Current School Finance Issues Paper [w5d7-i] Essay

Current School Finance Issues Paper [w5d7-i] - Essay Example If the State acknowledges the bid, then a private school can start receiving funds for their transport costs. Bidding renewals are to be done annually. However, to every rule, there is an exception. If a school happens to have vehicles owned by their District, then there is no need to renew their bid. Additionally, some schools may have opted to enter into a joint agreement with another. This implies that one school may apply on behalf of another. Similarly, some schools may be part of a coordinated transportation agency as asserted by Say student (2008). The Board of education is also given the mandate to reject applications for transport financing in the event that applications are made poorly. On the other hand, there is a maximum student number that can be covered by and district board. This implies that when the optimum number has been reached then all other applications will be rejected. Additionally, in the event that a private school is applying for transport funding yet it only deals with special children, then the board of education is mandated to reject their application. Similarly, if a school provides only vocational training or it provides only technical skills, then they are not eligible for state funding. When student's residential areas are over twenty miles away from the school, then they may not necessarily get access to State funds. Federal States also require that children meet certain age criterion in order to enroll for the program. For instance, in the State of New Jersey, children who are between kindergartens and age twelve are eligible for transportation services provided by the District in elementary schools. It should be noted that it is not mandatory for private schools to receive funding from their respective District school boards. But they have the option of utilizing other options available for them. For instances, it is not mandatory for a private school to receive funding in the event that their residents are located beyond two and a half miles and two miles for high schools and elementary schools respectively. There are also cases in which a school is located out of State but may wish to get funding from a school district Board. This is only permissible in the event that the school is located in a county with a third class rating. Additionally, funding may also be granted to those individuals who are found in counties that have a population greater than eighty thousand. However, this population may not exceed one hundred and twenty thousand people as put forward by the Toronto Catholic District School Board (2007). . Some private schools may be not for profit organizations. Such schools are also not mandated to receive transport funding, but may gain access given the fact that most of them are have tax exemption status. However not for profit institutions are usually required to display solid evidence bout their status. This is done by bringing an affidavit that will act as a form of evidence. There area also cases in which some schools have met all other criteria enlisted above but happen to be located twenty miles away from their schools. The legislature normally examines such schools on an annul basis. Once they find that these people meet the right criterion then they may

Middle School Essay Example for Free

Middle School Essay As we start this new school year, I wish to welcome all of you to Roberto Clemente Middle School. In the previous year, we have introduced and developed new ways to teach students and maximize their capabilities in learning different subjects and disciplines. Even if there are problems encountered along the way, your efforts and inputs have been vital to create new methods and alternatives to address these issues. As we enter to school year 2009-2010, I encourage each one to continue supporting our projects and endeavors to further develop student growth and achievement. Through the years, Roberto Clemente Middle School has sought to improve our education and facilities by constantly training teachers and introducing new practices wherein they can learn and develop. At the same time, to meet the challenges of 21st century education, our faculty and administrators have aligned new systems of instruction and presented new ways to appreciate information with the use of new technological alternatives. To continue pursuing our vision for excellence, Roberto Clemente Middle School shall continue its pursuit of effective instruction as well as dwelling into new ideas that can improve practice. We believe that for your children to grow and develop holistically, it is crucial to raise appreciation and motivation. Due to this, our programs are focused on setting the balance between what students need and your expectations. We deem that this process can create new avenues for our students to become adaptive to the changing trends of the current time. This year, we seek to improve our state scores by addressing on subject areas that are lagging behind standards. For example, we have hired some new and experienced Math teachers. Their inclusion into the faculty can help encourage our teachers to learn and develop in the process. At the same time, our educators in English and Math have undergone seminar and training to introduce and develop new teaching strategies available today. This can help them address further your children’s needs and develop a better learning environment in the classroom. These together with the results shall be communicated to you accordingly in the meetings we shall be setting up for you. To ensure your active participation and involvement this year, Roberto Clemente Middle School has come up with different programs and schemes that enable everyone to take part in helping reach our vision and goals. One approach we seek to do is encouraging parents and guardians to take part in meetings. The time frame for this would be the second week of July which would run from 9am – 3:00pm. In here, I and teachers shall be available for consultation and open forum of significant and relevant issues that may be of interest for everyone. At the same time, part of the responsibility of teachers is to enhance communication is by formally writing letters showing the progress of your children in school. This can actively give you insights and ideas of his/her standing compared to other students. Likewise, it can encourage sharing of opinions and thoughts on issues significant for your child’s growth. With your inputs and opinions, we can derive new approaches and schemes that are suitable on both parties. These approaches can help you in monitoring the progress of your child and finding ways to participate in guiding and exploring opportunities for improvement. It is through these aims and goals that I seek to promote the necessary plans for this school year. Your participation and cooperation in these initiatives can help us recognize these visions and remain to be dynamic and accountable for every action we pursue. Again, welcome to Roberto Clemente Middle School and thank you for your trust in what our school can offer for your children.

For the Love of High Heels Essay -- Shoes Fashion Essays

For the Love of High Heels As I watch a fellow student teeter down the stairs in the campus center, her normally flamboyant bounce is no where to be seen as she tensely grips the guardrail. She lowers herself delicately down, each step carefully calculated. Right foot, left foot, right foot, left foot- and she makes it to the bottom without mishap. The culprits encumbering her normally wild grace are easily discerned; her shoes. Her feet are wrapped up in four inch- plus a one inch platform to make for a total of five inches- fire engine red heels. They're strappy sandals that lace half way up her calves with a silk ribbon and have effectively made walking an ordeal. Why do we do this? Well darling, because "Shoes are hot!" (Benstock & Ferriss p1) That's right, shoes are hot, and the hottest ones of all are high heels. They're collected, worn, and loved by women across the globe. They're everywhere. They run rampant in books, calendars, photographs, album and movie covers, dangling in miniature precious metal versions from earlobes and chains, and let's not forget the most important place- women's closets. Shoes are no longer something one simply wears on their feet, but a passion, a hobby, one's personal statement, a source of authority, sexual independence and joy. They're a constant obsession in pop culture, endlessly talked about and fetishized in television, movies, song lyrics, and seem to be worn without fail by glamorous celebrities no matter the occasion. The most notorious of the shoe loving pop culture media is of the smash HBO series Sex in the City, in which shoes are one it's main themes. Physically high heel shoes, and specifically the stiletto, are the source of much debate. More and more studies... ...and Benstock write that there is "...satisfaction we take in having purchased a pair of shoes that 'is us,' that represents us... The fashionable dress of the Western world is one means whereby an always fragmentary self is glued together into a semblance of unified identity. Shoes serve as markers of gender, class, race, ethnicity, and even sexuality." (p4) The idea of piecing ourselves together with our things can be applied to any accessory or article of clothing, but I argue that shoes are more than that. Power, sexuality and sheer aesthetic pleasure contribute to a love of shoes. Janet Lyon reflects upon the mystery of the love of shoes writing, "How is one to account for this hypnotic allure, for so many generations of modernity's women, of the impractical, foot-deforming, outrageous shoe?....For fabulous shoes are indeed a joy." (Benstock & Ferriss p273)

Demand chain management Essay

1.Introduction Purpose of this assignment is to analyse the case study of the Dell Inc, relating to the seven questions asked on the case study. Objective of the case study analysis is to get a deeper understanding of the Global production, outsourcing and logistics. 2.Company overview Dell is a global information technology company that offers its customers a broad range of solutions and services delivered directly by Dell and through other distribution channels. Their focused is to provide technology solutions that are more efficient, more accessible, and easier to manage. Dell Inc. is a holding company that conducts its business worldwide through its subsidiaries. Their global corporate headquarters is located in Round Rock, Texas. In terms of the PC manufacturing market, DELL is at number 3 position (Behind HP & Lenovo) with annual revenue of USD 62,071 Million. They made a net profit of USD 3,492 Million for the year 2012, which would translate to a net profit margin of 5.6%. Dell focuses on 4 main market target segments. SegmentRevenue percentage Large Enterprises30% Public 27% Small & medium business 24% Consumers 19% Table 2.1 – Dell Inc’s marketing segments The product portfolio of Dell consists of selling Servers, Networking, Storage, Outsourced services, Project Management, Support & deployment services, Infrastructure, Cloud, Security services, Applications, Business Process services, Client devices: notebooks, workstations, tablets, smartphones, and desktop PCs For the purpose of the case study, the focus will be on the products & distribution of personal computers. 3.Case study questions 3.1.1.What are the advantages to DELL of having manufacturing sites located where they are? A company once decided to place their productions overseas, must make a decision to whether to centralize their production or to de-centralize it over different countries. A company will look at 3 areas in making this decision. †¢Country factors oPolitical oEconomical oCultural oFactor Costs oLocation Externalities : Skilled labour technology oTrade barriers oTransport cost oFDI rules & regulations oExpected exchange rate stability †¢Technological factors oFixed cost oMinimum Efficient Scale oFlexible manufacturing/Mass customization †¢Product Factors oValue-to-Weight Ratio oServes Universal needs(Hill, 2011) Dell Inc which have a product with lower fixed cost of manufacturing, lower minimum efficient scale and with low requirement for mass customization or flexible manufacturing will opt in for decentralization. Also considering the product factors, Dell has a product which has a lower Value-to-weight ratio and a product which needs to be customized to each market, which indicates the requirement for the De-centralized strategy. Decentralize/Centralize decision will be influenced by the company’s own objectives. Dell specify their objectives as †¢Generating cost efficiencies, †¢Delivering products faster, †¢Better serving their customers †¢Building a world-class supply chain.(Annual Report, 2012) In order to cater to these objectives and support product factors and technology factors, Dellhas taken the decision to De-centralize. Once the decision to decentralize has been taken, they will go ahead with selecting the countries where they will try to exploit the country factors listed above to their advantage. Current locations where Dell has their production facilities are as follows: †¢Austin, Texas; †¢Penang, Malaysia; †¢Xiamen, China; †¢Hortolà ¢ndia, Brazil; †¢Chennai, India; †¢Lodz, Poland. Advantages exploited from each of these locations can be listed as below 3.1.1.1.Market Access – Generating cost efficiencies, Delivering products faster, Dell main objective is to deliver products faster while generating cost efficiencies. The growth countries and regions that they have highlighted are BRIC countries (Brazil, Russia, India, and China). The strategy they have used is to keep best possible market access these strategic regions. Analysing the location they have selected following advantages can be seen. †¢Texas is central to all of the U.S; †¢Malaysia is central to the huge Asia-Pacific region. †¢Lodz Poland close to the big markets of the UK, Germany, and France. †¢Brazil, India and China plants are set up to reach the respective markets quickly 3.1.1.2.Labor costs and quality: †¢China is a low cost manufacturing location †¢Texas is cheaper than Silicon Valley †¢Malaysia is cheaper than Singapore †¢The quality of labor is high in each of these locations as well. Besides having well-educated workers, engineers and technicians, each location has little or no labor union activity. †¢They have also ignored industry clusters such as Sao Paulo (Brazil) and Shenzhen (China) to ensure that labour markets are not tight and expensive. 3.1.1.3.Transportation and telecommunications infrastructure: †¢The Texas locations, for instance, are in close proximity to major highways and to a major Federal Express distribution center. †¢Telecommunications bandwidth, cost, and quality are also factors, especially for call centers and data centers. 3.1.1.4.Government incentives: †¢Major incentives were offered by Texas †¢financial incentives were offered in Brazil by the state government †¢Tax holidays in Malaysia 3.1.2.What are the potential disadvantages of the locations? Political turmoil Political stability is a requirement for a production location. Countries such as Brazil may be affected by unstable political situations. If shutdown, a Whole region will be effected Economical Instability Operations may be effected from economical stability of its countries, especially European region with the current EURO debt crisis. E.g DELL had to close down it Ireland manufacturing arm in 2011, after laying off 2000 employees. Expiration of Government concessions One of the key reasons to locate the production facilities where they are is due to concessions offered by government. Most government concessions will be expired after a particular period, after which operations might be unfavourable. (e.g Texas, china, Malaysian operations). In such situation net expenditure may drastically rise, making financially unfeasible. Why does Dell purchase most of the components that go into its PC market from independent suppliers as opposed to making more itself (Dell does little more than final assembly of components into PC)? Dell purchases many of their products and all of their components from third party vendors. Main reasons for Dell purchasing them from independent suppliers are; 1.Reduce the risk of having large inventories, which can become obsolete quite quickly – In the IT industry generally new products are introduced to the market very rapidly. Therefore exsising products can become obsolete quite rapidly, with the introduction of new products into the market by competitors. 2.Reduce the inventory holding cost- Inventory holding cost includes cost such as warehousing and logistic cost, insurance cost, spoilage and breakage cost etc. However since Dell carries extremely lower level of inventories their inventory holding cost have been reduced to a grater extent. Majority (95%) of Dell’s supplier’s located at closer to the Dell’s factory and most of these suppliers have to supply the products to Dell within 90 minutes after placing the order. This has also helped Dell to reduce their inventory to a greater extent and has enable Dell to practice Just In Time (JIT) manufacturing. 3.Reduce the cost of co-ordination compared to vertical integration – As Dell does not have its own factories, they are not incurring any expenditure by way of establishment expenses, administrative expenditure etc, which generally carries relatively large amounts. Also Dell has been able to reduce the cost of controlling and cost of coordination to a greater extent which otherwise would have to be incurred, if they have been vertically integrated. 4.Obtain flexibility in terms of cost, quality, quantity, delivery, capacity, support etc, as they are purchasing items from several different suppliers depending on the requirement and circumstances. Dell openly shares its daily production schedules, sales forecasts, and new-model introduction plans with vendors using Electronic Data Interchange (EDI)’s. Dell’s forecast of supply is normally 75% accurate and if in case it is wrong, â€Å"Demand Shaping† is done to overcome the situation. 5.Reduce the cost – Dell purchases 75% of their purchases from 30 main suppliers (15% of their suppliers), and generally maintains several single-source or limited-source supplier relationships, either because multiple sources are not readily available or because the relationships are advantageous to us due to performance, quality, support, delivery, capacity, price etc. Majority of these suppliers are from Asian countries that have relatively lower labor cost and this has been helped to reduce Dell’s cost to greater extent. Also due to the large volumes that are purchased, their is high bargaining power over their suppliers which has resulted in Dell obtaining vendor rebates and discounts which too have resulted in Dell reducing the cost to a greater extent. 6.Reduce time to market compared to competitors – Time taken to release a new product to market is a critical success factor in IT industry. Since Dell is purchasing most of their components independent suppliers, Dell is able to introduce new products to the market as and when new components are introduced by suppliers. As a result of Dell’s effective supply chain management, they don’t have any warehouse and also their factories have only 72 hours worth of inventory. Also cash conversion cycle (time between an outlay of cash for parts and collection of payments) of Dell is negative 36, where as in industry it is 30 days. Also their inventory turnover has remained around 107 times where as in companies such as IBM it is 17.5 times. What are the consequences for Dells cost structure and profitability of replacing inventories with information? In year 2004, Dell has been able to achieve the lowest inventory levels in the industry that was only three days of inventory on hand, compared to 30, 45, or even 90 days’ worth at competitors. This was a critical advantage in the computer inventory, where component costs account for 75 percent of revenues and typically fall by 1 percent per week due to rapid obsolescence. Replacing inventory with information has contributed greatly to Dell’s business model; it is the cornerstone of their cost structure. Reducing inventory also reduces the need for working capital thus replacing inventory with information boosts profitability. Another aspect of dell’s customer focus was build to order philosophy. Every dell pc has been built this way unlike many other companies who build for sales forecasts. To offer build to order system, companies must have cell manufacturing – team of workers who build each PC from start to finish rather than a typical assembly line production. Cell manufacturing in which one group of people is responsible for building a pc. Among other things cell manufacturing allows you to build to order in an efficient way. Dells original inspiration was to go direct but that only got it off the ground. Dell has made crucial innovations in its business model as it has grown these successive innovations have made it prosper not its adherence to a single rigid idea standards based technology as a point of market entry is one of those crucial points. Then dell began to implement a new model. Its operations had always featured a build to order process with direct sales to customers but dell took a series of ingenious steps to eliminate its inventories. Three golden rules of dell are disdain inventory, listen to the customer, never sell indirect. Note that disdaining inventory was number one. Because of computers and the way they handle information zero or near zero inventory control is going to be a major business factor in the coming years and dell lead the way. Inventory is a drag on any business and particularly pure internet based businesses need no inventory on hand. Inventory means capital investments and that investment is a formidable challenge to any start up. Further holding considerable amount of inventory in a business increase the overall debt position of firms and force them to incur massive amount of interest cost. The strategy to minimize inventory is the only way to maintain start up cost and interest cost at an acceptable level. In the short run it will permit more start-ups because smart companies with tiny inventories come online with minimal capital investment and Dell’s strategy of direct sale through online was a good example for the above. Dell actually funds its operations in large part by maintaining zero inventory. It bills customers immediately but pays suppliers 36 to 45 days later. So it can flat an enormous amount of cash on which it earns a significant amount of additional interest. Besides reducing and reversing capital investment, zero inventory means that stock depreciation and obsolete a central concern in high tech is almost on problem. Maintaining zero inventory naturally keeps a company more agile. In fact true zero inventory keeps a company on the knife’s edge of responsiveness which is where dell likes to be. Dell’s model demand comes first supply second. †¢Cost Structure 1.Inventory acquisition and holding cost 2.Interest cost 3.Re-work cost 4.Obsolete inventory written off †¢Profitability 1.Gross profit and net profit margin 2.Higher return on investment 3.Interest cover 4.Higher EBIT margin Question 6 What is the source of Dell’s competitive advantage? A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and services that justifies higher prices. Michael Porter suggests that accompany can adopt one of the three strategies: Differentiation, cost leadership, or focus in finding its competitive edge. Dell mass produce its components to keep the cost minimum, while postponing the assembly of the computers till the customer final orders are received. The model enabled Dell to gain competitive advantage ahead of competition with â€Å"Low cost structure and customer experience†. Dell’s global business model which is admired by world-over has positions its production plants close their key markets in order to reduce shipping and transport costs and access to labour markets on low wages and with high productivity. The JIT inventory enabled Dell to reduce heavy investments on large inventories and warehousing. Short channel length and optimized supply chain process reduces cost of doing business further internet sales which generates major revenue inflow is an low cost sales channel helped Dell immensely in gaining cost leadership in the industry. Dell offer customers unique experience with its responsiveness through assembled-to-order, speed and convenient purchasing cycle online. How secure is this advantage ? Dell’s practical and economical model combining mass production and customization is a key strength which is well executed by effective integration of business plans aligned with supply chain resources. Evolvement of lean supply chain can give Dell with its drive for innovation to capitalize heavily and come up with better business model enhancing value proposition to the customer. Similarly fast-paced technological developments too will be opportunities for Dell to enhance their competitive advantage. Internet sales channel can further expanded with Brazil and China consisting of one of the largest internet populations of the world. Product life cycle of PC market is at maturity stage and global trend is consumers are demanding for more convenient devices. Treats from low cost new entrants and rivalry among competitors make Dell, more reputed and admired organization to stand tall. Pressure from USA on China on exchange rate, China and Brazil growth as a middle income nation can impact the low cost labour and competitiveness of the product. Lack of culture driving innovation in countries they operate limits options for Dell to move value added services to lost cost labour countries like how HP has moved its design and R/D centre to Singapore. Anti-globalization ideology of China could impact Dells business future. For reputed organization like Dell, Green SC, ethics and CSR will require additional investments will increase their cost structures. In conclusion, we are of the view that considering above situation, Dell’s competitive advantage is not secure and could impact their current advantages. 07. What are the potential risks associated with Dell’s global supply chain strategy? How can these risks be mitigated? Supply chain risk can be defined as follows: â€Å"Unforeseen events that might interrupt the smooth flow of materials.† (Waters, 2008) Unlike local or company-specific risks, system-wide risks are those which significantly disrupt supply chains across multiple operations and a wide geographic area. Systemic risks are created or magnified by the way supply chain systems are configured. So they are not easily resolved by individual acts. In today’s globalized and interconnected world, any major disruption; from a disease to a fire, has the potential to cascade through supply chains and permeate other systems. According to the research of consulting firm Accenture in 2006, over 50% of executives surveyed felt that the risk of supply chains had increased as a result of their globalization of business operations & also significant supply chain disruptions have been found to cut the share price of impacted companies by 7% on average. Further Accenture research done in 2012 indicates that more than 80% of companies are now concerned about supply chain resilience. The World Economic Forum in 2012 conducted a detailed survey on Supply Chain Risk across Europe, North America and Asia via the World Economic Forum’s Supply Chain Risk Radar. The aim was to understand how the risk landscape varied across the three regions and compared with the top five global risks from 2011. Survey respondents considered global risks and their potential to cause system-wide disruptions in global supply chains. According to the survey the following top five disruption figures in 2012 were identified: What risks is Dell exposed to through its supply chain †¢Government Regulations / Legal decisions †¢ Currency / Interest rate volatility †¢ Country Financial Risks †¢ Political & Social Disruptions †¢ Corporate Governance issues †¢ Disruption of key supplier / partner †¢ Theft of intellectual property †¢ Natural disasters Risk Why Dell is exposedMitigates Government Regulations / Legal decisions 50% of the major suppliers are in Asia (Developing countries) Close study on the changes in regulations & the political situation of the countries invested in and limit expansion if the conditions are adverse Currency / Interest rate volatility 200 suppliers of which 50% located outside USA Supply on determined fixed prices for a specific period of time Forward exchange rate contracts Theft of intellectual property 85% of the sales are done through the internet Depend on a resilient core network, appropriate communication tools, and an element of redundancy. 34 This requires IT systems that are scalable, secure and re-routable Natural DisastersMany suppliers & factories Adequate insurance protections World Economic Forum, Building Resilience in Supply Chains January 2012 Conclusion Dell’s effective supply chain management has enabled them to reduce their cost to a greater extent, which has in turn helped them to improve its international competitiveness. Also effective supply chain management has enabled them to increase the value creation to the customer by providing a faster and better service to the customer. When determining the production locations, consideration must be given to country factors, technological factors and product factors prior to finalizing the decision. Strategiclocations of Dell’s production facilities have helped them to minimize cost, improve product quality and enabling better delivery channels. Furthermore Dell’s strategy to purchase components from independent suppliers has facilitates strategic flexibility and helps the company to avoid the problems and costs associated with vertical integration. However unlike locally operated companies, global operatorslike Dell, has system-wide risks which could significantly disrupt supply chains across multiple operations and a wide geographic area other than the inherent company specific risks. In conclusion it is important that global companies like Dell should continue to mitigate these risks and achieving a better supply chain management through close alliances with suppliers and customers in striving for long term business competitiveness.

Financial Analysis of Yum Brands

A Financial Analysis of Yum! Brands, Inc Restaurants are, and will continue to be, an extremely profitable business. As a result, shareholders who have interest in brands such as McDonalds and Starbucks need not to worry about negative implications for the food giants compared to more risky industries. One company in particular, Yum! Brands (YUM), is another brand investors should become familiar with. Consumers may recognize the more specific stores the company owns such as Taco Bell and Pizza Hut, but investors should realize the sales and earnings growth associated with this organization.In addition, while there are many companies in the restaurant industry, Yum not only rings familiar with consumers like Starbucks, but Yum engenders excellent financial news at a level above its competitors. However, before trying to access these financial statements, it is important to understand more specifics about Yum's business model. According to Reuters, Yum â€Å"is a quick service restau rant (QSR) with over 34,000 units in more than 100 countries and territories. † These quick service restaurants include consumer favorites such as Taco Bell, Pizza Hut, Long John Silver's, and KFC.Whether the operating segment sells pizza or chicken, â€Å"Yum develops, operates, franchises and licenses a worldwide system of restaurants, which prepare, package and sell a menu of food items. † As each of these fast-food places is obvious to most readers in America, it is also quite interesting that over 100 countries are familiar with these names as well. In fact, segments like KFC were actually introduced in many markets like China before more obvious competitors like McDonalds. Since fast food is generally considered an inelastic, or non-cyclical, good, even during times of economic uncertainty, Yum will prosper.While most of its food is relatively cheap compared to rivals such as Brinker and Darden, consumers will still flock to Yum restaurants in similar volume durin g any stage of the economic cycle. Therefore, revenue growth should continue to remain steady, but positive, year after year making Yum a great portfolio choice at any time. To justify this claim, during the past twelve months, Yum received a revenue figure, according to Reuters, of $9. 56 billion. This number was a 5. 05% increase compared to the previous year number.While this increase in margin was a bit below the average year-to-year increase of 6. 58%, the difference in growth decline was only a 23% difference. Other companies like Brinker saw a 43% deceleration during this same time period. In addition, while some investors may critique the industry 11. 31% growth in sales during the past to Yum's lower numbers, it is also important to realize that Yum supports the seconds highest sales figure in its industry, and appreciation of revenue growth will be much difficult than smaller-capitalization companies to come-by.This is in addition to the fact that many lower-revenue compan ies in this industry are actually seeing negative sales growth (not deceleration) during the same time frame as the aforementioned analysis. With these thoughts on sales at hand, these numbers can be used at the broadest of levels to illustrate that the steady increase and influx of money into Yum over its career has aided in the appreciation of its share price. Since 2003, not once has Yum seen a calendar year decrease in price. This comes with a 25% appreciation in 2006 and a 12% escalation so far in 2007–despite the recent economic turmoil.These sales and share price indications illustrate that Yum will fair very well during all types of economic activity. Nevertheless, revenue cannot be the only financial analysis required to find superior companies. It is vital to understand how efficient a company is in reducing costs and using capital and labor to actually produce the final good. These intangible-sounding comparisons can actually become tangible given the use of margin s. Starting from gross margins, investors should be happy to find out that over the past twelve months, growth at 25. 9% has been higher than the pervious five year average of 24. 82%. While the former is a bit below the industry's average of 29. 04%, it is important to stress that Yum's revenue is the second highest in a fairly large industry, making outstanding margins difficult to come by. Nevertheless, compared to close revenue competitors, Yum's gross margins are better than Starbucks's (23. 62%), Darden's (23. 50%), and Brinker's (16. 42%). In addition, Yum's operating margins of 13. 14% are not only higher than its five year average of 12. 84%, but is doing better than the industry's twelve month margin of only 11. 76%.Moreover, these operating figures for Yum are also better than the same-time period numbers of Starbucks (11. 18%), Darden (9. 53%), and Brinker (7. 87%). While these numbers all indicate growth for Yum, the biggest instrument (that will be justified later with valuation tactics) is earnings differences. Fortunately for Yum, a 16. 27% increase in earnings per share over the past year is 29. 74% higher that the company's five year average increase. Compared to competitors, all three of Brinker, Darden, and Starbucks saw a deceleration of earnings growth last year, and none of these yearly increases matched the top-revenue producer, Yum.While there is clear evidence that Yum is great growth story, some investors may wonder whether Yum is overvalued given its success. Fortunately for these investors, this is not the case. In fact, some potential shareholders may make the claim that Yum is undervalued. Currently the industry has a P/E multiple of 31. 88 and a price to sales ratio of 2. 10. However, if analyst expectations are correct or and underestimate actual results (5/5 and 4/5 correct or below last five quarters for EPS and sales respectively), Yum sees a forward price to sales ratio 1. 9 and price to earnings ratio of 20. 18. Now while these numbers are not extraordinarily undervalued, as companies like Darden have slightly lower figures, compared to the industry as a whole and competitors like Starbucks (2. 25 price to sales and 31. 48 price to earnings), Yum's valuation is far from being labeled as a negative characteristic. Therefore, given good growth reports and not too much speculation relative to share price, there is strong news from both further financial achievement and valuation.However, before reaching a final conclusion, there are some other indicators to look at. One of these criteria is management efficiency. According to Reuters, Yum had seen a 60. 80% ROE figure for the past twelve months. While a bit smaller than the five year average, the number easily obliterates the industrial average and all three aforementioned market-cap competitors. This figure illustrates that Yum is not only increasing its net profit year after year, but helping investors by purchasing back some of its stock. Although ca pital spending is a bit below industrial averages at -0. 0% over the past five years for Yum, the company still has a healthy balance sheet of cash, especially compared to its price (undervalued). In addition, efficiency also comes from the company's turnover ratios. Receivable turnover at 41. 62%, inventory turnover at 80. 93%, and asset turnover at 1. 61% are all quite above the industrial averages and many competitor averages as well. Solvency with a current ratio of 0. 59 is quite low, but inline relative to the rest of the industry, but fast food restaurants need not to worry too much about liquidating assets.In addition, 83. 13% of equity for Yum is owned by institutional investors. This number is above the industrial figure at 74. 07% and also above Darden's and Starbuck's respective numbers. While there are many intelligent retail investors, having the real experts in institutional investors carry the bulk of the company shows optimism for future performance. And in addition al to this control, another enticement in a 1. 81% dividend yield should also help investors relay this company into more hands at a higher share price.Looking at the business model and fundamental features, there is strong evidence to support that investing in this company will yield strong returns. Technically speaking, the share price of Yum just recently crossed both the 50 day SMA and EMA–a bullish signal, and while there is encouragement to invest any time to profit from this company, now would be an almost ideal situation. Therefore, with the above information provided to benefit long term investors, it is closely assured that investing in YUM! Brands will produce genteel capital gains for shareholders. Article Source: http://EzineArticles. com/712239

Free Essays on Must You Judge Me By My Gender And Race

, the young African American male was looked at as someone he wasn’t just because of his style of dressing, his race, and his gender. In relation to Black Men and Public Space, many black males could relate through several public places. For example, an African American male is driving in his brand new, hard owned Jaguar through his predominately white ascendant neighborhood, and is pulled over by a disrespectful white policeman for no apparent reason. As the officer walks over to the car, he asks the black man to see his license and registration, walks back to his squad car and checks out all the paper work. As the policeman walks back to the Jaguar and hands the papers back, he okays the male to leave. However, just before the black man drives off, he asks, "Officer, why did you pull me over?" The officer states, "Just to check your tags and make sure the car wasn’t stolen." Do you think the policeman would have stopped the driver of the Jaguar if the driver was riding through the same neighborhood, but happened to be of White or Asian descent? Another similarity is how young African American males are primarily assumed to always be doing wrong or stealing from public places. Whenever a black male walks into a store or shopping center it always seems like ... Free Essays on Must You Judge Me By My Gender And Race Free Essays on Must You Judge Me By My Gender And Race Must You Judge Me by My Gender and Race In today’s society many African American males have been pre-judged just because of their ethnic background. Due to many rapes, robberies, and murders acclaimed by the majority of black males, many figure that all African American males partake in these activities. Looks can be deceiving and no one man should be pre-judged by his race nor his gender. In a short essay entitled Black Men and Public Space, there was a male character of black descent who was falsely incriminated of being a mugger, a rapist, and worse just because he was walking down a dark street accompanying a white female who was alone. In other words, the young African American male was looked at as someone he wasn’t just because of his style of dressing, his race, and his gender. In relation to Black Men and Public Space, many black males could relate through several public places. For example, an African American male is driving in his brand new, hard owned Jaguar through his predominately white ascendant neighborhood, and is pulled over by a disrespectful white policeman for no apparent reason. As the officer walks over to the car, he asks the black man to see his license and registration, walks back to his squad car and checks out all the paper work. As the policeman walks back to the Jaguar and hands the papers back, he okays the male to leave. However, just before the black man drives off, he asks, "Officer, why did you pull me over?" The officer states, "Just to check your tags and make sure the car wasn’t stolen." Do you think the policeman would have stopped the driver of the Jaguar if the driver was riding through the same neighborhood, but happened to be of White or Asian descent? Another similarity is how young African American males are primarily assumed to always be doing wrong or stealing from public places. Whenever a black male walks into a store or shopping center it always seems like ...

Ist Corinthians Essays - First Epistle To The Corinthians

Ist Corinthians Essays - First Epistle To The Corinthians Ist Corinthians First Corinthians is a single, whole document written by Paul in the early 50s C.E. The letter was written in Ephesus, and intended for the members of a church that had been newly built in Corinth, Greece. Paul focused the correspondences, to the church, on some issues that were plaguing the citizens of Corinth. The issues included sex, Christian unity, behavior in the church, and resurrection. Through each correspondence, Paul gives rules and directions for the people of Corinth to follow. Pauls letters to Corinth were the most extensive correspondences to any one church or city in the entire New Testament. Paul converted to Christianity from Judaism because of a revelation of Jesus Christ. Now, Paul was traveling around northern Greece to churches in Phillipi, Thessalonica, and Beroea. Paul briefly stopped in Athens before taking a trip to Corinth. The fact that Paul was able to make this long trip shows the strength, stamina, and the deeply felt beliefs that carried Paul along the way. Paul stayed in the city of Corinth for about a year and a half, before sailing to Ephesus. It is from this city that Paul wrote the letters to the church in Corinth. The people of Corinth were by no means saints or angels. The Emperor, Augustus, made the city of Corinth the most luxurious and richest city in all of Greece, as well as the most inhabited. In fact, the city was the Greek capital in 27 C.E. By the time Paul arrived in 50 C.E., the city had a reputation for prosperity, trade and materialism. Corinth was also a large and very busy seaport that had many sailors, which would visit from all across Europe. These sailors were notorious for hanging around the legions of prostitutes that inhabited the city. The patron goddess was Aphrodite, and it was no surprise that many citizens of Corinth were engaging in sexual acts that they should not. It is for this very reason that Paul wrote two letters, setting forth the principles of sexual ethics that the people should follow. Also, the first letter to Corinth shows that early Christians were from different backgrounds, both rich and poor, not just the poor. It is this socioeconomic diversity tha t promotes different views and practices in the church. These different views and practices are what threatened the unity of the church in Corinth. This city was in dire need of the letters from Paul, to help show them the correct way to live their lives. The first thing that Paul wanted to do, was to end all the rivalries and problems among the Corinthians that were causing a division among the masses. As stated in 1 Corinthians 8-10, he wanted the people of Corinth to work together in a cooperative way that would be mutually beneficial to all. Now there were not that many in the congregation, maybe 50 or 100, but the group was divide into several cliques. It was the cliques that Paul wished to end. Differences in social, economic, and educational backgrounds were a big part of the reason why there was any division at all. These differences led to a competitive nature because of some groups thinking they were better, and more superior to other groups. Pauls belief was this, there was no difference if you were black, white, Greek or Roman, and each person is one in Jesus Christ. He was trying to show the people of Corinth that in the new faith, there was no place for either competitiveness or individual pride. In fact it was the pride , or boastfulness that Paul aimed at the most. Paul knew that some of the citizens in Corinth thought themselves to be able to have a deeper understanding of things, than that of their fellow Christians. Paul wanted to put every citizen of Corinth on the same playing field intellectually. In fact, he let it be known to the citizens that they did not find Christ, Christ revealed himself to them, on his own accord. Paul also, in this first correspondence, tried to define the limits of a Christians freedom. Paul wanted the people of Corinth to not even worry about Torah. Basically, the citizens were free

[WATCH] What does it really mean to be wealthy

[WATCH] What does it really mean to be wealthy Lifestyle entrepreneur Erin Gavle seemingly had it all; excellent degree from a very well respected university and a high paying advertising job in Manhattan.   But she soon realized what she didn’t have was what mattered most – fulfillment. So she left it all behind, packed her belongings in a van, and lived out of it for six months in southern California, thinking about what she wanted to do with the balance of her life.She eventually decided to return to her Midwestern hometown and open a general store called El Dorado.  Erin sat down with Daily Fuel to talk about what her version of wealth truly is, and her insights are invaluable for anyone contemplating their next professionally satisfying move.Source: [DailyFuel]

Check instructions Essay Example | Topics and Well Written Essays - 2250 words

Check instructions - Essay Example They will substantiate our dedication to quality, time, service, and cooperation. Purpose: This proposal is aimed at offering a description of the technical approach to be implemented by the firm in order to establish the best practices that will benefit all of the stakeholders by cutting down on cost, when the construction process is underway (Rees, 2011). Our engineers will carry out tests and experiments at the site of construction to investigate the quality of the soil, the topography, drainage and see if or how it is possible to set up the proposed project at the place. The company advances the Construction Management concept of teamwork, which entails the joint and synchronized efforts of the various personnel like the manager in charge of the construction, the architect, subcontracting companies, and project owner. The manager will offer the project owner with a proficient pool of employees who can predict and establish the costs involved in his chosen design. The Owner, the Construction Manager, and the Architect comprise of the team that is charged with the responsibility of pursuing the same goal (Holland, Roxburgh, Johnson, Topping, Watson, Lauder, & Porter, 2010). This technique essentially has the stakeholders in the construction team dedicating their services in a synergized manner, from the time the project is started through its conclusion. As the technical force in the project, the Architect’s main objective is to offer guidance on theory, design, and precise space planning. The Construction Manager offers advice on expenditure, construction techniques, and oversees and manages the real construction operations. SBT Constructions Ltd has the necessary qualifications and experience in executing the organization, development, design and building process: from theory and drawing of the plan to the procurement and installation of the facilities of an ideal fitness course (Golde, 2012). We have able

Power is more important than culture in determining I whether human Essay

Power is more important than culture in determining I whether human rights norms should are upheld or not - Essay Example Social status, morals, merits, religion cast, creed, race are immaterial in this case. Such rights are not static and keep on changing depending upon changing human needs. The interest shown by the United Nations, to protect the human rights reflects the rising alarm of the entire world to deliver freedom to each and every human being. Treaty like the United Nations Charter serves two main objectives i.e. it serves as an international standard which can be referred to by any nation to examine its own journey, its achievements, lacunae, standards and values; next, it gives inspiration to the countries to frame and implement policies protecting human rights in order to match the standard of the universal effort. However, it is to be noted that since the concept of protection of human rights is made with individualistic mindset a thorough investigation is needed as to where the treaty is leading us to. (Shimray, 2013, p. 72-73) Universal Declaration of Human Rights (UDHR) has come a long way in the last 60 years. Despite its history of failures and the relative incremental successes the work of the UDHR in sync with the Office of the High Commissioner for Human Rights, suggests a bright future for the human rights system. Now after 60 years, the main challenge is effective implementation and scrutiny of such laws in as many areas as possible. However, the major gain has been the manifestation of the idea that human rights cannot be done away with to upheld State sovereignty. However major lacunae still exist in the regime and one of which is the lack of a successful system to guarantee the rights of minorities and indigenous peoples. (Castellino, 2010, p.393-394) If one delves into the past, it will found that in the 1600s, the concept of state sovereignty was so rigid that it even gave a nation to kill its own people or to displace large groups of people by force and that no other nation was supposed to interfere with that. However, after the second world war

Marketing Research in Theory and Practice Essay

Marketing Research in Theory and Practice - Essay Example Marketing Research in Theory and Practice Before embarking upon discussing the research report on the given topic, it would be appropriate to define some concepts and terms used in the present study. â€Å"Marketing research†, according to the American Marketing Association, â€Å"is the function that links the consumer, customer and the public to the marketer through information-information is used to identify and define marketing opportunities and problems; generate, evaluate and refine marketing actions; monitor market performance; and improve understanding of marketing as a process.† In other words, marketing research refers to the systematic procedure for the collection and analysis of data regarding some specific market product. It enables the manufacturers, industries and companies to have a comprehensive and analytical assessment in respect of the views, preferences, requirements as well as prospects and perils of the consumers, retailers and stakeholders involved in sales and purchase of their product. The data gathered and interpreted during marketing research significantly supports the organizations draw out future plans according to the changing trends a nd scenario of the market. It is considerably helpful in enhancing the organizations’ volume of production and sales. â€Å"Marketing research† Zaidi & Javed opine, â€Å"concentrates on data collection related to market product while interacting with the consumers, gathering information from them and interpreting results about various aspects of a market product.†

Introduction to Outdoor Leadership Self-reflection Assignment Article

Introduction to Outdoor Leadership Self-reflection Assignment - Article Example Part of being a leader is explaining things in a clear and concise manner so that the people who I am leading can carry out the instructions that I give them. A negative part of this experience was that I was not always able to lead people as I would have liked. My communication skills, or lack of them, made it difficult for me to get my point across on occasion. This is something that I have learned from this experience. I need to work on my communication skills because this makes a leader either ordinary or great. I feel that am someone who can show what I want others to do, but I have a very hard time explaining it in words. I would like to improve my skills in this area so that I can become a better leader. 2. My father was someone who has influenced me the most about the outdoors. He would always take me out camping because he said that it was good to get away from all the noise and everyday living in the city. I look back on these times as good memories because I always enjoyed exploring new things, and the outdoors is a great place to do that. Exploring in the city is not very fun because everything is the same and it is also manmade. Nature holds a special place in my heart because I find it so captivating. My father also felt this way, so this is maybe why I am the same. He would take me out into the wild for days at a time and we would have to rely on our survival skills to survive. With very little access to food and water, not to mention a place to sleep, I learned very early on in life how to fend for myself. I think this is the reason why I am an independent person today. I am grateful to my father that he gave me these experiences because they have helped to contribute towards the person who I am today. I don’t know what I would have done without my father. 3. Outdoor leadership is important to me personally because the outdoors has played an important part in my life and I also like the challenges that leadership brings. This is the perfe ct subject for me because it brings my strengths and desires together. While I already know a great deal about the outdoors, I am willing to learn how to become a better leader because it will improve every aspect of my life. Taking on a leadership role can be quite challenging because it takes a lot of responsibility, but I already consider myself to be a responsible person, so I feel that my personality is well-suited towards becoming a leader of some sort. I have not yet decided upon the right profession for me, but I am definitely sure that the outdoors will be involved some how. Also, even if I am not a leader in the future, the skills that I gain in this course will help me to become a better person, both personally and professionally. 4. The earliest leadership experience that I had would have to be when I was made my class president back in my freshman year of high school. I was very inexperienced as a leader at that time, but many people in my class believed that I had the attributes to make a good leader. One thing that I enjoyed from this experience was that I was suddenly the most important person in my class. Everyone looked up to me and my social standing rose considerably. For the first time in my life, I actually enjoyed going to school because I felt like I had a purpose for being there. The one thing that I disliked about this experience was that I suddenly had a whole heap of responsibility placed upon my shoulders. Looking back now, I was probably not fully prepared for this

The employment relationship is an exchange relationship between labour Essay

The employment relationship is an exchange relationship between labour and capital that tends to be unequal - Essay Example The employees possess an abiding interest to ensure the success and the viability of the firm while guarding against the excessive demands placed upon them. The three recognized characteristics of employment relationships are indeterminacy, unequal and dynamic. Indeterminacy focuses on the logic that a labour contract involves the exchange of money for the capacity to deliver the service required by the purchaser and not material goods and services. This implies that those employers wishing to secure the value of the purchased labour must ensure willingness on the part of the employees (Edwards 2003, p. 14). They force the employees strain to achieve the required standards even if they are not willing. The second aspect on employment relationships is that they are unequal. This is because many workers have no choice other than engaging in paid work; their choice for potential employers is limited. On the other hand, the employers have considerable resources that give them power to re place the unwilling employees with other workers or adoption of a more reliable technology. Although the employee influence varies overtime and between contexts, the overall employment relationship is characterized by subjugation of the employee to the employer. Finally, the employment relationship can be dynamic whereby it can be driven by both conflict and cooperation at different degrees. Many managerial strategies are characterized by deployment and management of workers to maximize production and generate surplus (Edwards 2003, pp. 16-17). Some of these challenges are minimized through the adoption of employment contract. An employment contract is a largely a relational and less formal. Relational contract is... The employment relationship is characterized by power imbalance, which is why the concept cannot materialize without the employment contract. In the labor contract, the worker trades his or her ability to accomplish an assigned task, which should be translated into actual labour in the course of undertaking it. Expectations on performance standards are portrayed during the production stage. The indeterminacy nature of employment relationships makes the employees to be coerced in most situations other than undertaking self motivated tasks and responsibilities. The unequal nature of employment relationships leaves the employees with no choice but to engage in obligations for payment; not willingness. The deterioration in the power imbalance in employment relationships is portrayed by the existence of trade and employer unions purposely formed to solve the inevitable disputes. This suggests that formal contracts are the only remedy through which fairness can be ensured in such relations hips.

Analysis of Growth Area Authoritys Aurora Precinct Structure Plan in Assignment

Analysis of Growth Area Authoritys Aurora Precinct Structure Plan in Light of Food Security, Climate Change and Population Growth Issues - Assignment Example The country is located in the Southern Hemisphere and is surrounded by Pacific and Indian Ocean. It has a temperate climate instead of a tropical one. As a result, it has less rainfall every year. The entire country is dry and its center is a desert where large cactus grows (About Australia, 2012). Due to extreme dry land conditions and infertility, the population density is only 2.8 inhabitants per square kilometer, which is the lowest figure in the world (Ibid, 2012). The phenomenon of global warming has significantly affected the world including Australia where the country’s frequency and quantity of rainfall has further declined. The dry parts of the country have little or no fertility that significantly affects food supply. Thus, the inhabitants are forced to settle down near the coastline to have continuous supply of food, water, rainfall and other benefits. Consequently, the cities are becoming heavily populated and overcrowded (Major Cities Unit, 2011). Likewise, the C ity of Whittlesea's north area was known as Epping North. Due to the non-availability of infrastructure, services and high development costs, Epping North remains undeveloped (About Australia, 2012). One possible way to mitigate these issues is to develop structure and strategic policies that focus on the development and construction in the country. For instance, in 2001 and 2002, Victorian Government plan, known as VicUrban, decided to develop this land and got control of a massive piece of land which is now known as Aurora (Aurora Precinct Structure Plan, 2001). The Victorian Government developed its strategic planning and policy framework that comprises of various policies that aim at focusing on the development of Aurora. It initiated a master structure plan titled Aurora Precinct Structure Plan, which intends to provide provisions for the effective development and growth of Aurora. The Victorian Civil and Administrative Council evaluates each development in the city based on th e well-established principles of planning for Transit-oriented development. Any structure development plan that is in contrast to the objectives set in the Aurora Precinct Structure Plan is rejected by the Council. Aim This paper aims to critically analyze the strategic plan titled Aurora Precinct Structure Plan in regard to its ability to approach the issue of climate change, food insecurity and population growth and to its adequacy to an analysis of future directions in planning. Objectives In order to achieve the aim of the analytical paper, the paper has following objectives: 1. To study the prevailing and threatening environmental issues that can affect the sustenance and growth of Aurora. 2. To study the Aurora Precinct Structure Plan. 3. To evaluate it in regard to the provisions and policies for the upliftment, improvement, stability and mitigation of the environmental issues that Aurora is expected to face in the next few decades. 4. To evaluate the adequacy of the strategi c policy titled Aurora Precinct Structure Plan in regard to the future directions in planning. 5. To enumerate the potential risks and shortcomings of Aurora Precinct Structure Plan from the environmental perspective. Climate Change, Food Security and Population Growth Issues in Aurora According to the Climate Change Department of Australia, the country has observed climate change affect in three aspects. Firstly, the temperature of Australia has increased

The employment relationship is an exchange relationship between labour Essay

The employment relationship is an exchange relationship between labour and capital that tends to be unequal - Essay Example The employees possess an abiding interest to ensure the success and the viability of the firm while guarding against the excessive demands placed upon them. The three recognized characteristics of employment relationships are indeterminacy, unequal and dynamic. Indeterminacy focuses on the logic that a labour contract involves the exchange of money for the capacity to deliver the service required by the purchaser and not material goods and services. This implies that those employers wishing to secure the value of the purchased labour must ensure willingness on the part of the employees (Edwards 2003, p. 14). They force the employees strain to achieve the required standards even if they are not willing. The second aspect on employment relationships is that they are unequal. This is because many workers have no choice other than engaging in paid work; their choice for potential employers is limited. On the other hand, the employers have considerable resources that give them power to re place the unwilling employees with other workers or adoption of a more reliable technology. Although the employee influence varies overtime and between contexts, the overall employment relationship is characterized by subjugation of the employee to the employer. Finally, the employment relationship can be dynamic whereby it can be driven by both conflict and cooperation at different degrees. Many managerial strategies are characterized by deployment and management of workers to maximize production and generate surplus (Edwards 2003, pp. 16-17). Some of these challenges are minimized through the adoption of employment contract. An employment contract is a largely a relational and less formal. Relational contract is... The employment relationship is characterized by power imbalance, which is why the concept cannot materialize without the employment contract. In the labor contract, the worker trades his or her ability to accomplish an assigned task, which should be translated into actual labour in the course of undertaking it. Expectations on performance standards are portrayed during the production stage. The indeterminacy nature of employment relationships makes the employees to be coerced in most situations other than undertaking self motivated tasks and responsibilities. The unequal nature of employment relationships leaves the employees with no choice but to engage in obligations for payment; not willingness. The deterioration in the power imbalance in employment relationships is portrayed by the existence of trade and employer unions purposely formed to solve the inevitable disputes. This suggests that formal contracts are the only remedy through which fairness can be ensured in such relations hips.

Global Business Environment Assignment Example | Topics and Well Written Essays - 1250 words

Global Business Environment - Assignment Example At the same, there has been progressive scientific understanding into global warming as well as ways that this issue can be mitigated. There have been a lot of international conferences and seminars to educate people on its effects and things that can be done in order to mitigate its effects (Chatham, 2009, p. 34). The Intergovernmental Panel on Climate Change (IPCC) has been active and effective in the study of global warming and its related effects. The panel researched and discovered that global warming is a result of an increase in the concentration of greenhouse gases in the environment and the general stratosphere. Human beings play an important and active role in the accumulation of these gases in the environment through various activities and processes. The report by IPCC explained that of all the greenhouse gases, carbon dioxide was the most prevalent contributor of global warming. At the same time, other different human activities like deforestation play a big role in the accumulation of carbon dioxide. Forests and vegetation cover usually use the excess carbon dioxide in their photosynthetic processes in a process called carbon dioxide fixation. This means that maintaining forest cover is an important step necessary in checking on the effects of global warming. However, people should try their level best in order to reduce on the energy that is released in the atmosphere, there should be effective and successful environmental campaigns aiming at sensitizing people on various methods of environmental management and conservation

Happiness Essay Example for Free

Happiness Essay Most humans, I hope, strive and yearn for happiness in whatever they do. It’s almost as if it’s a basic human need. They want to â€Å"feel good,† content, and satisfied with whatever they do or have. In the Jewish Text â€Å"Ethics of Our Fathers† it is written, â€Å"Who is Rich? One who is happy with his portion. † I wholeheartedly believe this scripture. People always want more and more, yet they never seem to be contempt. They want the next best car, or the nicer shirt, but they can’t seem to achieve the happiness they so desire. Unfortunately we see often in the news of a wealthy businessman, or a famous actor/actress who are either arrested or worse, found dead because of an alcohol or drug related event. Why do these wealthy, successful and beautiful people do this to themselves? They have everything there heart desires at their fingertips, but there is something visibly lacking. I believe that it’s because they weren’t able to achieve true happiness and they fell into a bad depression. Someone can have so much money, clothes and cars, but where is the love? Where is the true human interaction? I can honestly say most of these people live artificial lives. From their â€Å"celebrity relationships† with 5 kids from 3 husbands to having every new piece of clothing, they see themselves that it’s all empty and meaningless but they can’t get out of that rut. Business men who either have the â€Å"too-much-money† syndrome or the ones that have fallen on extremely hard times have the same issue, so much as they even have a stereotype when it comes to depression- doing drugs, and lots of it. While this all seems clear cut and simple, it’s truly not. The human mind is very complex and very unique. Richard Layard, in his book â€Å"Happiness- Lessons From A New Science† tries to shed some light on this topic and even suggests some ways on how to change ourselves to become happy and to attain more and more happiness during our lives. He uses his knowledge of several different sciences and economics to try to show us where happiness comes from and how we can attain it. Layard starts off with a series of questions on page 12 â€Å"So what is the feeling of happiness? Is there a state of â€Å"feeling good† or â€Å"feeling bad† that is a dimension of all our waking life? Can people say at any moment how they feel? Indeed, is your happiness something, a bit like your temperature, that is always there, fluctuating away whether you think about it or not? If so, can I compare my happiness with yours? † Layard asked some very in depth and powerful questions here. He then proceeded to answer them all with a yes. I don’t believe that the answer is a universal yes. There are billions of people in the world with billions of different backgrounds, feelings and beliefs. One point I can agree with Layard on is his second question, Is there a state of â€Å"feeling good† or â€Å"feeling bad† that is a dimension of all our waking life? There is. When we as humans do tasks or interact with other people, we need to be in a certain mind frame. If someone, for example, isn’t in a â€Å"happy mood† they might not be able to accomplish what they would like to because their mind is in a state which won’t allow them to. When I was studying abroad in Israel I went through a traumatic, near death experience. I was jeeping with my cousins near the Jordan Desert when suddenly ground gave way to our jeep and we overturned into a deep ditch. I was on the side that the jeep landed on and was buried under debris and all of the gear and belongings that were in the jeep at the time. My oldest cousin Yossi, an ex-delta sniper for the Israeli Defense Forces, extricated me out, I was in a shaken up but happy mood. That happy mood didn’t last too long. We had to wait over 3 hours for a team of professionals to come and evacuate us out of the desert. I was getting scared and cold, all the meanwhile with much time on my hands to sit and ponder. I eventually went into a mild depression for the next few days. Little to no appetite, almost no conversation, and even skipping prayer services were some of the effects of this mini-depression. I went to Israel to study and to become more observant in my religion. The experience of the jeeping accident led me into â€Å"bad mood† that temporarily blinded me from my purpose, and what I wanted to accomplish couldn’t be accomplished at that time. When Layard talks about â€Å"The Function of Happiness† on page 24, he makes a strong statement â€Å"It (happiness) is supremely important because it is our overall motivational device. We seek to feel good and to avoid pain. (not moment by moment, but overall. )† He brings examples of things that we do in everyday life that bring us happiness or sadness, things that if they weren’t done, would have brought the human race to its demise. He brings this to light to show that even when we are not realizing it, we are looking to bring ourselves happiness and joy, and while not realizing it, we are achieving a human need of happiness. Layard, on page 48, delves into something I can honestly assume a great portion of humanity deals with. It is the concept of the â€Å"Hedonic Treadmill†; once a human gets something nice or something â€Å"happy† occurs in one’s life, the good feeling only lasts a while until that person wants more, or the next best happiness. Rich people always want the next fastest car, the watch with the most diamonds that year, the dress with the most zeros on the price tag than the year before. If one wasn’t able to acquire that â€Å"need or want† that they so desired, they would not be as happy as they were and, according to Layard, one would â€Å"revert† back to how they felt before they had that next best thing. I deal with this feeling every day, but through discussions with close mentors of mine, I have been able to curb that want somewhat, but sometimes I still can’t help it. I always wanted to lease a car with features, but I was rejected by car companies many times. Finally this year after much thought and after getting my finances in line, I was approved to lease a 2012 Honda. The car came with leather, power seats, heated seats, and alloy rims. I was ecstatic! I finally got what I have been wanting. Now it’s a month later and Im getting used to the car, but I want more features in it. I see myself â€Å"running† on this treadmill. I realize it’s a natural human want, but I try to make myself happy with what I have and I utilize mentors and friends to help me feel the way I desire to feel. Taking NLP into consideration, I see a perfect example of â€Å"mirroring† involved with the way we feel with regards to happiness and feelings. For example, at on occasion or get together, whether a happy or sad one, people usually act the way most people are at those events. When a bride or groom walks down the aisle at a wedding, one might not have the intention to clap for them, but they do anyway unintentionally because other people are doing it. Another example is when couples are married and live together for 40 to 50 years. They tend to start looking similar to each other even though they looked completely different at time of marriage. The same goes here with materialistic happiness and satisfaction. We sometimes want the next best thing because our friend does, or because our friend has it and we want to mirror them and have the same thing. While I feel that Layard makes amazing points on the topic of happiness and the way we deal with feelings on a daily basis, I don’t believe he has the final word on it. He is an independent researcher with only his opinion to back it up. The world is way too large and diverse to even base a scientific study on happiness with a range of 80,000 people. He definitely makes some headway into shedding light on the way we feel and what makes humans feel the way they do. My personal formula for happiness hasn’t changed much, but after reading some of what Layard has to say, and considering some NLP, I actually understand more why certain things make me and others happy, things that I didn’t understand previously. I now know why I feel the way I feel sometimes after purchasing an item, or going through an experience. Happiness is a very tough concept to understand but with learning and self-introspection, one can move closer to true happiness every day.

The liberlization and privatization of the indian economy

The liberlization and privatization of the indian economy Rajiv Gandhis government initiated the policy of liberalization since mid-80s. The liberalization initiatives have been undertaken in India with a view to increase a production, improve quality and get access to market for products and service abroad. Radical liberalization or globalization measures have been brought in since July 1991 to make the Indian economy progressively market oriented and integrate it with the emerging global economy structure. These measures include reduction and rationalization of excise duty and customs duties, delicensing of several drug and pharmaceutical products, ready access to import of raw material and capital goods and so on. It has created an environment conducive to an enterprise, investment and innovation. Indian industries have started to attract foreign portfolio investment and equity participation in new ventures. The government is committed to make foreign players feet at ease to invest directly and bring with it new technology and marketing skills. There has been impressive growth in FDI inflows to India with the introduction of policy reforms. As compared to a near total concentration in manufacturing till 1991, the bulk of new inflow has come in the energy and service sector. Liberalization The New Industrial Policy, 1991 A number of significant economic changes introduced by many a number of countries all the world over, the encouraging results of the liberalization measures introduced in 1980s by the Government of India, and the precarious economic situation that prevailed during the later part 80s have encouraged and forced the then Congress government, which came back to power at the center, under the leadership of Shri. P. V. Narasimha Rao-a non Nehru family member, to take some bold measures to rejuvenate the economy and to accelerate the pace of development. In this background, the Government of India announced its New Industrial Policy (NIP or IP) on July 24, 1991. The important objectives are: (a) to correct the distortions that may have crept in, and consolidate the strengths built on the gains already made, (b) to maintain sustained growth in the productivity and gainful employment, and (c) to attain international competitiveness. Therefore, the basic philosophy of the New IP, 1991 has bee n the continuity with change. Because, the new policy represents a renewed initiative towards consolidating the gains of national reconstruction at this crucial stage. But what is more important is the change (in continuity with change)-change in the attitude of the state towards the industrial society, change from centrally planned economy to market led economy, change from excessive government intervention to minimal intervention, change from nationalization to privatization, change from subsidization and cross-subsidization to gradual withdrawal of subsidy, etc. But these changes, which the government has introduced, represent a sharp departure from the earlier industrial policies. These changes pertain broadly to five areas viz., (a) Industrial licensing, (b) Public sector policy, (c) MRTP Act, 1969, (d) Foreign investment, and (e) Foreign technology agreements. Industrial Licensing This is one of the areas in which substantial change has been made by the government. With a view to give effect to these changes, the government issued a notification [viz., Notification No. 477 (E)] on July 25, 1991 and this notification has exempted the industrial undertakings from the operation of the following Sections of Industries Development and Regulations Act, 1951 subject to the fulfillment of certain conditions. Section 10 (which deals with registration of existing industrial undertakings); Section 11 (which is concerned with the licensing for new industrial undertakings); and Section 13 (which is concerned with the licensing requirements for substantial expansion). Further, the second schedule appended to the notification cited above [viz., No. 477 (E)] lists the industries which are subject to mandatory industrial licensing. According to this notification, only 18 industries were subject to compulsory industrial licensing. Further, five more industries have been excluded from the list of industries which are subject to compulsory industrial licensing subsequently. That means, only 13 industries are now subject to compulsory industrial licensing. Public Sector Policy A large number of Public Sector Enterprises have failed to achieve at least a reasonable rate of success. Some of the factors which have contributed to this situation are over staffing and over managing, price and distributions controls, etc. Hence, the government, in its Industrial Policy, 1991, introduced the number of significant changes pertaining to the PSEs. Some of the important changes envisaged by the New Policy are summarized below. Prior to the announcement of New Industrial Policy, 1991, seventeen industries were reserved exclusively for the state for their future development. Further, with respect to another 12 industries, the state was to play an important role by taking initiative to establish new undertakings. Besides, the state had power to enter into any other area reserved for the private sector. However, the failure on the part of majority of PSEs has forced the government to review its earlier decision. Consequently, the government in its New Industrial Policy, 1991 has pruned the list of the industries reserved for the public sector to only 8. Further, the government has dereserved 2 more industries. As a result, only six industries are now reserved for the public sector. They are: (a) Arms and ammunition and allied items of defence equipment, aircraft and warships, (b) Atomic energy, (c) Coal and lignite, (d) Mineral oils, (e) Minerals specified in the schedule to the Atomic Energy Order, 1953, and (f) Railway transport. Hence, the focus of the public sector will be only on strategic and high tech industries and on basic infrastructural projects. However the objective of the New Industrial Policy has been to withdraw the public sector investment from the activities which can successfully be taken up by the private sector enterprises. The emphasis of PSEs in future will be on: (a) Basic and essential infrastructural facilities, (b) Mineral resources, (c) Crucial areas in the interest of the economy in the long run and where the private sector investment is inadequate, and (d) Defence equipment. With a view to mobilize the resources and to have a wider public participation, apart of governments share holdings in its enterprises will be offered to the mutual funds, financial institutions, employs of PSEs, and the general public. The New Industrial Policy also proposes selective privatization of PSEs. Further, the policy also proposes to close down the PSEs which have become sick and which cannot be rehabilitated. The sick PSEs which can be revived will be refered to Board for Industrial and Financial Reconstruction for the formulation of revival packages. The New Industrial Policy also aims at providing greater operational and managerial autonomy to the management of PSEs and making the managements accountable for the performance through a system called Memorandum of Understanding. MRTP Act, 1969 The New Industrial Policy, 1991 proposes to amend suitably the Monopolies and Restrictive Trade Practices Act, 1969. To remove the threshold limits of assets in respect of MRTP companies and the dominant industrial undertakings. The important objectives of this were two in number. They are: Prevention of concentration of economic power in the hands of few which will be detrimental to the common interest; and Regulation of monopolistic, restrictive and unfair trade practices which are pursued by the business community and which are prejudicial to the public interest. The New Policy proposes to renew the threshold limits of assets and therefore, to repeal the Provisions of MRTP Act, 1969 pertaining to the first objective. Hence, the MRTP Act now concerned only with the prohibition of monopolistic, restrictive and unfair trade practices followed by the industrial undertakings and the trading communities. Foreign Investment As far as the direct foreign investment is concerned, the New Policy proposes to give automatic approval up to 51% of equity in the case of high priority industries and it has also identified 34 such industry groups. Further, the policy proposes to allow majority foreign equity holdings up to 51% of equity for the trading companies which are engaged in export activities. This is to enable the domestic companies an easy access to international markets. With a view to negotiate with the large international financial institutions and to approve the direct foreign investments proposals in selected areas, the New Policy proposes to constitute a special committee. Foreign Technology Agreements The New Industrial Policy proposes to give automatic permission for foreign technology agreements in identified high priority industries. Further, it also proposes to allow other industries to import foreign technology subject to the fulfillment of certain conditions. Conclusion The New Industrial Policy, 1991 certainly differs significantly from the earlier philosophies, approaches, etc. of the government. For instance, prior to 1991, scope of public sector was expanded by reserving more number of industries for the public sector. But now, its scope has been reduced drastically by reducing the number of industries reserved for the public sector. Like this, a large number of changes can be noticed in the new policy. This process has been continuing even in post liberalization era. Adding to this, the government has taken a number of steps to give effect to its policy decisions included in the New Industrial Policy, 1991. Though the economy has been benefited significantly from these measures, the economy has not been able to reap the full benefits of the Economic Reform Package owing to the political instability, etc. Privatization Privatization of PSUs Majority of the industrial enterprises in the public sector have failed to achieve the desired result. Of course, a number of factors-internal and external, controllable and non- controllable are responsible for his precarious performance. A look at the history of public sector undertakings (PSUs) in the country reveals the continuous expansion in the role of PSUs. Consequently, a number of enterprises have been established and huge amount of borrowed capital has been employed by the state even in the non-core, non-strategic and not so essential area. Hence, the state has made a number of changes in its New Industrial Policy announced on July 24, 1991. Introduction In the sixties and seventies, the public sector policy has been largely guided by Industrial Policy Resolution, 1956 which gave the public sector a strategic role in the economy. During the last four decades, massive investments have been made to build a public sector which has a commanding role in the economy. Today, many key sector of the economy are dominated by the mature public sector enterprises that have successfully expanded the production. In the early post-Independence years, there was virtual consensus about the need for the government intervention in economic activities. Pandit Jawaharlal Nehru described the public sector as Temples of Modern India. At that time, virtually neither questioned the strategy nor raised any doubts about its implementation. The number of central public sector enterprises increased from 5 in the year 1951 to 240 by the end of 1995 and investments in public sector undertakings (PSUs) increased from Rs29 crore in 1951 to Rs. 1,72,438 crore by the end of 1995. They contributed nearly one third of our exports. They made significant contribution to import substitution. Government undertakings account for more that 70% of the work force employed in the organized sector. They have greatly reduced the imbalanced of regional development and have laid strong base for the rapid development of the country. Some of the PSUs have earned a reputation par excellence at the international level. Some giant public sector units (e.g., Indian Oil Corporation, Steel Authority of India, Oil and Natural Gas Commission, Hindustan Petroleum Corporation Ltd., Coal India Ltd and Bharat Petroleum Corporation Ltd) figure in Fortune Internationals large companies. Further, the public sector accounts for one-fourth of the countrys GDP. There are two million employees in government undertakings and the average emoluments per annum amount to more than Rs.50, 000 each. Besides paying higher salaries, public enterprises assure job security, good working condition, attractive incentive scheme, participative management, higher degree of safety, adequate facilities, etc. Meaning of Privatisation The revolution of privatization started in 1980 and spread to many parts of the world. Several countries are privatizing their public sector enterprises. India is no exception to it. Privatization was meant to improve the performance of public enterprises. Privatization techniques have been tried in countries like Great Britain, China, US, Turkey, Brazil, Mexico, Japan, etc. Privatization, in the narrow sense, means transfer of ownership, or sale of public enterprises. However, privatization has been used in different ways as detailed below: Liberalization Approach: Privatization may be used in the sense of liberalization having fewer controls and regulation by the state in economic activities. This also means slowing of new controls and regulations and also dismantling of the existing controls and regulations. Relative Share Enlargement Approach: Privatization may relate to enlargement of the share of private enterprises in the production of goods and services in the economy. This means that faster economic expansion of goods and services produced by private sector and slowing down of production of goods and services in the public sector. Association of Private Sector Management Approach: This approach suggests utilizing the services of managerial personnel or executives of private sector enterprises for the conduct and management of PSUs. Transfer of Minority Equity Ownership Approach: Privatization may be defined as the transfer of minority equity ownership of public enterprises to private individuals and institutions so that the ultimate control continues to remain with the state. Transfer of Complete Ownership Approach: Privatization is also used in the sense of sale of all the shares to the private parties so that the public enterprises are converted into private enterprises. In India, privatization is taking place by adopting two common methods viz., (a) Having fewer controls and regulations by the state in economic activities, and (b) Transferring ownership of state equity in PSUs to private individuals and institutions. Benefits of Privatization It is expected that privatization will ensure the following benefits: Increasing overall efficiency: Improvement in the quality of management and decision making: No government financial backing, and therefore, capital market will compel these enterprises to be more efficient; Substantial reduction in governments budgetary support resulting in reduction in budgetary deficit; Recovery of government fund which could more productively be used in development activities; Reduction in political and bureaucratic interferences; Better industrial relations management; etc. Shortcomings Though the PSUs have contributed heavily to develop the industrial base of the country, they continue, even today, to suffer from a number of shortcomings which are identified below very briefly. A sizable number of PSUs have been incurring and reporting losses on a continual basis. Consequently, a large number of PSUs have already been referred of BIFR; Multiplicity of authorities to whom the PSUs are accountable; Delay in implementation of projects leading to cost escalation and other consequences; Ineffective and widespread inefficiency on management; Many PSUs are operating without the leader (i.e., chief executive or chairman); With a view to provide opportunities for more and more unemployed youths, more number of people, than required, were recruited and therefore, many PSUs are over-staffed resulting in lower labour productivity, bad industrial relations, etc.; un-remunerative pricing policy; and A number of sick companies (40 companies) which were in the private sector was taken over by public sector mainly to protect the employees. These sick units are causing a big drain on the resources of the state; etc. Methods of Privatization There are four important modes of privatization. They are: Franchising, (b) Contracting, (c) Leasing, and (d) Disinvestment. In India, disinvestment of government share of equity in PSUs is predominant. It started in 1992 immediately after the New Economic Policy in a phased manner. The main criticism of disinvestment of shares of PSUs in India is that it has been partial and half-hearted. There seems to be no plans to disinvest completely. The government still would like to keep a dominant control. 39 companies have been proposed for disinvestment till 1995-96. All the companies proposed for disinvestment are central PSUs. No state level PSU has been proposed for disinvestment. It could only disinvest 1% to 35% shares of PSUs on an average. It is also observed that the shares of efficient and profit-making companies are disinvested more than the companies which are potentially sick or sick companies. The disinvestment percentage is also not much in loss-making and inefficient units, thereby defeating the purpose. The Finance Ministry has also explained that the government is consciously not off-loading larger chunks of its holding. The Rangarajan Committee has suggested that government holding in public sector undertaking must be less than 50%. But partial disinvestment will be of no avail to change the culture in the public sector undertaking. Future Plans of Government The following are the future plans of government: Strengthening strategic units, Privatizing non-strategic units by (1) Gradual disinvestment, and (2) Strategic sale, and Devising suitable rehabilitation package for weak units. Conclusion The privatization process launched with all seriousness after the announcement of New Industrial Policy, 1991 was a failure. The state must accept this and take necessary steps either to privatize or to improve the efficiency and performance of PSUs. GLOBALISATION Introduction: The expansion of economic activities across political boundaries of nation states. More important, perhaps, it refers to a process of increasing economic integrated and growing economic interdependence between countries in the world economy. It is associated not only with an increasing cross- border movement of goods, services, capital technology information and people but also with an organization of economic activities which straddles national boundaries. This process is driven by the lure of profit and threat of competition in the market. The term Globalization as such denotes adjustment of national economy with that of the world economy. It is conversion of a national market into international mobility of factors of production. In others words, it may be described as the integration of national economy with that of global economy. An important attribute of Globalization is the increasing degree of openness, which has three dimensions, i.e.; international trade, international investment and international finance. According to World Development Report, Globalization reflects the progressive integration of worlds economies. The manifestation of production includes spatial reorganization of production the interpenetration of industries across borders, the spread of financial markets, and the diffusion of identical consumer goods to distant countries and massive transfer of population across national frontiers. Globalization is a process of reaffirmation of faith in the markets, retaining the character of independence of a country. Here, the country follows a pragmatic policy with a shift in decision making from government to business. The market forces and the laws of economics will have greater importance than the political ideology. To make a country a successful partner in Globalization, the government must play a complimentary role. Factors contributing to Globalization: The important factors that contribute to Globalization are: (a) Technological Advances In communication: Technological advances in communication have made it possible to know in an instant what is happening in different parts of the world. The flow of information and ideas, boosted greatly by the Internet, can enable developing countries to learn more rapidly from each other and from industrial countries. (b) Improvements In Transportation And Technology: Improvements in transportation networks and technology are reducing the costs of shipping goods by water, ground and air. This can facilitate the movements of goods. Technological improvements can enable developing countries to leap stages in the development process that rely on inefficient uses of national resources. (c) Other Factors: Rising educational levels, technological innovations that allow ideas to circulate, and the economic failures of most centrally planned economies have also contributed to Globalization. Trends in Globalization: The important trends in Globalization are the following: International Trade: Trade in goods and services has grown twice as fast as global GDP in the 1990s and the share attributable to developing countries has risen from 23 to 29 percent. There is a compositional shift in trade, which has created a new pattern in the international exchange of goods, services, and ideas. Trade in components is one part of that new pattern. Advances in information technology helps to link firms from developing countries into global production networks. The tremendous growth of trade in services and, more recently, of electronic commerce is also a part of the new trade pattern. (b) International Financial Flows: There has been increase in international capital flows of developing countries. However, the financial crisis of 1977-99 have put the growing interdependencies among countries in the spotlight and led to intense scrutiny. Such flows are started to rise again. The financial performance of emerging markets in the 1990s made capital account liberalization an attractive option for developing countries. Many developing countries have began to loosen controls on inflows and outflows of capital. The East Asian meltdown has enhanced the attractiveness of long-term capital investment. Countries have started to recognize that foreign direct investment brings with it not only capital but also technology market access and organizational skills. An analysis of the period 1996-97 shows that foreign direct investment was less volatile than the commercial bank loans and foreign portfolio flows. (c) International Migration: Along with goods, services, and investment, people are crossing borders in large numbers. According to World Development Report 1999-2000, each tear between 2 million and 3 million people emigrate, with majority of them going to just 4 countries: the United States, Germany, Canada and Australia. The market for highly skilled workers will become even more globally integrated in the coming decades. At the end of the 20th century Globalization has already demonstrated that economic decisions, wherever they are made in the world, must take international factors into account. There is acceleration of goods, services, ideas and capital across nation borders. Advantages of Globalization: (a) Promise of Increase Productivity And Higher Living Standards: Globalization brings in new opportunities such as access to markets and technology transfer. These opportunities hold out the promise of increased productivity and higher living standards. (b) Increase In Trade In Goods And Services: There is tremendous growth in trade in goods and services. Trade in goods and services has grown twice as fast as global GDP in the 1990s and the share attributable to developing countries has climbed from 230to 29 percent. Increased international competition in services will lead to reduction in prices and improvements in quality. This will increase the competitiveness of downstream industries. Both industrial and development economics will gain by opening their markets. (c) Provide New Opportunities For Growth: For developing countries, trade is the primary vehicle for realizing the benefits of Globalization. Imports bring additional competition and variety to domestic markets, which benefit consumers. Exports, on the other hand, enlarge foreign markets and benefit business. Further trade exposes domestic firms to the best practices of foreign firms and encourages greater efficiency. Trade gives forms access to improved capital inputs such as machine tools, which boosts productivity. Trade encourages the redistribution of labour and capital too relatively to more productive sectors. It has contributed to the ongoing shift of some manufacturing and services activities from industrial to developing countries, providing new opportunities for growth. (d) Globalization of Financial Markets: Globalization of finance markets affects development because finance plays an important role in economic growth and industrialization. Financial Globalization affects growth in two ways. First, it increases the global supply of capital. Second, it promotes domestic financial development and hence, improves allocative efficiency, creates new financial instruments, and raises the quality of baking services. (e) Increased Flow Of foreign Market Capital: Globalization leads to increased flows of capital across countries. Flows of foreign capital offer substantial economic gains to all parties. Foreign investors diversify their risks outside their home market and gain access to profitable opportunities through out the world. Economies receiving inflows raise the level of investment. When there is foreign investment it is generally accompanied by management expertise, training programs and important linkages to suppliers and international markets. (f) Impact on Poverty: The fast growth and overall development resulting from liberalization, increased flow of trade ad capital could have a major impact on poverty. It is likely to reduce the number of people living in absolute poverty. (g) Increase The Level Of Interdependence And Competitiveness: Globalization is supposed to accelerate and increase the level of interdependence and competitiveness among nation. It is a change from plan to market. As a consequence, markets for merchandise trade are expanding, more and more service are being traded internationally, and capital is flowing in quicker and increasingly diverse ways across countries and regions. There is increasing integration of countries into World markets for goods, services and capital. In short, Globalization widens and intensifies international linkages in trade and finance. (h) Induce Domestic Firms To Improve Technology: The better technology brought in by the MNCs may induce or provoke the domestic firms to absorb similar technology. This may improve their competitiveness and expansion. Disadvantages of Globalization: The universal acceptance of the market economy and the Globalization led by private enterprises tend to have some harmful effects on the economy of developing countries. They are discussed below: Takeover of National Firms: There are a large numbers of cases of takeover of national firms by foreign firms. In some cases, the domestic firms had to handover the majority of equity to foreign partners of joint ventures due to their inability to bring in additional capital. Ruin of Traditional Crafts And Industries: Globalization has lead to replacement of traditional and indigenous products by modern products. This has resulted in the ruin of traditional crafts and industries and the livelihood of the people depended on these sectors. Brings Instability: Globalization sometimes brings instability and unwelcome change in the economy. It exposes workers to competition from imports, which can threaten their jobs. The inflow of foreign capital into the country through Globalization may undermine banks. (d) Widens The Disparity: Globalization will widen the disparity between one who are associated with market and one who are not. With the expansion of trade and foreign investment, the gaps among the developing countries will widen .it has brought in increased income inequality in many industrial countries .it is argued that the developing countries and the poor people are not in a position of achieving benefits from Globalization. The only beneficiaries of it are the developed countries and the MNCs. Growth rate of Indias real GDP per capita Per Capita GDP of South Asian Economies. Estimates of the Per Capita Income of India. CONCLUSION: Economic liberalization has increased the responsibility and role of the private sector. At the same time, it has reduced the control of the government on economy affairs. It is expected that the reforms would liberalize the Indian economy enough to create a conducive environment for rapid economic development. The Ninth Five Year Plan, therefore, rightly observed, The conditions that exist today, demand a decisive break from the past. The government has taken on itself too many responsibilities with the result that it not only encouraged a dependency syndrome among our people, but also imposed severe strains on financial and administrative capabilities of the government. Private initiative whether individual, collective or community-based forms the essence of the development strategy articulated in the plan. The process of reforms according to many economists and social scientists is not fast enough to achieve the goals. Jeffrey Sachs, director of Harvard Universitys center for international development and a noted economist, pointed out that the reform process in India had a long way to go. He feels that without a focus on the twin pillars of social and economic strategies, the future would be bleak for India, especially in the context of competition all around. Liberalization process is on the slow track. Government is expected to reduce and finally give up its involvement in economic matters and play a major role in providing the required socio-economic infrastructure. The government, however, is reluctant to give up its role of owning and controlling economic activities. At the same time its inability to spend for providing minimum health and education services. It is eager to spend on higher education without spending enough on primary and secondary education. It has failed in providing a corruption free administration, an essential precondition for increasing com