Multicultural Britain Essay

My task is to explain why people chose to immigrate to Britain, with reference to the period 1880 to the present day. Britain has been Multicultural for hundreds of years. There are the diverse cultures and languages of the people of Scotland, Wales, Ireland and England. Britain’s links with the commonwealth countries of the Caribbean, Anglophone Africa, Cyprus, Australia, New Zealand and the Indian subcontinent were established through trade and subsequent conquest and colonization. Around five per cent of Britain’s present population are from ethnic minorities. â€Å"Multicultural† can be a controversial term, associated with various ideas about racial and cultural identities, cultural, diversity and difference, and policies and practices in schools and local government authorities. Since ancient times people have been moving to Britain and settling there. These immigrants have all made a change to Britain as a whole. There are many reasons for immigration, some of which being wars, famine, draught, economic changes, lack of facilities, religious restraints, prejudice, discrimination or even as refugees. Since the seventeenth century Jews had lived in Britain and had soon become a vital part of British life, including the social, political and economic life of Britain. Throughout the nineteenth century a minority of Jews continued to migrate to Britain, with many Jews even being born there. However after the welcoming of 1880, the minority of Jews already living there (Anglo-Jewish) experienced a sudden flood of Jews into Britain. In 1881 the Russian Jews were held responsible for the assassination of Tsar Alexander II. Many Jews now became certain that it was time to leave and start a new life in a Western country. Many moved to Britain knowingly there was already a secure successful community of Jews there. The Jewish immigrants were condemned by some English Jews whilst others welcomed them with open arms. On the other hand the English people blamed the Jews for the overcrowding in Britain and also for making it difficult to look for jobs and work. The Jews settled in the large cities of London, Leeds and Manchester. These cities had a large population of Jews who were hoped to be supported by the Russian Jews, there was also a great opportunity of work here. However the Jews had to live in the poorer, overcrowding areas of these cities. Despite the overcrowding and poor living conditions, the house rent was high due to the shortage of housing. The rent along with lack of jobs and living conditions were all causes of racism and injustice against the Jews. However most Jews lived in the poorer areas, as this was all they could afford. Some wealthy Jews took action and built blocks of flats. Due to the immigration of the Jews, before 1881 British inhabitants expanded at a rate of 4% per year, after 1881 the population increased 10% every year. However the Jews that had come all settled in the East end, thus making this area concentrated with the number of Jews. This worried some of the Anglo-Jewish community for many reasons. It made the Jews very visible; the Jewish people already living in England were disturbed regarding the influence that so many Jews would have on the good interaction built up by the Jews already living in England with the English people. The Jews were already very different in their traditions, etiquettes and political affairs than that of the British Jews. Soon the Jews became news. The type of work the Jews chose to do – in tailoring and footwear – they chose to do it with Jews who could speak Yiddish (a Jewish language), and who understood their religious needs. The work they chose relied on their existing skills or involved skills that could be learned quickly and had a number of simple recurring procedures. All the work could be done in small grounds, such as houses, cellars e.t.c. The work was done by a small number of people. The situation in such work areas was objectionable. Work hours could also be varied according to the religious calendar. The Jews entered England at a time of rising redundancy and therefore were held responsible by the legislator of challenging with the English taking into account the few jobs which were obtainable. The idea of the immigrant Jews and sweating (the practice of overworking and underpaying workers in cramped, ill-lit and unhealthy conditions), became associated in the minds of many English people. The people of England had many views of the Jews. A negative impression of the Jewish immigrants is that they caused overcrowding, working in unhygienic conditions and breathing an atmosphere of wool particles containing dangerous dyes. The flush was also so outlandish to the laypeople that they had not yet learnt how to pull the chain so as to wash out and clear the toilet. However a positive impression is gained by other inhabitants that they soon became successful and praised them of their intelligence. Most British people commiserated with the Jews but because of the numbers and celebrity of Russian Jewish immigrants, the attitude of people to the Jewish immigrants began to revolutionize. The ‘alien question’, soon became the subject in the British politics. The ‘Alien question’ was of three parts being that some individuals sensed that a law was essential to determine who could colonize in Britain, The aliens became a factor to the sweating matter, and some also reasoned that it was the aliens who pushed up the rents of houses. Soon later a pressure group, the British Brothers’ league was structured, which was to confine alien immigrants. With all these pressures the Conservative Government allotted a Royal Commission on Alien immigration. A new law was soon primed on the Royal Commission’s work. The Bill of 1904 would eliminate as undesirable, ‘persons of extremely bad character, or without perceptible means of support or likely to become a public charge. However the shipping companies who transported the immigrants also promoted the Government to gain their support and the liberals also strongly opposed this bill being passed. Due to such opposition the bill was withdrawn. However the Conservatives that the new law would promote voters especially at a time when the next general election was in a years time, so the Aliens Bill was put back into the Parliament in 1905, and this time the Liberals also never stood in its way as they knew a new law be popular. On 10 August 1905 the bill became law, however if ‘the immigrant is seeking admission to avoid prosecution or punishment on religious or political grounds, permission to enter shall not be refused on the ground that he does not have enough money or will be a burden on others.’ An extract from the Aliens Act (1905) The conservatives lost the election in 1906, and so the Liberal Home Secretaries operated the law. To start with many immigrants were sent back as they failed to state things which would grant them entry, therefore the number of Jews coming to Britain fell until 1909. However after 1909 the figure of immigrants returned back to the normal figure of 5000 a year. Many Jews welcomed the act or refused to condemn it. The Jews who had just immigrated t6o the East End of London reacted in much the same way as they feared overcrowding and competition of work. The Anglo-Jewish community had stated that the Jews settling in one place would bring attention to their dress, language and manner. They also warned that in fifteen years time the progeny of today’s refugees would be the great bulk of England’s population, and therefore bring shame to the community. To deal with this prospect the education of the children of the Immigrated Jews was encouraged. The leaders of the Jewish community were very anxious and supportive in the fist world war. In the last ten years of the nineteenth century a new movement was put into action called Zionism, this was in favour to gain a Jewish homeland. The favoured place for this was in the ancestral Jewish home, Palestine. However the Anglo-Jewish community opposed the idea of a homeland as they never wanted all their relationships with the British to be gone down the drain. They wanted to be seen as a community loyal to the British and religious not as a people without a homeland. In 1917 the British army invaded Palestine which was then under Turkish rule. The British government issued a statement that broadly supported the creation of a homeland. At t6he same time the British issued another statement which promised the Arabs inde3pendence from the Turks. This was to win the support of the Jews in America and to involve America in the war. Empty promises were also made to the Arabs to involve them in the war too on Britain’s side. From 1914, the anti-German hysteria that swept the country did not distinguish between Jew and German. Criticism to the Jewish immigrants centred on how many of the new immigrants joined up to fight. The Anglo-Jewish wanted to fight for their new country. Press reports of Russian Jews moving from London to the countryside to avoid the Zeppelin raids added to prejudice towards the Jews. The Balfour Declaration brought attention to Zionism in Britain which made people believe that the Jews were ungrateful to their adapted country – Britain. The Russian Revolution also helped form the views of the British against the Jewish immigrants and were portrayed by the newspaper as communists. The Aliens Restrictions Act was passed in 1914 which as a result had a huge influence on Jewish immigrants. Zionism was too now weakened whilst prejudice against the Jews increased. Using the powers of 1919 almost all the poor working-class immigrants went to decline. In the 1920s many Jews had now gained a higher position within the British society and were a more prosperous community. Due to this prosperity the Jews now started to move out of the East end of London. As Britain saw the beginning of the Depression years one Labour Politician was Sir Oswald Mosley. He resigned from Labour in 1930 as many of his ideas of how to solve the problem of unemployment were rejected. He set up his own new party in 1931 known as the New Party. Mosley, in 1932 created the British Union Fascists (BUF). Mosley saw the socialists and the communists as a danger. Mosley also enjoyed support from the ‘Daily Mirror’ owner, Lord Rothermere, through which he made sure that it reported favourably of the BUF. In the beginning the BUF were not anti-Semitic, but later in 1934 the BUF policy changed and now Jewish people were no longer allowed to be members of the BUF. Throughout the year 1934 Jewish people were attacked and provoked. The Jews were all advised not to do anything against the law thus not to be seen as lawbreakers. On 4 October 1936 the BUF planned a march through the East End of London and planned to listen to Mosley speak at intervals. Jewish Trade Unionists and communists arranged a blockade to the march with barricades. As a result the BUF had to abandon the march from the Tower of London to Victoria Park in Hackney. Immediately after the event of Cable Street, support for the BUF grew. However in the long term the BUF were in decline. Mosley’s attempts to try and stir up violence towards the Jews were much criticised. The Government tried to stop this by passing the Incitement to Disaffection Act in November 1934 and a new public Order Act in 1936 which affected the holding of marches. However the BUF did not win any local or general election seats and as a result Mosley was imprisoned from 1940 to 1943. The event of Cable Street showed that there were divisions among the Jews themselves as thousands of working-class Jews rejected the calls of their leaders to stay off the streets. This event also proved that extreme parties were also a threat to law and order, and as a result was acted quickly to in order to stop their influence. In 1945 when the Second World War ended, Europe had changed. Millions of people had lost their homes etc. Towns and cities were devastated. Countries in Eastern Europe were taken over by the communist government with very different ideas about equality and freedom to those governments in the West. Many people in Eastern Europe did not want to live under a communist government. As a result of these wars millions of people became refugees. Many people were already in Britain when the war ended. After Hitler invaded Poland many Poles left Poland and many came to Britain, and some came to Britain only to fight against Germany. When Poland became communist in 1945, many of the Poles decided to stay in Britain. Some of the refugees from Europe came to Britain in search of a new life and were welcomed by the British as Britain needed to be re-built after the devastation of the war. Large numbers of workers were needed especially in mining, engineering, agriculture, transport and building. This was due to many British men and women being killed, injured etc. During the war many women were encouraged to work but after were encouraged to stay at home. This meant that more workers were needed to replace them. Britain was made worse by many British people moving to the Old Common Wealth countries. During the Second World War the British Empire was very important in the war, as these people had raw materials, people industries etc. After the Second World War, these people from British colonies were encouraged to come to settle in Britain. This was because Britain’s post war labour shortage could not be solved by refugees alone. British companies advertised in the New Commonwealth Countries for workers. All citizens of the British colonies were given the right to settle in Britain. Almost one quarter of the world’s population was allowed to settle in Britain due to its great empire. In 1948 the British Nationality Act was passed which gave citizens of the British colonies and of the commonwealth equal rights of citizenship in Britain as those people who had been born and bread in Britain. After the second World War many Caribbean’s emigrated to Britain. This was partly because they had fought for this country and others were just curious to see the land they had fought for. At first immigration from the Caribbean to Britain was slow but soon after a hurricane in Jamaica in 1951 immigration increased. Another cause of the rise in immigration was that the USA had set strict rules on immigration from the Caribbean and so people who wanted to migrate had to look for other options of where to migrate to. Many people who lived in cities were well paid and did not want to do jobs like cleaning etc and so immigrants from the colonies were encouraged to do this type of work. Many West Indians were welcomed as nurses and the Caribbean’s settled in Britain and so the later arrivals were mainly wives, children and parents of those people who had settled in Britain. Britain was portrayed to these people who migrated to Britain as being the ‘mother-country,’ kind, caring and powerful. Upon migrating, many of these people were surprised to see the amount of filth and dirt in Britain. Britain was not as wealthy as they had expected. However people who had come to Britain to fight in the Second World War were welcomed warm heartedly, but on the other hand when these people returned to Britain due to labour shortages, the treatment they received was completely contradictory to what they had received at the Second World War. When Queen Victoria came to throne, Britain had the smallest empire with the least territory. Queen Victoria’s death however, left behind a greater territory approximately ruling 500 million people. British ideas were of being superior to any other race, thus inferior. Britain used ‘adverts’ to target many people and to spread its ideas of unity and loyalty to the people of Britain. Between 1945 and 1968, important changes were made to who had the right of citizenship in Britain. The rights of citizenship had been restricted by 1968. The changes happened partly because of racist attitudes and partly due to changing economic changes. Since the Second World War the pattern of migration into and out of Britain has changed. This has been due to changes in the law, wars, abuses of human rights, poverty, famine, and the formation of the European Union. Since 1990 the rights of refugees and asylum seekers in Britain have also changed and become a controversial political issue. There was less immigration after the Second World War of the British citizenships had been born in the colonies of commonwealth. The British Nationality Act and the immigration Laws made it difficult to enter Britain. However immigration from the European Union was allowed however immigration from poor undeveloped countries such as the Caribbean were not allowed to set work permits in Britain. Overtime people had come to Britain as refugees and also left in search of refuge such as the Jews. Nevertheless, people have migrated to Britain due top wars in their own countries leaving millions of people homeless, in search of jobs, famine in their homelands, in search of a better life, education, medication, for marriage purposes, persecution in their country and some have also come to Britain as refugees and even as asylum seekers. In conclusion, the reasons for the entry of millions of people into Britain during the years from 1880 to the recent day are extremely complicated, revolving around a complex of economic, political. Short term, underlying and personal push and pull factors. The immigration of any individual minority includes a set of factors peculiar to itself. In some cases, such as the mid-nineteenth century, Irish push factors played an overwhelming role, as the famine literally forced the people off the land. However the geographical proximity of Britain and the open door policy towards immigration played a fundamental role in attracting the Irish. â€Å"The potato crop failed completely and one million Irish died of disease starvation. As a result about 200,000 people emigrated, about half of them to Britain.† Between 1870 and 1914 over 200,000 Jewish people arrived in Britain. Most of these Jews lived in East London where living conditions were bad. It was easy for them to fin d work (for untrained people e.g. clothing and furniture) but were low paid and worked long hours. Yet many Jews visited the synagogue and were free to practice their religion. The entry of immigrants to Britain did not happen steadily but in waves. Some periods had more immigrants flooding into Britain than others. The media have recognised that Britain has become a multi society and presents some positive images of Blacks and Asians. People of Asian origin have become the most successful businessmen in Britain. In short, there have been both continuities and new developments in the history of immigrant minorities in Britain before and after 1945. Because of the more complete documentation after 1945, we can form a fuller picture of the contemporary situation. However, we can make the following assertions for the whole course of the nineteenth and twentieth centuries. First, Britain has witnessed for a complex of reasons, the constant entry of a wide variety of immigrants, who have played an important role in the development of the economy. Second, these groups have varied in size, social composition, and gender make-up, but they are part of British capitalist class society, not distinct from it. Finally, ethnicity has developed to a great extent, especially amongst larger minorities. However, as a different view, in conclusion, I also say that social scientists have found it very difficult to explain one of the most popular methods of explanation is to use a ‘push – pull’ model which distinguishes between the ‘push’ of economic necessity in the migrants home society and the ‘pull’ of opportunity from abroad. The difficulty with this approach is that it obscures the inherent complexity of population movements and, as some critics have pointed out, it often treats the subjects as if they were automatons reacting to forces beyond their control. Ceri Peach, in his study of West Indian migration to Britain (1968), warns against relying too much on ‘push’ determinism. The movements he describes did not take place during periods of economic depression in the Caribbean and they were not correlated to high rates of population growth. Peach concludes that there is ‘strong evidence for the view that (West Indian) migration was reacting not to internal conditions, but to a sing external stimulus’ – namely the demand for labour in Britain (1968:93). This conclusion might be satisfactory if one wishes to leave the analysis of the highest levels of abstraction, but the migrants themselves rarely accept generalisations of this nature. Furthermore, other Historians have clearly demonstrated that it is impossible to categorise all of the relevant factors as either ‘push’ or ‘pull’.

Error Correction Model

Introduction Exchange rates play a vital role in a county's level of trade, which is critical to every free market economies in the world. Besides, exchange rates are source of profit in forex market. For this reasons they are among the most watched, analyzed and governmentally manipulated economic measures. Therefore, it would be interesting to explore the factors of exchange rate volatility. This paper examines possible relationship between EUR/AMD and GBP/AMD exchange rates. For analyzing relationship between these two currencies we apply to co-integration and error correction model.The first part of this paper consists of literature review of the main concepts. Here we discussed autoregressive time series, covariance stationary series, mean reversion, random walks, Dickey-Fuller statistic for a unit root test. * The second part of the project contains analysis and interpretation of co-integration and error correction model between EUR/AMD and GBP/AMD exchange rates. Considering t he fact, that behavior of these two currencies has been changed during the crisis, we separately discuss three time series periods: * 1999 2013 * 1999 to 2008 * 2008 to 2013. ——————————–Autoregressive time series A key feature of the log-linear model’s depiction of time series and a key feature of the time series in general is that current-period values are related to previous period values. For example current exchange rate of USD/EUR is related to its exchange rate in the previous period. An autoregressive model (AR) is a time series regressed on its own past values, which represents this relationship effectively. When we use this model, we can drop the normal notation of Y as the dependent variable and X as the independent variable, because we no longer have that distinction to make.Here we simply use Xt. For instance, below we use a first order autoregression for the variable Xt. Xt=b0+b1*Xt-1+? t Covariance stationary series To conduct valid statistical inference we must make a key assumption in time series analysis: We must assume that the time series we are modeling is Covariance Stationary. The basic idea is that a time series is covariance stationary, if its mean and variance do not change over time. A covariance stationary series must satisfy three principal requirements. Expected value of the time series must be constant and finite in all periods. * Variance should be constant and finite. * The covariance of the time series with itself for a fixed number of periods in the past or future must be constant and finite. So, we can summarize if the plot shows the same mean and variance through time without any significant seasonality, then the time series is covariance stationary. What happens if a time series is not covariance stationary but we use auto regression model? The estimation results will have no economic meaning.For a non-covariance- stationary time series, est imating the regression with the help of AR model will yield spurious results. Mean Reversion We say that time series shows mean reversion if it tends to fall when its level is above its mean and rise when its level is below its mean. If a time series are currently at its mean reverting level, then the model predicts, that the value of the time series will be the same in the next period Xt+1=Xt. For an auto regressive model, the equality Xt+1 = Xt implies the level Xt = b0 + b1 * Xt or Xt = b0 / (1 – b1)So the auto regression model predicts that time series will stay the same if its current value is b0/(1 – b1), increase if its current value is below b0 / (1 – b1), and decrease if its current value is above b0 / (1 – b1). Random Walks A random walk is a time series in which the value of the series in one period is the value of the series in the previous period plus an unpredictable error. Xt = Xt-1 + ? t, E(? t)=0, E(? t2) = ? 2, E(? t, ? s) = 0 if t? s Th is equation means that the time series Xt is in every period equal to its value in the previous period plus an error term, ? , that has constant variance and is uncorrelated with the error term in previous periods. Note, that this equation is a special case of auto correlation model with b0=0 and b1=1. The expected value of ? t is zero. Unfortunately, we cannot use the regression methods on a time series that is random walk. To see why, recall that if Xt is at its mean reverting level, than Xt = b0/ (1 – b1). As, in a random walk b0=0 and b1=1, so b0/ (1 – b1) = 0/0. So, a random walk has an undefined mean reverting level. However, we can attempt to convert the data to a covariance stationary time series.We create a new time series, Yt, where each period is equal to the difference between Xt and Xt-1. This transformation is called first-differencing. Yt= Xt – Xt-1 = ? t, E (? t) = 0, E (? t2) = ? 2, E (? t, ? s) = 0 for t? s The first-differenced variable, Yt, i s a covariance stationary. First note, that Yt=? t model is an auto regressive model with b0 = 0 and b1 = 0. Mean-reverting level for first differenced model is b0/ (1 – b1) = 0/1 = 0. Therefore, a first differenced random walk has a mean reverting level of 0. Note also the variance of Yt in each period is Var(? ) = ? 2. Because the variance and the mean of Yt are constant and finite in each period, Yt is a covariance stationary time series and we can model it using linear regression. Dickey-Fuller Test for a Unit Root If the lag coefficient in AR model is equal to 1, the time series has a unit root: It is a random walk and is not covariance stationary. By definition all random walks, with or without drift term have unit roots. If we believed that a time series Xt was a random walk with drift, it would be tempting to estimate the parameters of the AR model Xt = b0 + b1 * Xt -1 + ? using linear regression and conduct a t-test of the hypothesis that b1=1. Unfortunately, if b1=1 , then xt is not covariance stationary and the t-value of the estimated coefficient b1 does not actually follow the t distribution, consequently t-test would be invalid. Dickey and Fuller developed a regression based unit root test based on a transformed version of the AR model Xt = b0 + b1 * Xt -1 + ? t. Subtracting xt-1 from both sides of the AR model produces xt- xt-1=b0+(b1-1)xt-1+ ? t or xt-xt-1 = b0 + g1xt-1+ ? t, E(? ) = 0 where gt = (b1-1). If b1 = 1, then g1 = 0 and thus a test of g1 = 0 is a test of b1 = 1. If there is a unit root in the AR model, then g1 will be 0 in a regression where the dependent variable is the first difference of the time series and the independent variable is the first lag of the time series. The null hypothesis of the Dickey-Fuller test is H0: g1 =0 that is, that the time series has a unit root and is non stationary and the alternative hypothesis is Ha: G1 ; 0, that the time series does not have a unit root and is stationary.To conduct the test, on e calculates a t- statistic in the conventional manner for g(hat)1 but instead of using conventional critical values for a t- test, one uses a revised set of values computed by Dickey and Fuller; the revised set of critical values are larger in absolute value than the conventional critical values. A number of software packages incorporate Dickey- Fuller tests. REGRESSIONS WITH MORE THAN ONE TIME SERIES Up to now, we have discussed time-series models only for one time series. In practice regression analysis with more than one time-series is more common.If any time series in a linear regression contains a unit root, ordinary least square estimates of regression test statistics may be invalid. To determine whether we can use linear regression to model more than one time series, let us start with a single independent variable; that is, there are two time series, one corresponding to the dependent variable and one corresponding to the independent variable. We will then extend our discuss ion to multiple independent variables. We first use a unit root test, such as the Dickey-Fuller test, for each of the two time series to determine whether either of them has a unit root.There are several possible scenarios related to the outcome of these test. One possible scenario is that we find neither of time series has a unit root. Then we can safely use linear regression to test the relations between the two time series. A second possible scenario is that we reject the hypothesis of a unit root for the independent variable but fail to reject the hypothesis of a root unit for the independent variable. In this case, the error term in the regression would not be covariance stationary.Therefore, one or more of the following linear regression assumptions would be violated; 1) that the expected value of the error term is 0. 2 that the variance of the error term is constant for all observations and 3) that the error term is uncorrected across observations. Consequently, the estimated regressions coefficients and standard errors would be inconsistent. The regression coefficient might appear significant, but those results would be spurious. Thus we should not use linear regression to analyze the relation between the two time series in this scenario.A third possible scenario is the reverse of the second scenario: We reject the hypothesis of a unit root for the dependent variable but fail to reject the hypothesis of a unit root for the independent variable. In the case also, like the second scenario, the error term in the regression would not be covariance stationary, and we cannot use linear regression to analyze the relation between the two time series. The next possibility is that both time series have a unit root. In this case, we need to establish where the two time series are co-integrated before we can rely on regression analysis.Two time series are co-integrated if a long time financial or economic relationship exists between them such that they don’ t diverge from each other without bound in the long run. For example, two time series are co-integrated if they share a common trend. In the fourth scenario, both time series have a unit root but are not co-integrated. In this scenario, as in the second and third scenario above, the error term in the linear regression will not be covariance stationary, some regressions assumptions will be violated, the regression coefficients and standard errors will not be consistent, and we cannot use them for the hypothesis tests.Consequently, linear regression of one variable on the other would be meaningless. Finally, the fifth possible scenario is that both time series have unit root, but they are co-integrated in this case, the error term in the linear regression of one term series on the other will be covariance stationary. Accordingly, the regression coefficients and standard errors will be consistent, and we can use them for the hypothesis test. However we should be very cautious in interp reting the results of regression with co-integrated variables.The co-integrated regression estimates long term relation between the two series but may not be the best model of the short term relation between the two series. Now let us look at how we can test for co-integration between two time series that each have a unit root as in the last two scenarios above. Engle and Granger suggest this test: if yt and xt are both time series with a unit root, we should do the following: 1) Estimate the regression yt = b0 + b1xt + ? t 2) Test whether the error term from the regression in Step 1 has a unit root coefficients of the regression, we can’t use standard critical values for the Dickey – Fuller test.Because the residuals are based on the estimated coefficients of the regression, we cannot use the standard critical values for the Dickey- Fuller test. Instead, we must use the critical values computed by Engle and Granger, which take into account the effect of the uncertaint y about the regression parameters on the distribution of the Dickey- Fuller test. 3) If the (Engle – Granger) Dickey- Fuller test fails to reject the null hypothesis that the error term has a unit root, then we conclude that the error term in the regression is not covariance stationary.Therefore, the two time series are not co-integrated. In this case any regression relation between the two series is spurious. 4) If the (Engle- Granger) Dickey- Fuller test rejects the null hypothesis that the error term has a unit root, then we conclude that the error term in the regression is covariance stationary. Therefore, the two time series are co-integrated. The parameters and standard errors from linear regression will be consistent and will let us test hypotheses about the long – term relation between the two series. .If we cannot reject the null hypothesis of a unit root in the error term of the regression, we cannot reject the null hypothesis of no co-integration. In this sc enario, the error term in the multiple regressions will not be covariance stationary, so we cannot use multiple regression to analyze the relationship among the time series. Long-run Relationship For our analysis we use EUR/AMD and GBP/AMD exchange rates with respect to AMD from 1999 to 2013 with monthly bases. After estimating the normality of these time series we found out that the normality has rejected.We got right skewness result and to correct them we used log values of exchange rates. Studying the trade between Armenia and Europe or Great Britain we found out that there is almost no trade relationship between them. Besides we assume, that Armenian Central Bank keeps floating rate of AMD. Taking into consideration these two factors the impact of AMD is negligible to have an essential influence on EUR/GBP rate. That is why we assume that the next models we will build show the relation between EUR and GBP. Graph 1 represents movement of EUR/AMD ; GBP/AMD since 1999 to 2013.From it we can assume that these two currencies have strong long run relationship until Global Financial Crisis. As a result of shock in 2008 the previous relationship has been changed. However, it seems to be long term co-movement between the currencies. To accept or reject our conclusions we examine exchange rates until now including Global Financial Crisis, without crisis and after crisis. Co-integration of period from 1999 to 2013 To be considered as co-integrated the two variables should be non-stationary. So the first step in our model is to check the stationarity of variables by using Augmented Dickey-Fuller Unit Root Test.EViews has three options to test unit-root: * Intercept only * Trend and Intercept * None From the first graph it is visible, that the sample average of EUR/AMD time series is greater than 0, which means that we have an intercept and it should be included in unit-root test. Although, series goes up and down, data is not evolving around the trend, we do not have increasing or decreasing pattern. Besides, we can separately try each of the components and include trend and intercept, if they are significant. In the case of EUR/AMD the appropriate decision is only intercept. Table 1. 1Table 1. We see it from the Table 1. 1, where Augmented Dickey-Fuller test shows p-value of 0. 1809 and as we have decided to use 5% significance level, Null Hypothesis cannot be rejected, which means there is a unit root. So, EUR/AMD exchange rate time-series is non-stationary. The same step should be applied with GBP/AMD exchange rates. We have estimated it and found out, that Augmented Dickey-Fuller test p-value is 0. 3724, which gives us the same results, as in the previous one: the variable has unit root. Since, the two variables are non-stationary, we can build the regression model yt = b0 + 1xt + ? t (Model 1. 1) and use et residuals from this model. So, the second step is to check stationarity for these residuals. Here we should use Eagle Granger 5% critic al value instead of Augmented Dickey Fuller one, which is equal to -3. 34. Comparing this with Augmented Dickey-Fuller t-Statistic -1. 8273. Here minus signs should be ignored. So, comparing two values, we cannot reject Null Hypothesis, which means residuals have unit-root, they are non-stationary. This outcome is not desirable, which means the two variables are not co-integrated.Co-integration till crisis period (1999-2008) Referring back to graph 1, we assume that in 1999-2013 time series two variables are not co-integrated because of shock related to financial crisis. That is why it will be rational first to exclude data from 2008 to 2013 and then again check co-integration between two variables. Here the same steps should be applied as in checking co-integration for time series from 1999 to 2013. For time series from 1999 to 2008, for EUR/AMD exchange rate, Augmented Dickey-Fuller test p-value is 0. 068. From the p-value it is clear that we cannot reject Null Hypothesis, which m eans it has a unit root. Having unit root means EUR/AMD exchange rate time-series is non-stationary. Now we should test stationarity of GBP/AMD exchange rates. The Augmented Dickey-Fuller test p-value is 0. 2556, which means the variable is non-stationary. Since, the two variables are non-stationary, we should build the regression model and using residuals check stationarity. Table 2. 1 In the table above Augmented Dickey Fuller t-test is 3. 57 and so greater than Eagle-Granger 5% significance level critical value 3. 34. That is why we can reject Null Hypothesis and accept Alternative Hypothesis, which means that residuals in regression model has no unit root. Consequently, they are stationary and we can conclude, that EUR/AMD and GBP/AMD time series are co-integrated: have long run relationship. As the variables such as EUR/AMD and GBP/AMD are co-integrated, we can run the error correction model (ECM) as below D(yt) = b2 + b3*D(xt) + b4*Ut-1 +V (Model 1. 2) * D(yt) and D(xt) are fi rst differenced variables b2 is the intercept * b3 is the short run coefficient * V white noise error term * Ut-1 is the one period lag residual of ? t . Ut-1 is also known as equilibrium error term of one period lag. This Ut-1 is an error correction term that guides the variables of the system to restore back to equilibrium. In other words, it corrects this equilibrium. The sign before b4 or the sign of error correction term should be negative after estimation. The coefficient b4 tells as at what rate it corrects the previous period disequilibrium of the system.When b4 is significant and contains negative sign, it validates that there exists a long run equilibrium relationship among variables. After estimating Model 1. 2, short run coefficient value b3 has been 1. 03 and was found significant. And b4, the coefficient of error term has been 5. 06 percent meaning that system corrects its previous dis-equilibrium at a speed of 5. 06% monthly. Moreover, the sign of b4 is negative and s ignificant indicating that validity of long run equilibrium relationship between EUR and GBP.Co-integration during crises period (2008-2013) Now is the time to check stationarity of variables in the period after crisis by the same way as we did above. From the ADF test it is clear that the two variables are non-stationary, after which we can construct ADF ; Eagle Granger test for residuals. However, because of ADF t-statistic is smaller, than Eagle Granger critical value, we could not reject that the residuals have unit-root. So, they are non-stationary and co-integration does not exist between the two currencies.

Quaid-e-Azam Muhammad Ali Jinnah

Quaid-e-Azam Muhammad Ali Jinnah My Topic is about any Leader, so In this world there are many leaders. We know most of them, but my essay is about â€Å"Quaid-e-Azam†. He was a Great politician and statesman of 20th century. He was generally known as the father of state of Pakistan. He was the leader of The Muslim League and served as the first Governor General of Pakistan. Quaid-e-Azam was his official names. His real name is Mohammad Ali Jinnah. Quaid-e-Azam (â€Å"The Great Leader†) and Baba-e-Qaum(â€Å"Father of the Nation†) was the name given by the public of Pakistan. Quaid-e-Azam, Muhammad Ali Jinnah was born on 25th December 1876 at Wazir Mansion, Karachi of lower Sindh. He was the first of seven children of Jinnah bhai, who was a rich and successful Gujrati merchant. He moved to Sindh from Gujrat before Jinnah’s birth. His Grandfather’s name is Poonja Gokuldas, which is an Indian name. His cast was Rajput, which is an indian cast but these Rajputs were converted to Islam. Jinnah’s family belongs to Shiia Islam. At first Jinnah was being taught at home then he was sent to the Sindh Madrasah tul Islam in 1887 and thn changed his school to Gokal Das Taj Primary School in Mumbai and then finally he joined the Christian Missionary Society High School in Karachi, where at 16 he passed the matric examination of the University of Bombay. On the advice of an English friend, his father decided to send him to England to acquire business experience. Jinnah, however, had made up his mind to become a barrister, then in the same year 1892, Jinnah joined the office of Graham's Shipping and Trading Company at London, this company had extensive dealings with Jinnahbhai Poonja's firm in Karachi. In keeping the custom of time, his parents urge him for marrige with his distant cousin Emibai Jinnah, who was two years junior of him. His marriage was not to long last, his wife was died when he was on a temporary stay at England then his mother was also passed away. In London, Jinnah left the Trading Company and joined Lincoln's Inn to study Law. After 3 years at the age of 19 he became the youngest indian to be called to the bar in England and He completed his formal studies and also made a study of the British political system. He was greatly influenced by the liberalism of William E. Gladstone, who had become prime minister for the fourth time in 1892; that was the year of Jinnah's arrival at London. Jinnah also took a keen interest in the affairs of India and in Indian students. When the Parsi leader â€Å"Dada bhai Naoroji†, a leading Indian nationalist, tried for the British Parliament then, Jinnah and other Indian students worked day and night for him. Their efforts were crowned with success, and Naoroji became the first Indian to sit in the House of Commons. When Jinnah returned to Karachi in 1896, he found that his father's business had suffered losses and that he now had to depend on himself. He decided to start his legal practice in Bombay, but it took him years of work to establish himself as a lawyer. It was nearly 10 years later that he turned toward active politics. A man without hobbies, his interest became divided between law and politics. Nor was he a religious zealot: he was a Muslim in a broad sense and had little to do with group discussion about Islam. His interest in women was also limited to Ruttenbai, the daughter of Sir Dinshaw Petit, a Bombay Parsi millionaire–whom he married over tremendous opposition from her parents and others. The marriage proved an unhappy one. It was his sister Fatima who gave him solace and company. Jinnah first entered politics by participating in the 1906 Calcutta session of the Indian National Congress, Jinnah did not favour totally in Independence, he considered British influences on education, law, culture and industry as beneficial to India. Jinnah became a member on the sixty-member Imperial Legislative Council. Four years later he was elected one of the sixty-member Imperial Legislative Council, then he was appointed to the Sandhurst committee, which helped to establish the Indian Military Academy at Dehra Dun. During World War I, Jinnah joined other Indian moderates in supporting the British war effort, hoping that Indians would be rewarded with political freedoms. He admired the British political system to raise the status of India in the international community and to develop a sense of Indian nationhood among the peoples of India. At that time, he still looked upon Muslim interests in the context of Indian nationalism. But, by the beginning of the 20th century, the belief had been growing among the Muslims that their interests demanded the preservation of their separate identity rather than live mixed with in the Indian nation, it is impossible for Muslims to be with Hindus. All-India Muslim League was founded in 1906. But Jinnah was initially avoiding to join it because it was too Muslim oriented. Eventually, he joined the league in 1913 and he became its chief organizer in 1916 at Bombay and was elected president of the Bombay branch. Ambassador of Hindu-Muslim unity,† Jinnah, tried seriously to bring about the political union of Hindus and Muslims. It gave him the title of â€Å"the best ambassador of Hindu-Muslim unity†. It was largely through his efforts that the Congress and the Muslim League began to hold their annual sessions jointly, to facilitate mutual consultation and participation. In 1915 the two organizations held their meetings in Bombay and in Lucknow in 1916, where the Lucknow Pact was concluded. Under the terms of the pact, the two organizations put their seal to a scheme of constitutional reform that became their joint demand to the British Government. There was a good deal of give and take, but the Muslims obtained one important right to use the land in the shape of separate electorates, but they have already admit to be true to them by the government in 1909 but upto this time they resisted by the Congress Meanwhile, a new force in Indian politics had appeared in the person of Mohan Das K. Gandhi. Both the Home Rule League and the Indian National Congress had come under his sway. Opposed to Gandhi's Non-co-operation Movement and his necessary Hindu approach to politics, Jinnah left both the League and the Congress in 1920. For a few years he kept himself away from the main political movements. He continued to be a firm believer in Hindu-Muslim unity and constitutional methods for the achievement of political ends. After his withdrawal from the Congress, he used the Muslim League platform for the theory of his views. But during the 1920s the Muslim League, and with it Jinnah were more prominent by the Congress and the religiously oriented Muslim Khilafat committee. When the failure of the Non-co-operation Movement and the emergence of Hindu revivalist movements led to antagonism and riots between the Hindus and Muslims, the league gradually began to come into its own. Jinnah's problem during the following years was to convert the league into a progressive political body prepared to co-operate with other organizations working for the good of India. He had to convince the Congress, as a prerequisite for political progress, of the necessity of settling the Hindu-Muslim conflict. To bring about such a rapprochement was Jinnah's chief purpose during the late 1920s and early 1930s. He worked toward this end within the legislative assembly, at the Round Table Conferences in London (1930-32), and through his 14 points, which included proposals for a federal form of government, greater rights for minorities, one-third representation for Muslims in the central legislature, separation of the predominantly Muslim Sindh region from the rest of the Bombay province, and the introduction of reforms in the north-west Frontier Province. But he failed. His failure to bring about even minor amendments in the Nehru Committee proposals (1928) over the question of separate electorates and reservation of seats for Muslims in the legislatures frustrated him. He found himself in an odd position at this time; many Muslims thought that he was too nationalistic in his policy and that Muslim interests were not safe in his hands, while the Indian National Congress would not even meet the moderate Muslim demands halfway. Indeed, the Muslim League was a house divided against itself. The Punjab Muslim League repudiated Jinnah's leadership and organized itself separately. In this unwillingness, Jinnah decided to settle in England. From 1930 to 1935 he remained in London, devoting himself to practice before the Privy Council. But when constitutional changes were in the offing, he was persuaded to return home to reorganize the Muslim League. Soon preparations started for the elections under the Government of India Act of 1935. Jinnah was still thinking in terms of co-operation between the Muslim League and the Hindu Congress and with coalition governments in the provinces. But the elections of 1937 proved to be a turning point in the relations between the two organizations The Congress obtained an absolute majority in six provinces, and the league did not do particularly well. The Congress decided not to include the league in the formation of provincial governments, and all-Congress governments were excluded. Jinnah had originally been unreliable about the practicability of Pakistan, An idea that Sir Muhammad Iqbal had proposed to the Muslim League conference of 1930, but before long he became convinced that a Muslim homeland on the Indian subcontinent was the only way of safeguarding Muslim interests and the Muslim way of life. It was not religious persecution that he feared so much as the future exclusion of Muslims from all prospects of advancement within India as soon as power became vested in the close-knit structure of Hindu social organization. To guard against this danger he carried on a nation-wide campaign to warn his religion fellows for the serious danger of their position, and he converted the Muslim League into a powerful instrument to unite the Muslims into a nation. Jinnah issued a call for all Muslims to launch â€Å"Direct Action† on August 16 to â€Å"achieve Pakistan† Strikes and protests were planned, but violence broke out all over South Asia, especially in Calcutta and the district of Noakhali in Bengal, and more than 7,000 people were killed in Bihar. Although viceroy Lord Wavell declared that there was â€Å"no satisfactory evidence to that effect†, League politicians were blamed by the Congress and the media to arrange the violence. Temporary Government portfolios were announced on October 25, 1946. Muslim people were sworn on October 26, 1946. The League entered the temporary government, but Jinnah avoid from accepting office for himself. This was credited as a major victory for Jinnah, as the League entered government having rejected both plans, and was allowed to appoint an equal number of ministers despite being the minority party. The Congress agreed to the division of Punjab and Bengal along religious lines in late 1946. The new viceroy Lord Mountbatten and Indian civil servant V. P. Menon proposed a plan that would create a Muslim dominion in West Punjab, East Bengal, Baluchistan and Sindh. After heated and emotional debate, the Congress approved the plan. The North-West Frontier Province voted to join Pakistan in a referendum in July 1947. Jinnah asserted in a speech in Lahore on October 30, 1947 that the League had accepted independence of Pakistan because â€Å"the consequences of any other alternative would have been too disastrous to imagine†. Jinnah led his movement with such skill and tenacity that ultimately both the Congress and the British government had no option but to agree to the partitioning of India. Pakistan thus emerged as an independent state in 14th August, 1947. Jinnah became the first head of the new state ‘Pakistan’. He took oath as the first governor general on August 15, 1947. Faced with the serious problems of a young nation, he tackled Pakistan's problems with authority. Quaid-e-Azam Mohammed Ali Jinnah was nominated by the Muslim League as the Governor-General of Pakistan, while the Congress appointed Mountbatten as India's first Governor-General. Pakistan. He was very hard worker from his student life, he worked hard until over aged and illness in Karachi. He died on 11th September 1948 at Karachi. In recognition of his singular contribution. Indeed, few nations in the world have started on their career with less resources and in more treacherous circumstances. The new nation did not inherit a central government, a capital, an administrative core or an organized defense force. Its social and administrative resources were poor, there was little equipment and still less statistics. The Punjab holocaust had left vast areas in a shambles with communications disrupted. This, along with the migration of the Hindu and Sikh business and managerial classes, left the economy almost shattered. The treasury was empty, India having denied Pakistan the major share of its cash balances. On top of all this, the still unorganized nation was called upon to feed some eight million refugees who had fled the insecurities and barbarities of the north Indian plains that long, hot summer. If all this was symptomatic of Pakistan's administrative and economic weakness, the Indian annexation, through military action in November 1947, of Junagadh (which had originally acceded to Pakistan) and the Kashmir war over the State's accession (October 1947-December 1948) exposed her military weakness. The nation desperately needed a charismatic leader at that critical juncture in the nation's history, and he fulfilled that need profoundly. After all, he was more than a mere Governor-General, he was the Quaid-e-Azam who had brought the State into being. In the ultimate analysis, his very presence at the helm of affairs was responsible for enabling the newly born nation to overcome the terrible crisis on the morrow of its cataclysmic birth. He mustered up the immense prestige and the unquestioning loyalty he commanded among the people to energize them, to raise their morale, and directed the profound feelings of patriotism that the freedom had generated, along constructive channels. Though tired and in poor health, Jinnah yet carried the heaviest part of the burden in that first crucial year. He laid down the policies of the new state, called attention to the immediate problems confronting the nation and told the members of the Constituent Assembly, the civil servants and the Armed Forces what to do and what the nation expected of them. He saw to it that law and order was maintained at all costs, despite the provocation that the large-scale riots in north India had provided. He moved from Karachi to Lahore for a while and supervised the immediate refugee problem in the Punjab. He settled the controversial question of the states of Karachi, secured the accession of States, especially of Kalat which seemed problematical and carried on negotiations with Lord Mountbatten for the settlement of the Kashmir Issue. The sense of supreme satisfaction at the fulfillment of his mission that Jinnah told the nation in his last message on 14 August, 1948: â€Å"The foundations of your State have been laid and it is now for you to build and build as quickly and as well as you can†. In accomplishing the task he had taken upon himself on the morrow of Pakistan's birth, Jinnah had worked himself to death, but he had, to quote Richard Simons, â€Å"contributed more than any other man to Pakistan's survival†. How true was Lord Pethick Lawrence, the former Secretary of State for India, when he said, â€Å"Gandhi died by the hands of an assassin, Jinnah died by his devotion to Pakistan†. Through the 1940s, Jinnah suffered from tuberculosis only his sister and a few others close to him were aware of his condition. In 1948, Jinnah's health began to falter, hindered further by the heavy workload that had fallen upon him following Pakistan's independence from British Rule. Attempting to recuperate, he spent many months at his official retreat in Ziarat, but died on September 11, 1948 (just over a year after independence) from a combination of tuberculosis and lung cancer. His funeral was followed by the construction of a massive mausoleum (Mazar-e-Quaid) in Karachi to honour him; official and military ceremonies are hosted there on special occasions. The Agha Khan considered him â€Å"the greatest man he ever met†, Beverley Nichols, the author of `Verdict on India', called him â€Å"the most important man in Asia†, and Dr. Kailashnath Katju, the West Bengal Governor in 1948, thought of him as â€Å"an outstanding figure of this century not only in India, but in the whole world†. While Abdul Rahman Azzam Pasha, Secretary General of the Arab League, called him â€Å"one of the greatest leaders in the Muslim world†, the Grand Mufti of Palestine considered his death as a â€Å"great loss† to the entire world of Islam. It was, however, given to Surat Chandra Bose, leader of the Forward Bloc wing of the Indian National Congress, to sum up succinctly his personal and political achievements. â€Å"Mr. Jinnah† he said on his death in 1948, â€Å"was great as a lawyer, once great as a Congressman, great as a leader of Muslims, great as a world politician and diplomat, and greatest of all as a man of action, By Mr. Jinnah's passing away, the world has lost one of the greatest statesmen and Pakistan its life-giver, philosopher and guide†. Such was Quaid-e-Azam Mohammed Ali Jinnah, the man and his mission, such the range of his accomplishments and achievements. Analysis: Quaid-e-Azam was a great leader, brilliant Muslim lawyer and having a great personality. He was an Indian Muslim and not so much believer of Islam, his style was like an English man. He fought for india’s freedom, as the first President of Indian National Congress, but it was hard to continue with them, so he decided to join Muslim League. After joining the Muslim League, his goal was to create a separate, independent homeland for Muslims of the Indian Sub-continent, where they could flourish freely without interference from or competition with the politically, educationally and economically dominant Hindu majority in South Asia. He was the first Leader, who separated to different nations and religions. He had the believe that every religion has its own ways to spend life, and it was difficult for the Muslims to spend their life in their own way. so he created a separate and independent country for Muslims. Now I want to follow him, and to make Muslims together on one platform, to be a separate Muslim power, against the Jews. Bibliography http:/en.wikipedia.org/wiki/Muhammad_Ali_Jinnah

Statement for application to university Essay Example | Topics and Well Written Essays - 250 words

Statement for application to university - Essay Example I could not especially imagine leaving all of my friends and relationships with professors behind. However, I arrived at Illinois Institute of Technology(IIT) which was ranked as one if the top ten overall best Colleges among the United States National University. Being a private university, Illinois Institute of Technology provide a wide variety of science courses. This includes; engineering degree programs, architecture, food process engineering, telecommunication and software engineering. Following discussion with our dean professor, I realized that Illinois Institute of Technology (IIT) would be the best college to prepare me for my civil engineering career. I believe that in Illinois Institute of Technology, I will be able to gain first-hand experience through their internships andcampus academic launches and events. I discovered that each year, the campus organizes a launch in which students can showcase their homemade devices as they catapult their invention along the streets of Chicago. In addition, the school provides a technological curriculum where students get distinctive and relevant education in a scientific and technological environment where professional knowledge creation and innovation is advocated and emphasized. In addition, the university has launched a system where students can experience interprofessional projects programs like last year, one of the college’s student launched a perfect power system which basically tried to eliminate costly outages, power disturbances that were power related and alternatively control greenhouse gas secretion. Learning in IIT will make me a graduate not only on a viable job prospect, but also as a well-rounded and learned adult who can make diverse and valuable contributions to my community. Illinois Iinstitute of Technology would be the learning institution for

Standpoint Theory Essay Example | Topics and Well Written Essays - 2250 words

Standpoint Theory - Essay Example Standpoint Theory provides epistemic advantage for different academic fields, when informants/characters are empowered to accurately discuss and analyze their social positions, so that they can change the status quo and improve their social status, although the theory must also address its conceptual and methodological weaknesses to become a dependable resource for feminist epistemology. Sandra Harding describes the political commitments of Standpoint Theory and two sources of controversial views in â€Å"Standpoint Theories: Productively Controversial.† She argues that the political commitments of Standpoint Theory are: 1) the daily lives of the oppressed provide a richer standpoint for social analysis than the experiences of the privileged; 2) standpoint theorists â€Å"study up† because they deconstruct the realities and needs of the underprivileged; 3) the theory promotes collective achievement in understanding how social relations operate; and 4) the theory seeks to obtain data that is accurate, exhaustive, objective, and intersectional (Harding 194-195). Furthermore, the two sources of controversial principles are the changing political agenda of feminists and the clash of different disciplines and their related epistemology and ontology (Harding 196-197). Harding argues that feminists must see Standpoint Theory from a contextualized multidiscipli nary view and accept plurality as a legitimate source of different understandings, and not as a limitation to feminist analysis (Harding 198). She concludes that Standpoint Theory has a significant role in diverse science fields because it emphasizes attention on troubling social realities and uneven social relations. This article is important in discussing the controversies that undercut the intersectional value of Standpoint Theory. It has the weakness of poor empirical testing of its analyses through applying Harding’s propositions to women’s groups. ... Harding argues that feminists must see Standpoint Theory from a contextualized multidisciplinary view and accept plurality as a legitimate source of different understandings, and not as a limitation to feminist analysis (Harding 198). She concludes that Standpoint Theory has a significant role in diverse science fields because it emphasizes attention on troubling social realities and uneven social relations. This article is important in discussing the controversies that undercut the intersectional value of Standpoint Theory. It has the weakness of poor empirical testing of its analyses through applying Harding’s propositions to women’s groups. Elizabeth Anderson criticizes Lisa Schwartzman’s Challenging Liberalism (2006) in â€Å"Toward a Non-Ideal, Relational Methodology for Political Philosophy: Comments on Schwartzman's Challenging Liberalism.† Anderson agrees with Schwartzman’s positive agenda of political philosophy, specifically the latterâ₠¬â„¢s standpoint methodology and group relations methodology. She affirms that Schwartzman is right in her criticisms of individualism and abstraction too because they are incompatible with group relations methodology and standpoint methodology, respectively (Anderson 131). On the contrary, Anderson disagrees with Schwartzman’s view on liberalism. Anderson argues that liberalism is consistent with Schwartzman’s methods because liberals have used them and liberal normative commitments promote the use of these methods (Anderson 131). Anderson contends that liberalism is based on a level of timidity on the capability of the state in resolving all injustices, especially considering differences in how people see what is â€Å"good† in their operations of informal social values (131). The

Ways of Preventing Time Wastage Essay Example | Topics and Well Written Essays - 750 words

Ways of Preventing Time Wastage - Essay Example It is evidently clear from the discussion that some of the drawbacks of time wastage are lowering of productivity, loss of priority activities, and lowering of physical/mental benefits. Some of the benefits of time wastage are recharging of the mind, building of working relationships, learning of new and precious skills, and development of hobbies. Generally, as the saying goes â€Å"all work with no play makes Jack a dull boy† time wastage can be beneficial; however, the benefits are on the individual basis and not for the entire nation or a given workforce. Most of the workers at the workplace are fond of checking their email inboxes. This tendency results into loss of precious time because this habit of sending emails to colleagues is addictive. This paper illustrates that constant email pop in and out always forms repetitive time wastage habit that cost the employers. It is estimated that constant email pop in and out is capable of reducing the worker’s output to ex tend where the output of production will lag by one product behind. Following the research was done by salary.com and AOL group in the USA it was established that one of the basic element things that consume a lot of time for the workers is internet surfing. Internet surfing involves constant email check-in and chatting in other social media like Skype, 2go, and Facebook. This problem of pop in and out of email inbox can be eliminated by restricting the checking up to three times for the whole day, it is recommended to schedule your email check-in for the morning, afternoon, and evening. Winging-it time can be defined as the time that an individual aimlessly spends while defining the important things that she/he need to do. For example, in driving some individuals waste a lot of time while aimlessly navigating lots of round-about instead of following a shortcut direction. Lack of drawn roadmap or targets for the end makes an individual to waste a lot of time in winging-it. In order to eradicate this winging-it time wastage an individual needs to prepare a list of tasks in the morning of all the activities that she/he should do, the creation of such a plan helps an individual to have to a scale of preference. Interruption magnet habit can also be referred to distraction that some people cause to others. Some co-workers are fond of creating disruptions to their fellow workers who might be busy working on some scheduled activities. Winging-it time can be defined as the time that an individual aimlessly spends while defining the important things that she/he need to do. For example, in driving some individuals waste a lot of time while aimlessly navigating lots of round-about instead of following a shortcut direction. Lack of drawn roadmap or targets for the end makes an individual to waste a lot of time in winging-it. In order to eradicate this winging-it time wastage an individual needs to prepare a list of tasks in the morning of all the activities that she/he s hould do, the creation of such a plan helps an individual to have to a scale of preference. Interruption magnet habit can also be referred to distraction that some people cause to others. Some co-workers are fond of creating disruptions to their fellow workers who might be busy working on some scheduled activities. This interruption magnet habit can eliminate through putting the phone on silence mode, doing tasks that divided attention has no influence over and maybe choosing to close your office door. Individuals should also learn to prioritize their tasks as very vital since this would prevent them to avoid interruptions from their co-workers. The habit of procrastination can also be referred to as those habits that waste precious time such as face booking, playing spider solitaire, and gazing at the window. Elimination of silent can be achieved through draw up or structuring the day's tasks.

ROLE OF GOVERNMENT slp Coursework Example | Topics and Well Written Essays - 750 words

ROLE OF GOVERNMENT slp - Coursework Example Discussion Market Structure Market structure is basically the environment, within which a firm produces and sell its product. A market structure is basically selected on the basis of the number of similar firms in the market, the ease of entry and exit of firms and the degree of product differentiation. Based on the definition, the market structures are mainly divided into various forms. Four of the most common form of market structure is listed here under: Monopolistic market structure: In this form of market structure there exist numerous numbers of firms each having a small proportion of the market share with slight differentiation in the product manufactured by each firm. Oligopoly: In this form of market structure small number of firms together controls the majority of the markets share. Monopoly: In this form of market structure the entire market is controlled by a single producer. Perfect Competition: Perfect competitions are a market structure where there is no barrier to ent ry and where unlimited number of buyers and producers do exist. Modern market is considered to be a perfect competition from of market structure (East Tennessee State University, n.d.). ... mpetitors such as Burger King, KFC, and Subway among others and is considered to be one of the most preferred brand among other fast food chain business (Kew, 2013). Role of Government Supporting the Fast Food Industry Fast Food Industry is considered to be one of the leading industries that are expanding at rapid speed. The role of government relating to the fast food industry can be witnessed from the past. It has been viewed that during the initial stage of development of the fast food industry, the government of different countries helped the particular sector to diversify in their country by providing them license and work permit. It is also worth mentioning that the different standards set by the government also helps the industry to set standards, thereby assisting them to produce quality products which results in attracting more customers. Additionally, it has also been observed that the FDI rate for fast food industry is considerably low in comparison to other industrial sec tors in different countries. In this stand, the cash inflow for the fast food sectors reduces, which result in the increase of the cost of the products. In this aspect, such situations are usually mitigated by governmental strategies and interference (Makki, Somwaru and Bolling, n.d.; Food Authority, n.d.). Patent Patent in general is the right given to a producer by the government that restricts other companies or business to produce similar products. It has been viewed there exist two form of patent one with an time limit that restricts similar firms to produce the product within the speculated time mentioned and the other form of patents where the company are the sole owner the product i.e. no other firm can produce similar product. With reference to the mentioned scenario it can be

The effect of Junk Food Advertising on Obesity in Children Essay

The effect of Junk Food Advertising on Obesity in Children - Essay Example Mother - 103 Children (10-15 years) - 52 Information areas The key information areas covered in the research were From the mother Various activities for the child in a day Television watching habits Preference of foods Parental control in the intake of food Factors that influence choice of food and reasons for obesity Role of various bodies in controlling obesity in children Reaction to the proposal for ban on advertisements of unhealthy food Opinion of the advertisements for unhealthy foods Demographic details - gender, age of child, economic status of the family, weight of the selected child From the selected child Preference for specific foods Food which are considered healthy Reasons for consumption of 'junk food' Intention to reduce consumption of 'junk foods' and reasons ascribed to it. Analysis The data was analysed to look at the mothers of all children and specifically understand differences between habits and practices of the children in the younger age group and the older age group - these differences have been mentioned in the findings and the tables in the appendix. the girls and the boys - there were no differences which emerged among the boys and the girls at an overall level The questions asked to the children in the age group of 10 to 15 years were analysed separately. Key findings - among mothers 1. Activities undertaken and time spent There were a fair number of activities undertaken by children. Watching television, was the only activity that obtained 100% mentions other than sleeping, eating and going to school. About of the mothers claimed that their children also did some physical activity and participated in sports, cycling etc. This percentage was significantly higher among the younger children in the age...The details of the survey have been summarised below Given that the link between television watching and obesity have been much talked about, there is a need to understand whether this link exists or not. There is also a need to understand from the children, the drivers and motivators for eating fast foods and foods that have high fat content. There were a fair number of activities undertaken by children. Watching television, was the only activity that obtained 100% mentions other than sleeping, eating and going to school. About of the mothers claimed that their children also did some physical activity and participated in sports, cycling etc. This percentage was significantly higher among the younger children in the age group of 4 to 9 years. The average time spent on television was more than 3 hours among the younger group and about 4.3 hours among the older group which was significantly higher than the younger children. In contrast to this the average time spent on any kind of a physical activity was as low as 1.4 and 1.7 hours respectively.

Durkheims relationship between law, social solidarity and morality Essay

Durkheims relationship between law, social solidarity and morality - Essay Example As Lukes pointed out about Durkheim's approach, "Durkheim's criticisms of charity as the basis of social solidarity are explored. His Jewish background is related to his emphasis on justice as well as his scorn for charity as the basis for social solidarity. Implications for social theory are discussed briefly. "(Lukes 1989) Durkheim' s conception of justice has been neglected relative to other aspects of his thought, as is true for Durkheim' s political thought in general ( Lukes 1989). To be sure, Durkheim's concern with justice has been addressed, but usually in a narrow context. For example, Sirianni (1984) addresses it only within the confines of Durkheim's The Division of Labor in Society ([1893] 1933). Similarly, Lacroix (1981) concludes that there exists a hiatus between Durkheim's political sociology and sociology of religion. A similar hiatus seems to exist regarding the sociologists who have pursued Durkheim's political thought and those who have addressed Durkheim's personal as well as professional interest in religion, such as Bellah (1973), Filloux (1977), and Pickering (1984). In particular, Durkheim's conception of justice has not been analyzed in the context of his Judaic heritage." (Cotterrell 1997) the objective of this paper is to examine Durkheim's accounts of the above discussed issues and to examine his perspectives As well the importance of his accounts and tenets will be examined during the discussion. Durkheim's sociology will be presented and reviewed. Durkheim was especially concerned with establishing a "science of moral facts" (see also Hall, 1987). "This was a concern shared by many of his contemporaries, but what set Durkheim apart was that he rejected the possibility of establishing morality upon charity, even Christian charity, and opted instead for justice." (Lukes 1989) Durkheim also held a concept about his definition of justice and its close connection to the idea of contract. It is important to keep in mind that eventually, he apprehended the contract as being binding upon the individual and society after taking his account of justice and law into consideration it can be seen that Durkheim and the concept he accounts for is remarkably similar to Jewish conceptions of covenant and justice" as (Hunt 1978) pointed out. The correlation between Durkheim's view of justice and the la may be due to his personal accounts as a Jew. when considering the accounts and concepts of Durkheim it Is important to keep in mind that he "represents a break from the earlier generation of nineteenth-century social evolutionary thinkers." (Roach 2003) Although Durkheim was never officially trained in sociology, he has many accounts that are relevant to the study and tenets too the discipline. Durkheim said "social life comes from a double source, the likeness of consciences and the division of social labor." (Durkheim, 1933, p.226) Social cohesion based upon the likeness and similarities among individuals in a society, and largely dependent on common rituals and routines. Common among prehistoric and pre-agricultural societies, and lessens in predominance as modernity increases. (Durkheim p 76) He also said that "Social cohesion based upon the dependence individuals in more advanced society have on each other. Common among industrial societies as the division of labor increases. Though individuals perform different tasks and often have different values

Robots Replaces Humans Research Paper Example | Topics and Well Written Essays - 1500 words

Robots Replaces Humans - Research Paper Example The technology in robots may be traced back in the Industrial Revolution when mathematics, engineering and science was in flower in England that provided the basic groundwork of robotics. Among the prominent scientist during that time who contributed to the development of robots was Charles Babbage who developed the foundation of computer science and his two uncompleted project, difference and analystical engine. Although these projects were not completed, they laid out the basic framework for mechanical calculations necessary for robots to function (Thomasnet 2013). Robots as we know them today however was not yet recognized nor had such name during this time. The concepts about robots however already proliferated during the Industrial Revolution but its realization has to come decades later because the technology were not yet available then. Until in 1920, Karel Capek published his play entitled Rossum’s Universal Robots where the word robot was first used. The word robot came from an old Slavic word that meant â€Å"servitude, monotonous or forced labor†. From the use of â€Å"robot† in Karel Capek’s play begun the usage of the word that refers to mechanical devices that replaces human functions. It was however in 1927 that the first actual robot was made in the United States called Televoc which operated through the telephone system. Japan followed suit in 1928 and created Japan’s first robot named Gakutensoku. Robot became a formal science in 1941 when  Isaac Asimov  formulated the  Three Laws of Robotics, which formally gave the name of robot creation as robotics (1950). The first few models of robots that used modern available technology begun in the 1950’s however which George Devol designed a robotic arm device named Unimate which was intended for industrial use. Unimate function then was to transport die castings in General Motors plant in New Jersey. Seeing the viability of robots particular in industrial manufacturing, a company

Ethics Report Essay Example | Topics and Well Written Essays - 2000 words

Ethics Report - Essay Example Correspondingly, this paper entails the conduct of interview with a management trainee belonging to Commonwealth Bank and a Human Resource manager of Bank of America Corporation in order to understand the impact of code of conducts on their behavior and career development. Introduction In the current business environment, it can be viewed that most of the leading companies throughout the globe are widely embracing the functions relating to human resource (HR). The HR managers or the HR professionals performing various sorts of HR functions are often considered to be planned change agents, proven leaders and trusted member within a particular organization. It can be admitted that HR functions over the years have dramatically changed from transactional towards more strategic due to changing business environment. At the same time, it can be firmly argued that without skillful abilities, it is quite hard for HR managers to perform various roles and HR functions efficiently (Rocca & Morro w, 2008). Correspondingly, two professions have been identified for the research purpose that includes a HR management trainee from Commonwealth Bank and a HR manager from Bank of America Corporation. ... Similarly, The Bank of America Corporation is an American based multinational financial service provider which is regarded as the second largest banking company in the US in terms of assets. The bank is committed to provide valuable service to its customers through delivering various financial and non-financial services such as employment, lending and investing. The interview was conducted through e-mail conversation and thus questions have been framed duly prior to the interview. The interview questions were designed to address various relevant aspects associated with HR (Bank of America Corporation, 2013). The primary rationale of conducting the interview was to acquire considerable understanding about code of conducts and their impacts on the behavior of individuals during the course of career development. Interview Reflection The interviewees warmly responded to the first question (refer to Appendix) and asserted that while devising and enforcing professional/organizational code of conduct, various aspects are taken into concern. Accordingly, it was apparently observed that management support, consultation with staffs, explicitly defined terms and policies are crucial while devising the organizational policies. It was emphasized that the devised policies should be directed towards the welfare of the organizations and should be fair as well as free from any kind of biasness. It was also stressed that the policies devised should be regularly evaluated and monitored in order to ensure the efficiency of the policy enforced. Based on the interview, the management trainee of Commonwealth Bank emphasized the functions and the responsibilities to be the critical factors for ensuring smooth functioning of

The Pursuit of Happyness Essay Example for Free

The Pursuit of Happyness Essay The Pursuit of Happyness is a story of a man, Mr. Chris Gardner, who invests his savings to portable bone density scanners. He had a five year old son named Christopher. Chris introduces these scanners to the doctors which he believed much better to X-rays. But along his journey of being a salesman, their financial condition gets worse. To him selling one is can be used for buying their needs so he treasured these scanners very much. He tried to figure out on how to sell these scanners but unfortunately he loses everything. His wife leaves him, he loses his house, bank accounts and credit cards and earning money became difficult for him. Experiencing this trouble, Mr. Chris decided to become a professional endeavour after meeting his friend at Dean Witter. It is not easy for him because he needs to become an intern for six months without any pay but Mr. Gardner is determined because he believed that this will help him to rise again and support his son. His passion to be a stock broker can be seen through his determination. He became homeless, go to office in a messed up clothes and even slept in bathrooms, and community shelters. But despite of all these, he is really willing to sacrifice everything just to achieve his goals. And this sacrifice was worth it because he was chosen by the firm to work for them. Now, Chris has been working hard to support the needs of his son. Lesson learned: The movie â€Å"The Pursuit of Happiness’ is really inspiring that made me realize the following thoughts: * It’s not enough for you to work instead it is better if you work hard for you to achieve your goals in life. Just always do your best and think that it is your last chance to prove your worth. * Be yourself. Don’t fake yourself just to impress anyone. As what this line says, â€Å"We cannot please everyone†, so just be yourself. We are all unique in our own ways and this uniqueness is your asset. * It’s worth the wait. Not all things you want will be favorable to you. It’s not like a blink of an eye then you get it, definitely it’s not. We must learn that achieving your dreams corresponds to a big responsibility, right time and off course working on it. You are dreaming because you want it to happen because it will lead us to our greatest achievements. * Big things come from small things. It’s like a step by step process. Before we reach our goals we need to undergo a lot of hindrances and difficulties because it’s part of our lives. But we need to face. Just believe that one day, you will be able to reach the top and the bigger dreams of yours. * Stay focus. Despite of the obstacles that you encountered, stay focused. Look for inspiration that will serve as your motivation to pursue. * My family is my inspiration. All the things I’m doing is not just for myself but for my family. They give me strength and motivation to pursue my dreams. Our family is someone whom we can be with in times of happiness and sadness. We should treasure them. * Perseverance and patience is needed if you want to become something. Be patient because everything will happen at the right time. Just learn how to wait. Entrepreneurial values/behavior executed by the main character and its application to our lives: The attitude that Mr. Chris Gardner, main character, executed in the movie is the following: Being a risk-taker. Mr Gardner was able to risk his investments to that portable bone density scanner and stick to selling this despite of their financial condition. He needs to sell at least one because this means money to them. As of today, a lot of entrepreneurs are becoming risk takers. This is one the entrepreneurial traits that we must possess. Risks are everywhere, the greater the risk the higher the return depending on how are you going to handle it. Being an opportunity seeker. Always look for possibilities. Be an observant and look for opportunities. As to what happened in the movie, Mr. Gardner found it difficult to earn money that will support their needs. Being a salesman is not enough so he looks for another job which is being a stock broker. If he was able to achieve it, a lot of opportunity will come along the way. As entrepreneurs, we must look for the opportunities and use this to come up with a good idea. For example, recently the use of social media is emerging so you may use this as one of your marketing strategies. Be optimistic. Despite of everything that happened to Mr. Gardner, he still looks at the positive side. He once felt unappreciated by the people but he tried her best to overcome these trials and determined to pursue his dreams. As entrepreneurs, we must not easily give up. In some instances, your business will undergo downs but you should take this as a challenge for you to pursue. Don’t let anyone antagonize you because you know yourself better than anyone. You should know your strengths and weaknesses. So be a positive thinker and believe that you will find yourself reaching your goals. Invest in yourself. Mr. Gardner accepts the internship for six months despite of not receiving pay. It is an indication that he wanted to learn more because learning doesn’t stop. We must think of ways on how we are going to improve ourselves. This case is also applicable to those who wanted their business to be known and succeed. They are conducting research and development studies so that they can go with the new trends. Look for solutions. Don’t let your problem hanging and find for possible solutions because problems are never ending. Favorite lines in the movie: â€Å"Don’t ever let somebody tell you can’t do something†¦you got a dream, you gotta protect it† This is one of my favorite lines in the movie because it reminds me that it is free to dream so dream big and do your best to let it happen. I am always dreaming to become successful in life and how am I going to achieve this? Well, I’m studying hard because this is the only way that I can repay the sacrifices of my parents. As entrepreneurs, we must believe in ourselves. Just don’t let others make you down. Be creative, innovative, work hard, possess entrepreneurial traits then you can do something. Take risks and conquer you weaknesses. Use your strength and don’t stop learning then you are protecting your dreams. â€Å"I know how to find the answer†¦ I will find the answer† Don’t say that you don’t know the answer instead look for the possible answers. As entrepreneurs, we are always looking for opportunities and we are looking for problems that our market had been encountered. And from these we need to find solutions because this can be our key to success. Just know how we are going to establish a good process to come up with a good solution. â€Å"How do we know the pursuit in it? † We all have different definitions of happiness. It is how we are going to achieve the happiness we are aiming for us to be contented. As long as you know that you’ve tried your best and you are satisfied, then you’re happy. As entrepreneurs we must find our own happiness because this may help in achieving your short and long term objectives. Important resource that the character used: Mr. Gardner uses his skills in dealing with numbers. He tried to become good to people and be friends with them. He tried to give time to the internship because he knows that it is worth the wait. He learned a lot. And this learning helps them to achieve his goal to pursue his own happiness. Mr. Gardner finds inspiration through his son that also helped him to overcome his troubles in life. It is inspiring that the main character used all the possible resources to pursue his happiness. My own resources and how I will pursue my own happiness: In my case, the resources I have are my efforts and perseverance to do such things. I’m always determined to fulfil a task. I’m always willing to learn because this can help me to achieve my goals in life. I may not have a lot of money but I have a lot of friends. They are the one who guides and supports me in everything I go through. Also, I have my family who is always there to support me through thick and thin. They are my inspiration. I want to be equipped with skills so that it will be not that difficult if I need to do something. Happiness for me is a very broad word. I am happy as long as I am satisfied. In pursuing my happiness, I use my resources. I will always try to do my best to achieve my goal and make others happy as well.

How Does War Affect The United States National Debt and Economy

How Does War Affect The United States National Debt and Economy Since the establishment of the colonies, that later became the United States, we have experienced the various influences that war has had on the national debt, economy, and more importantly, on individual lives. Before, national debt could be paid out gradually, it now increases with every second and is $12.4 trillion and rising. The effects can be clearly seen throughout American history, especially in times of war. The national debt is monitored by the U.S. treasury and its financial departments. It is predominantly made up of corporate and government stocks and bonds, T-bills, and notes, which are also referred to as securities. The trading of securities to raise money for infrastructures, developments, benefit programs, and also for the purpose of financing the wars that we can recall, such as the Revolutionary War, the Civil War, and World Wars I and II, has brought us through periods of economic boom and depression, during and following these wars. War bonds were the main securities issued by the government to pay for military operations. War bonds raise capital for the government and make the general population feel involved for a national and a military cause. This system was useful as a means of controlling inflation, which is an increase in the supplies of money in the marketplace relative to its demand, especially in a wartime overstimulated economy by removing the money from its circulation until the war is over. The government issues war bonds that have a yield which is the interest payment on the bond sold that is often below the value of many bonds found in the marketplace, which made it attractive and affordable to all citizens. The Revolutionary War began as colonists protested the high taxes that colonial Britain imposed on the colonies and the profits they amassed through the practice of mercantilism without fair share. Once the war began, the British blocked the seas that interrupted trade and made goods more expensive. Further, inflation occurred as the Continental government continued to print currency, backed only by the guarantee of Congress and the States behind it. Congress also funded the war with loans from Britains competitors, such as France, the Netherlands, and Spain to purchase arms and supplies. The continental government also used domestic sources by selling bonds to individuals at a low and competitive interest rate. People such as Robert Morris and Haym Salomon took money out of their personal funds to finance the revolutionary effort as a form of patriotism. When the colonies won the war, high taxes and other limits on trade and industry ended. The new Americans could build new industri es and expand in the West. Britain was no longer a trade partner with the new country, agricultural prices fell, and there were high unemployment rates. The war ended with the U.S. accumulating $37 million of debt on the national level and the value of the dollar quickly declined as a result of inflation. These problems were later solved when Alexander Hamilton established the First Bank of the United States. The First Bank unified the nation by creating a national bank instead of separate ones for each colony, ran an excise tax which taxed imported goods, and established financial order in the United States and credit for itself within the country and overseas. The Bank would be prohibited from purchasing government bonds and issuing notes beyond its supply of capital. Before and during the Civil War, the North and South had their own reliable industries. The North was home to many factories which produced manufactured goods such as guns, bullets, cannons, boots, and uniforms. It had four times as many free citizens than the South. More than 70% of the countrys rail lines ran throughout the North. They even benefited from a strong navy and fleet of ships. The South was underdeveloped in its industry and had several economic weaknesses, such as financial and political problems and few forms of transportation. They also had a small population of about 9 million citizens, therefore, fewer soldiers to prepare for the war. Nevertheless, the South maintained strong agriculture, cotton mills and textiles products. Much of the success they gained was built on the labor of slaves. The two sides had many disagreements and threats to leave the Union ultimately led to the Civil War. Despite advantages in the war, the North needed money. They issued a massive bond measure asking its citizens and financial institutions to purchase bonds to support the war. This effort did not raise the capital needed, so the government started to print paper money, which were called greenbacks. They were backed by gold and later bonds which the government guaranteed. The increase of greenbacks in the economy caused inflation to rise and was worth as much as a third less than its intrinsic value. The government, as a means to stabilize the rapid rise of inflation, raised the interest rate and made everyone accept it for goods and services, or legal tender for all debts public and private, as stated by the Department of Treasury ustreas.gov. The government also introduced its first income tax in 1862 to find more ways of gathering money and established the Bureau of Internal Revenue, later known as the IRS. The Union never dealt with an inflation rate of more than 80%. The South was even more desperate for money as its trade was cut off by the North and its banking system lost. They resorted to printing more money which was backed by their low reserves of gold. The South could not collect taxes because it was forbidden in its Confederate Constitution. The Confederacy was on the verge of bankruptcy and in 1864 it levied its first income tax. Nevertheless, the damage was already done with too much supply of money in the market and high inflation rates rose to as much as 9,000%. The South could not manage its short supply of food and ammunition, thus, many of its citizens starved. Robert E. Lee, Confederate general, realized this and withdrew from the war by surrendering for the Confederacy. During the Civil War, the national debt was $65 million in 1860 and surpassed $1 billion in 1863. This amount gradually decreased after the end of the war. Before World War I began, the United States was in recession. During the war, the United States became involved, and its economy thrived on trade with Europeans producing war goods, and maintaining a neutral status that strengthened their economy. The U.S. entered the war three years later as a result of instigation from the Central Powers, threats to trade with their allies, and a sense of separation in the United States as of whether to be involved in the war. Entering the war in 1917 advanced our total debt to about $22 billion and increased federal spending to a total that would later amount to $112 billion; however, the U.S. enjoyed many benefits such as its competitive position in the world, agricultural boom, profit for many companies, and a decrease in the unemployment rate. Its success led the way for abundance in the Roaring 20s. For example, new technologies such as mass production automobiles, moving pictures, and radios became an indispensable part of American homes. The Great Depression of the early 1930s devastated our country and even the world. It caused personal incomes, tax revenue, profits, and prices to drop and international trade plunged by 50% to 65%. The recovery from this economic depression was caused by World War II. It tremendously boosted the U.S. economy as we began to produce weapons, uniforms, and other supplies for war. It created jobs and increased wages throughout society. Much of our production was shipped overseas. Americans soon spent their money on things such as newspapers, movies, and entertainment. The War Advertising Council was formed and held more than 100 campaigns to sell war bonds, donate blood, conserve food, and enroll enlisters. Involvement in World War II and social programs during the presidencies of Franklin Roosevelt and Truman caused a sixteenfold increase in the total war debt, amounting from $16 billion in 1930 to $260 billion in 1950. In conclusion, we can see the effect that money supply and war have on the United States national debt. It has caused dramatic decline and exponential growth in the economy during and following wartime. We have seen the effects of inflation and the outcome of the many battles from the Revolutionary War to the Civil War to our great World Wars. The national debt is a concern not only to the government, but also to its citizens. When the government debts increase, they use taxpayers money to handle the increasing costs in the economy. Some consequences are higher individual taxes, reduced benefits and programs, higher interest rates, and a weak dollar, which ultimately reduces the individual purchasing power and increases inflation.