India is the most preferential Country for Investment - Free Essay Example

Sample details Pages: 17 Words: 5229 Downloads: 1 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? INTRODUCTION India is today one of the most preferential country for investment in the world, whereas ranked as the third place among the world for FDI destination after China and USA. In 2003, India ranked sixth on the list. According to Goldman Sachs Global economic paper of October 2003 Dreaming with BRICS: the future predictions that over next 50 years Brazil, Russia, India and China could become a much larger force in the world economy. Now India is favoured place unlike China in the past. Initially several steps have taken to facilitate increased FDI inflows. LITERATURE REVIEW The literature review has the aim to give an insight in the theoretical framework which is the basis of this research. In the first part the FDI concept will be described in general. Second part will be in detail about economic growth of India. Third part is based on FDI role in Indian economic growth. At last the discussions about Does FDI stimulating economic growth of India Foreign direct investment (FDI) is meant as investment that is made to acquire a lasting management interest in an enterprise operating in a host country other than that of the investor, the investors purpose being an effective role in the organization. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments (World Bank, Global Development Finance 2002) Foreign direct investment reflects the objective of obtaining a lasting interest by a resident in an economy other than that of the inventor. The lasting interest impl ies the existence of long term relationship between the direct investor and the enterprise and significance degree of influence of the management of the enterprise. Direct investment involves both the initial transaction between the two entries and all subsequent capital transaction between them and among affiliated enterprises both incorporation. [RE: IMF balance of payment manual, 5th edition, 1993.] FDI plays an extra ordinary and growing rate in global business. It can provide a firm with new market and marketing channels, cheaper production facilities, access to new technology, products, skills and financing. The host country or the foreign firms which receives the investment, it can provide a source of new technology, capital, processes, product, organization technologies and management skills, and such can provide a strong impact to the economies development. FDI can be classically defined as A company from one country making a physical investment into building a factory i n another country. Direct investment is buildings machinery and equipments are in contrast with making a portfolio investment, which is considered an investment, which is considered an indirect investment. [RE: Jeffrey P. Graham and P.Barey.] In 1990s global flow of foreign direct investment increase some sevenfold sparing economist to explore FDI from a micron or trade to analyze the microeconomics of FDI. Treating, FDI as a unique form of international capital flow between two countries. By examine the determinants of the aggregate flows of FDI at the bilateral, source host country level. Drawing an a wealth of fresh data, they provide new theoretical models and empirical technique that illuminate the vital country pair characteristics that drive these flows unique, foreign direct investment examines, FDI between developed and developing countries, and are not just between developed countries. Among many others insight [RE: Foreign direct investment, Assaf Razin and Efraim Sadk a.] When I thought to identify how foreign direct investment can make a contribution to develop significantly more powerful and more varied than conventional measurements indicate. The bad news reveals that foreign direct investments can also distort host economies and polities with consequences substantially more adverse than critics and cynics have imaged. This principle controversies and debate about FDI in manufacturing and debates about FDI in manufacturing and assembly, extractive industries and infrastructure and analysis it also identifies how developing and developed countries, multilateral lending agencies and civil society can work in concert to harness foreign direct investment to promote the growth and welfare of developing countries. [RE: Theodore H. Moran, centre for global development, 2006.] FDI is a component of a countrys national financial accounts, Foreign direct investment is investment of foreign assets into domestic structures, equipment and organizatio n. It does not include foreign investment into the stock markets (Mike Moffat). The International Monetary Fund(IMF) defines foreign direct investment can be defined in two ways- Don’t waste time! Our writers will create an original "India is the most preferential Country for Investment" essay for you Create order The lasting interest implies the existence of a long term relationship between direct investor and direct investment enterprise, The direct investment implies the acquisition of at least 10 percent of the ordinary shares or voting power of an enterprise abroad. Foreign Direct Investor refers to an individual, an incorporated or unincorporated public or private enterprise, a government, a group of related individuals, or a group of related incorporated and or unincorporated enterprises which has a direct investment enterprise that is, a subsidiary, associate or branch-operating in a country other than the country or countries of residence of the foreign direct investors or investors.(OCED,1996) There are few common misconception (IMF,2003) FDI does not necessarily imply control of the enterprise since only 10 percent ownership is required to establish a direct investment FDI involves only one investor or a related group of investors. FDI is not based on nationality or citizenship of direct investors; it is based on investors residency. Lending from unrelated parties abroad that are guaranteed by direct investors is not FDI. FDI is thought to be more useful to a country than investment in the equity of its companies because equity investment are potentially hot money which can leave at the first sign of trouble, whereas foreign direct investment is durable and generally useful whether things go well or badly. Foreign direct investment reflects the objective of obtaining a lasting interest by a resident entity in one economy (Direct investor) in an entity that resident in an economy other than that of the investor (direct investment enterprise).The lasting interest implies the existence of a long term relationship between the direct investor and the enterprise and a significant degree of influence on the management of the enterprise. Foreign Direct investment involves both the initial transaction between the two entities and all subsequent capital transaction between them and among affiliated enterprises, both incorporated and un incorporated (OECD Benchmark(1996). According to Borensztein al,(1998) FDI as an important part to the transfer of technological contribution to growth is higher when compare to domestic investment. Findlay(1978) postulates that FDI increase the rate of technical progress in the host country through a undesirable effects from the more advanced technology, management practices ..etc used by foreign firms Athreye and Kapur (2001) have emphasized that since the contribution of FDI to Domestic capital formation is quite small, growth-led FDI is more likely than FDI-led growth. This is so as increased economic activity expands the market size, offering greater opportunities for foreign investment to reap economics of scale in a large market economy like India. FDI is thought to bring certain benefits to national economics. Basically FDI invested in two categories: Greenfield investment to build new capacity, acquisition of assets of existing local firms commonly referred as mergers and acquisitions. This benefit more to countrys growth by in creasing productivity through new production facilities or MA should be based on assumption that the new owners and management expect to operate the company more efficiently than previous management. Country growth condition will be pointed out through investigation as a major factor in determining to what extent FDI helps productivity spillovers, not just by increasing the production of companies and the economy as a whole. This conditions should helpful to all ways which include human capital( work force well educated and trained), effective organization and positive business climate for eg: financial markets, political stability, and efficiency of government services. These things grouped under the heading of absorptive capacity vary substantially across all regions and countries. Attracting FDI is important for the any country economic growth. However its based on implicit assumption that inflows of FDI will bring certain benefits to countrys growth. They are following whi ch related to FDI success and failures, STIMULATION OF NATIONAL ECONOMY FDI is thought to bring certain benefits to national economies. It can contribute to Gross Domestic Product (GDP), Gross Fixed Capital Formation (total investment in a host economy) and balance of payments. There have been empirical studies indicating a positive link between higher GDP and FDI inflows (OECD a.), however the link does not hold for all regions, e.g. over the last ten years FDI has increased in Central Europe whilst GDP has dropped. FDI can also contribute toward debt servicing repayments, stimulate export markets and produce foreign exchange revenue. Subsidiaries of Trans-National Corporations (TNCs), which bring the vast portion of FDI, are estimated to produce around a third of total global exports. However, levels of FDI do not necessarily give any indication of the domestic gain (UNCTAD 1999). Corporate strategies e.g. protective tariffs and transfer pricing can reduce the level of corporate tax received by host governments. Also, importation of intermediate good s, management fees, royalties, profit repatriation, capital flight and interest repayments on loans can limit the economic gain to host economy. Therefore the impact of FDI will largely depend on the conditions of the host economy, e.g. the level of domestic investment/savings, the mode of entry (merger acquisitions or Greenfield (new) investments) and the sector involved, as well as a countrys ability to regulate foreign investment (UNCTAD 1999). STABILITY OF FDI FDI inflows can be less affected by change in national exchange rates as compared to other private sources (portfolio investments or loans). This is partly because currency devaluation means a drop in the relative cost of production and assets (capital, goods and services) for foreign companies and thereby increases the relative attraction of a host country. FDI can stimulate product diversification through investments into new businesses, so reducing market reliance on a limited number of sectors/products (UNCTAD 1999). However, if international flows of trade and investment fall globally and for lengthy periods, then stability is less certain. New inflows of FDI are especially affected by these global trends, because it is harder for a foreign company to de-invest or reverse from foreign affiliates as compared to portfolio investment. Companies are therefore more likely to be careful to ensure they will accrue benefits before making any new investments. Examples of regional st ability are mixed, whilst FDI growth continued in some Asian countries e.g. Korea and Thailand, during the 1996/97 crisis, it fell in others e.g. Indonesia. During Latin Americas financial crisis in the 80s many Latin American countries experienced a sharp fall in FDI (UNGA 1999), suggesting that investment sensitivity varies according to a countrys particular circumstances. SOCIAL DEVELOPMENT FDI, where it generates and expands businesses, can help stimulate employment, raise wages and replace declining market sectors. However, the benefits may only be felt by small portion of the population, e.g. where employment and training is given to more educated, typically wealthy elites or there is an urban emphasis, wage differentials (or dual economies) between income groups will be exacerbated (OECD a). Cultural and social impacts may occur with investment directed at non-traditional goods. For example, if financial resources are diverted away from food and subsistence production towards more sophisticated products and encouraging a culture of consumerism can also have negative environmental impacts. Within local economies, small scale and rural businesses of FDI host countries there is less capacity to attract foreign investment and bank credit/loans, and as a result certain domestic businesses may either be forced out of business or to use more informal sources of finance ( ECOSOC 2000). INFRASTRUCTURE DEVELOPMENT AND TECHNOLOGY TRANSFER Parent companies can support their foreign subsidiaries by ensuring adequate human resources and infrastructure are in place. In particular Greenfield investments into new business sectors can stimulate new infrastructure development and technologies to host economies. These developments can also result in social and environmental benefits, but only where they spill over into host communities and businesses (ECOSOC 2000). Investment in research development (RD) from parent companies can stimulate innovation in production and processing techniques in the host country. However, this assumes that in-house investment (in RD, production, management, personnel training) will result in improvements. Foreign technology/organizational techniques may actually be inappropriate to local needs, capital intensive and have a negative effect on local competitors, especially smaller business that are less able to make equivalent adoptions. Similarly external changes in suppliers, customers and other competing firms are not necessarily an improvement on the original domestic-based approaches (UNCTAD 1999). CROWDING IN OR CROWDING OUT Crowding in occurs where FDI companies can stimulate growth increase and decrease in domestic business within the economy. Whereas Crowding out is structure where parent companies dominate local markets, stifling local competition and entrepreneurship. This is reason for policy chilling or regulatory arbitrage where government regulations, such as labour and environmental standards, are kept artificially low to attract foreign investors, this is because lower standards can reduce the short term operative costs for businesses in that country. Exclusive production concessions and preferential treatment to TNCs by host governments can both restrict other foreign investors and encourage oligopolistic (quasi-monopoly) market structure (ECOSOC 2000, UNCTAD 1999). Empirical data for these scenarios is variable, but crowding out is thought to be more common in specific sectors. For example, in industries where demand or supply for a product or service is highly price elastic (market sen sitive) and capital intensive. Hence regulation brings additional costs of compliance and is therefore much more likely to influence a companys decision to invest in that country (OECD b). SCALE AND PACE OF INVESTMENT. It may be difficult for some governments, particularly low income countries, to regulate and absorb rapid and large FDI inflows, with regard to regulating the negative impacts of large-scale production growth on social and environment factors (WWF 1999). Also a high proportion of FDI inflows in developing economies are commonly aimed at primary sectors, such as petroleum, mining, agriculture, paper-production, chemicals and utilities. Primary sectors are typically capital and resource intensive, with a greater threshold in economies of scale and therefore slower to produce positive economic spill over effects (OECD a). Thus, in the short term, low income economies will have less capacity to mitigate environmental damages or take protective measures, imposing greater remediation costs in the long term, as well as potentially irreversible environmental losses (WWF 1999, OECD b). IS IT FDI SUSTAINABLE GROWTH? If FDI is to take a greater role in building developing country economies, further assessment of the factors which influence and are influenced by FDI flows is necessary. Foreign companies are thought to be attracted to recipient countries for a whole range of factors, e.g. political stability, market potential accessibility, repatriation of profits, infrastructure, and ease of currency conversion. Privatization and deregulation of markets are seen as central means to attract FDI, however this can leave the poorest or most indebted countries open to destabilizing market speculation (ECOSOC 2000). National legislation can support better investment security for local markets, fair competition and corporate responsibility through defining equitable, secure, non-discriminatory, transparent investment practices (WSSD 1995, Habitat II 1996). Whilst there is concern that increased regulation could deter new foreign investors, there is evidence, such as in Eastern Europe, that tighter reg ulation of corporate, environmental and labour standards has not affected FDI growth (ECOSOC 2000). Where low income and developing economies are successful in attracting FDI, they require considerable support to ensure that they can adapt to rapid and large inflows of FDI, and that these flows positively benefit domestic economic stability (WSSD 1995). This means developing strategies which encourage greater and longer term domestic investment and saving, as well as higher returns on investment capital. The development of an international multilateral rule-based trading and investment system has been advocated widely. However, whilst the abandoned Multilateral Agreement on Investment would have provided greater rights for companies and investors, it gave limited support for the social, economic and environmental concerns of host countries. Furthermore, regulation of investment is only as effective as a countrys ability to enforce it. The cost of implementation may be prohibitive fo r many countries, hence bilateral and multilateral support, along side multi-stakeholder participation, is vital for the formulation of such agreements (ECOSOC 2000, Habitat II 1996). SOCIALLY RESPONSIBLE INVESTMENT Ethical and socially responsible FDI can be encouraged through national, bilateral and international investment guidelines and regulation e.g. consumer rights, information provision, commercial probity, labour standards and corporate culture (UNCTAD 1999). Several institutions have developed or are currently working on responsible practice. The ILO has 180 conventions referring to social responsibility and it also has more specific Tripartite Declaration of Principles (1977), concerning TNCs and social policy2. UNCTAD has developed a Code of Restrictive Business Practices. Eradication of poverty and reduction of gender inequality, where women make up nearly 70% of the worlds poorest, should be prioritized. Whilst governments may seek FDI for labour intensive sectors, those sectors which require greater skills are likely to require investment in domestic training and education. Access to FDI for poorer communities and small to medium enterprises can be promoted by fostering credit/l oans and capacity building programs to improve their bargaining power (WCW 1995, WSSD 1995). Intellectual property right agreements between host countries and foreign investors can also be strengthened to ensure domestic technology transfer and skills development are better incorporated (UNCTAD 1999). SENVIRONMENTAL PROTECTION Greater efforts need to be made to assess the linkages between environmental impacts and FDI, although it may be difficult to isolate FDI impacts from other activities. Authorities and businesses can apply Environmental Management Systems (EMS) to assess the potential impacts of FDI ventures, e.g. ISO 4001 which details techniques such as Life-Cycle-Analysis, Environmental Impact Assessments (EIA) and Environmental Audits. These all require investment in inspection, monitoring, regulation and enforcement to ensure effective implementation. The resources required to effectively adopt these approaches are often lacking in many developing countries, suggesting a vital need for targeted international assistance (UNCTAD 1999). Greater environmental commitment can also bring long term corporate gains e.g. greater efficiency and better quality of practice (OECD b). INDIAN ECONOMY IN BRIEF One of the worlds largest economies, India has made tremendous strides in its economic and social development in the past two decades and is poised to realize even faster growth in the years to come. After growing at about 3.5 percent from the 1950s to the 1970s, Indias economy expanded during the 1980s to reach an annual growth rate of about 5.5 percent at the end of the period. It increased its rate of growth to 6.7 percent between 1992à ¢Ã¢â€š ¬Ã¢â‚¬Å"93 and1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"97, as a result of the far-reaching reforms embarked on in 1991 and opening up of the economy to more global competition. Its growth dropped to 5.5 percent from 1997à ¢Ã¢â€š ¬Ã¢â‚¬Å"98 to 2001à ¢Ã¢â€š ¬Ã¢â‚¬Å"02 and to 4.4 percent in 2002à ¢Ã¢â€š ¬Ã¢â‚¬Å"03, due to the impact of poor rains on agricultural output. But, thanks to a lavish monsoon that led to a turnaround in the agriculture sector, Indias economy surged ahead to reach a growth rate of 8.2 percent in 2003à ¢Ã¢â€š ¬Ã¢â‚¬Å"04. This is very much in line with growth projections cited in Indias Tenth Five-Year Plan, which calls for increasing growth to an average of 8 percent between 2002à ¢Ã¢â€š ¬Ã¢â‚¬Å"03 and 2006à ¢Ã¢â€š ¬Ã¢â‚¬Å"07 (India, Planning Commission, 2002 a). Such sustained acceleration is needed to provide opportunities for Indias growing population and its even faster-growing workforce. Embarking on a new growth path. India has a rich choice set in determining its future growth path. Figure 1 shows what India can achieve by the year 2020, based on different assumptions about its ability to use knowledge, even without any increase in the investment rate. Here, total factor productivity (TFP) is taken to be a proxy for a nations learning capability. Projections 1, 2, 3, and 4 plot real gross domestic product (GDP) per worker (1995 U.S.dollars) for India assuming different TFP growth rates from 2002 to 2020. Projection 4 is an optimistic scenario that is based on the actual TFP growth rate in Ir eland in 1991à ¢Ã¢â€š ¬Ã¢â‚¬Å"2000. Ireland is an example of a country that has been using knowledge effectively to enhance its growth. All things being equal, the projected GDP per worker for India in scenario 4 in 2020is about 50 percent greater than in scenario 1. Knowledge can make a difference between poverty and wealth. Which growth path India embarks on in the future will depend on how well the government, private sector, and civil society can work together to create a common understanding of where the economy should be headed and what it needs to get there. India can no doubt reap tremendous economic gains by developing policies and strategies that focus on making more effective use of knowledge to increase the overall productivity of the economy and the welfare of its population. In so doing, India will be able to improve its international competitiveness and join the ranks of countries that are making a successful transition to the knowledge economy. India also nee ds to boost foreign direct investment (FDI), which can be a facilitator of rapid and efficient transfer and cross-border adoption of new knowledge and technology. FDI flows to India rose by 24 percent between 2002 and 2003, due to its strong growth and improved economic performance, continued liberalization, its market potential, and the growing competitiveness of Indian IT industries. Even so, in 2003, India received $4.26 billion in FDI, compared with $53.5 billion for China (Box 1)! But Indias stock is rapidly rising: theForeign Direct Investment Confidence Index by A. T. Kearney (2004) shows that China and India dominate the top two positions in the world for most positive investor outlook and likely first-time investments, and are also the most preferred offshore investment locations for business process outsourcing (BPO) functions and IT services. Successful economic development is a process of continual economic upgrading in which the business environment in a country e volves to support and encourage increasingly sophisticated ways of competing. A good investment climate provides opportunities and incentives for firmsà ¢Ã¢â€š ¬Ã¢â‚¬ from microenterprises to multinationalsà ¢Ã¢â€š ¬Ã¢â‚¬ to invest productively, create jobs, and expand. As a result of investment climate improvements in the 1980s and 1990s, private investment as a share of GDP nearly doubled in China and India. But India needs to continue to foster a good investment climate that encourages firms to invest by removing unjustified costs, risks, and barriers to competition. One reason for Indias less competitive markets is excessive regulation of the entry and exit of firms, which face stiffer requirements for obtaining permits and take much longer to get under way than do the firms in many other country. The answer will be determined in large measure by how well both countries utilize their resources. Restrictions on the hiring and firing of workers are also a major obstacle to doi ng business in India. In addition, enforcing contracts is a major problem: for example, it takes more than a year to resolve a payment dispute. So, to strengthen its overall economic and institutional regime, India should continue to address the following related to its product and factor markets and improving its overall infrastructure: Speeding up trade reform by reducing tariff protection and phasing out tariff exemptions. This will help Indian firms gain access to imports at world prices and would also help to encourage exports further. Encouraging FDI and increasing its contribution to economic growth by phasing out remaining FDI restrictions and increasing positive linkages with the rest of the economy. Stimulating growth of manufactured and service exports. In so doing, India could drive down global costs in services, just as China drove down global costs in manufacturing. Strengthening intellectual property rights (IPRs) and their enforcement. India has passed a series of IPR laws in the past few years, and their enforcement will be key to its success in the knowledge economy. Simplifying and expediting all procedures for the entry and exit of firms, for example, through single window clearances. Reducing inefficiencies in factor markets by easing restrictions on hiring and firing of workers. Improving access to credit for small and medium enterprises. Addressing problems in the use and transfer of land and updating bankruptcy procedures. Ensuring access to reliable power at reasonable cost by rationalizing power tariffs and improving the financial and operational performance of state electricity boards. Addressing capacity and quality constraints in transport by improving public sector performance and developing speedy, reliable door-to-door transport services (roads, rail, and ports) to enhance Indias competitiveness. Improving governance and the efficiency of government, and encouraging the use of ICTs to increase governments transparency and accountability. Using ICTs for more effective delivery of social services, especially in health and education, empowering Indias citizens to contribute to and benefit from faster economic growth. PREVIOUS RELATED STUDIES There exists a large theoretical and empirical literature about the impact of multinational enterprises (MNEs) and foreign direct investment (FDI) on growth in developing countries. In the 1960s and 1970s MNEs were often considered as responsible of persisting or even widening inequalities between industrialized and less developed countries. In recent years a much more optimistic view on the role of MNEs has prevailed. This change reflects both important economic events and theoretical developments. On the one side the debt crisis which started in 1982 left many developing countries with very limited access to foreign financial resources; this made FDI, which is essentially equity and not debt, an attracting form of foreign capital. On the other side the emergence of endogenous growth theories stressed the importance of human capital accumulation and technological externalities in the development process. In this respect MNEs, which can rely on the most advanced production and orga nization methods, are seen as a natural and powerful vehicle of technology transfer to less developed economies. While the classical paper of Findlay (1978) represents a first formal example of the potential link between foreign direct investment and technology transfer, the models of the so called new growth theory provide a very useful tool in order to analyze how the introduction of new inputs and technologies influences the production function of a given economy and how externalities affect the research efforts of economic agents and the diffusion of knowledge. Thus, not surprisingly, endogenous growth theory constitutes the predominant theoretical framework within which recent research studies the impact of FDI on growth (e.g. Borensztein et al., 1999, Martin and Ottaviano 1999, etc.). The position according to which MNEs play a positive role in the development process is shared by a large part of the academic world and basically by the most important international organizat ions. As a matter of fact, many developing countries have designed policies in order to attract foreign investment from industrialized countries. But curiously, as noted by de Mello (1997) in his survey about FDI and growth in developing countries, whether FDI can be deemed to be a catalyst for output growth, capital accumulation and technological progress is a less controversial hypothesis in theory than in practiceà ¢Ã¢â€š ¬Ã‚ ¦. The available empirical literature on the impact of FDI on growth provides contrasting results not only about the existence of a significant link between foreign direct investment and growth rates (of the recipient economy), but also about the sign of such relationship. For ex. in Bornschier (1978) and Dutt (1997) growth rates are negatively related to foreign capital stocks but in Dutt (1996) the same relationship turns out to be positive. BlomstrÃÆ' ¶m et al. (1992) find a significant positive impact of FDI inflows on growth; in Hein (1992) no signi ficant relationship emerges; the coefficient of FDI is significantly positive or not significant in Balasubramanyam et al. (1996), while in other papers such influence is positive or negative according to the level of development of the recipient country (as in Borensztein et al., 1999, and deMello, 1999).The presence of diverging results is due to econometric issues and to sampling differences. As far as econometrics is concerned, an inadequate treatment of the endogeneity problem characterizes much of the existing empirical literature on international capital flows and growth. To the extent towhich factors like the available stock of infrastructures, the market size, the presence of skilled labor, etc. are recognized to be fundamental determinants of foreign capital inflows to developing countries, we should expect that growth itself is conducive to higher levels of inward FDI. This means that a positive correlation between FDI flows and growth says nothing about the underlying causal relationship. Even when a researcher takes care to account for the endogeneity bias, it is not easy to find suitable instrumental variables that are variables which are correlated with FDI flows but not with growth. Anyway, differences in samples are likely to play a key role in explaining why empirical analyses provide contrasting estimates of the sign of the impact of FDI on growth. As noted above, in some recent contributions the influence of foreign capital on growth is positive when the recipient has attained a given level of development (as measured by per-capita income or by the available stock of human capital). Results contained in Borensztein et al. (1999) and also in BlomstrÃÆ' ¶m et al. (1992) move in this direction. The development threshold hypothesis is clearly related to the notion of absorption capacity, which is commonly referred to in the literature on aid and growth. In other words, recipient economies can take advantage of the potential positive ex ternalities associated to the presence of foreign MNEs provided that the technological gap is not too large. Otherwise, MNEs can represent technological enclaves in the host country, characterized by significant productivity and plant size differentials, and limited productivity spillovers (de Mello,1997). There may be other factors which can discriminate between positive and negative experiences with FDI. Balasubramanyam et al. (1996) find that the influence of MNEs depends on the trade policy regime followed by host countries; the impact of FDI flows is significantly positive in economies which pursue an export promotion (EP) strategy and not significant in countries which are characterized by an import substitution (IS) policy. This is immediately understandable in a theoretical context of export-led growth. The idea that trade policy choices may determine the impact of FDI dates back to the work of Bhagwati (1973) and to the literature on immiserizing growth. Bhagwati (197 3) shows that for a small open economy importing a capital intensive good, inward tariff-induced FDI may have a negative impact on host-country welfare. Brecher and Diaz Alejandro (1977) explain that the variation in welfare deriving from tariff-induced FDI inflows may be theoretically decomposed in three parts, The loss in consumption and production deriving from tariff-created distortions (given the initial factor endowments), The loss or gain associated to the accumulation of capital and The loss determined by the repatriation of foreign profits. They show that, under certain circumstances, effects (2) and (3) alone necessarily imply a net loss,so that the theoretical hypothesis considered by Bhagwati is actually the only outcome that canresult from a tariff-induced inflow of untaxed capital from abroad (Brecher and Diaz Alejandro, 1977). Balasubramanyam et al. (1996) observe also that, when developing economies implement policies in order to protect national industries from foreign competition, a wedge between social and private returns to capital arises and the resulting international specialization of the economy does not reflect its comparative advantage. As a consequence, in a protectionist environment the spillovers associated to FDI are likely to be limited, as the allocation of capital takes place in an economy in which prices are distorted. In conclusion, both differences in the development level and in the trade policy strategy may theoretically help explain how the influence of foreign direct investment on host c ountry growth may vary over different economies.

Literature as Media for Developing Language Competence and...

Literature as Media for Developing Language Competence and Building Social Awareness By Fatchul Mu’in Faculty of Teacher Training and Education Lambung Mangkurat University Banjarmasin E-mail: muin_sihyar@yahoo.com Literature is a kind of the artwork which uses a language as a medium. If it said that literature is a language in one side, learning literature is, at the same time, learning a language in the other side. English literature is literature written in English language. In this relation, learning English literature is, at the same time, learning English language. If literature talks about human life, by using literary works we can learn and build our social awareness, and at almost the same time we can contribute to nation†¦show more content†¦creative thinking). There are four main reasons which lead a language teacher to use literature in the classroom. These are valuable authentic material, cultural enrichment, language enrichment and personal involvement (Journal of Language and Linguistic Studies Vol.1, No.1, April 2005). The non-English student who reads English well may have no difficulty in understanding denotations. However, he may find that sometimes the words bring to him different meanings or associations. Mastering a language is a matter of degree; and knowing the meanings of all the words may be not anough for a full response to literature. The first step in understanding a word is to know its denotative meaning. The next step is how to understand its connotation. Literature, Reading and Writing Reading skill can be developed from reading literary work. Reading literary work is more beneficial than reading non-literary work. This is because the former shows specific forms, diction and collection of the given language; it also shows a kind of creative, emaginative and simbolic written work. Reading literary work is not meant to understand the denotative meaning but at the same time it is meant to find out the connotative meaning. This is to say, reading the literary work is meant to understand what is explicitely and implicitely stated in the work. English teachers should adopt a dynamic, student-centered approach toward comprehension of a literary work. In reading lesson, discussionShow MoreRelatedCross Cultural Aspects Of Public Relations Management And Advertising3379 Words   |  14 PagesEB3991 Research Methods for IBC Literature Review Cross-cultural Aspects in Public Relations Management and Advertising - A Case Study of Apple in China and Britain Xiao Yan (Ashely) G20591786 Tutor: Imren Waller Group E In the recent years, considerable attention has been paid to Apple Ltd, which has undoubtedly become the most successful media designs company with growing turnover and market shares. 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Maji Maji Revolt Essay Example For Students

Maji Maji Revolt Essay UNIVERSITY OF NAIROBI MA IN ARMED CONFLICT AND PEACE STUDIES CHS 560: DIPLOMACY WAR AND WARFARE IN EASTERN AFRICA TERM PAPER: MAJI MAJI REBELLION ODHIAMBO PAULINE ADHIAMBO: C50/72182/2008 FEBRUARY 2009 Introduction East Africa today is made up of Kenya, Uganda, Tanzania, Rwanda and Burundi. Kenya, Uganda and Tanzania consist of about 636,707 square miles of land surface and roughly 42,207 square miles of water or swamps. Tanzania (Tanganyika merged with Zanzibar in 1964) forms the largest area within this region, with a total, including Zanzibar and Pemba, of 342,170 square miles of land and 20,650 square miles of water or swamp. The country boarders: Kenya to the North, Mozambique and Malawi to the South, Zambia to the South West, Congo, Rwanda and Burundi to the West. It emerges that Tanzania is a land of extreme ethnic diversity. Indeed the north-central part of the country, with its Khoisan, Cushitic, Nilotic and Bantu-speaking population, is the most linguistically diverse area on the whole African continent. The rest of Tanzania is entirely Bantu-speaking; in fact ninety-five per cent of present Tanzanians are born into families speaking one or another of a hundred or more Bantu dialects. The Arabs who settled along the coast were assimilated into Swahili with the increased contact between the coast and the interior in the 19th century and fully integrated in the 20th century. The early visitors into Tanzania were mainly the Arabs from Oman, Muscat and other parts of Arabian Peninsula. These early visitors were followed from the beginning of the sixteenth century by the Portuguese who ruled the coast until their defeat by the Omani Arabs in 1698. In the nineteenth century came the Germans and the British. Tanganyika remained under the Germans control until 1919 when she signed the Versailles treaty in France. One of the terms of the treaty was territorial dispossession of Germany. Germany lost all her colonies in Africa and other parts of the world. In Africa her four colonies namely Tanganyika, Cameroon, Togo and South West Africa (Namibia) were handed over as mandated territories to the victorious powers with colonies neighboring them namely, Britain, France and South Africa acting for Britain in the case of South West Africa. Tanganyika was handed over to the British. Germans in East Africa The interest of the Germans to East Africa began with the formation of African societies in Germany by the aristocrats i. e. â€Å"the German Colonial Society† in mid nineteenth century. By 1876, the number of Germans coming to East Africa increased as many societies were formed. In 1884 Karl Peters formed the â€Å"Society for German Colonization† to acquire colonies for Germany. This society was formed as a counter-blast against the German colonial society which was considered by Karl Peters as too inadequate for colonial expansion. Karl Peters left Germany in September 1884 arriving in Zanzibar on November 1884. He then traveled to the interior where he signed treaties with a number of African chiefs in the area of Kilimanjaro in 1884. These treaties were signed with illiterate chiefs in parts of Usagara, Uzigua, Nguru and Ukami launching the German East African Empire. In 1885, Karl Peters returned to Berlin, the Imperial Chancellor, Bismarck, guaranteed the sovereignty of the newly formed German East African Company over its treaty area. The Protectorate was enlarged by Anglo-German agreements in 1886 and 1890, while its western border followed that laid down by the Congo Free States Declaration of Neutrality of 1885. Germany also acquired colonies in Togo, Cameroon, and South- West Africa during this period. In 1886, the Anglo-German Agreement was signed splitting East Africa into German and British Spheres of influence. Germany was apportioned land south of a line from the Umba River to Lake Victoria, but also retained the territory further to the north around Witu. In 1887, Sultan Barghash leased control of the customs at Dar es Salaam and Pangani to the German East African Company. In 1888 Sultan Sayyid Khalifa granted the Company the administration of all the territory between river Umba and River Ruvuma. In 1889, the Imperial German government took over the administration of Tanganyika leaving Karl Peter’s Company only with the monopoly of trade. As the Imperial government took over from the company, resistances broke out in various parts of Tanganyika between 1891 and 1898. This was followed by a period of peace until the Maji Maji war of 1905-7. Maji Maji Uprising The term Maji Maji was taken from the portion magic water sprinkled on every warrior; composed of water, corn, and sorghum seed, it was suppose to make the warriors immune to bullets while committing them to fraternity of freedom fighters. The self confidence it produced was demonstrated when 8,000 warriors, armed only with spears attacked the German fort at Mahenge and tried to capture the defenders machine guns with their bare hands. The Maji Maji revolt was the last and the most widespread resistance to German Colonial rule in Tanganyika today Tanzania. Earlier the German Colonialist had suppressed other revolts such as the Abushiri at the Coast, the Hehe under Mkwawa, the Nyamwezi under Isike and the Chagga in the Kilimanjaro area. By 1900, the Germans had conquered most of Tanganyika and established effective control over the people. At the coast with the collapse of the Arab-Revolt, the Germans negotiated a peace party with the Omani aristocrats who then became the agents of a bureaucratic system of government providing each major coastal town with a liwali (governor) and the hinterland with subordinate administrators called akidas. With the beginning of Maji Maji rebellion, the German position at the coast already rested on this local compromise with Omani aristocracy. The Maji Maji uprising was the most important anti-colonial rising in East Africa between the initial European occupation and the Mau Mau war of 1950s. It covered a large area; most of south- east Tanganyika south of a line from Kilosa to Dar-es-salam-and overcame many problems of scale. It united many separate ethnic communities in a single movement. It was a mass revolt, involving not merely soldiers of traditional armies but the whole people, including women and children, who supplied food to the soldiers, gave them shelter and acted as courier service between them. Maji Maji was also a forward- looking revolt dominated by a new kind of leadership, charismatic and revolutionary religious prophets rather than hereditary and conservative traditional political leaders. Suddenly, in 1900 several communities in the south-eastern Tanganyika rose up in arms against the Germans. These communities included the Zaramo, Matumbi, Ngindo, Pogoro, Mbunga and Bena. Causes of the Rebellion There was massive use of forced labour. The Germans used forced labour to build permanent brick administrative buildings, farmhouses in plantations and to work in German owned plantations. Thousands of people were rounded up for labour at low rates of pay on German plantations and to work under jumbes (headmen) and European controlled District Development Committees. The 1903-4 harvest was so poor that the workers were not paid at all. The Germans also ruled with an iron hand. They imposed a hut-tax which was collected with more force that was not necessary. Taxation forced people to travel to distance places in forests to collect bees wax and rubber, which they could then sell to earn a few coins to pay the tax. This meant neglect of food cultivation. Failure to pay the tax resulted in severe punishment and social humiliation. A man who failed to pay was jailed and flogged in public regardless of his adulthood or his status in the society until a relative paid on his behalf. Furthermore, the cotton Program was particularly unpopular. The Germans governor Graft Von Gotzen decided as an experiment to introduce a scheme, devised for the German West Africa colony of Togo, by which African cultivators would be induced to grow cotton as a Volkskultur, a people’s crop. This decision was in response to the need for the German colony to be ndependent in its administrative budget, as well as that of establishing an independent German source of raw materials in East Africa. Despite much official opposition, he believed that ‘individuals’ cultivators could not grow cotton successfully. He therefore ordered that a plot be established at the headquarters of each headman in the experimental area, on which each of the headman adult male subjects would work for some twenty- eight days in a year. But the proceeds did not go to the workers. The scheme was a great disastrous failure as the profit was much smaller than anticipated. The sums paid to the workers, thirty-five cents was so small that some like the Zaramo refused to take it. This African response was not against growing cotton as such, which they had willing started growing as a cash crop. It was a reaction against this scheme, which exploited their labor and threatened the African economy by forcing them to leave their own farms to work on public ones. The work required considerable growing- time, picking, and protection from vermin, especially birds and wild pigs soon far exceeded the amount planned and seriously interfered with subsistence farming. Work on the plantation was enforced by sheer brutal force, thus creating strong incentives for a revolt in the cotton growing areas. Cotton became a grievance which united precisely those people who rebelled when the 1905 picking season began. Several rebel leaders were headmen who had suffered from the scheme, and one of the first rebel actions in the area was to burn cotton fields. This factor sufficiently explains the outbreak of the violence. The activities of the German Christian missionaries also led to the uprising. The burned the sacred huts of traditional priests on the grounds that they were heavens of witchcraft. The Ngindo were particularly incensed by the abuse of their women by mercenary soldiers in the German army. The German mercenaries and houseboys slept with their wives in circumstances which were a flagrant affront to Ngindo husbands. Adultery in Ngindo was punishable by war against the offenders. This was because the process of getting a wife, according to Ngindo customs was long and tedious. War against the Germans became inevitable. The government appointed akidas or government agents to collect taxes, try cases and mete out punishment. The men selected were usually from another area and were frequently Muslims who had no sympathy for local traditions, and often used their authority for personal extortion. This led to constant grumbling of discontent over the activities of akidas. Under them also a number of village headmen were appointed as jumbes, with authority to represent the government which often undermined their local reputation. The Wamatumbi were against the presence of the Arabs, Swahili akidas and Jumbes in their area whom the Germans imposed on them. Vehicle Pollution Sample EssayThe Maji Maji movement also successfully united the peoples within the area of the rising. However it failed to spread to a wider area than the Rufiji river basin. Some of the leaders who did not die during the fighting or due famine were arrested by the Germans and executed. The failure of the revolt caused ill-feelings among the people and created keener tribal differences that lingered throughout the first half of the 20th Century. After 1906, many people in German East Africa abandoned their earlier methods of dealing with German rulers. Instead of seeking to restrict the European impact on their societies, or to use the Germans as a means to improve their personal or group positions within an existing framework of inter-African relations, many sought to obtain an improved position within the European-dominated system by acquiring the necessary European skills and using them to reorganize their societies. The German administration introduced a number of reforms. The new governor, Rechenberg, (1906-12) was determined to promote African health ad education, paying particular attention to scientific advance in tropical agriculture to benefit African cultivators. He encouraged African to practice cash-crop farming, allowed Africans to choose not to work for German settlers, and punished settlers who mistreated African workers. He also replaced a number of traditional chiefs by western educated young men from mission schools. This resulted in the setting up of several institutions including the world famous Amani Biological and Agricultural Institute in Usambara, on which the Government granted a subsidy of ? 10,000 a year. The revolt led to the formation of a commission to investigate charges of misgovernment. Its exposure of cruelties aroused indignation in Germany, and offenders were sharply punished. The example was salutary for future German administration, which was placed under a separate colonial department. One of the most important reforms was the insistence that labor contracts be put in written form. Because the commissioners were appointed to control labor recruiting and act as negotiators between employers and workers, some of the abuses in labor relations were removed. In general however the German rule improved as German administrators and settlers were now dominated by fear of another Maji Maji. The most positive result of the Rising, however, was that the people learnt two lessons from its failure; the importance of unity against a common enemy if freedom were to be attained, and the futility of resorting to armed resistance against a colonial power possessing vast military capacity. This is one reason why the people of Tanganyika later resorted to constitutional protest in their struggle for independence after World War 11. Economic development was also seen in the field of communications, illustrating further, greater commitment on the part of the Germans. The Government built and owned one of the two railways in the country, although it was operated by a private company. In addition, regular steamship service between Germany and her East African colonies was assured by an annual subsidy of ? 67,000 to the German East African shipping line. After the Maji Maji Rising, educated Africans in Tanganyika turned to self-improvement and constitutional protest, which led to TANU and eventually independence. Why the Maji Maji uprising failed The Germans had modern weapons like machine guns and howitzers unlike their Africans counterparts who were armed with traditional weapons such as spears, bows and arrows or slow-firing muzzle loading musket. For example the Matumbi had 8,000 guns but nearly all of them were old fashioned, their arrows inflicted more casualties while spears proved next to useless. The Industrial Revolution in Europe ensured that by 1880 European armament were vastly superior to those of Africans. As one English poet, Hilaire Belloc remarked; ‘Whatever happens we have got The Maxim gun and they have not’ The Maji Maji soldiers had no military unity and no single military strategy. They did not have a single leader to co-ordinate their military operations except the Ngoni, each community had its own fighting force under a tribal leader who did not as a rule co-ordinate military operations. The unity of the movement was a religious unity rather than practical military organization. President Nyerere in his paper Socialism and Rural Development argued that ignorance and disunity were indeed the problems of pre-colonial Tanzania which eventually led to their defeat by the Germans. Further, Large powerful communities like the Hehe and Nyamwezi did not join the rising. Some African groups like the Hehe supported and fought on the Germans side because their traditional enemies the Ngoni, Pogoro, Mbunga and Sagara had joined the Rising. Chief Kiwanga of Mahenge joined the Germans in 1905 in gratitude for their help against Mkwawa in 1890s. Like wise the scorched-earth policy applied by the Germans burnt crops, destroyed livestock and other properties. This weakened and starved the Africans. The organization of the war had revolved around the power of the maji, which in turn depended on religious faith. But in the circumstances of this war , which started in 1905 and ended in 1907, faith alone exhibited serious shortcoming as was evidenced by German fire power, and the revolt was ruthlessly suppressed. Significance of the Rebellion The significance of the movement lay primarily in its attempt to enlarge political scale. Maji Maji was quite different from the earlier resistances which the Germans had faced when occupying Tanganyika, for that had been local and professional-soldiers against each other, whereas Maji Maji affected almost everyone in the colony. Not only did it involve those within the rebel area who would normally have been non-combatants, but its impact was felt on the furthest boarders of the country. It was a great crisis of commitment and in subsequent year’s men had to bear the consequences of the stands which they had taken. In long term, the movement may have provided an experience of united mass action to which later political leaders could appeal. In short term, it undoubtedly increased local disunity, for not all the people in the rebel area had joined, and even those who had been seldom unanimous. Maji Maji was an assertion that the African element remained a fundamental factor in the affairs of the German colony. For Europeans, it compelled a total rethinking of the future of the colony. Just as the coastal resistance of 1888 had obliged the German government to abandon company rule and assume direct responsibility to commit itself more deeply than it had previously contemplated, so Maji Maji compelled a greatly increased German involvement in terms of political energy. In Tanzania since independence monuments have been built at important Maji Maji sites. In 1965, monument at Mikukuyumbu where Cassian Spiss and his party were murdered was enlarged. In Songea the then Regional Commissioner of Ruvuma, Martin Haule initiated the building of a beautiful monument in the area where the Maji Maji warriors were believed to have been buried. In October 1967, TANU Conference in Mwanza, delegates was asked to observe silence to remember those who died in the Maji Maji movement. There is no doubt therefore that the rising is important in the History of Tanzania. Conclusion Maji Maji uprising was the first large-scale movement of resistance to colonial rule in East Africa. In the words of John Iliffe it was ‘a final attempt by Tanganyika’s old societies to destroy the colonial order by force’, and it was truly a mass movement of peasants against colonial exploitation. It shook the German regime in Tanganyika; their response was not just the suppression of the movement but also the abandonment of the communal cotton scheme. There were also some reforms in the colonial structure, especially with regard to the recruitment and use of labor, which were designed to make colonialism acceptable to Africans. But the rebellion failed and this failure did not indeed make ‘the passing of the old societies inevitable’. The Maji Maji uprising was primarily based on traditional methods of warfare and its leadership selected according to traditional standards, was strengthened by the medicine at Ngalambe. The effect of the Maji Maji was universalization of leadership. In other words local leaders from different parts were brought together and worked together for a common end; expulsion of all Europeans. When the people went to fight they went under their local leaders who it was believed had been strengthened by the medicines of Kinjikitile. In other words the effects of Maji Maji were psychological, and in practical warfare traditional methods remained. The difference lay in the collective application of such methods against the Germans. Maji Maji is regarded as one of the beginnings of the struggle for lost independence. In other words it was as any other resistance part of the dynamics of the process towards Uhuru. President Nyerere was the first to put this argument before an International body, United Nations where he used it as an argument for independence in Tanzania and at the same time warned that the new nationalistic movement TANU would assimilate the ideas, not the practical techniques of the Maji Maji movement. The British Government which called Nyerere’s speech a â€Å"travesty, of history† admitted that Maji Maji was â€Å"a bid for freedom against oppression†. References 1. Iliffe John, Tanganyika under German Rule 1905-1912, Cambridge University Press, 1969. 2. Kimambo I. N. and Temu A. J. (Eds), A History of Tanzania, East African Publishing House, 1969. 3. Hatch John, Tanzania, Pall Mall Press, London. 1972. 4. Tidy Michael and Leeming Donald, A History of Africa 1840-1919, Volume Two, October 1979. 5. Boahen A. Adu, General History of Africa V11. Africa under Colonial Domination 1880-1935, Heinemann Kenya, UNESCO 1990. 6. Okoth Assa. Essays on Advanced Level History. Africa: 1885/1914, Heinemann Educational Books (E. A) Ltd, 1985. G. L. Steers, The Judgement on German Africa (London, 1939), p. 249 G. C. K. Gwassa and John Iliffe (Eds. ). Records of the Maji Maji Rising, Part 1 (Nairobi, East African Publishing House, 1968). Ibid pp. 27-28 Michael Tidy and Donald Leeming, A History of Africa 1840-1914. Volume 1. pp. 13 Julius K. Nyerere, Freedom and Unity (London, Oxford University Press 1966), 40-41

Presidential Powers Essays (1707 words) - , Term Papers

Presidential Powers Presidential Powers The President as Chief of State In every government there is a ceremonial head of the government who is the symbol of all the people in the nation. As Howard Taft put it, The personal embodiment and representative of their dignity and majesty(McClenaghan, pg. 316). That person is the Chief of State or more commonly known as the President. One of the main factors that cause the presidents to be viewed as a symbol of the American community is the president's ceremonial duties which are named in the Constitution. The Constitution states several ceremonial duties that the presidents are obliged to perform. They are required to take an oath of office, periodically inform Congress of the State of Union, negotiate with foreign powers, and receive Ambassadors and other Public Ministers. These Constitutional ceremonial duties supported the assumption of the Chief of State role by George Washington and his successors because they made the president appear as the leader of the entire nation(The Presidents A-Z, Pg. 68). Castro 2 Both, the Oath of Office ceremony, the Inauguration, and the State of Union address physically place the President out in front of other government officials. Also, the President's duty to receive Ambassadors shows that foreign governments view and regard the president as the official representative of the United States, and since the rest of the world sees our president as being the Chief of State, then the domestic responsibilities of the Chief of State could not be assumed more gracefully than anyone but the President (The Presidents A-Z, pg. 69). In the 18th century, when the Framers designed the U.S. president's job, monarchy was the style of government throughout most of the world. But, since they wanted to avoid any suggestion of a monarchy, the Framers of the constitution made the Chief of State the Chief Executive as well. They called this person the President. But, like monarchs, the U.S. Presidents are the living symbol of the nation. Th ey symbolize the country's history, liberty and strength. The President can appoint ceremonial representatives, but while they are still in office they cannot escape their role as Chief of State. At every moment they represent the United States at home and overseas. Castro 3 When the President, or shall I say the Chief of state, is not occupied with functions that pertain to government he would attend and participate in such as lighting the national Christmas tree, deliver a patriotic address during the Fourth of July, lay a wreath on the graves of soldiers that died for their country (such as the Tomb of the Unknowns) on Memorial day, lead us special holidays (such as Thanksgiving, bless fund raising drives, and on numerous occasions in the past he would throw the first ball to open the baseball season in the Spring. Many of these functions mean something and are significant especially when the President is involved. But consequently, the duties of the Chief of State are seldom des cribed as a power and are sometimes denounced as a waste of the President's time. (The Presidency, Pg. 69) Although the President's right to dedicate a monument or congratulate an astronaut may mean little, The symbolism that the action portrays clearly enhances presidential authority, legitimizes and maximizes other presidential powers, and secures his position as Chief of State. (The Presidency, Pg. 69) As political scientist Clinton Castro 4 Rossiter explained No president can fail to realize that all his powers are invigorated, indeed are given a new dimension of authority, because he is the symbol of our sovereignty, continuity, and grandeur. The presidency is therefore elevated above other offices and institutions not just by its legal authority, but also by its symbolic and historic mystique. (The Presidency, Pg.69) The position of the President as the Chief of State is defined by the Constitutional provisions which are the source of some of the most important power the Presi dent can use. The parts covered by these provisions are classified as Military, Judicial, and Diplomatic. Article II, Section 2 of the Constitution, provides for the power as Commander in Chief of the Army and Navy of the United States and of the Militia of the several states, when

Space speech essays

Space speech essays On July 20, 1969, at 10:56 p.m. EDT, American astronaut Neil Armstrong, 240,000 miles from earth, gave a brief statement before stepping off the Eagle landing module and onto the moon. Back on earth, close to a billion people were listening. A moment later, Armstrong put his left foot into the powdery lunar surface, took a few steps, and humanity had walked on the moon. No doubt, this was a great moment for mankind, and it gave the world a psychological lift of conquering something that before seemed so impossible. It fed the craving of mans imagination and wonder of space and places beyond the earth. It gave a feeling of adventure and excitement of venturing into the unknown. And all of these things are great and wonderful, but this expedition had an enormous price tag. And maybe that price tag was ok and justified back in 1969, for we went and conquered and it is an exciting accomplishment in our history books, but now...in 2004 President Bush proposes not only a manned flight retu rn trip to the moon, but a man voyage to mars, and I, John Doe, have a serious problem with this proposal for several reasons and am here to persuade you not to support this proposal and convince you that sending man back into place is unnecessary human risk factor for astronauts, and a waste of trillions of dollars when there are domestic issues that could desperately use this money instead, and lastly, that there are cheaper and more effective methods of space exploration. We should be suspicious of Bushs administrations motives and we should question how exactly will sending men back to the moon benefit us here on earth? The fact is, there is really very little benefit. We have already jumped around on the moon, taken photographs and planted a U.S. flag. Is is necessecary to go back? What is there to do? Bushs proposal is not justified; it just seems to be part of the idea of a leader with a vision. And at first ...

The eNotes Blog How to Write a Character Analysis in 11Steps

How to Write a Character Analysis in 11Steps At first, learning how to write a character analysis may seem like an overwhelming task, especially when characters are evolving throughout the text. Not every aspect of a character will be directly stated by the author. Therefore, it’s up to you to find textual evidence that supports your interpretation of the character’s disposition. The goal of a character analysis is to explain how a character’s specific traits are represented in and influence a literary work. When analyzing characters, you should evaluate how an author describes them, their actions, and their dialogue within the plot. To help get you started, lets review 11 steps to writing a character analysis. 1. Identify the character Before writing, you should have a basic understanding of the character you want to analyze. Several important questions to ask yourself include the following: What is the characters role in the story? Is it a major or minor role? Who does the character interact with? Who is important to the character? What possessions does the character have? How does the character relate to them? To best answer these questions, its helpful to identify the specific types of characters and roles within a story. 2. Take notes Regardless of how many times you’ve read the text, skim the piece again and actively note specific scenes in which your character appears. Highlight any meaningful dialogues or descriptions provided by the author. Once you start writing, your notes will be helpful references to add textual support into your analysis. 3. Locate the character’s initial introduction First impressions are important, and so identifying how an author introduces a character is vital to a successful character analysis. Ask yourself: How is the character first introduced by the author? What is she doing? What is her relation to the other characters? Character introductions often provide physical descriptions that may reflect specific aspects about the characters nature or livelihood. 4. Â  Look for words repeatedly used to describe the character Make note of the words used to describe your character, especially if they’re repeated throughout the text. These recurring descriptions may provide insight into the character’s psychology and motivations behind the actions the character makes. 5. Â  Be aware of items associated with the character Whether these items are part of the characters physical descriptions or part of a larger symbolic significance, they may express important aspects of the character, which will help you better define who your character is. 6. Identify the character’s use of language You can learn a lot about characters by how they communicate. For instance, a character’s language may reveal insights into her background or current livelihood: Is she educated? Does she use slang? Does her language reflect where shes from? 7. Note the character’s actions and their effects on others Actions do tend to speak louder than words. A character’s behavior will often provide more insight into a character’s persona rather than the physical descriptions given by the author or other characters. 8. Identify the characters motivation As you consider the effects of your character’s internal thoughts and external actions on others, you’ll want to also consider why the character is acting or thinking in a particular way. 9. Â  Consider the historical time period You should always put the character’s actions and thoughts in context and refrain from making contemporary judgments about the past. The setting is a crucial component of the plot and can significantly influence character development, so develop an understanding of the historical context in which your character is a part. 10. Â  Identify the authors attitude Be mindful of the author’s attitude towards the characters he or she has created. The author may be directing you toward an intended interpretation. 11. Create an outline At this point, you should have enough information about your character to start constructing an outline for your analysis. This is the time to refer back to your notes to find textual evidence that supports conclusions you’ve made about your character and the role she plays in the literary work. When you feel confident in your comprehension and interpretation of the text, you should be on your way to writing a successful character analysis! For a more in-depth review on how to write a character analysis and specific examples for each step, visit ’ How To Series.

Investment Risk Research Paper Example | Topics and Well Written Essays - 1000 words

Investment Risk - Research Paper Example These might include people who either have very small investments or can not afford to diversify; or people who have very strong belief that the stock in which they have concentrated their investments into, will perform as good as they desire. There are many risks to an investment in stocks that an ordinary shareholder has to experience and has to deal with, in order to ensure that his or her investment does not result into a loss. One easiest way to minimize risks is to invest into only those stocks that belong to the companies that are generally called 'blue chips'. These are the most stable in the market and have little risk of the investment going bad. But, these are also accompanied by a lower rate of return. As a general rule, the higher the risk, the higher the gain, and vice versa. Hence, it is critical for the investor to understand the nature of company he or she is investing into. The risks are required to be kept low but at the same time, the purpose of the investment is to earn profits. This takes us to the discussion around the efficient frontier, which is explained as the optimum portfolio that gives the highest returns while ensuring the security and risk appetite of the investor. This is called as the optimal portfolio or operating at the efficient frontier. Whenever an investor invests into any stock, he or she takes on two broad kinds of risks, known as systematic risk and non-systematic risk. The systematic risk is due to market conditions like interest rate movements, recession in the economy and other factors that are not in the control of the investors. The non-systematic risk, however, is the one that can be reduced to lower levels using various strategies for risk management including diversification. Diversification is defined as keeping one's investments into different securities instead of keeping all money in one stock. This is important since different market conditions affect the stock market differently and this affect does not appear on all stocks in the same fashion. Hence, it is possible that an investor faces huge losses by keeping all the investments in specific stocks. Diversification allows the standard deviation around the desired average investment returns to be minimum which is what is desired from the stock inv estments. Any portfolio that lies on the efficient frontier has least risk and the most optimal return on the investment. Investors should aim to achieve this efficient frontier in order to reap the maximum benefits with least loss expectancy. Hence, the concepts of portfolio risk, portfolio investment theory and efficient frontier are closely tied together. This framework is called Modern Portfolio

Reflective Paper over Franz Kafka's Metamorphosis Essay

Reflective Paper over Franz Kafka's Metamorphosis - Essay Example He is very unhappy with his job and always narrates adverse effects of his job. He is made to do that job because of being responsible for his whole family. His room has three doors and also his family has three members, his father, his mother and his sister. Gregor Samsa is really unhappy with his life because of his overly responsibilities and his disdainful job. He comes back from his job and shuts himself in his room. The doors in his room are also to inform him about his responsibilities that he has in relation to his family members. Gregor Samsa himself likes to alienate himself from his family members because they are attached to him not as a source of attachment but with their own motives. Gregor wakes up one morning and sees him transformed into a big insect that is disdainful. Because of his transformation into an insect, he suffers through the problem of alienation physically. He is not only alienated from his family only but from the whole world because of his existence as an alien that is frightful. Initially his sister Grete shows some sympathy with him but with the passage of time, she also draws away from him. After his transformation, all his family members started their own jobs. Gregor Samsa is alienated from his family because of his gruesome existence. Anyone who sees him is at once frightened because of his transformed structure. He is also left alone to die and he dies in isolation after which, he is thrown out by his housemaid. His family becomes relieved at his death because they are not required to face people in relation to their son. They consider the existence of Gregor Samsa as a burden on them. Gregor is alienated because he has attachments not based on love and care but based on responsibilities. His parents and his sister look towards him as a source of income that is there to fulfill their wishes. After his transformation, he is of no use for the family but becomes a burden for them.

The Great Gatsby Essay Example for Free

The Great Gatsby Essay Literature by definition may consist of texts based on factual information (journalistic or non-fiction), as well as on original imagination, such as polemical works as well as autobiography, and reflective essays as well as belles-lettres. The Great Gatsby has the following particular characteristics of a literary texts: The first literary element of the novel is the plot, the protagonist is Jay Gatsby, a young, wealthy man in love with a society girl from his past. He tries to build a life with her but fate and bad luck turn tragic. The next key element is the theme, Fitzgerald demonstrates many themes including the decline of the American dream. The American dream was originally about discovery, individualism, and the pursuit of happiness. In the 1920s depicted in the novel, however, easy money and relaxed social values have corrupted this dream, especially on the East Coast. A second important theme of the novel would be the hollowness of the upper class, the sociology of wealth, specifically, how the newly minted millionaires of the 1920s differ from and relate to the old aristocracy of the country’s richest families. What the old aristocracy possesses in taste, however, it seems to lack in heart, as the East Eggers prove themselves careless, inconsiderate bullies who are so used to money’s ability to ease their minds that they never worry about hurting others. The presence of characters is also a characteristic of the literary texts. In The Great Gatsby we have Jay Gatsby the main character an ambitious dreamer searching desperately to repeat the past in a different context. Nick Carraway a young graduate from Yale which aspires to be a writer who is irresistibly attracted by the lifestyle of richness, opulence and extravagance but ends up being a supporter and admirer of Gatsby’s morals and values. Daisy Buchanan, Nick’s cousin and the object of the main character’s affection a careless, beautiful society girl with warm, fascinating gestures. Tom Buchanan is Daisy’s husband and the son of and immensely wealthy and socially solid family, a man without morals who can and will do anything to get what he wants. Among the other characters of he book we can find Jordan Baker, Myrtle and George Wilson and Meyer Wolfsheim. The setting of the novel takes place right after The Great War in the 1920s mostly in East and West Egg but also in New York. The major conflict is the fact that Daisy’s refuses Gatsby despite the vast fortune he has collected for her because of his unclear past. The climax of the book the confrontation between Tom and Jay is in chapter 7 and takes place at the Plaza Hotel in New York. The narrative voice of the novel is Nick which tells the story in the first person because he is part of it too. The mood is largely dark, pessimistic, and vapid as set by the purposelessness and carelessness of the wealthy, the ongoing string of meaningless parties, the ugliness of the Valley of Ashes, and the tragic deaths of Gatsby and Myrtle. Only Nick Carraways honest and moral view of life breaks the sense of tragedy. Among the literary techniques use in the novel we can recognize the following: The presence of the direct and indirect characterization made by the narrator and deducted from the characters’ gestures and attitudes, the dialogue, the foreshadowing technique is also present through the mysterious calls Gatsby receives. Most important all types of irony are present in the text, verbal irony is present in the conflicts between Tom and Gatsby, situational irony, when Daisy ends up killing Tom’s mistress by accidentally running over her with Jay’s car and dramatic irony, when George Wilson murders Gatsby because he assumes Gatsby was the wealthy man his wife, Myrle, was having an affair with. Considering all the above, The Great Gatsby by Scott F. Fitzgerald is a modernist novel based on the reality of the post war 1920s, inspired from the authors’ life which satisfies all the requirements in order to be called a literary work.

An Analysis of Robert Frosts Once by the Pacific Essays -- Once by th

An Analysis of Robert Frost's Once by the Pacific Most readers are familiar with the poetry of Robert Frost, but they may not be familiar with his poem "Once by the Pacific." This poem stands out from most of his popular poems, which frequently relate to rural New England life. Many critics have thus commented that his works are too simple. "Once by the Pacific," however, seems to challenge this opinion, as it is one of Frost's more "difficult" poems to interpret. Although this poem also is connected with nature, the theme is more universal in that it could be related to Armageddon, or the end of the world. Even though this theme may seem simple, it is really complex because we do not know how Frost could possibly relate to the events leading to the end of the world. It is an "uncertain" and sometimes controversial topic, and even if everyone was certain it was coming, we do not know exactly how it will occur and when. Therefore, how did Frost envision this event? Is he portraying it in a religious context, a naturalistic one, or both? The last line (14) speaks of God putting out the light, which brings out a religious reference, but the bulk of the poem deals with nature entirely. Physical images of water, clouds, continents, and cliffs present a much more complex setting than the simple setting in "Stopping by Woods on a Snowy Evening" or the yellow wood in "The Road Not Taken." As a "misty" rain settles on the waters, all the waves have the intent to pound the earth with destructive forces, and it seems as though Frost personifies these waves. For example, the waves "thought of doing something to the shore / That water never did to land before." Is Frost portraying God as in control of t... ...wn. In this poem, Frost challenges this doubt with his "certainty" of these future events. Although Frost lays out an ultimatum of these events to come, it is up to the reader to come to his own resolution to these images. This is why Frost paints this intense picture by the waters-to challenge the reader in a natural setting as to how to deal with it. As James Guimond stated in the anthology, "he assumed the lone individual could question and work out his or her own relationships to God and existence-preferably in a natural setting and with a few discrete references to Christianity and Transcendentalism" (1147). Therefore, it can be interpreted that Frost intended to blend nature with religion in these images. The confusion the reader deals with is matched by his own epiphany in dealing with the experience, and the result is a balance between the two.

A Passage to India: Imperialism

Discuss Forster’s portrayal of Imperialism in the novel a passage to India A passage to India by E. M. Forster is a novel which deals largely with the political, economic and social takeover of India by the British Crown. The novel deals widely with colonialism and more specifically, imperialism. Forster presents the theme in question through the lives and minds of the characters from both the Indians and the English people. There is no subjective undertone to the novel and we see clearly how each character feels, politically correct or not. Forster successfully presents different scenarios and relationships with the assistance of symbolism and imagery, for us to imagine and determine a path to where it may lead; based on the concerns the book shows us. The narrative plays host to an array of themes and consequences present for both parties. The way in which Forster captures the imperialist ideology against the backdrop of a wondrous India and its people has been done so to give the reader a completely unbiased focal on the themes, but still create an enduring curiosity to how the back-story will affect the current affairs. With the thought on imperialism, rather than take the novel on a tangent of complete political movement, Forster chose to focus on people, relationships and the development of characters. Through this liberal approach it allows the reader to delve into the matter with an open mind, to develop own opinions and comments. To allow for all sides and notions to be represented, Forster seemed to develop a character for each. The idea that Indians would be facing an uphill battle trying to forge friendships with the English was represented in characters such as Hamidullah who implies that possibly both races can be friends but never under the current circumstances, and represented less progressively in Mahmoud Ali who presents a stubborn anti-British attitude. The ignorance of the British arrival in India is not unnoticed in the characters of Adela and more extremely in Ronny, who not only suffers from ignorance but has adopted the belief that he is superior to all Indians. Towards the beginning of the novel, or before the pinnacle turning point in the novel, Dr. Aziz and Fielding appear to be the level headed characters representing both races. Dr. Aziz is introduced in the opening chapters venting his frustration about the way the English treat him and other Indians, but never resorts to derogatory remarks or insults. He always appears to maintain a clear outlook to how he feels and why. Fielding, a British Official working in India demonstrates a humanitarian attitude towards Indians and treats them with kindness. As the novel develops and further embarks into the theme of Imperialism, these two characters allow us to see how this factor can affect and damage morals, relationships and opinions. The characters are almost representatives of the theme in question and they take the reader through the journey of the rise and fall, the pros and cons and the damage imperialism and colonialism as a whole can cause. The portrayal of Imperialism in the novel is largely unbiased from Forster himself. In the novel Forster exposes all emotions and attitudes from both races, because the novel is not written from the perspective from one race, or one side – it is written from the perspective of people – all anxiety and true emotion is exposed with little room for covering up British snobbery or submissive Indians, all is advertised. The ignorance on both parties is available, whether or not the ignorance is justified or not is irrelevant as it is all personal opinions. As Hamidullah says† They all become exactly the same, not worse, not better. I give any Englishman two years, be he Turton or Burton. It is only the difference of a letter. And I give any English woman six months. All are exactly alike. † Ch. 2 page 8; His feelings towards English appears bitter being that he was once treated with respect as a guest in England but in his own country due to Imperialism he is the enemy, the disobedient and the inferior, he seems exhausted and could possibly have at one point enjoyed the company of Englishmen when he was a visitor in their own country. It is evident now that he feels all Englishmen are hopeless, in the end they all conform to the Imperialistic movement and behaviours which encourage racism and a general bad attitude to the Indians. Hamidullah notably gives English women a much shorter tether probably being that they only communicate on a personal or sociable level and have no need for professional pleasantries before adopting the imperialistic traits. Forster himself having lived in India is divulging an exaggerated experience of his time there, he is magnifying issues which are completely evident in the force of Imperialism but had never been acknowledged in this way before. There will always, like with any topic be novels which contribute mere nods to the opposition with a main focus on the protagonists encounters, this is not what Forster set out to do. His approach, although himself anti-imperialist is very liberal in that he highlights and presents the Englishman, his â€Å"undeveloped heart† and narrow-mindedness to an unknown world to which he must adapt, or mustn’t as the story goes. An issue what can also be questioned in the novel is if Imperialism itself is the problem, or the way in which the British conduct themselves when India, under Imperialistic ruling. The behaviour of the British can be summoned on many different tangents from Imperialism. The topic of race and supremacism is rooted throughout the novel as a side note to the bigger picture of Imperialism. It is clear from the novel that with British ruling an automatic entitlement to superiority is present, as said by Mrs Turton to Adela. Adela being a somewhat open minded individual displays no major signs of racism or gives the notion she is superior to the Indians, but nonetheless Mrs Turton imposes an extremely heavy remark on her as it were quite trivial – â€Å"You're superior to them, anyway. Don't forget that. You're superior to everyone in India except one or two of the Ranis, and they're on an equality. To say such a racist remark so unintentionally demonstrates the notion that Indians are to submit to the British because that’s the way it is. There is no method in the madness of allowing Imperialism to develop further division with racism and disrespect to the host and their country. This deterioration is evident in the relationship between Dr. Aziz and Fielding. The relationship between Fielding and Dr. Aziz is almost a representation of the Imperialistic ti me, and how it developed. From the beginning of the novel the reader understands both characters have equal respect for one another and their races. There is an understanding of differences but maturity to overcome these nonsensical differences and forge a friendship. This can be seen in light of Imperialism, where there was a forced unity of cultures, this could forge new friendships, allow cultures to sample the traditions of others and increase quality of life and become cultured. Instead, a stubborn and adamant behaviour from the British forged nothing but resentment between both races and begun the belief that the take-over of the land equated to no equality. Translated into the novel, the incident which saw Dr Aziz face trial for the accusation held against him by Adela in the caves shows us where the friendship deteriorated, the relationship between both races which came to be, which was condemned by Hamidullah in the beginning had begun to conform to what Imperialism appeared to represent. After Adela dropped her accusation against Aziz, and everything was as it was in the beginning of the novel it was suggested Aziz and Fielding should resume their friendship but on reflection Aziz agrees with Hamidullah – there is no room for friendship between the Indians and the British. Their relationship, unlike that of the many other characters was not superficial. There was true equality amongst the men, noting definitely their differences but not considering they were of inferiority or superiority to one another. They represent both cultures as well as equal men but the ever present Imperialism is there to collapse any bridge of friendship, as Aziz implies there will be no friendship until the British have left, or left on the principles in which they arrived. At the end of the novel Fielding questions Aziz as to why they cannot be friends, because they both want to be? This shows the reader that there is still a sense of naivety in Fielding that he and the rest of the British have to work on. They do share the same perspective as the Indians, the problems which have arose and how they can be resolved is seen by Aziz. Aziz knows that there is no room for friendship, at least not now – â€Å"they didn't want it, they said in their hundred voices ‘No, not yet,' and the sky said ‘No, not there† Ch. 37. And so it can be seen that the theme of Imperialism throughout Forster’s novel is seen from many dimensions, the idea of Imperialism, and colonialism can be seen to be infected, the unnecessary behaviours which they have assumed go hand in hand with Imperialism have to be stopped. The portrayal of Imperialism by Forster as said is a very liberal and open minded approach in that he has exposed all dimensions and has no shied away from the resting fact of what should be questioned – Imperialism, or the way in which the British conduct themselves behind the wall of Imperialism. What they consider acceptable and what is not. The novel in its entirety delivers an excellent insight from all perspectives into the system. The reader is left with Forster’s own personal experiences and sometimes his own personal statements throughout the novel whilst being given the opportunity to identify the flaws in the system for themselves. Forster, E. M A Passage to India, 1994