Finance -the Market Essay - 1097 Words

Finance 1. How can changes in foreign exchange rates affect the profitability of financial institutions? Foreign exchange rate determines the price exchange of two currencies. Changes in these rates affects the amount of goods and services import and export of a country. When a country currency is stronger, it is now exchanged for more goods than before, and once the currency is weaker, less of goods are purchased for the same amount of the currency. Financial institutions use the exchange rates changes to decide whether to buy/sell financial assets such as bonds, stocks, etc. That means, they will buy and sell foreign assets to gain profit. The value of these assets increases or decreases as the exchange rates change. If the dollar†¦show more content†¦When the economy is expanding, the spin of money is faster where income of individuals and business increases, and so there’s more likelihood to spend money than before the expansion. For that reason, all stays equal, businesses would want to take advantage of this condition, and would raise funds to pay for new investme nts, which will raise the supply of bonds in the market. At a similar rate, the effect of the economy expansion (the increase in jobs, income, and savings of potential investors) on the demand for bond in the market will be positive. More people can afford and are able to buy bonds for investments. Therefore, economy expansion increase demand and supply of bonds. If excess of demand for bonds is over supply, the price of bond will increase due to insufficient supply, and so interest rates will fall. If excess of supply of bonds is over demand, the price of bonds will fall and thus interest rate will rise. 5. Consider the decision to purchase either a 5-year corporate bond or a 5-year municipal bond. The corporate is a 12% annual coupon bond with a par value of $1000. It is currently yielding 11.5%. 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Solid As A Rock free essay sample

Sometimes, when I am trapped in a crowded waiting room or public transportation, I like to look at the signs and make new words out of their letters. First I see if I can discern smaller words in the headlines (such as the disc in discern), but other times I try to count the number of times each letter appears, or even rearrange them to create totally new words. This habit has to do with the way I view life, as well as one of my lifelong hobbies. We dont see things as they are; we see them as we are. This quote, which is from the Talmud, illustrates how I look at situations. Like the tendency of my mind to change words from how they really are, I often struggle to find appropriateness for my actions. Sometimes I grossly underestimate or overestimate the urgency of a situation. When its time to go out, I have been known to jump into the shower, get one more piece of jewelry, or stop to call a friend. We will write a custom essay sample on Solid As A Rock or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page One activity that helps me to find appropriateness is my writing. Letters that are set down never change, but my opinion or take on a certain problem definitely does. This was never more illustrated than during my third year on the editorial staff of the Lincoln-Sudbury Fountain literary magazine. During meetings, the Fountain editors discussed anonymous submissions from our classmates before deciding to accept or reject. We read prose that described walks through the woods and rippling lakes, but we also received submissions that talked about every emotional issue from racism to family relationships to finding ones sexuality. Like the letters on the waiting room signs that change their meaning, the Fountain transfigured itself into a more personal magazine by the rearrangement of words. I feel that I also have gone through a great deal of transformation, not just in my writing, but in my personal expression and opinions. Every day I listen to other peoples rearrangements their critiques of me as well as my own and try to form a final opinion of myself. I wrote the following poem when I was in the fourth grade. The poem has stayed the same, but the rock and I are both changing: The side view a sky blue parallelogram. The top, a darker blue. The bottom, white. Or is it the other way around? How can you tell which side is which on a painted rock? You can only guess and imagine Light blue, the sky on a peaceful day. A darker blue, my bag. White, the clouds, another part of blue sky. Paint covers what was once covered with dirt. There are red spots on a white background. They are not meant to be there, but they make the rock more colorful. Red the horizon. Not smooth, not bumpy, but in-between. Memories of painting rocks that come from outside, from the ground. Size-small, but medium compared to other rocks. All this from a single rock, Its sides unknown. Every year when I read my poem, I see another rock. I then remember the image of the rock that I saw before. Like a painted rock that has endured many coatings and colors, I have tried on many styles and friends. The contradiction is that, through the permutations and images, there are still only 26 letters and only one of myself. The principle of there being only one rock of its kind, despite the different ways in which a person can see it, goes beyond the alphabet or my personality. That the specific object or situation stays the same, that the reorganized street signs always go back to their original words and that the rock always retains its solid shape is a concept that consoles me whenever I begin a new experience or encounter a new phase of rearranging. Instead of becoming a totally new person, whenever I discard or pick up a new point of view, the remnants still stick with me like a peeled-off sticker that leaves behind a mark of its shape.

The Impact of the Global Financial Crisis in Bangladesh Essay Example

The Impact of the Global Financial Crisis in Bangladesh Essay The Impact of the Global Financial Crisis in Bangladesh 20-Aug-2010 Prepared by Mojadda Alfa Azam ID. : 10916047 Dept. : Accounting Information System EMBA, DU Course name: Micro Macro Economics Course no. : 4102 Acknowledgements I would like to give thanks to Prof. Dr. Tahmina Khatun, professor of AIS Department, EMBA, DU, for her continuous guidance and supreme supervision throughout the course. I am solely responsible for any remaining errors. Finally all praise to Almighty Allah for giving us the strength and courage to complete the course. . Background and Objectives Political instability, natural disasters, the global food and fuel price hikes: Bangladesh’s economy has withstood several challenges since 2006. The global financial and economic crisis is another challenge that is testing its resilience coming on top of the former adversities. The global financial crisis started in mid-2007 has culminated in widespread financial stress among major financial institutions si nce September 2008. The economic downturn has now degenerated into recession. Projections of the gross domestic product (GDP) provide a gloomy picture for 2009. The 2009 world growth forecast has been revised downward by 1. 0-1. 5 percentage points to -1. 0 to -0. 5 percent in March 2009 compared with the last IMF projection of 0. 5 percent made in January 20093. While developed countries were the first hit by the recession, developing and least developed countries (LDCs) have also started to feel the consequences of the crisis on commodity prices, trade volumes, access to international financial markets and job losses, though to various degrees. These developments have led to shifting the debate from the causes to the consequences and policy actions required to mitigate the adverse impacts of the crisis. 1. 1. The Legacy of the High Food Prices As most of the developing countries, Bangladesh has no hiding place as the impact of the global financial crisis could compound the impacts of the food price rises. Although the recent food security situation cannot be attributed solely to the food price rises, there is evidence in the literature that the food price crisis has sent a substantial number of households back to poverty, after a decade of progress. We will write a custom essay sample on The Impact of the Global Financial Crisis in Bangladesh specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Impact of the Global Financial Crisis in Bangladesh specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Impact of the Global Financial Crisis in Bangladesh specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The recent joint WFP/UNICEF/IPHN household survey suggests that 25 percent of the population has become food insecure as of December 2008, as many as the food poverty percentage of 1995-96. The most affected households are overwhelmingly headed by female (38 percent food insecure), they have higher dependency ratio (45 percent), the head of households are less educated (70 percent), and they have less assets (asset score of 4 against a national average of 9. 4). In terms of livelihood, household have barely 1 income earner (1. 8 on average), depend on agriculture wage labor (23. 7 percent), non agriculture wage labor (19. 1 percent) and casual labor (5. 2 percent). Most of them are landless (48. 6 percent) and net food buyers (39. 6 percent). The highest increases in the proportion of net food buyer households are non-agriculture wage laborers (59 percent), remittances earners (53 percent) and casual workers (55 percent). Female headed households included a much higher increase of th e proportion of net food buyer (64 percent) compared to male headed households (26 percent). On average, households spend 62. 2 percent of their budget on food, up from 52 percent in 2005. Unfortunately, such an increase of the food budget share is made possible at a high opportunity cost, using multiple coping mechanisms. In addition to eating less than 3 meals a day for adults and less than 4 meals a day for children under 5, 22 percent of households recourse to negative coping mechanisms such as cutting expenditure on health and 33 percent of them getting further indebted from the financial institutions. As a consequence, severe malnutrition rates increased. Severe acute malnutrition rate increased to 3. 4 percent in end-2008 from 2. 9 percent in 2007; severe underweight increased from 11. 8 to 12. 3 percent; and severe stunting increased from 16. 1 percent in 2007 to 20. 1 percent in end-2008 While the recent downturn of commodity prices may be seen as a relief for some of the affected households, the recession is likely to further worsen the situation of the most affected households who depend on agriculture and non-agriculture wage labor and casual labor. A review of literature by the Centre for Policy Dialogue (CPD, 2009) reveals that the most vulnerable areas to the global financial crisis in Bangladesh are likely to be export- oriented sectors, manpower export, remittance and domestic resource mobilization. The livelihoods in these areas are the most affected by the food price rises. Bangladesh’s foreign exchange rely mainly on workers’ remittances (10 percent of the GDP) and ready-made garment (RMG) exports (more than 75 percent of total exports). 1. 2. Objectives of the Case Study Against this background, WFP initiated a rapid assessment of the impact of the financial crisis on households’ food security and livelihoods to enable better preparedness and appropriate and effective responses. This rapid assessment is part of a series of WFP country case studies to elicit how the global financial crisis is manifested in Bangladesh at macro-economic level as well as how the macro-level impacts are manifested on households’ living conditions4. More specifically, the assessment aims at: Understanding how the global financial crisis is being transmitted to the Bangladesh economy, particularly the performance of the channels through which the crisis is being transmitted. †¢ Assessing the extent to which the pass-through effects is trickling down at the household level, through key indicators such as remittances, wages, employment and commodity prices and ultimately the living conditions of households. †¢ Proposing act ions to strengthen responses and monitoring. 2 Methodology and Limitations In order to capture the impact of the current global financial crisis on households both secondary data analysis (SDA) and primary data collection are conducted. The assessment reviewed secondary data available and then conducted primary data. 2. 1. Data Collection, Collation and Review The SDA reviewed literature on the impact of the global financial crisis both at macro-economic level and on households’ incomes sources and food security. This information was used to provide an overview of the macro- economic vulnerability with insights into the country’s recent macro-economic performance. The macro-level analysis also aimed at gaining insights into how the global financial crisis transmits to the domestic economy. Key informants (KI) interviews were held from 12-18 March with senior government officials, development partners, NGOs, research institutions and leading members of the private sector (annex 1) to triangulate the secondary data review. The primary data collection was carried out through focus group discussions (FGD). The FGD helped to apprehend how households have been affected so far by the global financial crisis. They provided perceptions of vulnerability, including sources of incomes, expenditures, coping strategies, priority needs and responses, discriminated by sex. They also guided the discussions on the changes which occurred within the last few months. The field work took place between 22 March and April 04, 2009. Forty FGD were held (annex 2). Survey areas were identified through literature review of the dominant livelihoods that are most likely to be affected by the global financial crisis. Hence, areas with high concentration of migration and dependent on remittances in the North East and South East, areas with high concentration of agricultural labor and cash crops such as tea estates in the North East and shrimp farms in the South West and areas with high concentration of non agricultural unskilled labor (e. g. , garment industry) of the two biggest cities Dhaka (capital city) and Chittagong where selected. Two more locations were selected in Khulna and Rajshahi as control groups in both rural and urban areas to represent other categories of casual labor. From each selected location, two FGDs (female and male) were selected and interviewed separately. FGD participants were identified with the help of key informants (village heads, health and education workers, government employees) in each selected location. A team of five members comprising a supervisor, an organizer, a moderator, a note taker and a field writer interviewed the FGD participants. FGD materials included voice recorders and note books among others. A total of 304 individuals participated in the FGD discussions with an average of 8 participants per FGD. Table: Summary of FGD Composition Number of |Number of FGD |Number of | |participants per | |individuals | |FGD | | | |6 |8 |48 | |7 |7 |49 | |8 |19 |152 | |9 |5 |45 | |10 |1 |10 | |40 |40 |304 | |Average size of FGD = 8 | 2. 2. Limitations The findings of this study cannot be generalized to the whole population, mainly because of the purposive nature of sample and the small number of people participating in the survey. T he survey is designed to draw upon respondents’ perceptions of the impact of the global financial crisis. However, the possibility of multiple understandings of the situation makes it difficult to articulate the findings. The validity of the results may also be affected by ability of moderators to have control over the discussion process with participants. The moderator has to allow participants to talk to each other, ask questions and express doubts and opinions, while having very little control over the interaction other than generally keeping participants focused on the topic. By its nature focus group research is open ended and cannot be entirely predetermined. To reduce such a potential bias, the moderators received a 4-day training to facilitate recall and quantitative estimates to improve internal validity. The checklist was also translated into Bangla to improve interactions between the moderators and the participants and among participants. The reliability of focus groups’ perception may be weakened by internal cultural and hierarchical dynamics and lack of confidentiality within the group. As a result full participation of all may not have been ensured by the moderators. The effort made to select homogenous groups both by sex and livelihoods aimed at reducing this bias. 3. Macro-Economic Performance and Impact of the Global Financial Crisis 3. 1. Recent Economic Developments 3. 1. 1 GDP Growth Performance In recent years, Bangladesh enjoyed a substantial growth of the real GDP. The GDP growth stood at 6. 2 percent in FY08, slightly below the 6. 4 percent growth recorded in FY07. The GDP growth in FY08 was led by substantial growth in industry (6. 9 percent) and services (6. 7 percent) sectors while the agriculture sector grew by 3. 6 percent. However, in the backdrop of the current global crisis, there are some indications of uncertainties about the growth projection in FY09. Although the global financial crisis is yet to significantly affect the Bangladesh economy, all the projections converge on the fact that the GDP growth will be lower than the initial projection of 6. 5 percent in FY09 (annex 3). The central bank of Bangladesh (BB) and the Ministry of Finance (MoF) set an optimistic target of the GDP growth of at least 6. 0 percent. The GDP growth of 4. 5 percent (lower than its earlier projection of 4. 8 to 5. 4 percent) projected very recently by the World Bank (WB) is the most conservative one. The latest projection of the annual GDP growth (5. 6 percent revised from its previous stand of 5. 5 to 6. 0 percent) made by Asian Development Bank (ADB) is between the government and the WB’s projections, based on recent signs of the impact of the global financial crisis on key sectors. 3. 1. 2 Inflation Patterns Although the trend in inflation is subsiding, it is still above the long-run path, making it difficult for the most affected and vulnerable households to cope with recent shockshigh food prices (2007-2008) and localized natural disasters (cyclone Sidr) in 2007. The 12-month average inflation stood at 8. 9 percent by end 2008 with a declining trend since August. While the softening of the inflationary pressure is likely to continue, it is important to keep in view that the current price fall in the global commodity market is largely due to changes in demand side factors while the global supply situation has remained unchanged. As such if the major economies, especially the advanced ones, succeed in recovering from the crisis within a relatively short period, the commodity markets may again experience tight conditions. It is also worth noting the potential disincentive of the price decline on domestic food commodity production. While the high food prices resulted in only a small percentage increase of the net sellers of food commodities (i. e. , 5 percent increase in the category of small farmers of 0. 5-2. acres), these winners are likely to become losers as a result of the global financial crisis. With the global financial crisis, potential income losses are also likely to affect the households identified by the recent WFP/UNICEF/IPHN as th e most affected by the food price crisis, namely non-agriculture, agriculture wage and casual laborers. 3. 1. 3 Performance of the Financial Sector The demand for credit has weakened between July-December 2008. The growth in the broad money (M2) at the end of December 2008 remained around the same level of 17. 6 percent in June 20085. However, both the domestic credit and private sector credit dropped significantly during the last six months reflecting weak credit demand in the economy. While the growth in domestic credit dropped to about 19. 3 percent in December from about 21. 0 percent recorded in June 2008, the growth in private sector credit mainly concentrated to trade and industry recorded a decline of about 3 percentage point to 21. 8 percent in December from about 24. 9 percent in June 2008. This pattern is an indication of relatively lower economic activities during the period. Interest rates such as deposits, lending, repo and reverse repo rates moved up relative to their levels in the first half (H1) of FY2008 6 . During the last six months, however, the Bank Rate (Discount Rate) and yields of government Treasury bills (T-bills)7 and bonds remained mostly unchanged. The commercial lending and deposit rates of the banks varied within a relatively wide margin during H1 FY2009 compared with the narrow margin variation during H1 FY2008. Commercial lending rate reached its peak of 13. 5 percent in December 2008 from a low of 12. 6 percent in September 2008. Commercial deposits rate, on the other hand, reached 7. 9 percent in December 2008 from 7. 3 percent in August 2008. Real lending and deposits rate exhibited increasing trend during H1 FY2009 due to the decelerating inflation rate of the period. The interest rates on the certificates of National Savings Directorate (NSD) for the duration of 3 and 5 years remained unchanged respectively at 11. 5 percent and 12. 0 percent during H1 FY2009. The major indicators of health of the banking system, such as the ratio of non-performing loans (NPLs), amount of actual provisioning, total deposits and advances, the ratio of capital adequacy, the interest rate spread (IRS), and indicators of profitability remained broadly stable and satisfactory during H1 FY2009. Given the low level of foreign capitalization, the countrys banking sector remained broadly unaffected from the ongoing global financial turmoil. However, it would be important to refresh the surveillance of the banking sector and revisit the financial sector management to counteract any potential adverse impact on the countrys banking sector. 3. 1. 4 Fiscal Performance During the July-December period of FY2009, the realized amount of revenue receipts fell short of its annual target. In the FY2009 budget, the target for revenue earnings was set at 11. 3 percent. During H1 FY2009, preliminary estimates show that total revenue and total expenditure stood respectively at 5. 9 percent and 8. 1 percent of GDP, resulting in a fiscal deficit of 2. 2 percent of the GDP (during H1 FY2009) against the yearly target of 4. 99 percent. The financing of the deficit amounted to Tk. 135. 8 billion of which Tk. 93. 1 billion was accommodated from domestic sources, including bank financing of Tk. 73. 6 billion while the remaining Tk. 42. 7 billion came from foreign sources. The implementation of the Annual Development Program (ADP) also remained very low at 1. 2 percent of GDP in H1 FY2009 compared with the yearly target of 4. percent of the GDP, due to slow execution rate of projects. The execution rate of the ADP is unlikely to improve beyond 70 percent by the end of FY2009 in June. 5 Broad money is considered to be the most inclusive measurement of the money supply in a given country. It involves the most liquid or cash components of money supply or non-ca sh components that can be converted into cash very easily. Broad money is a key economic indicator used to forecast inflation and the decisions of investors. 6 Repo (repurchase agreement) is a financial instrument used in the money market. It is a transaction in which one party sells securities to another while agreeing to repurchase those securities at a future date. Bangladesh Bank has introduced repo for banks and financial institutions, as an indirect monetary tool for day-today liquidity management to smoothen temporary and unexpected disturbances in the supply and demand for money. 7 T-bills (Treasury Bills) are short-term debt obligation backed by the government with a maturity of less than one year. 3. 1. 5 Performance of the Capital Market In the backdrop of the ongoing financial turmoil, investors shaky confidence might have played a role in the recent mixed performance of the capital market in Bangladesh. Stock prices showed significant upturn during the first half (January-June) of 2008 while the second half (July-December) witnessed a downward movement. Although the daily average turnover improved, different monthly average price indexes at Dhaka Stock Exchange (DSE) have declined, showing some fluctuations in 2008. Compared with December 2007, the monthly average of all share price index (DSI), DSEG, and DSE20 declined by 14. 1 percent, 12. 1 percent, and 8. 3 percent respectively in December 2008. 3. 2. Degree of Exposure to the Effects of the Global Financial Crisis The World Bank identified Bangladesh as highly exposed to the global financial crisis8. Almost 20 percent of the population was already leaving in the hardcore (i. e. food) poverty in 2005. The high food price crisis has sent ? of the population into food insecurity by end 2008. According to the World Bank, the capacity of the country to cope with the impacts of the financial crisis on poverty is constrained by limited leverage for larger fiscal deficits9 and moderate inflation at 8. 9 percent at end 2008. Despite efforts made by the government to mitigate the negative impacts of the high food prices on households, the implementation of the Annual Development Program (ADP) remained very low in 2008, raising some concerns about the country’s capacity to efficiently and effectively scale-up public expenditures to protect vulnerable groups and reduce poverty. Figure: Exposure of Countries to the Global Financial Crisis [pic] Source: World Bank, 2009 Bangladesh’s economy is increasingly exposed to global economic shocks, given its increased integration with the global economy during the last decade. The contribution of trade (export and import) increased significantly since 2001 from 33. 4 percent of the gross domestic product (GDP) to 43. 4 percent in FY2008. About 85 percent of exports are destined to developed countries and roughly 60 percent of import originates from those countries. Exports take up 20 percent of the GDP in Bangladesh. Ready-made garment (RMG) is the main driver of exports, with a share of almost 80 percent of total exports (i. e. 16 percent of GDP). Almost half of the exports go to the European Union (EU), while 25 percent goes to the United States (US). The dependence on foreign aid has progressively reduced since the 1990s, while foreign direct investment remains low at 1 percent of the GDP over the last decade (2000-2009). Table: Bangladesh’s Degree of Openness to the Global Economy | |FY1981 |FY1991 |FY2001 |FY2007 |FY2008 | |(Export + Import)/GDP |13. 5 |16. 8 |33. 4 |43. 3 |43. 4 | |Remittances/GDP |1. 9 |2. 5 |4. 0 |8. 8 |10. | |ODA Disbursed/GDP |5. 8 |5. 6 |2. 9 |2. 3 |2. 4 | |ODA Disbursed/Export |158. 1 |100. 9 |21. 2 |12. 9 |13. 3 | | | | | | | | |Foreign Direct Investment (FDI)/GDP |- |0. 1 |1. 2 |1. 2 |0. 8 | The contribution of remittances has more than doubled since 2001 from 4 percent of the GDP to 10 percent in FY2008. Bangladesh is a huge labor surplus country, putting it on the supply side of the global labor market and at the fifth position among the top remittance recipient countries in the world. As a result, the economy is heavily dependent on migrants’ earnings in the Gulf countries and Western countries. In FY2007-08, total remittances (i. e. , USD8 billion) accounted for 10 percent of the GDP. As per the latest statistics, 5. 5 million Bangladeshis are currently working abroad. About 65 percent of these workers are semi-skilled (16 percent) and low-skilled (49 percent). Two-thirds of the migrants work in Middle East countries, mainly in Saudi Arabia, Kuwait, Qatar, and United Arab Emirates (table 3). They constitute 25. percent of the total labor in those countries and contribute 63 percent of the total remittances inflow in Bangladesh. The remittances inflow from these countries doubled from USD2. 4 billion in FY2003-04 to USD4. 97 billion in FY2007-08, as a result of the construct ion boom in the Gulf, mainly Dubai. Table: Importance of Migrant Workers and Remittances | |Labor Force |Share of Bangladeshis in |Share in Total Remittance | | |(Million) |Labor Force (%) |Inflow (%) | |Kingdom of Saudi Arabia |6. 7 |27. |30 | |Kuwait |2. 2 |14. 2 |11 | |Qatar |1. 1 |10. 0 |4 | |United Arab Emirates |3. 3 |33. 4 |14 | |Bahrain |0. 5 |26. 2 |2 | |Oman |0. 9 |23. |3 | |Total |14. 7 |25. 3 |63 | The most recent data (July-December 2008) suggest that the pass-through of the ongoing global economic crisis into Bangladesh economy is real. Even though Bangladesh is not integrated to the global capital market, the economy is facing the second round effects of the global financial crisis. There is evidence that international trade, exports of manpower and inflow of foreign official development assistance (ODA) are being adversely affected (table 4). The major source of the potential adverse impact is emanated from the projected contraction of foreign aggregate demand. Recent trends in the volume of Cargo (export plus import) handled in the Chittagong (CTG) port decreased by 5. 3 percent during H1 FY2009. Table: Recent Developments in Trade, Remittances and Aid Flows | | | | | | | |Jul-Dec. 2008 |Jul-Dec. 2007 |Growth in |Growth in | | |(Provisional) |(Revised) |Jul. -Dec. 2008 |(FY08) | |1. Cargo (export plus import) handled in CTG | | | | | |port (000 MT) |13489. 0 |14244. 0 |-5. 3 |3. 4 | |2. Exports (fob) |7754. 7 |6495. 9 |19. 4 |15. 7 | |3. Imports (Settlement of LCs) |11115. 4 |9078. 4 |22. 4 |27. 6 | |4. Remittances |4504. 7 |3440. 5 |30. 9 |32. 4 | |5. Gross ODA inflow |898. 3 |903. 2 |-0. 5 |20. 4 | |6. Net ODA inflow |579. 6 |630. 0 |-8. 0 |25. 2 | |7. Foreign direct investment (FDI) |706. 0 |285. 0 |147. 7 |-18. 0 | |8. Change in reserve position |-361. 0 |437. 3 | | | |9. Change in exchange rate |-0. 42 |0. 3 | | | Sources: (1) Bangladesh Bank, (2) Export Promotion Bureau (EPB), (3) Chittagong Port Authority, and (4) External Resources Division (ERD) of the Ministry of Finance. 4. Perceived Impacts at Household Level Five divisions were covered namely Chittagong, Dhaka, Khulna, Rajshahi and Sylhet. To understand the impact of the global financial crisis, focus groups discussions (FGDs) were conducted in purposively selected locations to cover livelihood groups that are most likely to be affected by the financial, according to the macro-economic pass-through channels analyzed in previous sections. Hence, 40 FGDs were organized, 12 with remittance earners, 8 with garment workers, 12 with workers of export-oriented agriculture (shrimp and tea estate) and 8 control groups made up with casual workers not involved in the former activities (table 5). Overall, discussions did not reveal any major difference between control groups and other FGDs, suggesting workers of the most exposed sectors and casual laborers are similarly affected by the effects of the global financial crisis. Therefore, the next sections will not distinguish control groups from others. Given the small sample size, the next sections will not emphasize the analysis of the characteristics of individual livelihood groups either. Table: Geographical and Sectoral Coverage of FGDs |Sector of Activity |Division |District |No. FGD | | | |Sylhet Comilla Noakhali |4 | | | |Chandpur |2 | |Remittance earners |Sylhet |Maulvibazar |2 | | | | |2 | | | | |2 | | | |Dhaka |4 | |Garment workers |Dhaka |Gazipur |2 | | |Chittagong |Chittagong (Ctg) |2 | | | |Satkhira |4 | |Export oriented agriculture labourers (shrimp,|Khulna |Bagerhat |2 | |tea estate) | | | | | |Sylhet |Maulvibazar |6 | | | |Gaibandha |2 | |Control group rural (casual labour) |Rajshahi |Panchagarh |2 | | | |Rajshahi |2 | | |Khulna |Khulna |2 | |Total |40 | 4. 1. Impacts on Livelihoods and Incomes Based on discussions with the 40 focus group members, remittances are mentioned by 9 of 40 FGDs as the first income source of the communities, followed by unskilled non-agriculture daily labor (8 of 40 FGDs), work in tea estate (6 of 40 FGDs) and work in garment factories (4 of 40 FGDs). As the first source of income, 4 FGDs mentioned that remittances contribute to about 80 percent of their incomes. Unskilled non-agriculture dailylabor is the second main income source for 9 of 40 FGDs, , followed by agriculture daily labor (8 of 40 FGDs) and small businesses (6 of 40 FGDs). As a second source of income, the contribution of unskilled non- agriculture daily labor to income is estimated at 25 percent, according to 8 FGDs. Female FGDs reported more dependence on remittances as their main income sources, compared to male FGDs. Five of 20 female FGDs depend on remittances as their first source of income, compared to 4 male FGDs. Four female FGDs mentioned that remittances contribute to 80 percent of their incomes, suggesting female-headed household whose husbands are migrant workers are vulnerable to decreases of remittances. No male FGD reported such a high level of contribution of remittances to household incomes. Five of 20 female FGDs are also more dependent on unskilled non-agriculture daily labor as their second source of income, compared to 4 in 20 for male FGDs. By contrast, male FGDs are more dependent on agriculture daily labor (5 in 20 FGDs) as their second source of income compared to female FGDs (3 in 20 FGDs). In total, 4 in 40 FGDs mentioned work in garment factories as both their first and second source of incomes. Figure: Main Income Sources (Number of Respondent FGDs) Small business Day labor (agric. ) Unskilled day lab our (no n-agric. ) Earth-digging Fishing in deep sea/ river Garment worker Ho use-maid Skilled labour (non-agric. ) Remittance Rickshaw/ van/ cart puller Other services Tea worker Wood / bamboo/ f irewoo d seller Fish/ shrimp -processing worker There is a sense that activity changes witnessed by FGDs are being made at the expense of sustainable livelihoods. In response to whether households have changed activities in the past 6 months, 17 out of 40 FGDs (12 male FGDs and 5 female FGDs) answered positively. According to respondent FGDs, households most frequently changed their activity to daily labor, suggesting they are likely engaging in less regular livelihoods. The main reasons of livelihood changes are low purchasing power (9 FGDs) and reduced job opportunities (7 FGDs) suggesting households are likely facing the impacts of the global financial crisis on top of the lasting effects of the high food prices. Table: Activity Changes Observed over the Last 6 Months Before Type of activity change now Number of Respondent FGDs Earth-digging Selling firewood 1 Tea estate worker Earth-digging 1 Rickshaw-puller, Mason, Street-vendor Selling betel leaf and bidi (tobacco) 1 Day labourer 8 Agriculture farmer Day labourer 1 Unemployed Migrant worker 2 Worker in shrimp-hatchery Fishing in deep sea/river 2 Day laborer Small business 1 Total 17 4. 2. Impacts on Employment and Wages Job losses were mentioned by fish/shrimp processing, garment and migrant workers, though the magnitude of the losses is reported to be less than 25 percent, with 10 percent being the most frequently reported estimate. Of the 40 FGDs interviewed, 16 FGDs (10 male and 6 female FGDs) mentioned that job losses have taken place within their community during the last 6 months. Job losses were reported mainly in Chittagong and Khulna divisions, by 5 and 8 FDGs, respectively. In general, job cuts and reduced salaries are reported as the main reasons for job losses or for changing activities. Fish/shrimp processing workers are the most affected by job losses in Khulna due to diseases in hatcheries and reduction of exports. In addition job losses in the shrimp processing sector, especially in Khulna, are amplified by the normal seasonal break in shrimp producing activities. Reportedly, shrimp production covers only 6 months a year. As a result, workers in shrimp-hatcheries would normally seek additional jobs such as casual labor during the rest of the year. Salary decreases reported by garment workers are due to reduced buying orders from abroad and reduced payments on overtime. Job losses are engulfing the supply of labor as daily workers are also facing job scarcity, according to 5 FGDs interviewed in Chittagong, Dhaka, Khulna and Rajshahi. As shown in figure 10, most of the respondent FGDs estimate that job losses are below 25 percent, except in Khulna where half of them mentioned the percentage of workers that have lost their job during the last 6 months could range between 50 and 75 percent. In Chittagong, respondent FGDs of the garment sector tend to estimate job losses below 10 percent. Relatively high proportions (between 25-75 percent) of job losses were reported by only 1 of 6 FGDs of the garment sector in Dhaka and 1 of 6 casual labor FGDs in Rajshahi. However, these figures cannot be interpreted as a general trend of the responses emerging from discussions with garment workers and casual laborers in these areas 4. 3 Impacted by the food price shock By mid-2008, food prices had increased by more than 200% since 2006 and more than 60% since January this year Between March 2007 and march 2008, prices of corn, rice, soybean and wheat increased by 31,74,87 and 130% respectively Rice price passed US$1000 in April 2008 A large proportion of population depends on agriculture. Per capita food production has been low and negative. Proportion of claries obtained from cereals is high. [pic] Table: Food price contribution to consumer price inflation in South Asian countries, 2008 | | | | | |Country |Overall inflation |Food price |Expenditure |Contribution of food | | | |inflation(a) |share of |prices to overall | | | | |food (in %) |inflation(b) | |(1) |(2) |(3) |(4) |(5) | | | | | | | |Bangladesh (April 2008) |9. 94 |11. 84 |64. 5 |7. 64 | | | | | | | |India (February 2008) |4. 60 |5. 0 |33. 4 |1. 94 | | | | | | | |Nepal (April/May 2008) |7. 50 |10. 00 |53. 2 |5. 32 | | | | | | | |Pakistan (May 2008) |19. 30 |28. 50 |41. 5 |11. 3 | | | | | | | |Sri Lanka (June 2008) |28. 20 |40. 06 |46. 7 |18. 71 | Source: Statistical Departments and Bureaus of different countries, 2008. (a) Includes beverages and tobacco. (b) Column (5) entries are calculated as (5) = (3) ? (4)/100. Table: The Impact of Rising Food Prices: Bangladesh (CGE Estimates 60% Rise) Macroeconomic Variables The effect of increase in food prices General Price level 2. 6% Real household income -1. 61% Welfare (equivalent variation) -0. 905 Real GDP -0. 787 Source: Adapted from ADB (2008a). There has been a considerable amount of controversy and debate over the impact of foo

Life of Pi free essay sample

Thesis: Each animal served as essential companions on Pis Journey through their company, the lessons they taught, and the faith they gave for Pi to keep living, that ultimately, through their natures alone, allowed pi to triumph in the face of defeat. (-Hyena the vicious, cannibalistic cook from the ship, kills both the zebra and the orangutang, plainly represents the ruthless evil in the world Zebra a young Chinese sailor whose leg is broken, represents the vulnerable things in life and how they are attacked (like by the hyena who eats the zebra inside-out) 0rangutang Pis mother, represents safety and protection, earlier described as a Holy Mary mother figure (and we find out she was) ) She came floating on an island of bananas in a halo of light, as lovely as the Virgin Mary. The rising sun was behind her. Her flaming hair looked stunning. (2. 42. 1) Pi sees her coming almost like a saviour, he says she is seen in a halo of light Just like how an angel is described. We will write a custom essay sample on Life of Pi or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page She symbolizes hope in Pis Journey that he is able to overcome all that he is going through right now, and also gives him faith that salvation can come, Just like she did. How the animals serve as humane company through Pis Journey, he had no one but these animals, orange Juice served as his mother which gave him reassurance each animal helped pi in a different way Teach Pi lessons and enhance his understanding to life each animal taught pi different lessons that will help him survive his Journey Give him the will to keep living all the lessons that each animal has taught P, give him the will to keep living. the crucial live saving lessons, lead Pi to believe that there is hope for him out there everything he learned from the animals helped him Life of Pi free essay sample Animals that escape go from the known into the unknown-and if there is one thing an animal hates above all else, it is the unknown. (Martel 51) Stereotypes are spawned out of peoples hatred and fear for the unknown. Many people in America may believe that all Muslims are terrorists because of no background knowledge into their true religion and beliefs of the Muslim faith. Because these beliefs might differ from the ones that are close to us we see them as a threat and tend to stay away from their thought process.Pi is exceptional in the fact that he is able to overcome the stereotypical boundaries and have a belief in three separate religions that tend not to like one another. The equilibrium Pi has found with his religions is almost nonexistent because of the unaccepting and strong opinionated beliefs many people have in this day and age. Muslims are purely Muslim and Christians are purely Christian, there are not many in-betweens. We will write a custom essay sample on Life of Pi or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The clip below shows a couple that could be perfect for each other except they let their stereotypes and belief systems get in the way.The man feels that he must distance himself as quick as possible from the unknown to be more comfortable. As soon as the woman realizes what he is she feels that she must stay far away from something she does not know and speeds off quickly to return to her known. Because if there is one thing a human hates above all else, it is the unknown. (Tyler, Jeff, Tori, Anna- davis6) Islam ? The fact that the ‘Ulema have failed to diagnose and address the basic ills that plague the Muslim world directly translates into creating an ill repute for the grand faith.Thus, even through humor stems Martel’s critical comment. Islam had a reputation worse than Christianity’s – fewer gods, greater violence, and I never heard anyone say good things about Muslim schools. 4   Ã‚  Ã‚   This criticism arises despite the fact that Martel has at many places subconsciously or perhaps consciously captured Islam quite reasonably. For instance, while on a lifeboat, stranded in the middle of the ocean, Martel’s Pi divides time into five distinct periods and also prays five times.An average day for me, if such a notion can be applied to a castaway, went like this: Sunrise to mid-morning†¦ Mid-morning to late afternoon†¦ Late aft ernoon to early evening†¦ Sunset†¦ Night†¦Ã¢â‚¬â„¢5   Ã‚  Ã‚   More striking is how Martel captures the notion of faith through a castaway boy, which is so reminiscent of Islam’s definition as complete surrender to God. Faith in God is an opening up, a letting go, a deep trust, a free act of love – but sometimes it was so hard to love. ’7 Hinduism in life of Pi Quotes: I know my surviaval is hard to believe. When I think back, I can hardly believe it myself (Martel 282).You know you have to wonder as well: why is Pi alive to this day telling us of his story? Is it by his wit and will that allowed him to endure the wrath of nature both animal or sea? Or does the reason for Pis survival come down to more than just coincedence, but was someone looking out for him, keeping him safe? So the real question this poses upon all our lives is how we are able to over come such obstucles in our lives by ourselves or is there something helping us along the way. We perished away. It happened slowly, so that I didnt notice it all the time. But I noticed it regularly. We weretwo emaciated mammals, parched and starving. (Martel 301). This brings up another interesting question regaurding life in that you would have to wonder, how do we define life, how do we know we are alive. Some believe it is the experiances we have that no one else could ever imagine or is it the pain we endure. Is that how we all are connected both man and animal, through the suffering that we go through? Is it possible to live a life without pain and still consider it living or is it when we feel something as primal as that is when we know? Nature was sinking fast. I could feel a fatal weakness creeping up on me. I would be dead by the afternoon. (Martel 305).The conversation we had over this quote wouldnt be nessicarly an existential in essance but still an interesting topic nonetheless: how would you behave when you are hours away from death. Being incapabable of doing anything about it, or do anything in general, where would your head be how would you behave? Some of us say we would lose our minds and scream to the winds, some would make peace with god and ourselves, others would strip down naked and run in circles. We believe that it is in the last hours you have left on this earth that our true selves become apparent, so you have to wonder who are you really when the time has come?Hinduism An Overview of Hinduism Hinduism differs from Christianity and other Western religions in that it does not have a single founder, a specific theological system, a single system of morality, or a central religious organization. It consists of thousands of different religious groups that have evolved in India since 1500 BCE. 1 Hinduis m has grown to become the worlds third largest religion, after Christianity and Islam. It claims about 837 million followers 13% of the worlds population. 2 It is the dominant religion in India, Nepal, and among the Tamils in Sri Lanka.According to the Yearbook of American Canadian Churches, there are about 1. 1 million Hindus in the U. S. 3 The American Religious Identification Survey is believed to be more accurate. 4 They estimated smaller number: 766,000 Hindus in 2001. Still, this is a very significant increase from 227,000 in 1990. Statistics Canada estimates that there are about 157,015 Hindus in Canada. 5 Hinduism is generally regarded as the worlds oldest organized religion. Most forms of Hinduism are henotheistic religions. They recognize a single deity, and view other Gods and Goddesses as manifestations or aspects of that supreme God.Henotheistic and polytheistic religions have traditionally been among the worlds most religiously tolerant faiths. However, until recently, a Hindu nationalistic political party controlled the government of India. The linkage of religion, the national government, and nationalism led to a degeneration of the separation of church and state in India. This, in turn, has decreased the level of religious tolerance in that country. The escalation of anti-Christian violence was one manifestation of this linkage. With the recent change in government, the level of violence will diminish. Life of Pi free essay sample Until the Mathematics lesson, Pin resorted to stunt. He memorized up to hundreds of digits of the mathematic constant Pi and wrote them all on three blackboards. This shocked all the schoolmates and even teachers. Since then no one bullied Pi anymore. From this, we can see that Pi is a courageous, intelligent and tough boy. He was brave enough to stand in front of everyone and to introduce his new name once. He was also a very smart and clever boy as he could memorize approximately hundreds of digits of Pi. Although his schoolmates bullied him, he didn’t give up and pull himself together. He was a resolute person and his character helped him face adversity later in his life. I learnt to be a sturdy and brave person. When we face difficulties or adversity, we should not give up easily and feel discouraged. We must view things from different perspectives and try to use different methods to solve the problems. We will write a custom essay sample on Life of Pi or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Besides, positive thinking is very important too and we must not escape from the reality.

Cultural Tourism in Bangkok, Thailand Essay Example

Cultural Tourism in Bangkok, Thailand Essay Example Cultural Tourism in Bangkok, Thailand Paper Cultural Tourism in Bangkok, Thailand Paper Bangkok is one of the worlds major tourist destinations. Writers such as Warren (1999) reveal that Bangkok is also known as the City of Angels. Over a long period of time the attractions of this contemporary capital city of the Kingdom of Thailand have encouraged travellers to come to visit. People have been attracted to come to the Kingdom by the exotic beauty. In early times only businessmen and traders came to Bangkok. In recent times, however, it has become a mass tourism destination. A wide variety of natural and cultural attractions that suit the motivations of visitors from many countries entice people to this capital city. The tourist industry has responded to the international travel market by providing an extensive range of facilities to satisfy travellers demands. Tourism has given the Thais a reason for preserving their culture and protecting their heritage. However, since the arrival of U.S. marines, Thailand has been burden by the sex symbol which tainted the cultural rich image of the Kingdom. This essay aims to provide an analysis of Bangkok as a cultural tourism destination and to explore the efforts which the local government endeavour to change the negative image of sex tourism to cultural tourism. It identifies attractions that pull people to Bangkok and considers the motives that urge people to respond to the pull of its attractions. It also notes the ways in which the major divisions of the tourist industry supply the needs of tourists. Cultural Tourism Brokensha and Guldberg (1992 p.3) provide many descriptions of cultural tourism. The description most relevant to cultural tourism in Bangkok is mixing with and meeting local people, and learning about lifestyles and cultures. The aims of the cultural tourist can be achieved through attending cultural events, experiencing and appreciating built heritage and the natural environment, and gaining education and pleasure from these experiences. The city of Bangkok, through its natural and cultural attractions, provides many opportunities for these kinds of experiences and activities. History of Bangkok, Thailand The Thai, descendants of ancient Pamir plateau stock, are racially related to the Chinese and were one of the major peoples that migrated from southern China to mainland Southeast Asia. After entering the valley of the Chao Phraya River, they defeated and dispersed the Khmer settlers, ancestors of the Cambodians, and established the Kingdom of Thailand. People lived and traded near the Chao Phraya River. The trading and the population later expanded to other inland regions. Bangkok was established in 1782 as central city for trading. The famous story based on the diary of Anna Leonowens in Anna and the King of Siam by Margaret Landons. However, tourism actually began in the 1960, where U.S troops used Thailand as a base to attack Vietnam. It is likely that the soldiers told their friends about the exotic beauty of the Kingdom when they return home. Bangkok Natural Environment Bangkok is the contemporary capital city of the Kingdom of Thailand. It is located on the Gulf of Thailand coast. Bangkok has many rivers that connect the city to the sea. One of the worlds renowned rivers is the Chao Phraya River where Thailand first began. Much of Bangkoks history happened along both sides of the Chao Phraya River. Throughout history, the Thais depended on this river for their daily needs, such as cooking, laundry, swimming, fishing and as a source of drinking water. In addition, since the beginning of the Kingdom, people lived and traded along this river. This culture of trading and living by the Chao Phraya River carries on till today. The tropical climate in this region attracts tourist from Europe where the winter is extremely cold. Chon, Singh and Mikula (1993) reveal tourists generally visit Bangkok for urban life and then travel to the neighbouring suburban areas to experience the natural environment of the beach such as in Pattaya or Khor Chang. Some activities enjoyed by tourists are scuba diving, jet skiing, sun-bathing and parachuting. For tourists who want to be amid the peaceful atmosphere and observe the traditional ways of life by the water, Bangkok has much to offer. There are services which have been established to cater to tourists needs. This is in line with Smiths (1988 pp.179-190) supply-side concept. There are hotels, taxi boats, floating market, restaurants and other transportation services targeted at enabling tourist to experience the culture of the Thai. Tourists can experience the way of life that has be carried on for many generations. Tourists from other parts of the world, which are wealthier and economically advanced, can experience novelty and change as Cohen (1974 pp.527-555) suggests. Major features of Thai Society The origins of the Thai people are in the Southern part of China. The people were strongly influence by Buddhism, the central of the Thai culture, which was brought to the region by Buddhist missionaries from India. The Thais manifest their faith by building and skilfully crafting the elaborated works of arts of the temples. There are many temples in Thailand; however the glorious and magnificent ones are situated in Bangkok. Most men and women were peasants and depend their livelihood on farming rice, vegetables and fruits at minimal wages. Peieggi (1996) reveals that since the U.S troops came to Thailand, the people realised the demand for hedonistic pleasure among these soldiers. Young girls and boys were sold for money as a source of family income. After the Vietnam War, due to the influx of tourists visiting Bangkok, there have been new job opportunities opened for the Thais. The Thais perform cultural dance, sword fighting and Muai Thai (Thai boxing) for the tourists viewing pleasure. Throughout history, there have been several images of Thai society. These include images of leisure and eroticism. Gibbon and Fish (1998) compliment Thailand for its richness in culture and its hospitable people. On the contrary, Peieggi (1996) suggests that there have been high ratio of males visiting Thailand, primarily for its hedonistic appeal. Ashworth and Brian (1989) explain that such image is a challenge and the country is endeavouring to change; however, the most important image for the tourists is that Thailand is a cultural centre where everyone is kind and hospitable. The history of Tourism in Bangkok Thailand Although visitors came to Thailand many centuries ago, it was not really until the late 1960s and early 1970s that the Kingdom began its career as a major tourist destination. In the 1960s, the large US troop presence in Southeast Asia produced a surge in Thailands tourism. Since then, the boom has continued, although the large number of hotels has led to heavy competition and fairly low occupancy rates. In the 1960s, Thailand became a favoured place for the nomads from affluence (Cohen, 1973), young drifter tourists who were escaping the evils of the developed world in order to find culture and wisdom in the East. These people preferred to stay in motels or cheaper hotels to avoid the more luxurious facilities provided for the tourists. These nomadic hippies were attracted by advertisement in magazines and friends who had been to Thailand. In late 1990s, Thailand was promoted as Amazing Thailand as a paradise inhabited by a serene, harmonious people. The Hollywood movie entitled The Beach with leading actor Leonardo DeCaprio, illustrated the exotic island life. This was the period of mass tourism. Peieggi (1996) explains that Thailand emerged a popular destination due to its peaceful religion and its exotic culture. In 2001Bangkok has been named as the number one tourist city in the world by readers of the American magazine Travel and Leisure, the citys Peninsula Hotel also coming in first in their readers survey of the top hotels. It was particularly popular with Europeans and Americans. As Elliot (1983) explains the success of tourism was partly due to its natural environment, friendly people, exotic culture and a central position of the air route of the region. The Government began to focus its resources on tourism in 1982 when studies showed that tourism was the nations top foreign currency earner. In addition, during the APEC meeting in 2004, due to the fear of terrorism and the importance of the tourist industry, the government heightened the security during this period of time. The fear was greater when the President of the United States of America, George W Bush, was attending the meeting. The Impact of Tourism of the Thais Tourism has had a variety of impacts, both negative and positive, on Thai society. Hewison (1987 p9) laments that due to tourism, many of the attractions in Thailand can be manufactured for the purpose of gaining more visitors. As Peieggi (1996) suggests because of the hedonistic appeal that Bangkok offers to male tourists, Thailand has been ranked statistically the highest scoring nation for the spread of AIDS. (Leheny 1995; Ritcher 1989) explain that tourism played a major role in the expansion of sex tourism, and has transformed the nations rich culture into an embarrassing burden. (Leheny 1995; Ritcher 1989) argues that tourism has ensured the preservation of the Thai culture and has made the Thais more aware of their own culture than they might otherwise have been. Elliot (1983) points out that the money the Thais have earned through displaying their culture to the tourists has help sustain them financially. Cohen (1995 pp 225-233) explains that commodities crafted by villagers attract tourists attending due to the craftsmanship, beauty and exoticism. The villagers can sell these items to tourist for income. On the other hand, the villages much desire commodities which tourists use, such as denim jacket, T-shirt and jeans. There have been concerns reported by local media that the Thais risk loosing its unique culture by pursuing similarities with the western culture. Kontogeorgopoulos (1998) advocates that tourism increases employment opportunities for the locals. The author further explains that due to tourism, there will be construction of hotels and other facilities to service the tourists. Locals will be employed and trained in various areas. For instance, the locals can learn to speak the English language to enhance the ability to communicate with foreigners and increase their employability. Pull Factors The exotic culture of Thailand has attracted tourists from many parts of the world to experience the way of life of the Thai society. As mentioned earlier, the Thais used to live and trade along the river. Tourists can experience this way of life Ratchaburi province which is about 80 km southwest of Bangkok. There, the tourists will discover a popular floating market. There will be small boats laden with colourful fruits and vegetables which are paddled by local women wearing bamboo hats. These images are often advertised for cultural tourism of Thailand, in travel magazines and brochures. Inquisitive tourists can embark on a tour onboard these boats. Another tourist attraction relating to cultural tourism is the Songkran festival. It is an ancient festival, which is celebrated by the Thais annually and is influenced by the ancient Hindu astrological calendar. It is a common feature of the agricultural cultures of Thailand. In the old days, scented water was used mainly for blessings and paying respect to the elders. Tourists visiting Bangkok or in any parts of Thailand can join in the celebration and enjoy getting wet throughout the day. Likely Motivational Factors As tourists do not normally state their motives and wants in choosing a destination, it is difficult to know with certainty the motivation factors a tourist has in mind. Dann (1981 pp 209-211) explains that the difficulties lie partly in the inability or unwillingness of the tourists to articulate their motivations. However, tourists behaviours hint their likely motivation. Many tourists choose to visit Bangkok in order to escape from their routine to experience change and novelty as Cohen (1974 pp 527-555) or for the purpose of leisure. Tourists choose Bangkok as a destination to revitalise themselves for a period of time before feeling ready to go back to work. Tourist experience the exotic culture of the Thai society. The tourists can maximise the time they have in Bangkok, where there are many cultural activities orchestrated for tourists. Tourists can enjoy watching the Thai dance or the making of Thai handicrafts in parks and other recreation areas. Temporally, the tourists forget about the stress and pressure of work back home. The laidback or slow lifestyle of the Thai agricultural culture enables tourist to ease tension and feel more relaxing physically, emotionally and mentally. Hospitality in Thailand Esichaikul (1998 pp. 359-369) explains that tourism offers a lucrative source of income for Thailand. The author further suggests that the provision of accommodation, food and drink are important to the countrys economy. Hospitality in Thailand ranges from luxurious facilities to very affordable home-stay. Outside of Bangkok, tourists can stay in stilt hotels on the dam, resorts and hotels by the beach or huts in the forest. Tourists can relax and enjoy the tranquillity that nature offers in this tropical climate. The Thai cuisine is unique and it reflects the exotic culture of the local society. The cuisine includes affordable seafood which the Japanese particularly enjoy. During the APEC meeting, the Prime Minister of Japan, Junichiro Koizumi, indulged himself every night in various kinds of seafood. Other cuisine includes pineapple rice, papaya salad, Tom Yam soup and the Tok Tok noodles sold in the floating market. Thai cuisine is spicy and sweet in general; some adventurous tourists may be challenged to try the food, some tourists may resort to western food like McDonalds and Subway sandwiches. Nonetheless, Thai food is low in cholesterol and healthy as many dishes often incorporate fruits in the preparation stage. Transportation Due to the geographical location, tourists can travel to Bangkok by many means. The International air-port has facilities to accommodate various sizes of planes. Backpackers having visited the neighbouring Malaysia, Cambodia of Singapore can also choose to travel economically by trains and busses. Due to traffic congestion in Bangkok, other interesting modes of transport have emerged to allow people to travel efficiently. Along the Chao Phraya River, tourists can travel by express boats cross to other regions. In addition, tourists may wish to travel at a slower pace, by long-tail boats, in order to enjoy the riverside scenery. On land, tourists can travel on the elephants back, which in the past was only suited for the Kings. Travelling on elephants backs can be interesting; tourists will sway from side to side slowly high above ground level. Tourists often find this mode of transport amusing and exciting. Apart from taxis and busses, tourists can also choose to travel on a three-wheeled Tuk Tuk to zigzag between vehicles without being hampered by the traffic jam. Conclusion In conclusion, cultural tourism in Thailand provides many exotic experiences for tourists. The government of Thailand has been investing resources in advertising campaigns to change the erotic image of by emphasizing the cultural richness of the Kingdom. It is apparent that such change remains the greatest challenge to the country. Though tourism has impacted Thailand negatively; it has provided employment and other financial benefits to the Thais and the nation in many related industry.

Political Climate in the 1950s Essay Example | Topics and Well Written Essays - 1500 words

Political Climate in the 1950s - Essay Example The political scenario suffered in the shape of the communist opposition party dwindling into insignificance. With their downfall, America lost the institutional network that had created a public space where alternatives to the current workings of the government could be presented and be challenged. By late 1950s, thousands of men and women had lost their jobs, hundreds had been deported or sent to prison, and two had been executed. Most, but not all, of these people had once been in or near the American Communist Party. [6] [7] Also the social policy reforms including national insurance policy supported by the leftist also fell apart. McCarthyism further contributed to the attenuation of the reform impulse by diverting the attention of the labor movement, the strongest institution within the left-liberal coalition, from external organizing to internal politicking. [5] [6] America's cultural and intellectual life in the 1950s also suffered from McCarthyism. TV and radio offered a bland menu of quiz shows and Westerns during late 1950s so that no relation could be made to communism and its views. Similarly the film industry cautiously restrained itself from indulging into controversial social or political issues. On the international political front, an opposition to the Cold War had been so thoroughly identified with communism that it was no longer possible to challenge the basic assumptions of American foreign policy without incurring suspicions of disloyalty. [5] [6] What Is Meant By The Term Politics Of Consensus Politics of consensus means common frameworks and policies agreed between all political parties that are adopted by the government. During the years 1945 to 1979, this practice was observed by the government of Britain. The Conservative Party and Labour Party, which were the two major political parties in Britain at that time, were in consensus over certain basic government policies. All the political scientists and media commentators agreed with the policies introduced in the decades after World War II. Changes in the government responsibility such as the welfare state, the National Health Service (NHS), and widespread nationalization of industry, were some of the policies that were agreed unconditionally by both parties. [2] During the late 1970s, the political consensus eventually started to break up. The Conservative Party and the Labour Party were getting at odds over each other. With the sudden rise in oil price in early 1970s, drew a new economic experience of 'stagflation', where high inflation was combined with high unemployment. The Conservative Party challenged the political consensus of the use Keynesian economics by the government. The increasing differences of economic opinion between the two parties finally ended the consensus that was agreed in previous decades. [2] Why Did The Civil Rights Movement Begin In The 1950s After the end of World War II, the blacks (Negro) became increasingly active socially. Discrimination in the military services and in the work force challenged them from getting any important positions. In the South, Blacks had been put to near slavery conditions with the Black Codes and the Jim Crow Laws. As a result many left southern farms for northern cities in search for better jobs. When they found crowded and discriminatory conditions

Pizza Hut in the UK Essay Example | Topics and Well Written Essays - 4000 words

Pizza Hut in the UK - Essay Example 2002 Tricon Global becomes YUM! Brands Inc. The Quad Pizza is launched in the UK. Pizza Hut opens its 500th restaurant. A & W and Long John Silver’s join the Yum brand. 2001 Pizza Hut begins a franchising programme with its delivery stores 2000 Pizza Hut introduces The Edge, a thin pizza with toppings all the way round the edge 1999 Pizza Hut has over 400 restaurants, employing 14000 people. The Italian Pizza is launched in the UK 1998 Pan Pizza is relaunched as Grand Pan in the UK 1997 PepsiCo decided to focus on their (sic) drinks business. As a result, Tricon Global Restaurants is born, creating the largest restaurant brand in the World. Tricon became the partner company with Whitbread. The Sicilian Pizza is launched in the UK. There are 277 restaurants and 100 delivery stores in the UK 1995 Stuffed Crust is launched in the UK 1994 10,000 Pizza Huts are open world-wide 1993 There are 300 restaurants and delivery stores in the UK 1992 There are 9000 restaurants in 84 countri es 1990 Pizza Hut reaches Russia. In the UK there are now 200 restaurants 1989 The first restaurant is converted into a Restaurant Based Delivery store 1988 The UK’s first delivery unit opens in Kingsbury, London 1987 An average of one restaurant opened each week in the UK 1986 100 restaurants in the UK and 5000 world wide 1984 50 restaurants so far in the UK 1982 UK joint venture commences between PepsiCo and Whitbread 1980 Pan Pizza Introduced 1977 PepsiCo buys Pizza Hut 1973 Pizza Hut goes international with restaurants in Japan, Canada & England. The first UK Pizza Hut opens in Islington, London 1972 1000 restaurants are open throughout the USA 1958 Frank and Dan Carney open the first Pizza Hut in Wichita, Kansas.†Ã¢â‚¬â„¢ (www.pizzahut.co.uk). As part of a consortium, Yum! Brands,... From this essay it is clear that  Pizza Hut began in 1958 when brothers, Frank and Dan Carney, established the first store in Wichita, Kansas. With room for only 25 seats, the first Pizza Hut restaurant was very small. For the origin of the name, Frank and Dan had a restaurant sign which only had space for nine letters, so they put ‘Pizza’ in the name, with the remaining space for 3 more letters. In addition, because the building resembled a hut, the name Pizza Hut was tagged. The first store in the United Kingdom opened fifteen years later. Now, the company has flourished to the extent that it is the largest pizza company in the world. As the dominant pizza and delivery chain in the UK, it has 697 outlets in the nation. It is part of Yum Restaurants International.As the paper highlights  brands, Inc., Pizza Hut constitutes one of the most successful restaurant franchises in the world with its famous pizza, pasta and wing dishes. It is an international company with o ver 6,000 restaurants in the United States and in excess in 5,600 restaurants in 94 other nations and regions across the globe. Yum!, its parent company, constitutes the biggest restaurant company in the world in regards to its over 37,000 locations in   120 countries and regions and its over one million associates.  The topic is investigated in the following steps: planning, organizing, and scheduling the project. In regards to the planning, several hours every day was spent researching and writing the project.

Market and Social Research Essay Example | Topics and Well Written Essays - 2250 words

Market and Social Research - Essay Example The word frequently means daily in a week. Alcohol is the drug that many youths prefer; this is because of many young people like experimenting that leads to experiencing many consequences of too much drinking. As a result, underage drinking is currently rated the first public health problem in the country(Norman 2011, pg. 504). According to the latest survey of 2005 of monitoring the future, showed that youths as young as eight years were getting involved in drinking of alcohol. Moreover, when they drink they use to drink intensively, often consuming five to six drinks at one time. The research result showed that average age of engaging in the use of alcohol was 14 as compared to 17 years in1960 and serious drinking that was associated with middle age begun to appear during the young adulthood and occasional adolescence. In United Kingdom, many researchers have been done to answer the question why young adults get involved in binge drinking. One of the explanations was that; as adolescence move to young adulthood they occasionally encounter a full dramatic change in their lives. These changes include physical, lifestyle, independence and emotional changes. Such developmental transitions have associated them with drug use mostly alcohol abuse. Therefore just being a young adult is a risk factor for drinking dangerously(Courtney & Polich 2009, pg. 146). With the continuous rise of alcohol abuse among the young adults and teenagers, there is a need that should be taken to prevent the vice from escalating further. It means that the study must be performed to determine the knowledge and awareness of the population at risk of alcohol abuse, and the methods that can be used to prevent the vice. Some methods that can be used include; introducing stringent rules in pubs regarding drinking alcohol, collaborating with landlords to evict those young adults who are the worst drinkers, and changing the outlet to

Internal Point Of View Role Harts Theory Philosophy Essay

Internal Point Of View Role Harts Theory Philosophy Essay Jurisprudential debate concerning the nature of law is often thought of as a long-running battle between two schools of thought the rival camps of natural law and legal positivism. The natural law tradition has always emphasised laws grounded ness in justice and the common good, while legal positivism had tended to emphasise laws basis in authority. Legal positivism emerged from the work of Jeremy Bentham and his disciple John Austin. John Austin famously claimed that the idea of sanctions is the key to the science of jurisprudence.  [1]  Thus, he held legal rules to be threats backed by sanctions and statements of legal obligations as predictions that the threatened sanctions will be carried out. Furthermore Hans Kelsen sought to explain legal rules and obligations in terms of norms, he understood these norms to be directives to courts requiring that sanctions be applied. Splitting the difference between Austin and Kelsen, Alf Ross conceived of legal rules as norms addressed to courts directing the use of sanctions and statements of legal validity as predictions that these norms will be followed. However, one of the two greatest twentieth-century (the other one is Hans Kelsen) exponents of the legal positivism was, without question, Hart. In his principal book The Concept of Law  [2]  , Hart describes the central thesis of legal positivism as the simple contention that it is in no sense a necessary truth that laws reproduce or satisfy certain demands of morality, though in fact they have often done so.  [3]  Therefore the central claim of legal positivism is that law is separate and distinct from morality. However, Hart showed that sanction-centred accounts of every stripe ignored an essential feature of law. This feature he termed the internal point of view. Though the internal point of view is perhaps Harts greatest contribution to jurisprudential theory, this concept is also often and easily misunderstood. Seen from the internal point of view, the law is not simply sanction-threatening, directing, or -predicting, but rather obligation-imposing. Therefore, what, exactly, is the internal point of view? What role (or roles) does it play in Harts theory? Briefly the internal point of view is the practical attitude of rule-acceptance it does not imply that people who accept the rules accept their moral legitimacy, only that they are disposed to guide and evaluate conduct in accordance with the rules. The internal point of view plays four roles in Harts theory: (1) it specifies a particular type of motivation that someone may take towards to the law; (2) it constitutes one of the main existence conditions for social and legal rules; (3) it accounts for the intelligibility of legal practice and discourse; (4) it provides a naturalistically acceptable semantics for legal statements. At one point, Hart observes that the element of authority involved in law has always been one of the obstacles in the path of an easy explanation of what law is  [4]   Hart argues that the command theorists emphasised force as the main component of all law and have looked only on one side of the coin the external element of law which compels people to act out of fear. This may be the bad mans view of the law and Hart argues that it does not present a balanced picture. A positivist theory of law must offer an account of the nature of law-making authority. At the same time, positivists claim that the validity of a law does not entail an obligation to obey it. This means that the theory is quite independent of any theory about the basis of a moral obligation to obey the law. Bentham and Austin approached these problems by treating statements about sovereignty, rights and obligations as straight forward statements of observable social facts. Therefore in focusing only on the commands of a sovereign and the actions of officials in imposing sanctions, the command theorists have ignored the internal element which characterises all law. This is known as t he internal point of view which make people feel a sense of obligation to obey the law. There is a distinction between the two aspects of law, to be obliged that is to be forced to act in a certain way because of some threat, such as when an armed man orders a person to hand over money, and to be under an obligation that is to feel within oneself a sense of duty to act in a certain way without some external stimulus compelling such action. Hart also argues that the command theories explain law only in terms of the first notion, and that to this extent they are inadequate, because the law operates both in an external and an internal fashion to induce compliance. According to Stephen Perry, for example, [t]he general idea of the internal point of view is that an adequate jurisprudential account must at some point take into consideration how the practice looks to at least some of the practices participants, from the inside.  [5]  Likewise, Gerry Postema writes: The law, like other similar social practices, is constituted not only by intricate patterns of behavioural interactions, but also by the beliefs, activities, judgments and understandings of participants. The practice has an inside, the internal point of view of participants.  [6]   On this reading, Harts doctrine of the internal point of view is a methodological prescription which demands that legal theories resonate with the shared experiences of legal natives. Jurisprudence must take the point of view of the insider, and come in contrast with those theories that ignore the beliefs and attitudes of those who live under the law. Hart used the internal point of view to discredit sanction-centred theories of law, such as those proposed by Oliver Wendell Holmes and Hans Kelsen. Hart argued that these theories are myopic for they ignore or mask the range of attitudes that people typically have towards the law. The problem with bad man theories such as Holmes is that they assume that people are motivated to follow the law solely in order to avoid sanctions, rather than for the reason that rules require such behaviour. These theories, Hart says, define [the internal point] of view out of existence. The problem with Kelsens theory, he claims, is that it focuses exclusively on one technique that the law uses to motivate conduct to the exclusion of all others. The law not only directs officials to punish those who dont comply with the rules, but provides guidance for those who want to live up to their obligations. Holmes bad man is an insider himself, namely, one whose curiosity about the law is aroused solely by his aversion to sanctions. The problem with Holmes theory, rather, is that he privileges one type of insiders point of view over another. By focusing solely on the perspective of the bad man, sanction-centred theories define the other point of view, namely, the internal point of view, out of existence. What, then, is the internal point of view? As Hart used the term, the internal point of view refers to the practical attitude of rule-acceptance. Someone takes this attitude towards a social rule when they accept or endorse a convergent pattern of behaviour as a standard of conduct. Whereas the phrase the internal point of view is univocal it refers to a specific practical attitude. With respect to the practical point of view, there are two attitudes the insider can take towards the rules: acceptance and non-acceptance. Anyone who accepts the rules has, according to Hart, taken the internal point of view. Anyone who does not accept the rules, either because they are like the bad man and take the practical, but non-accepting, point of view, or because they are merely observing and hence dont take a practical stance at all, has taken the external point of view. Harts internal point of view, therefore, is the practical attitude of rule-acceptance. But what exactly does it mean to accept a social rule? Hart says that to accept a social rule is to regard a pattern of behaviour as a general standard to be followed by the group as a whole. It is to treat existence of the rule as a reason and justification for action, as the basis for claims, demands, admissions, criticisms or punishment, as establishing the legitimacy of these demands and criticisms. Hart is quite clear that one does not have to believe in the moral legitimacy of the law in order to accept its authority. Given that the internal point of view is not the moral point of view, what does Hart mean when he characterizes it as acceptance of a rule as a standard of conduct? When one takes the internal point of view towards a rule, one acts according to the dictates of the rule. Of course, there must be something more to the internal point of view, given that the bad man also conforms to the rules. The second way in which the internal point of view is expressed is through critical evaluation. Thus, participants who accept the rules criticize others, and perhaps even themselves, for failing to conform to the rules. Finally, the internal point of view is usually expressed by statements that use normative terminology such as ought, must, right, and wrong.22 Thus, if someone accepts the rule that men must bear their heads upon entering a church, this practical attitude might be expressed by statements of the form: You ought to take off your hat in Church or It was wrong of me not to take off my hat last Sunday. Hart calls these statements internal statements, because they normally express the internal. point of view.23 Hart contrasts these practical statements with theoretical statements that others accept a particular rule. For example, someone might say, Episcopalians accept a rule requiring men to take off their hats in Church. Hart calls these external statements because they usually express the external point of view.24 They are statements that a particular group accepts certain rules normally made by t hose who do not accept those rules themselves. Harts internal point of view must be understood as a commitment to act in all of the above ways. That is, one takes the internal point of view towards a rule when one intends to conform to the rule, criticizes others for failing to conform, does not to criticize others for criticizing and expresses ones criticism using evaluative language. At first impression Hart conception of law, as a symbiotic relationship between primary and secondary rules, and more importantly the internal aspect seems valid. Hart concept of the internal aspect distinguishes between social rules and social habits. A crucial distinguishing feature from a social habit and a social rule is that habit lack criticism from others in a group when the convergent behaviour is deviated from. Deviation from the convergent behaviour makes criticism and the rule legitimate, and often is manifested through normative language such as you ought to or you should do, a certain type of behaviour. The internal aspect and therefore rules is an important constituent for Hart conception of law, because essentially law is the union of primary and secondary rules. A primary rule imposes duties and prescribes how one must act by way of recognizing a general standard mode of behaviour. The secondary rules consist of the three important characteristics, which can be charac terized as sub rules, which give the concept of rules as law and obligations, but more importantly, law as a system of rules. First is the rule of recognition, which helps to determine whether a rule is indeed a rule, this is determined by the influx of criticism for deviation of the rule and the existence of social pressures to conform. The second, denoted as the rule of change, which allows for the creation of new primary rules or the change and modifications of old rules for the group to live by, these rules are also subject to procedural standards. The final characteristic is the rule of adjudication that determines whether or not a primary rule has been violated and prescribes the procedure the courts must follow to apply sanctions. Indeed the mosaic of the internal aspect, a primary and secondary rule as law is very attractive, for Hart is able to explain where Austin has failed. Primary rules are laws, because they are general and span over the territory in which the sovereign has authority, and secondary rules are a means to enforce and amend the laws. However Hart analysis

Billy Budd Essay: Close, but no Christ Figure -- Billy Budd Essays

Billy Budd – Close, but no Christ Figure      Ã‚   Billy Budd, the foretopman in Billy Budd, Sailor, seems similar to Jesus Christ because of his relative appearance of purity, simplicity, and innocence. He posses human virtues which cannot be explained but* by any other method except comparison to Christ. Yet, while Budd may seem like a "Christ figure" at first glance, he is a far cry from the Christ of the Holy Bible.    Budd is human, and his short comings-his natural flaws and apathy towards others and his work-make it impossible for him to be a Christ figure-one who is blameless from birth until death, has the purpose of humanity's redemption continually in mind, and is totally self-sacrificing despite possession of tremendous power. Because he is human, Budd lives a very human life, and his actions throughout his life and ultimate death, while uncharacteristically heroic, are always limited to those of humanity. Christ, possessing unfathomable power lives a godly life and lays that life down to save humanity in fulfillment of prophecy. Further, the method and meaning of Budd's death is entirely different-in fact, not even related to those of Christ's death, burial, and resurrection.    "In this particular Billy was a striking instance that the arch interferer, the envious marplot of Eden, still has more or less to do with every human consignment to this plant of Earth" (1879). Budd, though created in the image of God, suffers imperfection and sin like every human being on Earth. His most visible imperfection, that which makes the most striking presentation, is his tendency to stutter under emotionally pressured situations. However, while his most visible flaw, it is not his only flaw as a human being. Billy B... ...f Grace and Redemption. This mission of Christ's determines the life He leads and the death He suffers, as well as the reason for His resurrection. Budd, having no reason to be where he is, leads a simple and apathetic life. His death, therefore, is of little or no consequence to those in the greater world. While Budd's simplicity and human virtue make him seem Christ-like on the surface, he lacks that connection to God that determines the very soul of a man. William Budd, foretopman, is not a "Christ figure" because he is not, and could never be, the Lamb of God.    Works Cited Melville, Herman. Billy Budd, Sailor. The American Tradition in Literature. Ed. George Perkins, et al. New York: McGraw Hill Publishing Company, 1990. 1872-1924. The Holy Bible. Ed. David R. Veerman, et al. New King James Version. Ilinois: Tyndale House Publishers, Inc., 1994.

How can Wal-Mart Keep Low Prices

When Sam Walton opened his first store, the Five and Dime, he had no idea that he would become a success. He started his first store with one vision – to keep prices as low as possible. He knew that by keeping the prices low, his profit would not be as large as his competitor’s but he also knew that he could compensate this by the volume of sales. Soon he was opening new stores in other states and its sales reached millions of dollars. At present, Wal-mart is the biggest corporation surpassing its competitors (Jim Hightower) It has over more than a hundred retail stores all over the world making the Waltons some of the richest people in the world. S. Robson Walton is ranked by London’s â€Å"Rich List 2001† as the wealthiest human on the planet having more than $65 billion surpassing Bill Gates. (Jim Hightower) Its present status was however not attained overnight. There were several strategies adopted by Wal-Mart which made it the world’s largest retailer. The first is the use of technology. Wal-Mart was the first to use the Universal Bar Code system. As the largest retailer, Wal-Mart was able to force manufacturers of products to adopt a common labeling called the bar code. The bar code contains details about the product which tells the retailers information such as how many of the said products have been sold and how many are still remaining. This system helped improve the way inventories are done in stores. With the bar code system, retail store owners no loner need to hire employees to conduct the inventory and the inventory system is now more accurate. Another business strategy adopted by Wal-Mart to keep prices low is its adoption of the corporate culture of frugality. The Waltons were very careful about spending their money and they lived a very simple lifestyle. They also demanded frugality from their employees. Frugality is so imbedded in its culture that even the company’s headquarters is located in Arkansas which is very old and looks dull. The executives of the company do not ride in fancy limousines and nor do they reside in expensive hotels. Instead, the executives shared budget-hotel rooms with their colleagues. (Caroline Wilbert) The corporate culture of frugality was manifested in the way the wages of their employees are being paid. It is said that the company pays an average wage of $9. 68 an hour which is definitely not enough for the employees to maintain a decent standard of living. (Gregory Heires) There have been complaints that the said company even compels its employees and managers to work overtime without paying them additional compensation for overtime work. The employees do not have adequate health care insurance and other benefits. Health care insurances are essential especially for employees who are earning barely enough for their daily living. Even if these employees get sick they will get some help from health care providers for their medicine and hospitalization expenses. Research, however, shows that â€Å"Wal-Mart's health insurance covers 44% or approximately 572,000 of its 1. 3 million U. S. workers. [In comparison, Wal-Mart rival Brown & Cole Stores insures approximately 96% of its 2,000 eligible workers. Further, Wal-Mart spends an average of $3,500 per employee for health care, 27% less than the retail-industry average of $4,800. †(â€Å"Wal-Mart†) Wal-Mart adopted an aggressive policy against labor unions. The role of unions in workplaces is very important. They ensure that the employees are given the wages and benefits which the law gives them. It is said that in North America, Wal-Mart has thwarted efforts to create union through aggressive anti-union tactics such as managerial surveillance and pre-emptive closures of stores or departments who choose to unionize. (â€Å"Wal-Mart†) Initially, Wal-Mart advertised the â€Å"Buy American† campaign. However, in order to maintain its low prices, Wal-Mart had to look for other suppliers which offered products for a lesser price than the suppliers in the United States. Eventually Wal-Mart began looking at other countries for the cheapest source of production. In 1995, Wal-Mart said that 6 percent of its total merchandise was imported. A decade later, experts estimated that Wal-Mart imported about 60 percent of its merchandise. (Caroline Wilbert) Today, Wal-Mart is considered the largest importer of Chinese-made products in the world, buying $10 billion worth of merchandise from several thousand Chinese factories. (Jim Hightower) There is, however, a price for the success of this management policy of Wal-Mart. For the company to maintain low prices for its buyers and customers, it has to reduce its expenses in the barest minimum – including wages, benefits, working conditions, supplies and products. As a result, Wal-Mart has been criticized worldwide for its business policies by other business organization, religious organization. Among the issues raised against it are: a) low wages it pays to its employees, cases of union busting, lack of health care and employee benefits, use of foreign labor, discrimination against women, It bears stressing that the current management policy of Wal-Mart is devastating for the millions of its employees worldwide. Though it may have generated employment, it has also created unemployment insofar as the employees of their competitors are concerned. For its existing employees, their working condition is far from being ideal. The purpose of this research project is to prove that it is possible for Wal-Mart to improve the wages and benefits it gives to its employees and at the same time maintain the prices of their products low. The philosophy is clear and definite – Wal-Mart can maintain the low prices of its products without hurting its employees. The persons who will be interested in this research project are not only the employees who will be benefited by the increase in their wages and benefits but also the consumers who desire to ensure that the prices of products in Wal-Mart remain the same. II. I believe that it is possible for Wal-Mart to improve the wages and benefits it gives to its thousands of employees and at the same time maintain the prices of their products low. As proof, I aim to use studies made by economists and researchers. One potential secondary source that will prove the said point is the studies conducted by the Economic Policy Institute which is cited in the article of Emily Kaiser entitled â€Å"US: Wal-Mart Could Hike Pay and Keep Prices Low: Study. † Researchers have also concluded that if only Wal-Mart would reduce its profit margin to about 2. 9%, where it stood in 1997, from the 3. 6% margin it recorded last year that would free up about $2. 3 billion to pay workers without raising prices. † (Emily Kaiser) The primary research tool that could be used for this research is the examination into the Income Statement of the Wal-Mart Inc. These are public documents which could be looked into by any citizen. By examining the company’s Income Statement, we will be able to find out just how much money the company is earning in a year. If a small portion of these earnings will only be equitably distributed, then the employees will experience an improvement in their living condition. Another primary research tool are Internet sources which shows the extent of the complaints, criticisms and suits against Wal-Mart. By looking into the information from these sources, one can conclude that the wealth and success of Wal-Mart was made at the expense of its employees.