Critically examine why financial liberalisation brought financial Essay

Critically examine why financial liberalisation brought financial crisis in most of the Asian countries (for example South Korea, Malaysia, Indonesia and Thaila - Essay Example Transactions in financial markets are affected by the efficiency of intermediaries such as brokers who put buyers and sellers together and professionals who keep the market in operation, ranging from clerks who keep records and financial analysts who allow information to flow within, to, and from the market (Howell et al., 2002). Historically, financial markets evolved under the close supervision, regulation, and protection of governments for the good of market agents (the suppliers and users of funds). Through laws, suppliers of funds such as depositors or lenders were protected from swindlers who ran away with the money, whilst users or funds borrowers had to be protected from usurious lenders. Whilst the government also made it difficult for a small number of market agents to establish an oligopoly, it also saw the need to create monopolies mainly for legitimate reasons such as the regulation of prices, public protection, and to stimulate market competition. However, when governments become too complacent, these legitimate reasons become intertwined with political factors and became illegitimate and burdensome, and instead of improving market efficiency it had the opposite effect: markets became too costly, prices were too high, artificial, and not competitive, and therefore highly inefficient. Inefficiency is tantamount to a lack of freedom in the operations of markets, so the call for market liberalisation is in effect a strategy to "free" the market from government regulations. Liberalisation is the removal of government interference in economic markets and barriers to trade (Stiglitz 2002: 59) and is supposed to improve a nation's economy by forcing resources to move from less to more productive uses, thereby raising efficiency in the use of resources. Liberalisation is not necessarily a bad thing because in fact and intention, it is for the benefit of market agents. However, like most other realities of life, if it is not done well it can end in disaster. Just to give some examples easy to understand: you don't ask a young man who just received his driver's license to race against David Coulthard or expect the Manchester school district's soccer champions to play well against Manchester United. Yet, this is what liberalisation attempts to do: the best way to improve the efficiency of financial markets is to let it free, which usually means allowing competitors both local and foreign to slug it out in open competition. The good ones will adjust, learn, and survive, whilst the poor ones will disappear. The financial markets of Southeast Asia before the crisis shared the characteristics of a market that was not free and of being under the influence of government regulations that stifled competition. The foreign exchange market was protected by a government that intervened in transactions to keep the local currencies artificially high. Bank interest rates were kept artificially low to favour local borrowers, which included local governments and favoured conglomerates. Awash with cheap funds, wanton borrowing and wild lending happened side by side to construct golf courses and buildings and purchase Porsches. How Inefficiency breeds Crisis The Asian financial crisis of 1997-1998 has been one of the well-studied

Compare and Contrast the production in Nirvana's albums 'nevermind' Essay

Compare and Contrast the production in Nirvana's albums 'nevermind' and 'in utero' - Essay Example In contrast, In Utero was intended to have a much more primal sound than Nevermind. This was the intention from the first, and Cobain and producer Steve Albini made this sound come to life. One of the techniques in making the sound of In Utero more primal and natural than the sounds of Nevermind was that the band put microphones in the recording studios, therefore the sounds of the band performing in the studios were picked up in a natural way. The two albums were different, as well, according to Azzerrad (1993) in that Nevermind blended the influences in their songs – punk, pop and rock. However, in In Utero the songs tended to reflect one influence more than another. From the soft, Beatlesque pop song Dumb, to the pure punk sound of Milk It, the influences that inspired Nirvana were less blended in the third album than they were on the second album. This essay will examine the critical differences between the two albums, and will look at three songs in depth – In Bloo m from Nevermind; and Dumb and Heart Shaped Box from In Utero. Nevermind verses In Utero In the album Nevermind, which was Nirvana’s second studio album, the sound featured by the band would be characterized, for the most part, as rageful. As noted by Charles Cross (2001), in this biography of Kurt Cobain, titled Heavier than Heaven, many of the songs were written by Kurt Cobain in a period of despondency and rage after his girlfriend, Tobi, dumped him. Cobain wrote songs, such as â€Å"Aneurysm,† â€Å"Drain You,† â€Å"Lounge Act,† and â€Å"Lithium† during this period of despair, and these songs were all about Tobi. This rage was evident in the sound of the music from this album – as Rutherford (1991) puts it, songs like â€Å"Smells Like Teen Spirit,† with its stuttering chord progression to the thundering drums, displayed shades of metal, punk and pop at its heart. The song also featured the vocals which were in line with the gui tar. Classic Nirvana, according to Rutherford (1991) features heavy bridges, heavy choruses, and heavy drums and bass lines. Cohen (2009) specifically analyzed the song â€Å"In Bloom.† He states that the Nirvana sound was marked by distorted guitars with a thunderous sound, and singing that was more like screaming. This is the sound on the surface. The sound was also simplistic because, according to Cohen (2009), the harmonies were repetitive, the instrumental arrangements dogmatic, the rhythmic patterns were fixed, and the songs utilized basic strophic forms. Because of the seemingly simple level of the music, Cohen (2009) states that rock critics have been loathe to study the band, as they have been unable to find the complexity hidden beneath the simplistic surface of the band’s songs on Nevermind. That said, Cohen (2009) states that Nirvana did have complexity, in that they were unique and innovative, with harmonic idioms that hearkened back to traditional rock pa tterns with new harmonies. The trademarks of Nirvana, and its closely related cousins – Alice in Chains, Soundgarden and Pearl Jam – are marked by use of the Phygian mode (minor mode with a lowered second degree), power chords, basic harmonies that blur the definition between minor and major keys, cross relations between sequential chords, and melodies and harmony that clash chromatically. Cohen (2009) chose In Bloom for special analysis, as it has a wider harmonic palette

Global Trends Paper Essay Example | Topics and Well Written Essays - 750 words

Global Trends Paper - Essay Example This heterogeneity and culturally diverse employment landscape shall present several challenges that need to be dealt with. Not only will cross-cultural communication be a basic requirement in future but also the area of knowledge management will become critical to employees and employers alike. Keeping in view these trends, individuals, including me, will have to acquire extensive training and job-specific education in order to obtain a better fit with the need for IT skills in upcoming jobs (Stair and Stair). What is even more important is that I shall be required to develop strong cross-communication skills which shall be useful during my interactions with a diverse workforce in order to arrive at possible business solutions. Of which learning and development process, virtual learning shall form a large part. Therefore, training sessions may not always be physical; they would include webinars as well as video conferencing to ensure maximum gains from training. Another significant trend that has emerged after the IT bubble burst is that the recruitment and selection processes have become lengthier and involve greater scrutiny (Preibl, Bouwman and Steinfield). On the other hand, the good news for professionals like me in the long run would be that increasingly companies are taking steps in order to retain genuinely talented individuals with IT expertise. In doing so, these companies are offering incentives such as higher compensation, greater training and career development opportunities, flexible work schedules as well as bonuses for good performers. Employees who hold IT skills in highly rewarded professions may expect to obtain huge increases in their salaries. Thus, if employees, including me, acquire the IT skills required for the job, there will be better employment opportunities in terms of the above mentioned factors. Also, because the rate of technology becoming obsolete is every high with the boom in tablets, PCs and cloud computing, individuals who acquire degrees in specialized IT fields can secure high pay levels. The role of IT consultants, in particular, has enhanced rapidly as firms hire outside experts to help them manage their massive investments in IT. Also, according to research estimates, the demand for skilled IT workers is outstripping supply, leading to a wage premium for such workers. At the same time, however, the college graduates are facing the brunt of a 2% unemployment rate (Lerman). Therefore, for potential employees such as me, acquiring the right skill set is the first step towards securing a well-paid job which in future is likely to be one involving specialized knowledge of IT. The challenge associated with IT, on the other hand, is that increasingly pay is becoming variable as opposed to the traditional fixed salaries. Therefore, pay is increasingly being associated with individuals’ performance which means that if workers do not perform well their compensation will be reduced accordingly and vi ce versa. This shall become more stressful for workers, including me, who will have to constantly ensure that performance targets are being met. Also, the concept of job security is becoming increasingly threatened with the boom of IT as well as the global recession. Thus, one can expect being fired for not performing, or simply being laid off due to downsizing of the corporation. This is increasing specially because of the abundance of IT

UKCCA Event Project assessment Coursework Example | Topics and Well Written Essays - 1250 words

UKCCA Event Project assessment - Coursework Example All the activities listed above are potential fun filled activities that can be a good source of relaxation and the students that the communities living near the centre could engage in. the centre needs to clearly plan for the activity chosen and the target group of customers so that it achieves success in hosting any of the events. During this time the centre will host a couple’s night out and a special dinner party. The party should include a special dance session at the end which will be a performance by an artist to be decided upon by the organizing committee. The party whose main attraction group should be young couples who do not get the chance to go out during the year, should include themes that attract the young couples especially in collage and those that have just left collage. This group is targeted because they do not get the chance to go out often due to schooling commitments or work and at this festive time they would consider an outing. The dinner will include a meal preferably a buffet served at the restaurant. The guests who will have specific preferences will be allowed to send in their requests in time to facilitate earlier preparation. At the end of the dinner, a music band will entertain the guests and a dance will be in order to conclude the function. The party will include costs for hiring the venue in order to host the event. An ample seating space for the guests and parking should the visitors need the same. The seating allowance at each table will be as indicated by the management of the centre. The costs at each table will be at normal charges and the payment of the Disk jokey and the performing artist will be catered for by the event crew. In addition, more ushering staff will also be hired by the organizing committee. For the entire plan of financing the whole party, kindly see the