Current Economic Issues Essay Example for Free

Current Economic Issues Essay The current state of the world economy is attributed to economic shake ups dated from 1990s. Such happening shave extended their roots, now firmly clinching on the economy, and thus posing a threatening challenging to the whole world. Such events include the global and United States recession in 1991, Japanese economic stagnations four times since 1990s, currency crisis in European monetary system, mediocre economic performance of Europe and the large swings in the values of G3 currencies. The economy of the world had still not recovered from the 1998s global financial crisis that was caused by economic crisis in Russia. In 2001, IT bubble was experienced in US, leading to sharp fall of investment. The economic troubles challenging us today heavily rest upon the oil shock since 2000 that contributed to global slow down. To add on the pain, china appreciated its currency in 2005 by 2. 1% (Radetzki, 2003, p. 18). The above scenarios have been driving us to the destination we are today although they happened some years ago. This is because when a major economic player experiences a shock; such shock is expended to the rest of world market players, diversifying the impacts. Unemployment is getting on rise in many economies of the world, including even the giant ones. Inflation is increasing at fast rates, with United States experiencing the worst ever after the great depression. The exchange value of several currencies is getting weaker and weaker, with many stock markets closing up their ventures due to economic and financial difficulties. The industrialized economies are stake, with oil crisis holding their economies at the neck (Mullenbach, 2003, p. 20). Global economic growth 0 macroeconomic variables The above graph illustrates the trends which can be assumed by any economy, including the global economy. The long run path shows where the economy can operate at times of equilibrium, without deficits or surplus. Because of the economic forces, the trend has never been attained in history. Point A is a point of depression, C shows recovery, D is a point of economic boom and B is a recessionary trend. The world economy is subjected t all above points by the changing economic conditions of the world market and natural disasters. Today, the economy is possibly at point B, where it is at recession, but the fate is not yet known. Such a scenario is being contributed to by the nature of the economy itself, energy sector, rate of exchange, equity market and emerging markets as discussed below (Howe, 2001, p. 25). Discussion In the world economy, consumer confidence to the production sector has drastically reduced by a margin of 2. 7% since 2007, meaning that the situation is likely to get worse and worse. The recessionary experience in the United States is leading a sharp slowdown of growth in developing as well as developed nations. According to reports released by the IMF and World Bank, current and fiscal accounts of the amalgamated global economy have registered deficits since the year 2005. According to their argument, many nations like US are using weak recovery strategies that only ensure growth of output without creation of job opportunities. In 2003 and 2004, the world made a significant move against downturn, only to be fast back driven by the realization that the strategy was a jobless strategy. Through their economic monitory program, the Breton wood institutions discovered the economy was slowly healing in 2006 with low inflation and good growth, only to be stroke down by spike in oil prices. In struggling against this, the Katrina hurricane ignited its flames. The procedure of events in the world economy has led it to a hard landing especially in the years 2007 and 2008. as we talk of macro effects of the bust in the hosing sector of the united states, the world can not decouple from the effects, because US serves as a world economic hub as well as destination. Within the economic frontiers, unemployment, inflation exchange rates and growth cut rates are challenges surrounding our economic environment (Hansen, 2004, p. 12). As a matter of great concern the global energy sector has since 2004 exposed the global economy to stagflation, because of the spike in oil price. Stagflation is a scenario characterized by both inflation and recession periods. Within the range of 2004 to 2008, the oil price has been hovering around $70 per barrel. The oil crisis has been attributed to the 2000 oil price shock which affected oil importing countries negatively and led to the 2002 recession. Because of the expectation of a war in Iraq, supply shocks in Nigeria and Venezuela, oil prices went further in 2002 and 2003. After the war, the prices spiked further in 2004 and 2005 because the product remained in high demand from US and China. As a result global spare production and refining capacity has reduced as the world believed terrorism concerns in Saudi Arabia and Iraq could lead to shortages in supply. Oil is recognized as a prime mover of production sector. Production activities are essential elements making up the economy. A decline in production either quantity wise or quality wise serves as an obvious economic pitfall. Again, oil is very expensive commodity that leads to high inflation levels, a situation being experienced by the world by now. Every economy is moving fast to slow down the rates of inflation, with a big challenge coming from the instability of the oil market. Energy inflated inflation is a current which is disturbing economic strategists all over the world (Portney, 2006, p. 14). Most of the available information and data about the recent or current economic trends is availed by non governmental institutions, economically integrated institutions and Breton wood institutions. After investigating the moves of the exchange rate in the world market, the above participants have signaled a danger, due to a reflection of the reality on grounds. Exchange of an American dollar against Yen and Euro has declined, leading to large current account deficits as private savings are sinking towards zero. According to their projections, the current account deficit in global accounts may be unsustainable, lead to currency values crash or a spike in interest rates, a very hard landing for the world economy. Devastating trends in exchange rates was sensed in 2002 – 2004, when the American dollar peaked suddenly and later on sharply declined. Interest rates and real growth rates differentials favored the dollar in 2005, but it resumed its fall in 2006 as Fed pause and US slowdown was signaled. As the situation stands as per now, the dollar is expected to continue falling. This is because any global current account imbalances will be disorderly, a witnessed circumstance since 2005. The state of affairs is hardly predictable because despite the dollars instability, Yen is also weakening with china still threatening to revalue its currency. The future of the exchange pattern is still not feasible because Asian economies are declining their willingness to intervene aggressively in foreign market in the search for stable exchange value of the various currencies. As the market turmoil seemed to intimate in 2006, currency crisis in the emerging markets may be experienced. Te situation of exchange rate is not only a current issue, but issues deemed to persist and thus corner the global economy. It therefore requires a sustainability approaches to address both present and future challenges which it may poss (Radetzki, 2003, p. 18). Today’s economy is feeling the impact of the emerging markets, whose economic abilities is determining the health of the world economy. Dismissal of emerging markets took place in 2001, with economic slowdown of G7 and US. Financial crises and outright currency hardly hit Turkey, Brazil, Uruguay and Argentina. In 2006, commodity prices were high, global growth was high and global interest rates were low. The mess to the total progress has come after the encounter of global economy slow down, falling commodity prices, hiking oil prices, G7 short rates going up and thus making financial and economic conditions for emerging market tougher. Their turmoil in 2006 means the economies are vulnerable to financial stress up to early 2010. Both existing and emerging markets are encircled in the same economy, experiencing almost similar challenges but using different survival strategies. It must however be realized that any economic slowdown experienced by any of these entities applies to the rest of the economy. For the sake of sustainability therefore, if the stability of the whole economy has to be tamed, stability of the emerging economies must be put to focus, and thus preserve the global economy at a larger scale (Bonnie, 2003, p. 34). In consideration the present economic characteristics, it would be ignorant act to overlook the state of the equity or earnings market. Following the economic state of the United States and the world economy in general, earnings have sharply slowed down with equity markets underperforming. Based on overoptimistic and excessive expectations of growth, stock market dropped by 9/11 in 2002 when equity markets underperformed. The war that has been going on in Iraq is believed to have led to renewed risk aversion and has frequently slumped the stock market since 2003. When this war reduced shortly in 2003, markets picked up sustained economic recovery strategies accompanied with sharp pick up in earnings and profits. In 2004, 2005 and 2006, stock indexes remained flat regardless of the sharp improvement indicated in corporate balance sheet. It is too difficulty to sustain the growth of earnings, ensure profitability growth that is compatible with the share of GDP and streamline the overall trend of equity markets performance. It is a big dream to the world on how the equity market is expected to perform, its overvaluation based on historically cyclically adjusted P/E ratios. The poor performance of the US economy darkens the future of the equities markets (Howe, 2001, p. 25). In the economic dynamicity, electronic and investment cycle is worth affecting the performance of the world economy. The economy has experienced bust or boom cycle in electronic goods, semi conductors and information technology. The NASDAQ crash in 2004 led to a sharp decline in prices and demand, severely hurting IT firms. When the overinvestment boom which composed of 50% in IT rather than traditional equipment ended, it severely hurt IT exporters such as Malaysia, Hong Kong, Taiwan, Korea, Singapore and Philippines. The extend and depth of the tentative recovery that was started by IT sector in 2004 was too shaky because it could not maintain the demand for IT goods. In 2006, the sector was somehow relieved as the investment turned into a mini investment boom, partially healing Asians economies. This took place because tech goods underwent a pent up demand. Even if the overall poor economic performance may not solely be attached to shopped out consumers, IT strength and impact on global economy is still questionable. World Bank statistics indicate that investments in softwares and equipment have reduced since 2005. This has been the case because corporations do not find profitable real investment opportunities and therefore turning back to their old investment sites. The shake of this sector is also shaking the world economy, meaning that its stability should be sought (Portney, 2006, p. 14). Reference: Bonnie John, 2003. Contemporary economic issues in developing countries. Mahwah, NJ: Praeger, pp. 34. Hansen Alvin, 2004. Economic issues of 2000s. California: American Enterprise Institute; pp. 12. Howe Charles, 2001. Interbasin transfers of water: Economic issues and impacts. California: Resources for the future press; pp. 25. Mullenbach Philip, 2003. Civilian nuclear power: Economic issues and policy formation. London: Twentieth Century Fund; pp. 20.

The Pursuit of Honor in Homer’s Iliad Essay -- Iliad essays

The Pursuit of Honor in Homer’s Iliad Throughout history, people have pondered the question of human mortality. In examining the issue, the Ancient Greeks, came to the conclusion that there are two spheres of immortality: that which is reserved for the Gods and that which can be attained by mere mortals. The Gods are destined to eternal youth and life; however, for humans who are predestined to die, this existence is impossible to attain. Rather, humans must strive to gain everlasting honor, the only form of immortality available to them. It is this idea that Homer seeks to expound in his epic poem, "The Iliad." Throughout his poem, Homer depicts the degree to which honor plays a role in the lives of the Greeks, and the manner in which they are willing to sacrifice in order to reach their goal. This theme manifests itself from the outset of the work, as "The Iliad," is set during the Trojan war, a particularly long and bloody war, fought not over political differences, not over boundary disagreements and not to protect the nation. Rather, it was a war fought to defend and uphold the honor of one individual, Menelaous whose wife had been stolen from him by the Trojan prince, Paris. This is the value that suffuses the narrative of "The Iliad." According to the axioms of Greek society, one must defend his status and prevent shame from being brought upon him, at all costs. "...[M]y father, he sent me to troy, and urged upon me repeated injunctions, to be always among the bravest and hold my head above others, not shaming the generation of my fathers..." (VI 206-9) This is the Greek bible, the guide to proper decorum. A man's honor, and the honor which he brings his father, is paramount. Hektor, the bravest of the Troj... ...: Hackett Publishing Co., 1994. Richardson, Nicholas. 1993. The Iliad : A Commentary. Vol. VI: books 21-24. Cambridge: Cambridge University Press. Schein, Seth L. The Mortal Hero: An Introduction to Homer's Iliad. Berkeley: University of California Press, 1984. Silk, M. S. Homer: The Iliad. Cambridge, Eng.: Cambridge University Press, 1987. Stanford, W. B. The Ulysses Theme: A Study in the Adaptability of a Traditional Hero. Dallas, TX: Spring Publications, 1992. Steiner, George, and Fagles, Robert, eds. Homer: A Collection of Critical Essays. Twentieth Century Views, ed. Maynard Mack. Englewood Cliffs, N. J.: Prentice Hall, 1962. Van Nortwick, Thomas. Somewhere I have travelled: the hero's journey. New York: Oxford University Press, 1996. Whitman, Cedric H. Homer and the Heroic Tradition. Cambridge, Mass.: Harvard University Press, 1958.

Arts, Man on Wire, and Bomb the Suburbs

Lilian Sun Maczynska The Literary Imagination 20 August 2012 Arts, Man on Wire, and Bomb the Suburbs Pan to Houston, Texas at night. On an episode of Stephen Fry in America, produced by Andre Singer, standing on a stage in a dimly lit room, surrounded by Houston’s elite, actor and comedian Stephen Fry speaks of the importance of the arts. â€Å"Oscar Wilde quite rightly said, ‘All art is useless’. And that may sound as if that means it’s something not worth supporting. But if you actually think about it, the things that matter in life are useless. Love is useless. Wine is useless. Art is the love and wine of life.It is the extra, without which life is not worth living. † In contrast to Fry, there are people who wish the government would cut funding for the arts. And then there are the artists. People who fight for the right to practice their art, whether they consciously know they’re fighting or not. People who will go to amazing lengths to sh owcase their art, and their dedication and determination is what gets them mentioned year after year after year. People like Philippe Petit, the quirky French high-wire artist who flew from France just to walk on a wire across the Twin Towers, whose life is forever immortalized in the documentary Man on Wire.People like William â€Å"Upski† Wimsatt, one of the most prolific Chicago-born graffiti artists, who inspired a generation of graffiti artists to view graffiti as an art form in his book Bomb the Suburbs!. Using whatever methods they can, illegal or not, they both worked to achieve their dreams and send their message to the world. They managed to pull people out of the blase outlook mentioned in Georg Simmel’s scholarly essay The Metropolis and Mental Life.One of the most prominent situations where an artist’s dream pulled people out of the unconcerned manner in which they carried themselves was the 1974 high-wire walk between the Twin Towers by Philippe Pe tit. High-wire walking is a form of tightrope walking, much like tight-wire walking, which is the simple art of maintaining balance while walking on a tensioned wire. The difference between the two is that high-wire is at a much greater height. The amount of concentration and balance and individual must have to accomplish this is extremely important in the art of tightrope walking. This s a testament to the level of professionalism and dedication that Petit had. Although he gained his notoriety in the US for walking between the twin towers, he was already gaining observations from various other places in the world, such as France, where he walked between the two spires of the Notre Dame Cathedral, and Australia, where he walked between the two sides of the Sydney Harbour Bridge. Petit realized his dream of walking between the Twin Towers when he was sixteen, soon after he had taken up high-wire walking, while in the dentist’s office and seeing an artist’s rendering of the towers as they would look when built.His passion for the art of high wire is best explained by Petit himself in the documentary Man on Wire directed by James Marsh. â€Å"Life should be lived on the edge of life. You have to exercise rebellion: to refuse to tape yourself to rules, to refuse your own success, to refuse to repeat yourself, to see every day, every year, every idea as a true challenge – and then you are going to live your life on a tightrope. † Because of his strong desire to be anything but boring, Petit put everything he had into his art.He practiced with family and friends, letting them help him improve so that one day he would achieve that dream of walking between the Twin Towers. After many years of planning and many hours the previous night setting up, Petit began taking his first steps on the wire. They were all indifferent and did not notice, except the people who were in on ‘the coup’ (his nickname for the act). In 1903, German so ciologist, Georg Simmel speaks of the blase attitude the sights and sounds of the city brought to its inhabitants in his essay The Metropolis and Mental Life. There is perhaps no psychic phenomenon which has been so unconditionally reserved to the metropolis as the blase attitude. The blase attitude results first from the rapidly changing and closely compressed contrasting stimulations of the nerves. † (Simmel par. 5) This is very much the attitude New Yorkers had when Petit started walking across the wire, on the Morning of August 7, 1974. Only after his then girlfriend, Annie Allix, began screaming and pointing to the people around them â€Å"Look! Look! Look, a wire-walker! He’s walking! did people look up and see him, this magnificent artist, walking on the wire, and they were astounded. Said the police officer, Sgt. Charles Daniels, who was sent to apprehend him, † †¦ I observed the tight rope dancer†¦ because you couldn't call him a walker†¦ approximately half-way between the two towers. I personally figured I was watching something that somebody else would never see again in the world. Thought it was once in a lifetime. † By following his dream, no matter the risk (falling to his death, getting arrest d for trespassing), Philippe Petit brought to the world, his own little piece of art, forever immortalized in history, and will always be known as the man who laid in the clouds. Fast forward twenty years, and you’ve wandered into the time period of William â€Å"Upski† Wimsatt. A poor white boy, growing up in the ghetto of Chicago, he was gifted with the art of graffiti. Graffiti is a form of public art, usually spray painted on walls, lamppost, mail boxes, or any other public surfaces, originally used as a form of marking territories between gangs. As time progressed, it became less of a mark of territory, and more of an art form.When graffiti emerged as an art form in the late 1960s in New York City , it was immediately a contentious topic. (Bowen 22) The connotation with gangs and vandalism have fueled the media to paint it in a negative light, and many graffiti artists, or â€Å"writers† as many of them consider themselves, feel that if they spoke up about it, they would be patronized for their art and passion, especially since so many artists came from the ghetto, so instead, they just continued to quietly graffiti on their own, only signing their pieces with their signature, or what is known in the graffiti world as a â€Å"tag†.Above: William â€Å"Upski† Womsott’s tag (left), A piece by Upski entitled â€Å"Upski† (right) A 20-year-old Wimsatt saw the injustice behind this and set out to â€Å"†¦be a pioneering graffiti writer, to be a hip-hop organizer in Chicago, and the be a hip hop journalist. † (Wimsatt 164) in order to revel in the art of graffiti. He writes â€Å"†¦ let’s celebrate the city. Let’s c elebrate the ghetto and the few people who aren’t running away from it. Let’s stop fucking up the city.Let’s stop fucking up the ghetto. Let’s start defending it and making it work for us. † (Wimsatt 11) On the surface of it all, it seems as if Wimsatt only has a strong personal vendetta against suburbs, but he also supports the art of graffiti in a strong way, being an artist himself. With the publication of his book, he inspired a generation of graffiti artists in the 80s and 90s to not hide their art, but to display it proudly and have pride in it and they city in which they live.Although the act of vandalism is illegal (Wimsatt tells of stories where he had to hide and run from the police, or what he perceived to be the police in his paranoia), Wimsatt encourages the act of graffiti in spaces where it can be seen, writing to a fan and fledgling graffiti artist, â€Å"Choose spots that maximize the good impact of the work, while minimizing its b ad side-effects. Maximize public exposure, surprisingness and daring of a piece, while minimizing its insult, and cost to people of the city.The best targets for piecing are usually abandoned buildings, rooftops, and neighborhood permission walls, especially in unexpected places. Questionable targets include all public or private property that gets buffed and raises the cost of living. † (Wimsatt 57) With this, he deliberately proves that he wants to bring recognition and fame to the beauty of the art of graffiti for the art, and not for any destructive reason. Petit and Wimsatt have both brought fame to themselves, and their arts.They both risked getting arrested by the police to be able to showcase this, to inspire a nation, and to motivate a generation. Through diligence, commitment, and persistence, artists every day, not just Philippe Petit and William â€Å"Upski† Wimsatt, contribute to the life force of the arts, as more and more people become aware of the import ance of the arts, and rally to support it. Petit and Though, yes, the arts are not necessary to live, and not every person needs it to be able to sustain a job or anything of the like, however, if one would just imagine the works without art, it is a bleak world.No paintings, no music, no tv, no fashion, no anything that makes this world one worth living in. Like Stephen Fry said, â€Å"Art is the love and wine of life. It is the extra, without which life is not worth living. † 10 Philippe Petit and William â€Å"Upski† Wimsatt unquestionably believe that. Works Cited * Bowen, Tracey E. â€Å"Graffiti Art: A Contemporary Study of Toronto Artists. †Ã‚  Studies in Art Education  41. 1 (1999): 22-23. Print. *   Fry, Stephen. â€Å"Mountains and Plains. †Ã‚  Stephen Fry in America. Dir. John-Paul Davidson and Michael Waldman.BBC. 02 Nov. 2008. Television. * Man on Wire. Dir. James Marsh. Prod. Simon Chinn. By Igor Martinovic, Michael Nyman, J. Ralph, and Jinx Godfrey. Magnolia Pictures, 2008. DVD. * Simmel, Georg. â€Å"Altruists International – 404 Error Page. †Ã‚  Altruists International – 404 Error Page. N. p. , n. d. Web. 23 Aug. 2012. ;http://www. altruists. org/static/files/The%20Metropolis%20and%20Mental%20Life%20(Georg%20Simmel). htm;. * Wimsatt, William Upski. Bomb the Suburbs. New York, NY: Soft Skull, 2000. Print.

Zoology Essay - 1264 Words

Zoology The study of zoology can be viewed as a series of efforts to analyse and classify animals. Attempts at classification as early as 400 BC are known from documents in the Hippocratic Collection. Aristotle, however, was the first to devise a system of classifying animals that recognized a basic unity of plan among diverse organisms; he arranged groups of animals according to mode of reproduction and habitat. Observing the development of such animals as the dogfish, chick, and octopus, he noted that general structures appear before specialized ones, and he also distinguished between asexual and sexual reproduction. His Historia Animalium contains accurate descriptions of extant animals of†¦show more content†¦Perhaps the most important naturalist of the era was the German scholar St Albertus Magnus, who denied many of the superstitions associated with biology and reintroduced the work of Aristotle. The anatomical studies of Leonardo da Vinci were far in advance of the age. His d issections and comparisons of the structure of humans and other animals led him to important conclusions. He noted, for example, that the arrangement of joints and bones in the leg are similar in both horses and humans, thus grasping the concept of homology (the similarity of corresponding parts in different kinds of animals, suggesting a common grouping). The value of his work in anatomy was not recognized in his time. Instead, the Belgian doctor Andreas Vesalius is considered the father of anatomy; he circulated his writings and established the principles of comparative anatomy. Classification dominated zoology throughout most of the 17th and 18th centuries. The Swedish botanist Carolus Linnaeus developed a system of nomenclature and classification that is still used today—the binomial system of genus and species—and established taxonomy as a discipline. 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