants Jack for chief? the choirboys With dreary bowing they raised their hands(Golding 23). Then, when Ralph asked, Who wants me? Every hand outside the choir except Piggys was raised immediately. Then Piggy, too, raised his hand(Golding 23). Evident hither is how the public and Golding perceive the two contradicting types of government. This tiny glimpse shows that even when a dictator has all the power over his citizens, he cannot beat a democratically elected leader in an election. The undertone of this situation shows that citizens prefer a democratic leader that they elect than somebody who attempts to usurp the throne. While this was only the first time the two sides meet, the two sides only become more distanced by every time they meet.Furthermore, Golding uses frequent meetings to further es... ... until the prodding became rhythmic(Golding 182). Then, Roger advanced upon them as one wielding a nameless authority (Golding 182). Samneric, in this situation, are illusions to the political opposition that are present in most totalitarian societies. Samneric are treated as political prisoners and bullied into keeping their mouths shut about their views and into accepting the new leaders way of ruling, which is with an iron, unyielding fist. Golding, in this situation, tries to show the reader how a totalitarian government does not allow any opposition to the official governments idea. If a person disagrees with the government, then it is better to keep that judgement to their self or face severe backlash from the government. All in all, Jacks newly increased tribe only happened due to Jack using fear and brutality as a means to keep his tribe in line.