Thursday, January 16, 2020
My best teacher that I have had thus far in my academic teacher would have to be Elias Semaan. Professor Semaan taught the upper level Finance courses here at JMU and his intelligence as well as his passion captured my attention and made me want to absorb the knowledge that he was preaching. I had Professor Semaan my sophomore and junior year and he was great. He taught a difficult course, FIN 360 Analytical Methods in Finance but he made difficult concepts and equations seem easy by going through the logic behind them and why and how we use them. He added in humor to lighten the heavy load of the courses content and keep the class happy. He was also very creative and used his own little real world examples while explaining bigger critical concepts. Professor Semaan did an excellent job of keeping the class active and participating. He was open to the studentÃ¢â¬â¢s opinion and always asked at the beginning of class if anyone was having trouble with anything in the course or had any questions, if they did we would discuss it as a class until everyone was caught up. At first I had difficultly grasping some of the concepts as I had switched my major from Management to Finance, but he sat down with me one on one in his office and walked me through any questions I had with clear cut explanations until I had them down. He used tests as assessments for the class and they were tough but fair. If you paid attention and did all your work, the problems would seem familiar and if you slacked off in class or did not attend it would show through the grade of his tests. He was not an easy teacher by any means and you had to work hard for a good grade but he made you want to succeed and motivated me to reach my full potential more than any other of my teachers had. I liked him so much in FIN 360 that the next year I took his other class, FIN 450 Financial Risk Management. I grew a close relationship with Professor Semaan as we shared stories, went over new and challenging concepts, and he served as a role model for me through my College career. Professor Semaan said I remind him of a younger version of himself and I take that as a great compliment. He is very intelligent, he received his PhD in Finance at George Washington University and has been teaching at a University level for over 10 years now. He is in his early 50s and has had a hard life with many ups and downs but continues to push forward and motivate his students to succeed and reach their highest potential. He is dedicated, ambitious, intelligent, funny, charismatic and strong-minded and I admire him and respect him tremendously as a person and mentor. He has made me want to put in all of my effort and work as hard as I have to until I understand what I am learning. He pushed me in the right direction and offers me priceless career information as to what paths to go into and how to make myself look good to employers. He even gave me his cell number to call him if I have any questions or problems at any time. He has my back and I respect him for all that he has done for me and all that he has accomplished throughout his life. I believe Professor SemaanÃ¢â¬â¢s teaching philosophy is to have his students maximize their learning potential and focus on their strengths to pick a career path where they will ultimately be happy as well as successful. He has done a great job abiding by his philosophy and has helped me through College and the job searching process. He held office hours by schedule and by appointment and was very flexible and would work with you and do whatever he had to ensuring that his students learned. He also pushed his students to succeed through his charisma and charm and worked one on one with students who went out of their way to learn. He was my best teacher and I feel very lucky that him and I were able to cross paths and establish such a great relationship as teacher/student, mentor/role model, and friends.
Wednesday, January 8, 2020
There are many reasons why people decide to continue their education and study at Universities. It may be for enjoyment, for learning a new skill, for networking, or for career advancement, etc. However, for most people, education is an investment for the future, and is considered as a gateway to obtaining higher earnings in the future either via the job market or self-employment. ItÃ¢â¬â¢s commonly believed that the higher the qualification you get, the higher the chance you would get a well-paid job. However, what about for entrepreneurs? People who donÃ¢â¬â¢t want to work in a steady paid job, but who wants to be their own boss. Do entrepreneurs need to study for a University degree? Would, in the course of studying a degree, increase the chance of becoming a successful entrepreneur? Does higher education teach the necessary skills to help people be successful in running a business? Thus, lead to my research topic. I would like to investigate whether successful entre preneurs obtained their necessary skills whilst studying at University. To begin with, how do we define Ã¢â¬Å"a successful entrepreneurÃ¢â¬ ? The Cambridge Dictionary defines successful as Ã¢â¬Å"achieving the results wanted or hope for/ having achieved a lot, become popular, and/ or made a lot of moneyÃ¢â¬ [Cambridge Dictionaries Online, 2014], and the definition of an entrepreneur is Ã¢â¬Å"someone who starts their own business, especially when this involves seeing a new opportunityÃ¢â¬ [Cambridge Dictionaries Online, 2014].Show MoreRelatedHigher Education Case Study: Weston University1497 Words Ã |Ã 6 PagesWeston University Case Summary The new president of Weston University, Dr. Diana Ball, took over in late 1995, succeeding Dr. Harold Powers. Dr. Powers led the prestigious private university for fifteen years from a human resource frame to tailor the organization to individuals (Bolman Deal, 2013, p. 16). Moreover, during Dr. Powers tenure, the reputation of once-leading private university in the Midwest diminished. Dr. Powers reputation as a scholar gained him the presidency; however, hisRead MoreA Research Study On Designing A Holistic Education Program At The University Of Washington1121 Words Ã |Ã 5 Pages firmly rooted by HCI principles, who is able to act as a bridge between the technologists building a product and the people using this technology. I am positive that the MHCI+D program at the University of Washington will guide me towards the next level and help me reach my goal. My undergraduate studies at the Birla Institute of Technology Science (BITS) Ã¢â¬â Pilani, India, has prepared me phenomenally well for the MHCI program. Aside from graduating with first division from the most sought-afterRead MoreÃ¢â¬Å"the Effect of Study Habits on the Academic Performance of Freshmen Education Students in Xavier University, Cagayan de Oro City, School Year 2008-2009Ã¢â¬ Bilang Pagtupad Sa Isa Sa Mga Pangangailangan Ng Asignaturang1792 Words Ã |Ã 8 PagesBilang pagtupad sa isa sa mga pangangailangan ng asignaturang Filipino 2, Pagbasa at Pagsulat tungo sa Pananaliksik, ang panahong Ã¢â¬â papel na ito na pinamagatang Mga Kadahilanan na Nakakaapekto sa Pag-aaral ng Estudyante sa Ikatlo at Ika-apat na Taon sa Unibersidad ng Perpetual Help System - Laguna ng Kolehiyo ng Occupational Therapy sa Ikalawang Semestre ng Taong - Akademiko 2010-2011 ay inihanda at iniharap ng mga mananaliksik mula sa kolehiyo ng Occupational Therapy na sina: Caabay, Ermar A. NaboRead MoreHealth Education Systems in Finland, Norway, and Ethiopia1511 Words Ã |Ã 7 PagesHealth education is any combination of learning experiences designed to help individuals and communities improve their health, by increasing their knowledge or influencing their attitudes (WHO 2013). According to WHO it is important to have skilled health workers which have technical competencies so that they can available to different kind of people. (WHO 2013.) The study of nursing is an education in a profession of health care. Nurses are responsible for giving quality health care for everyoneRead MoreEducation And Its Influence On American Education1254 Words Ã |Ã 6 PagesGraduate Education today shows traces of its European ancestors. The influences range from Greece, Egypt, Italy, Spain, and many others. American education has evolved and manifested throughout the thousands of years of its existence. 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The emphasis here is that in examining the policyRead MoreHigher Education Within The Uk1054 Words Ã |Ã 5 PagesHigher education within the UK has an ongoing predicament of class related inequalities with teenagerÃ¢â¬â¢s expectations of going university. In the 20th Century there has been a drastic transformation within the UK with regards to higher education. Yet Ball et al (2002), suggests that Ã¢â¬Å"expectations of attending higher education is still determined by social classÃ¢â¬ . This study researches how young peopleÃ¢â¬â¢s class an d familyÃ¢â¬â¢s educational background impacts their opportunity of further education. TeenagersRead MoreThe Education System in Saudi Arabi1093 Words Ã |Ã 5 PagesThe education system in Saudi Arabia Education in Saudi Arabia is segregated by sex and divided into three separately administered systems: general education for boys, education for girls and traditional Islamic education (for boys). The Ministry of Education, established in 1952, presides over general education for boys, and education for girls comes under the jurisdiction of the General Presidency for Girls Education. Both sexes follow the same curriculum and take the same annual examinationsRead MoreWhat Are the Main Factors to Influence Overseas Students to Choose Higher Education in the Uk?1206 Words Ã |Ã 5 PagesWhat are the main factors to influence overseas students to choose higher education in the UK? Significance of the study As the number of overseas student in the UKÃ¢â¬â¢s higher education sector has expended substantially during the last 15 years. The research intends to investigate factors determining overseas studentÃ¢â¬â¢s decision to apply for a UK university. Understanding these demands and determinants will enable both university policymakers and government to evaluate the potential for expansion overseasRead MoreThe Career Future Of The Hong Kong1495 Words Ã |Ã 6 PagesMainland Talents in Hong Kong Introduction After 1997, the relationship of Hong Kong and Mainland China is closer than before. Education freedom make Hong Kong be one of the links, which let the Mainland China communicate with the world (Tong, 2014). From 1998 to 2013, the number of mainland students who study in Hong Kong increases of ten times (Hong Kong Chinese University, 2014). After graduated, some mainland students want to find a good job in Hong Kong. However, they face the rat race with job
Tuesday, December 31, 2019
The government of the U.S. has been on constant change. Since the independence of the United States till present, a lot has changed .The United States Central and the states government has undergone a lot of transition to the current date where their relationship as well was not left unaffected. The United States constitution provides for a link between the congress and the state government. Articles of confederation The articles of confederation are thirteen and they served as the initial constitution of the independent U.S. They stipulated how the central government was to operate and relate with the states. The provisions of the Articles These articles created an integration of and a perpetual union of the independent states thus limiting the powers of the National government. In the central government was the House of congress in which each of the states had a one vote. The articles in addition empowered the congress to borrow coin or even appropriate funds besides being able to declare war and order, sign alliances and treaties with other nations. The congress also had power upon budgeting the costs of the government to request the states to make donations so as to meet the government budgets. As such the government was financed by the States of which the donations were not equal in all statesÃ (Barbara). The articles did not provide for autonomous executive arm of the government as well it did not allow any veto on law making. The judiciary was respected by all the states. A constitutional amendment to the articles was supposed to be approved by all the states. Virginia and New Jersey plans The Virginia plan had a proposal of a central government that could not only legislate the laws but also enforce them. The central government was also empowered to levy taxes. According to these plans, America would have two governments:Ã the central and the state governments. This is what is referred to as a federal government is. Besides dealing with representation in the Parliament, it also addresses other issues. It specified that, the central government should be divided into three arms. That is, Parliament, Executive and the judiciary. The Virginia plans are said to have favored the populated states as both the two houses were to have proportional legislation. Smaller states were scared over these plans and they claimed that these plans were not democratic as they suppressed themÃ (John). Eventually after the hot debate was over, the smaller statesÃ Ã came up with their own plans the New Jersey plans. It is also referred to as Paterson Plan This plans provided for a l egislature with one house and also equal representation. This plan was seen as a part of the articles of confederation. Federalist papers They were printed in 1787 to request voters in New York to ratify the proposed draft constitution. The series of 85 essays which are a major source in interpreting the constitution of U.S. These papers give an outline of a lucid version of the motivation of the system of government that was proposed. The federalists sought to persuade the vote in support of ratification. United States Constitution This is the supreme law of the U.S.A. It stipulates the organization of the government of the United States and it also provide for the relationship that exists between the central government and its states, and the people of the United StatesÃ (Barbara). It creates three arms of the U.S government. This includes the Parliament, The executive and the Judiciary. Besides, it creates the duties and powers of each and every arm of the government. It also reserves the powers of the states. The constitution of America creates a government that is federal. This means that power is shared between the central or National government and the local governments (states). Despite the fact that each of the state has its own constitution, no section of these constitutions should contravene the U.S constitution. For instance, a state constitution has no power to deny the accused the right to trial. This is assured in the United States constitutional amendment no.6. Some of the powers that are provided for by the constitution for the central government include: Declaration of war and order, minting money, signing treaties with other powers, legislating statutes that are vital for enforcing the constitution. On the other hand the powers that are reserved for theÃ state governments include conducting elections, establishingÃ local governments, ratifying the amendment that are proposed,Ã establishing local governments, the provision of safety and public health besides other p owers that are shared by both the national and local government. They include: collecting taxes, borrowing money, making laws, general developments of infrastructure, setting up courts among othersÃ (Gregory). There has been a conflict of power allocation between the two types of government in U.S. In a convention in 1917 delegates observed that, the constitution lacked a clear explanation of the locus of independence. This left people to deduce that, the constitution created two centers of power. However the central government is more powerful than the local governments. A powerful and consolidated central government will run a roughshod in the States. In the old days, rights in the States were protected. An early debate was concerned whether the states were falling in the jurisdiction of the federal government and the Supreme CourtÃ¢â¬â¢. The case CHISHOLM V. GEORGIA, the court ruled that, the state was subject to the judicial review. This saw the push for the eleventh am amendmentÃ (U.S. Congress). Two federalists, James Madison and T. Jefferson, made the proposal that, the VIRGINIA AND KENTUCKY RESOLVES to make the role of states in maintaining checks and balances in the powers of the central government clear. This led to the passage of ALIEN ENEMIES AND SEDITION ACTS in 1798. This limited number of liberties. Works Cited Barbara, A. American Government and politics today. New York: Cengage Learning, 2008. Gregory, C. Litigation with the federal government. New York: Ali-Aba, 2006. John, j. Handbook of State government adminstartion. New jersey: Marcel Dekker, 2000. U.S. Congress. Congressional record. New York: Government Printing office, 2005.
Sunday, December 22, 2019
1.1Different organisational structures and culture Every business needs to organise its activities and a defined structure enables them do it well. For example, every area of the business knows what they are supposed to do and when to do it. In addition, they know who to report to with the aid of a good structure. On the other hand, organisational culture is something that is not tangible but can be observed in the way people do the things they do and in the way they treat one another and their customers. There are many different types of structures any organisation can operate with depending on what their purpose is but, for this study, the following types of organisational structures will be discussed: the flat structure, the tallÃ¢â¬ ¦show more contentÃ¢â¬ ¦It is frequently used by public sector organisations. Organisational culture Organisational culture can be defined as a collection of beliefs and norms shared by individuals and groups in an organisation. It is those norms that control the way they do things and the way they relate with themselves and with their customers. The culture of an organisation can be perceived and felt but, may not be easily explained. Culture is developed and transferred in conscious ways and unconscious ways from one generation to another. There are different types of culture: the power culture, role culture, task culture, the person centred culture and many other types of culture. The power culture The power culture is a centralised type of culture where control is from the top. Decisions are made from the top without participation from the workers. It is mostly used by small businesses. This kind of culture may lead the workers to believe that they are not important and can cause workers to keep leaving for other organisations. The person /welfare culture This kind of culture is mostly seen in non profit organisations and in social activities groups. The task culture This is the kind of culture that is based on the working together, to finish tasks. This kind of culture can increase motivation because it is usually for a specific period of time. For example in projects where workers from different departments in the organisation can be brought together to work and when
Saturday, December 14, 2019
Culture refers to the way of life that is defined by the behaviour, knowledge, and beliefs throughout the lives of people. It includes the way we think, our behaviour, and life which are shaped by the political, economic, and historical conditions prevailing in a particular geographical region. . We will write a custom essay sample on Multinational organizations or any similar topic only for you Order Now A case study of Intel Corporation Expansion into China Intel Corporation is an establishment of the United States of America. It has a subsidiary in China. The set up of the plant in China wasnÃ¢â¬â¢t without challenges. Part of the problem included the Chinese educational system which wasnÃ¢â¬â¢t up to par with the American university system, the home of parent company. Therefore, students hired by Intel in China lacked the high level expertise required. Language barriers were another challenge since people of China speak Chinese language and their form writing is different from that in America. Other cultural barriers included social inequalities and jealous, gender insensitivities, style of dress, mode of communication, national pride, religious belief and local customs. Traditionally, filial piety and families are priorities. Thus outside organizations have great difficulty cultivating loyalty. Chinese are known to undermine others of lower class. To synchronise the level of expertise between the American employees and the Chinese employees, Intel Corporation sent the Chinese employees to America for further training. It also developed a policy that encouraged constructive confrontation, where employees would criticize their colleaguesÃ¢â¬â¢ and managersÃ¢â¬â¢ ideas. The purpose of the policy was to allow constructive resolution rather than employees undermining each other during disagreements. Thus, employees had to prepare sufficient data to oppose a given decision before a scheduled date of implementation. Since confrontation alone cannot resolve all matters, a supplementing mechanism was put in place to implementing decisions in case disagreement persisted. Intel also promotes one-on-one consultations between managers and employees, where employees air their views to their seniors confidentially. These practices go well with the Chinese culture since Chinese by and large are more comfortable opening up on a one-on-one basis. Apart from encouraging employees to contribute ideas, Intel also allows them to error without fear of penalty. Why people may not appreciate the cultural point of view of others Attitude plays an important role in appreciating diverse cultural orientation. The mindset of people may cause one to disregard others peopleÃ¢â¬â¢s cultural standings. Lack of education, may lead to the perception that others cultures are inferior due to their norms, beliefs and values. Moreover characters in a person can contribute to rigidity in accepting contribution of people from societies with a different cultural setting. Past engagement may evoke feelings of rejection especially if the relation was unhealthy. Effect of appreciating cultural diversity on ability of people to communicate effectively in an international organization Cultural diversity is the multiplicity of cultures or human societies in a certain region. Appreciating cultural diversity is vital in an organization. The cultural limitations of employees are addresses. For instance, difference in education systems means the level of expertise is different. Through training programs, effective communication may be achieved. This would in return enhance human relation among employees and between management and employees. By recognizing the cultural variation, employees respect each others values and beliefs. Recommendation on steps to take and suggestion of appropriate policies that would ensure successful expansion of Sealwrap into Asia and Europe Introduction Culture refers to the way of life that is influenced by the behaviour, knowledge, and beliefs throughout the lives of people. Multiplicity of cultures in a certain region or organization is referred to as cultural diversity. Multinational organizations have experienced cultural challenges while expanding their business to regions that differ culturally from the country of origin. The cultural challenges include different education system of the beneficiary country. The system of education may fail to produce experts to much the job specifications. However foreign government often give incentives to multinational organization that hire local expertise. Moreover, an organization is by far acceptable if it involve local employees. Organizations often find it challenging to penetrate and operate in a foreign market due to language barrier. The difference between the organizationÃ¢â¬â¢s official language and that of the country in which it is operating may require translators. Elsewhere, employees and managers may have to be trained. Other cultural barriers may included social inequalities and jealous, gender insensitivities, style of dress, mode of communication, national pride, religious belief and local customs. Organizations setting up their business across borders should appreciate cultural diversity both at the management and subordinate levels. Realizing and understanding cultures differences enhances human relation in an organization. The differences are addressed through an effective communication system. Managers understand their employees and apply the best strategy to resolve employeesÃ¢â¬â¢ issues. As a suggestion, Sealwrap should consider involving more personnel of Asian and European when expanding their business in Asia and Europe respectively. It is advisable to involve these personnel at both the management levels and the subordinate levels. However, they must be trained accordingly. Elsewhere, in setting up the multinational in Asia, it is important to be flexible. The organization should consider allowing cultural norms that contribute positively to the organization to prevail. However these should be supplemented with professional management strategies. Suggested policies It would be important for Sealwrap executives, especially the human resources executives, to take on policies that curtail negative elements of the Asian and European culture while maintaining the positive ones. This would help in progression of the corporate culture in the Asians and European business operations. The policies should neither allow the corporate culture in the parent company to be adopted in the subsidiary nor should the Asian culture dominate in the operation of Sealwrap. A policy to maintain a higher percentage of the local employees would improve the outlook of Sealwrap as a local company. Employees should be encouraged to contribute ideas through a policy that reward them. Besides boost the employeeÃ¢â¬â¢s morale, the company would improve its outlook. The company could promote its business through a policy on corporate social responsibility. In conclusion, one important thing that Sealwrap could do is to set up a fair, open, and caring human resource system that would cater for the Asian and European cultures in their business at Asia and Europe. References: Almond, P. and Ferner, A. (2006): American Multinationals in Europe: Managing Employment Relations across National Borders, 1st edition, Oxford University Press Shapiro, D. L. and Von, M. A. (2005): Managing Multinational Teams: Global Perspectives (Advances in International Management), Vol 18, Jai Press How to cite Multinational organizations, Papers
Friday, December 6, 2019
Asia is the worldÃ¢â¬â¢s largest and most populous continent. Interestingly the countries which fall under Asia vary in size, environment, historical ties and governance systems. Thus the wealth of these countries differs quite drastically. For example in terms of Gross Domestic Product, GDP (the market value of all the goods and services produced by labour and property located in a countryÃ¢â¬ (About. com 2009)), Japan has the largest economy on the continent. In fact measured in terms of GDP Japan has the second largest economy in the world (Wikipedia 2009). Yet this is a far cry from other Asian countries such as Pakistan and Bangladesh, where the annual turnover of some large Multinationals exceeds the national GDP. Unfortunately despite the fact that Asia accounts for roughly 60% of the worlds population (wikipedia 2009), it has been overshadowed (in economic terms) by the shear might and power of the western economies, namely America. However in a bizarre twist of fate, sparked by the now infamous credit crunch, which has had a devastating effect on the once robust economies of the West, many are now asking the question, can Asians replace Americans as a driver of global growth? (Economist June 2009). We will write a custom essay sample on Consumer Spending in Asia or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These Asian countries or economies are often referred to as the Ã¢â¬ËEmerging MarketsÃ¢â¬â¢. This definition is often widely used and loosely defined. The term Ã¢â¬ËEmerging MarketsÃ¢â¬â¢ was first coined by by Antoine W. Van Agtmael of the IFC (International Finance Corporation) of the World Bank in 1981 (Heakal 2009). It is used to describe fast growing economies, which have embarked on economic development and reform programs (Heakal 2009). Thus they are considered to be transitional economies, as they are moving from a closed economy to an open economy, whilst importantly building accountability within the system (Heakal 2009). China and India are examples of two prominent Ã¢â¬ËEmerging MarketÃ¢â¬â¢ Countries. Gone are the days these economies were ignored. The growing economic strength of these countries, one could go as far as to say may be seen as a threat to current international business. China and India use their generating wealth to actively compete with the West (Ashburton, 2006). For example, the take-over of Corus Steel by the Indian company, Tata made it the largest Indian take-over of a foreign company and the worldÃ¢â¬â¢s fifth largest steel firm (BBC News, 2006). Another example is of the Indian company Taj Hotels positioning itself as a global player as succeeding Four Seasons Hotels in operating as a New York City landmark. As many multinationals face domestic market saturation (Fenwick, 2001) they could undoubtedly benefit from accessing these huge markets. The purchasing power of China is greater than that of any other country in Asia, and the second largest in the world (Wikipedia 2009). However the economies of these Ã¢â¬ËEmerging MarketÃ¢â¬â¢ countries vary considerably from the west in terms of culture and it has been argued that unlike countries in the West, individuals have a tendency to save rather than spend, thus have large current account surpluses. However the statistics tell a rather different story. Ã¢â¬ËIn China, India and Indonesia spending has increased by annual rates of more than 5% during the global downturn. ChinaÃ¢â¬â¢s retail sales have soared by 15% over the past yearÃ¢â¬â¢ (Economist 2009) . These are phenomenal numbers. This includes government spending thus does overstate the numbers, however according to official household surveys, the percentage increase is in fact more in the region of 9%. This is highly impressive in comparison to the downturn in the west. Sales of cars have increased by a staggering 47%, clothes 22% and sales of electronics have increased by 12%. Ironically while car sales were up in Asia, the American taxpayers had to bail out the once massive Ford. However its not good news across all of Asia, spending has suffered as a result of increased levels of unemployment and lower wages in countries such as Hong Kong, South Korea, and Singapore. In these countries real consumer spending was 4-5%. Yet there are positive signs in countries such as Taiwan, where retail spending rose in May for the third consecutive month, that spending is beginning to increase. The fact remains, relative to American consumer spending, Asian consumer spending has soared (Economist 2009). However despite the strong growth and purchasing power of China, the fact remains that in dollar terms ChinaÃ¢â¬â¢s population spend 1/6th of that in America. This explains in part why the Chinese Government have taken such bold steps to boost consumption. For example they have made it easier to borrow, as well as issuing a number of subsidies for villagers, enabling them to buy vehicles and electronic goods such as TVÃ¢â¬â¢s, computers and mobile phones. This is a Government who wants its people to dig deep into their wallets and spend. Furthermore there are sufficient grounds for a positive outlook for the future. As incomes rise, this will no doubt have a positive effect on future sales. At the moment, only 30% of rural households own a refrigerator (compared with urban households). If the hopes of the governments in Asia are to be met, and consumer spending is to continue to soar, the answer lies in financing. The developed countries have a household debt to GDP ratio of around 100%, this is significantly higher than that of most Asian economies whose household debt is less than 50% of GDP. In particular in China and India, this is even lower at 15%. Interestingly the one exception to this is South Korea, where households have as much debt relative to their income as Americans. It seems the Chinese Government have plans in progress to tackle this. As in May this year the Chinese Bank, began planning legislation which will allow foreign institutions to set up consumer-finance firms, which will allow loans for consumer-goods purchases. However perhaps the biggest question is whether these governments will allow their exchange rates to rise, to allow the shift of balance between growth from exports to domestic spending. The rise in exchange rate would increase consumerÃ¢â¬â¢s real purchasing power and arguably more importantly give companies a reason to start producing goods for the domestic market. Unfortunately these governments have been reluctant to allow currencies rise too fast. Asian spending is without a doubt an important part of global growth. Surprisingly prior to the financial crisis which has hit the west, Emerging AsiaÃ¢â¬â¢s consumer spending contributed slightly more (in absolute dollar terms) to the growth in global demand than did AmericaÃ¢â¬â¢s (Economist 2009). For a long time Globalisation and free markets, have been blamed for widening the gap between the rich and the poor. It has been argued markets create the Ã¢â¬ËProgressive exclusion of the poorÃ¢â¬â¢ (Patnaik 2003 p. 62). Indeed there has been much research which has reached the conclusion capitalisation has been Ã¢â¬Ëdominated by uneven development, in which divergence is the rule and convergence the exceptionÃ¢â¬â¢ (Weeks 2001 p. 28). Perhaps, and it is a big stretch at the moment, the latest developments indicate a shift to the once overlooked. However this pessimist cant help but feel, that these Emerging Market economies are far away from truly enjoying the fruits of their labour, and perhaps even much worse, they have only been given a taster, to something which will avail them until their governments wake up to the fact that rather than subsidising western consumers through undervalued currencies, they need to revalue the currencies.
Friday, November 29, 2019
Andrew Jacksons Big Block of Cheese Popular legend contends that Andrew Jackson received a big block of cheese at the White House in 1837 and served it to guests at an open house. The incident achieved allegorical status during the run of the television drama Ã¢â¬Å"The West WingÃ¢â¬ and in 2014 it even inspired a dayÃ devoted to social media outreach from the Obama Administration. In reality, two early presidents, Jackson and Thomas Jefferson, received gifts of enormous blocks of cheese. Both gigantic cheeses were intended to convey a symbolic message, though one was essentially celebratory while the other reflected some political and religious squabbling in early America. Andrew JacksonÃ¢â¬â¢s Big Block of Cheese The better-known enormous White House cheese was presented to President Andrew Jackson on New YearÃ¢â¬â¢s Day 1836. It had been created by a prosperous dairy farmer from New York State, Col. Thomas Meacham. Meacham was not even a political ally of Jackson, and actually considered himself a supporter of Henry Clay, JacksonÃ¢â¬â¢s perennial Whig opponent. The gift was really motivated by local pride in what was becoming widely known as the Empire State. In the late 1830s New York was prospering. The Erie Canal had been open for a decade, and commerce energized by the canal had made New York an economic powerhouse. Meacham believed making a mammoth cheese for the president would celebrate the regionÃ¢â¬â¢s spectacular success as a center of farming and industry. Before sending it to Jackson, Meacham exhibited the cheese in Utica, New York, and stories of it began to circulate. The New Hampshire Sentinel, on December 10, 1835, reprinted a story from a Utica newspaper, the Standard and Democrat: Ã¢â¬ Mammoth Cheese - Mr. T.S. Meacham exhibited in this city on Tuesday and Wednesday of this week a cheese weighing 1,400 pounds made from the milk of 150 cows for four days at his dairy in Sandy Creek, Oswego County. It bore the following inscription: Ã¢â¬ËTo Andrew Jackson, President of the United States.Ã¢â¬â¢ Ã¢â¬ He also exhibited a National Belt, got up with much taste, presenting a fine bust of the President, surrounded by a chain of twenty-four States united and linked together. This belt is intended for a wrapper to the mammoth cheese when presented to the President.Ã¢â¬ Newspapers reported that Meacham had also made five other cheeses, each about half the size of the presidential cheese. They were intended for Martin Van Buren, a New Yorker who was serving as vice president; William Marcy, the governor of New York; Daniel Webster, the famous orator and politician; the U.S. Congress; and the legislature of the State of New York. Meacham, the intent of generation good publicity for his project, transported the enormous cheeses with great showmanship. In some towns, the enormous cheeses were paraded on a wagon decorated with flags. In New York City the cheeses were displayed to curious crowds at the Masonic Hall. Daniel Webster, while passing through the city, cheerfully accepted his great cheese from Meacham. The cheese for Jackson was shipped to Washington on a schooner, and the president accepted it at the White House. Jackson issued a letter of profuse thanks to Meacham on January 1, 1836. The letter said, in part: I beg you, sir, to assure those who have united with you in the preparation of these presents, in honor of the Congress of the United States and myself, that they are truly gratifying as an evidence of the prosperity of our hardy yeomanry in the State of New York, who are engaged in the labor of the dairy. Jackson Served the Big Block of Cheese The enormous cheese aged in the White House for a year, perhaps because no one really knew what to do with it. As JacksonÃ¢â¬â¢s time in office was coming close to its end, in early 1837, a reception was scheduled. A Washington newspaper, The Globe, announced the plan for the colossal cheese: The New York present is nearly four feet in diameter, two feet thick, and weighs fourteen hundred pounds. It was transported through the State of New York with a great parade, to the place where it was shipped. It reached Washington accompanied with a splendidly painted emblematic envelope. We understand the President designs to offer this great cheese, which is finely flavored and in fine preservation, to his fellow citizens who visit him on Wednesday next. The New York present will be served up in the hall of the Presidents mansion. The reception was held on WashingtonÃ¢â¬â¢s birthday, which was always a day of celebration in early 19th century America. The gathering, according to an article in the FarmerÃ¢â¬â¢s Cabinet of March 3, 1837, was Ã¢â¬Å"crowded to excess.Ã¢â¬ Jackson, reaching the end of eight controversial years as president, was described as Ã¢â¬Å"looking extremely feeble.Ã¢â¬ The cheese, however, was a hit. It was very popular with the crowd, though some reports said it had a shockingly strong odor. When the cheese was served there arose an exceedingly strong smell, so strong as to overpower a number of dandies and lackadaisical ladies, said an article which appeared on March 4, 1837, in the Portsmouth Journal of Politics and Literature, a New Hampshire newspaper. Jackson had waged the Bank War, and the pejorative term Treasury Rats, referring to his enemies, had come into use. And the Journal of Politics and Literature couldnt resist a joke: We cannot say whether the smell of Gen. Jacksons cheese denotes that he goes out in ill odor with the people; or whether the cheese is to be considered as a bait for the Treasury Rats, who are to be attracted by its scent to burrow in the White House. A postscript to the story is that Jackson left office two weeks later, and the new occupant of the White House, Martin Van Buren, banned the serving of food at White House receptions. Crumbs from Jacksons mammoth cheese had fallen into the carpets and been trampled by the crowd. Van Burens time in the White House would be plagued by many problems, and it got off to a horrible start as the mansion smelled of cheese for months. JeffersonÃ¢â¬â¢s Controversial Cheese The earlier great cheese had been given to Thomas Jefferson on New YearÃ¢â¬â¢s Day 1802 and was actually at the center of some controversy. What prompted the gift of the mammoth cheese was that Jefferson, during the political campaign of 1800, had been harshly criticized for his religious views. Jefferson contended that politics and religion should remain separate, and in some quarters that was considered a radical stance. Members of a Baptist congregation in Cheshire, Massachusetts, who had previously felt marginalized as religious outsiders, were happy to align themselves with Jefferson. After Jefferson was elected president, a local minister, Elder John Leland, organized his followers to make a remarkable gift for him. An article in the New York Aurora newspaper on August 15, 1801, reported on the making of the cheese. Leland and his congregation had obtained a cheese vat six feet in diameter, and used the milk of 900 cows.When our informant left Cheshire, the cheese had not been turned, said the Aurora. But would be in a few days, as the machinery for that purpose was nearly completed. Curiosity about the enormous cheese spread. Newspapers reported that on December 5, 1801, the cheese had reached Kinderhook, New York. It had been paraded into town on a wagon. It was eventually loaded onto a ship which would carry it to Washington. Jefferson received the great cheese on January 1, 1802, and it was served to guests in the unfinished East Room of the mansion. It is believed that the arrival of the cheese, and the meaning of the gift, may have prompted Jefferson to write a letter to the Danbury Baptist association in Connecticut. JeffersonÃ¢â¬â¢s letter, dated the day he received the cheese from the Massachusetts Baptists, has become known as the Ã¢â¬Å"Wall of Separation Letter.Ã¢â¬ In it, Jefferson wrote: Believing with you that religion is a matter which lies solely between man his god, that he owes account to none other for his faith or his worship, that the legitimate powers of government reach actions only, and not opinions, I contemplate with sovereign reverence that act of the whole American people which declared that their legislature should make no law respecting an establishment of religion, or prohibiting the free exercise thereof, thus building a wall of separation between church and state. As might be expected, Jefferson was criticized by his very vocal opponents. And, of course, the mammoth cheese was drawn into the mockery. The New York Post published a poem making fun of the cheese and the man who cheerfully accepted it. Other papers joined in the mockery. The Baptists who had delivered the cheese, however, had presented Jefferson with a letter explaining their intent. Some newspapers printed their letter, which included the lines: The cheese was not made by his Lordship, for his sacred Majesty; not with a view to gain dignified titles or lucrative offices; but by the personal labor of free-born farmers (without a single slave to assist) for an elective President of a free people.