An Analysis Of Oscar Wilde S The Importance Of Being Honest

Chiderah Onyeukwu Professor Daniel Galvin English 213 18 April 2013 Role of Marriage in Importance of Being Earnest The Importance of Being Earnest, Oscar Wilde’s last and most famous play, debuted in London on February 14, 1895. Throughout the play, one major theme seems to override the others. That theme is the role of marriage; the question of whether marriage as an institution is â€Å"pleasant† or â€Å"unpleasant† comes up repeatedly. It seems as if every character has a strong stance on the role of marriage and how it affects them, no matter how futile or unreliable that opinion may be. As a whole, The Importance of Being Earnest embodies a complete criticism of the role of marriage, representing both sides of the argument; by taking a†¦show more content†¦I do not approve of anything that tampers with natural ignorance. Ignorance is like a very delicate exotic fruit. Touch it and the bloom is gone. The whole theory of modern education is radically unsound. Fortunately in England, at any rate, education produces n o effect whatsoever. If it did, it would prove a serious danger to the upper classes, and probably lead to acts of violence in Grosvenor Square† (Newby). The absolute absurdity of these statements effectively makes foolery of Jack’s quest to marry Gwendolyn through the approval of her mother; in comparison, Wilde effectively makes foolery of the social requirements and specifically the rigid structure of the marriage process as a whole. According to Jen Ziegenfuss in her article Marriage in the Victorian Era, there were certain rules that applied to most marriages during the Victorian era. For example, Victorians were encouraged to marry within the same class; marrying into an upper class was acceptable but marrying down meant marrying an inferior, which brought about a certain degree of shame. Wilde touches on this dilemma with another relationship within the play, the relationship between Miss Prism and Doctor Chausable. Miss Prism lives at Jack’s country house and is Cecily’s governess while Doctor Chausable is the rector on Jack’s estate; the two of them harbor romantic feeling for the other that are la rgely suppressed because of different social classes. As the play goes on, theirShow MoreRelatedA Critical Analysis of Oscar Wildes Importance of Being Earnest3101 Words   |  12 PagesManners 7 The Dual Identity 8 The Critique of Marriage 8 Idleness of the Aesthete and the Leisure Class 9 The Plot vs. Characterization 9 The Analysis of Character 9 The Structure Analysis of Plot 10 The Title of the play 11 Conclusion 12 Critiquing Play Introduction The play, The Importance of Being Earnest, is written by Oscar Wilde and was first performed in London at St. Jamess Theatre on fourteen February of the year of 1895. In order to escape burdensome social obligationsRead MoreWalts Whitmans Vision of America in Leaves of Grass17685 Words   |  71 PagesWalt†©Whitman’s†©vision†©of†©America†©in†©Leaves†©of†©Grass†© †© Contents†© I. †© Introduction†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†©4†© Starting†©point†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦.†¦.†©4†© Short†©biography†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†©5†© Historical†©context†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†©7†© Thematic†©analysis†©of†©poems†© a. Beauty†©of†©the†©country†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†©8†© b. Democracy†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†©17†© c. War†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.†©25†© d. Future†©generations†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†©34†© †© II. †© III. †© IV. †© V. VI. †© Overview†©Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreGeorge Orwell23689 Words   |  95 PagesGeorge Orwell England Your England As I write, highly civilized human beings are flying overhead, trying to kill me. They do not feel any enmity against me as an individual, nor I against them. They are ‘only doing their duty’, as the saying goes. Most of them, I have no doubt, are kind-hearted lawabiding men who would never dream of committing murder in private life. On the other hand, if one of them succeeds in blowing me to pieces with a well-placed bomb, he will never sleep any the worse forRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturersRead MoreDamodaran Book on Investment Valuation, 2nd Edition398423 Words   |  1594 Pagesundeniably uncertainty associated with valuation. Often that uncertainty comes from the asset being valued, though the valuation model may add to that uncertainty. This chapter lays out a philosophical basis for valuation, together with a discussion of how valuation is or can be used in a variety of frameworks, from portfolio management to corporate finance. A philosophical basis for valuation It was Oscar Wilde who described a cynic as one who â€Å"knows the price of everything, but the value of nothing†

Class Domination Theory Of Power - 1536 Words

The power elite is able to exert power over society. The power elite’s control over politics demonstrates how inequality is functional. This validates the class-domination theory of power, which is distributed based on economic power. By controlling economic resources, the power elites political influence in government shapes law and those involved in government to the power elites benefit. In today’s American society these laws have impacted both the corporate community and the elite. Furthermore, the author’s portrayal of the elite displayed how the elite have control concerning choices in government policies, elections, and laws. Social inequality is defined as the unequal distribution of social and economical resources. There are unequal opportunities and rewards for different social positions and statuses within a group or society. Because there is social inequality, people have less life chances meaning less educational and occupational opportunities, which prevents movement on the social ladder. This gives authority to the rich because the rich own the means of production, giving capitalists the power to exercise it by exploiting the poor working class. An individual interest and not that of a community drive the rich. Such differences degrade and stigmatize the social class with less money and opportunities causing social stratification. Because those who are in power are the rich, they have influence on the political system to approve or disagree with lawsShow MoreRelatedAnti Islam : Anti Oppressive Practice Essay1683 Words   |  7 Pagesstructural, critical, feminist, liberal, anti-racist framework practice approaches. But it is not limited within those approaches. Anti-Oppressive social work is a practice represents the theories and approaches of social justice. Anti-Oppressive Practice (AOP) is reflecting deferent types of views and theories in a practice approach. According to Baines.D (2007, p.4) : ‘Rather than a single approach, aop is an umbrella term for a number of social justice-oriented approaches to social workRead MorePower And Institutional Control / Domination Essay1356 Words   |  6 Pageswriting will reflect on power and institutional control/ domination. This paper will discuss how supplemental readings #4 Emile Durkheim- The Rules of Sociological Method, #14 Karl Marx- The Communist Manifesto, #16 Max Weber- Economy and Society #20 M. Foucault- Docile Bodies from Discipline and Punish all contribute to a true meaning understanding of power and institutions control/ domination. The key components that deals with power, and institutions control/ domination are family relationshipsRead MoreValid Theory In American History For Many Years, And It1122 Words   |  5 Pagesvalid theory in American history fo r many years, and it has separated Americans in many ways, because classism has been racialized throughout the years, classism separates the rich from the poor, and classism inhibits cultural awareness. Classism will always exist in America because it has been a way of since the beginning of time. Even though people are not born with an actual label in a particular class, such as upper class, middle class, or lower class, it is an invisible line that exists forRead MoreClassism : Racism And Racism1140 Words   |  5 Pagesperceived social class. Classism has manifested as a valid theory in American history for many years, and it has separated Americans in many ways, because classism has been racialized throughout the years, classism separates the rich from the poor, and classism inhibits cultural awareness. Classism will always exist in America because it has been a way of since the beginning of time. Even though people are not born with an actual label in a particular class, such as upper class, middle class, or lowerRead MorePotential Limits to Corporate Power in America Essay1246 Words   |  5 PagesAmerica? by G. William Domhoff, is to explain his theory of Class Domination. My essay emphasises the relation of social class to power, the existence of a Corporate community, the relationship of the Corporate community to the upper class, and various methods used by the Corporate community to dominate the U.S Political System. Furthermore, my essay will discuss the potential limits to corporate power in America. The realtion of social class to power, is a belief about equality of opportunity thatRead MoreFeminism Is An Interdisciplinary Idea881 Words   |  4 PagesFeminism is an interdisciplinary idea. In sociology, feminism broadens our ideas on gender and transforms it into a major field of study. George Ritzer, in Contemporary Sociological Theory and Its Classical Roots, breaks feminist theory down into four major varieties, gender differences, gender inequality, gender oppression, and structural oppression. He then explains the different forms of feminism seen in each variety. The first variety, gender difference, describes, explains, and traces the implicationsRead MoreThe Works Of Richard Robbins : Global Problem And The Culture Of Capitalism1268 Words   |  6 PagesJohnson, Privilege, Power, and Difference, address privilege, inequality, and capitalism through sociological and historical references. Through reading and analyzing these works along with our class lectures it has become apparent that there is a clear relationship between these systems. Capitalism causes and enforces systems of inequality and privilege. Capitalism is able to do this through the construct of social reality, the matrix of capitalist domination: segmentation of class, gender, and raceRead MoreSocial Class in America1217 Words   |  5 Pagesare limited. Usually limited for those who belong to a lower social class. The main reason opportunities are limited are because of America’s social inequality. The social class of America is separated into multiple groups that st ruggle with each other due to the inequality of power and wealth on the daily basis. Social class has always been influential in America even though many people put forth that someone’s social class is insignificant when building friendships or any other relationshipRead MoreThe Social Theory Of Sociology1525 Words   |  7 Pagesit. This means that sociology helps improve peoples’ comprehension of society as a whole, therefore increasing the power of social action. However, social action is a very controversial method in sociology due to its growing debates about conflicts found in the social system that are used to grasp the objective of social justice and empowerment. Classical sociology involves theories formed between the early 1800s and 1900s that embrace the cultural roots of that time period. The social conditionsRead MoreFood Chains : Description And Analysis Essay1526 Words   |  7 PagesRaquel Dela Cruz Social Theory 310 Professor Sarah Whitley 4 October 2016 Food Chains Description Barack Obama once said, â€Å"Nobody who works full-time should have to live in poverty.† Migrant farmworkers in Immokalee, Florida are well underpaid for the work they provide. A full days of hard labor is worth only forty-two dollars†¦ That type of income barely passes the United States poverty line. Pickers can be out in the fields picking tomatoes from five in the morning to eight at night - in dangerously

Biology level Free Essays

This causes a decrease in lung pressure, (intrapulmonary pressure) which establishes the pressure gradient from the atmosphere (1 59 meg) to the alveoli (105 meg) which then results INSPIRATION. As oxygen is inhaled it enters the external mares (nostrils), from the external mares it moves into the nasal cavity which functions in moistening, filtering and warming of the air. After the nasal cavity the air moves into the internal mares which is located behind the soft pallet of the roof of the mouth. We will write a custom essay sample on Biology level or any similar topic only for you Order Now Once the air moves through the internal mares it moves down into the pharynx which is the passageway for food and IR, it then moves down into the larynx which is the first part of the trachea. The larynx contains the epiglottis which is a cartilage flap that restricts food from going into the air pipe, and vice versa. As air moves down from the pharynx into the larynx the epiglottis closes the esophagi and opens the passageway for the air, to go through the glottis into the trachea. The trachea is lined with a mucous membrane which catches any debris that is left in the air. The trachea then forms 2 primary bronchi, one for the left lung and one for the right lung. The primary bronchi attach he trachea to the lung. The primary bronchi then branch out into secondary bronchi which form the lobes of the lung. The left lung contains 2 secondary bronchi resulting in 2 lobes and the right lung contains 3 secondary bronchi which result in 3 lobes. The secondary bronchi then branch into tertiary bronchi, these then branch into smaller tubules called bronchioles. The first part of the bronchioles is known as the terminal bronchioles, which then sub-divide into respiratory bronchioles. The respiratory bronchioles then sub-divide into alveolar ducts; around the recurrence of the alveolar ducts are numerous alveoli and alveolar sacs. Alveolar sacs consist of two types of alveoli which share a common opening. The two types of alveoli are type 1 and type 2 cells. Type 1 cells have a continuous lining of the alveolar wall, and type 2 cells are called septa cells and are found between type 1 cells, they are also fewer in number. Type 1 alveolar cells are the main alveolar cells for gas exchange. Once 02 has reached the alveolus it can then diffuse into the capillaries. The process of diffusion is when pressures move from a higher pressure to a rower pressure through a pressure gradient. Oxygen is able to move from the atmosphere to the alveoli because it has a APP of McHugh and the Alveoli has a APP of McHugh. Once the oxygen moves from the atmosphere through the air passage into the alveoli it can then diffuse into the capillaries where APP is McHugh. 2 is able to move from the alveoli into the capillaries due to the process of diffusion (high pressure to low pressure through a pressure gradient). Once the 02 enters the capillaries it is then picked up by erythrocytes (RUB ‘s) where it attached to the hammed portion of the hemoglobin. APP in the blood is McHugh. Once the 02 is in the Orb’s it can then diffuse into the tissues where the APP is 40 meg. As oxygen is being inspired, CO is being exp ired in the opposite direction. CO starts off in the tissues at a APPC of 45 meg, it then diffuses into the capillaries where its APPC is might. Once the CO is in the capillaries it can then attach to RUB where the degenerated blood now has a APPC of might. Once in the red blood cells the CO can then diffuse into the alveoli where APPC is might. Once the CO enters the alveoli, the respiratory muscles then relax. Which then leads to the decrease in the size of the thorax, increase in thoracic pressure, decrease in lung size, and increase in lung pressure, which established the pressure gradient from the alveoli to the atmosphere, which the results in EXPIRATION. Once oxygen enters the capillaries from the alveoli it attaches to the hammed portion of the hemoglobin. A hemoglobin molecule consists of a protein called globing. Globing is made up of 4 polypeptide chain, each polypeptide chain contains a hammed portion, and at the center of each hammed portion is an iron molecule that oxygen can attach to. Therefore each hemoglobin molecule consists of 4 oxygen molecules. The oxygenated blood will then travel from the lungs, through the pulmonary veins, back into the left atrium of the heart. The AS node will then send an impulse to the VA node. The AS node functions as a ‘pacemaker’ of the heart which sets its rhythm. The AS node makes sure that the ventricle and the atria do not contract at the same time. Once the impulse is sent to the VA node, it is then passed on to the VA bundles, also known as the Bundle of His. The VA bundles then branch in to 2 different ranches, the right and left, which then move down the septum into the pureeing fibers. Forcing the blood through the bicuspid valve, into the left ventricle, which then open the aortic seminar valve, forcing the blood through the aorta, into the abdominal aorta, then into the common iliac artery, through the external iliac artery, to the femoral artery, which will then lead the blood to the deep artery of the thigh. The blood will then flow into the quadriceps of the muscle where there is an open wound, and this is where the blood will begin to clot. Blood Clotting or Coagulation is a complex sequence of events (chemical reactions) that causes blood to go from liquid to gel. Consistency of blood is due to the formation of a network of fibers consisting of fibrin protein and it involves more than a dozen chemicals called clotting factors. Clotting factions include Ca ions phosphoric associated with lipids and a mixture of lepidopterist and phosphoric released from damaged tissues. The blood clotting process involves three major stages. 1) formation of praiseworthiness, 2) formation of thrombi, 3) and the formation of fibrin. For this specific case there is an open wound in the quadriceps, which triggers the body to use the extrinsic clotting mechanism. The extrinsic clotting mechanism is used when there is tissue damage, bleeding and when the body is in need of rapid clot formation, this occurs within a few seconds. The damaged tissue then releases a ‘ ’tissue factor’ ‘ known as thermoplastic into the blood. The thermoplastic then activated a protein in the plasma called factor x, with the aid of calcium this then forms the enzyme known as praiseworthiness. Praiseworthiness is an enzyme that converts promoting to thrombi. Promoting is an inactive enzyme in the plasma, with the help of praiseworthiness it can be converted to thrombi which is an activated enzyme. For thrombi to be active ca+ must be presence. Thrombi is an activated enzyme which converts forefinger to fibrin. Forefinger are soluble clotting proteins in plasma, this is then converted to fibrin with the help of thrombi. Fibrin are insoluble thread like proteins, which form across the wound, which form a net like structure that traps platelets and RUB ‘s which creates a plug across the wound, which results in a stoppage of bleeding. Question 2: How to cite Biology level, Papers

Capital Account Liberalisation And Economic Growth Economics Essay free essay sample

Introduction. The theory of fiscal liberalization since McKinnon ( 1973 ) and Shaw ( 1973 ) has advanced from concentrating on recognition markets and the populace sector to include the private sector. In most recent surveies, the argument have been focused on the kineticss of the liberalization of the debt ( bonds ) and equity markets and it s consequence on economic growing in developing states. The liberalization of the debt and equity markets in a broader sense is called capital history liberalization ( Tswamuno et al, 2007 ) .In its study on capital history convertibility, the Tarapore Committee of the Reserve Bank of India provides a compendious and elusive definition as follows: Capital history convertibility or liberalization is the freedom to change over local fiscal assets into foreign fiscal assets and vice-versa at market determined rates of exchange. It is associated with alterations of ownership on foreign/domestic fiscal assets and liabilities and embodies the creative activity and settlement of claims on or by the remainder of the universe. Capital history convertibility can be, and is, coexistent with limitations other than on external payments. It besides does non prevent the infliction of monetary/fiscal steps associating to foreign exchange minutess, which are of a prudential nature. ( Reserve Bank of India, 1997 ) .In the context of this thesis, the above definition of capital history liberalization will be adopted as it is wide and encompasses all the relevant facets of the policy. Henry ( 2006 ) defines capital history liberalization as a determination by a state s authorities to travel from a closed capital history government in which capital may non travel freely in and out of the state, to an economic system where capital can come in and go forth at will. Tswamuno et Al ( 2007 ) besides refers to capital history liberalization as a policy by which a authorities gives foreign investors the right to buy portions and bonds in the state s markets, at the same clip allowing domestic investors the right to merchand ise in foreign securities. Cobbam ( 2001 ) defines capital history liberalization as the procedure of taking limitations from international minutess related to the motion of capital. It can affect the remotion of controls on both domestic occupants and international fiscal minutess and on investings in the place state by aliens. Capital history liberalization can use to both influxs and escapes of capital. He is of the position that capital history limitations can take assorted signifiers such as restricting domestic Bankss foreign adoption, commanding foreign capital coming into the economic system, restricting the sectors of industry in which aliens can put, and curtailing the ability of foreign investors to repatriate money earned from investings in the domestic economic system.Harmonizing to Ghosh ( 2005 ) , capital history liberalization typically involves alterations in the exchange control government with full convertibility of the current history minutess attach toing trade liberalization either ante rior or at the same time, which are complemented with changing grades of convertibility on the capital history. He defines capital history liberalization steps loosely to cover the undermentioned, in increasing grade of strength, but with a broad assortment of forms of execution, therefore:Measures that allow foreign occupants to keep domestic fiscal assets, either in the signifier of debt or equity. This can be associated with greater freedom for domestic houses to set about external commercial adoption, frequently without authorities warrant or even supervising. It can besides affect the dilution or remotion of controls on the entry of new fiscal houses, capable to their meeting pre-specified norms with respect to capital investings. This does non needfully increase competition, because it is normally associated with the freedom to get fiscal houses for domestic and foreign participants and extends to permissions provided to foreign institutional investors, pension financess and hedge financess to put in equity and debt markets, which frequently triggers a procedure of consolidation ;Measures which allow domestic occupants to keep foreign fiscal assets. This is typically seen as a more drastic grade of liberalization, since it eases the possibility of capital flight by domestic occupants in periods of crisis. However, a figure of states that receive inordinate capital influxs that do non add to domestic investing in the net and are reflected in unneeded accretion of foreign-exchange militias, have turned to such steps as a agency of cut d owning force per unit area on the exchange rate ;Measures that allow foreign currency assets to be freely held and traded within the domestic economic system ( the dollarisation of histories ) . This is the most utmost signifier of external fiscal liberalization, which has been implemented merely in really few states. Beginning of capital history liberalization. At the beginning of the 1990s there was a significant addition in private capital flows into developing states. This flows remained important through to the late ninetiess with one-year flows making $ 100 billion[ 1 ]. During this clip, the authoritiess and the policy shapers in these developing states become concerned that these big capital influx to take to domestic rising prices, existent exchange rate grasp or deformation of domestic assets monetary values.However, get downing in 1997, the tendency reversed well against the background of a series of capital history crises in some of these developing states. As a consequence of these crises, the international community started paying attending to the hazard of unfastened capital history and in peculiar, with regard to short term capital flows and the stableness every bit good as the wellness of the fiscal markets in these developing states. Many economic experts and policy shapers began to pay attending to the building of regulative environment that would maximize the benefits of entree to international nest eggs whilst understating the li keliness and the cost of fiscal crises ( IMF, 2004 )Consequently, during the 1990s arguments on the relationship between capital history liberalization and long term economic growing re-emerged from the literature on endogenous growing. A subdivision of this school of idea started to concentrate on whether capital history liberalization could explicate sustained economic growing. The premises of this school of idea is that fiscal developments generate an external consequence on sum investing efficiency, which intend, offsets the lessening in the fringy merchandise of capital. In line with this statement, the IMF sought to do capital history liberalisation their purpose and included this as portion of their legal power in 1997. In add-on, some economic expert, for illustration, Fischer ( 1998 ) , Summers ( 2000 ) and Henry ( 2006 ) besides made the instance for capital history liberalization.However, Rodrik ( 1998 ) and Stiglitz ( 2000 ) argue against capital history liberalization. Stiglitz ( 2000 ) , for illustration, is of the position that capital history liberalization is chiefly derived from the standard efficiency theory which employs a conventional neo-classical theory and disregarding the particular ways that fiscal and capital markets are different from ordinary goods and services markets. He argues that the protagonists of the policy focal point on efficiency effects and disregarding the distributional effects. Presumably, believing that if the additions from the policy are large plenty, the benefits will dribble down to the multitudes or the a uthorities will take active steps that the multitudes will non be disadvantaged ( Stiglitz, 2000 ) . Theoretical statements in favor of capital history liberalization. Supporters of capital history liberalization argue that international capital flows from liberalization lead to lower cost of capital, let for hazard variegation, encourages investing in undertakings with higher returns and finally leads to integration into the universe fiscal system. Broadly talking, there are two opposing positions about the wisdom of capital history liberalization as a policy pick for development states ( Henry, 2006 ) . The first position is Allocation Efficiency. This depends to a great extent on the anticipations of the standard neoclassical growing theoretical account pioneered by Solow ( 1956 ) . In the neoclassical theoretical account, liberalizing the capital history facilitates a more efficient international allotment of resources and produces some positive effects on the economic system. Therefore, in theory, resources flow from capital-abundant states, where the return on capital is low, to capital-scarce states where the return on capital is high. The f low of resources into the capitally scarce states reduces their cost of capital, triping a impermanent addition in investing and growing that for good raises their criterion of life ( Fischer ( 1998 and 2003 ) , Obstfeld ( 1998 ) , Rogoff ( 1999 ) and Summers ( 2000 ) ) . As a consequence of the envisage prospective additions from integrating allotment efficiency statements into their economic policies, several developing states including PCECs have implemented some signifier of capital history liberalization policies.The other side of the coin of allotment efficiency is an effort to widen the consequences of the additions from international trade in goods to international trade in assets. The anticipations hence hold merely where there are no deformations to the economic system other than barriers to free capital flows. Critics argue that the theoretical anticipations of the neoclassical theoretical account bear small resemblance to the world of capital history policy.Furthermore, the theory of international plus pricing theoretical account predicts that capital history liberalization will take to a bead in the cost of equity and debt capital through integrating of segmented markets. Integration is achieved when planetary assets of indistinguishable or similar hazard command the same expected return regardless of where they are traded. Bekaert and Harvey ( 1995 ) show that if stray states were to liberalize, so capital flows across boundary lines would compare the monetary value of hazard across all the markets, extinguishing differential hazard. Henry ( 2006 ) further argues that if a underdeveloped state opens its stock market to foreign investors, aggregative dividend output falls and growing rate of end product additions taking growing rate of end product per worker. Levine and Zervos ( 1996 ) show that liberalization consequences in an addition in stock market liquidness. Increased liquidness leads to further development of the underlying market as investors are assured of acquiring in and out of a place without much trouble.Bekaert, Harvey, and Lundblad ( 2004 ) besides show that foreign investors pressure local establishments to adhere to international criterions, which improves local corporate administration and reduces the division between internal and external finance. In a nutshell, capital history liberalization in developing states is tantamount to an IPO ( Martell and Stulz 2003 ) which boosts entree to capital and allows for convergence of cost of capital between developed and developing states.Mishkin ( 2006 ) for case, found out that international fiscal flows serve as an of import accelerator for domestic fiscal market development. This he said is reflected in both straightforward steps of the size of the banking sector and equity markets every bit good as broader construct of fiscal market development, including supervising and ordinances. It is besides argued that the presence of foreign Bankss is linked to betterments in the quality of fiscal services and efficiency of fiscal intermediation and likewise[ 2 ], capital history liberalization tends to take to larger and more liquid equity marker ( Levine and Zervos, 1998 ) . Theoretical statements against capital history liberalization. Oppositions of capital history liberalization argue that it increases the hazard of bad onslaughts and increases a state s exposure to international dazes and capital flight. Harmonizing to Gridlow ( 2001 ) the principal of the South African Reserve Bank College Developing states in the 1980s and early 1990s had been led to believe that foreign investing in the signifier of equities and bonds traded on the local markets was more long term in nature than foreign bank loaning they attracted in the seventiess. However, immense flight of capital from the emerging markets at times in recent old ages has exploded that myth. Stiglitz et. Al. ( 1994 ) argue that information dissymmetries, which are particularly endemic to fiscal markets and minutess in developing states, can be damaging to capital history liberalization. They further contend that compared to their developed opposite numbers, markets in developing states do non hold the capableness to assemble information relevant to fiscal minutess and therefore can non vouch that capital will flux where its fringy productiveness exceeds chance cost. This is one important restriction to the neoclassical theoretical account proposed by Henry ( 2006 ) .Several other economic experts suggest that there are legion conditions, non yet met by most developing states, which are necessary to guarantee the success of capital history liberalization. Aghion, Bacchetta, and Banarjee ( 2000 ) develop a mathematical theoretical account to demo that economic systems at an intermediate degree of fiscal development are more susceptible to macroeconomic dazes. In their theoretical account, full liberalization in such economic systems may take to destabilization, characterised by lasting stages of growing and capital flight. Rodrik and Velsasco ( 1999 ) argue that openness to international capital flows can harm a state if appropriate controls, coupled with a strong macroeconomic and regulative environment, are non in topographic point. Johnston ( 1997 ) argues that authoritiess should develop strong establishments for pecuniary policy and exchange rate direction before liberalizing the capital history.The traditional premise of capital history liberalization is that it enables capital to flux from high income states, with comparatively high capital-labour ratios to low income states with lower capital-labour ratios ( Lucas 1990 ) . It is argued that if investings in developing states are constrained by low degree of domestic nest eggs, so entree to foreign capital should take to their growing. However, this hypothesis is burden with legion practical defects.First of wholly, it is argued that capital history liberalization could bring on two types of bad force per unit areas: expectations-induced and competition-coerced, both of which contribute to the increased presence of short-run, bad bad minutess in the economic system and to the increased exposure to fiscal crises. The first of these comes from expectations-i nduced force per unit areas to prosecute bad minutess in position of the freedom created by the liberalization policy. Given the proliferation of bad chances, this freedom wagess those speculators who have short-time skylines and penalize the investors with a long-run position ( Arestis, 2005 ) . The competition-coerced type of force per unit areas comes from the force per unit areas on non-financial corporations who may experience compelled to come in the fiscal markets in position of higher returns, induced by the capital history liberalization, by borrowing to finance short-run fiscal guess. A critical manifestation of this possibility is increasing borrowing to finance short-run fiscal guess. Lenders in their bend may experience compelled to supply this type of finance, basically because of fright of loss of market portion ( Minsky, 1986 ) . An unwanted deduction of these types of force per unit areas is that economic systems are forced to bear a greater grade of `ambient hazard and therefore uncertainness with fiscal liberalization than without it ( Grabel, 1995 ) . This may really good take to a decreased volume of existent sector investing ( Federer, 1993 ) , while exercising upward force per unit areas on involvement rates in position of the higher hazard. The types of guess merely referred to are peculiarly acute in the instance of stock markets. The related developments that have taken topographic point late and discussed earlier, heighten the importance of guess in the stock markets. These stock market developments represent a beginning of macroeconomic instability in that stock market fiscal assets are extremely liquid and volatile, therefore doing the fiscal system more delicate and accordingly, promoting short-termism at the cost of long-run growing ( Arestis et al. , 2001 ) . Capital history liberalization, hence, is less likely to heighten the long term growing chances, particularly of developing states. Additionally, dependance on the external influxs, which have produced the stock market enlargement peculiarly in developing states, erodes policy liberty, and, in the instance of a fixed exchange rate policy, it forces pecuniary governments to keep high involvement rates to prolong investor assurance and greed. There is besides the statement that capital history liberalization may take to a decrease in the rate of return as a consequence of increased capital flows which reduces the domestic economy rate. Domestic establishments may confront greater competit ion from foreign establishments, which may do inordinate force per unit area on domestic establishments and finally to their bankruptcy ( Weller, 2001 )[ 3 ].Second, it is farther argued that the composing of capital influxs is a cardinal determiner of their susceptibleness to sudden reversal and their good impact upon the recipient state. The governments must therefore be cognizant of the composing of influxs and be prepared to restrict exposure to more volatile categories of capital. These can be examined along six dimensions cost, conditionality, hazard bearing belongingss, transportation of rational belongings, their impact on investing and their exposure to sudden reversals. Some economic experts describe an evolutionary procedure through which an economic system moves from pulling merely influxs of official finance and foreign direct investing in natural resources, through to influxs of foreign direct investing in non-resource extracting sectors and bank finance, to later phases of development in which it attracts portfolio equity and bonds and in which its companies can name their portions on developed state stock markets. If one considers these as the developmental phases of capital history liberalization so, it can be seen that most PCECs are at present in the first phase. Furthermore, it is believed that pr oductiveness instead than merely accretion of inputs that determines a long term growing[ 4 ]. Gourinchas and Jeanne ( 2006 ) used standardizations of a parameterised general equilibrium theoretical account to reason that the effects on economic growing after capital history liberalization are likely to be little because productiveness growing instead than increase in capital inflow determines long term growing. Besides, Henry ( 2006 ) points out that the benefits from capital history liberalization on economic growing is likely to be short lived unless it is associated with important productiveness growing. Furthermore, the exposure and breakability of fiscal systems in many developing states and the negative belongingss of short-run flows means that these states must take a matter-of-fact stance towards capital controls. One can separate between controls that hinder efficient international fiscal intermediation and those that can be viewed as prudential controls designed to incorporate the possible hazards of international capital flows. In the transitional period towards a more unfastened capital history, controls may play a function in insulating the economic system from volatile capital flows or leting clip for the strengthening of fiscal market establishments and other initial conditions. One can reason that it is necessary for states to retain the right to enforce controls on capital escapes during a fiscal crisis. However, some economic experts argue that controls are no replacement for a sound macroeconomic policy and strong institutional basicss and should non be seen as a repl acement for reform. They argue that good macroeconomic policy is both a demand and an result of liberalization and capital history liberalization can train macroeconomic policy. The trouble is that it requires efficient capital markets. On the other manus, capital history liberalization can expose a state s, fiscal sector to competition, leads to betterments in the domestic corporate administration because the foreign investors will demand the same criterion that exist in their states of beginning and hence imposing subject on macroeconomic policies and the domestic authorities in general. Capital influx and outflow ensuing from capital history liberalization may therefore create indirect benefits in the recipient county ( Kose, Prasad, Rogoff and Wei, 2006 ) which could heighten growing in entire factor productiveness[ 5 ]. 3.5 Capital history liberalization and economic growing A theoretical linkage Henry ( 2006 ) analyses the cardinal anticipations of the neoclassical growing theoretical account about the impact of capital history liberalization on a underdeveloped state as follows. Following Henry ( 2006 ) , assume that end product is produced utilizing capital, labor, in a Cobb-Douglas production map with labour augmenting technological advancement:Y = F ( K, AL ) = KIÂ ± + AL1-IÂ ± , ( 1 )Let k = K/AL be the sum of capital per unit of effectual labor and y= Y/AL the sum of end product per unit of effectual labor. Using this notation and the homogeneousness of the production map we have:Y = degree Fahrenheit ( K ) = kIÂ ± ( 2 )Let s denote the fraction of national income that is saved each period and presume thatcapital depreciates at the rate I? , the labour force grows at the rate N, and entire factor productiveness grows at the rate g. Salvaging each period builds up the national capital stock and helps to do capital more abundant. Depreciation, a turning population, and lifting entire factor productiveness, all work in the other way doing capital less abundant. The undermentioned equation summarises the net consequence of all these forces on the development of capital per unit of effectual labor:kIÂ ± ( T ) = sf ( K ( T ) ) ( n + g + I? ) K ( T ) ( 3 )Output per unitof effectual labor( n + g+ I? ) Ksf ( K )Aks.state k*s.state KFigure 2: Capital history liberalization in the neoclassical growing theoretical accountWhen kIÂ ± ( T ) = 0, the economic system is in the steady province as shown by point A in figure 2. At this point, the ratio of capital to effectual labor ( K ) is changeless. In contrast, the steady-state degree of capital ( K ) is non changeless, but turning at the rate n + g. Output per worker ( Y/L ) grows at the rate g. Finally, the steady province fringy merchandise of capital peers the involvement rate plus the depreciation rate:degree Fahrenheit ( ks.state ) = r + I? ( 4 )Equation ( 4 ) gives a general look of the equilibrium status for investing. This equation has of import deductions for the kineticss of a state s investing and growing in the wake of capital history liberalization, because the impact of liberalization plants through the cost of capital. Let r* denote the exogenously given universe involvement rate. The standard premise in the literature is that r* is less than R, because the remainder of the universe has more capital per unit of effectual labor than in developing states particularly in PCECs. It is besides standard to presume that the capital markets in developing states are little, which means that each peculiar developing state can non act upon universe monetary values. However, most PCECs could act upon universe monetary values of the trade goods they export as in most inst ance, they tend to be universe taking manufacturers or exporters. Under these premises, when a underdeveloped state liberalises the capital history, capital rushs in to work the difference between the universe involvement rate and the state s rate of return to capital. The absence of any clashs in the theoretical account means that the state s ratio of capital to effectual labour leaps instantly to its post-liberalisation, steady province degree. Figure 2 depicts this leap as a rightward displacement from ks.state to k*s.state. In this steady province, the fringy merchandise of capital is equal to the universe involvement rate plus the rate of currency depreciation:degree Fahrenheit ( k*s.state ) = r *+ I? ( 5 )The instantaneous leap to a new steady province is an unattractive characteristic of the theoretical account, because it implies that the state installs capital at the velocity of visible radiation but this is non the instance in pattern. There are a assortment of formal ways to decelerate down the velocity of passage, but taking the clip to make so here would take us astray ( Barro and Sala-i-Martin, 1995 )[ 6 ].Harmonizing to Henry ( 2006 ) , the critical fact about the passage kineticss, which would keep true in any theoretical account, is that there must be a period of clip during which the capital stock grows faster than it does before or after the passage. To see why the growing rate of the capital stock must increase temporarily, remember that in the pre capital history liberalization steady province, the ratio of capital to effectual labor ( ks.state ) is changeless, and the stock of capital ( K ) grows at the rate n + g. In the post-liberalisation steady province, the ratio of capital to effectual labor ( k*s.state ) is besides changeless and the capital stock one time once more grows at the rate n + g. However, because k*s. state gt ; ks.state, it follows that at some point during the passage, the growing rate of K must transcend n + g.The impermanent addition in the growing rate of capital has deductions for economic growing, because the growing rate of end product per worker is given by the expression I?Y/L = IÂ ± ( kIÂ ±/k ) + g. Since the growing rate of K exceeds n + g at some point during the passage, kIÂ ±/k must be greater than zero during the corresponding interval of clip. Therefore, the growing rate of end product per worker besides increases temporarily.Another theory, the theory of international plus pricing theoretical account predicts that capital history liberalization will take to a bead in the cost of equity and debt capital through integrating of segmented markets. Integration is achieved when planetary assets of indistinguishable or similar hazard command the same expected return regardless of where they are traded. Bekaert and Harvey ( 1995 ) show that if stray states were to liberalize, so capital flows across boundary lines would compare the monetary value of hazard across all the markets, extinguishing differential hazard. Henry ( 2006 ) further argues that if a underdeveloped state opens its stock market to foreign investors, aggregative dividend output falls and growing rate of end product additions taking growing rate of end product per worker. Levine and Zervos ( 1996 ) show that liberalization consequences in an addition in stock market liquidness. Increased liquidness leads to further development of the underlying market as investors are assured of acquiring in and out of a place without much trouble. Empirical literature reappraisal. There are a figure of empirical surveies which investigate specifically the impact of capital history liberalization on economic growing. One of such is that of Atje and Jovanovic ( 1993 ) . Using informations on bank variable from 94 developed and developing states and informations on stock market variable from 40 developed and developing states between the period of 1966 and 1988, they test the relationship between fiscal development and economic growing. They proposed two placeholders of fiscal development, one mensurating bank intermediation and the other come closing stock market activity. They concluded that lone stock market activity a strong relation with economic growing, moreover, they found no grounds for degree effects and therefore conclude that betterment in stock markets activities leads to hanker run growing in per capita GDP. However, Harris ( 1997 ) utilizing the same placeholders on informations from 49 developed and developing states but between the period of 1980 and 1991 concludes that stock market activities has at best weak relation between fiscal development and long tally economic growing.Harris ( 1997 ) was a direct response to Atje and Jovano vic ( 1993 ) and criticises their methodological analysis and attack. In contrast to Atje and Jovanovic ( 1993 ) , Harris ( 1997 ) specifies a arrested development equation with current alternatively of lagged investing figures. He multiplies the initial degree of stock market activities ( i. e. value traded ) with lagged investing figures so he entered the investing figures besides as a separate variable. However, Atje and Jovanovic ( 1993 ) wanted to account for endogeneity of the variables. Harris ( 1997 ) uses the same econometric theoretical account as that of Atje and Jovanovic ( 1993 ) and basically for different clip period but he argues that the attack employed by Atje and Jovanovic ( 19973 ) is non appropriate because past and current investing is non sufficiently correlated with each other. Rather, he proposes the usage of instruments to account for the endogeneity of current investing. The consequence of stock markets on economic growing, he concludes is hence much weaker. He farther divided the information into developed and developing states, he concludes that in the selected development states stock markets do non look to hold positive consequence on long tally economic growing, whereas in the developed states, they do. In another survey, Levine and Zervos ( 1998 ) use cross-section informations from 47 states for the period of 1976 to 1993 to look into the impact of stock market activity on economic growing, capital stock growing, productiveness growing, every bit good as private nest eggs rate. They report a strong positive relationship between stock market liquidness ( as measured by initial value traded as a ratio of GDP plus initial turnover ratio i.e. value traded as a ratio of mean market capitalization ) , existent GDP growing, capital stock growing and productiveness growing. They besides find that other fiscal variables like stock market size, volatility and integrating into the international capital markets are non strongly linked to economic growing. Furthermore utilizing stock market liquidness and fiscal deepening ( as measured by bank credits to the private sector as a ratio of GDP ) in their theoretical account at the same time showed a positive relationship with economic growing. T hey argue that this is an indicant Bankss and stock markets provide different fiscal services in an economic system. Rousseau and Wachtel ( 2000 ) confirm the findings by Levine and Zervos ( 1998 ) . Using cross-section informations from 47 states with the period of 1980 to 1995, they allow for possible endogeneity between economic growing and fiscal development by using a two-stage least squares regression attack. They find that there is an impact of value traded on economic growing. However, they find no impact of volume of market capitalization and market capitalization as a ratio of GDP ) on economic growing. Furthermore, utilizing a panel vector car arrested development specification theoretical account, they find grounds of causality from both stock market indexs to economic growing. In add-on, they show that the value traded index turns out to be peculiarly important. Finally, they point out that the deflation of the stock market indexs by a general monetary value index like rising prices indexes overestimate the consequence of market capitalization on economic growing. They therefore argue that a portion monetary value index should instead be used to set the stock market indexs because plus monetary value additions may exaggerate existent market size.On the other manus, Arestis, Demetriades, and Luintel ( 2001 ) utilizing time-series analysis and informations from 5 developed states for the period of 1968 to 1998, they investigate the relationship between indexs like stock market capitalization as ratio of GDP and volatility for all the 5 states. But for two of the states, they included such indexs like value traded as a ratio of GDP and turnover ratio. They report that stock markets development have a important impact on economic growing in 3 of the states. For two of the states, they report that the consequence of stock markets development, nevertheless, is weaker than the impact of banking development on economic growing. Furthermore, for two of the states, they show that the nexus between fiscal development and economic growing is non really s trong and instead at that place seems to be causality running from economic growing to fiscal development.Now let us look at some empirical grounds from Africa. Tswamuno et Al ( 2007 ) utilizing informations from South Africa to analyze the relationship between capital history liberalization and economic growing conclude that the equity and bond markets do non excite economic growing. Another survey conducted by Onaolapo ( 2008 ) agreed. Using informations from Nigeria for the period of 1990 and 2006, Onaolapo ( 2008 ) conducted a causality trial and concludes that while economic growing leads to increase in market capitalization the contrary is non true. Besides, Naceur, Ghazouani and Omran ( 2008 ) utilizing panel informations from 11 Middle East and North African ( MENA ) states between the period of 1979 to 2005 discovery that stock market liberalization did non take to economic growing in the MENA part. However, they found that there be a long term positive relationship between stock Market liberalization and economic growing. A similar decision was besides reached by Shahbaz et Al ( 2008 ) .Shahbaz, et Al ( 2008 ) look intoing whether there is a relationship between stock market development and economic growing used informations from Pakistan for the period of 1971 to 2006 and happen that there is a really strong relationship between stock market development and economic growing. Furthermore, utilizing Engle-Granger causality appraisals, they confirm the being of long tally bi-directional causality between stock market development and economic growing. In the short tally, nevertheless, they find the being of one manner causality running from stock market development to economic growing. 3.7 Decision. The theory of capital history liberalization as discussed above suggests that investing will flux across state lodgers from capital abundant states into states with comparatively lesser capital as these states are constrained by low degree of domestic nest eggs. This it postulates, will take to economic growing in the receiver states given the appropriate macroeconomic conditions and the needed stableness or threshold as suggested by some economic experts. It maintains that capital history liberalization will take to lower cost of capital, let for hazard variegation, encourages investing in undertakings with higher returns and finally leads to integration into the universe fiscal system. Whereas the critics argue that this will increases the hazard of bad onslaughts and increases a state s exposure to international dazes and capital flight.It is besides clear that for a successful capital history liberalization policy, a overplus of factors such as the appropriate institutional development, needed supervising and regulative government, the phase of development of the fiscal system, the threshold conditions ( i.e. the phase of the state s development ) and other macroeconomic conditions must be critically examine before the execution of the policy. We will now turn our attending to fiscal liberalization and sustainable economic growing in primary trade good exporters.A relentless argument among economic experts has been the comparative virtues of a more rapid passage to the liberalization of the capital history, the alleged large knock attack, and a more deliberate, gradualist attack that hinges on the reforms in the existent economic system and fiscal system and t he liberalization of involvement rates before liberalizing the capital history. Some advocators of the former place argue that since resources are lost through obstructions to free capital flows ( this is normally related to any protectionist policy ) the Oklahoman the capital history is liberalised, the better it would be for the economic system. The latter position, which is usually the consensus among many economic experts, stresses the instabilities generated by fiscal liberalization ( both involvement rate and capital history ) before equal institutional precautions are put in topographic point. It is, hence, seen as advisable to travel from reforms in the existent sector, improved fiscal ordinance and current history liberalization before eventually liberalizing the capital history. However, as pointed out by some economic experts, although there are legitimate and of import concerns about sequencing, there is besides a danger that authoritiess can utilize sequencing statements to avoid execution of determinations to which they are non to the full committed.Assorted economic experts argue that capital history liberalization likely spells the terminal of fixed exchange rate governments since their viability is frequently underpinned by capital controls.Furthermore, they are of the position that fixed rates can promote sh ort-run and hedged adoption in foreign currency that can precipitate a crisis[ 7 ]. They besides argue that fixed rate governments and the eventful loss of pecuniary policy independency besides make it hard for a state to command the domestic economic roar ensuing from inclinations to over invest and over consume. Floating rates, nevertheless, create a job for developing states seeking to bring forth nominal stableness for the domestic monetary value degree. It is besides argued that in traveling towards capital history convertibility, authoritiess must besides guarantee that rising prices, the current history balance and foreign exchange militias are maintained at acceptable degrees. Any one of these variables can motivate a fiscal crisis if it is allowed to travel earnestly out of line and undermine assurance in the domestic currency. In the development states and particularly in the PCECs, these could take to the phenomenon of currency permutation which could hold consequence on the magnitude of the expected economic growing ensuing from capital history liberalization. The rising prices aim can be aided by the creative activity of a strong, independent cardinal bank that is comparatively insulated from more populist force per unit areas emanating from the political procedure. Keeping equal foreign exchange militias becomes less pressing if floating rates are adopted but it is of import for the cardinal bank to hold financess to step i n in the market to advance stableness and cut down volatility and besides to supply psychological reassurance to foreign investors.To summarize the treatment above, is clear that before capital history liberalization, it is importance to set in topographic point fiscal sector reform, prudential norms and effectual regulative supervising. These are the countries that are largely lacking in many developing states. Unfortunately, capital history liberalization in several developing states has made the state of affairs worse since it has led some states to withdraw from effectual regulative inadvertence, information assemblage and the enforcement of prudential norms for fright that they will be seen as the first measure in a return to province control. However, as legion crises have made clear, in an environment of liberalised capital flows, failings in the fiscal system can do great macroeconomic instability and crises. A good regulated fiscal system is no warrant that a crisis would non happen, but it would surely cut down the incidence and extent of the crisis. The pick is hence between a careful reform of the fiscal system before or during the procedure of liberalization or exigency reforms after a crisis. The rawness of many participants in the fiscal sectors in developing states can take to over exposure to involvement rate and exchange rate hazards. Therefore, the governments ability to develop prudential ordinances and so make the information and enforcement systems to back up them are cardinal to fiscal sector reforms.It is besides argued that the benefits that are derived from capital history liberalization depend on the degree of institutional and economic development before the policy is implemented. These include belongings rights and the judicial systems. For illustration, if belongings rights are non protected and the bench is really weak, there may be really small that foreign investors can make to better corporate authorities. It is merely when the threshold degree of these establishments that weaponries and length aliens can press for better administration. It may be besides that merely when a state is more advanced and closed to the technological frontiers can it utilize the full capablenesss that foreign fiscal know-how brings, such as the ability to know apart between alternate sets of investings chances. When a state is really hapless, the investings that are needed may be much more obvious, provided appropriate protections are in topographic point ( Prasad and Rajan, 2008 ) .It is farther argued that below the threshold, capital history liberalization could be damaging to the economic system. This is because foreign investors are largely seen as arm s length investors who will cut and run at the first sight of instability. In such fortunes, a state with unequal government to cover with corporate insolvencies could be destabilised really severely by flying foreign investors close their houses down. The very nature of the battle of foreign investors may alter in such state of affairs and could take to improvements the states institutional quality[ 8 ].Faria and Mauro ( 2004 ) suggest that better institutional quality could swing a underdeveloped state s foreign influxs towards foreign direct investing and portfolio equity flows which are non merely less hazardous than debt flows but besides could take to more foreign engagement in corporate administration and technological transportation. Rajan and Tokatlidis ( 2005 ) besides suggest that states with limited capacity to work out internal financial struggles are likely to hold more delicate foreign debt constructions and more currency permutation[ 9 ].Finally, if the net collateral benefits kicked in beyond the threshold, the policy response would be cle ar delay until the state is clearly beyond the threshold and so implement the policy. The lone job so would be to find when the state is beyond the threshold. The existent quandary prevarications, nevertheless, in the possibility that the capital history liberalization can take to some institutional and fiscal sector development ( Prasad 2008 ) . One can therefore argue that it makes sense for a state to implement the policy slightly before it is institutionally developed so as to procure some benefits from capital history liberalization and therefore speed up institutional development. From the renunciation, statement, the inquiry therefore is when is it appropriate to implement the policy so as to deduce the supposed benefits?The empirical literature summarised supra have addressed the issue from the base point of the consequence of capital history liberalization on economic growing. Unfortunately, the argument remains unsolved as the empirical grounds is inconclusive. This is because, the available grounds inherently affect a joint trial of the impact of capital history liberalization on economic growing and the peculiar method of quantifying the grade of fiscal liberalization[ 10 ]. For illustration, while Levine and Zervos ( 1998 ) , Rousseau and Wachtel ( 2000 ) , Arestis, Demetriades, and Luintel ( 2001 ) and Shahbaz, et Al ( 2008 ) , find a positive relationship between capital history liberalization and economic growing, Harris ( 1997 ) , Tswamuno et Al ( 2007 ) , Onaolapo ( 2008 ) and Naceur, Ghazouani and Omran ( 2008 ) fail to happen the being of such relationship.

Examine the Reasons for Changes in Birth Rates and Family Size Since 1900 free essay sample

Since 1990, there has been a declining trend in birth rates and family size. The birth rate refers to the number of live births per 1000 of the population per year. There have been incidents of baby booms during the 20th century, where the birth rate has suddenly increased. These include after both world wars and during the 1960s. However, overall the birth rate has been decreasing. There are a number of social factors responsible for these changes. Firstly, the changing position of women in society has been partially responsible for the decline in birth rate and family size. The changes include greater equality changes between women and men, more education and work opportunities for women, easier access to divorce and wider availability of contraception and abortion, allowing women to control their fertility. as a result of these changes, women are seeing other possibilities in life other than marriage and childbearing. Many women are delaying child birth and putting their careers first. We will write a custom essay sample on Examine the Reasons for Changes in Birth Rates and Family Size Since 1900 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page this leads to them having children at a later age and consequently being unable to have several children. Furthermore, a change in social attitudes mean some women are not having children at all. In addition to this, many sociologists argue that a decline in infant mortality rate leads to a decline in birth rate. They argue this because couples are not having children to replace the ones they have lost in infancy, as infant death is much rarer. In 1990, 15% of babies born died before their first birthday. Today, the infant mortality rate stands at only 5%,a great decrease from 1990. The decline in infant mortality rate is linked to a number of factors including improved healthcare, better nutrition for both babies and mothers and better care for mothers and their children through agencies such as antenatal and postnatal clinics. The decline in infant mortality, it is therefore argued, has a direct impact on the birth rate. Furthermore, birth rate and family size have decreased since 1900 as children have become an economic liability. Previously, children had been sent out of work to earn an income, such as chimney sweep boys during the Victorian era. However, laws banning child labour and the compulsory education extending means that children are not aloud to earn an income. Instead they remain economically dependent on their family for longer. Additionally, childrens material expectations have risen, meaning the cost of maintaining children has too. Increasing child expenditure has led to a reluctance from couples to have large families, thus the birth rate has decreased. The child-centered attitude that has now become prevalent in society is a final reason for a declining trend in birth rate and family size. The social construction of childhood has led people to view childhood as a unique, important period in a persons life. In relation to this child-centered attitude, parents attitude has shifted from quantity to quality when it comes to their family. This means people prefer to have a smaller family size so they can spend more attention on children during their important life stages. Overall there has been a steady decline in birth rate and family size since 1990. This has been due to a number of social factors including the changing position of women, the decline in infant mortality rates, changes in child laws and social attitudes towards childhood as a social construct.

Meaningful Learning Experience essays

Meaningful Learning Experience essays Throughout my years in elementary and high school, I am able to recall numerous experiences which stand out in my mind as meaningful. Certain teachers had different methods of making their lessons effective and easy to understand. However, in all of my memories, a single day in fifth grade is remembered as an exciting day that literally changed my life. I can vividly remember my first band lesson. The anticipation and excitement I felt as I opened my new saxophone case for the first time was simply inexplicable. I had never held an instrument before; it was all new to me. Yet, slowly, my band director began to instruct me on how to hold the instrument and the fingerings of basic notes. By the end of the lesson, I had learned to play Mary had a Little Lamb and Hot Cross Buns. At the time, I did not realize what made that lesson so memorable. As a 10-year-old child, I knew that I liked this new toy. I also felt that I was a good player. After all, I had learned to play two songs on my first day! In retrospect, however I realize that this positive experience can be attributed to more than just first-time excitement. My teacher had developed a lesson that was comprised of distinct and meaningful components. She began by introducing me to this new instrument, instructing me on basic techniques. This basic introduction was followed by a developmental period. With my teachers help, I began to learn beginning notes and note values. Together, we worked to develop my skills. The lesson was concluded by putting together all of the information that I had worked to develop. The random sounds that I made throughout the lesson became music as I performed my first songs. This gave the lesson a sense of closure, as well as a sense of accomplishment. This memorable learning experience was extremely valuable to me in the fifth grade. Ironicall...

Planning Careers and Demand Essay Example | Topics and Well Written Essays - 750 words

Planning Careers and Demand - Essay Example re also applicable in the United States? And (2) if so, what career advice would you give to these people if you were mentoring them? Specify three key pieces of advice. Planning Careers and Demand Applicability of Findings The findings in the United Kingdom indicating that the trend for college graduates is to look for jobs that accord vast opportunities for career breaks could not possibly be applicable in the United States. As aptly quoted from the US Bureau of Labor Statistics regarding career decisions, â€Å"making informed career decisions requires reliable information about opportunities in the future. Opportunities result from the relationships between the population, labor force, and the demand for goods and service† (cited from The Indians Abroad, 2009, par. 1). ... y Anderson (2001) acknowledged that "workers in the United States are putting in more hours than anyone else in the industrialized world" (Anderson, 2001, par. 1). The above information disputes UK’s trend on college graduates’ priorities on career breaks as being likewise applicable in the US. The mere fact that students opted to pursue college careers indicate that they are holistically prepared to get into the greater responsibilities, accountabilities accorded to college graduates – with the aim of being remunerated more than their non-college degree holder counterparts who are looking for employment. These groups of graduates are more high achievement oriented and recognize the need to earn more while the demands for their respective professions are high. Further, the basic difference in UK and US economy pertains to availment of health insurance benefits. The National Health Service (NHS) of the UK â€Å"provides free essential health care for all UK citiz ens - regardless of age, occupation or the ability to pay† (Healthinsurance, 2010, par. 1). In contrast, health insurance in the US is still being reformed to accommodate millions of uninsured Americans, who could not afford to pay for insurance coverages and therefore need to seek for appropriate high-paying jobs to afford exorbitant health insurance fees and medical costs. Thus, while newly hired college graduates in the UK could afford to look forward to career breaks, their counterparts in the US need to work their way up the organizational ladder to save for a rainy day. Finally, there really is a big difference in the standard paid vacation between the UK and the US. Infoplease (2011) cited the World Tourism Organization’s data which revealed that the number of days of paid vacation per year that

Discuss the advantages of analysing organizations as incentive Essay

Discuss the advantages of analysing organizations as incentive mechanisms - Essay Example Hence, financial stability and economic prosperity is the basic motive behind all the efforts made by the individuals for obtaining different skills, degrees and qualifications. Theorists are of the opinion that the higher the level of education and technical skill or both, the brighter the probabilities of attaining respectable socioeconomic status in individual and collective life of the people. â€Å"In the age of globalisation, the knowledge economy discourse has become a way to characterise the new relationships between the state, society and economy and rendered higher education increasingly important for the international competitiveness of the nation states through their central tasks of generation, application and dissemination of knowledge and training high skilled labour force.† (Macerinskiene & Vaiksnoraite, 2006) Consequently, the efforts made in learning and studies certainly carry the purpose of enjoying incentives in the form of salaries, profits, facilities an d promotions in professional career. All corporate firms and organisations are well aware of this very reality that managers, employees, staff members and workers stick to one company provided it continues the policy of offering various incentives in the form of reasonable salary package, announces bonuses on showing excellent performance, assures job security, medical allowances and regular promotions on the basis on capabilities, dedication and targets achievement. The present study looks for analysing the companies as incentive mechanisms in the light of the theories articulated by the scholars and philosophers time and again pointing out the advantages of incentives in the growth of the organisations on the one hand, and in the performance of the work force on the other. Celebrated psychologist theorist Abraham H. Maslow has articulated his Need Hierarchy Theory in 1943 on the very notion of motivational effects, where he submits to state that five basic motivational scales are inevitable for the companies for the maintenance of the employees’ satisfaction. These levels include fulfilment of physiological needs, safety assurance, social/professional recognition, ego and self- actualising. (Maslow, 1943) The theorist argues that since motivational factors aptly rise from the lowest possible scales, so the most fundamental needs and requirements of the employees must be satisfied in precedence for the upgrading of their performance on the one hand, and for accelerating the pace of their interest in the tasks they are expected to accomplish on the other. Maslow vehemently declares the fulfilment of physiological needs as highly supportive for the job satisfaction of the workers. He is of the opinion that the employees should be assigned the tasks keeping in view their aptitude, interest, dexterity and command, which will not only turn out as the most inspirational factor of motivation for them, but also may pave the way towards the growth and developme nt of the organisation at large. Consequently, the more attractive and relevant to the disposition and aptitude of an employee the work, the higher will be the level of his motivation while performing his obligations and giving results to the organisation. In addition, if an employee's salary or wages are not sufficient to buy basic necessities including food, clothing and shelter for him and his family, his motivation level will surely be low and he will be unable to pay due heed to his work. Furthermore, job

Blending of Two Cultures Essay Example | Topics and Well Written Essays - 1500 words

Blending of Two Cultures - Essay Example These inter ethnic marriages have grown in large scale in last for or five decades owing to increase in globalization and consequent interdependency. The inter cultural relationship brings about a lot of changes in the society. It may be either positive or negative. It may create discrimination in society, as is the case with black slavery, or it may induce formation of new cultures through interethnic marriages. It creates contact between two ethnic groups and there is corresponding cultural change in them to accommodate the new culture. There has been a drastic change in their art, architecture, music and many others. With current trends of globalization, these inter ethnic cultural studies and their impact on society is gaining importance. Nowadays not just two cultures interact, but its interaction of many different ethnic groups and their effect on individuals is of great importance. The example taken for study in this case is that of European- American Black Native or Black African cultural Blend. The very base of American culture rests on these intercultural marriages. America is made of people from different countries and cultures. They either mix with Native American Indians or mix among themselves to create new cultures. The European culture is by itself is made up of a series of overlapping cultures. Whether it is a question of West as opposed to East; Christianity as opposed to Islam; many have claimed to identify cultural fault lines across the continent. Much of the European philosophy and thinking has been influenced by Christendom. European philosophy is the most dominant strand of philosophy globally, and is central to philosophical enquiry in the Americas and much of the rest of the world. But in common there was always a mindset of cultural leadership existed among 19th century Europeans. Most of them considered other cultures inferior to them and even thought that they must teach others the basic culture (White Man's burden). This cultural leadership feel created a kind of resistivity for inter ethnic marriage especially marrying Black ethnic people. Most of the English men along with their American Descendants of the past century associated black with evil, sin and unclean and considered black men as those who live in jungle with primitive culture, have violent behavior and carryout cannibalistic life style. The indigenous peoples of the Americas are the pre-Columbian inhabitants of the Americas, their descendants, and many ethnic groups who identify with those peoples. These people once occupied the full of America. But with the arrival of Europeans and the diseases they brought along with them, their number as drastically came down. Still there was a great deal of mix up between these people and The Europeans. Also at the beginning of the 16th century, many Black slaves from Africa were brought to America and these people form a good share of American Population. The Core of the Case: At the beginning of colonization, the superior cultural feel of Europeans, greatly hurdled the interethnic

Consumer Segment Analysis of Mobile Phone Market

Consumer Segment Analysis of Mobile Phone Market Anthony Nolan Size of current Market According to the Commission for Communications Regulation (COMREG) (Q4, 2015), household broadband penetration rate for both fixed and mobile services was at 83% which is higher than the EU average by 3%. Mobile device minutes in communications stood at a massive 73.8% of the market, leaving on 26.2% for fixed line communications. Mobile minutes showed an increase of 1.4% from the previous quarter. There was an annual increase of 56.6% of mobile users actively using the 4G standard on the same period in 2014. Subscriptions to mobile networks increased by 0.36% on the previous quarter however broadband subscriptions saw a decrease of 4.5% on quarter three. This is probably due to many providers now bundling a broadband allowance in with subscription offers. Finally in the last quarter of 2015, average revenue per user was on a downward trend compared to the same quarter in 2014. Mobile users spent an average of  £24.62 per month in the final quarter compared to  £25.00 per month a year previously. Again, this is believed to be a result of package bundling affecting revenue intake according to ComReg (2015) Structure and Nature of the Current Market The four main mobile phone operators in Ireland are Vodafone, O2 (owned by the 3 network), Meteor and the 3 network stand-alone operator (separate from O2) (ComReg 2015). The five smaller providers available are PostPhone (An Post), Tesco Mobile, Dixons/Carphone Warehouse ID Mobile, LycaMobile Ireland and Blueface Mobile. All four (Vodafone, O2, Meteor and 3 Network) of the main providers purport to supply the following to consumers according to ComReg (2015): Prepay and post-pay services to both personal and business customer segments. Voice, SMS and data services to a stated 99% of the public, meaning they claim to have the whole of Ireland and outlying islands covered with their network signal. Each of the four main networks supply second generation (2G), third generation (3G) and fourth generation (4G) technology to their users. All five of the smaller mobile providers in Ireland (PostPhone, Tesco Mobile, Dixons/Carphone Warehouse ID Mobile, LycaMobile Ireland and Blueface Mobile) do not have their own infrastructure networks. Instead they utilise the current main network providers and rent a mobile virtual network operation (MVNO) which gives them the ability to offer their own branded retail service to consumers. Tesco Mobile Ireland has entered into an MVNO commercial arrangement with O2 (Hutchison 3 Ireland) to allow its traffic to be carried on the O2 network. Tesco Mobile Ireland is available to personal customers only. (ComReg 2015) An Post PostPhone has entered into an MVNO commercial arrangement with Vodafone to allow its traffic to be carried. Unlike other providers PostPhone does not have a unique prefix and instead effectively resells minutes carried from Vodafone and then differentiates (Re Brands) those minutes at the retail level. PostPhone is available to personal customers only. (ComReg 2015) Like Tesco Mobile Ireland, LycaMobile has an arrangement with O2 Ireland. LycaMobile offers by the minute rates and bundle packages for subscribers. They do not offer traditional pre-pay or bill pay options. (ComReg 2015) Blueface Mobile has entered into an MVNE (Mobile Virtual Network Enabler) with X-Mobility Limited, which is a sub-division of Hutchison 3 Ireland. Blueface sells both prepay and post-pay subscriptions to Business Only consumers. Like PostPhone, Blueface is reselling 3 Network minutes under its own brand. (ComReg 2015) Dixons/Carphone Warehouse ID Mobile is an MVNO of Hutchison 3 Ireland. ID offers a pay-monthly option which comes with a handset (Billpay) over a fixed term and also offers a sim-only thirty day rolling subscription. (Siliconrepublic, 2015) Expected Technological Trends for the next Decade (2016-2025) Looking to the future, there are some expected and some predicted advances that will be made. The list is not endless and some of the most useful advances are listed here: Cloud Storage: Right now cloud storage is available but Chris Nickson of atechnologysociety.co.uk predicts that ALL mobile phone storage in the future will be off-device. Everything from storing photographs and video to uploading video and audio from ones computer will go to the cloud. A potential fall off of people buying peripherals like SD Cards. Smaller hard drives on phones More space within the phone case leading to potentially smaller devices Software (Apps) installed and stored on the cloud Greater phone security through central servers (Cloud) Contacts stored on the cloud Access anywhere in the world Possible cost issues for finance required to upgrade cloud servers and security Cost savings on handset manufacture as a result of less hardware required within the handset. (Nickson, C. 2013) Solar powered handsets: In developing countries, solar power could conceivably actually charge the handset with the use of just a small solar panel. (Nick T, 2015) Augmented Reality (AR) One will be able to open the camera app and point it anywhere in the street to be shown a list of businesses and establishments on-screen overlaid on the display. (Poe, M. 2015) Organic Light-Emitting Diode (OLED) technology. Wafer thin screens that can be folded and which can show different output media on either side. One could show a video to a friend on the back of the phone while inputting data on the front. Due to physical flexibility, this technology could also be worn as a wristwatch and taken off, and unfolded to become a mobile device. (Poe, M. 2015) In-Built Projector Mobile phones that can project images and/or video directly onto a wall or screen (Poe, M. 2015) 3D Screens and Holograms Making an image or video projection appear to be separate from the device actually emitting it. (Poe, M. 2015) 5G and beyond. Using less bandwidth than 4G Using less power than 4G Enabling a broader spectrum of frequency for connection Faster connection speeds to Internet (Gregory, M.A., 2015) Kinetic Thermal Power Using bodily movement and heat to recharge mobile devices (Levars, N. 2016) Discarded Mobile Phone Technology a problem: Developing countries like those in Africa are currently a dumping ground for the Worlds discarded mobile detritus. As we progress in the first world, these dumps will get larger and larger. A solution may be needed in the more distant future (Nickson, C. 2013) Demographic and Psychographic Description of the Younger Sub-Segment of the Consumer Market Currently, smartphone ownership is biased towards the younger age groups but with the increasing penetration in the market, this could very well change in the near future. (Red C, 2012) That survey by RED C was taken in 2012 and what was true then is doubly true today in 2016. Back in 2012 some 32% of Irish people owned a smart phone (Red C, 2012). Today that number has increased to 96% and that is just in one segment, the 15 to 35 year old bracket. (Thinkhouse Mobile, 2015) SO, what do people in the 18 to 25 year old segment use their smartphone for? According to the latest survey from Thinkhouse (2015), the Youth Communications Agency, the following statistics ring true: In 2015, the following uses were made of mobile phones from 18 to 25 year olds: Type of Mobile Phone Subscription: 56% of 18-25 Year Olds opted for Bill Pay subscriptions. 44% of 18-25 Year Olds opted for the Pay As You Go option General Use: 66% used for email 23% used on traditional SMS messaging (*Down from a peak of 66% in late 2011) 59% used for YouTube 30% used for online television from paid subscription sites such as Netflix or Love Film. Social Media Use: 92% of mobile phone users in the 18-25 year old demographic used their phones for Facebook 36% used for Twitter Commercial Use: 4% of people in this segment pay for online purchases on their mobile. The other 83% opted to pay on their computer. 13% did not conduct online purchases. 78% of people compared the price of products online before proceeding to buy the product in-store Content: 63% of this demographic prefer non-gaming apps. They prefer apps that serve a purpose for them. 37% of this demographic prefer to have fun while using apps, either playing games or watching entertainment (All data supplied by Thinkhouse Mobile Youth Survey 2015.pdf, except *, by ComReg, 2015) It is also stated in this review by Thinkhouse media that the primary use of a mobile phone for this segment is to send text messages. However this is contradictory to the research submitted by ComReg (above). ComReg state that SMS sending is down some 43% from 2011. The difference can be explained by the arrival of apps that send messages for free such as Facebook Messenger and Viber, among many others. (Inner-Active, 2011) Market Research Suggestion for the Next Five Years Tel-Eir should look to glean as much information as possible before deciding on phone tariffs, prices, bundles and pay as you go or bill pay options. As this company is starting out the first thing that needs to be known is, primarily what the publics appetite is for a new provider and secondarily what the public want from a new phone network provider. Whether Tel-Eir can deliver upon the publics desires will be a case of understanding the research results. Initial Research Method Having thought about the best types of research and studied many methods, it has been decided to advise Tel-Eir to carry out Personal Interviewing (Kotler et al, 2012) initially in order to get an understanding of what the public: Like about the currently available providers Dont like about the currently available providers Like to do on their handsets Are not bothered with doing on their handsets Think about the hardware and limitations of their handsets Would desire if they had the chance to choose option plans for a provider Think about the costs involved with owning a mobile phone Feel is the main reason for owning a mobile phone Would need to switch to a different network This information is required so that Tel-Eirs marketing staff can use the information on Buyer Decision Making processes to form an educated opinion of what angle to enter the market at. According to Donald S. Tull and Del I. Hawkins in their book, Marketing Research: Measurement and Method (1993), Personal Interviewing, while being expensive is the best way to glean a lot of information quickly. They state that Personal Interviewing: Is Excellent for Flexibility Is Excellent for Quantity of data received Good for control of sample Good for speed of data collection Good for response rate More expensive than other methods of collecting information By sending personal interviewers out into the busy thoroughfares of the five main Cities in Ireland, it is expected that a lot of accurate opinions can be acquired and from that information Tel-Eir will be better placed to formulate a strategy for market entry. Ongoing Research Going forward, it is believed that Tel-Eir should continuously keep an eye on both competitors movements and new offers in the market and also on the changing demographic that are purchasing its product. It is advised that every year, Tel-Eir should partake in: Sales Forecasting, to know what the future holds for people continuing to purchase new handsets and plans Ongoing Segmentation Research, to determine the demographic, psychographic, cultural, and behavioural characteristics of potential buyers. (Wikipedia, 2016) Brand Equity, in order to get a feel for what the public think of our brand Customer Satisfaction, in order to understand our current users feelings about our product Demand Estimation, so that Tel-Eir can plan ahead and possibly tweak the offers and bundles being made to the public Main Product Offering Having already completed some market research on current mobile phone network operators it is felt that Tel-Eir should not use a Mobile Virtual Network Operation (MVNO) in which Tel-Eir piggybacks upon a network that is currently owned by a larger company like Vodafone for example. Purchasing statistics for such network providers is not good and it is felt that only by gaining its own licence can Tel-Eir truly become competitive in the market. (Irish Independent, March 2016) According to research, Tel-Eirs targeting of the youth segment (18-25 Year olds) should include the following attributes: Both Bill Pay and Pay as you Go should be offered High End and Low End handsets should be offered Free Internet minutes should be a major section of any bundles offered Traditional Text Messaging (SMS) is not as important as it once was and should not be paramount to offers. 1. Offering Both Bill Pay and Pay as you Go Bundles This should take the form of long term Bill Pay contracts with an offer of a free handset (slightly outdated) or a cheaper handset (a little more recent) or an expensive handset (latest on the market). It is also advisable that the price of the handset while signing up for a long term bill pay contract should be connected to the monthly contract price. As an example, if one wants a handset from the latest range but with a cheap monthly contract, then one pays more initially for the handset. However, if one wants an expensive phone with an expensive monthly contract, then the phone could be offered free of charge, depending upon the length of contract signed up to. It is advised that for the latter, a two year contract be set as the minimum. In this way the cost of the handset can be recovered over the duration of the contract. It is advised that Tel-Eir offer a month by month rolling contract. This new style of attracting customers has proven popular amongst the low waged and unwaged. Tel-Eir should offer an internet allowance and perhaps a text message (SMS) allowance with this. As SMS is decreasing in popularity, offering unlimited SMS messages will appear to be a good offer but in reality will not be used as much as it may have been previously. Tel-Eir, in order to be competitive should offer Pay As You go top up options in the following amounts:  £5 top ups for the unwaged and those in education  £10 top ups for the unwaged and low waged but slightly better off, such as single parents on social welfare, those in college receiving a grant, and those who are on schemes and low paid jobs who may not be able to afford larger top ups.  £15 top ups for convenience and as a bridge between the low waged and unwaged segment and those in gainful employment  £20 top ups with added data and SMS allowances for those that use this option.  £25 and  £50 top ups for the business customer who is too busy to top up very often and does not like to use bill pay. This is expected to be rare, but having it available will be a new option for the public. All of the above tariffs are guides only. It is of course understood that an unwaged person will on occasion top up by  £50 and that a business user will on occasion top up by  £5 or  £10. The points made are specifically aimed at those segments that will predominantly spend in the stated behaviours. It should be allowed that all top ups and bill pay options can be paid by Credit/Debit Card and that a facility exists for both online payment and direct debit. (All above information gained from ComReg, 2015) 2. Handset Choice The variety of handset offered is paramount in importance for the sale of Tel-Eirs network product. The profit is in the sale of the different tariffs and bundles. However that sale will not happen unless Tel-Eir sells the hardware that the public have come to expect and associate with popular and successful network brands. Therefore, it is advised that Tel-Eir sell all of the latest handsets from all of the most popular manufacturers. It is also advised that Tel-Eir try to get exclusive rights to an upcoming handset from a major supplier. Even short term exclusivity would be beneficial. 3. Free Internet Minutes From research already collated, it is clear that connection to the Internet is of paramount importance to the public. There are so many things that a mobile phone user can do from being connected to the Internet. This is also paramount in lessening the use of the network throughput from SMS messages. Using the Internet will allow people to send instant messages using apps through third party servers, lessening the load on Tel-Eirs hardware. Having a good Internet allowance package available to them, will give the public the freedom to use their phones as they have been used to with the current major brands on the market. Tel-Eir should look to compete very favourably in this area. (The Atlantic, 2014) Lessening Importance of SMS Messages As users turn to third party apps for sending instant messages over the Internet, they are turning away from the traditional paid for SMS messages. It appears as though this trend will continue into the future. As a result of this, Tel-Eir should offer generous SMS bundles with offers secure in the knowledge that these will sell a product to a potential subscriber but once sold, will not be used very much at all. It is all about the offer appearing to be good value for money. Positioning and Promotion Positioning is not what your company physically does to a product-it is what your company does to a target customers mind (marsdd.com, 2015). The above statement is the most important thing to keep in mind when presenting Tel-Eirs new product to the market. The fundamentals of positioning the product effectively in the market must be adhered to. These fundamentals are: A customer decides to buy a product based upon the positioning of that product All customers have an idea of what the market presents, by using a mental map Positioning is not something that exists in the product but in the mind of the customer Once a customers mind is made up about product positioning, it is not easily changed Positionings first task is to present the relevance of a product. If one makes the product easier to purchase, then the product will be easier to sell. (marsdd.com, 2015) With the above tenets in mind therefore, Tel-Eir should pay particular attention to the following: Why does this product solve the consumers problems? What product offering will appeal the most to the consumer? What do consumers want the most from this type of product? What do consumers not want from this type of product? (brainmates.com) From the above presented problems one must come to the conclusion that Communication is the key to positioning and promoting a product. How does a company get from positioning to communication? See Fig 1.1 (next page) Therefore using the image in Fig 1.1 the company must decide upon its best avenue for answering these questions. Fig 1.1 (marsdd.com) Known Variables It has been decided that Tel-Eir will target the 18-25 year old market segment initially. Questions and Answers What will be the compelling reason for Tel-Eirs customers to buy? From market research the compelling reason will be based upon a sound Internet usage (data allowance) strategy. This is will enable the youth market consumers to use our product exactly the way that the evidence points to them wanting to use it. What will be Tel-Eirs initial product placement strategy in order to get the product into the minds of the target segment? Firstly, Tel-Eir will come up with an excellent slogan and product package. The packaging will be of paramount importance. The logo of the brand and the words used are no less important. The statement used in promoting the product should include the primary appeal of the package offering. Taking into account the age group of the target segment, Tel-Eir will promote the product through the following channels: Creation of an interactive website Brochures in existing technology shops and phone shops that sell all network carriers Potential customer email campaigns Social Media advertisement campaign Star Actor television advertisement Billboard advertising for viewing by this segment as they travel in day to day pursuits Attempt to get product used in a broadcast venture such as a soap opera or a feature film Give away a limited amount of the product to various organisations such as Written and Broadcast media for use in competitions and to colleges and schools again as possible competition prizes Attend trade fairs and extol the virtues of the product Attend third level college events and provide brand stretching items such as key fobs and perhaps some academic motivators such as rulers, paper, calculators and the like. Perhaps also give away tee shirts at such events. Also include product literature. What will the products key benefit be as promoted to the customer? A key benefit will be a ground breaking offer on Internet data allowance. Tel-Eir will offer all customers an never before seen amount of data for all users regardless of top up amount or bill pay tariff. Naturally the amount will be incrementally more the more a consumer spends. However even at the lowest spend, consumers should see an unequalled (in the market) amount of data being supplied. A key benefit will be the offering of free text (SMS) bundles. The higher a consumer pays the more free SMS messages they receive up to a maximum of completely free SMS messages. A key benefit will be Tel-Eirs competitive offers of new and recent handsets at either free or very low priced amounts. Tel-Eir will also offer an insurance incentive for handsets sold Tel-Eir will also allow all consumers to top up or pay bills online, at various pay points, by direct debit or over the phone using customer service What competitor will be closest to Tel-Eirs offering in the market? Both Vodafone and Meteor will resemble Tel-Eirs offering however it is believed that Tel-Eir will be able to supply an even better product offering that both of those competitors. What is the key difference between Tel-Eirs offering and the chief competitors? The intended key differences will be: Tel-Eir will offer more data allowance for similar prices Tel-Eir will offer free SMS (varying) amounts at ALL top up or bill pay levels Tel-Eir will offer handsets at lower prices than the competition. Positioning Statement Finally, Tel-Eir will pay particular attention to its selling statement for consumers. The statement will include the most important variables: It will clearly and effectively identify the target segment It will make the product offering effective, convincing, compelling and will be backed up by credible evidence It will reflect the target segments needs and locale It will be explainable in a very few words The positioning statement will take the format of: For (target segment or customer) who (a compelling reason to buy) our product is a (products placement) that provides (key benefit that directly addresses the compelling reason to buy), unlike (primary competitor of the same benefit) our product (key difference). (marsdd.com) Bibliography Book References Principles of Marketing, Kotler And Armstrong (2012), Pearson Prentice Hall, P110. Marketing Research: Measurement and Method, 7th edition, Donald S. Tull and Del I. Hawkins, (New York: Macmillan Publishing Company, 1993) Marketing Plans (6th edition), McDonald, Malcolm (2007), Oxford, England: Butterworth-Heinemann Marketing Research: A Decision-Making Approach, Malhotra, Naresha K. (2002), Upper Saddle River, NJ: Prentice Hall Publication References Irish Independent Newspaper, 1st July 2014 edition, Business Technology Section, Independent News and Media 2014 Online References http://www.comreg.ie/_fileupload/publications/PR10032016.pdf http://www.comreg.ie/_fileupload/publications/ComReg1246.pdf. P22 et al https://www.siliconrepublic.com/comms/2015/07/02/id-is-irelands-latest-mobile-operator-and-its-out-soon. P17 18 http://www.atechnologysociety.co.uk/cloud-computing-future.html. (Chris Nickson 2013) http://www.phonearena.com/news/Did-you-know-that-Samsung-launched-the-first-solar-powered-cell-phone_id67493 (Nick T, 2015) http://www.hongkiat.com/blog/future-smartphone-features/. (M.Poe 2015) http://phys.org/news/2015-04-5g-wireless-technology.html. (Mark A. Gregory, 2015) http://www.gizmag.com/energy-harvesting-shoes/41796/. (Nick Levars, 2016) http://inner-active.com/2011/08/10/5-reasons-the-new-facebook-messenger-app-will-kill-sms-and-5-reasons-it-wont/ (Hillel Fuld 2011) https://en.wikipedia.org/wiki/Marketing_research http://www.comreg.ie/_fileupload/publications/ComReg1617a.pdf http://www.theatlantic.com/politics/archive/2014/01/why-texting-is-dying-out/441507/ https://www.brainmates.com.au/how-to/%E2%80%9Chow-to%E2%80%A6-%E2%80%9D-position-a-product https://www.marsdd.com/mars-library/positioning-creating-an-image-of-your-product-inyour-target-customers-mind/