European Debt Crisis Essay Example

European Debt Crisis Essay Example European Debt Crisis Essay European Debt Crisis Essay Roger Williams University [emailprotected] Honors Theses RWU Theses 5-11-2011 The Financial Crisis and the European Network Georges G. Gautherin Roger Williams University, [emailprotected] rwu. edu This Thesis is brought to you for free and open access by the RWU Theses at [emailprotected] It has been accepted for inclusion in Honors Theses by an authorized administrator of [emailprotected] For more information, please contact [emailprotected] edu. Recommended Citation Gautherin, Georges G. , The Financial Crisis and the European Network (2011). Honors Theses. Paper 3. http://docs. rwu. edu/honors_theses/3 The Financial Crisis and the European Network Georges G. Gautherin II Bachelor of Arts International Relations Feinstein College of Arts and Sciences Roger Williams University May 2011 2 Table of Contents Abstract . 4 Lit Review . 5 Introduction Network 5 Economic Interdependence 8 Financial Crisis of 2007-2011 . 12 Analysis 3 The Unifying Factor 13 Greece 14 Ireland 19 Portugal . 2 Spain . 24 The United Kingdom . 26 France . 29 Germany 0 Implications for the Future .. 32 .. 35 3 Abstract The financial crisis between the years of 2007 and 2011 affected states everywhere both internally and in their interactions with one another. This essay seeks to focus upon European states and how they were able to recover from the financial crisis and how networking between and among the states evolved as a result of the economic crisis. The analysis for this essay will utilize a range of research materials to establish valid definitions for networking and economic interdependence in order to allow for a sound analysis of the networking between states during the 2007-2011 financial crisis. Due to the recent time period of the topic this essay will draw from both contemporary and older sources, including news articles, to aid in the analysis of the economic networks involving European states. 4 Lit Review Introduction It is the goal of this paper to understand the effects of the financial crisis within Europe, and what the future implications are for the nodes in the European network through economic interdependence. Through the use of key concepts established in the literature review, this paper will cultivate definitions which will form the basis for the argument that the nodes of the European network, for which the European Union serves as the center, are economically interconnected. Should the nodes prove to be economically interconnected, the financial crisis will be the point upon which their interconnectedness is tested, culminating in a strengthening of the economic ties between the nodes or a weakening, or disintegration, of economic interconnectedness between the nodes of the European network. Network The financial crisis of 2007-20110 is an event that has affected every state in the international system. Having spread throughout the world it is important to understand the ways in which states and transnational actors are connected and how this interdependence affects each member of the network. The concept of a network is one that has been around for some time- as actors have been interacting with one another. It is the foundation for all other theoretical concepts in international and transnational relations and as a result it is one that has attracted a large amount of research and analysis. In their article Network Analysis for International Relations the authors, Emilie M. Hafner-Burton, Miles Kahler, and Alexander H. Montgomery, put forth a 5 starting definition of network which they utilize for their writing: they claim networks are â€Å"a mode of organization which facilitates collective ction and cooperation, exercises influence, or serves as a means of international governance† (Hafner-Burton, Kahler, Montgomery 560). Furthermore, networks utilize nodes, which can be â€Å"individuals or actors, such as organizations and states† (562) and it is these nodes that will allow this paper to recognize those involved within the network. They bring forth a c oncrete definition of their own design of networks being â€Å"any set or sets of ties between any set or sets of nodes† (Hafner-Burton, Kahler, Montgomery 562). The second definition brought forth by Hafner-Burton, Kahler, and Montgomery’s article is one that is both simple to understand and very accurate in its description. Combining their second definition with their explanation of nodes the reader is presented with a definition claiming that networks can include any number of state or non-state actors involving themselves through ties of any kind or number, including but not limited to political, economic, environmental or human rights ties. Whereas Hafner-Burton, Kahler, and Montgomery present networks in a basic sense, describing them as including any number of actors, Thomas Risse, in his work Transnational Actors and World Politics, gives his own, more specifically defined, version of network which he defines as â€Å"forms of organization characterized by voluntary, reciprocal, and horizontal patterns† (255). From this we can come to an understanding of how a network is maintained; that it is not always characterized by voluntary patterns. It is possible for a state to be forced, against its will, to partake in a network or actions with a network as a result of military, political or economic actions by an aggressor state. The network may also extend beyond reciprocal 6 patterns between actors. There are situations where one actor may act in a manner that affects its allies directly and other states, with whom it has no direct ties, indirectly. In other words, the actions of state A influence the actions of state B which affect, in turn, the situation in state C. Thus state C is affected by state A even though the two states are not formally involved in an alliance or other specific international network. Closely resembling the definition set forth by Hafner-Burton, Kahler, and Montgomery is Keohane and Nye’s description of networks, in regards to transnational relations, is the â€Å"contacts, coalitions, and interactions across state boundaries that are not controlled by the central foreign policy organs of governments† (Nye and Keohane 331). Furthermore they note that entities that arrive on the international scale that are non-states can become actors, implying that states as well can be actors; as a fact both state and non-state actors can engage in these networked interactions, according to Nye and Keohane (330). The use of Hafner-Burton, Kahler, and Montgomery’s article will allow this paper to build the foundation for its analysis of the economic interdependence of the European state and non-state actors in responding to the financial crisis of 2007-2011, with its simple yet broadlyencompassing definition. The definition provided by Thomas Risse, while useful in its own right, does not entirely fit with the direction this paper seeks to take and is therefore discarded in favor of the definition provided by Keohane and Nye. Their definition is quite useful in that it suggests that actors participate in relations across state boundaries which should be made clear due to the fact that non-state actors could do business solely within the state, fulfilling the requirement of a tie 7 between two actors yet for the purpose of this paper a network focusing upon the international system is far more beneficial than one working only within one state. The concept of ‘networks,’ as utilized by this paper, is one that combines elements from Keohane and Nye and from the article by Hafner-Burton, Kahler, and Montgomery; allowing this paper to define networks as â€Å"any set or sets of ties between any set or sets of nodes† (Hafner- Burton, Kahler, Montgomery 562), with nodes being states and/or non-state actors as described in their article, â€Å"interacting across state boundaries† (Nye and Keohane 330). With this definition of networks the paper can move forth and continue building its foundation. Economic Interdependence Whereas the concept of networks set forth above can be used in any instance in which there are interactions across state boundaries by various nodes this paper seeks to discover the effects of the financial crisis upon the economic interdependence between and among the nodes of the European network, how they were able to rise out of the recession and what the future may hold for the nodes’ economic interdependence. Therefore this paper must now address the effects of economic interdependence on the European network. For the literature researched economic interdependence has varying degrees of importance. In the case of Keohane and Nye, they define interdependence as simply â€Å"mutual dependence, referring to situations characterized by reciprocal effects among countries or among actors in different countries† (Keohane and Nye 8). It can be implied from this that a definition of economic interdependence involves mutual dependence economically meaning the exchange of currency, trade, supplies, and even workers between states and non-state actors. Keohane and 8 Nye though tend to focus upon economic interdependence as of secondary importance to political interdependence. Keohane and Nye utilize economic interdependence in Power and Interdependence to aid in the explanation of international regime change which occurs as governments â€Å"permit economic interdependence to grow† as a result of domestic pressure for â€Å"greater economic welfare† (Keohane and Nye 40). This regime change is therefore used to describe the after-effects of political interdependence and interaction as political and military actions are taken in vies for power post-war periods see a dramatic growth in state economies and international economic interdependence (Keohane and Nye 35-36). Whereas Keohane and Nye focused upon the political interdependence with economic interdependence a result of power and political plays by actors in a network, Zeev Maoz wrote on economic interdependence’s importance on peace between actors in a network. Maoz (274) states that the effect of economic interdependence on peace extends from the state to the system. States are reluctant to initiate conflict against enemies with whom they do not have direct trade ties because the uncertainty and instability associated with conflict may cause heir trading partner to look for other markets, thus adding to the direct cost of conflict. † As the states within a network become more interconnected, they are unable to commence conflict with states they do not have ties with due to the possibility of losing trade they currently have thereby increasing their vulnerability and putting them in a worse position then they were in previously. Utilizing his gathered data Maoz is able to discuss his analysis on the international community between 1870 and 2000 concerning dyadic networks-two nodes interacting with one another-and systemic networks-networks involving three or more nodes; the results of his analysis indicate that economic interdependence in both forms of network tended to â€Å"consistently reduce the 9 frequency†¦and probability of conflict† (277). In a prior chapter Maoz even mentions that the Great Depression had as one of its principal causes a â€Å"growing level of economic interdependence† (1). This statement greatly aids the paper in that it seeks to understand the future implications of economic interdependence on the European network as a result of the financial crisis of 2007-2011, which shows a great similarity in its breadth to the Great Depression and is viewed as one of the worst financial disasters since that event(Reuters). This will aid the paper due to the fact that the Great Depression is felt by many to have been a major contributing cause to World War II; an important fact to bear in mind as we look to the future following the current financial crisis. Maoz’s book, along with the data presented within, will go a long way to help this paper in its analysis of the effects of economic interdependence on the European network. The article Information and Economic Interdependence, by William Reed, greatly assists the analytical development of this paper; he asserts that â€Å"trade may enhance the probability that states settle their disagreement short of military conflict† which produces often undesired costs on both actors, and which may be too much for a potential aggressor to bear (55-57). Furthermore, he argues, it is through â€Å"information,† the distribution of knowledge of the costs of conflict and other crucial parameters in the actor’s value function, which states are able to assess the hazards of conflict with other actors connected to their node both directly or indirectly (Reed, 54-55). Where the literature from Keohane and Nye benefits this paper is in its description of the effects of economic interdependence granting the reader the knowledge that should a state feel vulnerable economically it may attempt military actions in order to rectify the situation. This was true of Japan’s actions in 1941 against the United States in an attempt to gain a resumption 10 in oil trade (Keohane and Nye 18). Furthermore, they note that should war threaten â€Å"international institutions will have a minor role† because states will feel an urent need to act out of self-interest (Keohane and Nye 35). Therefore should the economic interdependence of actors lead to conflict, non-state actors would lose power and influence in situations due to a lack of military power. Power and Interdependence will be useful in aiding this paper in arguing the effects of economic interdependence upon the European network and its nodes, yet this paper focuses upon economic interdependence which is not the principal concern of Keohane and Nye in the Power and Interdependence. This paper will seek to draw from Reed’s argument that trade between states may prevent disagreements from settle with military conflict, furthering the definitions presented from Keohane and Nye’s book, Power and Interdependence, and Maoz’s book. While both reed and Maoz present sound arguments and theoretical analyses of economic interdependence, the concept of economic interdependence utilize Keohane and Nye as its base in order to determine what the effects of the financial crisis of 2007-2011 will have upon the current European network, through the concept of economic interdependence. This paper seeks to understand what effects economic interdependence will have upon the European network after the financial crisis of 2007-2011 and, with the support of these pieces of literature, to discover whether the economic interconnectedness of the European network will be strengthened as a result of the financial crisis, or whether it will be weakened or destroyed as a result of the failure of the interconnectedness between the nodes. 11 Financial Crisis of 2007-2011 The financial crisis of 2007-2011 has been, as mentioned earlier in this paper, compared to the Great Depression as one of the worst financial crises in modern history. Yet some actors seem able to emerge from this crisis with renewed strength and vigor while others are being left behind, crying out for help. It is the goal of this paper to understand how these effects occurred and what the future implications are for those actors in the network through economic interdependence. With the plentiful information and data available due to the recent topic of this paper a firm answer can be very potentially be found. 2 Analysis The Unifying Factor The European Union, referenced throughout this paper as the European network, has been in existence for nearly two decades and is composed of twenty-seven member states, or nodes. These nodes are interconnected through a common European identity, yet a majority of these nodes are interconnected through a factor greater than simply being on the s ame continent; this factor connects their economies that provides a common identity, a feeling of unity, a level of security and stability and support between the nodes of the network; the euro (The Maastricht Treaty). As defined by Keohane and Nye in the literature review section, economic interdependence is the mutual dependence of nodes within a network, economically, in which there is an exchange of currency, trade, supplies, and even workers. The euro is a currency used by seventeen nodes in the European network and fits Keohane and Nye’s definition of being a currency that is shared by nodes. The adoption of the euro, though bringing with it benefits of support, stability, and interconnectedness, has some major disadvantages. One of these disadvantages is the forfeit of the right of an individual node to set its own interest rate. States with their own currencies can set interest rates in accordance with their specific needs, meaning that if their credit seemed â€Å"too loose, they could raise interest rates,† making credit easier to regulate and their economies potentially easier to stabilize(Samuelson). While such a right is convenient, the benefits granted under the adoption of the euro, namely the support and backing of the currency as well as an identity within a unified Europe, is viewed by many as a more important asset. 3 While the nodes have benefitted individually by using the euro, the financial crisis of 2007-2011 shows the extent to which the nodes as a whole are economically interconnected. The drastic increase in debt among the numerous nodes within the network, specifically Greece, Ireland, Portugal, and Spain (which are the deficit nodes upon which this paper focuses), has caused fear, panic, and the realization that the euro, which previously boosted many economies within the network may now cause all who have been bound together to fall. It is feared that the increase in the deficit of one node within the network might cause a general belief that the euro is a weak currency, spreading doubt about its future, and a belief that if one node’s economy is able to fail while being supported by the euro it is entirely possible for the economies of other nodes to fail as well with â€Å"market panics jumping from one weak country to the next† (Steinhauser). The degree to which these nodes are interconnected is found to be evident through the attempted bailout plans made to save the failing deficit nodes and aid them in revitalizing their economies. Greece Among the first to fall into a nearly uncontrollable spiral of debt and deficit was Greece. This was not entirely surprising as Greece was one of the dominant targets of the Marshall Plan in 1947; an attempt to revitalize the economies of numerous European nodes, though the political reasoning behind the Marshall Plan differs vastly from the reasoning behind the bailout plans currently being developed (Kunz 163). The financial aid received more than sixty years ago did nothing to prevent Greece from succumbing to the financial crisis of 2007-2011. Knowing that mostly every node in the world was hit by this crisis it is important in to understand that it is not 14 solely Greece’s fault that it fell into a deficit. However, unlike most other nodes Greece has yet to come out of the recession that has sent her on a downward spiral. Some Greek officials see this point differently; they blame the â€Å"rest of Europe for not helping its crippling financial crisis† the representative of Greece failed to take any responsibility for being incapable of rising out of the financial crisis (â€Å"Greek Deputy PM in roadside over EU†). Many Greek citizens still believe that the German government owes the Greek government reparations for acts taken during World War II including those that led to a famine in Athens, killing approximately 250,000 people, Germany â€Å"stealing its [Greece’s] gold during World War II†¦for Kalavryta, for Distomo and 70 billion euro for the ruins they left† (Itano). Though the financial crisis has caused many in Greece to blame other states for their inability to work through the recession, somesuch as Greek Prime Minister George Papandreouhave cast aside the desire to blame others and have readily sought out solutions to their troubles. In an attempt to stave off growing debt, the Greek government sold â€Å"nearly $7 billion in bonds†¦giving the Greek government much-needed breathing room in its scramble for new loans;† though this action was quite proactive on the part of the Greek government it was not nearly enough (Kulish). A major effect of the financial crisis and the Achilles Heel of the Greek government was its turn towards austerity by promising increases in taxes and reductions in government spending (Jolly, David and Landon, Thomas Jr. ). Though such plans were designed to decrease the deficit by increasing revenues and cutting spending, they will not have that effect if they lead to a reduction in economic activity and growth. . This happened to be the result in Greece, where the Greek government â€Å"narrowly avoided bankruptcy last May [2010]† (AP). With the states of the European network united together through the use of the euro, as 15 previously mentioned, the failure of one state within the network could spell doom for the other states within the network. Greece could not be allowed to fail. In regards to Greece, Chancellor Angela Merkel said, â€Å"Action is needed to help prevent â€Å"a chain reaction that would contaminate the market†Ã¢â‚¬  (Jolly, David and Landon, Thomas Jr. ). In order to prevent Greece’s bankruptcy, discussions ensued for a bailout beginning with 30 billion euros from the E. U. itself and a potential 15 billion euros from the International Monetary Fund (IMF) making the total a loan of 45 billion Euros (Reguly). Quickly enough this plan offered too little to the debt-ridden state of Greece and the loan offer was increased to 110 billion euros â€Å"under an international bailout loan agreement† (AP). Throughout the bailout negotiations, Greece’s actions towards austerity, cutting spending and increasing taxes have put a heavy strain on individual citizens. These acts led to a drastic increase in unemployment throughout the financial crisis, from 7. 9% in 2008 to 10. 2% in 2009 and finally climaxing at 14. 1% by the end of 2010. The following graph shows the rate of unemployment for Greece as well as the other states focused upon in this paper: Germany, France, the United Kingdom, Ireland, Portugal and Spain. 16 0% 6. 25% 12. 50% 18. 75% 25. 00% 2008 2009 2010 2011 Unemployment Percentage Year Germany France United Kingdom Greece Ireland Portugal Spain Figure 1 The unemployment percentage for European countries between the years 2008 and 2011. The dramatic increase in unemployment is one factor showing the continuing decline of the Greek government’s reputation, furthering its inability to save itself or its citizenry as debt mounts. Despite its public commitment to reform, through cutting spending and increased taxation, the Greek government’s budget deficit continued to rise through most of the financial crisis, finally seeing a decrease in 2010. 7 Figure 2 Tracking of Greece’s gross domestic product (GDP) in comparison to their spending- deficit or surplus. (Figures are in million euros). The decrease in the budget deficit in 2010 shows that the bailout has in some small way aided Greece in stabilizing her economy. However, this does not mean that Greece is no longer in danger of bankruptcy, which remains the case throug h 2010 and into 2011 (Inman). Figure 2 notes that in 2007 the Greek government spent 106. 4% of its GDP, in 2008 she spent 109. % of her GDP, spiking in 2009, when Greece nearly declared bankruptcy, to an expenditure of 115. 4% of GDP. This fell in 2010, with the aid of the bailout package, to 110. 5% of GDP. The possibility of Greece defaulting remains, though some experts believe it may be more beneficial to allow a default to occur, enabling the loans to be restructured â€Å"easing the terms of the loans and possibly writing off a portion altogether;† such a proposal would be considered only if the debt was deemed nearly impossible to manage (Chu). While such an action would enable the debt to become more manageable, even to the point that a reduced debt could be paid off, it would have dire consequences for Greece and the other nodes of the European network. Chu quotes Greek Finance Minister George Papaconstantinou saying â€Å"forcing creditors to take â€Å"haircuts,† or losses, would devastate Greek banks, which hold a major share of their 220,000 235,000 250,000 265,000 280,000 2007 2008 2009 2010 Million Euro GDP Deficit/Surplus 18 country’s debt and potentially set off a wider panic. Furthermore, a â€Å"prominent member of the European Central Bank said a Greek debt restructuring would be a disaster for the Eurozone with knock-off effects on banks in France, Britain and Germany that hold Greek debt† (Inman). Greece’s crisis is not one that will be solved overnight, as can be seen by its year long struggle to prevent bankruptcy and default on the loans granted to her by the other nodes within the European network. Greece’s flirtation with bankruptcy and default show the weakness in her government and its inability to stabilize the economy and stimulate growth. Yet the nodes within the network continually bail Greece out of trouble preventing her from falling into bankruptcy or defaulting. The nodes within the network do not want to see Greece default because that would limit investors’ faith in the euro, create a pit in which all excess funds would be drawn in order to save a floundering Greece and the strength of the euro would wane as it was seen to be too weak to keep nodes from falling into bankruptcy. Any action that would represent a failure on the part of the euro is something the European network strives avidly to avoid. Under a worst-case scenario, the failure of one or multiple nodes could mean the failure of the entire euro network. Ireland Despite fervent attempts by the nodes to prevent a contagion effect within the network, Ireland was the next to seek assistance in November 2010, after Greece had sought aid through a bailout from neighbor nodes earlier in the year. After a burst in the housing bubble and poor credit loans to its citizens, Ireland began to suffer the same fate as Greece: a mounting debt and government deficit which put the banks into an unstable state (Steinhauser). Such an effect is described as ironic in that â€Å"until recently, it was admiringly dubbed the Celtic Tiger for emulating Asian countries in attracting foreign investment†¦and achieving rapid export-led 19 growth† (Samuelson). The downfall of this node, despite its small size, indicates that no matter the growth and potential of an economy within the European network, financial crisis and mounting debt can plague any node that is unprepared for such a storm. As can be seen throughout the European network, unemployment rose as the nodes attempted to consolidate funds to stave off deficit and debt. In Ireland, Figure 1, the unemployment rose from 8% in 2008 to 12. 8% in 2009 and reached a level of 14. 5% in 2010, making the unemployment rate in Ireland slightly greater than in Greece. Ireland, in an attempt to put an end to her financial crisis, fell prey to the same trap that ensnared Greece, austerity. As debt and deficit rose Ireland attempted to cut spending and increase taxes. In a manner comparable to Greece, this policy did the opposite of what was intended. Instead of reducing the eficit, it increased it by putting more of the country’s citizenry out of work. Instead of stimulating the economy, it had the effect of â€Å"undermining desperately needed economic growth† (Steinhauser). The result is a node that began the financial crisis with a 128 million euro budget surplus and fell to a 13,196 million euro budget deficit in 2008, a 22,795 million euro deficit in 2009 and a 49,903 million euro deficit in 2010. This translates to spending 107. 3 percent of t he GDP in 2008, 114. 3 percent of the GDP in 2009 and 132. percent of the GDP in 2010, making it the node with the highest GDP budget deficit percentage in the network; such a statistic does not inspire confidence in a node that cannot get its economy under control and stabilized. 20 Figure 3 Tracking of Ireland’s GDP in comparison to their spending- deficit or surplus. (Figures are in million euros). As the crisis steadily worsened, Ireland avidly sought to avoid a bailout. It sought to sort out its problems without the aid of the other nodes in the European network. Against Ireland’s desires, the â€Å"finance ministers of the Eurozone gathered in Brussels†¦determined to push Dublin into accepting help now† (Wearden, Graeme and Julia Kollewe). The actions taken by the finance ministers of the neighboring nodes so quickly after a downturn in Ireland’s situation brings to the forefront the recognition that the financial crisis is not over and is in fact spreading further and faster than previously anticipated. It is evident that the nodes of the European network do not desire the financial crisis to spread. Their goal is to shore up the debt, isolate the problems, and enact resolutions that would cause the economies of the nodes to return to normal and to restore public faith in the euro. The mounting pressure led to a negotiation with Ireland in which she accepted a rescue package of nearly 90 billion euros from the members of the European network in order to â€Å"prop up Ireland’s loss-ridden banks† (Samuelson). With these funds in hand, Ireland must now institute policies that will foster economic growth while limiting the extent of austerity programs until her economy can be stabilized. 0 52,500 105,000 157,500 10,000 2007 2008 2009 2010 Million Euro GDP Deficit/Surplus 21 The crucial factor in the financial crisis occurring in Ireland is the speed with which Ireland was pressured into accepting a bailout package. This is due largely to the fact that, once the situation in Ireland worsened, thoughts immediately turned to Portugal. The Portuguese warned the member node s of the European network that their node â€Å"was at risk of a possible contagion† (Moya). The quickly spreading contagion is forcing the nodes to band together to attack the threat head on in an attempt to halt the problem before it goes any further. While the actions taken to aid Ireland were swift, they were neither a preemptive strike, nor a comprehensive solution to the problem. The danger to the interconnected euro network remains. Portugal In November, as Ireland’s economy faltered and steps by the other nodes within the European network were taken to prevent a contagion effect throughout the network, Portugal highlighted the possibility that it too would need assistance from the members of the European network. Like Ireland, the state’s leaders refused to accept a bailout plan unless all other options were no longer viable. With a cost of borrowing of more than 7%, due to â€Å"the market’s lack of confidence† in Portugal’s economy, according to Moya, and political division preventing â€Å"a new set of austerity measures designed to ease a huge debt burden that is crippling the economy† Portugal continued to falter under an increasing debt and government deficit (Hatton). According to Figure 1 Portugal, just like every other state, saw an increase in unemployment through the course of the financial crisis. However, of the great debtor nodes, Portugal’s’ unemployment rate remained the lowest. It grew only from 7. 9% in 2008, to 10. 2% in 2009, and finally to 11% in 2010 This can be explained by the fact that Portugal had a lower budget deficit than either Ireland or Greece throughout the financial crisis and was the last of the three to 22 ask for assistance; thus, Portugal was able to stave off the worst of the crisis and avoid a bailout longer than the other two. Figure 4 Tracking of Portugal’s GDP in comparison to their spending- deficit or surplus. (Figures are in million euros). The statistics in Figure 4 show that the beginning of the economic crisis had no effect upon the budget deficit, with only a . 4% increase in the budget deficit between 2007 and 2008, yet there was a severe jump in 2009 to a total expenditure of 110. 1% of the GDP which decreased to 109. 1% expenditure of the GDP in 2010, showing that progress had been made to decrease the deficit and spending in relation to the GDP. Despite the mere 1% difference in budget deficit between 2009 and 2010, Portugal was still drowning in debt and in April 2011 requested a bailout by the member nodes of the European network (Seco). The next three weeks resulted in negotiations that have climaxed in an agreement for a 78 billion euro bailout package. Though the precise terms of the package are still under negotiation, the bailout has been heartily welcomed by financial markets which will now allow Lisbon to â€Å"repair its finances without 160,000 167,500 175,000 182,500 190,000 2007 2008 2009 2010 Million Euro GDP Deficit/Surplus 23 defaulting on its debts† (Wearden). The bailout should give Portugal some time to sort out its economy and to pay off debts upon which otherwise it would have defaulted. Similarly to Ireland a few months before, Portugal’s financial downturn was responded to quickly in an attempt to halt the progress of the contagion that had been spreading throughout the European network. Once again, the nodes of the network came together to aid a faltering node and restore faith in the Euro from which they all benefit. Despite the European network’s fervent efforts to prevent any node from defaulting, which have through Portugal been successful, an even greater danger looms on the horizon, Spain. Such a node has the potential to dwarf the first three debtor nodes combined and leave the entire network in disarray. Spain Though originally a creditor, this behemoth node is closely following in the footsteps of the previous three nodes that have all requested bailout packages. Back when Greece was requesting a bailout package, Spain was loaning money, much like the rest of the European network. Because of this, it was affected a bit differently than the previous nodes as it took a hit in the form of a downgraded credit rating, which â€Å"unsettled investors again† (Baetz, Juergen and Pan Pylas). An event such as a downgraded credit score is alarming in that it causes investors to become wary and fearful of investing in a node that is gradually growing weaker and more unstable. As a result it would become difficult for Spain to raise funds as easily as it had prior to its credit score downgrade. After being seen as in trouble throughout 2010, Spain was grouped together with Portugal in November as a perceived risk of default, causing a scare amongst investors. This led to a 24 dumping of both Spanish and Portuguese bonds near the end of November 2010 (Faiola). Furthermore, this perceived risk â€Å"drove their [Portugal and Spain] borrowing costs to near-record highs† causing a further erosion of confidence in Spain (Faiola). During these troubled times, Spain saw a drastic increase in her unemployment rate (Figure 1) from 14% in 2008, to 19% in 2009 and finally 20. 5% in 2010. These levels exceeded every other node in the European network. In comparison to the other nodes analyzed, the budget deficit of Spain is not nearly as bad, percentage wise, as those nodes that requested bailouts; as shown in Figure 5, she begins with a budget surplus in 2007, leading to spending 104. % of GDP in 2008, spending 111. 1% of GDP in 2009 and spending 109. 2% GDP in 2010. Statistically this may not seem to be problematic but when looking at the GDP which exceeds 1 trillion euros, the budget deficit grows very rapidly, creating a great amount of debt in a short period of time. Figure 5 Tracking of Spain’s GDP in comparison to their spending- deficit or surplus. (Figures are in million Euros). Whereas the preceding three nodes have all skirted with defaulting before receiving bailouts, Spain has no current intention of receiving funds from the member nodes of the 1,000,000 ,050,000 1,100,000 1,150,000 1,200,000 2007 2008 2009 2010 Million Euro GDP Deficit/Surplus 25 European network. Though a fund has been established in which approximately 750 billion euros are available to any node utilizing the euro which may be in need of a bailout, Spain has not taken a step towards this fund (Hooi). Despite this, the fear remains that, with Spain’s economy â€Å"more than twice the size of the Greek, Irish and Portuguese economies combined†¦a Spanish rescue could severely deplete the $1 trillion [750 billion euro] stability fund set up by the E. U. and IMF this year to contain the crisis† (Faiola). Should Spain utilize the security net set down by the European network, it would potentially drain nearly the entire fund, leaving little to no money for any other node that may be in need of assistance. Such an action would leave the creditors who invested in the fund, such as Germany, France, and the United Kingdom, vulnerable to future crises as a sizable portion of their economies would be drained by the behemoth node of Spain. The United Kingdom Though not a node that utilizes the euro, the United Kingdom is still an active member of the European network, and a node that helps support some of the others that have nearly defaulted as a result of the financial crisis. Though now a creditor, in 2008 bank reports claimed that the United Kingdom had â€Å"financial losses of GBP122. 6 billion† (UK Losses hit GBP122bn, says BoE). By 2009 Britain claimed to have been out of the recession yet her methods were not as successful in containing unemployment as those adopted by Germany or France. As noted in Figure 1, during the course of the financial crisis, the United Kingdom saw an increase in the unemployment rate from 6. 3% in 2008 to 7. 7% in 2009 and a tiny increase in 2010 to 7. 8% unemployment. 26 Figure 6 Tracking of the United Kingdom’s GDP in comparison to their spending- deficit or surplus. (Figures are in million great Britain pound- GBP). The statistics in Figure 6 show that like many of the other nodes in the European network the United Kingdom saw an increase in its budget deficit by the end of the financial crisis. Starting in 2007, it spent 102. 7% of its GDP, increased that to 105% in 2008 and 111. 4% in 2009 before seeing a slight decrease in 2010 to 110. 4% of GDP. Though this is comparable to Portugal or even Spain’s percentages, the United Kingdom is strengthened by having a set and strict plan of austerity along with a currency it can regulate by not being a node that utilizes the euro (West). With the ability to continually throw around money as it sees fit, the United Kingdom has remained a creditor in order to assist other nodes in need of assistance and nearing default. The United Kingdom has, as a result of the financial crisis, acted as a major creditor node in the European network, with a GBP100 billion exposure to Greece, Spain and Portugal, with â€Å"GBP25 billion invested in Greece and Portugal and GBP75 billion invested in Spain,† as of 28 April 2010. A default by any of these states would leave the United Kingdom with a major deficit as its loans would not be paid back (Treanor). One year later the United Kingdom has a nearly GBP200 billion exposure to Greece, Ireland and Portugal (The Economist) with roughly 1,300,000 ,400,000 1,500,000 1,600,000 1,700,000 2007 2008 2009 2010 Million GBP GDP Deficit/Surplus 27 GBP140 billion of that exposure to Ireland alone (Winnett, Robert and Bruno Waterfield). The degree to which the United Kingdom is economically interconnected is significant in that a default by any node which has taken loans from the United Kingdom would severely damage the economy of the United Kingdom, yet without these loa ns the nodes would have most likely defaulted. Obvously, both sides need each other, which is the very definition of interdependence. France The financial crisis was in fact a wonderful time for France as it was seen as the prominent power in the European network, with supremacy over all the other nodes. France would often brag that she was â€Å"acting while Germany was thinking† (Power Shift). France sought to develop a â€Å"Europe-wide financial regulator and initiate a joint bailout fund† with Germany (Germany and France have often disagreed on bailout strategy). Despite her efforts, France was not able to match Germany’s growth during this crisis and recession and thus fell behind. However, it should be noted that France still remains one of the most powerful nodes in the European network. The unemployment she suffered shows no great change in numbers, from 8. 2% to 10% to 9. 6% in 2008, 2009, and 2010 respectively (Figure 1). Where France truly fell down was in the level of her deficit spending; in 2007 France spent 102. 7% of her GDP, in 2008 103. 3% but in 2009 she jumped to 107. 5% of her GDP, essentially doubling the debt she normally would have taken in that year, finally seeing a slight decrease in the form of a 107. 0% budget deficit in 2010. 8 Figure 5 Tracking of France’s GDP in comparison to their spending- deficit or surplus. (Figures are in million Euros). In spite of this increase in budget deficit, France remained a strong node in the European network, being a major creditor and savior to many defaulting nodes. As a creditor France worked closely with Germany, often shouldering loans similar to those to which the German node was exposing i tself. The French exposure, coming up short under Britain and Germany, is still a significant figure and risk valued at nearly 150 billion euros. Just like the United Kingdom, France would greatly suffer should a node default, restructure its debt, or take a ‘haircut’ and reduce the overall debt it owes (The Economist). The French aided the other nodes within the network in order to protect the euro, showing that it was strong and backed by strong nodes in order to prevent fears from investors in a weak or unstable euro to gain favor with the defaulting nodes and thus solidify its power within the network. The states that accepted these loans became dependent upon France to prevent them from defaulting or falling into bankruptcy. This in turn forced France to become dependent upon their loan repayments. Though simplistic, the investment France made into the defaulting nodes bound the nodes together tighter than they had been before the financial crisis. 1,800,000 1,875,000 1,950,000 2,025,000 2,100,000 2007 2008 2009 2010 Million Euro GDP Deficit/Surplus 29 Germany Germany’s development into the most economically powerful node in the European network was a slow, steady and careful progression in which hasty action was not taken but decisions thought out and weighed. As previously mentioned, France led an effort at the start of the financial crisis to rally nodes behind her in an attempt to solve the financial problems of all the nodes at once. Germany opposed â€Å"any European plan that would mirror U. S. Treasury Secretary Henry Paulsons proposed $700-billion purchase of banks bad assets. Mr. Steinbruck questioned why German taxpayers should have to pay up to stabilize situations for which other countries are responsible† (Germany, France disagree on bailout strategy). The German idea for solving the financial crisis was to worry about its own people first, then to be concerned about those nodes that were unable to save themselves. Germany’s rise to supremacy by the end of the financial crisis was the result of â€Å"years of wage moderation and labour-market reforms that improved its competitiveness† (Power shift). Furthermore, Germany’s rate of unemployment (Figure 1) shows that it started at 7. 1% in 2008, rose to 7. 4% in 2009 and dropped to 6. % in 2010, almost as low as the United Kingdom’s unemployment rate at the beginning of the financial crisis in 2008. Such careful planning on behalf of the German government not only allowed for an increase in job availability but in keeping the budget deficit extremely low. 30 Figure 5 Tracking of Germany’s GDP in comparison to their spending- deficit or surplus. (Figures are in million Euros). Unlike many other European countries, Germany has kept its budget numbers u nder control. In 2007, the state had a budget surplus of . 3% or 6. 55 billion euros; in 2008, it had a surplus of . % or 2,82 billion euros; in 2009, it ran a deficit by spending 103% of the GDP and 103. 3% of GDP the following year. Overall, Germany was able to keep its economy and spending in reasonable balance. With such a strong economy, Germany naturally became a creditor node helping to finance the safety net set up for any node utilizing the euro that would need financial assistance or a bailout (Hooi). Being the prominent node in the European network Germany naturally shoulders a great deal of the loans requested by other nodes within the network. The degree of exposure that is estimated for Germany is upwards of 230 billion euros (The Economist). As a result should the debtor nodes in fact default, Germany and France would be hit simultaneously though Germany would definitely be suffering under a loss of nearly 250 billion euros. Therefore, it is for the same reasons as mentioned for France that Germany and the defaulting nodes are economically interconnected. The defaulting nodes depend upon Germany for 2,300,000 2,375,000 2,450,000 2,525,000 2,600,000 2007 2008 2009 2010 Million Euro GDP Deficit/Surplus 31 conomic and financial assistance while Germany supports the defaulting nodes in an attempt to boost the strength of the euro as well as investor faith in the euro. Should a node fail under the euro it could spell disaster for other nodes depending upon the euro for support, growth and prosperity. Implications for the Future The bailout of several defaulting nodes by economically stable nodes has shown the dependence of th e defaulting nodes, namely Greece, Ireland, Portugal and potentially Spain, upon the economically stable and growing nodes, the United Kingdom, France and Germany. Conversely, the investments made by the creditor nodes and the possibility of a loss on those investments, makes the creditor nodes dependent upon the economic recovery of the defaulting nodes The fear of a node defaulting under the euro first led the creditor nodes to act. A default while under the euro may lead to a panic and the sale of bonds or stock in the euro. Aloss of faith in the euro would prevent future investments from being made, restricting potential revenue and growth. The failure of one node under the euro could lead to the failure of another node, as was feared in Greece, then Ireland, then Portugal. In order to ensure the survival and continued growth of the euro, those defaulting would have to be saved by the creditor nodes. In this case one side would depend upon the inflow of currency to stave off debt and bankruptcy while the other side depends upon the defaulting nodes to work out their problems and show that the euro is still strong and worth the attention of investors. The implications for the future are very bipolar: either the nodes cooperate, unify, and stabilize the economies of the nodes within the European network which could require continued 32 nvestment but would culminate in strengthened economic ties and/or a strong multi-nodal currency, or the nodes of the networks would find the economic interconnectedness weakening and the ties between the nodes dissolving until the network was far weaker than it had been previously or the network had dissolved completely. If the nodes remained united in their goals to prevent any node from defaulting and keeping the euro as strong as possible the end result would be a European network that had been strengthened through crises and despair. The end of the financial crisis within the European network would mean that the defaulting nodes would have found a way to manage their debt, stabilize their economies, and produce a level of economic growth in order to rebuild. Furthermore it would give a justification for the strength of the euro and its adoption within the nodes of the network. Finally, it would show that the nodes of the European network had strengthened their economic ties to the point that the continued prosperity of the euro would depend upon each node working with the others in order to keep the euro strong. If the nodes were unwilling to continue to finance or bailout the countries in trouble, Greece, Ireland, and Portugal might default leading potentially to a default by Spain which would absorb the majority of the safety net set in place by the European network and the IMF. With all four of these nodes defaulting on loans and draining the European network’s reserve of funds, Germany, France and the United Kingdom would all be hit hard causing recessions and a new wave of financial crises. This would spread throughout the network even more rapidly than the contagion seen in the recent past. With a weakened euro and recession, each node may be forced to focus upon itself, default upon loans, do whatever it can to survive, all at the expense of the network. Such an action could lead to nodes drifting apart as the tie that bound 33 them together and forced them to be economically interdependent came unraveled. This could cause the European network to fall apart. It is clear that the euro is a powerful driving force in the actions of the nodes and one that allows for the nodes to bind closer and become ever more interdependent. Yet the euro has the potential to destroy not merely a single node but the entire network as well under specific circumstances. Despite the outcome, the financial crisis of 2007-2011 has thus far strengthened economic interdependence between and among the nodes in the European network and has the potential to make it even stronger, should each of node ultimately succeed in easing the crisis within its own borders. 34 A resurgent Germany takes advice from no one; Results bolster belief that it managed crisis better than other nations. (2010, August 16). The International Herald Tribune, p. 16. AP. (2011, January 19). Greece likely to seek bailout extension. The New Zealand Herald. Articles of Agreement. International Monetary Fund. imf. org/external/pubs/ft/aa/ aa08. htm (accessed February 26, 2011). Baetz, Juergen and Pan Pylas. (2010, April 28). Spain downgraded, Europe debt crisis widens. Bloomberg Businessweek. Chu, Henry. (2011, April 15). Europe ponders letting bailed-out nations default. Los Angeles Times. Economist. (2011, April 14). Follow the Money. Is Germany bailing out euro-area countries to save its own banks? economist. com/node/18560535, (2011, April 27). Euro crash would not just be a Greek tragedy. (2010, February 18). The Age, p. 18. Faiola, Anthony. (2010, November 27). Debt crisis escalates in Europe; fears grow about Spain. The Washington Post. Germany, France disagree on bailout strategy; German Finance Minister says regions problems less severe than in U. S. ; conflicting views could deepen rift in 27-nation EU. (2008, October 2). The Globe and the Mail, p. B11. Germany to Jointly Fight Slowdown. (2009, January 30). China Daily. Greek deputy PM in broadside over EU. (2010, February 23). The Daily Post, p. 9. Itano, Nicole. Greece’s Debt Crisis: Blaming Nazi Germany. (2010, February 26). Time. Hafner-Burton, Emilie M. , Miles Kahler, and Alexander H. Montgomery. 2009. Network Analysis for International Relations. International Organizations 63: 559-592. Hatton, Barry. (2011, March 21). Portugal gov’t nears collapse amid debt crisis. Yahoo News. Hooi, Joyce. (2010, December 2). Euro is in no trouble, says EU official. The Business Times Singapore. IMF funds may rise $500bn. (2009, March 10). The Irish Times, p. 21. Inman, Phillip. (2011, April 26). Greece and Portugal debts worse than expected. Guardian. co. uk, guardian. co. k/business/2011/apr/26/greece-portugal-debtworse- than-thought (accessed 2011, April 30). 35 Jolly, David and Thomas Jr. Landon. Landon, (2010. May 6). Euro punished as E. U. strives to cauterize crisis in Greece. The International Herald Tribune, p. 1. Keohane, Robert O. , and Joseph S. Nye. 1977. Interdependence in World Politics; Realism and Complex Interdependence ; Explaining International Regime Change. In Power and Interdependence, ed. . 1-60. Boston, Toronto: Little, Brown and Company. Kulish, Nicholas. (2010, March 6). Germany holds back on a lifeline to Greece. The International Herald Tribune, p. 3. Kunz, Diane B. (1997). The Marshall Plan Reconsidered: A Complex of Motives. Foreign Affairs, 76, 3, p. 162-170. Council on Foreign Relations. Maoz, Zeev. 210. Networks of Nations: The Evolution, Structure, and Impact of International Networks, 1816-2001. New York: Cambridge Press University. Moya, Elena. (2010, November 15). Ireland debt crisis worsens as Portugal warns of contagion effect on Europe. Guardian. co. uk. Nye, Jr. , Joseph S. , and Robert O. Keohane. 1971. Transnational Relations and World Politics: An Introduction. International Organization 25 (3): 329-349. Power Shift; France loses ground to Germany. 2010 December 11). The Economist. Recession is over but the pain will go on, Bank says. (2009, September 16). Daily Mail. Reed, William 2003. Information and Economic Interdependence. The Journal of Conflict Resolution 47 (1): 54-71. http://0-www. jstor. org. helin. uri. edu/stable/3176182 (accessed March 5, 2011). Reguly, Eric. (2010, April 12). EU make (EURO)30-billion Greek rescue promise; Members overcome deep political revisions to pitch a plan strong enough to convince market country won’t default on its debt. The Globe and Mail, p. B1. Reuters. Three Top Economists Agree 2009 Worst Financial Crisis Since Great Depression; Risks Increase If Right Steps Are Not Taken. Business Financial News, Breaking US International News | Reuters. com. 27 Feb. 2009. Web. 28 Feb. 2011. . Risse, Thomas. 2007. Transnational Actors and World Politics. In Handbook of International Relations, ed. Walter Carlsnaes, Thomas Risse, and Beth A. Simmons, 255-274. Los Angeles, London, New Dehli, Singapore: SAGE Publications. Samuelson, Robert J. (2010, November 29). In Ireland’s debt crisis, an ominous reckoning for Europe. The Washington Post. 36 Seco, Francisco. (2011, April 7). Portugal requests bailout. Will Europe’s debt crisis stop there? The Christian Science Monitor, 2011, April 27. Steinhauser, Gabriele. (2010, November 16). Ireland Debt Crisis: Contagion Fears Loom over EU Meeting. Huffpost World. huffingtonpost. com/2010/11/16/ireland-debtcrisis- conta_n_784079. html? view=print, 2011, April 14. The Maastricht Treaty: Treaty on European Union. Eurotreaties. Available from http:// www. eurotreaties. com/maastrichteu. pdf. Internet; accessed 1 May 2011. Treanor, Jill. (2010, April 28). Debt Crisis: K banks sitting on GBP100bn exposure to Greece, Spain and Portugal. uardian. co. uk/business/2010/apr/28/debt-turmoil-bank-crisisfears, (2011, April 28). UK Losses hit GBP122bn, says BoE. (2008, November 3). Financial Times, ltd, section 1361-1593. Wearden, Graeme. (2011, May 4). Portugal bailout details boost euro and bond markets. Guardian. co. uk. guardian. co. uk/business/2011/may/04/portugal-bailout-eurorises- bond-markets? intcmp=239 (2011, May 5). Wearden, Graeme an d Julia Kollewe. (2010, November 17). Ireland’s debt crisis-today as it happened. guardian. co. uk. West, Matthew. (2011, May 6). ‘The UK Will Need a Bailout Soon’: Jim Rogers.

Grab Attention with LinkedIn GIFs, Images, Videos, and Emojis

Grab Attention with LinkedIn GIFs, Images, Videos, and Emojis This morning I woke up to what appeared to be the new face of LinkedIn. Instead of my profile as I’ve become accustomed to seeing it, with member photos nicely centered on the page, this new image appeared: You may have noticed this change as well. Sigh†¦ so much for all that careful placement of the background image! LinkedIn is at it again. I do like the menu on the right, where a member’s contact info is easy to access. In your own profile, you can click on â€Å"See connections† rather than hunt around for that option (note that in a different member’s profile, you will only see the number of connections, not a link to view them). The option to â€Å"Add a profile section† from your own profile is much easier to find as well. I also like that more of the summary is visible now than in the previous update. You have three lines instead of two to communicate your value proposition and entice people to read more. We all know that â€Å"the only thing that is constant is change† (Heraclitus), and this adage is especially true when it comes to social media platforms. Yet no matter how well we understand this truth, change still catches us off guard. This one gave me a bit of a shock, as it looks like I will need to replace the images in my book very soon. Other changes to the visual experience of LinkedIn have been afoot since my last update in December 2017. Here’s some of what’s been evolving on LinkedIn in 2018. Video in Groups and Posts LinkedIn has improved the sharing experience in groups and article posts by allowing videos. To post a video in a group, Start a conversation with your group by clicking in the details field and pasting in the URL of the video. You may need to add a space after pasting in the URL to see the video populate the preview field below. Once the preview is in place, you can delete the ugly URL and give your post a title and further details if you like. To post a video in an article, go to your home page, and then enter a URL in the box that says â€Å"Share an article, photo, video or idea.† Or, click on â€Å"Video† to attach a file from your computer. Images in Comments When you comment on an article, there’s now an option to increase visual appeal by adding a photo. An image can draw more attention to your comment, so go for it! Click on the camera icon and attach any photo from your files. Note that you cant post an image only; you must also leave a written comment. Here’s what your image might look like in a conversation: LinkedIn GIFs LinkedIn has for some reason implemented GIFs in their messaging. I personally am anti-GIF, and I don’t think they belong anywhere, much less on a business platform. However, there are many people who disagree with me, and if you want to use GIFs in more casual interactions on LinkedIn, have fun! Just click the GIF option below your message and type in a search term.      Ã‚   For more details on using LinkedIn GIFs, read LinkedIn Official Blogs article Make Conversations More Engaging with GIFs in Messaging. Emojis You can now use colorful characters in your Headline, as well as in most sections and titles in your LinkedIn profile. If you want to add some visual appeal, an appropriate emoji can be a bold addition. Note that not all symbols will render in color once youve updated, so you may need to experiment. Also, this function might not work on all computers or browsers, so some viewers may see an empty box instead of the symbol you chose. I would personally recommend sticking to Unicode characters to be safe. Have fun! Have you noticed any other changes to the visual face of LinkedIn? Do you have questions I can answer? Please share in the comments! If youd like live, personal feedback from me on your profile, I offer a 20-minute LinkedIn Profile Review special for just $75. I look forward to scheduling a call with you!

Reading Assignment Example | Topics and Well Written Essays - 500 words - 4

Reading - Assignment Example In the winter of 1906-1907, Pablo designed the first elements of Les Demoiselles d’Avignon. The author appreciates that the twentieth century artist developed his concepts in an intensive manner. The design took place through a program planned consciously similar to the works of Gericault and Leonardo. Picasso painted his product on an eight feet canvas in the summer of 1907. Les Demoiselles d’Avignon provided the rift as well as the divide between ninetieth century art and future designs (modern) designs in painting (Chave 600). It remains the hallmark of art over the one hundred years. Chiva holds that time and events at the time allowed Picasso to do what he did. Nothing was strange because other events were happening in other areas as well. In 1909, Schoenberg composed the Erwatung and The Right of Spring by Stravinsky came to the limelight in 1910. In 1914, when Picasso was doing the later stages of cubism, Ulysses started. Caught up in blue and silver long curtains are five pink women in the painting. Two of the women are in an upright posture raising their arms with the purpose of flaunting their breasts. With protruding black eyes, the women always stare at the viewer. The designer decided to mask the other three women out of the five. Two of the three are dressed in African masks. Of the two, one intrudes from behind one of the cloth that remains jagged and the bother appears squatting in fabrics made of diamond. The author identifies that height carries a few more centimetres than the width in reality. This fact disposes any analyst to be part of symmetry and space. Work done by Picasso on Les Demoiselles d’Avignon was great and immense any way. The late ninetieth century and early twentieth century witnessed the development of provocative works in the industry with the same theme as that designed by Picasso. Identified in this category are novel by Zola, Pallas Athene by Klimt, and Madonna by

The Determinants of Household Poverty in the USA - 1980 Statistics Project

The Determinants of Household Poverty in the USA - 1980 - Statistics Project Example It is the dependent variable in this analysis. Family size is basically the number of people in a single family. The county-level family sizes were obtained by dividing the total number of people within respective counties by the number of households. Large family sizes are known to increase dependency levels, thereby making it more difficult for the breadwinners to invest in productive income-generating ventures and subsequently increasing poverty levels. Urbanization refers to the percentage of the entire population in a county that resides in urban areas. According to Cali and Menon (2009), urbanization has a net poverty reduction effect, since it invigorates business aspirations and income prospects for the population. Unemployment rate is the percentage of the entire population within a locality that is unemployed. Unemployed people tend to have higher poverty levels. Higher unemployment rates correspond to higher poverty levels within a population. Income refers to the median income of all the employed individuals within a county. The higher the average income for a population, the lower the poverty levels within it. Higher income enables workers to live more comfortably since they can meet their needs and obligations more easily. Equally, better-paid people tend to have more room for investing and, therefore, diversifying their earnings to accumulate even higher income. This study aims to establish the individual strengths of each of the independent variables as a determinant of poverty (the dependent variable). Correlation analysis has been used to establish the nature of the relationship between each of the independent variables and poverty (whether positive or negative). Using regression analysis, the independent variables are investigated for their ability to predict levels of poverty within the sample population. This type of analysis also provides the basis for obtaining a predictive model that can be used to project future poverty

The History of Chocolate Essay Example for Free

The History of Chocolate Essay The first recorded evidence of chocolate as a food product goes back to Pre-Columbian Mexico. The Mayans and Aztecs were known to make a drink called Xocoatll from the beans of the cocoa tree. In 1528, the conquering Spaniards returned to Spain with chocolate still consumed as a beverage. A similar chocolate drink was brought to a royal wedding in France in 1615, and England welcomed chocolate in 1662. To this point chocolate as we spell it today, had been spelled variously as chocalatall, jocolatte, jacolatte, and chockelet. 11 In 1847, Fry Sons in England introduced the first eating chocolate, but did not attract much attention due to its bitter taste. In 1874, Daniel Peter, a famed Swiss chocolateer, experimented with various mixtures in an effort to balance chocolates rough flavor, and eventually stumbled upon that abundant product milk. This changed everything and chocolates acceptance after that was quick and enthusiastic. GROWING COCOA BEANS Cocoa beans are usually grown on small plantations in suitable land areas 20 degrees north or south of the Equator. One mature cocoa tree can be expected to yield about five pounds of chocolate per year. These are planted in the shade of larger trees such as bananas or mangos, about 1000 trees per hectare (2,471 acres). Cocoa trees take five to eight years to mature. After harvesting from the trees, the pods (which contain the cocoa beans) are split open, beans removed, and the beans are put on trays covered with burlap for about a week until they brown. Then they are sun dried until the moisture content is below 7%. This normally takes another three days. After cleaning, the beans are weighed, selected and blended before roasting at 250 degrees Fahrenheit for two hours. Then shells are removed leaving the nib. Nibs are crushed to create a chocolate mass. This is the base raw material from which all chocolate products are made. KINDS OF CHOCOLATE Milk Chocolate This consists of at least 10% chocolate liquor (raw chocolate pressed from carob nibs) and 12% milk solids combined with sugar, cocoa butter (fat from nibs), and vanilla. Sweet and Semi-Sweet Chocolate Are made from 15-35% chocolate liquor, plus sugar, cocoa butter, and vanilla. Imprecision of the two terms causes them to commonly be called dark or plain chocolate. Dark chocolate has a large following among dessert makers, and for this reason is referred to as baking chocolate. Bittersweet and Bitter Chocolate Bittersweet usually contains 50% chocolate liguor and has a distinct bite to the taste. Bitter or unsweetened chocolate liquor also is used in baking and is also referred to as bakers chocolate. Creams and Variations Bite sized and chocolate covered. They are filled with caramels, nuts, creams, jellies, and so forth. White Chocolate Is not really chocolate as it contains no chocolate liquor, Carob This is a brown powder made from the pulverized fruit of a Mediterranean evergreen. It is used by some as a substitute for chocolate because it can be combined with vegetable fat and sugar, and made to approximately the color and consistency of chocolate.

Judaism vs. Christianity :: Compare Contrast Comparison Essays

Judaism vs. Christianity Judaism and Christianity developed on the basis obeying God, on adherence to his rules and intentions and their faithful fulfillment. Since the fulfillment of God’s will is a duty of a Jewish or Christian person, both religions fall into the rule-deontological category. In Judaism, God is seen as having a contractual relationship with the Jewish people where they must obey his holy laws in return for their status of the chosen people. God rewards or punishes Jewish people based on whether they obey or disobey his will. In parts of the Old Testament, however, God does show mercy or forgiveness, and in later interpretations God’s laws such as the Ten Commandments are followed not only out of loyalty to God but also because of their high moral character. In Christianity, the emphasis is placed on love of God rather than on obeying his will. People must believe that God is merciful and loves them as well. As a reflection of God’s love, people must also love other people (and the whole humanity in general) and forgive their enemies. In the Sermon on the Mount, Jesus endorses agape, or selfless love (in contrast to eros, or possessive love), which consists of dedication to another person’s good, even at the expense of our own good and happiness. People should practice peace and nonviolence, return good for evil and love for suffering (â€Å"turn the other cheek†). This leads to a special conception of justice, called the â€Å"divine justice†, which is based on giving a person what he or she needs rather than deserves (e.g., in case of a crime, redemption rather getting even). Even though agapeistic love is certainly a noble ideal, it is unstable equilibrium and an easy victim of the â€Å"prisoner’s dilemma,† in which the best alternative for a group of people is not the best alternative for each person in the group. Judaism vs. Christianity :: Compare Contrast Comparison Essays Judaism vs. Christianity Judaism and Christianity developed on the basis obeying God, on adherence to his rules and intentions and their faithful fulfillment. Since the fulfillment of God’s will is a duty of a Jewish or Christian person, both religions fall into the rule-deontological category. In Judaism, God is seen as having a contractual relationship with the Jewish people where they must obey his holy laws in return for their status of the chosen people. God rewards or punishes Jewish people based on whether they obey or disobey his will. In parts of the Old Testament, however, God does show mercy or forgiveness, and in later interpretations God’s laws such as the Ten Commandments are followed not only out of loyalty to God but also because of their high moral character. In Christianity, the emphasis is placed on love of God rather than on obeying his will. People must believe that God is merciful and loves them as well. As a reflection of God’s love, people must also love other people (and the whole humanity in general) and forgive their enemies. In the Sermon on the Mount, Jesus endorses agape, or selfless love (in contrast to eros, or possessive love), which consists of dedication to another person’s good, even at the expense of our own good and happiness. People should practice peace and nonviolence, return good for evil and love for suffering (â€Å"turn the other cheek†). This leads to a special conception of justice, called the â€Å"divine justice†, which is based on giving a person what he or she needs rather than deserves (e.g., in case of a crime, redemption rather getting even). Even though agapeistic love is certainly a noble ideal, it is unstable equilibrium and an easy victim of the â€Å"prisoner’s dilemma,† in which the best alternative for a group of people is not the best alternative for each person in the group.

Breaking the Mold: a Doll House Essay

Breaking the Mold The pressure to conform to an ideal image is a reoccurring theme throughout literature and even in our culture today. In the highly repressive social climate of the Victorian Era, women, much like children, were seen rather than heard. The ideal Victorian woman is hardly descriptive of Nora in Henrik Ibson’s A Doll House. Through careful observation and questioning, Nora recognizes the injustice of the male-dominated society in which she lives.Nora’s discomposure with as her begin treated as her husband Torvald’s subordinate, her realization of Torvald’s true character, and her desire to educate herself prompt her to become independent. The most important choice that Nora makes is to leave Torvald Helmer, because this choice is facilitates Nora’s personal growth. Nora’s choice to leave Torvald Helmer is influenced by her increasing discontent with his condescending, doll-like treatment of her. Torvald establishes his dominan ce by calling Nora his â€Å"little lark† among other pet names.Torvald’s authority over Nora requires her to â€Å"dress up† in a costume, becoming what Torvald expects her to be. As Torvald’s subordinate, Nora fluidly bends and twists to his needs, conforming to his desires. Although Nora would like to be treated as an equal to Torvald, she knows him well enough to realize that equality is impossible in their marriage. In order for the marriage to function, Nora has to appeal to Torvald’s ego by flattering him to ask for money and rendering herself helpless in accomplishing the simplest tasks such as choosing a dress.Small acts of disobedience on Nora’s part are the primary indicator of the growing weight of the facade that Torvald imposes on her. Eating macaroons and saying â€Å"to hell and be damned† are two ways in which Nora chips at the mold of behavior that Torvald sets for her. Nora’s outgrowing of the costume Torvald idealizes is marked by actions such as Nora’s remark that she would like to â€Å"rip it into a million tiny pieces†. Henrik Ibsen repeatedly illustrates Nora’s agitation over Torvald’s static doll-like control, an agitation tangible to the readers from the very beginning.Nora’s initial discomfort in fitting Torvald’s mold is later a significant influence on Nora’s final choice. Despite Torvald’s outward broadcast of a perfect home, several unresolved issues bubble below the surface. Nora recognizes the fundamental issues that loom in their marriage when she sees Torvald’s reaction to the letter from Krogstad, and her realization encourages her choice to leave. Torvald leads Nora to believe that he is a righteous man through lecturing of Nora on the value of honesty and through promising to be her lifeguard in times of crisis.Even right before opening the letter, Torvald remarks that he has often wished that Nora was in some terrible danger so that he could stake his life for her sake. Although Torvald tells her that he would take on â€Å"the whole weight† should Krogstad take action against the Helmers, Torvald’s reaction when the worst actually does occur is quite the opposite. Torvald is outraged when he discovers that Nora borrowed money from Krogstad, and he accuses her of wrecking his happiness. Nora, who originally borrowed the money to save Torval’s life, is shell-shocked by Torvald’s reaction.All of his actions prior to this event led her to believe that he would have taken the blame for her, affirming his love for her. In contrast with her expectations, however, Torvald’s immediate concern after reading the letter is saving â€Å"the bits, and pieces, the appearance. † His foremost fear of losing respect in the community is exhibited by his insistence that Nora remain in the household so that it appears nothing has changed. In the midst of Torva ld’s panic, a second letter arrives, returning Nora’s bank note.Just as quickly as Torvald exploded in anger, he rejoices in triumph that he is saved. Nora becomes aware of Torvald’s selfishness when she asks â€Å"What about me, am I saved too? † Her awakening to the Torvald’s priority of the appearance of happiness rather than actual happiness in the Helmer marriage fuels her decision to discover a better life. Torvald’s outburst ignited Nora’s inner flame. Nora’s attempts at small freedoms can be compared to wet matches, whereas her final decision to leave Torvald is similar to a brilliant spark of fire.Nora’s final motivation for her decision to leave the marriage comes from her realization that in addition to not knowing Torvald, she does not know herself. In leaving Torvald she seeks to educate herself determine if the teachings of religion, law, and society are true. In a sense, Torvald’s response to Noraâ €™s attempt to save him causes Nora to save herself. Upon her realization of Torvald’s true character, Nora tells Torvald that she is â€Å"getting out of her costume,† both literally and figuratively paralleling Nora’s exit of the marriage.Nora fell from the control of her father to the control of Torvald without ever being able to develop her own opinions. Nora breaks free from Torvald’s puppeteer strings with the certainty that she cannot be concerned about her duties to her husband and her children over her duty to herself as a human being. Nora expresses to Torvald that she must develop her own tastes out in the world. In conclusion, Nora’s exit can be attributed to her discontent in Torvald’s mold, her realization that Torvald was not the person she though he was, and her desire to become her own person.Minor rebellions indicate Nora tolerates Torvald’s parental treatment but is clearly not fulfilled living according to some one else’s rules. When Nora sees Torvald’s reaction to the letter from Krogstad, she realizes that Torvald only cares about the masquerade, or how things make him appear. The appearance is all Nora has ever known with Torvald, and her critical decision to leave is reinforced by her desire to cultivate a person behind the appearance. These powerful motivators enabled Nora to slam the door behind her, rejecting the preconceived notions of society and developing new voice all her own.

Frued’s Psychoanalytic Theory Essay

Legendary and groundbreaking psychoanalyst Sigmund Freud changed the way scholars and doctors alike thought about the nature of the brain. Freud’s insight created a new paradigm that focused future inquiries onto the functional aspects of the mind, rather than cerebral and somatic physicality. With this essay, I will begin by describing and defining the id, ego and superego while also discussing how they interact. I will conclude by examining the essential differences of the ego and superego and the implications these distinctions imply. According to Dr. Freud, the id is the part of the human mind that we are born with and it is primarily responsible for the instinctual drives of the individual (Sigmund). For Freud, the id is mainly motivated by libido, or the sexual instinct in its quest for pleasure and satisfaction. Further, the libido is divided into two parts: eros and thanatos. Eros is the drive to fulfill pleasure seeking actions and sexual desires while thanatos is an oppositional drive toward death that causes the aggression and destructive tendencies of humans (Freud’s). This is an important distinction that creates the impression and theory that the id belongs to the tension filled domain of the unconscious. It is the part of us that we can scarcely control, but can incite intense pleasure or aggressive destruction when these desires are fulfilled or denied. In opposition to the basic instinctual need to achieve pleasure or enact destruction lies the part of the brain shaped and defined by social and cultural influences. Freud defines this part of the brain as the superego. The superego in practical terms can be defined as the conscious mind that develops and manifests over time, beginning with inputs from parents and siblings, to schools, relationships and work. This part of the mind internalizes all of these inputs in its creation of consciousness while also being responsible for critiquing consciousness and counterbalancing the instinctual desires of the id in order to successfully navigate through society based on learned values and moral judgments. In between the id and the superego is the ego. The ego can be thought of as the part of the brain that mediates the tensions between the conscious and the unconscious; the id and the superego (Freud’s). In this capacity, the ego contains all objects of consciousness without the moralizing and criticism of the superego. In other words, the ego is the part of our minds that is aware of consciousness and the reality of other people’s consciousness. In this model then, the ego still wants to fulfill the id’s pleasure principle but it also realizes that in trying to accomplish this, the person may hurt other people in the process and must take this fact into consideration (Sigmund). The ego is also responsible for covering the impulses of the id through the development of what he called defense mechanisms. These are forms of repression and rationalization that lessen anxiety or cover troubling thoughts and memories. In addition to his personality theory, Freud also studied the psychosexual stages of development. His stages are organized chronologically beginning with the oral stage and moving through to the anal, phallic, latency, and genital stages. They all focus on the sexual pleasure drive on the psyche. Stage development can only be achieved through the resolution of the previous stage (Stevenson). The resolution or lack thereof, affects the psyche throughout life, especially when one becomes fixated at a particular stage. Each of these stages and the developing person’s id, ego, and superego are constantly mediating the latent pleasures of the psychosexual drive against societal norms. The Structural Theory proposed by Dr. Sigmund Freud has far reaching implications for the way we account for the actions and impulses of our minds. With this model, divided into the id, ego, and superego, we can explain how we can simultaneously harbor uninhibited desires in the unconscious pleasure and destructive tendencies developed by the id, but we can also mediate these instinctive drives through the self-conscious functions performed by the ego’s defense mechanisms, while in addition re-appropriating this tension through the role of the superego in order to live a morally responsible and hopefully well-balanced life. References Freud’s Personality Factors. (2008). http://changingminds. org/explanations/personality/freud_personality. htm Sigmund Freud (1856-1939). (2008). The Internet Encyclopedia of Psychology. Retrieved January 8, 2009 from. http://www. iep. utm. edu/f/freud. htm Stevenson, David. (1996). Freud’s Psychosexual Stages of Development. Brown University. Retrieved January 8, 2009 from http://www. victorianweb. org/science/freud/develop. html

The Camper Showroom in Shanghai

The Camper Showroom in Shanghai Introduction Nowadays there are a plenty of materials and technologies allowing making design a masterpiece of art. However, modern design goes beyond the frameworks of the art value.Advertising We will write a custom essay sample on The Camper Showroom in Shanghai specifically for you for only $16.05 $11/page Learn More It is also aimed at making the premises useful and appropriate for the modern activities. The Camper Showroom in Shanghai is one of the best examples of the modern design and architecture. The camper showroom in Shanghai The Camper Showroom is Shanghai is the new built showroom and office building located in one of the biggest and most populated cities in the world. The design of the building was created by Neri Hu, talented Chinese designers. The purpose of the new building is to satisfy the needs of the business people. The design of the building is useful as it contains several conference rooms, the premises for presentations and exhibit ions as well as the spaces for offices. In the so fast-growing city as Shanghai, such kind of building is a vital part of the city infrastructure. The design is innovative as it embodies newest decisions in the exterior and interior of the building. The style of the building reminds us of the modern warehouse but with the elements of the old style in design. The long wood piles support the roof. The walls are decorated with the refinement in imitation of brick. There are a lot of wood in the design. Some piles and the ladder steps are colored in the red color which emphasizes the lines in the modern style. â€Å"Reclaimed materials reflect the local colors and textures and are used to build a two-story house within a larger warehouse, creating a series of layers from within and between the spaces† (Neri Hu n.pag.). It can be said that the whole building is divided into cells each of which is connected to the numerous corridors.Advertising Looking for essay on art and design? Let's see if we can help you! Get your first paper with 15% OFF Learn More Another element which deserves attention is the boots and shoes hanging down from the ceiling. There are a lot of light inside the building. â€Å"A mirror runs along one edge, creating the impression of a hinge, while the sliced edges are finished in bright red paint to match the block letters of Campers logo† (â€Å"Camper Shanghai† n.pag.). The building has a two-tier structure. The upper tier is intended to the office premises, whereas the lower tier is aimed at providing spaces for presentations, conferences and some other corporate events. There are a lot of windows separating the premises inside the building. The design gives an impression of structuring and simplicity at the same time. The numerous timbers separate the distinct elements of the building’s structure. â€Å"Constructed from reclaimed wooden frames and grey bricks, the house structure extends out from one wall of the interior† (â€Å"Camper Shanghai† n.pag.). Conclusion In order to summarize all above mentioned, it should be said that The Camper Showroom in Shanghai is one of the brightest example of the contemporary design. The building is designed in the modern style. The creators introduced certain interesting elements in the interior including the red-colored piles and shoes hanging down from the ceiling. The design of the building is useful. It has a two-tier structure. The first tier is for conferences and presentations and the second one is for office premises. Overall, the design is interesting and will catch the eyes of the public. â€Å"Camper Shanghai by Neri Hu†. 4 September 2013. Dezeen.com. Web. â€Å"Neri Hu: Camper Showroom/ Office in Shanghai† 28 October 2013. Designboom.com. Web.Advertising We will write a custom essay sample on The Camper Showroom in Shanghai specifically for you for only $16.05 $11/page Learn More

The Tropical Rainforest Biome

The Tropical Rainforest Biome All tropical rainforests have similar characteristics including climate, precipitation, canopy structure, complex symbiotic relationships and an amazing diversity of species. However, not every tropical rainforest can claim exact characteristics when compared by  region or realm  and there are rarely clear defining boundaries. Many may blend with adjoining mangrove forests, moist forests, mountain forests, or tropical deciduous forests. Tropical Rainforest Location Tropical rainforests mainly occur inside the worlds equatorial regions. Tropical rainforests are restricted to the small land area between the latitudes 22.5 ° North and 22.5 ° South of the equator - between the Tropic of Capricorn and the Tropic of Cancer. The global distribution of the tropical rainforest can be broken into four continental regions, realms or biomes: the Ethiopian or Afrotropical rainforest, the  Australasian  or Australian rainforest, the Oriental or Indomalayan/Asian rainforest, and the Central and South American Neotropical. Importance of the Tropical Rainforest Rainforests are cradles of diversity. They spawn and support 50 percent of all living organisms on Earth even though they cover less than 5% of Earths surface. A rainforests importance is truly incomprehensible when it comes to species diversity. Losing the Tropical Rainforest Just a few thousand years ago, tropical rainforests are estimated to have covered as much as 12% of the land surface on earth. This was about 6 million square miles (15.5 million square km). Today it is estimated that less than 5% of Earths land is covered with these forests (about 2 to 3 million square miles). More importantly, two-thirds of the worlds tropical rainforests exist as fragmented remnants. The Largest Tropical Rainforest The largest unbroken stretch of rainforest is found in the Amazon river basin of South America. Over half of this forest lies in Brazil, which holds about one-third of the worlds remaining tropical rainforests. Another 20% of the worlds remaining rainforest exists in Indonesia and the Congo Basin, while the balance of the worlds rainforests is scattered around the globe in tropical regions. Tropical Rainforests Outside the Tropics Tropical rainforests are not just found in tropical regions, but also in temperate regions like Canada, the United States, and the former Soviet Union. These forests, like any tropical rainforest, receive abundant, year-round rainfall, and are characterized by an enclosed canopy and high species diversity but are without the year-round warmth and sunlight. Precipitation An important characteristic of tropical rainforests is moisture. Tropical rainforests usually lie in tropical zones where solar energy produces frequent rainstorms. Rainforests are subject to heavy rainfall, at least 80 and in some areas over 430 of rain each year. High volumes of rain in rainforests can cause local streams and creeks to rise 10-20 feet over the course of two hours. The Canopy Layer Most of life in the tropical rainforest exists vertically in the trees, above the shaded forest floor - in the layers. Each tropical rainforest canopy layer harbors its own unique plant and animal species interacting with the ecosystem around them. The primary tropical rainforest is divided into at least five layers: the overstory, the true canopy, the understory, the shrub layer, and the forest floor. Protection Tropical rainforests are not all that pleasant to visit. They are hot and humid, difficult to reach, insect-infested, and have wildlife that is hard to find. Still, according to Rhett A. Butler in A Place Out of Time: Tropical Rainforests and the Perils They Face, there are undeniable reasons to protect the rainforests: Loss of local climate regulation - With forest loss, the local community loses the system that performed valuable but unnoticed services like ensuring the regular flow of clean water and protecting the community from flood and drought. The forest acts as a sort of sponge, soaking up the tremendous amounts of rainfall brought by tropical downpours, and releasing water at regular intervals. This regulating feature of tropical rainforests prevents destructive flood and drought cycles.Erosion and its effects - The loss of trees, which anchor the soil with their roots, causes widespread erosion throughout the tropics. Only a minority of areas have good soils, which after clearing are quickly washed away by the heavy rains. Thus crops yields decline and the people must spend income to import foreign fertilizers or clear additional forest.Loss of species for forest regeneration - A fully functioning forest has a great capacity to regenerate. Exhaustive hunting of tropical rainforest species can reduce those species necessary to forest continuance and regeneration. The increase of tropical diseases - The emergence of tropical diseases and outbreaks of new diseases including nasty hemorrhagic fevers like Ebola and Lassa Fever is a subtle but serious impact of deforestation.Destruction of renewable resources - Deforestation can rob a country of potential renewable revenues while replacing valuable productive lands with virtually useless scrub and grassland (desertification).

Source Evaluation and Analysis Assignment Essay

Source Evaluation and Analysis Assignment - Essay Example The article â€Å"Sustainable agriculture-The Basics†, is written by the Grace Communications Foundation. The GCF is involved with the development of innovative strategies such sustainable agriculture that are related to environmental conservation and bringing them into public awareness (GRACE Communications Foundation Retrieved from http://www.sustainabletable.org/246/sustainable-agriculture-the-basics). The main audience for this article is the general public, the government, and agriculture centered organizations. To arrive at this article, I searched the topic â€Å"sustainable agriculture† and began looking at the different options that the web provided. I choose this article since it is published by an organization, and hence the information in it is credible. The article defines sustainable agriculture as production of food or animal products using farming techniques that protect the environment, people, and animals. According to GCF, practicing sustainable agriculture leads to the production of food that sustains the demands of the current generation without limiting those of future generations. The article outlines the various benefits of sustainable agriculture and explains each in detail. Sustainable agriculture contributes to environmental preservation since crops and animals are raised without using toxic pesticides or synthetic fertilizers that degrade the natural resources. According to the article, sustainable practices protect biodiversity and foster healthy ecosystems (GRACE Communications Foundation Retrieved from http://www.sustainabletable.org/246/sustainable-agriculture-the-basics). Sustainable agriculture mind the health of the public since it recommends farm inputs that do not interfere with the health of the farmers and the consumers. It also supports proper waste management practices that reduce exposure of human to pathogens, toxins, and pollutants. The article says that sustainable agriculture benefits the

A Presentation by Raj Rupani - International Tax Manager Essay

A Presentation by Raj Rupani - International Tax Manager - Essay Example In addition, Raj seemed to be quite conversant with the social media; he made us understand the best ways of using the social media both as individuals and in the corporate. There was so much to learn from Raj’s career and training. He mentioned to us about his journey, on how he came to develop a strong passion for accounting. This prompted him to join an accounting school where he successfully finished before joining the work environment. Raj is an accomplished professional who challenged me to have a passion and pursue it fully. What made his presentation even more interesting was the versatility applied. He gave us many experiences from several of his friends and people he had read about, he was quite knowledgeable. At Deloitte, Raj mentions that the career has turned him into a global trotter; he has visited several countries in the world and the chances of touring many more still remain ripe. I really admired his career. Technology is the driver of life in the 21st Century; this was his message concerning the use of technology. He started by dispelling the notion among young people that Facebook and other social media platforms are only used for communicating with friends. His dimension of thought challenged me, he told us how they have capitalized on the social media at Deloitte and have completely transformed the customer experience. Social media makes it easy and convenient to communicate to clients and it is possible to customize the communication to a particular client or a group of clients. Since accounting information in an organization is kept confidential, he mentioned the various ways in which we can be able to have secure social media communication. He took time to motivate us to become our best in whatever we do. Raj’s works still keep on lingering in my mind; he said that we should be able to understand what we are good at and start exercising. Citing his own example, he said an individual who endeavours to pursue accounting should have a passion and a positive attitude towards mathematics and other affiliate courses.