Ethical Implications Of Genetic Engineering - 1811 Words

Genetic engineering holds the potential to allow humanity to solve countless problems in both our environment and within ourselves. Humans have been practicing one for of genetic engineering or another since prehistoric times and as technology as developed, we have increased our ability to make more targeted modifications. All of this potential isn’t without hidden dangers as the effects of our genetic manipulation of nature have yet to be fully realized and may never be. Should we continue on our course of exploration and discovery in the field of genetics? Should governments tightly restrict or outright prohibit any attempts at manipulating life on this planet? Maybe some balance of both? While there will always be risks involved in any procedure that involves the manipulation of an organism’s genome, the potential benefits have almost limitless possibilities. Governments should allow experimentation in genetic engineering for the betterment of mankind while also main taining oversight to ensure potentially deadly consequences can be mitigated. Humans have been domesticating and thereby genetically manipulating their foods since at least ten thousand years ago with the domestication of wheat (Hirst). Taking place in the Middle East, this artificial selection most likely started as an observation of which wheat plants took longer for their hulls to open and then selecting grains from those plants to plant again. By selecting for the plants that took longer to open, thisShow MoreRelatedGenetically Modified Animals : Genetic Engineering1518 Words   |  7 PagesIntroduction In this research paper on gene technology I hope to share some understanding in the process of gene transfer in animals, the process of obtaining genetically engineered animals, and analyze the social and moral implications associated with this gene technology in animals. Genetic modification of animals started thirty years ago with the production of genetically modified mice. Gene modification is the process of crossing and selective breeding of animals and has been carried out by breeders forRead MoreWhy Genetic Engineering Is Morally Good Essay1251 Words   |  6 PagesDetermining if genetic engineering is morally good is only half the battle with this ethical issue. Regardless of whether morally good reasons are used to justify it, genetic engineering is an attempt to use human intelligence in order to try to overthrow God’s original creation or plan for humans. Scientist are trying to perfect his creation or change it. God has laid out the way things should happen naturally and humans are attempting to overthrow it. A key word to note is â€Å"attempt† because ScotusRead MoreDna And Ethics Of Recombinant Dna1601 Words   |  7 Pages Recombinant DNA and Ethics Brooke Boland BIO/410 - Genetics October 23, 2017 Miranda Gauthier Recombinant DNA and Ethics Recombinant DNA technology has become a powerful influence to many fields including medicine, pharmaceuticals and agriculture. Genetic modifications of plants, animals and other organisms have allowed scientists to improve the quality of human life. As genetic engineering continues to rapidly grow, many ethical, social and legal issues arise evaluating the risks andRead MoreHuman Genetic Engineering At The Germ Line Of A Family1267 Words   |  6 PagesContinuous advancements have been made in these fields, and thus contribute to human genetic engineering. The method of pre-implantation genetic diagnosis, also known as embryonic screening, allows parents at risk of transmitting a genetic disease to ensure their future children are unaffected by the disease. Some say that it would be greatly favorable for parents to have the ability to avoid passing on a genetic disease. While there is potential to eliminate many diseases, it also has an equallyRead MoreGene Therapy : An Experimental Stage1252 Words   |  6 Pageselse is the greatest accomplishment.† While his quote offers a typical accepted cliche seen throughout modern day society, new advancements of science might be proving otherwise. Gene therapy is a new technique that allows physicians to alter one’s genetic code, effectively treating and preventing disease. Though still in an experimental stage, gene therapy has been successful in treating a variety of diseases including cancer and neurodegenerative disorders. The benefits of gene therapy are clear toRead MoreGenetic Engineering : Medical Perfection Or Playing God1280 Words   |  6 PagesThesis Statement â€Å"Genetic engineering differs from cloning in key ways. Whereas cloning produces genetically exact copies of organisms, genetic engineering refers to processes in which scientists manipulate genes to create purposefully different versions of organisms—and, in some cases, entirely new living things†, duplication of genetic cells is known as human cloning. Development of genetic engineering biotechnologies undermines the natural autonomy of life. Does genetic engineering interfere withRead MoreThe Global Responsibility Of Recognizing Pandora s Box1124 Words   |  5 Pagestantalized with the risks and possible benefits of what lies behind, between, beyond. Growingly, skeptics vocalize their fear of opening a Pandora’s Box of new technologies and the ethical and ecological disturbances that might ensue. In global debates we seek to answer the question: when has technology and engineering gone too far? And in the wake of what some call a god-like ability to re create and alter what already exists in nature: to what extent is it permissible to do so? The answer to theseRead MoreGenetic Engineering And The Human Existence1193 Words   |  5 Pages Why is genetic engineering crucial to the human existence? Initially, genetic engineering, also called genetic modification, is the process of manually adding new unique DNA into an organism. The objective is to add one or numerous new traits that are not already constructed in that particular organism. New DNA inserts in the host genome and immediately isolates and replicates the gene of interest by using molecular cloning methods to synthesize a DNA sequence; then inserting this construct intoRead MoreThe Case Against Perfection by Michael Sandel983 Words   |  4 PagesPerfection: Ethics in the Age of Genetic Engineering, in which he explains unethical implications biotechnology has and may have in the near future regarding genetic engineering. The ethics behind genetic engineering have been discussed and argued for years now. Some arguing points often include competitive advantages, playing God, and the polarization of society, but Sandel takes a different approach in explaining society’s â€Å"unease† with the morality of genetic engineering. Broadcasted through severalRead MoreGenetic Engineering : Genetic Modification1518 Words   |  7 Pageswrite my paper about Genetic engineering also known as genetic modification. In a nutshell genetic engineering is the modification of an organism s genetic composition by artificial means, often involving the transfer of specific traits, or genes, from one organism into a plant or animal of an entirely different species. This topic has been researched for decades but still has quite some time to be fully mastered in all possible circumstances. When I think of genetic engineering I think of different

Global Organization Management in the Year 2000 Free Essays

string(74) " eventual long term goal is to increase long term commitment to the firm\." â€Å"Technological advances at the end of the 20th century have allowed companies to globalize, facilitating the sale of their goods and services in foreign markets. Communications, empowerment, and learning will be the three greatest deciding factors in the success of these new multinational firms. † To be more successful in business in the global environment, it will be necessary to expand to the global market. We will write a custom essay sample on Global Organization Management in the Year 2000 or any similar topic only for you Order Now An increase in production, sales and profits are some of the compelling reasons why most companies will seek to go beyond the limited sphere of strictly selling to US consumers. But as companies in the year 2000 and beyond will surely find out, it isn†t always easy to manage an organization when the work force and management teams are thousands of miles and an ocean away. Consequently, there are a few strategies that can ensure the success of a business located in the global market. First of all, the 1990’s have already taught us that people are proud to work for companies that treat them well. They become linked to companies in more than an employer/employee relationship — they come to feel as if they are truly a part of an organization; not just one of the employees. In the year 2000 and beyond, it shall be the presence of this feeling more than any other that sets excellent companies apart from the ordinary, and therefore less successful. Companies which are expanding to the global market will need to make all the positive contributing employees feel more than just workers. One thing that employees in the future will – more than ever — ask themselves continually is how personally beneficial or detrimental their work environment is to there wn well-being. By establishing a research study to investigate the psychological climate of the overseas workplace, several important factors can be established which will help in the effective management of the global firm. More than ever before, employees in the global will show a genuine appreciation for fairness within their workplace, as well as some amount of recognition for a job well done. This is especially important when the parent company is located in another country. The prevailing attitude may be that the new organization isn†t as important to company success, simply because the head of the organization isn†t a daily, or even monthly, presence at the workplace. By recognizing the achievements of foreign employees, employers will ensure that their global family feels appreciated and part of the team, which in turn will create an atmosphere where the employees take pride in their work, and feel as if they are an integral part of the entire production process. There may also be problems with job stress, or harmony within the work group (possibly a lack of warmth and friendliness which does not provide a pleasant working environment). All these potential problems are part of the psychological climate within a workplace already, and will need to be addressed as part of an effective management program of a global organization in the future. Every day, employees will form a perception of how their organization values them in their contributions. It is important that these global employees feel that the organization cares about their well-being and is willing to fairly reward their loyalty or effort. How the global employees will perceive this support from the parent organization is important to them as they try to understand their role in the production process. Maslow (1954) argued a hierarchy system of human needs. The hierarchical needs are fixed from the bottom to the top. The bottom is physical needs; next is safety and security needs; third is social needs; forth is self-esteem; and fifth is self- actualization. Maslow’s theory suggests that an individual’s motivational needs aspire to the next level once the lower level needs have been achieved. The global firm must address the needs of the foreign and expatriate worker, to keep their commitment to the organization. The individual wants money not just to live on but also acquires some degree of personal satisfaction from earning it. Money will be used for housing, foods, and health care, for himself and his family. Receiving an increase in salary will contribute to the individual’s status and self-worth, both of which are identified needs that require satisfaction. The overlapping areas in the motivation model suggest that the Maslow’s needs are satisfied simultaneously. There are three overlapping areas in the model, an overlapping of individual needs and external influences, an overlapping of individual needs and business, and an overlapping of individual needs, external influences, and business. The first area includes the physical needs, the safety and security. The second area includes the social needs. The last area includes self-actualization and self- esteem because the two needs are satisfied when the three factors are met. Furthermore, a size of each overlapping area can explain management’s attempt to satisfy the degree of employees’ needs. The global firm must attempt to satisfy the needs of all the workers, not only in monetary terms, but also in fulfillment of self worth. All the workers should not just feel as if they are a ‘cog in the machine†, but part of the whole process. The expectancy theory presented by Vroom (1964), is a frame work for our ideal global firm to operate within. We assume performance, reward, and satisfaction are interconnected. The theory suggests that an increase in effort leads to increasing performance and then proper rewards with satisfaction help keep the relationships. The factor not taken into account is the relationship between a person and external influences. The relationship between performance and rewards relates to the interaction between individual needs and business. Our global firm will provide a systematic rewards process which meet the individual needs as performance occurs. The size of the overlapping area of individual needs and business can illustrate the degree of matching individual needs and the respective rewards. Our eventual long term goal is to increase long term commitment to the firm. You read "Global Organization Management in the Year 2000" in category "Essay examples" If workers meet goals, and targets they will be rewards. The global firm does not want to lose good workers. It is hard enough to maintain a domestic workforce, finding and maintaining a global workforce is an immensely large task. Employee perceptions of the global organization organization†s support will strongly influence their commitment to the organization. When they see the organization as being supportive of employee efforts, this also affects and influences their attitudes and behaviors. How employees perceive support from the organization is directly influenced by positive feedback from the organization. As in everyday life, praise and approval for a job well done is the best way to let people know they are appreciated. This is very important in global management to increase employee morale. This positive feedback lets the employee know that the organization recognizes and values the contribution of their global employees — a key message in all forms of support. The 21st century organization will find it helpful to take monthly surveys of the global employees in which to get their assessment of the employee-organization relationship, and if they feel there is positive feedback or communication occurring within the organization. When an employee feels that the management†s actions and policies communicate employees are easily replaced, he or she may feel well-being within the workplace, and be less likely to identify with the organization. It is important for global employees to feel as if they play just as much of an important role within the organization as does the core group of employees in the home base organization. If an employee perceives top management communicates consistently — and in several different ways — that employees are valued, he or she may feel increased well-being and report a stronger identification with the organization, which would result in better performance and a company loyalty. ). Concern and caring for employees can be communicated through statements sent to the foreign workplace from organization. Loyalty to the company can be reinforced by publicly recognizing employee achievements in company newsletters. Organizations can also communicate their support of their foreign production team by providing tangible benefits, such as child-care facilities or flexible work arrangements. This allows employees reducing uncertainty about their jobs through job training or information about what would happen if the company had to layoff a certain number of employees. Overseas production teams will assume responsibility in the event of profit or losses. The global team would be the first to be cut. Knowing ahead of time that there is an established plan for handling such a possibility will go a long way in increasing employee feelings of well-being and loyalty to the company. Ambiguous policies, on the other hand, only serve to promote uncertainty among global employees. It is also important to understand how organizational events are interpreted by employees, which can lead to increased understanding of the organization and improve the employee/employer relationship. Organizations of the future allowing global teams to be part of the decision-making policies and practices will generally have more supportive organizational climates. This shall show the foreign production team to feel they are part of the entire organization and not that the parent organization is deciding for them on work practices and policies, which don†t directly affect the organization as much as they would affect the foreign team. Allowing the global team into the decision-making process will signify management†s respect for them as an important part of the entire organization. Positive evaluations of employee value and their decision-making abilities are also important. Participation in decision making is related to increased motivation and increases in employee attitude toward commitment to the organization. One of today’s biggest buzzwords is â€Å"Teams†. Most companies are leaning toward a team concept. One way to enforce teams is by empowering employees. Many companies striving to edge their competition are turning to the empowered employee teams initiative. The difference between a group and a team must be understood. A group is two or more people who interact to achieve their goals. In contrast a team is a group in which members work together intensively to achieve a common goal. Therefore the fact that there is no camaraderie in the groups is not only because of the lack of proper interaction and understanding but also because of the fact that workers are not trained enough to realize the importance of working in groups. The difference between groups and teams Groups work individually to achieve a common goal, or target. Teams work and communicate together to achieve common goals. The global organization must achieve form teams, and not groups. The global empowered teams will be part of a much larger global composition of teams that will form the companies network. In the global organization empowered teams will make the difference between the company being a multinational that meets the regional demands, or an international corporation. Regional needs will be satisfied because the teams distributed throughout the world will be responsive to the needs of the customer. The ultimate goal of the corporation is â€Å"to market itself globally, but act locally. † (Stein, 1999) Most businesses want to achieve total customer satisfaction by anticipating and solving a problem before it occurs. Thus a new kind of team has emerged with the goal of insuring customer satisfaction from the start. In the global environment empowered teams will be able to react regionally to the needs and wants of the consumer. Empowered teams are built with empowered people whom have the authority and autonomy to make significant changes within the organization. The global teams will consist of several members from different functions. Instead of one individual making decisions, the group or â€Å"team† makes decisions collectively with the middle manager position eliminated or acting as the coach. The use of these empowered regional teams is to solve problems, lower costs, increase quality, and ultimately improve customer satisfaction. The global team will understand the national culture of each individual country it operate in. They will identify that particular set of economic, political, and social values that exist in that nation. Throwing people together does not always mean they should be called a team. They must first be made up of the right people who understand and can define a task. The strength of the team depends on proper training, timing, and communication. Before a regional empowered team is created, the goal of the company and mission of the team must be defined. The top management must identify how much of empowerment is needed, and recruit the best people to work on the problem. For a team to work successfully it should ideally be comprised from a diversified workforce. The diversification will facilitate more idea†s and openness with the team. An article in the Wall Street Journal mentioned Honda, Motorola, and General Electric as examples of companies who form diversified empowered teams. Honda motor company for example, attempts to compose it each of teams from a minimum of three different countries. This allows Honda to incorporate regional needs, and use other non regional concepts. Recruiting the right people, and insuring they represent the cross-section of discipline†s and regional diversity is very important. One person missing out of this formula can ruin a team. Within every team, a cross-functioning method must be used for the team to be successful. If one of the team members is hard to get along with, they still can be beneficial to the team. Everyone’s input is important, the output of the team is greater than any individual’s output. A strong facilitator is also needed on the team. The facilitator guides rather than leads. Usually middle management, this person is set equal to the other members of the team. The facilitator must recognize and understand each member’s participation, as well as, coordinate the reporting progress. In order for team to be successful, senior management must be committed to recognize the team should be put in charge. This is done only when senior management defines a specific goal for the team to strive for. Too much management can kill a team. The team might spend more time on reporting the progress than the task that needs to be completed. Middle management is the biggest obstacle for teams. To be successful, middle management must surrender its power and let the team empower themselves. Setting time limits are also important to the team success. Never let a team go beyond six months, everyday should be treated as an important day. Training is also important for team to succeed. Everyone in the organization, including all suppliers must work together to improve customer satisfaction. Outside vendors should be reminded that increased sales by the corporation will lead to increased revenue for them. How to cite Global Organization Management in the Year 2000, Essay examples

States regulatory response to the current financial crisis

Introduction The current economic crisis, commonly referred to as the Global Financial Crisis, continues to affect billions of people in the world. With various leaders engaging all their efforts to salvage the situation, it is doubtless that the crisis has significantly impacted the world economy negatively. It has arguably been considered by analysts as the worst financial meltdown since the Great Depression that was experienced in 1930s1.Advertising We will write a custom essay sample on States regulatory response to the current financial crisis specifically for you for only $16.05 $11/page Learn More This crisis started during late 2000s with recent years having been proven to be tough for most countries, especially within the Euro zone. Due to the inter-connectivity of world economies, these effects have spread to every part of the world including Asia, America and Africa, forcing the adoption and implementation of mitigation strategies by several c ountries2. The need to deal with the current economic crisis was principally necessitated by negative effects, which stemmed from the dwindling financial situation in most countries around the world3. At the peak of the crisis, large financial institutions collapsed as the rate of unemployment rose to unimaginable levels in the world history. Although every sector of the economy has been affected by the crisis, it is believed that the housing market suffered adversely, resulting into foreclosures and forceful eviction since most people were not able to clear their mortgages4. This essay explores major regulatory responses towards the current financial crisis by various states in the world. In this analysis, four countries including Greece, Germany, France and China will be discussed, focusing on paths that have been taken by these states to deal with the crisis since 2008. Economic Crisis in China China is one of the fast-growing economies of the world that continues to attract glob al attention and interests. Nevertheless, China has had to cope with hard economic times even as other states battle this economic menace. In understanding China’s response towards the current economic crisis, it is essential to note that the economy of China fully depends on flows from international trade and investments5. Due to its exponential growth, it overtook the United States in 2007, in terms of merchandise exportation, coming second after the European Union. With most of its efforts geared towards trade, approximately 30% of the country’s GDP has always been drawn from exports. Research indicates that nearly eighty million Chinese are employed in the export sector, making it one of the leading sources of employment in the country6.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The growing nature of China’s economy attracts enormous Foreign Direct Investors, making it the leading FDI recipient among third-world countries and the third on global ranking. This exposure to foreign trade and exports has exposed China to the current economic crisis, since it has adversely affected the country’s export markets. According to economic analysts in China, the crisis mainly affected industries, which widely relied on Foreign Development Investors. The country registered low economic growth rate in 2009, attaining an increment of 6.1% quarterly, a figure that was seen to be the lowest in more than ten years. Having been cited by the International Monetary Fund as the leading contributor towards the world economy in 2007, the onset of the financial crisis meant economic disaster to the state. China’s response Like many other countries, China took several regulatory measures to deal with the effects of the current economic crisis in late 2000s. In September 2008, it was reported by the Chinese Premier that the main reason for the measur es that were taken by the country was to maintain the stability of the economy by preventing possible fluctuations as witnessed in other countries7. This target was to bear significant boost to the world economy due to its dependency on Chinese economy. In general, the country opted to reduce interest rates charged on bank loans in order to boost the banking industry which remains vulnerable to the negative effects of the crisis. In addition, most of the regulatory options adopted by China aim at stimulating the economy, subsidizing and restructuring of certain industries, enhancing consumer expenditure and boosting of rural income among farmers8. In general, China’s response towards the financial crisis can be viewed from three perspectives, namely, political, economic and social.Advertising We will write a custom essay sample on States regulatory response to the current financial crisis specifically for you for only $16.05 $11/page Learn More C hina’s Political response As a way of ensuring economic stability, China’s political hardliners have constantly called for the re-adoption of a centrally-monitored economy that was supported by Mao in 1949 after the birth of People’s Republic of China. On the other hand, this has been seen as an extreme possibility in finding a realistic solution to the looming crisis9. Many moderators proposed the slowing down of market reforms in the country in order to realize market-oriented environment that would augment economic growth. This was also received with criticism as it was to limit business opportunities and expansion doors to foreign investors. Another regulatory response witnessed in China since 2008 has been the support for total nationalism towards the country’s economy. This attitude has been presented as an indigenous innovation policy, which promotes local technology by rooting for local purchases10. With China having huge public works projects, th e economy has been stabilized by increased local production even though this may have affected foreign trade due to its economic dependence. The relationship between China and the United States has also played part in dealing with the current economic crisis. While China had admired the US, resentment and hardened attitudes have been seen as means of guarding the country’s economy that remains at the risk of being manipulated by external forces. The two countries differed on some political issues like China’s relationship with Taiwan, with which the US had signed some military treaties, a move that has been seen by Chinese leadership as a way of exerting pressure on China11. Fiscal policy At the onset of the crisis in 2008, China introduced $586 billion in form of a package that was aimed at stabilizing the economy. Among other things, the money was to facilitate the creation of more jobs and to provide capital that was necessary to boost domestic spending in the count ry. All these factors targeted the realization of a 2 or 3 points economic growth in GDP12. The economic package also included strategies geared towards the protection of China’s top industries like ship building, automobiles, machinery, steel, textile and information technology among others. Together with this package, China considered offering of subsidies to business players through government grants, tax reduction, tax rebates, and capital support for foreign investments.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Monetary policy Since the onset of the crisis, China has considered many monetary strategies to overcome the effects of the global meltdown. For instance, the stimulus package introduced in the banking sector aimed at encouraging more banks to lend more money through loosening of banking control policies. As a way of implementing this, the People’s Republic of China has cut down quotas and interest charged in order to allow banks to lend money to individuals and companies13. Additionally, most state-owned enterprises have fully benefited from this by receiving favorable rates on borrowed loans. China’s lending response contradicts countries like the United States, which were adamant in endorsing such recommendations. Social programs In averting the effects of the crisis, China has continually implemented several social programs in different sectors including but not limited to insurance, healthcare and pension through its famous stimulus package14. In the year 2009, th e government of China ratified an expenditure of $126 billion that was to be implemented in the following year towards the creation of a universal healthcare scheme for the people of China. The scheme’s main target was to cover most of the population by 2011. Moreover, several steps have been adopted to promote rural income to close the gap between income earned in rural and urban areas. The practical aspect of this has been the offering of rebates amounting to 13% to people in local areas for the acquisition of household appliances. Development projects have also targeted rural areas to promote education, healthcare, transport and other forms of infrastructure15. Through these programs, the government of China has continuously promoted high expenditure on fuel to enhance substantive economic growth, thus taming the effects of the current economic crisis. Chinese Legal Response Besides fiscal and monetary steps that were taken by the Chinese government to tame the impact of t he current economic crisis that rocked world economies since 2008, other steps have been taken. These include the formulation and implementation of laws and regulations, aimed at guarding the country’s financial markets from both internal and external forces. For instance, the Chinese government issued a directive that would undermine foreign suppliers while promoting local companies and manufactures. This limited the possibility of Western companies from winning contracts in certain sectors of Chinese economy like wind power constructions16. Under these protective laws, the Chinese government also promotes high consumption in rural areas. Under this, households from countryside can acquire some items like electronic appliances at a subsidized cost. It is important to mention that China suffers similar challenges, which face its counterparts and business partners like European Union nations and the United States. As result, the government and other regulatory agencies merge e fforts in ensuring that they adopt more workable and realistic policies in taming the effects of the crisis. These joint efforts have been manifested in various ways. For instance, Global Financial Markets Association (GFMA) and the National Association of Financial Market Institutional Investors (NAFMII) demonstrated this spirit when they held a common meeting to deliberate the control of China’s financial market and its regulation in October 201117. The forum was attended by several economic experts from various sectors, locally and internationally. During the meeting, a wide range of issues were discussed including the impact of restructuring regulatory frameworks and policies in outside markets like the EU and the United States. Additionally, the impact of such adjustments to the Chinese economy was discussed in order to ascertain the inter-market relationships. Furthermore, opportunities and challenges facing several Chinese institutions were tabled and synthesized. Some of the institutions included but not limited to the Renminbi offshore market and the New Basel Capital Accord. The purpose of the accord is to promote the integrity of capital in Chinese financial market coupled with subsidiaries by abolishing double gearing. The meeting further discussed strategies in management of expected financial risks within the market in order to avert severe effects. The core target for NAFMII was to establish a link between China and the foreign market for easy accessibility to these trading centers. Moreover, China has adopted a joint-combat approach in which all the regulatory agencies in the country work towards realizing a stable Chinese financial market. Some of these agencies that have merged efforts include China Insurance Regulatory Commission (CIRC), China Banking Regulatory Commission CBRC) and China Securities Regulatory Commission (CSRC)18. All these agencies work in collaboration with the People’s Bank of China in achieving a common goa l. It is important to mention that CBRC was established in the year 2003 before the People’s Bank of China was tasked with supervising the banking industry in the country. As a result, several trends are applied in implementing these reforms through development of prudential policies. It is believed that the good Chinese performance towards the crisis is attributed to combined efforts. As a result, quantifiable growth rate of up to 9.5% was realized during the first quarter of 2011 and last quarter of 2010. The unemployment rate was also manageable as the country registered a low of 5% in 2010. The country has also adjusted its financial trends. Since the year 2010, the People’s Bank of China has raised interest rates and the conditions for deposit reserves as a way of responding to high Renminbi deposits. Additionally, the China Banking Regulatory Commission has moved to define the capital adequacy ratio for commercial banks. This includes 5%, 6% and 8% for core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio and general capital adequacy ratio respectively19. Greece’s Economic Crisis Greece is arguably one of the most hit countries by the current financial crisis. This has seen several leaders come together to salvage the country through policies and bailouts. In understanding these regulatory responses from Euro zone members and other countries like the United States, it is important to note that Greece has experienced an avalanche of events that have finally exposed its economy to its worst experiences20. From a historical background, this situation has been precipitated by a series of cases including the failure by the government to honor its debt obligations. From a general point of view, financial crises are known to promote economic downturns, huge government deficits, reduced national revenues and attraction of other countries into the default. While analysts had projected that a sovereign debt crisis was likely to hit the economy of Greece due to its debt status, others believe that the country is already experiencing this crisis21. In May 2010, the country received a historic package when the International Monetary Fund endorsed $145 billion as a way of taming the crisis and preventing contagion of its effects to other countries in the zone like Spain, Ireland and Portugal. To safeguard these countries from the crisis, IMF further announced $636 billion as financial assistance for vulnerable countries22. Besides these international efforts, the country has also had its own regulatory responses including fiscal austerity and structural improvement options to enhance economic competitiveness. Fiscal Austerity In managing the crisis via this channel, political leaders like Papandreou have played a significant role. While in office, his government adopted strategies that were aimed at lowering the country’s deficit from 13.6% in 2009 to an approximated figure of 3% by 201423. As such, the go vernment believed that the measures were enough to restore the trust of investors and rescue the economy by 2010 without involving international intervention. However, this was not the case, forcing the government to request for financial assistance from the European Union and the IMF. In response to the call, the two bodies advised Greece to execute additional measures in order to realize the intended results. Importantly, Papandreou’s plan targeted reduction of public expenditure and ultimate enhancement of revenue growth. The government established mechanisms to realize these goals, including a major crack-down on those who evaded the payment of tax and social security contribution. In order to cut public spending, the government of Greece targeted the civil service through a number of measures, which were highly criticized by a section of its leaders and citizens. They included reduction of pension benefits, wages, freezing of the hiring process and minimizing overall bon uses to all civil servants. All these measures were undertaken in the year 2010. Besides freezing of the recruitment process, the government established a 5:1 retirement/hiring ratio in the public sector in 2011. With regard to boosting its national revenue, Greece adopted an action plan that saw the average tax rates shoot from 19% to 23% across the country. Additionally, higher taxes are being levied on certain products like petroleum, liquor, tobacco and other luxury items. According to analysts, the measures target to improve the GDP of the state by 1.8%24. Although these regulatory responses appeared workable, Euro zone members expressed their concern based on foreseen impact. While it was possible to increase the revenue through tax adjustment and regulation of the civil service, the risk of unemployment continues to haunt the country, threatening it to land into a serious crisis25. Critically, the challenge with these measures is that they are at odds with each other, i.e. cu tting down government deficits and stimulating the economy during a critical meltdown. Structural reforms In ensuring economic stability, long-term structural reforms have continually been emphasized. For instance, leaders proposed thorough reforms touching on healthcare and pension schemes together with serious scrutiny and management of public administration26. Other reforms have also been stepped up to promote employment, expansion and development of the private sector and full support of technology, innovation and research. It is believed that the target on the pension scheme was based on the fact that it was considered as the most appealing and generous system in the Euro zone27. Through these regulatory approaches, a crack-down on tax evasion was inevitable and an increase of the retirement age from 61 to 63 years. Reforms in the public service included the reduction of local administrators and Greek municipalities to 370 among other structural reforms28. Despite these program s, the situation in Greece did not respond positively, forcing full intervention of the international community, which continues to endorse huge bailout packages for the nation’s economy. Germany’s Response to economic crisis Like many other countries within the Euro zone, Germany has had to endure the effects of the economic crisis, which is believed to have widely endangered the European economy. Due to the looming impact of the financial situation, Germany joined other countries in erecting preventive measures in order to avert possible effects29. Unlike other programs adopted by Greece, China and other nations, Germany adopted a scheme based on legal provisions for the execution of measures aimed at promoting financial stability within the market. Most of these regulatory measures were established in the year 2008, a time when the crisis was gaining momentum in several states around the globe. The measures included but not limited to guarantees, nationalization, an d recapitalization. Under the German Stabilization Act, the government endorsed a rescue package amounting to â‚ ¬500 billion. This was meant to boost various financial institutions in the country, insurance companies and pension funds together with all other financial entities in dealing with the economic crisis. The act became operational immediately, and it was later cleared by the European Commission since it did not contravene any of the EU aid rules30. The clearance by the European Union was essential in guarding against discrimination and allowed the legal arm of German government to deal with the matter. Mechanism of the Act The focal point of the act in terms its operation was the creation of the Stabilization Fund whose main aim has remained above liquidity short falls and ensuring that capital resources of financial institutions are strong. How does this act assist stressed financial institutions in the country? According to the projections made, based on the act, the fund is expected to offer financial guarantees up to the end of 201231. To achieve this target, the act also allows the financing of recommended entities through laid-out procedures like purchase of equity stakes within these institutions, against existing capital contributions from financiers. Recapitalization It is important to note that recapitalization measures are solely based on the same legal framework depending on how the state may choose to act. This is provided by Germany’s Financial Market Stabilization Authority concerning SoFFin. According to the provisions of the act, a total of â‚ ¬80 billion is recognized as the maximum amount for acquisition of risks and total recapitalization. Moreover, eligibility for these benefits requires that a given entity has to be in the category of solvent financial institutions32. From this analysis, it is evident that Germany mainly responded to the current economic crisis by adopting a legal approach. France’s Response to economic crisis Like Germany, France responded to the current financial crisis from a legal perspective. Its regulatory measures are well enshrined in article 6 of the Finance Law. The law was adopted in October 2008, as a way of dealing with looming effects of the crisis in the Euro zone as well as in other parts of the world33. This rescue plan is believed to take the inter alia form, which simply entails refinancing procedures mainly based on guarantees given by the state with regard to existing debt securities that are offered by loaning institutions mandated to carry out the roles of a financier. Additionally, loans can be acquired through these financing companies under set rules and regulation that govern repayment terms and interest rates. Recapitalization is also seen as one of the ways in which the government of France has continued to maintain the stability of its economy. Refinancing scheme The law became operational in October 2008 and operates under the Ministry of Economy. One of its roles in mitigating the impact of the current economic crisis is offering state guarantees, mainly to French debt securities through a financier that is established to provide loans to credit firms in the country. In its operating mode, the ministry gives state guarantees in rare cases, which demand urgent solutions. Importantly, the law recognizes a total of â‚ ¬ 360 billion as the maximum amount for every state guarantee as enshrined in section 6. Besides this, French securities argue that this figure ought not to exceed â‚ ¬ 265 billion34. The Rescue of Dexia is also recognized for its role in dealing with the current economic crisis. This is found in a legal framework treaty between France, Belgium and Luxembourg, concluded in October 200835. According to the agreement, the three states endorsed offering of guarantees jointly as Dexia financing group, amounting to â‚ ¬ 150 billion. Accordingly, France, Belgium and Luxembourg contribute 36.5%, 60.5% a nd 3% respectively. Furthermore, the Ministry of Economy is authorized by the French law to grant these state guarantees. Recapitalization Scheme This scheme is principally administered by a different company referred to as SPPE, owned by the government of France. It therefore follows that the state guarantee is also granted by the ministry of economy. Eligible institutions mainly include financial firms, comprising of credit institutions and other entities that are monitored, say, portfolio management companies. Loans are also used in taming the country’s economy, with SFFF being the sole provider. These loans are granted at an interest rate of 4%36. Concision Due to the effects caused by this financial crisis that engulfed most economies in the late 2000s, several efforts have been witnessed by different states. Regardless of the nature of approach, the sole purpose of these strategies remains taming of the crisis and preventing its severity. The above discussed countries a dopted varying regulatory measures in lowering the impact of the crises. It is however clear that all these measures aim at stabilizing financial markets and promoting economic growth. References Birdsall, N., Fukuyama, F. (2011). New Ideas on Development after the Financial Crisis. Baltimore, Maryland: JHU Press. Chow, D. (2010). China’s response to the global financial crisis: implications for U.S.-China economic relations. Global Business Law Review, 1(47), 47-81. Global Economics Crisis Resource Center. (2009).Global Economic Crisis: Impact on Economics. Stamford, Connecticut, U.S: Cengage Learning. Gup, B. (2010). The Financial and Economic Crises: An International Perspective. United Kingdom: Edward Elgar Publishing. Jackson, J. (2009). The Financial Crisis: Impact on and Response by the European Union. CRS Report for Congress. Web. Jackson, J. (2010). Financial Crisis: Impact on and Response by the European Union. Darby, PA: DIANE Publishing. Mr. China. (2011). Analyz ing China Banking Industry and New Regulatory Policies. Mr. China. Web. Nelson, R., Belkin, P., Mix, D. (2010). Greece’s Debt Crisis: Overview, Policy Responses, and Implications. CRS Report for Congress. Web. OECED. (2009). OECD Economic Surveys: France 2009. NY: OECD Publishing. Petrakis, P. (2011). The Greek Economy and the Crisis: Challenges and Responses. New York, NY: Springer. Petrovic, A., Tutsch, R. (2009). National Rescue Measures in Response to the current financial crisis. European Central Bank. Web. Reinhart, C., Rogoff, K. (2009). This Time Is Different: Eight Centuries of Financial Folly. New Jersey: Princeton University Press. Savona, P., Kirton, J., Oldani, C. (2011). Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd. Saw, S. (2010). Managing Economic Crisis in East Asia. NYC: Institute of Southeast Asian. Taylor, B. (2008). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. Stanfo rd University. Web. The World Bank. (2011). The World Bank Group’s Response to the Global Economic Crisis: Phase I. Washington, DC: World Bank Publications. Wang, M. (2008). China in the Wake of Asia’s Financial Crisis. UK: Taylor Francis. Xiao, Y. (2009). French Banks Amid the Global Financial Crisis. Washington, D.C: International Monetary Fund. Yongding, Y. (2010). The Impact of the Global Financial Crisis on the Chinese Economy and China’s Policy Responses. Penang, Malaysia: Third World Network. Footnotes 1 Petrovic, A., Tutsch, R. (2009). National Rescue Measures in Response to the current financial crisis. 2 Carmen Reinhart Kenneth Rogoff, This Time Is Different: Eight Centuries of Financial Folly, New Jersey: Princeton University Press, 2009, p. 4. 3 Taylor, B. (2008). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. 4 Global Economics Crisis Resource Center, Global Economic Crisis: Impact on Economic, Stamford, Connecticut, U.S: Cengage Learning, 2009, p. 1. 5 Saw, Swee, Managing Economic Crisis in East Asia, NYC: Institute of Southeast Asian, 2010, p. 80. 6 Yu Yongding, The Impact of the Global Financial Crisis on the Chinese Economy and China’s Policy Responses, Penang, Malaysia: Third World Network, 2010, p. 12. 7 Daniel Chow, â€Å"China’s response to the global financial crisis: implications for U.S.-China economic relations† in Global Business Law Review, 47(2010), p. 68. 8 Mengkui Wang, China in the Wake of Asia’s Financial Crisis, UK: Taylor Francis, 2008, p. 68. 9 Daniel Chow, â€Å"China’s response to the global financial crisis: implications for U.S.-China economic relations† in Global Business Law Review, 47(2010), p. 68. 10 Ibid. 11 Ibid., p. 69 12 Ibid., p. 71 13 Nancy Birdsall Francis Fukuyama, New Ideas on Development after the Financial Crisis, Baltimore, Maryland: JHU Press, 2011, p. 111. 14 Panagiotis Petrakis, The Greek Econom y and the Crisis: Challenges and Responses, New York, NY: Springer, 2011, p. 13. 15 Daniel Chow, â€Å"China’s response to the global financial crisis: implications for U.S.-China economic relations† in Global Business Law Review, 47(2010), p. 68. 16 The World Bank, The World Bank Group’s Response to the Global Economic Crisis: Phase I, Washington, DC: World Bank Publications, 2011, p. 72. 17 Mr. China. (2011). Analyzing China Banking Industry and New Regulatory Policies. 18 Ibid. 19 Ibid. 20 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 89. 21 Panagiotis Petrakis, The Greek Economy and the Crisis: Challenges and Responses, New York, NY: Springer, 2011, p. 13. 22 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 90. 23 Petrakis, 2011, p. 13 24 Panagiotis Petrakis, The Greek Economy a nd the Crisis: Challenges and Responses, New York, NY: Springer, 2011, p. 13. 25 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 90. 26 Nelson, R., Belkin., Mix, D. (2011) Greece’s Debt Crisis: Overview, Policy Responses, and Implications. 27 Ibid. 28 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 90. 29 Jackson, J. (2009). The Financial Crisis: Impact on and Response by the European Union. 30 Ibid. 31 The World Bank, The World Bank Group’s Response to the Global Economic Crisis: Phase I, Washington, DC: World Bank Publications, 2011, p. 72. 32 Benton Gup, The Financial and Economic Crises: An International Perspective, United Kingdom: Edward Elgar Publishing, 2010, p. 39. 33 James Jackson, Financial Crisis: Impact on and Response by the European Union, Darby, PA: DIANE Publishing, 2010, p. 26. 34 James Jackson, Financial Crisis: Impact on and Response by the European Union, Darby, PA: DIANE Publishing, 2010, p. 26. 35 OECED, OECD Economic Surveys: France 2009, NY: OECD Publishing, 2009, p. 20. 36 Yingbin Xiao, French Banks Amid the Global Financial Crisis, Washington, D.C: International Monetary Fund, 2009, p. 15. This essay on States regulatory response to the current financial crisis was written and submitted by user Adonis Barr to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Economic Reform essays

Economic Reform essays The Great Depression was the worst economic slump ever in U.S. history. It ranked as the worst and longest period of high unemployment and low business activity in modern times. The depression began in late 1929 and lasted for about a decade. Many factors led to the onset and continuation of the depression; however, the main cause for the Great Depression was the combination of uneven distribution of wealth throughout the 1920's, and the extensive stock market speculation that took place later during the same decade. Money was distributed intermittently between the rich and the middle-class, between industry and agriculture within the United States, and between the U.S. and Europe. This imbalance of wealth created an unstable economy. Other factors included overproduction and Americans not receiving wages to purchase those goods, foreign tariffs, and the federal reserves tight money polices. Not only was the United states being affected by the economy, the people were as well. The excessive speculation in the late 1920's kept the stock market artificially high, but eventually lead to large market crashes. Black Thursday became known to Americans on October 24th of 1929. Thousands of stockholders lost large sums of money. Many of these stockholders were even wiped out. Banks, factories, and stores closed and left millions of Americans jobless and penniless. During this period, Americans lost their money from banks shutting down because their money was not ensured. As the losses added up, suicide, violence, and divorce rates sky rocketed. During the Great Depression, radio brought Americans together in a mental aspect. Every Saturday night families would gather around to listen to President Roosevelts fire side chats. Since television was not invented yet, Roosevelt would give speeches over the radio to keep Americans updated on what was going on in Ameri ...

The Life and Legend of David Davy Crockett

The Life and Legend of David Davy Crockett David Davy Crockett, known as the King of the Wild Frontier, was an American frontiersman and politician. He was famous as a hunter and outdoorsman. Later, he served in the U.S. Congress before heading west to Texas to fight as a defender at the 1836 Battle of the Alamo, where it is believed he was slain with his comrades by the Mexican army. Crockett remains a well-known figure, particularly in Texas. Crockett was a larger-than-life, American folk hero figure even in his own lifetime, and it can be hard to separate facts from legends when discussing his life. Crockett’s Early Life Crockett was born on August 17, 1786, in Tennessee, then a frontier territory. He ran away from home at the age of 13 and made a living doing odd jobs for settlers and wagon drivers. He returned home at the age of 15. He was an honest and hardworking young man. Of his own free will, he decided to work for six months to pay off one of his father’s debts. In his twenties, he enlisted in the Army in time to fight in Alabama in the Creek War. He distinguished himself as a scout and hunter, providing food for his regiment. Crockett Enters Politics After his service in the War of 1812, Crockett had a variety of low-level political jobs such as Assemblyman in the Tennessee legislature and town commissioner. He soon developed a knack for public service. Although he was poorly educated, he possessed a razor-sharp wit and a gift for public speaking. His rough, homespun manner endeared him to many. His bond with the common people of the West was genuine and they respected him. In 1827, he won a seat in Congress representing Tennessee and running as a supporter of the immensely popular Andrew Jackson. Crockett and Jackson Fall Out Crockett was at first a die-hard supporter of fellow westerner Andrew Jackson, but political intrigues with other Jackson supporters, among them James Polk, eventually derailed their friendship and association. 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His martyrdom for the cause of Texas independence gave the rebel movement momentum when it needed it the most. The story of his heroic death, fighting for freedom against insurmountable odds, made its way east and inspired Texans as well as men from the United States to come and continue the fight. The fact that such a famous man gave his life for Texas was great publicity for the Texans cause. Crockett is a great Texan hero. The town of Crockett, Texas, is named after him, as is Crockett County in Tennessee and Fort Crockett on Galveston Island. There are many schools, parks, and landmarks named for him as well. The character of Crockett has appeared in countless films and TV shows. He was famously played by John Wayne in the 1960 movie, The Alamo and again in the 2004 retread of The Alamo portrayed by Billy Bob Thornton. Source: Brands, H.W. Lone Star Nation: New York: Anchor Books, 2004.the Epic Story of the Battle for Texas Independence.

The Globalization Crisis Explanation Essay Example | Topics and Well Written Essays - 750 words

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