A Critical Discussion of the Concept of Integrated Marketing Essay

A Critical Discussion of the Concept of Integrated Marketing Communications from an Advertising Strategy and Planning Perspective - Essay Example A significant debate over recent years has been the significance of ensuring the integration of these tools of marketing communications† (Yeshin, 2006). Introduction The desire to implement effective marketing communications and advertising strategies since the inception of corporate world prompted the integration of varied aspects deemed by managers to ensure clients’ satisfaction (Luck & Moffatt, 2009). The aim of this action was to capture large pool of clientele globally as well as corporations have high client’s retention rate essential in ensuring higher market share than other key players in the same field (Luck & Moffatt, 2009). However, this concept, which is Integrated Marketing Communications (IMC) has received both welcoming and dissuading arguments from varied scholars whereby the latter category deem IMC is a â€Å"management fad† (Cornelissen & Lock, 2000, p. 9). Hence, according to the dissuading category, IMC is not a new devised effective tool but a fashion of what used to be prior to the inception of utilizing it. Conversely, some scholars have argued pro about the idea of IMC coupled with availing adequate proven examples, which support the argument that have persisted up to date. Therefore, this study seeks to provide a critical discussion of Yeshin’s (2006) statement on the subject of IMC relating to both advertising strategy and planning in UK. ... Evolution in this case encompasses integrating of technology with other marketing aspects especially in communicating, planning and execution, whereby according to IMC’s devotees or proponents this is not a â€Å"management fad† (Cornelissen & Lock, 2000, p. 9). This is because advertising cannot exist solely by its own but entails other varied and essential aspects meant to aid it in attaining the required corporate reputation in the market. Therefore, integration of the current communications knowhow usually supplements advertising aspect, which to date has experienced transitory period. Similarly, Cornelissen and Lock’s approach or argument aligns well with Luck and Moffatt (2009, p. 313) study where they expound more about significant evidence of transition in terms of marketing strategies. Based on their study, â€Å"communications† usually implies diverse marketing methods, which current policymakers ought to embrace in order to improve both particip ants’ interaction and relationships contrary to the 20Th century’s advertising approaches (Luck & Moffatt, 2009). Hence, posing the aspect of evolution whereby in the past, marketers solely focused on distribution channels as well commodities’ exchange, which is contrary to the current period whereby market mix has taken over as key marketing strategy. This aligns with the relayed statement whose implication cites integration of varied methods or communications together with advertising aspect aimed at heightening corporation’s reputation despite numerous counterarguments against it. Other arguments in favor of IMC aspect characterizing the current corporate world encompass establishing of communication programmes contrary to the earlier four key mass media forms

Cross cultural marriage Essay Example | Topics and Well Written Essays - 1000 words

Cross cultural marriage - Essay Example In this paper, an argument for cross-cultural marriage shall be made by analyzing the advantages involved in it. For many people, marrying a foreigner, or somebody from a different cultural background, is a tremendously exciting thing, and these people tend to get into such marriages with a strong optimism concerning the future. Cross-cultural marriages tend to promote unity between different cultures and nationalities (Milan et al, 2010). This is because it leads to cultural understanding between the marriage partners and their families. Some have argued that cross cultural marriage results in conflict between the marriage partners, but these assertions have been found to have no basis in reality. When one considers marriages between people from different cultures, one will find that the levels of cultural conflicts are surprising low. In fact, it can be said that the bringing together of two diverse cultures has the effect of creating a new, distinct culture, as the couple who get married often bring along their own cultures and continue to practice them alongside those of their partners. Th erefore, those who raise the argument of cultural conflicts in such marriages are wrong. One will in most instances, find that those who are involved in such marriages are always immensely accepting of other cultures, and it is rare for them to show any prejudice, if any. When it comes to raising children, an environment created through a cross-cultural marriage is the best (Fenyo, 2001). One would argue that the cultural exchange that occurs between the marriage partners also affects their children. This is because the children will be able to adopt the best traits that  are in the cultures  in which  they are raised. The implication of being raised in such an environment is tremendously positive on the children. It not only enables them to be aware and appreciative of other

The Applications Of Arrow Debreu Model Economics Essay

The Applications Of Arrow Debreu Model Economics Essay According to Elroy Dimson and Massoud Mussavian (1999), Arrow-Debreu model was developed as a model of general equilibrium that has been fundamental to economics and finance. Compared to earlier models, the Arrow-Debreu model basically generalized the notion of a commodity, differentiating commodities by time and place of delivery. For example, apples in Malaysia in July and apples in Singapore in June are considered as different commodities. Kenneth J. Arrow (1951) and Gerard Debreu (1951) work together to produce the first rigorous proof of the existence of a market clearing equilibrium, given certain restrictive assumptions. This field of research has had a profound impact not only on economic science, but also on financial markets, institutions and businesses all over the world. It often used as a general reference for other microeconomic models. As Ramu Gopalan (2008) stated, the pioneering work of Arrow and Debreu has had an enduring effect on the study of financial aspects of the economy in a general equilibrium framework. One of their key contributions is to introduce time and uncertainty into general equilibrium models. The Arrow-Debreu model was established since 1950s, many researchers had extended this model to both economics and financial economics. Although this model is criticized by various eminent economists, the dedication of this model in the history is indestructible. In this assignment, we are going to discuss the applications of Arrow-Debreu model majoring in the financial economics. The purpose of this assignment is to find out and understand more about the contributions of this model to financial theory. The applications of Arrow-Debreu model will be listed out and discussed further. Journals will be shown and summarized out in order to support our discussion. Finally, the last section in this assignment is the conclusion. 2.0 Background studies In this assignment, the applications of Arrow-Debreu model in financial economics will be discussed. But before that we have to know what the Arrow-Debreu model is. 2.1 Arrow-Debreu Model Arrow-Debreu model, also referred as Arrow-Debreu-McKenzie model (ADM model), is the fundamental model used in the General (Economic) Equilibrium Theory. It is named after its originator who are Kenneth J. Arrow (b. 1921) and Gerard Debreu (1921-2004) on Existence of an Equilibrium for a Competitive Economy as well as Lionel W. McKenzie (b. 1919). As what stated in the Farlex Financial Dictionary (2009), it says that this model is one of the most general models of competitive economy and is a crucial part of general equilibrium theory, as it can be used to prove the existence of general equilibrium (or Walrasian equilibrium) of an economy. Once we can prove the existence of such an equilibrium, it is possible to show that it is unique under certain conditions, but not in general. Furthermore, Arrow went on to extend the model to deal with the issues relating to uncertainty, stability of the equilibrium, and whether a competitive equilibrium is efficient. 2.2 Applications of Arrow-Debreu Model Arrow-Debreu model leads to a huge impact on economics and financial economics. First of all, it solves the long-standing problem of proving the existence of equilibrium in a Walrasian (competitive) system. This model analyzes the exact situations of those markets that are very competitive. In economics, Arrow-Debreu model suggests that a set of prices such as aggregate supplies will equal to aggregate demands for every commodity under certain assumptions made about the economic conditions (i.e. perfect competition and demand independence). Formulated in a purely mathematical form, the Arrow-Debreu model can be easily modified into spatial or intertemporal models with proper definition of the commodities based on the commoditys location or time of delivery. When commodities are specified to be conditional on various states of the world, the Arrow-Debreu model can easily combine expectation and uncertainty into the analysis. Besides, theoretical extensions and applications have been made to analyze financial and monetary markets and international trade, as well as other subjects. With a general equilibrium structure, the model is applicable in evaluating the overall impact on resource allocation of policy changes in areas such as taxation, tariff, and price control. Moreover, it applies to all general equilibrium models that are heavily dependent upon accurate mathematical proofs. In the field of financial economics, Arrow Debreu represents a certain kind of securities product which named as Arrow-Debreu security. This distinguished concept is a good teaching tool to understand the pricing and hedging issues in derivatives analysis. On the other hand, the Arrow-Debreu Model is also used in areas like financial engineering. But it has turned out to be very limited, especially in the multi-period or continuous markets. The model has been subject to the criticism that many of the assumptions it makes do not fit the workings of the real economy. However, the truth is that the Arrow-Debreu Model is very important for the derivative industry and helps the industry to grow at a rapid pace. 3.0 Literature Review In previous section, we have mentioned some applications of the Arrow-Debreu model both in the field of economics and financial economics. Now, the applications of this model majoring in financial economics will be discussed further. The functions of Arrow-Debreu model can be divided into six categories, asset pricing model, equity risk premium, corporate finance, Modigliani and Miller Theorem, Arrow-Debreu security and others. 3.1 Asset-pricing model From the studies, most of the Arrow-Debreu models applications are commonly used in shaping the asset-pricing model. Arrow-Debreu model was acted as an origin which gives the insight that consumption in different future states could simply view as different consumption goods according to Elroy and Massoud (1999). This result is proved and can be seen through various researchers journals. It is undeniable that the Arrow-Debreu model plays an important role in constructing the asset-pricing model. The evidences are given in following paragraphs. Based on the journal of Asset Pricing at Millennium written by John Y. Campbell (2000), he stated that theoretical and empirical developments in asset-pricing has taken place within a well establish paradigm for the last twenty years. While the well establish paradigm that he mentioned here is referred to the Arrow-Debreu model. Same as Franklin Allen (2001), he indicated that asset-pricing models are typically special cases of neoclassical Arrow-Debreu model. In the traditional Arrow-Debreu model of resource allocation, firms and households interact through markets and financial intermediaries play no role. On the other hand, the key element of the analysis in the modern version is the stochastic discount factor, which incorporates the Arrow-Debreu state prices and allows the assets to be priced. He also commented that this approach and the focus on the risk-return trade-off have allowed a rich interplay between the empirical and theoretical work. The equity premium puzzle is given as an example of special cases within the Arrow-Debreu framework in order to support his statement. Moreover, Elroy and Massoud (1999) narrated the historical development of asset pricing and derivative valuation on Three Centuries of Asst Pricing. He pointed out the success of conceptual framework that setting up the theory of asset pricing is down to Arrow (1953)s hard work. Dissatisfied with the current Arrow-Debreu framework, Arrow built up a series of contingent claims that follow the resolution of uncertainty to explain how one can achieve markets that are almost complete. Varian (1985) analyzed the impact of divergence of opinion on asset prices in an Arrow-Debreu economy. By considering the Arrow-Debreu model with agents who have different subjective probabilities, he compares and concludes the differences of opinion in an Arrow-Debreu contingent claim context. Based on his journal Divergence of Opinion in Complete Markets: A Note, three results were established. He concluded that in practice, increased dispersion of beliefs will generally be associated with the reduced asset prices in a given Arrow-Debreu equilibrium. Also, he uses this model to show that other things equal, if risk aversion does not decrease too rapidly, then assets with more dispersed opinion will have lower prices or vice versa. P. Bossaerts and C. Plott (2004) had done six financial markets experiments of testing two of the most basic propositions of modern asset pricing theory. The Arrow-Debreu model and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM), these two theoretical models are used to be the framework of their experiments. In the end of their experiments, they discovered a swift convergence towards equilibrium prices of Arrow-Debreu model or the CAPM. This discovery is significant because they use the subjects that lacked of information to intentionally set the asset prices. Sometimes, the equilibrium is not found to be robust which clearly shows a result of deviations of subjective beliefs from objective probabilities. However, they still find the evidences that prove this does not destroy the tendency for markets to equilibrate as predicted by the theory. 3.2 Equity Risk Premium Next, the Arrow-Debreu model is applied to explain the equity risk premium. In an attempt to explain the equity risk premium, Rajnish Mehra and Edward C. Prescott (1985) developed an Arrow-Debreu asset pricing model. They found that historically the average return on equity has far exceeded the average return on short-term debt and Treasury bills. Thus, they try to use the Arrow-Debreu model to interpret this situation. In the end of the journal The Equity Premium: A Puzzle, they concluded that only those equilibrium model with friction (i.e. non-Arrow-Debreu models) will be the one that successfully explain both high equity risk premium and low risk-free returns. However, Rietz (1988) overthrew the conclusion of Mehra and Prescott (1985) in The Equity Risk Premium: A Puzzle. He mentioned that the reason for them to reject the Arrow-Debreu model is their specifications which cannot explain the high equity risk premium and low risk free returns that characterize the U.S. economy. Hence, he re-specified their model to include a low-probability, depression from a high return of compensation for the extreme losses during the market crashes, captured those possible effects from the market crashes and finally successfully proved that these crashes allow it to explain both high equity risk premium and low risk free returns without abounding the Arrow-Debreu paradigm as well as not altering their models attractive features. In the journal The Equity Risk Premium: A Solution, he explained further that it does so with reasonable degrees of time preference and risk aversion provided the crashes are apparently severe and not too unimaginable. 3.3 Corporate Finance According to Jean Tirole (2006), he specified that a substantial and important body of empirical work has provided a clearer picture of patterns of corporate financing and governance, and of their impact for firm behaviour and macroeconomic activity. One of them is the Arrow-Debreu model. During 1970s, the dominant Arrow-Debreu model of frictionless markets (presumed perfectly competitive and complete, unhampered by taxes, transaction costs, as well as informational irregularity) can prove to be a powerful tool for analyzing the pricing of claims in financial markets, but little about the firms financial choices and about their governance. Besides, in the complete market paradigm of Arrow (1951) and Debreu (1951), the financial claims returns depend on some choices such as investments, are assumed to be contractible and therefore are not affected by moral hazard. In Jean (2006)s opinion, financial markets were not plagued by problems of asymmetric information because investors agree on the distribution of a claims returns. Viewed through the Arrow-Debreu lens, he identified that the key issues for financial economists are the allocation of risk among investors and the pricing of redundant claims by arbitrage. Michael J. Brennan (1995) also clarified that the abstract simplicity of the Arrow-Debreu model yields few insights for corporate finance beyond the value additivity principle that was used to refute the conventional wisdom that conglomerate mergers will add value to the company through the corporate diversification. 3.4 Modigliani and Miller Theorem (M-M Theorem) Another application of Arrow-Debreu model is related to M-M theorem which devised by Franco Modigliani and Merton Miller (1958). This theorem explains that a firms financial structure is irrelevant under certain conditions, Arrow-Debreu environment. The value of a financial claim or a firm which equal to the sum of the values of the claims it issues is thus equal to the value of the random return of this claim or the firm computed at the Arrow-Debreu prices (the prices of state-contingent securities). Therefore, Arrow-Debreu model is used as a fundamental of economy in formulating M-M theorem. 3.5 Arrow-Debreu Security (State Contingent Claim) Mostly, Arrow-Debreu security will be the answer of the applications of this model majoring in financial economics if we searching it through the internet. Based on the journal A re-examination of the Modigliani-Miller theorem written by Joseph E. Stiglitz (1969), in a section entitled Arrow-Debreu securities, he not only showed the M-M theorem in a complete markets setting but also mentioned about the Arrow-Debreu model under uncertainty in which individual can buy or sell the promises to pay if a given state of the world occurs. This shows a direct relationship between the Arrow-Debreu model and the Arrow-Debreu security. Through the calculation, he observed that if he takes literally the Arrow-Debreu definition of a state of nature, there is undoubtedly will be more states of nature than firms and most of these states are similar with each other. An example, variation in the return on stocks can be explained by the business cycle, is given to support his statement. Robert E. Lucas (1984) analyzed the unified theories of money and finance on Money in the Theory of Finance. He examined and commented that financial and monetary theory have different objective, however, the desirable theoretical unity may be, one can identify strong forces that will continue to pull apart these two bodies of theory. He mentioned that the theory of finance is conducted almost entirely within the Arrow-Debreu contingent claim framework such as the three pillars of modern financial theory which have been reformulated in contingent claim terms. Besides, he wrote that the applications of the Arrow-Debreu contingent claim formulation of a competitive equilibrium for an economy operating through time is subjected to stochastic shocks. In the end, he concluded that the power in applications of the contingent claim point of view is obviously evident in finance, will be as usefully applied to monetary theory. One more thing that he suggested is the source of this power which is the ability of this framework to permit the reduction of the study of asset demands to the study of demands for the more fundamental attributes to which assets are claims. 3.6 Others Apart from those above categories, Arrow-Debreu Models can be used for other purpose. For instance, it acts as a fundamental to explain the pattern of trade, to formulate the fixed price equilibrium or to find out whether the financial markets are arrangements for risk-sharing. Furthermore, it is extended further to analyze the restrictions and developed further that include a sequential market model with the financial markets. One of the section in the journal Differences of opinion in financial markets written by Hal R. Varian (1989), an Arrow-Debreu contingent consumption model of the sort studied by Milgrom and Stokey (1982) was examined. Through the mathematical calculation and the analysis of the consequences for assets market equilibrium based on the Arrow-Debreu model, it ends with a similar result, prices are determined by information, but the pattern of trade is determined by differences in opinion. In order to establish the important difference for trade is the opinion, he analyzed some of its consequences for assets market equilibrium. At last, he stressed that the volume of trade in an Arrow-Debreu model is due primarily to the differences of opinion. Next is the Claus Weddepohl (1983). He discussed and addressed the development of the theory of general equilibrium during the last twenty-five years. Considering and analyzing the Arrow-Debreu model with futures markets, he showed the result that this model gives rise to temporary equilibrium models. He stated that the fixed price equilibrium models are formulated through the study of these models and the study of the stability of price adjustments. The simple fixed price equilibrium model as defined by Barro and Grossman (1971) and Malinvaud (1977) is what he emphasized in the journal Developments in the Theory of General Equilibrium. Ouattara (1994) applied the Arrow-Debreu model to the small villages in the McCarthy Island Division South (MID-South) of The Gambia to find out whether financial markets are arrangements for risk-sharing. The main objective of risk-sharing is to verify that observed consumption patterns are consistent with patterns predicted by insurance models. The Arrow-Debreu full insurance model focuses on consumption smoothing across different states of nature at each particular point in time through state-contingent contracts. In the end of his research, the results supported the hypothesis that state-contingent loans are accepted in rural Gambia and there is full risk-sharing among participants in the financial markets. Peter H. Friesen (1979) extended the Arrow-Debreu model to financial markets which include the sequential market model. It is done by dropping the contingent contracts from the Arrow Debreu model, leaving only a sequence of spot markets for commodities. This leads to an inefficient market structure but efficient for sequence of stock markets and option markets. The purpose of the journal The Arrow-Debreu Model Extended to Financial Markets is to develop further the Arrow-Debreu model. The method that he used is through the extension of Arrow (an equilibrium in one model was constructed from that of another). For example, financial securities, Arrow certificates can be constructed from options on common stock and the advantage in the general equilibrium theory of financial markets, are the proofs of using Arrows method. On the other hand, the sequential market model for which equilibrium are constructed from the Arrow-Debreu equilibrium derived in Debreu (1951). From the fact that Arrow-Debreu equilibrium exist, it follows by construction that equilibrium for this model exists. It also follows that the equilibrium is efficient. Peter (1979) stressed that such models are used both to study financial markets and to explore the effects of a gradual resolution of uncertainty. Lastly, he concluded that it not only shows the close relationship between these two models but also reminds us that the potential value of finite-horizon Arrow-Debreu models for the study of sequential economies. Investors in financial markets face several restrictions apart from wealth constraints. So, we have the right to understand the restrictions in a general competitive equilibrium. Based on the journal Contributions to Intertemporal Models in Financial Economics written by Ramu Gopala (2008), the Arrow-Debreu model was extended further for the usage of analyzing those restrictions. He indicated that the traditional Arrow-Debreu model can be extended to a more realistic setting. Following Angeloni and Cornet (2006), this extension of the Arrow-Debreu model in the multi-period setting with restricted participation is established. Arrow-Debreu model was used to elaborate, to compare, to extend and to emerge for shaping those important finance theories. 4.0 Supporting Theories In this section, the theories that are related to Arrow-Debreu model will be further discussed. Apart from that, in order to let us have a more complete picture about this model, the theories that we displayed previously will also be stated and explained, as well as deliberated further. 4.1 General Equilibrium Theory General equilibrium theory is the core of economic theory. Before the Arrow-Debreu model is established, this theory has been proposed by L. Walras (1874). As reported by Arrow and Debreu (1954), he was the one who first formulated the state of economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers, and the equilibrium condition that supply equal demand on every market. In other words, Walras (1874) is the pioneer who first attempts to model the price for a whole economy. Walras uses mathematics to construct a complete structure of general equilibrium theory. This research has lead to results in contribution to neoclassical economics. However, the mathematics that he used to set up the foundation of this theory was unstable due to the existence of general equilibrium does not solved in a satisfactory manner. Hence, theoretically, if he cannot prove this existence, then this theoretical system will become meaningless. General equilibrium theory is therefore developed and improved by Vilfredo Pareto (1897), John R. Hicks (1939), John Von Neumann (1937), Paul A. Samuelson (1941), Kenneth J. Arrow (1954), Gerard Debreu (1954), Lionel W. McKenzie (1954) and others, which becomes an integral part of economics. 4.2 Fundamental Theorems of Welfare Economics Before the Arrow and Debreu began their famous collaboration, both of them had proved the same theorem which is the Fundamental Theorems of Welfare Economics or First and Second Welfare Theorems. There are two fundamental theorems of welfare economics. The first theorem states that every general equilibrium involves a Pareto efficient allocation of resources under the three assumptions. The three assumptions are if there are no externalities, all agents are price-taker, and prices for each good are known to each agent. While the Pareto efficient named after Vilfredo Pareto (1897), is a type of efficiency that results if one person cannot be made better off without making someone else worse off. The First Welfare Theorem is viewed by many economists as the formalization of Smiths Invisible Hand. As Makowski and Ostroy (1995) stated, it provided a set of sufficient conditions for a price system to efficiently coordinate the economic activity. Besides, this theorem supports the case for non-intervention in ideal conditions. For instance, the outcome is said to be Pareto efficient if we let the markets to do the work. The Second Welfare Theorem says that if preferences are well-behaved (especially convex) then every Pareto efficient allocation can be supported by a general equilibrium set of prices, given a suitable reallocation of the endowment. Referring to Varian (1985), this theorem effectively said that if you think an equilibrium is unfair, just move the endowment of the economy and a different general equilibrium will be obtained. Due to the convexity, the second theorem is stronger than the first theorem. The difference between these two theorems is the second theorem requires existence of general equilibrium from all endowment points, whereas the first theorem required only that if a general equilibrium existed it was efficient. According to Michael A. S. Guth (1994), Arrow (1951) provided a rigorous proof of the connection between competitive equilibrium and Pareto optimal. Gerard Debreu (1951) introduced convex analysis methods into welfare theory and independently proved the same theorems. As a result, these theorems have an important relation to Arrow-Debreu model; the existence of solutions to a competitive equilibrium is finally solved. 4. 3 Theories in relation to the Restriction of General Competitive Equilibrium Previously, the Arrow-Debreu model was used to analyze the restrictions. In order to understand those restrictions in the general competitive equilibrium framework, tracing back those following theories is necessary for us to know how the Arrow-Debreu model was used to be compared and proved other economic theory. 4.3.1 Radner Equilibrium Roy Radner said that the Arrow-Debreu model is not originally put forward for the case of uncertainty, but a powerful device introduced by Arrow (1953), and further elaborated by Debreu (1953), enabled the theory to be reinterpreted to cover the case of uncertainty about the availability of resources and about consumption and production possibilities. Hence, he extends the Arrow-Debreu equilibrium and forms an economic concept-Radner Equilibrium. Radner (1972) is the first who considers the general equilibrium with incomplete markets. He shows that unlike the Arrow-Debreu models, the possibility of trading commodity futures for every contingency is sufficient to enable income transfers across all spots. In addition, the assumption that he made, short-sales of these contracts are limited for every agent, is a driving force in his proof of the existence of a general financial equilibrium. This can be seen as the first attempt to incorporate this idea in their asset market participation. 4.3.2 Concept of Constrained Pareto Optimality Radner Equilibrium, however, is imperfect. Oliver D. Hart (1975) uses some disturbing but perceptive counter-examples to display some of the weaknesses of Radners concept of equilibrium. He showed that existence of such an equilibrium cannot be proved under the standard Arrow-Debreu assumptions. He specified that when the asset returns are price dependent, the market sub-space may not be continuous in the spot prices which may lead to discontinuous demand functions. This reason causes a failure of the existence of Radner equilibrium. In other words, an equilibrium may not be Pareto efficient in the case of incomplete markets which shapes the concept of Constrained Pareto Optimality. 4.4 Limitations of Arrow-Debreu Model Although the Arrow-Debreu model has many influences on either economics or finance, however, there are the limitations. There are three limitations of Arrow-Debreu model. In this model, it excludes the trade in shares of firms because the stock certificate is not an Arrow-Debreu commodity. When the descriptions are so precise that further refinements cannot yield imaginable allocations which increase the satisfaction of the agents in the economy, then the commodities are called Arrow-Debreu commodity. Trading in shares of firms cannot be classified as Arrow-Debreu commodity due to its possession entitles the owner to additional commodity which he need not obtain through exchange. Bankruptcy is not allowed in Arrow-Debreu equilibrium. All agents must meet their budget constraints. In a game theoretic formulation of equilibrium, it is achieved by enforcing an infinite bankruptcy penalty. Since every Arrow-Debreu equilibrium is Pareto efficient, there would be no benefit in reducing the bankruptcy penalty to the point where someone might choose to go bankrupt. Money does not appear in this model. Although the reasons for the existence of money in real life are already taken care of in the Arrow-Debreu model, money does not affect the allocations of commodities. Therefore, there is no point in making the role of money explicit in the Arrow-Debreu model. 5.0 Conclusion In fact, Arrow-Debreu model is not simultaneously created by K.J. Arrow and Gerard Debreu. Debreu is the one who extends further the Arrows pure exchange model in several important ways. Their contribution in formulating Arrow-Debreu model has laid a foundation for economic theory. The application of Arrow-Debreu model emphasizes more on the general competitive equilibrium framework of the economics. From the studies, we notice that most of its application majoring in the financial economics is act as a fundamental theory or economy in shaping the asset pricing model. Other functions like analyzing the market structure, risk and etc, also show that the usefulness of this model. Besides, it is applicable in evaluating the impact of all uncertainties with a general equilibrium structure. The analyzers use a series of mathematical equation to prove their statements. The pioneering contributions of Arrow and Debreu have forever changed the way economic theorists formulate uncertainty models.   After more than forty years of analysis and extensions, their general equilibrium framework and approach continues to be the starting point for new theories on the operation of competitive markets under uncertainty. As a conclusion, it is undeniable that the Arrow-Debreu model had turn on a new leaf in the history of economics. It is the modern concept of general equilibrium in economics which indirectly set up several important theories. Nothing is perfect in this world. Of course, Arrow-Debreu model as well. Some assumptions have to be made. Criticism also may happen. However, those brilliant economists or researchers still can use this model to formulate their own theory and then ends up with a perfect ultimate theory in both economics and finance. Lastly, mistakes, problems, and weaknesses should be pointed out, corrected and improved so that Arrow-Debreu model can be applied and developed effectively.

Extortion of the Jamacian People :: essays research papers

INTRODUCTION According to the 2006 edition of Microsoft Encarta published by Microsoft Corporation terrorism has existed for at least 2000 years and is likely to remain a fixture on political agendas, both locally and internationally for years to come. This practice provides unproblematic means by which the weak can meet head-on with much stronger opponents. It consequently has an enduring application to the alienated and the disenfranchised, the aggrieved and the rancorous, the powerless and the would-be powerful. This word itself brings trepidation and anyone who is dubbed a potential terrorist gives the impression of being hazardous. Terrorism, which is the unofficial or unauthorized use of violence and intimidation in the pursuit of political aims, has been chosen the theme for this portfolio. The topic of this writer will be extortion, which is a form of terrorism, how it affects the lives of Jamaican people and the parts the so-called â€Å"dons† play in this brutal act. This writer is impelled to magnify the main points surrounding this matter and to craft a healthier understanding surrounding the driving force behind people’s pathway of being an extortionist. This writer is determined to release the cages that are infrequently released from around the less discussed areas of this topic. It can be assured that after having a look at this portfolio the reader/readers will have a better understanding of extortion and how it affects the lives of the Jamaican people. I chose this topic because of my love for the ghetto and the pessimistic impact extortion has had on the lives of the ghetto people and also to expand my knowledge on the topic. As a prospective businessperson it give me the opportunity to amplify my knowledge about the possibility of extortion. This writer in exploring the selected topic experienced a lot of challenges: Time – Being a Seventh Day Adventist my Saturdays were off. Therefore the only access to books was in the school library. Due to the structure of my time table a lot of problems were faced in having adequate access to the library facilities at my school. Resources – A lot of effort was being placed on finding information on the topic. This was the most challenging part. I trust that this phase of my study will be very entertaining yet informative to all those who read.

Similarity and Coyote

Martinez, Jose Per. 2 9-14-12 â€Å"Coyote and the Buffalo† and â€Å"Fox and Coyote and Whale† are both trickster tales in the Native American culture. These trickster tales do share similarities; however they do share a difference as well. The similarities between these two trickster tales is that they explain why the world is how it is, and they present morale teachings, but the difference in these is how Coyote is portrayed in the trickster tales.One similarity that these two trickster tales have is that they explain why the world is how it is. For example in â€Å"Coyote and the Buffalo† Coyote kills the young cow that was given to him by Buffalo Bull as food, then he goes to Buffalo Bull to ask for another one, but the young cow that Coyote had killed has returned from the dead and refuses to go with him and Buffalo Bull also denies him another one. This explains why there are no buffalo in the Kettle Falls on the Columbia River, all because of Coyote.In â €Å"Fox and Coyote and Whale† Fox and Coyote go after Fox’s wife who was kidnapped by Whale. After Fox and Coyote rescue her, Fox cuts off Whale’s head and tosses it into the ocean and that is why whales don’t live in the rivers and Whale could no longer make love to the wives of other men. The trickster tale also explains why Land People and Water people don’t love each other because Fox killed Whale. Another similarity between these two trickster tales is the moral teachings.The moral teaching in â€Å"Coyote and the Buffalo† is to not be greedy. An example would be when Coyote killed the young cow for more food because he was tired of eating the fat of the young cow and as a result he gets the remains of the young cow stolen and is soon left with nothing. In â€Å"Fox and Coyote and Whale† the moral is to be helpful and selfless. An example would be when Fox and Coyote set on a quest to rescue Fox’s wife from Whale.In the en d Fox ends up getting his wife back because Coyote was selfless and helpful. The difference is how Coyote is portrayed in these trickster tales. In â€Å"Coyote and the Buffalo† Coyote can be seen as a coward because when he his in a tree with Buffalo Bull on the ground trying to knock the tree down and trying to kill him Coyote bargains with Buffalo Bull that if he spares his life he will make him new horns. However, in â€Å"Fox and Coyote and Whale† Coyote can be seen as a hero.He helps his brother, Fox, rescue his wife. In the first trickster tale he is seen as someone who only helps himself unlike in the second one he is seen as someone who helps his brother. In conclusion, both of these tales are similar, but they do have at least one difference. What they have in common can be seen in how they explain why the world is the way it is and moral teachings. They do, however, have a difference and its how the character Coyote is portrayed in each trickster tale.

Pregnancy and Decisions Women

Most people think differently, but there are plenty of reasons as to why it should be legal. Women should be able to get an abortion because they have their own choice of keeping their baby or not. What if a woman were to get raped? If abortion is made illegal, women would go back to the clothes hanger method and many women would die. If I were to have a baby at my age right now, would choose to get an abortion.In my culture, parents are all about studying and becoming successful. If I got pregnant and had a baby, my whole future would be ruined. Having a baby at a young age could ruin so many things such as school and work. I wouldn't be able to get a job/career due to the fact that I'm going to have to carry a newborn around. Would not be able to attend school because once again, have to take care of a newborn baby. In my culture, we are all about having our studies as our first priority. My parents wouldn't even let me have a boyfriend during my early years of high school.Imagine how hey would feel if I would have gotten pregnant. In my culture, we believe that if you have enough reason to get an abortion, then you should get one. My mother got an abortion before she had me. This was around the time when my grandpa got diagnosed with cancer, so it was a rough time for her. She also recently gave birth to my older sister, and she just wasn't ready to have another baby at that time. Two of my cousins also got abortions when they were in their teenager years. Unfortunately, they were being careless and ended up getting pregnant.Both of them actually didn't tell their moms that they got pregnant, and got an abortion on their own. They already knew what would happen if their mom's found out, so they did it without her knowing to keep her sane. Women have enough reason to get an abortion, and it shouldn't be legalized. Would ask my mom if she would give her baby up for adoption, and she told me she wouldn't want anyone else to have her baby. She would have to go t hru the heartache of knowing that someone else loves and takes care of her own baby.Of course having an abortion is difficult too. My mom tells me she still thinks about how different her life would be if she kept that baby. But she says that it was one of the best routes she could take. I was reading a lot Of articles, essays, and other things that supported my position on keeping abortion legal. Most of them all said the same thing. Women should have their own choice whether or not they should be allowed to get an abortion or not. For one, they could have been raped. Why would any woman want to keep a baby when rape impregnated them?Giving up the baby for adoption wouldn't even be an option in their head for them. She would be carrying the rapists baby for almost a full 9 months, and the thought of the incident would never go away. Feel like for a woman to move in that situation is if she got an abortion and just started over. A lot of these sources also included how women or girl s get abortions due to incest. I don't think anyone in their family got pregnant by someone else in the family. That's just wrong. It's not illegal to have a baby with a family member, but it's very looked down upon.Babies from incest situations are also more likely to be born with Down syndrome. Abortion would probably be very considerable in these situations. Abortion should be kept legal. One in three women gets an abortion by the time they are age 45. If the percentage of woman getting an abortion is so high, why should it become illegal? There are about 1. 1 million U. S. Abortions each year. Nearly 1 in 4 pregnancies end in abortion as well. If abortion becomes illegal, it's not like women are going to keep their babies. Instead, they II find another way to get an abortion.They'll go back to the clothes hanger way, which was used, back in the old days. Women would die all the time using that way because it is not safe. The procedures done today for abortion are safe. After all the research read, still think abortion should be kept legal. There are plenty of reasons as to why its okay to get one. My culture has made me believe that abortion shouldn't be something to avoid. I don't believe that abortion is bad. I believe it's very helpful. Many women in this world get abortions. It should stay legal so everyone can get proper procedures and care.

The top high paying part-time jobs for college students

The top high paying part-time jobs for college students With the expenses associated with higher learning- tuition, housing, books, clothing, food- most college students can’t afford to forgo work while attending school. Considering the time limitations that come with being a full-time student, you likely can’t afford to take on a full-time job, either. Fortunately, there are actually some part-time jobs that pay really well that may be the perfect fit for a college student already bearing a full workload. Here are 8 of them. 1. Social media assistantDo you spend a big chunk of your free time checking out scrolling through Instagram and Twitter? If so, you’re not alone, and utilizing social media doesn’t just have to be something you do when you’re bored or procrastinating. Companies rely on social media to get the word out about their goods and services, and they need social media devotees to manage their accounts and cook up fresh content. If you’re a creative thinker and have a basic grasp of m arketing, you could make as much as $21 an hour as a social media assistant.2. TutorIf you’re more the studious type than the social butterfly, you might consider one of the most tried-and-true after school jobs. Tutoring might involve helping students raise their grades in particular problem subjects or get top scores on standardized tests such as the SAT or GRE. Tutoring jobs generally pay anywhere from $30 to $100 an hour. Even the low end of that scale is good money for a part-time gig!3. Dog walkerSay you don’t particularly like socializing online or dealing with one-on-one tutoring sessions- maybe you’re more of a dog person than a people person. Well, there are opportunities in the canine sector as well. Dog owners who are short on time or stuck in the office most of the day rely on professionals to keep their pets from making a mess at home. Cleaning up poop probably isn’t anyone’s idea of a party, but dog walkers work very short hours- per fect for ensuring plenty of study time. They also tend to earn $15 to $30 per walk, so students who can commit to walking multiple pooches more than once a day can really rake in the doggie dough.4. Lyft driverOne potential downside to being a dog walker is that you need to be on call at particular times of the day, as dictated by the pet owners who need you. The big boon of being a driver for companies such as Lyft is that you can set your own hours. Since peak times are before classes start in the morning, as well as evenings and weekends, being a Lyft driver is ideal for the college student. With tips, the average Lyft driver earns about $18 per hour.5. Freelance writer/editorFor creative types, there are a number of freelance opportunities that can be great sources of income. If you fancy yourself a wordsmith, you should consider seeking out freelance writing work, which can entail anything from blogging to creating study content for your fellow students.If you are more comforta ble tidying up text than creating it, you might also find work as a freelance editor. Writers often make as much as $55 an hour and editors earn up to $40- though you can make a lot more than that depending on how quickly you’re able to churn out high-quality work.6. Freelance photographerThe basic features of the smartphones we all carry around have turned all of us into amateur photographers. If your snapping skills are better than the average person’s, you might find work as a freelance photographer. These positions require both the ability to take a superb pic and edit it. There are a multitude of photography fields, but the one that seems to draw the most income is product photography, which can make you around $20 an hour.7. Freelance web designerIf your computer skills extend well beyond editing images, using social media, and blogging, you might have what it takes to be a web designer. Of all the jobs on this list, web designer demands the most specialized skil ls, but the pay is great- at up to $30 per hour.8. FundraiserWalking dogs, transporting passengers, and generating online content can all be effective ways to make some cash, but do they really make the world a better place? If you have loftier goals, you can pursue them while also helping to pay for your education as a charity fundraiser. You’d be getting out the word about a worthy cause to expand awareness and attract potential supporters. If you have experience dealing with the public on a professional level and a knack for networking, you can be making up to $30 an hour during those hours away from your classroom and coursework.

How Mainbars and Sidebars Are Used in News Coverage

How Mainbars and Sidebars Are Used in News Coverage Youve probably noticed that when an especially big news story happens, newspapers, and news websites dont just produce one story about it but often many different stories, depending on the magnitude of the event. These different kinds of stories are called mainbars and sidebars.   What Is a Mainbar? A mainbar is the main news story about a big news event. Its the story that includes the main points of the event, and it tends to focus on the hard-news aspects of the story. Remember the five Ws and the H  - who, what, where, when, why and how? Those are the things you generally want to include in the mainbar. What Is a Sidebar? A sidebar is a story that accompanies the mainbar. But instead of including all the main points of the event, the sidebar focuses on one aspect of it. Depending on the magnitude of the news event, the mainbar can be accompanied by just one sidebar or by many. An Example Lets say youre covering a story about the dramatic rescue of a boy who has fallen through the ice of a pond in winter. Your mainbar would include the most newsy aspects of the story - how the child fell and was rescued, what his condition is, his name and age and so on. Your sidebar, on the other hand, might be a  profile of the person who rescues the boy. Or you might write about how the neighborhood where the boy lives comes together to help the family. Or you might do a sidebar on the pond itself - have people fallen through the ice here before? Were appropriate warning signs posted, or was the pond an accident waiting to happen? Again, mainbars tend to be longer, hard-news oriented stories, while sidebars tend to be shorter and often focus on a more feature-y, human-interest side of the event. There are exceptions to this rule. A sidebar on the dangers of the pond would be a very hard-news story. But a profile of the rescuer would probably read more like a feature. Why Do Editors Use Mainbars and Sidebars? Newspaper editors like using mainbars and sidebars because for big news events, theres too much information to cram into one article. Its better to separate the coverage into smaller pieces, rather than having just one endless article.   Editors also feel that using mainbars and sidebars is more reader-friendly. Readers who want to get a general sense of what has happened can scan the mainbar. If they want to read about one particular aspect of the event they can find the relevant story. Without the mainbar-sidebar approach, readers would have to plow through one huge article to try to find the details theyre interested in. In the digital age, when readers have less time, shorter attention spans and more news to digest, thats not likely to happen. An Example From The New York Times On this page, youll find The New York Times main news story on the ditching of a U.S. Airways passenger jet into the Hudson River. Then, on the right side of the page, under the heading Related coverage, youll see a series of sidebars on the accident, including stories on the quickness of the rescue effort, the hazard that birds present to jets, ​and the fast reaction of the jets crew in responding to the accident.

How to Provide Social Media Customer Service [PODCAST]

How to Provide Social Media Customer Service [PODCAST] Social media: If you have it, you need to be involved. Sometimes, your customers will use the power of social media to bring concerns and tough questions to your attention. Do you know how to handle these often very public situations? Today, we are talking to Agnieszka JaÅ›kiewicz, the social media manager at LiveChat. She’s going to talk about her process when it comes to handling tough customer interactions via social media, and you’ll learn how to provide the best customer service possible with your chosen networks and platforms. Information about LiveChat and what Agnieszka does there. Agnieszka’s favorite story about providing excellent customer service via social media. A good process for providing great customer support, including how to know when to switch to private messages and how to keep track of the questions and concerns that come in. Tips on how to decide which platforms to use as a business. Agnieszka’s best tricks for responding quickly to customer concerns via social media. How to diffuse the situation when a customer is angry and attacking on your social media page. Why it’s important for every business to have some type of social media presence. Links: Agnieszka JaÅ›kiewicz on LinkedIn LiveChat If you liked today’s show, please subscribe on iTunes to The Actionable Content Marketing Podcast! The podcast is also available on SoundCloud, Stitcher, and Google Play. Quotes by Agnieszka: â€Å"I would use the customer service mantra, be where your customers are.† â€Å"People don’t like to wait on social media. They came to social media because they want their query to be answered quickly.† â€Å"If I were to choose one piece of general advice, I would say make one person responsible for answering this queries on social media.†

The Origin of Valentine's Day Essay Example | Topics and Well Written Essays - 1000 words

The Origin of Valentine's Day - Essay Example For instance, in the Yester years, Valentine’s Day was a liturgical celebration on the early Christian saints called Valentinus. Saint Valentine was profoundly associated with martyrology as he conducted the weddings of many soldiers (Pfatteicher, 86, 2008). The authors’ sentiments depict a chronological flow of events since the inception of Valentine’s Day to the current prevalent trends. I selected the author; Pfatteicher (2008) based on his extensive research hence depicting reliability. The information source is a book, and the author is a researcher by profession. This paper seeks to discuss the origin of valentine day. The Valentine’s Day is profoundly associated with romantic love emanating from the traditional courtly love. This traditional love flourished in the circles of Geoffrey Chaucer who lived in the High middle ages. Ever since the 15th century, Saint Valentine’s Day has evolved into a lover occasion where pleasantries were exchanged. These gifts have ever been meant to signify the intent of love and include flowers, confectionery, and greeting cards. The 19th century gave rise to hand written greeting cards and heart shaped outlines, a winged cupid figure and a dove. It is eminent that Valentine’s Day dates way back into history and is entrenched in the Roman Empire. From these sentiments, I think the author was truth full trying to relay detailed information. The history of Saint Valentine’s Day is shrouded in mystery. The only known facts are as follows; Saint Valentine’s Day has over the years being a romantic celebration. This day also exhumes the vintages of Christians as well as some roman cultural traditions. However, it is still not clear how this Saint Vale ntine came to be associated with an ancient rite that has survived several centuries. The Catholic Church for instance recognizes three Saint Valentines commonly

Metabolic Changes Essay Example | Topics and Well Written Essays - 750 words - 1

Metabolic Changes - Essay Example While discussing these changes, the expose will analyze the reasons why these changes take place. A discussion on metabolic changes will not be complete without a discussion on aerobic and anaerobic exercises. In this regard, this expose will discuss the differences between aerobic and anaerobic exercises and the types of exercises involved in aerobic and anaerobic exercises. Finally, this discussion will not be complete without a discussion on the physical changes that take place in muscle fibers during exercising. Martin identified the most visible change in an individual’s respiratory system during exercises as increased minute ventilation. In this regard, it is common knowledge that the body exchanges more carbon dioxide and oxygen during physical exercises than when at rest. In line with this, these changes affect the respiratory system and the cardiovascular system during exercises. Martin indicated that the changes were a result of increased supply of oxygen due to an increase in the tissue oxygen extraction and the delivery of oxygen by the arteries. In addition, Martin noted that there was increased transportation of the carbon dioxide to the venous side. During exercises, glucose and body fats use the increased oxygen in the body to form adenosine triphosphate (ATP) that produces energy necessary for cellular reactions in the body (Martin). Martin identified the ability of the heart rate to increase immediately during exercises. In this case, the consumption of oxygen is related to the cardiac output with the stroke volume, which is the amount of volume of blood pumped from one ventricle of the heart. Effectively, this increase is responsible for the increased heart rate during exercises. In addition, the heart rate increases due to the extra cardiac output that delivers oxygen to the exercising muscles (Martin). The extra cardiac output that delivers

Intellectual Property Law Master Essay Example | Topics and Well Written Essays - 2000 words

Intellectual Property Law Master - Essay Example For the purpose of identification of the source of goods or services, marks enable consumers to ensure expected quality. Further, marks help consumers to identify goods and services that meet their individual expectations. Additionally, trademarks ensure accountability and responsibility for in the absence of these, a seller's mistakes or low quality products would be untraceable to their source. Therefore, trademarks not only provide an incentive to maintain a good reputation for a predictable quality of goods but also make it essential to be responsible for the quality and price of the goods manufactured or sold. One of the main underlying purposes of trade mark law is to protect the owner's investment in the quality of the goods or services sold from dilution due to unfair competition and deceptive advertising by unscrupulous competitors. With the purpose of defining which goods or services a company has rights over, all goods and services in the world are categorised into 45 (formerly 42) internationally recognised categories. A trade mark registration will only be for some of these categories. Further, within each category the trade mark application must specify exactly which goods/services are claimed. For instance, most trade mark registries will not accept applications which try to claim all goods in Class 1. Trademarks must be Trademarks must be actively used and defended in contrast to other forms of intellectual property such as copyrights and patents. A copyright or patent holder may "sit on" his creation and prevent its use, but a company claiming (even registering) a trademark that fails to make active use of it, or fails to defend it against infringement, may lose the exclusive right to it. Further, if a court rules that a formerly trademarked term has become "generic" through common use or in other words the average consumer doesn't realize it is a trademark, it may also be ruled invalid. (Trademark, 2006). In the sequel the registrability of certain types of marks under the 1994 Trade Marks Act, including the grounds for their acceptance or refusal will be contemplated. One, the trademark smell of roses as applied to Rambling Rose Dolls. Amendment to the U.K. Trademark Act in 1994 has resulted in a number of scent registrations being issued in the U.K. These include the registration of the smell of roses as applied to car tyres (Sumitomo Rubber Industries Ltd., Registration No. 2,001,416). In addition, applications for scent marks in other European countries have also originated and the OHIM has permitted the registration of a trade mark comprising "The Smell of Fresh Cut Grass (Application No. 428,870) for tennis balls. This mark is also registered in Benelux (Registration No. 591,693). (Sarginson, Lloyd C. & Sversky, Lillian, March 29, 2000). Many a time the purpose of scents is to increase the attractiveness of products. However, it is highly unlikely that potential consumers will associate these fragrances with the product and hence it makes the task of establishing adequate distinctiveness on this basis difficult. In order to be registrable a s mell mark: 1. It must be established that the smell is either used or will be used as a trademark. 2. The smell is an additional component created by the manufacturer and does not arise from the goods or services. 3. The public either associates or will associate the smell exclusively with that

Improv Show Essay Example | Topics and Well Written Essays - 1000 words - 1

Improv Show - Essay Example As for the demographics of the audience, it may be necessary to state there were mainly people in their twenties and thirties. People of all ethnic backgrounds were present, but the audience was mostly white. Everyone seemed to be aware of the modern culture; so, the people were quite young. Speaking of my seat, I would like to not that it was located in close proximity to the action. Of course, I was not able to get the front row, but I was sitting close the aisle; so, I had a better view of the scene. It must be noted that the space of the HUGE theatre is contrary to its name, meaning it is not very big; that is why any person could have said that he or she was sitting close to the action. Just like many people around me I did not dress up. I did understand that I was going to attend a theatre, but neither I nor my companion had a thought of dressing up. I believe that improvisation theatre is the next generation of this art and one of the peculiarities of it lies in the fact that dressing up in not required. Keeping this in mind, one should also spare some words about parking. Most of the people shared cars; so, there were not many vehicles in the parking lot. In addition to that, there were no expensive cars: people of the same socioeconomic class attended the concert so there was not need to show off. So, it may be rather advantageous to mention there was some music before the show. It was ambient and was not very loud. However, it set the distinct spirit of optimist for the audience. People were moving around and the music was playing; so, everyone waited for the show to start. I believe that this affected by experience of the show quite a low since it contributed to the formation of the good mood and I could appreciate the performance that I was about to see. Of course the latter would have been enjoyable without

Temple University HRM Recommendations Research Paper

Temple University HRM Recommendations - Research Paper Example However, the Temple College received the charter of incorporation only in the year 1988. Since then the university has evolved into one of the premier institutions for higher studies of the nation (Temple 1). The university is one of the country’s largest professional education providers. The university offers more than 300 academic degree programs. Temple University is one of the state-related universities of Pennsylvania. The number of total full-time faculty of Temple University is 1,935. On the other hand, the number of total part-time faculty is 1,501. The full-time employee strength of this university is 5,786. The university is the national center of superiority in research and teaching with an effective international presence. The university always tries to appoint talented faculty. Temple University’s 300 various academic programs provide excellent educational opportunity for academically highly motivated and talented students. The dramatic growth of the reside ntial campus community and supreme diverse student population enrich the extracurricular and educational life of all the people belonging to Temple University. The university attracts students from across Pennsylvania through quality education and learning process. The university maintains international presence with campuses in Rome, Tokyo, Beijing, London and six other worldwide locations. In addition to these, the university offers 100 master’s degree and 48 doctoral programs (Hilty 292). The university tries to develop new knowledge that can improve the condition of human beings. Temple University sincerely maintains its commitment in retaining, supporting and recruiting excellent and knowledgeable faculty to achieve the institutional goal. In addition, the university supports the aspirations of talented and capable students. Part 2: Identified Problems In spite of huge popularity and reputation, the institution faced several HRM problems that can affect the learning envi ronment of the university. (A) Employee Morale Recently Temple University is facing huge problem regarding morale of employees. Low employee morale is affecting the entire operational process. Negative perception and dissatisfaction with the work environment is forcing the employees not to perform effectively. The faculties, teaching staffs and employees of other department are constantly appealing to the board management to review their compensation and salary distribution process. In spite of significant hard work, the employees and staffs are not recognized effectively. In addition, several workplace conflicts are affecting the workplace environment. Most importantly, these conflicts are affecting the learning environment that may affect the future career of several students. Gender, age, color and compensation conflicts are increasing within the workplace of Temple University in Pennsylvania. First of all, the silent conflict between white and African American faculties is incre asing at a rapid pace. This conflict is affecting the mentality of students (Cascio 23). Several surrounded conflicts are forcing the students to divert their attention from educational activities. The old workforce of Temple University is facing other problems regarding employment benefit, pension distribution and retirement benefit. Several young and old employees within the workforce are not satisfied with the employment benefit and compensation structure. In addition to the

Islamic Politics and Culture Essay Example | Topics and Well Written Essays - 1500 words - 1

Islamic Politics and Culture - Essay Example In fact Islamic dictatorship is prevailing in majority of the Arab countries. However, the recent revolutions in Libya and Egypt have forced many of the Arabs to think about a democratic political system in their country. However, the fundamentalists in those countries are against this idea. The concept of political Islam has been evolved out under the above context. According to Mohammed Ayoob, â€Å"Political Islam is a product of modernity as much as a response to it†(Rajesekhar). However, westerners are watching the dawn of Political Islam suspiciously. â€Å"In April 2014 Tony Blair urged the West to set aside its differences with Russia and China to focus on the growing threat from radical Islam† (Veerman). Westerners believe that Political Islamic movements are trying to destroy modernization and civilizations in the name of religion. This paper analyses the impact of the encounter between Western expansionism and Muslim-majority societies on the rise of politica l Islam. A crucial factor generating tensions in the West is the presence of ‘Islamism’ or ‘political Islam’, in all of its different manifestations, within Muslim communities. Islamism can be defined as "forms of political theory and practice that have as their goal the establishment of an Islamic political order in the sense of a state whose governmental principles, institutions and legal system derive directly from the shari’ah" (Veerman). The interference of religion in politics is unacceptable to westerners. They believe that religion should be separated from politics in order to create a stable and advanced society in a country. They have many examples to prove their arguments. For example, in countries such as Afghanistan and Saudi Arabia, women get less freedom and power in politics and social life. Westerners believe that the over involvement of religion in politics is the major reason behind these problems. They try to empower

Temple University HRM Recommendations Research Paper

Temple University HRM Recommendations - Research Paper Example However, the Temple College received the charter of incorporation only in the year 1988. Since then the university has evolved into one of the premier institutions for higher studies of the nation (Temple 1). The university is one of the country’s largest professional education providers. The university offers more than 300 academic degree programs. Temple University is one of the state-related universities of Pennsylvania. The number of total full-time faculty of Temple University is 1,935. On the other hand, the number of total part-time faculty is 1,501. The full-time employee strength of this university is 5,786. The university is the national center of superiority in research and teaching with an effective international presence. The university always tries to appoint talented faculty. Temple University’s 300 various academic programs provide excellent educational opportunity for academically highly motivated and talented students. The dramatic growth of the reside ntial campus community and supreme diverse student population enrich the extracurricular and educational life of all the people belonging to Temple University. The university attracts students from across Pennsylvania through quality education and learning process. The university maintains international presence with campuses in Rome, Tokyo, Beijing, London and six other worldwide locations. In addition to these, the university offers 100 master’s degree and 48 doctoral programs (Hilty 292). The university tries to develop new knowledge that can improve the condition of human beings. Temple University sincerely maintains its commitment in retaining, supporting and recruiting excellent and knowledgeable faculty to achieve the institutional goal. In addition, the university supports the aspirations of talented and capable students. Part 2: Identified Problems In spite of huge popularity and reputation, the institution faced several HRM problems that can affect the learning envi ronment of the university. (A) Employee Morale Recently Temple University is facing huge problem regarding morale of employees. Low employee morale is affecting the entire operational process. Negative perception and dissatisfaction with the work environment is forcing the employees not to perform effectively. The faculties, teaching staffs and employees of other department are constantly appealing to the board management to review their compensation and salary distribution process. In spite of significant hard work, the employees and staffs are not recognized effectively. In addition, several workplace conflicts are affecting the workplace environment. Most importantly, these conflicts are affecting the learning environment that may affect the future career of several students. Gender, age, color and compensation conflicts are increasing within the workplace of Temple University in Pennsylvania. First of all, the silent conflict between white and African American faculties is incre asing at a rapid pace. This conflict is affecting the mentality of students (Cascio 23). Several surrounded conflicts are forcing the students to divert their attention from educational activities. The old workforce of Temple University is facing other problems regarding employment benefit, pension distribution and retirement benefit. Several young and old employees within the workforce are not satisfied with the employment benefit and compensation structure. In addition to the

Famous Psychologist Essay Example for Free

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

Thermodynamics Field Can Contribute Our Daily Life Philosophy Essay

Thermodynamics Field Can Contribute Our Daily Life Philosophy Essay The research report will describe that what is thermodynamics. What are the advantage of thermodynamics. How thermodynamics will make our life easy. The research report will show different branches of thermodynamics and how it works. The report will also highlight some histories of thermodynamics .On the other hand, there are some analysis and facts relating with our daily life easier and more efficient. Justification The main reason for choosing this report is because Im interested in the thermodynamics, which is our daily exposure. I also want to specify my study in thermodynamics, which is major branch of my study which in mechanical engineering. Nowadays, thermodynamics technology are using everywhere and they make our life more convenient. So, I want to do research how thermodynamics works and how they contribute to our daily life. 1.0 Introduction Boiling water is hot. Ice is cold. The diversity between hot and cold is detected naturally ability to sense heat and its opposite. We measure heat with a thermometer and we assign it a temperature. Dictionary definition of hot and cold relate those sensation to our normal body temperature. Warm things have temperatures above our body temperature, and cold things have temperatures below our body temperature. In this way, humans are able to compare the temperatures of things and get a subjective sense of hotness or coldness. In one sense heat is a sensation in the mind. But we know that some physical process is causing our nerves to be stimulated in this way. What is happening in nature that causes us to feel these sensation of hot and cold? It isnt only human beings who respond to heat flow and changes in temperature. Heat affects all material objects and the environment as well. Temperature determines whether most substances exist in a solid. Liquid. Or gaseous state, Heating and cooling, if it changes the temperature of a substance enough, can change the state of matter. SO basic is the phenomenon of temperature that physicist consider it a fundamental property of matter. Along with volume mass, electric charge, and time. The word thermodynamics consist of thermo, meaning heat, and dynamics, which refers to movement or change. In this broadest sense, thermodynamics is about heat and how heat moves and changes. The fact that heat move at all was itself a discovery of considerable importance. Its not at all obvious. You light a campfire and it warms you. It has heat. The fire goes out, and heat seems to disappear. Common experience will not tell you that none of that heat has really disappeared. Heat is a form of energy and energy can b neither created nor destroyed. That, as you will learn, is one of the most important of the laws of thermodynamics. Thermodynamics is really all about the study of thermal energy and how it behaves. Over time, Scientists and engineers learned that heat energy is related to work. The classic example is the steam engine, in which heat energy is used to boil water, creating steam to push a piston attached to a rotary shaft. The shaft can then be used to turn a train wheels or a ships propeller of the machines in a factory. In this process heat energy is converted into a mechanical energy, Understanding what heat and temperature are and how energy is transformed into different forms in essential to understanding the modern industrial world and how we get thing done. As we shall see, much of our theoretical understanding of thermodynamics did not come about until people could examine the functioning of real machines like the steam engine. 2.0 History of thermodynamics The ancient Greeks believe that the world is built up of four basic elements: water, air, earth, and fire. However they did not understand the true nature of heat, the ancient Greeks learned to use it to operate simple mechanical devices. Little is known of the life of Hero of Alexandria. He wrote treatises on working with the simple machines, like the lever, the pulley, the wedge, the wheel, the gear, and the screw. He described a primitive steam engine called an aeolipile. It consisted of a reservoir of boiling water connected by a tube to a large, hollow sphere with open, bent tubes coming out of it. The sphere was attached to a gimbal so that it could rotate. Heated steam entering the hollow sphere caused it to spin as it blew the steam out of the bent tubes. The aeolipile was the first device known to transform heat into ratery motion in effect, Heros device was the first steam turbine The history of thermodynamics started with G.Galilel(1597) who introduced the theory of temperature and he also invented one of the first thermometers. It was G. Black (1770) who was the first to use the term Thermodynamics. In 1772 G. Wilke introduced the unit of measuring the a mount of heat a Calorie. It was W. Tompson (1859) who introduced term thermodynamics into conventional use. In the 20th century, thermodynamics became a basic independent division of Theoretical Physics dealing with the study of general properties of physical systems under equilibrium, as well as common regularities taking place with attaining equilibrium. Thermodynamics is divided into phenomenological and statistical thermodynamics 3.0What is thermodynamics? Thermodynamics is a division of natural science related with heat, energy and work it defines macroscopic variables that show material and radiation and explains how they are related and by what law. Thermodynamics shows the average behavior of , large numbers of small divisions. 3.1Braches of thermodynamics 3.1.1 Classical Thermodynamics Classical thermodynamics shows the changes of thermodynamic in terms, either of their time-balanced equilibrium states, or else of their continually repeated like clockwork processes, but, formally, not both in the same account. It uses only time-balanced, or equilibrium, small quantities that can measure in the laboratory, counting as time-consistence a long-term time-average of a quantity, such as a flow, achieved by a continuously repetitive process. Classical thermodynamics does not accept change over time as a central circumstance in its account of processes. An equilibrium state stands constantly without change over time, while a continuously repeated cyclic process runs repeatedly without change over time. In the classical field closely and purely in terms of cyclic action, the best internal of the working body of a cyclic process is not considered; the working body thus does not have a characterized interior thermodynamic state of its own because no expectation is made that it should be in thermodynamic stability; only its inputs and outputs of energy as heat and work are considered. It is of course possible, and absolutely common, for the result in terms of equilibrium states of a system to show cycles composed of indefinitely many equilibrium states. 3.1.2 Statistical Thermodynamics Statistical Thermodynamics, also called statistical mechanics, appeared with the development of atomic and molecular approaches in the second half of the 19th century and early 20th century. It shows an explanation of classical thermodynamics. It considers the microscopic cooperation between individual particles and their combined motions, in terms of classical or of quantum mechanics. Its explanation is in terms of data that rest on the fact the system is built of several species of particles or collective motions, the branches of each species individually being in some sense all alike. 3.1.3Laws of Thermodynamics The laws of thermodynamics are different from others. Therere altogether four of them. Theyre arranged from zero to four. Not because they are arranged by discovery in order but because they are numbered some especially. The second law is different from others and therere no effect on others. It has different formulas. The first law describe the quantity of internal energy of a system, which was found from kinetic energy and from its potential energy which relates to its surroundings. The first law describe the transferring of heat between closed system as work. The second law include two theories which is known as temperature and entropy. Entropy shows the limit which is known as irreversibility from the beginning, on the work that can reach to an external system by thermodynamics process. The effects of temperature, which halfway showed by the zeroth law, which has quantities in the direction of energy flow as heat between two system in thermal connection and which is known as comm on sense of hot and cold 3.2.1.Zeroth Law If the object A is thermally equal with object B, and B is thermally equal with C. So, the object A is thermally equal with object C. This is more a matter of relationship than of physics. If they have the same temperature, the two objects are thermally equal. If object A and object B has the same temperature, and the object B and C have the same temperature, then both A object and B object have the same temperature. The most important thing in Zeroth Law is that, when a hot and cold object are place in contact together, the thermal energy will flow from hotter to the colder object until their thermal energy will remain equilibrium. 3.2.2.First Law Lets consider the first law as an isolated system. That means heat and energy can neither leave or enter the circle. Such system does not done any work. But we can imagine it with a certain energy inside it, namely U, which depends on the kinetic of the molecular system and also the systems temperature. The internal energy is the same with potential energy because it has a property that does not work. But it still has the potential to do work. The first law describes that the internal energy of the system increases if heat is added to a system. The first law can just show another way of the laws of conservation of energy. As heat and work are another form of energy, if they go outside of the system, it will affect the internal energy of the system 3.2.3.Second Law The Second law is popular for its formulation of entropy. Entropy is a technical term for talking about confusion which is found in the 19th century. The same theory let us know that heat energy automatically flow cold from hot and theyre not flowing in the opposite direction. This also remind us that if the ordered system can turn easily into disordered system, But disordered system cannot turn easily into the ordered system themselves easily.3.2.4.Third Law The third law of thermodynamics states that if an object reaches the absolute zero absolute zero of temperature (-273C), its atoms will stop moving. 4.0How Thermodynamics Works? 4.0.1.Refrigerator In refrigerator, the cycle is continuous. In the following example, we will show that the refrigerator use pure ammonia to keep it cool, which boils at -27 degrees F. This is what happens to keep the refrigerator cool: The  compressor  compresses the ammonia gas and the compressed gas heats up as it is pressurized . The  coils  on the back of the refrigerator let the hot ammonia gas take its heat. When it reaches high pressure, the ammonia gas condenses into ammonia liquid at high pressure. The high pressured ammonia liquid flows through the  expansion valve. Theres an expansion valve with a small hole. On one side of the hole is high pressured ammonia liquid and the other side of the hole is a low-pressure area it is because the compressor is sucking gas out of that side. The liquid ammonia boils immediately and vaporizes. Its temperature dropping to -27 F. This makes the inside of the refrigerator cold. The cold ammonia gas is sucked up by the  compressor, and the repeats the circle. 4.0.2 Air Conditioner Still, the major parts of an air conditioner manage to freeze and move air in two directions: indoors and outside: Evaporator receives the liquid refrigerant Condenser which act as facilitates heat transfer Expansion valve which regulates refrigerant flow into the evaporator Compressor which is a pump that pressurizes refrigerant The cold side of an air conditioner contains and a fan that blows air over the freezed coils and into the room and the evaporator. The hot side contains the compressor, condenser and another fan to release hot air coming off the compressed cool to the outdoors. In between the two sets of coils, theres a expansion valve. It regulates the amount of compressed liquid moving into the evaporator. Once in the evaporator, the refrigerant experiences a pressure drop, expands and changes back into a gas. The compressor is a large electric pump that gives pressure the refrigerant gas as part of the process of turning it back into a liquid. 4.0.3 Microwave Oven Microwave oven uses microwaves to heat food. Microwaves are a type of wave that are between radio waves and infrared radiation on the electromagnetic circle. For the process of microwave ovens, the commonly used wave frequency is about 2,450 megahertz (2.45 gigahertz).Waves in this frequency range have an interesting effects. Theyre absorbed by water, fats and sugars. Once absorbed, theyre converted directly into atomic motion, heat. These waves have another interesting property too: Theyre not absorbed by most plastics, glass or ceramics. 5.0Advantages of using Thermodynamics The devices as shown above each of them have Advantages. By using refrigerator we can keep perishable food, such as, vegetables and milk for much longer periods. Refrigerators also have a freezing part that will keep frozen foods and make ice to use in beverages By using Air Conditioner, its more comfortable and we can adjust the indoor temperature. In extreme heat, air- conditioning can be a life saver, improves the air quality and most air conditioner also reduce the humidity level, which helps both comfort. For Microwave oven, it can cook many food about 1/4th of the time necessary on a gas burner. It saves time in heating frozen foods. Food gets cooked uniformly. 6.0 Disadvantages of using Thermodynamics Thermodynamics not only have advantages but also have disadvantages. By using refrigerator it costs a lot of electricity to run. They are also environmentally unfriendly the refrigerator also contain refrigerant that can be damaging to the environment because of chlorofluorocarbon (CFC) content. This material is suspected to be the cause of reduction of earths ozone layer. When we frequently use the air conditioner, the air conditioning disease will occur. It is characterized by fatigue weakness, cough or fever and so on. Air conditioners energy consumption is considerable. It will consume a lot of energy. It also release CFC, which is environmentally unfriendly. Microwaves can cook food in very short period. Due to short period of cooking, food does not become brown unless the microwave has a browning unit. Sometimes unwanted chemicals migrate to food from plastic cook ware or food packages. The short cooking time may not give a chance of blending of flavours as in conventional methods. 7.0Recommendation As a result of the research carried out, it appears to be necessary to understand all the field of thermodynamics. Future technologies are requiring new materials with unusual effects that will either be prepared by high-temperature techniques. One of the important thing that can affect the pollution to the environment easily are the new devices. Equipment using volatile fluids that can harm to the stratosphere and destroy the ozone will have to be replaced. Devices that emit sulfur oxides will have to be modified to reduce sulfur emission to very low values. The ability of solar energy used devices will have to be improved and nuclear power plants will have to be designed to make less serious accidents. So that energy production by combustion to carbon dioxide is greatly reduced. 8.0 Conclusion The research report has taken information from various sources to understand what is thermodynamics; what are laws of thermodynamics; how they works; and how they make our life easier? It shows that thermodynamics used devices are very convenient to use. If there were no thermodynamics devices in this world it would be many difficulties to pass a day. By improving the uses and devices of thermodynamics, they can make our life more convenient and can reduce the environmental reduce the environmental side effects.

Self-Presentation Essay -- Sociology, Social Evaluation

Self-Presentation by definition is â€Å"the process by which people monitor and control the impressions others form of them in social situations (Leary & Kowalski, 1990). In essence, this is impression management in which we are able to omit, or present aspects of self in order to make a desired impression. Self-presentation through research has shown that it affects athletes in many forms. Research of sources of stress during competition showed that the most frequent source of stress was significant others, competitive anxiety, and social-evaluation and self-presentation. (James, & Collins 1997) The largest stressor reported was stress from a significant other where ninety percent of participants reported that at least one individual caused stress. Another source of stress, self-presentation, was found to be an underlying factor. That many athletes feel the need to meet others expectations, prove their worth, or fear being criticized due to socially determined goals. Stress was shown to either increase the perceived self-presentational importance of the competition, or that the fear of failure or personal performance lowered self-presentational efficacy. Prior research has also shown that athletes may participate in self-presentational process which relate to health-damaging behaviors. These behaviors may contain drug abuse, not wearing proper safety equipment, and failing to seek medical attention when needed. Only limited research has been completed with regard to desired impression and health risk behaviors. Undependable evidence does support that there is such a relationship between risking ones health in order to promote a desired self-impression. Research has also found that athletes find a favorable image with regard to pl... ...r to prevent them. Self-presentation in these interviews has a connection with a singular influence. Both individuals’ behaviors are highly connected with one person, and if this is the case with more people then providing education for coaches, and parents could facilitate healthier self-presentational views. Having the person of influence stress health instead pushing through injuries, and showing the ability to care about the person and not just the performance may take some off the anxiety, and stress off of the athlete. Self-Presentational concerns may also be used in a positive fashion such as stressing the idea being in shape in order to perform to the best of your ability for themselves, teammates, and the coaches. However, it must also be made aware that when injury occurs that practicing through it without making others aware is a negative situation.

Coal and Iron and the Unification of Germany in 1871 Essay -- Blood an

Coal and Iron and the Unification of Germany in 1871 In 1862, Bismarck said that ‘the great questions of the day will be settled by blood and iron.’ Although there is undoubtedly some degree of accuracy in this statement, the most important reason for the unification of Germany, which ended ‘the great questions of the day,’ was ‘coal and iron.’ This is a quote from British economist John Maynard Keynes, who argued that the industrial and economic preparation before the wars, which united Germany, were more important. This is because the economic strength created by the rapid industrialisation enabled the creation of a powerful Prussia. It was under this powerful Prussia, with some skilful diplomacy and opportunism, that Germany was successfully united in the wars of German Unification. Without such economic development and prosperity, it is questionable whether Germany would have been united by 1871. The main reason for the unification of Germany by 1871 was ‘coal and iron.’ This includes important factors such as the presence of raw materials in Prussia, the development of the railways and the Zollverein in Germany, and the industrialisation, which took place in Prussia, particularly in the 1850s. This economic strength, stems back to the Congress of Vienna, where Prussia was given mineral rich land. It gave Prussia the coal and iron producing areas of the Rhineland, and the mineral rich Ruhr and Saar. The availability of such natural resources created an economic take off in Prussia in the 1850s. As a result, Germany became Europe’s largest producer of key industrial commodities, such as coal and iron. New mines and iron works w... ...d, stable financial environment. This enabled a strong and successful Prussia to emerge. Prussia was then able to progress to unite Germany. This was because the strong economy permitted the establishment of a strong military force. This strong military force was then able to go forward and unite Germany by ‘blood and iron.’ This process was undoubtedly assisted by the skilful negotiation and opportunism of Bismarck. The longer-term factors – the economic and industrial factors – enabled the shorter-term reasons for unification to occur. Without a strong financial backdrop, Prussia would not have had such a powerful and efficient army, which was clearly important in the unification of Germany. It was ‘iron and coal’ that enabled the new German Reich to be proclaimed in the Hall of Mirrors, Versailles on 18th June 1871.