IMAX Report Essay Example | Topics and Well Written Essays - 2000 words

IMAX Report - Essay Example These two individuals to help address the requirement for the business development of the organization helped in making the organization open to draw tremendous assets from outside. The two new proprietors to help address the requirement for showcase extension of the organization took resort to various systems like changing the atmosphere of the IMAX theaters to resemble that of the multiplexes and introducing films which would be unique in relation to the normalized ones. This procedure grabbed the eye of a specialty swarm who were discovered visiting such theaters much of the time. IMAX helped in building up the idea of demonstrating films in lobbies which would be in-worked in structures containing halls, galleries and other such open fields. Thus the issue of plunge in showcase capitalisation figures from $196 million during 1994 to $125 million during 2008 came out to involve genuine worry for the proprietors. The organization separated from procuring incomes from recording film s likewise made an income station dependent on renting of film types of gear and other dissemination exercises (IVEY, 2009, p.1-3). Analysis of the Environment The examination of the outside condition of IMAX is led dependent on vital apparatuses like PESTEL, Porter’s Five Forces Model and furthermore the comprehension of the existence pattern of the film business in United States. PESTEL Analysis The PESTEL Analysis would help uncover the outer condition of IMAX dependent on the area of United States and would concentrate on political, prudent, social, innovative, natural and lawful angles. Political Factors The film business of United States delineates an inside political atmosphere wherein a few film makers like Walt Disney, Pixar, Warner Bros. furthermore, others are found to have made an entryway for them in this way blocking the passage of new firms. Further the Motion Picture Export Association (MPEA) in United States is found to render controlling measures upon th e few variables relating to value levels and other dissemination exercises of the movies created by the business to other remote markets. This body additionally bolsters the campaigning exercises of the film delivering organizations in United States (Wasko, 2003, p.180-181). Financial Factors The area of United States mirrored a developing business sector for the development of movies. Consequently during the time of 2007 around 603 movies were seen as discharged which countered a gigantic income development of around $9.6 billion. Anyway the costs of the movies requested a normalization to help pull in bigger number of watchers to the corridor and accordingly took hotel to huge volumes of business publicizing (IVEY, 2009, p.10-11). Social Factors Several social factors in the locale of United States likewise affected the kind of films which would be appeared to the overall population. It is discovered that the films were considered in the American culture as a vehicle for teaching and engaging youngsters. In this way films are progressively being considered as the modes for building up the American information base. Further the presence of Latin American base is additionally found to a great extent sway the creation of movies in the district (IVEY, 2009, p.10; Sutherland and Feltey, 2009, p.102-103). Mechanical Factors Development of film innovation in United States utilizing top notch includes in DVD recorders and the broad utilization of web and different camcorders to disperse the films

Brent Staples’ Black Men and Public Spaces

Antoinette Johnson English 100 Prof. Horna October 3, 2012 In the paper â€Å"The second shift†, by Arlie Hochschild, he clarifies how the spouses of two-work families with little kids commonly work an additional 24-hour day in a year, between the pages 145(bottom) and 148(top). I concur with Hochschild’s assurance on the grounds that once ladies get back home from first move, they go straight into second move. While men return home from first move, and get the chance to single out when to work second shift.Most men wonder why the degree of love is inadequate in the home. I accept that the man in two-work families with little youngsters are idealistic about the things that ought to be done around the house. I accept that they feel in light of the fact that they’re the â€Å"dominant† figure, that the ladies should do most of the work around the house. At that point the men/spouses begin to feel a kind of way in light of the fact that the ladies become rese ntful,.I don’t censure the men for their activities, I accuse the dads and their father’s father for not indicating them the right method to maintain their family units. In my eyes ladies has consistently been the existence backing or spine of any family. So actually the ladies are the â€Å"dominant† figure. It takes a resilient individual to work an eight-hour move, at that point get back home to cook and clean for an additional eight-hours. To likewise oblige the youngsters and spouses with every one of their needs. Ladies should request more assistance from their spouses during the second shift.That additional 24 hours ought to be part among them. In the event that ladies defended themselves all the more regularly, men would begin to welcome them more while still in the relationship rather than when their relationship is finished. Taking everything into account, over the long haul, the more youthful ages will make some kind of breakthrough, I accept. Married couples need to meet up and cause game plans to better to maintain the home. An all the more understanding spouse in addition to an all the more no holds bar wife rises to a superior home.

Current Education Policy Recommends Mainstreaming Children With

Current Education Policy Recommends Mainstreaming Children With Current Education Policy Recommends Mainstreaming Children With Autism,how May An Autism Base â€" Essay Example > Mainstreaming Children with AutismIntroductionAutistic children have an inborn disorder that affects the manner in which they relate and communicate with peers and community at large. Poor communication and social skills, therefore, narrows their opportunities for success. According to National Research Council, U.S. (2001), mainstreaming is a system of education where autistic children or children with special needs in general, are taught together with the non-disabled students only at specific times. However, their needs and ability to participate and cope in a mainstream school are evaluated at personal level. It differs from inclusion in that while inclusion model supports permanent incorporation of the two groups in learning, mainstreaming means incorporating the two groups in regular classes only at specific times and lessons. Autistic children present special needs that demands special attention. Apart from the need for special facilities, they also require special educatio n teachers with wide knowledge, and perhaps experience in dealing with autistic children. A normal classroom teacher may not be able to effectively understand and cope with these special demands, hence must undergo a special training on how to teach, especially the social skills, autistic students. Seach, Lloyd Preston (2002, p. 1) observe that autistic children, more than any other group of disabled children, require special attention in classroom. In the light of the above discussion, this research paper focuses on mainstreaming as a model of educating children with autism, tries to establish the strengths and weaknesses of the system and most importantly, examines how autism base can effectively support pupils and mainstream staff. Friendships and BullyingBullying in schools has been in existence since time immemorial. It includes behaviours such as physical humiliation and discrimination on grounds of race, disability or social status. There are different definitions for bull ying. Certainly, all definitions agree that bullying is not limited to physical harm but also emotional: Olweus (1996 cited in Barter and Berridge 2010, p. 34) explains: Bullying as a sub-set of aggressive behavior and a child is being bullied when he is deliberately exposed, repeatedly and over time, to negative actions on the part of one or more other students, with intention to harm. Studies reveal that children with special needs such as autism have serious challenges in establishing friendship and relationships with their normal peers. In this view, Seach, Lloyd and Preston (2002, p. 3) argue that social assimilation and interaction with peers are much more difficult for autistic students than the real educational procedure taking place in a normal classroom. More often, they fall prey of non-autistic peers, who feel superior and take advantage of their disability to bully and tease them. Bullying has adverse effects on the self-esteem of the victims and its effect on their re lationships cannot be overemphasized. Smith (1999, p. 70) argues that victims of bullying tend to exhibit fewer colleagues, reduced self-concept, and are vulnerable different academic and health complications. Many students admit to have bullied their peers in one way or the other. Actions most perceived as bullying includes but not limited to hurting, demanding money, breaking belongings, hitting and kicking. (Arora Thompson 1987 Cited in Smith 1999, p. 72).

all I Know Is What I Read In The Papers - Will Rogers

quot;All I Know Is What I Read In The Papersquot; - Will Rogers nbsp;nbsp;nbsp;nbsp;nbsp;There have been many criteria over the past few centuries that measured ones political clout and influence: divine right, property, money, and acquaintances. In the twentieth century, particularly the past two decades, the political power to influence others resides in information: the more information you have and the more you know how to use it, the more potential influence you have. nbsp;nbsp;nbsp;nbsp;nbsp;People rely on the media for their information, as it is the most easily accessible, efficient, and passive way of acquiring knowledge. Unfortunately, the media is not completely reliable as it can and has been manipulated by†¦show more content†¦This statement is an attempt to manipulate not only the voter who will take the time to read the reasons in smaller print, but also the voter who only glances through the paper as their attention is caught, even if it is only for a second, to the bold type and the powerful finality of the statement. nb sp;nbsp;nbsp;nbsp;nbsp;These are examples of direct use of advertisement to sway voters decisions. There is a more indirect method as well where politicians use the news media to try to convey their message and hope the news will air or print it. During the National Referendum campaign the quot;Noquot; side relied on this factor more than the quot;Yesquot; side did. In a Globe and Mail article before the vote, the reporter regurgitated what Judy Rebick had said about the quot;Yesquot; side being quot;top- heavy with politicians, government types, and opinion leadersquot;(6), and how the public respects the quot;Noquot; side as it is quot;something that comes from the grassrootsquot;(7). nbsp;nbsp;nbsp;nbsp;nbsp;Similar to the National Referendum, the Quebec Referendum also followed the same guidelines set out by the Referendum Act concerning media advertising allotment. The only difference was that the advertisement was localized toShow MoreRelatedAll I Know Is What I Read in the Papers - Will Rogers1868 Words   |  8 PagesAll I Know Is What I Read In The Papers - Will Rogers There have been many criteria over the past few centuries that measured ones political clout and influence: divine right, property, money, and acquaintances. 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Having read through the chapter thoroughly, I would like to follow RodgersRead MorePractical Applications of an Information Privacy Plan769 Words   |  4 PagesWinkka HRM320 Instructor Diane Moffat 9-27-2014 Abstract In this paper I will address the three questions for each of the three scenarios required by the Case Study: Practical Applications of an Information Privacy Plan which can be found in Chapter 16 of the text Human Resource Information Systems: Basics, Applications, and Future Directions, Second Edition. Keywords: case study Assignment 1 Scenario 1: Roger, a photocopier technician, has been asked to repair an office photocopierRead MoreDeciphering Memory : John Adams And Authorship Of The Declaration Of Independence Essay1030 Words   |  5 PagesIn this paper, I wanted to review â€Å"Deciphering Memory: John Adams and the Authorship of the Declaration of Independence† by Robert E. McGlone. Many people knew that Thomas Jefferson wrote the Declaration of Independence. John Adams was one of the people who supported Independence and signed his name on the Declaration of Independence. From this article, I understood that memory could help people to find the truth. In the article, the author used lots resource and the pictures to explain that JohnRead MoreElements Unifying a Report1009 Words   |  5 Pagespeople, but the trick is to make the report easy and inviting for others to read. It is difficult to pick up and read a report that is dull and boring. I am not talking about the subject of the report but rather the look of it. A report may be chocked full of useful, important, and exciting information; but it may never get read in its ¡Ã‚ ¦ entirety because it looks uninteresting. One way to make a report more inviting to read is the use of eye catchers. An eye catcher is something that captures theRead MoreMy Educational Experience With Therapy / Psychology1541 Words   |  7 Pagesabout counseling is how clients view their own life to produce more therapeutic opportunities. Throughout this paper I will discuss these various features of counseling. While we go through our education to become a therapist there are several theories and concepts to learn. At first, I didn’t want to become a counselor when I started college. However as I gained knowledge about the profession I began to develop a love of everything that it is about. In my educational experience with therapy/psychologyRead MoreThe Lives and Works of Raymond Carver1692 Words   |  7 Pagescontributing factor to his writing style in which he develops later on in his life, as a writer.(King) Carver started his education career in Yakima, Washington, where he attended school until 1956. Carver always loved to read and write. Whenever he had spare time, Carver would read many novels by Mickey Spillane and many publications. Also, Carver enjoyed fishing and hunting with his friends and family. After Carver graduated High School in 1956, he worked with his father as a Sawmill worker. CarverRead MoreA Dolls House by Henrik Ibsen1556 Words   |  7 PagesAnimal imagery is prevalent in a variety of literary selections. This paper will focus on animal imagery in Henrik Ibsens A Dolls House by using the reader response strategy. In the play A Dolls House by Henrik Ibsen, animal imagery is used in the development of the main character Nora. It is also later found that the animal imagery is a critical part in understanding who Nora is and how other characters perceive her. Ibsen uses creative animal imagery to develop Noras character throughout the

The Legal Lynching The Death Penalty And American s...

The Reverend Jesse L. Jackson Sr., the former presidential candidate, writes â€Å"Legal Lynching The Death Penalty And American’s Future†. Jesse L. Jackson, Sr., wrote this book in the company of his son Jesse L. Jackson, Jr., a United State congressman from Illinois since 1995, and Nation writer Bruce Shapiro a contributing editor at National and a national correspondent for Salon.com, and the professor at Yale University. In this book Jackson’s keep his moderated argument about the death penalty. There are nine chapters in this book, each chapter tackle a different facet of the argument. This book describes the history of the death penalty, myths, lies and deterrence, bureaucratic nightmare involving defense lawyers sleeping at trial, â€Å"A Question of Innocent†, â€Å"Deathly Numbers: Race and Geography of Execution†, â€Å"False Closure: Victims Rights Versus Vengeance Rights†, â€Å"Social of Executioners† and â€Å"The Deat h Penalty and American’s Future: Moratorium and Beyond. Authors begin with the proposal of a moratorium and could lead to the eventual cessation of capital punishment. European colonists came to the America, they brought the tradition of capital punishment. Capital punishment came on North American shore with the British colonies. The first recorded capital punishment was established in the new colonies that execution was the Captain George Kendall in Jamestown colony in Virginal Unite State in 1608. First hanging execution to Kendall for being a spy for Spain. British lawShow MoreRelatedJesse L. Jackson : The Death Penalty1543 Words   |  7 PagesReverend Jesse L. Jackson Sr., the former presidential candidate of the United States of America, writes Legal Lynching The Death Penalty And American’s Future. Jesse L. Jackson, Sr., wrote this book in the company of his son Jesse L. Jackson, Jr., a United State congressman from Illinois since 1995, Additionally, Nation writer Bruce Shapiro, a contributing editor at National and a national correspondent for Salon.com, and the professor at Yale University. In this book Jackson’s helped to createRead MoreLegal Lynching The Death Penalty And American s Future1448 Words   |  6 PagesShree Siwakoti Professor: Dr. Jawjeong Wu CRJ 408 Death Penalty Date: 05/12/2015 Book Review: Legal Lynching The Death Penalty And American’s Future The Reverend Jesse L. Jackson Sr., the former presidential candidate, writes â€Å"Legal Lynching The Death Penalty And American’s Future†. Jesse L. Jackson, Sr., wrote this book in the company of his son Jesse L. Jackson, Jr., a United State congressman from Illinois since 1995, and Nation writer Bruce Shapiro a contributing editor at National and a nationalRead MoreThe Role of the Death Penalty on Preventing Future Crime Essay8133 Words   |  33 PagesDoes the death penalty prevent future crime? We are scared. Surveys find that the fear of crime is high and perhaps rising. So the question of prevention is important. General deterrence is the idea that punishing an offender deters others from committing similar crimes. But does the threat of the death penalty actually discourage others from killing and thus make us safer? If so, does it do so significantly better than other forms of punishment? Dozens of studies have examined theRead MoreLangston Hughes Research Paper25309 Words   |  102 Pagesto avoid segregation and racial injustice in the United States. As the manager of an electric company and owner of a ranch and mines, Jim expressed contempt for black Americans who continued to submit to segregation and live in poverty. Langston Hughes, 1933 (Library of Congress) Langston was not ashamed of being a black American. He had already written poems celebrating his heritage. He felt connected to the oppressed brown people of the world and hated his father for mistreating his Mexican

Poverty and Domestic Violence Free Essays

The topics chosen from the given scenario are domestic violence, poverty and feminism. Women’s Aid (2009) defines domestic violence as physical, sexual, psychological, or financial. This takes place within an intimate or family type relationship. We will write a custom essay sample on Poverty and Domestic Violence or any similar topic only for you Order Now All forms of domestic violence come from the abuser’s desire for power and control. The perpetrator is most commonly male but can be female. For the purpose of the assignment I will use the terminology domestic violence rather than domestic abuse because although the latter is the preferred term a lot of the texts still refer to this as violence. One in four women will be a victim of domestic violence in their lifetime; many of these on a number of occasions. One incident of domestic violence is reported to the police every minute and on average two women are killed by a current or former partner every week (Women’s Aid, 2009). These statistics speak volumes as to the enormous problem we as social workers face. This assignment will briefly discuss interventions employed to ease poverty in history. Social policy and laws pertaining to domestic violence will be highlighted. Feminism will be used to mention the origins and dynamics of domestic violence. The Ecological Theory and its relevance to social work practice will be demonstrated. Personal reflection will be given and finally a conclusion will draw together the aforementioned topics. History and political development Domestic abuse can be resultant of social structural factors such as bad housing, unemployment and poverty. One can not plot the history of domestic abuse because historically it was seen as a private family matter rather than a societal issue but it is possible to look at a potential causal issue: poverty. An act which was designed to alleviate poverty was the English Poor Laws introduced in 1601 this dictated that the poor and disabled were taken care of by the working able bodied and the local parishes. The work houses accommodated thousands of poor people who had no choice but to enter these foreboding establishments if they could not find work. Prior to this the poor were cared for by charity (Marshall, 2002). Enlightenment arose in the eighteenth century as a result of the French addressing their problem of poverty, this was more a way of thinking than a movement but this spread across Europe. This belief was that the government should reward efforts of those working and should not make those poorer when they are willing to work by failing to provide employment. (McStay Adams, 1991). Less known for helping the poor is the contribution of religious women, one such example being the Sisters of Mercy who for many years during the 1800’s provided direct aid to the poor. The Sisters of Mercy helped establish social welfare systems and according to Luquet (2005) contributed to what became social work. In 1942 the Beveridge Report highlighted what was referred to as the ‘five giants’. These were idleness, squalor, want, disease and ignorance. As a result of this a programme of employment was introduced, new houses were built, benefit schemes were initiated, free healthcare was available to everyone and free secondary education was provided by the state (Aslangul et al, 2000). Thatcherism is the term referred to during the period between 1979 and 1991 when Margaret Thatcher was Prime Minister. During her time in office she was concerned with controlling Britain’s money supply, known as monetarism. She began privatising public companies and introduced the controversial poll tax. When New Labour was elected they merely retreated further from a commitment to welfare. Basically, they moved away from their traditional roots (McAuley, 2003). Social policy and law Social work has witnessed unprecedented changes as a result of the ever changing social policies and new laws which in turn have forced social work to adapt at an alarming rate. Humphrey cited in Davies (2008) in reference to domestic violence wrote; significant barriers are apparent when working in this area but the increase in awareness has resulted in the development of legislation, policy and practice. The Women’s Movement in Britain during the 1960’s and 1970’s was influenced by radical feminism from USA. The ideology of this was to campaign for equal pay, job opportunities, education, reproductive freedom, childcare, financial and legal independence and end violence against women (Dobash and Dobash, 1992). The acknowledgment of violence in families was over 150 years ago when The Act for Prevention and Punishment of Aggravated Assaults on Women and Children 1853 and the Offences Against the Person Act 1861 (McKie, 2005). The first legal recognition in recent history was given to domestic abuse and the women’s need to escape from violence in their homes with the introduction of The Domestic Violence Act 1976 (Pascall, 1997). Interagency collaboration is essential when working in the area of domestic violence. Working Together provides comprehensive and detailed guidance for professionals (Department for Education and Skills, 2006). To protect the victim of domestic violence the Protection from Harassment Act 1997 is in place which can be used to protect someone from behaviour which causes psychological injury. The Domestic Violence, Crime and Victims Act 2004 extend this power (Brayne and Carr, 2008). The Adoption and Children Act 2002 was amended to include the definition of harm, which now states ‘impairment suffered from seeing or hearing the ill treatment of another’. Those vulnerable because of domestic violence or the threat of violence are given priority for housing according to the Homeless Act 2002 (Alcock, 2008). Chung et al (2001) reported that the government suggested to gp’s to consider routinely screening women for domestic violence to try and increase rates of identification. However, it is only recently that this concept has been implemented in midwifery but has yet to become commonplace in general practice. This is disappointing because more women are seen by gp’s. Also, women may see their doctor about something which may appear unrelated but as Humphreys and Thiara (2003) explain depression, post-traumatic stress disorder and self harm are so prevalent amongst abused women these are referred to as ‘symptoms of abuse’ which could be picked up and acted upon by gp’s. Feminism Dutton (2007) wrote that psychiatry in the early twentieth century had determined that women remain in abusive relationships because the punishment fills an unconscious need in them. Fortunately, this viewpoint was seen as victim blaming by feminists. Feminists all share the same basic philosophy of wanting fairness and equality. There are however several feminist theories such as radical feminism. It was feminists who first highlighted domestic violence and other taboo issues which were previously beyond public scrutiny because it was thought these belonged to the private sphere of the family (Hester and Pearson cited in Trevithick 2005). Research shows there is a link between domestic violence and child abuse. Women with learning disabilities have been found to be vulnerable as are physically disabled women (Humphries cited in Davies, 2008). A very powerful statement by Stacey and Price cited in Pascall (1997) wrote domestic violence is a way men assert power over women. Foucalt (1979) disputes this suggestion because he says power is not used against another and power is not seen as a property or possession. Karl Marx highlighted women’s inequalities and their oppression within society but capitalism was mentioned as being the main reason for this (McAuley, 2003). According to Harris (2005) feminists criticise the media especially the film industry for the film industry for their explicit portrayal of sex and glorifying male violence against women. Similarly, reported allegations of rape are increasing while convictions in the UK decline (McKie, 2005). This knowledge does not instil much confidence in women and in my opinion damages the feminist principles that have taken so long to construct. It must be recognised that only a small number of men are interested in pro-feminist theories and ideas. Ecological theory, social work practice and reflection. The ecological theory in sociology has a direct connection to human interactions. It explores the relationship of the physical environment and human culture (Macionis and Plummer, 2005). Using this theory it attempts to link violence in the family to the broader social environment. As a social worker one must recognise women who are being subjected to domestic violence and need a network of support. These include cultural, formal, informal social family networks, the closer family setting and circumstances and family history. It is important to know the policies and laws pertaining to domestic violence. Also, it is beneficial to have knowledge of safe houses, counselling services and practical support. My personal opinion about domestic violence has not changed over the years. Although, I have recently recognised and accept the relationship between low self esteem and domestic violence. I had a fortunate upbringing and my father always instilled in me the importance of having self respect first and foremost when meeting people. I did have a friend who was subjected to domestic violence but she did not confide in me until her boyfriend had left her for another woman, which I told her was a blessing for her. The thought of someone being violent towards another human being makes me feel sick and I can not comprehend what motivates anyone to abuse another person. Conclusion This assignment has explored domestic violence, poverty, history and politics in relation to poverty. Policies and laws were mentioned which protect those subjected to domestic violence. Feminism was discussed, the ecological theory was briefly applied to domestic violence and an explanation was given to its relevance to social work. Finally, I reflected on my own thoughts and feelings in relation to domestic violence. Having completed this assignment and read widely on the subject of domestic violence I feel this is an emotive area which requires much empathy and support. I believe the most important qualities when working with this issue is to be the victims advocate and empower them on their terms. How to cite Poverty and Domestic Violence, Papers

The Mayans Essay Research Paper Maya were free essay sample

The Mayans Essay, Research Paper Maya were an American Indian People who developed a brilliant civilisation in Central America and south Mexico. The Maya civilisation reached its period of development about A.D.250 and continued to boom for over 600 old ages. The Maya produced singular architecture, picture, clayware, and sculpture. They made great promotions in uranology and mathematics and developed and accurate annual calender. They were one of the first peoples in the Western Hemisphere to develop and advanced signifier of authorship. The Maya lived in an country of about 120,000 square stat mis ( 311,000 square kilometres ) . Today, the district of the Maya is divided among Mexico and several Cardinal American states. It consists of the Mexican provinces of Campeche, Yucatan, and Quintana Roo and portion of the provinces of Tabasco and Chiapas. It besides includes Belize, most of Quatemala, and parts of El Salvador and of Honduras. The bosom of the Maya civilisation was in the tropical rain wood of the Lowlandss of northern Quatemala. We will write a custom essay sample on The Mayans Essay Research Paper Maya were or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Many of the major Maya Cities, such as Piedras Negras, Tikal, and uaxactun, developed in this country. Peoples, Geography and Language The Maya fatherland, called Mesoamerica, span all right countri Es: Mexico, Quatemala, Belize, Honduras, El Salvador. There are now indicants that the people we call the Maya had migrated from North America to the Highlandss of Guatemala possibly as long ago as 2600 B.C. , populating an agriculuture village-based life. The cultural of these Preclassic Maya owes much to the earlier civilisation of the Olmec, which flourished ca 1200 B.C. By the clip Maya civilisation had reached its extremum the authoritative period ( A.D. 200-900 ) the Maya were spread across an about uninterrupted district of approximately 311,000 square kilometres ( 120,000 square stat mis ) . Consisting three general countries: The tropical rain wood of the Lowlandss, stretching from northern Honduras, through the Peten part of Guatemala and into Belize and chiapas, which became the bosom of authoritative Maya civilisation included metropoliss such as Copan, Yaxchilan, Tikal, and Palenque. The Guatemala Highlandss and the Pacific Coast, where Aztecs influenced In the early authoritative period caused some differences in cultural development from the Central or Lowlandss, Maya. The northern Yucatan peninsula, where sites include Habna, Chichen Itza and Uxmal, is characterized by scrub flora, thin dirt, and small surface H2O a

The Impact of the Global Financial Crisis in Bangladesh Essays

The Impact of the Global Financial Crisis in Bangladesh Essays The Impact of the Global Financial Crisis in Bangladesh Essay 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. 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 actions to streng then 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 food prices on the poor Country’s position as a net food importer or exporter HHs are net food sellers or net food buyers The share of food expenditure in total budget Food distribution system Infrastructure Government policies Table: Share of Food expenditure in Total Household Expenditure Country Overall Urban Rural Bangladesh Total expenditure share of food 61. 31 53. 13 63. 39 Total expenditure share of cereals 42. 22 32. 96 44. 58 Table: Share of Food Expenditure in Total Expenditure in South Asian Countries Bangladesh India Nepal Pakistan Sri Lanka Table: Average welfare gain/loss from a 10 percent increase in the price of main staple, by income (expenditure) quintile and land-ownership category Country |Per Capita Expenditure Quintiles | | |1 |2 |3 |4 |5 |All | | Bangladesh | | | | | | | |Landowners | | | | | | | |Non-landowners | | | | | | | | |-1. 22 |-0. 86 |-0. 29 |-0. 06 |0. 15 |-0. 34 | | |-3. 8 |-2. 92 |-2. 36 |-2. 04 |-1. 45 |-2. 60 | | Pakistan | | | | | | | |Landowners | | | | | | | |Non-landowners | | | | | | | | |1. 16 |1. 20 |1. 65 |1. 65 |1. 1 |1. 58 | | |-0. 66 |-0. 63 |-0. 49 |-0. 39 |-0. 15 |-0. 48 | Source: FAO (2008), p. 37 Response to Food crisis 1. Mitigation measures are necessary, but other interventionist policies had the effect of aggrava ting the problems for importing countries. 2. The resort to immediate trade restrictions by India and Pakistan highlighted the fact that SA remains a bastion of anti-liberalism. 3. Countries like SL introduce import restrictions when domestic food conditions are good and liberalize food imports during a crisis. 4. Experience in SA demonstrates that price controls do more harm than good. 5. The anti-liberalization reaction of governments to the food crisis was not a surprise (ex: trade restrictiveness around 46%). 6. Consumer and producer subsidies are not sustainable. 5. Perspectives and Ongoing Interventions 5. 1. Future Outlook and Scenario Although Bangladesh economy has not yet faced a substantial negative impact of the ongoing financial crisis, significant downside risks exist in the coming months. The overall macroeconomic outlook beyond FY2009 is difficult to predict as it is very closely related to the duration and severity of the current global crisis, natural calamities and their consequences on the economy. Available information indicates that external sectors comprising international trade, remittances, foreign aid and FDI are being affected by the ongoing global economic meltdown. Given the overall stake of total trade and remittances as a ratio of GDP (around 53 percent), the Bangladesh economy is likely to slowdown to less than 6 percent growth in FY200910. As warned by the IMF, activity is expected to expand only weakly in 2009 before recovering gradually in 2010 leaving no chance for Bangladesh economy to gain momentum before 2010. In the backdrop of the deceleration of export growth and the inflow of remittances, the current account as well as the overall balance is likely to deteriorate further from the current surplus position. This pattern is likely to lead to further depletion of foreign reserves. The contraction of foreign reserves will further depreciate the exchange rate of the Taka against major currencies. Domestic currency depreciation could lead to some losses of real income and purchasing power through inflation driven by imported goods. The fall in exports and remittances may have resulted in about 0. 3 million job losses in the last 6 months. There are around 3. 0 million people working in more than 5 thousands factories in the RMG sector alone. According to a preliminary estimate, around 20-30 percent of the factories do not have any direct foreign buyers. They just survive by executing sub-contracts of factories who have directs orders from the foreign buyers. As the direct orders for these factories from foreign buyers are drying up, the survival of the sub-contracting factories are in real danger. The current trend shows that the flow of sub-contract is likely to stop due to the global economic downturn. In this context, workers of the sub-contracting firms will lose their jobs immediately as witnessed already. From the above analysis, the most frequently reported estimate of job losses is 10 percent. Assuming the most likely scenario of job losses in the last six months is a 10 percent job losses, say in the RMG sector alone, around 0. million new unemployed people have likely been released in the Bangladesh economy. With an average of 1. 38 income earner per household of 5 in 2009, and 0. 3 million new unemployed workers, around 1. 09 million people (i. e. 3. 62*0. 30 million), are likely to lose their livelihood, with subsequent risks on access to health care, food intake, education, debt and access to other vital services11. The worst case scenario of 20. percent job losses as implied by FGDs would double the number of people whose livelihoods are endangered (i. e. 2. 18 million)12. Based on the most frequent estimate reported by FGDs, the optimistic scenario of 5 percent job losses over the last 6 months is unlikely. Expected increase of government spending (in the short term) in terms of rescue package including tax break, cash subsidies and food rationing programs to safeguard the external sector and socially vulnerable people, could lead to monetary financing of increased fiscal deficits beyond the fiscal deficit target of 4. 99 percent of the GDP. No inflationary pressure is foreseen in the short run because of the substantial decrease of the import bill in the aftermath of fuel and food price decreases. However inflation will be contained if and only if government spending does not exceed monetary targets. Provisional data show that the growth in tax revenue fell short of its target while expenditure showed high growth resulting in governments bank borrowing above the central banks monetary program target. This pattern is likely to affect negatively private investment through crowding out effect and inflation through seignoriage13. This may generate some pressure on the overall fiscal deficit by the end of the current fiscal year (June 2009), beyond the target of 4. 99 percent of GDP 5. 2. Ongoing Interventions of the Government The Government of Bangladesh maintains an extensive social safety net system designed to address mainly transient food insecurity, stemming from shocks and setbacks. The Public Food Distribution System (PFDS) is the Government’s main mechanism for addressing household level food access shortfalls. Public food stocks are maintained and used for both ongoing food-based development programmes and for emergency purposes during periods of acute or transitory food insecurity. Although the PFDS has numerous programmes or channels through which food assistance is provided; the bulk of assistance, which covers more than 30 million people, is provided via the following eight channels: ?OMS/Open Market Sales ?VGD/Vulnerable Group Development ?VGF/Vulnerable Group Feeding ?FFW/Food for Work ?TR/Test Relief ?GR/Gratuitous Relief ?Food Assistance for CHT Area. ?Cash for Work. In order to safeguard the income losses due to the global financial crisis, a decision has been made in March 2009 to scale up and extend the open market sale (OMS) program. The OMS is expected to provide subsidized rice to all workers in the RMG sector. This program is currently under review by the government. At the macro-economic level, the government of Bangladesh is closely monitoring the day-to-day developments in the major economic indicators. In view of improving the interactions between the business community and the government, a public-private business forum titled Bangladesh Better Business Forum (BBBF) was formed in November 2007. In March 2009, a broad-based national committee (27-member taskforce) was formed to follow the developments related to the ongoing economic crisis and suggest measures to address the adverse impacts on Bangladesh economy. In view of safeguarding Bangladeshs key exports such as readymade garments, jute, leather, and frozen foods, a stimulus/rescue package including some form of incentives through tax break, rate cut and cash subsidy are under active consideration. Besides, in order to protect the loss of future remittance flows, the government of Bangladesh is taking various steps such as facilitating faster and easy transfer of remittances through official channels, finding new labor export markets, and negotiating with migrant workers’ host countries to preserve jobs. On the other hand, the central bank of Bangladesh recently (March 11, 2009) reduced the repo rates by 25 basis points to 8. 5 percent to ease the lending capacity of the commercial banks. Besides, it has been decided to cap lending rate of all types of loans except credit card and consumer loans at 13 percent to offset the fallout of global meltdown. This rate cut is expected to boost credit to the productive and employment intensive sectors. In view of the losses incurred by importers as a result of the fall in global commodity prices (e. g. wheat, edible oil and pulses) and the difficulties faced by importers in honoring fresh letters of credit (LCs), the central bank has relaxed the conditions for opening fresh LCs from the existing 90 days time to 150 days. The central bank has also set up a Forex Investment Committee to monitor and manage the currency composition of foreign exchange reserves. The central bank withdrew about 90 percent of its total investment from international banks which were perceived to be at risk 6. Conclusions and Recommendations The importance of nonfarm and farm employment, including casual labor, in rural and urban areas alike, underscores the need for rapid job creation in services, manufacturing and agriculture sectors to mitigate the adverse implications of the ongoing global financial crisis. Although it is too early to have a thorough insight on the extent of the impact on household livelihoods and food security, the urgent need to take policy initiatives and actions to address the emerging challenges is justified by the fact that the impacts of the global food crisis are compounding the livelihood and food security situation of households most affected by the global food crisis, namely agriculture and non agriculture wage labor and casual laborers. In addition to the efforts being made by the government to mitigate the negative impacts on economic activities, mitigating actions could consider the following: Expand and accelerate social protection programs (e. g. nutrition and education) targeting better households most affected both by the food and financial crises such as female-headed households, agriculture and non-agriculture wage earners and casual laborers. Specific targeting of female-headed households reliant on remittances should be considered in specific areas such as in Sylhet division. Accelerate the implementation of the Annual Development Plan (ADP) in investing more in labor intensive income generating activities (e. g. asic infrastructure, water supply, sanitation, rural roads and electricity) to mitigate the impacts of job losses in economic sectors and the downturn of the export of migrants. Accelerate investment to increase productivity in the agriculture sector to face the lack of arable land and counter production disincentives that are likely to occur with the decrease of agricultural commodity prices as a result of the global economic downturn. Promoting continued productivity growth in agriculture is expected to improve agricultural wages to absorb migrant returnees and less-skilled domestic workers who have lost their jobs in the face of the financial crisis. Diversification into higher value added crops, use of new seed varieties, and technology are crucial in this respect (World Bank, 2008). At the household level, endowment in productive assets – both physical as well as financial (microcredit) capital could be considered as a means to help job losers and returned migrants to set up small businesses and cultivate land. There is a momentum for quality investment in migrant workers to reduce the predominance of less skilled migrant workers. While exploring new destinations for migrant workers, there is a general sense in the country that further effort is required to strengthen the skills of candidates for migration. This is seen as a means to increase the likelihood of protecting jobs abroad and entering a new era of quality migration in the aftermath of the global financial crisis. Monitor both macro-economic indicators and household food security and nutrition for early actions. At macro-level, the broad-based national committee (27-member taskforce) formed by the government is expected to follow the developments related to the ongoing economic crisis and suggest measures to address the adverse impacts on Bangladesh economy. To monitor the evolution of the macro-economic and sectoral performance, key signal indicators such as non-performing loans (NPLs), letter of credit opening (LC), utilization declarations (UDs), general inflation (food and non-food), exchange rate fluctuations, etc. should be carefully monitored. To see whether the slowdown of macro-economic indicators is affecting household food security and livelihoods, the macro-level monitoring should establish the implications for households, including fiscal implications for social safety programs. The micro-level monitoring could benefit from establishing the linkages between the macro-level and micro- level monitoring, by building on existing systems that monitor remittances, out-migration flows, flows of returnees, less-skilled wage rates in nonfarm and farm activities, staple food, cash and livestock prices, nutrition indicators, etc. In this context, a joint follow-up assessment could be envisaged in the second half of 2009 together with the government and others interested partners (e. g. FAO) to evaluate the magnitude of the impact of the global financial crisis on household food security and livelihoods, assuming the crisis will persist.

The Crimes of Scorecard Killer Randy Kraft

The Crimes of Scorecard Killer Randy Kraft Randolph Kraft, also known as the Scorecard Killer, the Southern California Strangler, and the Freeway Killer, is a  serial rapist, torturer, and killer who was convicted for the mutilation and deaths of at least 16 young males from 1972 through 1983 throughout  California, Oregon, and  Michigan. A cryptic list found at the time of his arrest linking him to 40 additional unsolved murders became known as Krafts Scorecard. Early Life Born on March 19, 1945, in Long Beach, California, Randolph Kraft was the youngest child and only son of four children born to Opal and Harold Kraft. As the baby of the family and the only boy, Kraft was showered with attention from his mother and sisters. However, Krafts father was distant, preferring to spend most of his non-working time with his mother and sister. Krafts childhood was mostly unremarkable. He was, however, prone to accidents. At the age of 1, he fell from a couch and broke his collarbone. A year later, he was knocked unconscious after falling down a flight of stairs but a trip to the hospital determined that there was no permanent damage. Krafts family moved to Midway City in Orange County, California when he was 3. His parents purchased a former Womens Army Corps dormitory located in a commercial zone within 10 miles of the  Pacific Ocean and converted the structure into a three-bedroom home. Although the house was modest, both parents worked to pay the bills. Early Education At the age of 5, Kraft was enrolled in the Midway City Elementary school. Although a working mother, Opal was was a member of the PTA, baked cookies for Cub Scout meetings, and was active at church, making certain that her children received Bible lessons. Kraft excelled at school where he was recognized as an above-average student. In junior high school, he was placed in the advanced curriculum program and continued to maintain excellent grades. It was during these years that his interest in conservative politics grew and he proudly declared himself a diehard Republican. By the time Kraft entered high school, he was the only child still living at home. His sisters had married and moved into homes of their own. Since both his parents worked and were not often around, Kraft was fairly independent. He had his own room, his own car, and money he earned working part-time jobs. Kraft seemed like a typical fun-loving kid. While he was academically gifted, Kraft got along well with his peers. He played the saxophone in the school band, enjoyed tennis, and was a founder and participant in a student club focused on conservative politics. Kraft graduated high school at the age of 18, ranking 10th in his class of 390 students. College Years and Homosexual Awakening During his final year of high school and unbeknownst to his family, Kraft began cruising gay bars. After graduating, Kraft enrolled at Claremont Mens College on a full scholarship where he majored in economics. His interest in conservative politics continued, and he often attended  pro-Vietnam war  demonstrations. Kraft joined the Reserve Officers Training Corps, and in 1964, was a staunch supporter of Republican presidential candidate Barry Goldwater. During his sophomore year of college, Kraft became involved in his first openly homosexual relationship. He also changed his political affiliation from conservative to left-wing liberal. (He would later explain his years as a conservative as merely an effort to be like his parents.) Although Krafts homosexuality was not a secret at Claremont, his family was still unaware of his orientation. In an effort to clue his parents in, Kraft often brought homosexual friends home to meet his family. Remarkably, they failed to make the connection and remained unaware of Krafts sexual preferences. While still in school, Kraft took a part-time job as a bartender at The Mug, a popular gay bar located in Garden Grove. During this time, Krafts sexual appetites flourished. He began cruising for male prostitutes at known pickup spots around Huntington Beach. In 1963, he was arrested after propositioning an undercover police officer but the charges were dropped because Kraft had no previous arrest record. Change in Lifestyle In 1967, Kraft adopted more of a hippie look. He let his hair grow long and started sporting a mustache. He also became a registered  Democrat and worked on the Robert Kennedy campaign. It was at about this time that Kraft also began suffering from recurring headaches and stomach pain. His family doctor prescribed tranquilizers and pain medicine- which he often mixed with beer. Between his bartending job, his own drinking and drugging, his sexual experimentation, and heavy political campaigning efforts, Krafts interest in academia declined. In his final college year, rather than studying, he spent his time getting high, gambling, and hustling. As a result, he didnt graduate on time. It took him eight additional months to earn a Bachelor of Arts in economics, which he received in February 1968. U.S. Air Force and Coming Out In June 1968, after scoring high marks on the Air Force aptitude tests, Kraft enlisted in the U.S. Air Force. He threw himself into his work and quickly advanced to the rank of Airman First Class. It was at this time that Kraft finally decided to come out to his family. His ultra-conservative father flew into a rage. While she did not approve of her sons lifestyle,  Krafts mother continued to show love and support for him. His family eventually came to terms with the news, however, the relationship between Kraft and his parents was never the same. On July 26, 1969, Kraft received a general discharge from the Air Force on medical grounds. He later claimed the discharge came after he told his superiors that he was gay. Kraft briefly moved back home and took a job as a forklift operator and also worked part-time as a bartender- but not for long. Relationships with Jeff Graves and Jeff Seelig In 1971, after deciding to become a teacher, Kraft enrolled at Long Beach State University. While there, he met fellow student Jeff Graves. Kraft moved in with Graves and they stayed together until the end of 1975. It was Graves who introduced Kraft to bondage, drug-enhanced sex, and threesomes. The open relationship between Kraft and Graves grew more volatile as time went on. They frequently argued. Kraft had grown less interested in cruising for one-night stands and was looking to settle down into a monogamous relationship. Graves wanted just the opposite. Kraft met Jeff Seelig at a party in 1976, about a year after he and Graves split up. At 19, Seeling, who worked as an apprentice baker, was 10 years younger than Kraft. Kraft took on the mantle of a mentor in the relationship. He introduced Seelig to the gay bar scene and taught him about cruising a nearby U.S. Marine base for partners to engage in threesomes. Kraft and Seelig advanced in their careers. Eventually, the couple decided to purchase a small home in Long Beach but after Kraft landed a computer job with Lear Siegler Industries, he began spending a lot of time away from home on business trips to Oregon and Michigan. Tensions between the pair grew. The age gap, as well as the disparity in their educational backgrounds, and general personalities differences began to take their toll. The couple split up in 1982. The Tip of the Iceberg: Krafts First Murder Charge On May 14, 1983, two California highway patrol officers spotted a car weaving down the road. The driver was Kraft. The officers signaled for him to pull over but he continued driving for a short distance before coming to a stop. When Kraft finally pulled over, he quickly emerged from the car and walked toward the patrolmen. He smelled of alcohol and his fly was open. After failing a standard field sobriety test, the patrolmen went to take a look at Krafts car, where they found a young man, his pants pulled down and barefoot, slumped over in the passenger seat. The victims genitals were exposed, his neck showed signs of strangulation marks, and his wrists were bound. After a brief examination, it was determined the young man was dead. The victim was identified as a Marine stationed at the El Toro Marine Airbase, 25-year-old Terry Gambrel. Gambrels friends later reported that the young Marine had been hitchhiking to a party on the night he was murdered. His autopsy revealed hed been killed by ligature strangulation, and also indicated that his blood contained excessively high levels of alcohol and tranquilizers. The Scorecard and Other Key Evidence During the search of Krafts vehicle, patrolman found 47 Polaroid photos of young men, all nude, and all appearing to be unconscious- or possibly dead. The photographs were likely viewed by Kraft as trophies he could use to revisit the murders. Perhaps even more alarming was evidence found inside a briefcase taken from the trunk of Krafts car that contained a list of 61 cryptic messages. Investigators came to believe the messages- later dubbed Krafts infamous scorecard- formed a list of Krafts murder victims. Further evidence gathered at Krafts apartment- including clothing owned by victims, fibers from a rug matching fibers found at murder scenes, and Krafts fingerprints were later linked to various unsolved murders. Police also found pictures next to Krafts bed matching three cold-case murder victims. Krafts Modus Operandi All of Krafts known victims were  Caucasian males with similar physical characteristics. Some were gay, some were straight. All were tortured and murdered but the severity of torture varied by degree from victim to victim. Most were drugged and bound; several were mutilated, emasculated, sodomized, and photographed postmortem. The severity of the violence his victims endured seemed to correspond with how Kraft and his lover were getting along at the time of the incident. When Kraft and his lover were on the outs, the victims would often pay the price. Investigators learned that Kraft often traveled to Oregon and Michigan while employed at an aerospace firm from June 1980 through January 1983. Unsolved murders in both areas coincided with the dates that Kraft was there. This, along with decoding some of Krafts cryptic scorecard messages, added to the growing list of Krafts victims. Possible Accomplice Some of the investigators working the case believed Kraft must have had an accomplice. As damning as the evidence was, they couldnt ignore the fact that many of the victims had been pushed out of a car traveling at about 50 miles an hour- a feat that would be next to impossible to do achieve alone. Jeff Graves became the  main person of interest. He and Kraft had lived together during the time that 16 of the known murders took place. Graves backed up Krafts statement to police about his whereabouts on March 30, 1975, the night that 19-year-old Keith Daven Crotwell disappeared. Crotwell and his friend Kent May had gone on a drive with Kraft that evening. Kraft supplied both the teens with drugs and alcohol. Kent passed out in the back seat. Kraft pushed Kent out of the car. Crotwell was never seen alive again. Witnesses who saw May being thrown from the car helped police track Kraft down. When questioned, Kraft maintained that  he and Crotwell went for a drive and that the car had gotten stuck in the mud. He said he called Graves to come help but Graves was 45 minutes away so he decided to walk and  find help. When he returned to the car, Crotwell was gone. Graves corroborated  Krafts story. After Krafts arrest for murder, Graves, then in the advanced stages of AIDS, was questioned again. He told investigators, Im really not going to pay for it, you know. Graves succumbed to his illness before revealing anything incriminating. The Trial Kraft was initially arrested and charged with the murder of Terry Gambrel but as forensic evidence linking Kraft to other murders piled up, additional charges were filed. By the time Kraft went to trial, he was charged with 16 murders, nine counts of sexual mutilation, and three counts of sodomy. Kraft went to trial on September 26, 1988, in what turned out to be one of the longest and most costly trials in the history of Orange County. After 11 days, a jury found him guilty and he was given the death sentence. During the penalty phase of the trial, the state called Krafts first known victim, Joseph Francher to  testify  about the abuse hed suffered at Krafts hands when he was just 13, and how it had impacted his life. Kraft is currently  on death row in San Quentin. In 2000, the California Supreme Court upheld his death sentence.

Christian Democracy Essay Example | Topics and Well Written Essays - 1500 words

Christian Democracy - Essay Example We combine the principle of centralization and that of popular sovereignty. Christian Democracy had, for all intents and purposes, begun with the immediate pre-war period. Thus, unlike political movements like socialism, or even liberalism, Christian Democracy became an important political force before it had matured ideologically. As a result, the development of its ideology was inhibited by the pressures of political responsibility. The Italian Christian Democratic Party, for example, was founded in 1943 and came to power in 1948. It was never able to develop its autonomous self separately from a close and intimate relationship with the state. The Christian Democratic phenomenon raises several puzzles: the contradiction between these parties' religious roots and their enduring success in the heart of one of the most secular social environments in the world, western Europe; the success of religion in structuring impressively successful political parties at a time of general secularization and decline of the institutional power of the church; the translation of religion, a supposedly premodern cleavage, into mass parties, the modern political weapon par excellence; the emergence of confessional parties in some countries but not in others; the domination (and often monopolization) of the bourgeois political space by confessional parties; the integration into... Solving these puzzles requires a theory of Christian Democracy. Such a theory should specify the conditions under which parties that appeal to voters on religious grounds form and succeed; account for the failure of such parties to emerge in seemingly favourable environments; and determine the impact of confessional parties on the politics of the societies in which they operate and the ways in which they shape the relationship of religion and politics. (Stathis, p.2) European Scenario One of the initial problems that European Christian Democratic leaders had to overcome was the traditional reluctance of many devout Catholics to get involved in politics. After the unification of Italy by a liberal, anticlerical movement in 1870, the popes exhorted their followers to stay aloof from politics. At the time of the virulently anti-Catholic phase of the French Revolution, many French Catholics adopted similar positions of separation and intransigence. Both the French Revolution and the Italian unification were accompanied by substantial increases in state power. This meant significantly less respect for traditional ecclesiastical prerogatives. The Church and many faithful Catholics reacted to this state usurpation by attempting to withdraw from the political system and withholding their cooperation. This attitude split the Catholic faithful, with some believers maintaining that they ought to participate in politics, even under a liberal, anticlerical state, to "Christianize" the political process. (Einaudi, 187-90) By the beginning of the twentieth century, the official Church position toward the liberal state had softened somewhat. In 1891, Pope Leo

The way and need to improve upon treasury department in islamic banks Essay

The way and need to improve upon treasury department in islamic banks - Essay Example If we comprehend both definitions into fewer words, a bank may be called a financial institution which deals in money. ISLAMIC BANKS: Islam has laid down certain principles and rules in every aspect of human life. These principles have had a great impact on the living standards and behaviors of Muslims all over the world. This also distinguishes the life style of Muslims from other nations. Islam has also laid down certain rules and regulations for the management and performance of financial activities in the society. They may be, to some extent, repugnant to the financial standards generally observed all over the world. ‘Islamic Banking is defined as a banking business the objectives and functions of which do not involve and include any element repugnant to the teachings of Islam’ (Interpretation). The rules framed for Shariah banking are strictly in accordance with the teachings of Holy Quran and Sunnah of Prophet (Peace Be upon Him). These banking rules sometimes affi rm the rules of modern banking system while on the other times they contradict these rules. One of the main guideline given by Islamic banking system is the prohibition of ‘Interest’ or ‘Ribah’. ... However, Islam does not prohibit trading or other businesses conducted for the purpose of making. Moreover, investment in any such business is also permitted by Islam. So, one of the main aspect of Islamic banking system emerges from these guidelines. Islamic banks do not generate profits by way of charging interest on the loans given to its customers. The main source of income for them is the investment in the business. These businesses use these investments for achieving their goals and making profits. The bank is a stakeholder of such businesses and thus has a share in the profits of these businesses. These profits are then divided by the bank among the depositors. The main feature of the Islamic banking system is the compliance with the rules and regulations of Shariah. However, the interpretation of Shariah may be different in different parts of the world. However, this problem is overcome by constituting a body called Shariah Supervisory Board. The body consists of Ulemah who a re well-versed in Islamic law and may make recommendations to the banks for compliance with Shariah rules. The board also defines the status of products and transactions in the eye of Islamic law. The sources of funds for a bank working in compliance with Shariah are more or less same as that of other banks. The main source of funding is the amount deposited by the depositors and the customers of the bank. The deposits can have any of the following forms; demand deposit, time deposit or saving deposit. Another major source of funding is the paid-up capital of the bank. Such capital is paid by the shareholders or in other words owners of the banks. Bank reserves and retained earnings are also a major category of the bank’s funds. According to S.Mishkin, 70% of the total bank funds