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. Crockett lost his seat in Congress in 1831 when Jackson endorsed his opponent. In 1833, he won his seat back, this time running as an anti-Jacksonian. Crocketts fame continued to grow. His folksy speeches were very popular and he released an autobiography about young love, bear hunting, and honest politics. A play called The Lion of the West, with a character clearly based on Crockett was popular at the time and was a big hit. Exit from Congress Crockett had the charm and charisma to make a potential presidential candidate, and the Whig party, which was Jackson’s opposition, had their eye on him. In 1835, however, he lost his seat in Congress to Adam Huntsman, who ran as a supporter of Jackson. Crockett knew he was down but not out, but he still wanted to get out of Washington for a while. In late 1835, Crockett made his way to Texas. The Road to San Antonio The Texas Revolution had just broken out with the first shots fired at the Battle of Gonzales, and Crockett discovered that the people had a great passion and sympathy for Texas. Flocks of men and families were making their way to Texas to fight with the possibility of getting land if the revolution was successful. Many believed Crockett was going there to fight for Texas. He was too good a politician to deny it. If he fought in Texas, his political career would benefit. He heard that the action was centered around San Antonio, so he headed there. Crockett at the Alamo Crockett arrived in Texas in early 1836 with a group of volunteers mostly from Tennessee who had made him their de facto leader. The Tennesseans with their long rifles were most welcome reinforcements at the poorly-defended fort. Morale at the Alamo surged, as the men were delighted to have such a famous man among them. 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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

The Globalization Crisis Explanation - Essay Example In addition, the technological developments advanced this globalization thing and made the process even faster and more acceptable on the greater percentage. Although there are still gaps to bridge, it could be said in a general sense that the world has become one again. Even the food that we eat, in a way, brought together people from different countries to work in order to bring food on our tables. Kelsey Timmerman in her article, â€Å"It’s From Where?†, looks a lot deeper into this globalization phenomenon and presents arguments which are quite obvious but are generally disregarded perhaps because of the result of globalization also. It is interesting though, for her to bring out the issue on globalization and draw her readers to the underlying problems which should become the concern of every citizen, in every country and if it may be mentioned, especially those who are from highly developed countries. The author points out that highly developed countries like the United States should become aware and be concerned about the workers from which the finished products that reach their houses, come from. This is because most of the workers are painfully paid too little in exchange for their quite difficult jobs. This paper then wants to dissect the arguments of Zimmerman, her approach, including her writing style and purpose. Timmerman does not only inform her readers. She also questions them. This technique is quite effective for her purpose to hold the attention of her readers and get them to take action. She informs her audience to convince them that she did not only read about some distant places and fictitious people in a well-crafted narrative. She does this by showing that she dealt with the people in her article and that they are as human as her readers. She also uses questions in order to appeal to the emotions and conscience of her readers. For instance, Timmerman points out that instant coffee comes in packs, ready for consumption where in what the end buyer needs to do is simply mix hot water with it.

Masters Personal Statement Example | Topics and Well Written Essays - 1500 words

Masters - Personal Statement Example dation soon after my academic feat has also furthered my insight into the field of law, giving me an opportunity to put in practice theoretical concepts learnt at the university and during diverse training seminars. The undergraduate studies and training have fuelled my interest in law to higher levels, prompting me to consider pursuing a postgraduate degree in International Commercial Law. I have acquired significant skills relevant to the practice of law in the course of my academic training, internship and life in general. Skills like client orientation, problem resolution, organization and planning, business competence, adaptability and focus on quality, will come in handy in my professional development, which I hope your esteemed institution will accord me. I am diligent, focused and motivated to succeed as an international business relations lawyer. I intend to exert diligence in my postgraduate studies, while bringing my leadership skills and critical reasoning ability to presenting legally viable arguments to this globally renowned course.   I look forward to learning from honored professors the intricate nature of International Commercial Law. I am also eager to interact with like-minded scholars and advance my skills and knowledge to become effectively global-oriented. In a progressively competitive and interconnected world, I hope to acquire focused legal training that will help me in critical analysis and development of laws that govern international commerce. I appreciate the fact that becoming an international lawyer requires time and significant effort. I am willing and ready to make this commitment and approach the course with due diligence not just for enhancement of my career prospects, but also for the benefit of my future

Self Other And Social Context Management Essay

Self Other And Social Context Management Essay To help build Departmental capability over the medium and long term the identification of needs should be directly linked to the achievement of the Organisational goals as well as on the broader career development needs of individual employees. Numerous studies have shown that individuals process information differently. In todays educational environment the traditional educational delivery method of a professor standing in front of a classroom of students has been augmented, and in some cases supplanted, by various on-line, distance learning delivery methodologies. Studies have also shown that not all individuals learn at the same level when participating in courses which utilize different approaches. GLOBAL REVOLUTION A global revolution is taking place in the field of workplace learning. It is driven by the requirements of information explosion, increased globalisation, the changing nature of work and business as well as changing learner needs and aspirations. In the modern business environment, companies are forced to approach the way they conduct business activities with a more external focus. Not only the business partnerships extending across regional, national and continental borders, but international standards are also becoming the norm. Preparing workers to compete in the knowledge economy requires a new model of education and training, a model of lifelong learning. A lifelong learning framework encompasses learning throughout the life cycle, from early childhood to retirement. It includes formal, non-formal, and informal education and training. à ¢Ã¢â€š ¬Ã‚ ¢ Formal education and training includes structured programs that are recognized by the formal education system and lead to approved certificates. à ¢Ã¢â€š ¬Ã‚ ¢ Non-formal education and training includes structured programs that are not formally recognized by the national system. Examples include apprenticeship training programs and structured on-the-job training. à ¢Ã¢â€š ¬Ã‚ ¢ Informal education and training includes unstructured learning, which can take place almost anywhere, including the home, community, or workplace. It includes unstructured on-the-job training, the most common form of workplace learning. Recent knowledge and the accumulated stock of human capital are inputs in the production of new knowledge and wealth. The speed of change in the knowledge economy means that skills depreciate much more rapidly than they once did. To compete effectively in this constantly changing environment and globally, workers need to be able to upgrade their skills on a continuing basis. Change in the knowledge economy is so rapid that companies can no longer rely solely on new graduates or new labour market entrants as the primary source of new skills and knowledge. Schools and other training institutions thus need to prepare workers for lifelong learning. Educational systems can no longer emphasize task-specific skills but must focus instead on developing learners decision making and problem-solving skills and teaching them how to learn on their own and with others. Lifelong learning is crucial in enabling workers to compete in the global economy. Education helps reduce poverty; if developing economies do not promote lifelong learning opportunities, the skills and technology gap between them and industrial countries will continue to grow. By improving peoples ability to function as members of their communities, education and training also increase social capital (broadly defined as social cohesion or social ties), thereby helping to build human capital, increase economic growth, and stimulate development. Social capital also improves education and health outcomes and child welfare, increases tolerance for gender and racial equity, enhances civil liberty and economic and civic equity, and decreases crime and tax evasion (Putnam, 2001). Education must thus be viewed as fundamental to development, not just because it enhances human capital but because it increases social capital as well. ORGANISATIONAL REALITIES This article examines the organisational realities. The perspectives appearing in the literature, the structural, the perceptual and interactive are identified and examined. Additionally, a perspective termed the organisational culture, the change leader approach and organisational reframing will also be discussed. 2.1 ORGANISATIONAL CULTURE Realigning processes and roles to fit a new organizational reality is daily work for leaders. Planning and implementing changes is a fundamental set of skills at which all leaders must excel to ensure their teams and functions are set up to do great work. Improving an organizations success through aligning its culture became a popular focus of work in the 1980s. During this time, many behavioural science researchers acknowledged the power and importance of organizational culture. In the last twenty-five years, organization culture has become a frequent topic of discussion among a broad audience of leaders including operational managers and organization development, human resources, and training professionals. Culture is now a regular consideration or it ought to be during strategic planning sessions and throughout change management initiatives. Changes that go against a work culture or that are initiated without regard to the culture are likely to fail whereas culture-consistent changes ensure better results while reinforcing the most important workplace values and beliefs. Sometimes it is the culture that needs to change to support a new reality. Determining how to change a culture without wrecking intrinsic motivation or losing top talent is a delicate matter, indeed. To begin examining this challenge, lets first establish a common definition of organizational culture. What is an Organizations Culture? Many definitions of organization culture can be found in behavioural sciences literature. A frequently cited definition comes from organization development pioneer Edgar Schein. In his book, Organization Culture and Leadership, Schein described culture as being deeper than behaviours and artefacts. I will argue that the term culture should be reserved for the deeper level of basic assumptions and beliefs that are shared by members of an organization, that operate unconsciously, and that define in a basic taken for granted fashion an organizations view of itself and its environment. Schein emphasized assumptions and beliefs while others see culture as a product of values. In Cultures Consequences, Geert Hofstede wrote, I treat culture as the collective programming of the mind which distinguishes the members of one human group from another. à ¢Ã¢â€š ¬Ã‚ ¦ Culture, in this sense, includes systems of values; and values are among the building blocks of culture. Culture is to a human collectively what personality is to an individual. Beliefs and values are linked. What about understanding? In the article, Organizations as Culture-Bearing Milieux, Meryl Reis Louis wrote that, any social group, to the extent that it is a distinctive unit, will have some degree of culture differing from that of other groups, a somewhat different set of common understandings around which action is organized, and these differences will find expression in a language whose nuances are peculiar to that group. These three descriptions of organization culture find root in collectively held individual thinking processes. In their piece titled, The Role of Symbolic Management, Caren Siehl and Joanne Martin argued that culture consists of three components: context, forms, and strategies. This description suggests a more systemic description of culture with both internal and external components. In Riding the Waves of Culture, Fons Trompenaars offers another systemic model and described three levels of culture: 1) the explicit layer made up of artefacts and products and other observable signs, 2) the middle layer of norms and values and, 3) the implicit layer, which is comprised of basic assumptions and beliefs. In Corporate Culture and Performance, John Kotter and James Heskett acknowledge internal and external components of culture, too. They see organization culture as having two levels, which differ in their visibility and resistance to change. The invisible level is made up of shared values that tend to persist over time and are harder to change. The visible level of culture includes group behaviors and actions, which are easier to change. Is it important, or even possible, to sort out these definitions and decide which is most accurate? Schein, for example, argued that artefacts and products reflect the organizations culture, but none of them is the essence of culture. The differences and Inter-connectedness of assumptions, beliefs, understandings, and values could be studied further to determine which are more elemental to culture, but would that be time well spent? Which is most important, that a definition be right or that it be helpful? Although we cannot determine the right definition, each of these descriptions adds value to our approach to strengthening organization culture. Based on the work of these and other researchers, we could make the following conclusions about organization culture: à ¢Ã¢â€š ¬Ã‚ ¢ Each company has a unique culture built and changed over time. à ¢Ã¢â€š ¬Ã‚ ¢ Beliefs, assumptions, values and understandings and the actions and norms they produce are important components of culture. à ¢Ã¢â€š ¬Ã‚ ¢ We recognize culture by observing actions and artefacts (explicit factors). à ¢Ã¢â€š ¬Ã‚ ¢ While some call it a sub-culture and others a climate within the larger culture, there may be cultural differences within subgroups of an organization. à ¢Ã¢â€š ¬Ã‚ ¢ Observable behaviours and actions are easier to change than are beliefs and values. à ¢Ã¢â€š ¬Ã‚ ¢ The observable elements of culture affect the invisible elements and visa versa. Change in one cultural element will impact other elements. Although not apparent in the above offered definitions, it is also important to consider how cultures external to the organization impact and affect the organizations culture. Employees sense their organizations culture soon after they join the company. They might have a hard time describing the culture, but they know it when they feel and see it. There may be similarities in particular industries but each company will have unique cultural attributes. Improving the Organisations Culture A workplace culture can enable or hinder success. Leaders can impact the alignment of the culture with the companys mission and strategies. How? Culture is socially constructed and leaders need to initiate great conversations that tie cultural norms to the organizations goals. If the current culture is not in alignment with the new reality, leaders need to be the catalysts, or bridges, who create a new understanding and help individuals select new behaviours and, eventually, beliefs. Leaders must also define, clarify and reinforce understanding of the actions and beliefs that build the desired culture. The organizational culture is particularly important when implementing organization-wide change. Many organizations are struggling to keep up they layer new initiatives onto the work processes before previous initiatives have taken hold. A culture can either enable or be a barrier to nonstop changes. If the culture is nimble (in the habit of being re-aligned), change will be more fluid and effective. Most large-scale changes need to be supported by complementary changes in the organizations culture. Change plans, then, should address current and desired cultural elements. Leaders can play a key role in facilitating change by aligning projects and development efforts to reinforce the desired culture. A culture of Continuous Learning- Key to improving Organisational Culture Many organizations say they want to build a learning culture. What does this mean? Generally, what they are saying is that they want people to grow and be receptive to changes and willing to take on new tasks. A culture of continuous learning goes deeper than this, although these behaviours are certainly important. Employees value continuous self-development and choose to make learning a priority in the face of competing demands. Leaders, also, match their intention to seek coaching and development with the attention they give learning each day and week. A culture of continuous learning develops when there is a collective understanding of the importance of personal and team growth backed up by actions a resolve to inject learning into everyday work practices. Cultures of continuous learning tend to be more nimble, which means that they are easier to align and realign when new goals or new realities change how an organization must conduct its work. Resistance to changes on an organizational level is more common when team members are unaccustomed to learning and relearning new tasks, projects, and processes. Here are several important indicators of a culture of continuous learning: People are curious and adventurous. They value mental exploration. Most people are naturally curious. To what degree does the work environment encourage people to be curious and adventurous at work? à ¢Ã¢â€š ¬Ã‚ ¢ Team members are allowed and encouraged to experiment. It is safe to venture outside of established practices and explore (within limits). Can employees try new ways and approaches? à ¢Ã¢â€š ¬Ã‚ ¢ The work environment is stimulating it is sensual. The sights, sounds, smells, and textures are interesting and engaging. à ¢Ã¢â€š ¬Ã‚ ¢ Employees at all levels seek and embrace learning in a variety of forms. This is the most telling clue. What level of participation is there in development opportunities? Are executives active learners? à ¢Ã¢â€š ¬Ã‚ ¢ There is a healthy view of failure and mistakes. Employees are held accountable, but productive recovery is also rewarded and mistakes are looked at as learning experiences. à ¢Ã¢â€š ¬Ã‚ ¢ .The workplace is intrinsically rewarding. When employees are self-motivated, they seek learning and development. à ¢Ã¢â€š ¬Ã‚ ¢ The organization is proactive about succession. Talent is developed and promoted. à ¢Ã¢â€š ¬Ã‚ ¢ The organization has a focus on innovation in all functions and at all levels. à ¢Ã¢â€š ¬Ã‚ ¢ The organization embraces Omni modal learning and communication in-person, over the web, virtual, formal, informal, one-on-one, group, as part of regular meetings, separate courses, on site, off site, etcà ¢Ã¢â€š ¬Ã‚ ¦ Managers and leaders can help build these conditions by engaging team members in a diverse set of learning opportunities. Being a role model for lifelong learning is important, too. Leaders need to practice what they preach and ways to fit professional growth into their busy schedules. The organizations culture is like a rudder under a large ship. To turn the ship, the rudder must move in the right direction. A nimble culture can help organizations explore and be successful while moving to meet new goals and seize new opportunities. Like an inoperable rudder, if the culture does not move, or moves in the wrong direction, it is hard for the organization to progress. Mahatma Gandhi once said, You must be the change you wish to see in the world. Every leader and manager should model the desired culture and his or her actions should reinforce excellence. 2.2 Change Leader To achieve their purposes, organizations must constantly learn, adapt, and grow, a process referred to as change. Research shows, however, that only a relatively few structured change efforts achieve great success-most just get by while the majority fail to reach predefined performance goals and objectives (Mansfield, 2010); ( Salem, 2008); (Schneier, Shaw, Beatty, 1992). At issue is what underlies this phenomenon of underperformance. Studies of complex social systems suggest that the major reason for failure lies in the way decision makers think about and execute the change process (Smith, 1999). If one looks at the typical change process, it is apparent most decision makers view organizations from an objective perspective-as an assemblage of parts that can be arranged and re-arranged to produce predictable outcomes; however, the magnitude of the failure of planned changes led us to ask the following questions: Research Question 1: What factors facilitate or inhibit the change process? Research Question 2: How do these facilitators and inhibitors evolve within an organization? Research Question 3: What are the implications of understanding this evolutionary process relative to achieving a more sustainable level of performance? The answers to these questions led us to propose an alternative approach to understanding and changing organizational performance, one that supposes that organizational learning and change involves understanding the organization from the objective and the subjective perspectives simultaneously. We call this the Full Dimensional Systems Model (FDSM), a perspective which draws heavily on the concepts associated with Complex Adaptive System (CAS). The FDSM perspective assumes there are multiple, interrelated domains of influence that impact change and that these domains must each be appreciated and addressed simultaneously to achieve sustainable performance improvements. The FDSM provides a valid and powerful rationale for determining how to implement meaningful change within organizations as well as identifying probable outcomes and consequences from those changes. Flaws in Traditional Approaches to Thinking About Change The fact that organizational change frequently fails underscores the flaws inhering in traditional approaches to change. These approaches to change are flawed in four ways. First, the need for change is framed in almost exclusively objective terms, thus overlooking important subjective issues. Secondly, the change problem is viewed as a puzzle to be solved (Mansfield, 2010), and the challenge is collecting and analyzing enough data until all the pieces form the right solution. Thirdly, using this approach means that decisions are often based on flawed and/or incomplete information. Fourth, decision makers tend to develop detailed change strategies (often based on the data collected around the need for change), assuming that, if they follow the plan, the puzzle will be solved and the organization will come through the process better structured to meet the needs of their clients. This typical mental model leads to a misalignment of how decision makers perceive and respond to the hard r eality of reality itself (Wolfberg, 2006). Myths and Other Dangerous Half-Truths About Change Adherence to traditional approaches to thinking has produced a number of myths, or dangerous half-truths, about how to make change happen (Kelly, Hoopes, Conner, 2005); (Pfeffer Sutton, 2006). Myth 1-Change starts at the top Organizational change starts with a goal and a plan created by senior management. This approach is usually met by what is referred to as resistance and typically does not work in the fast changing systems of today because the change strategy reflects the same paradigm that created the problem in the first place. The truth seems to be that change depends on the participation of many system members (agents) in an essentially self-organizing process. It may also depend on change agents who consciously influence self-organization toward new and more adaptable patterns of relationship. Myth 2-Efficiency comes from control Change is possible only when every detail is mapped out in precise terms. This prejudice ignores the fact that every process improvement adds new and/or changes existing subsystems, which adds even more complexity to subsystems/systems that already have problems. The result is that many efforts to solve problems actually lead to more serious ones. Myth 3-Prediction is possible It is assumed by many managers that an action in one place will have a replicable effect in another. This, it turns out, is usually false, in part because a complex system consists of many agents, with different ideas, biases, prejudices, and expectations, and each of these concepts interact with many subsystems to determine outcome. Even small variations in the patterns of interaction can produce enormous variation in outcomes. In other words, complex systems are usually very sensitive to inconsistencies in mind-sets and processes. Myth 4-Change is manageable Assuming the course of change is predictable, many managers make a related assumption-that you can manage the change process by developing and then implementing complex plans. The fallacy of this myth was very clearly illustrated by the recent Gulf of Mexico oil tragedy that cost 11 lives and did untold damage to the Gulfs ecosystem. The assumption was made that through design and control alone, the company could achieve the aim of hazard elimination-This turned out not to be the case. The validity of these myths is not supported by the facts. Decisions made in the manner described above often produce unanticipated and unintended consequences. A typical occurrence is illustrated in one of the organizations we studied (Owen Mundy, 2005) where a shared services human resources model was created to improve the efficiency and effectiveness of human resource delivery. Although the delivery model seemed very efficient, it produced the unexpected and unintended consequences of bringing about a loss of direct contact with customers and direct accountability at the local level. The result was that the quality of service delivery actually declined significantly as did the level of customer satisfaction and, instead of saving money, costs soared as a quiet revolt of internal customers ensued. An important effect of these flaws is the creation of what might be thought of as ripples of dissonance in an organization. These ripples, which represent the diverse patterns of self-interest (significant differences) that exist relative to the change, behave like attractors and exhibit all the properties associated with attractors, that is, the emergence of self-organized, adaptable networks, and so on. The psychological mathematics of how this region of dissonance is resolved, then, is at the root of much of the wasted energy observed when an organization tries to implement a large-scale (organization-wide) change or intervention. Any change that involves new patterns of relationships among members, new ways of behaving, and new processes requires a different mental model than the one that is typically used to understand and execute change. A NEW WAY OF THINKING IS NEEDED The contention is that decision makers must shift from a puzzle-solving perspective (a typical fact-based approach) toward a mystery-solving perspective (a value-based approach). The puzzle-solving perspective rests on the assumption there is one right answer; as soon as it is discovered, events can be expected to flow in a predictable manner (Mansfield, 2010). The mystery-solving perspective rests on the assumption there is no one right answer or even a right way to get to an answer; rather, there is an array of possible outcomes, none of which is predictable. Because there are many possible outcomes and consequences associated with any organizational change decision, decision makers need to be able to anticipate and understand the implications of their decisions, and how to respond should the improbable outcome become a reality (Wolfberg, 2006). The only way to do this is for decision makers to create a fully transparent environment in which the many differences of potential releva nce to a change are put in the open for analysis. Although there are many organizational change methods available, few are based on such a mystery perspective. The result is that change efforts are generally disconnected from a significant pool of knowledge. The bottom line is that the way a change agent views the causes of change determines how she or he sees the world and, therefore, determines how she or he intervenes on behalf of the organization. If change agents see the organization as a machine, then they use interventions consistent with this view; if they see it as a complex, multidimensional system, then they use methods appropriate to that paradigm to change (Kim Mauborgne, 1999). Modern organizations are complex. Simply moving from the organizational chart to examining how work gets done in most organizations easily demonstrates this. Work is a complex process involving multiple interactions between the members of an organization and their teams, teams and other teams, teams and other organizations, and so on. Changes in one part of an organization will invariably have an effect on other parts of the organization-some obvious and others less so. As organizations grow and change through time, their complexity grows and changes as well. (Anderson, 1999) proposed integrating four attributes of CASs into our thinking of modern organizations: agents, feedback loops, self-organization, and coevolution. All human systems comprised numerous semi-independent agents, each of which is capable of autonomous action; such action follows that agents schema of the organization. A schema is a mental model of how the world works and how to interpret events in that world. These schema act like self-fulfilling prophecies and thus can have powerful and sometimes disruptive effects on a change. A second concept is that agents are connected to one another by feedback loops. One agents behavior can affect the behavior of numerous other agents in self-reinforcing cycles of influence. These feedback loops underscore the importance of coevolution. Third, agents coevolve with one another. A given agents adaptations impact the efforts of agents to adapt, and these co-adaptations lead to patterns or waves of self-organization that flow throughout the organization. Finally, CASs evolve over time through the entry, exit, and transformation of existing agents, and new agents can be formed by recombining elements of previously successful agents. Furthermore, the linkages between agents also evolve or coevolve over time, shifting the pattern of interconnections and their strength. CHANGE IN CASs: A METAPHOR How can organizations hope to adapt to the ever increasing level of complexity and in the process remain vibrant, responsive, and healthy? The answer to this question lies in the principles of CASs. (Dooley, 2002) offers the following three principles about the nature of the CAS: (a) order is emergent as opposed to hierarchical, (b) the systems history is irreversible, and (c) the systems future is often unpredictable. The basic building blocks of the CAS are agents. Agents are semiautonomous units that seek to maximize some measure of goodness of fit by evolving over time in response to the environment. Rather than focusing on macro strategic-level changes, complexity theory suggests that the most powerful processes of change occur at the micro level (e.g., the individual and groups) where relationships, interactions, experiments, and simple rules shape emerging patterns. As everything in an organization is interconnected, large-scale change occurs through the integration of changes that affect the smallest parts. Organization change occurs through the evolution of individuals and small groups. Like biological changes, these changes are sometimes not incremental but dramatic. From a complexity perspective, everyone can be a change agent if they are aware of options to help the organization adapt to its environment. A metaphor will serve to clarify these points. A jazz ensemble is a CAS. Each musician is autonomous. They interact as they play. They bring their own intents, biases, levels of interest, experience, and aesthetics to the performance. A minimum number of rules are put in place regarding set, place, time, and so on. Usually, the players know one another very well, and they are all very competent in the theory and practice of jazz music. The music is a balance of control and improvisation (in the moment changes or adaptations in the melodic and/or harmonic line). They listen to each other and adapt themselves to fashion their music. Their enthusiasm influences the other members of the band and the receptivity of the audience. The audience influences the band. In the end, the quality and creativity of the performance is the result of the interaction of all these elements. These emerging patterns influence not only the current selection but also the next piece as well as successive pieces. This metaphor illustrates how creativity and efficiency emerge naturally in human organizations. Some basic rules, positive contacts, and relationships among members allow solutions to emerge from the bottom up. In this CAS, the musicians and the audience all act as autonomous system agents; the setting, roles, rules, and duration of the concert constitute the container/context; the contribution of each instrument and the continuous change of melodies and harmonies are significant differences, whereas the influencing processes between musicians and their audience are transformative exchanges; the continuous successions of music are the self-organizing patterns. Each of these concepts is highly interdependent REFRAMING THE ORGANISATIONAL CONTEXT Reframing is about changing perception by understanding something in another way. (Bandler Grinder, 1982) explained reframing in the following manner: What reframing does is to say, Look, this external thing occurs and it elicits this response in you, so you assume that you know what the meaning is. But if you thought about it this other way, then you would have a different response. Being able to think about things in a variety of ways builds a spectrum of understanding. None of these ways are really true, though. They are simply statements about a persons understanding. BASIC TYPES OF REFRAMING There are two basic kinds of reframes: context reframing and content reframing. Both can alter our internal representations of events or situations, which permits us to experience the events in other, hopefully, more resourceful ways. Context reframing Bandler and Grinder noted that every experience in the world and every behavior is appropriate, given some context, some frame (1982,p.9) Context reframing offers an understanding of how we make meaning through the environment physical, intellectual, cultural, historical, and emotional in which a situation occurs. It can also provide a pattern of thinking that helps us see the value in every situation regardless of any perceived downside. Context reframing is taking an experience that seems to be negative, not useful, and distressing and showing how the same behaviour or experience can be useful in another context. Childrens stories are full of reframes designed to show children how what might seem a liability can be useful in another context. For example, the other reindeer made fun of Rudolphs bright, red nose; but that funny nose made Rudolph the hero on a dark night. Context reframing can be used as a perceptual filter, taught and practiced until it becomes an integral and habitual way of organizational thinking. It is a very useful tool in business as it is the way of thinking that gives one the ability to make lemonade from those unexpected

Romeo and Juliet: in Love or Hit with Infatuation

Romeo and Juliet: in love or hit with infatuation To the person that has these feelings infatuation and actual love are very difficult to differentiate. Even if these two emotions are very similar they have different effects on ones life. In infatuation usually develops to quickly such as â€Å"love at first sight†. On the other hand real love grows moderately and takes time, but the effects last longer. In my opinion this â€Å"star struck† couple was simply hit with infatuation not love.In this Shakespearean story feelings of love are portrayed, when actually most of the events that occur relate to infatuation such as Romeo and Juliet’s instant feelings toward each other. One of the signs of infatuation according to June Callwood, a writer from the Globe and Mail archives, is an instant feeling of affection, â€Å"love at first sight†. Romeo and Juliet experienced this when they met in the party held by the Capulets. Even On the balcony Juliet barely kno ws his name and already she was talking about her â€Å"love† for Romeo.Not only did this â€Å"love at first sight† occur quickly, but Romeo had this feeling after the incident with Rosaline. The fact that this event happened to Romeo after the event with Rosaline, only serves to further on support the definition of infatuation. When Romeo met Juliet he was as one would say â€Å"on the rebound†, which caused him to fall in the state of infatuation. These along with many other events could have been the cause of Romeo falling for Juliet. Their quick affection for each other didn't allow them to think things thru and caused them to rush into a relationship they were not ready for.Another sign of infatuation is the great feeling one has to marry the other person. Romeo and Juliet rushed into a marriage without knowing much about each other. Their quick marriage was an event that might have had a lot to do with their death. This rush into actions without thinking is a result of the effects of infatuation. Some might say that their marriage occurred because they â€Å"loved† each other, but research has shown that the relationships that last longest develop slowly.These long lasting marriages did not occur as quickly like Romeo and Juliet’s, instead they took their time to make sure one is ready. Romeo and Juliet not only married quickly, but most of the time they all they wanted was physical enjoyment. In act 2 scene 2, the balcony scene, Romeo says â€Å"O wilt thou leave me unsatisfied? †. Those who are in real love are patient and don’t just want sex. This dissatisfaction without physical enjoyment is one of the greatest signs of infatuation.