Islamic Political Economy in National Development

GMGF5324 POLITICAL ECONOMY ASSIGNMENT: ISLAMIC POLITICAL ECONOMY IN NATIONAL DEVELOPMENT PREPARED FOR: DR. KAMARUDDIN ABDULSOMAD PREPARED BY: FATIN HANANI BINTI TARMIDZI 1. WHAT KIND OF NATIONAL DEVELOPMENT HE WAS MENTION? 2. WHAT APPROACH HE DISCUSS IN HIS TALK? 3. YOU COMMENTS? â€Å"The Economic Philosophy of National Development† is the title of what has been introduced by Lt. Kol. Prof. Dr. Abdul Razak Chin. He had clarified a great deal of splendid thoughts on political, national turn of events, mercantilism, Islamic idea and furthermore Islamic political financial so as to build up the nation.First of all, what is monetary way of thinking that significant so as to accomplishing the national turn of events? What is theory that he had clarified in his discussion and what sort of reasoning that had be the principle key these days? As indicated by Lt. Kol. Prof. Dr. Abdul Razak Chin, theory by and large is reasoning is that part of information which identifies with the idea of eternality. Other than that, with reasoning that we had use, we will attempt to discover reality and make progress. Al-Farabi (339H-950M) had clarified that way of thinking with regards to the adoration for insight or knowledge, and furthermore become line to each part of science.In expansion, al-Farabi additionally alludes astuteness as makrifullah †an approach to know God. In light of my understanding, theory is a reflexive inquiry in the triple sense: it is about way of thinking, it is raised by logicians themselves and, to wrap things up, it speaks to an old and troublesome philosophical issue. This numerous reflexivity is the motivation behind why attempting to discover what reasoning is unavoidably becomes a method of managing theory as well as really the method of doing reasoning. When we begin talking about way of thinking we can't scape its scholarly grasp. At that point, he likewise specifies in his discussion that the human needs are no constraint. Human will pic k up and gain everything that they need as long as they can accomplish their main goal, target and so forth. Besides, he had clarified about national improvement that had been a primary concern in his discussion. National advancement alludes to the procedure of national turn of events and to lead a supportable degree of fixes and improvement. National improvement is additionally exceptionally worried about the monetary advancement alludes to the list per capita.If the record of per capita pay at consistent rate outperformed the national populace development rate, which means spot of consistent financial development and the outcome is the advancement of the nation. In his discussion, he has center around Islamic political economy in national turn of events. He has clarified about the element of Islamic turn of events. So as to accomplish national advancement in term of Islam, we have to concentrate on the three primary concerns. There are dharuriyyat (fundamental products), hajiyyat (agreeable), and kamaliat/tahsiniyyat (extravagance needs). These three central matters should base on syarie or Islamic law.Based on my understanding, we have to adjust and rises to building up the country dependent on Islamic law and furthermore consider the resident needs and intrigue. As a pioneer and elites itself, the government assistance of the resident significant incorporates the economis, public activity, medicinal services, training and so on. Without the resident particularly white collar class and laborers who are the specialists of society and administering the establishment or nation, it might influence the nation and the financial. It implies without them particularly the residents itself; government can't move and execute their policy.It likewise may influence the national turn of events. Consequently, I can perceive how relate the idea of Islamic with national turn of events. Without the connection or blend of national improvement in Islamic idea, there are numero us issues that nation to comprehend. As per Lt. Kol. Prof. Dr. Abdul Razak Chin, explicitly, a comprehension of the economy is fitting accentuation to the issue of how individuals use assets and components of creation to accomplish prosperity (government assistance) life (falah) in this world and the hereafter.Thus, there are seven center zones of the economy to supplement the government assistance of people, networks and countries. * Economic movement dependent on sincere goals and purposes. * Reasonableness compulsory on Kifayah. * Business world without bargaining herafter. * Avoid illicit exchanges (haram) and syubhah. To wrap things up, mercantilism is monetary patriotism to construct a well off and ground-breaking state. Adam Smith begat the term â€Å"mercantile system† to portray the arrangement of political economy that tried to enhance the nation by controlling imports and empowering exports.The objective of these approaches was, as far as anyone knows, to accomplis h a â€Å"favorable† parity of exchange that would carry gold and silver into the nation and furthermore to keep up household work. As opposed to the farming arrangement of the physiocrats or the free enterprise of the nineteenth and mid twentieth hundreds of years, the commercial framework served the interests of shippers and makers, for example, the British East India Company, whose exercises were ensured or empowered by the state.The fundamental suggestion of Mercantilism is that the state should expect to expand it's riches through single direction exchange with different nations, augmenting fares and downplaying imports. The creating nations are paying off debtors due to letalknding approaches with intrigue that they can't take care of, the formed nations send out products into these nations while making it difficult for the creating nations to trade their own merchandise consequently. The more extravagant are getting more extravagant and the less fortunate are getting l ess fortunate. This is what's going on now.This is mercantilism. My Comments In my supposition, Lt. Kol. Prof. Dr. Abdul Razak Chin has clarify insights concerning the Islamic discernments on national turn of events. He has clarify base on Islamic idea that incorporates world and in the future (akhirah). He likewise has depicted the Islamic idea and hypothesis dependent on a couple of Islamic masterminds thought. For example, the supportability in the nation ought to follow the Islamic ideas. Residents have their own privileges and opportunity, and they additionally the individuals that expansion the national monetary and development.Hopefully, I can join this Inaugural Professional Talk again next time. An extremely splendid and proficient talk by an informed level like Prof. what's more, Dr introduced during that time and all the postgraduate up-and-comers need to go to pick up information and experience. Much obliged to you to Dr Kamaruddin in light of the fact that allow me to g o to that discussion a week ago. Ideally, I will snatch the chance and keep it as my extraordinary second go to the discussion with exceptionally unique conditions and condition. Being around teacher makes me to be an instructor or government workers in future!

The Role of Culture in Gospel Communication

Presentation Culture helps in characterizing an individual’s personality. It shapes every human idea. Various discussions have endeavored to investigate the effects of culture on an individual’s formative features.1 Culture triggers the sign of character that gives the people their introduction and orientation.Advertising We will compose a custom research paper test on The Role of Culture in Gospel Communication explicitly for you for just $16.05 $11/page Learn More This speculation holds that if a similar individual is raised under an alternate situation, he/she may at last show an alternate personality altogether.â In entirety, various societies indicate decent variety, which is a rousing operator in all learning ideas including yet not constrained to gospel correspondence. Assorted variety fuses various highlights among people including ethnicity, financial, language, and sex, direction, just as those with unique needs, and the gifted.2 With expanded globalization, the congregation condition should be receptive to decent variety for differed gatherings to communicate and put forth a valiant effort. Decent variety welcomes on board various people with qualities and shortcomings that coordinate to give balance of normalized execution. Strict pioneers have an obligation to make assorted variety work for them just as for the individuals from their chapels. In addition, with decent variety, the supporters can reclaim their shortcomings and release their possibilities to affect on their correspondence limit. Culture as the premise of assorted variety in the congregation Diversity is the premise of improved learning. The establishment of the congregation comes from individuals of assorted foundations. Varying directions are one of a kind components that the congregation can display to use people to offer their excellent abilities.3 Gospel correspondence looks to connect with human potential to release their absolute best. Successful clerical structu re typifies the standards of culture. Obviously, a component of correspondence, for example, shared comprehension and association among individuals of various foundations is necessary.4 Diversity invigorates humankind. It opens up the congregation to investigate the gospel as various people concoct different encounters. Moves in the segment patterns suggest that the houses of worship should hold on for much heterogeneous gatherings to guarantee everybody participate in the commitment of the gospel. It is no uncertainty that foundations with progressively assorted groupings are impressive focuses that ensure more prominent gospel correspondence. Culture speaks to human exercises and extraordinary structure plans that represent the significance of a particular strategy, conduct, or direction. Despite the fact that culture is immaterial, it directs unmistakable things, for example, food, design, dress, and different types of workmanship, which regularly structure the objectives, missio ns, and targets of organizations.Advertising Looking for explore paper on religion religious philosophy? How about we check whether we can support you! Get your first paper with 15% OFF Learn More generally, culture speaks to the mind boggling marvels that manages learned human practices, qualities, and aptitude designs. Basically, culture has a more prominent effect in the exhibition of the congregation to convey the gospel. Culture as a motivation for more noteworthy execution Cultural direction in the houses of worship is a motivator for execution since it ensures an increasingly broad gospel correspondence and improved student base. As places of worship become increasingly different, students too become progressively powerful, particularly in speaking with various student subgroups and fluctuated instructive facilitators.5 fundamentally, this gives a bit of leeway to the congregation over its strict bodies that are not assorted. As there is a well known supposition that assorted schools yield amazing outcomes, examine approves that heterogeneous strict groupings typically offer a wide range of thoughts with key arrangements that target illuminating different worries that besets gospel communication.6 Notably, Diversity exists at whatever point various gatherings bring their various foundations and encounters together. Overseeing social decent variety in the places of worship involves benefiting from the different assets accessible just as the assorted social encounters for improved gospel correspondence. Working with social contrasts in the congregation indicates managing assorted groupings. Utilizing the information on assorted variety to deliver execution For the congregation to utilize the information on social decent variety to create better outcomes, Coleman opines that three significant variables are held. All-round various students and training facilitators must have fluctuated capacities, abilities sets, qualities, and shortcomings to make them div erse.7 Whenever various individuals meet up, they gain copiously both from the complementarities and the analysis from different individuals who hold disparate suppositions as opposed to theirs. Instruction is tied in with learning and encountering something new, thus individuals with various social directions deliver another method of speeding up gospel correspondence. With more noteworthy social direction to numerous goals that originate from social assorted variety, people will consistently need to consummate on all that they do, henceforth improving execution. Decent variety, as per Coleman, accompanies dissimilarities that portray people, and to beat such dissimilarities, people need to change in accordance with arrive at a balance that sets the exhibition structure.8 As various gatherings coordinate, they figure out how to grasp one another.Advertising We will compose a custom research paper test on The Role of Culture in Gospel Communication explicitly for you for just $16.05 $11/page Learn More simultaneously, they pad their dissimilarities to arrive at an agreement. The congregation seeks after various societies to make people supplement each other to make them the goals of the gospel itself. Social direction means globalization of gospel correspondence With the expanded globalization of the congregation, just as the consistently stretching out need to work viably with socially various gatherings, houses of worship are confronting new yet normal difficulties in satisfying the needs of gospel communication.9 The difficulties that perplex gospel tutelage incorporate yet not constrained to correspondence issues, managing negative ethnicity, dynamic, reactions and differences just as the issue of deciphering the regularly changing church condition. Numerous authorships mean the advantages of reserving information reservedly for venturing up the fundamental procedures for routinely intelligent social association that manage intercultural correspondence and hierarchical conduct. Defenders of a globalized church utilize solid models fit for enlightening the basic mental ideal models that have a vital impact in powerful intercultural associations inside and across different social orientations.10 Diverse groups face individual and aggregate differences that pull for institutional accentuation. Institutional accentuation means an individual’s status and significance just as the conduct comparative with social foundations and sex possibilities. The substance of gospel correspondence gives wise records from which standard perusers and church pioneers can learn and develop, as opposed to constantly be tested by intercultural contrasts that describe various groups. Social direction shows the acknowledgment of gospel correspondence by the congregation at home and away. Gospel correspondence is both a convincing perused just as a shrewd record that planned for culminating the religious jobs in dealing with social contrasts successfully in the congregation. Culture typifies group learning process Working in groups ensures an engrossing just as useful talk on zones of noteworthy premiums to the groups involved.11 furthermore, working with groups recommends the chance of supporting and building a powerful understudy discovering that ensures the conveyance of gospel communication.12 Within these contemplations, the congregation motivates people to fill in as a group. People who support collaboration demonstrate a readiness to reevaluate their needs and create each other inside sizes of learning. Group activity additionally moves singular improvement with a vivacious move group culture that assembles structures to mix relational connections. Cautious perception of group activity uncovers that individual colleagues can deliberately distinguish indispensable territories to take a shot at and further move an inch to impact the arranged action.Advertising Searching for explore paper on religion religious philosophy? How about we check whether we can support you! Get your first paper with 15% OFF Find out More Basically, the group activity learning venture gives a chance to accomplish the specified group targets while simultaneously determining the ideal gospel correspondence outcomes. Even inside the congregation, group activity learning venture utilizes cooperation restoration procedure and an individual’s social direction that advises gospel correspondence. There is nothing more reassuring to groups than when the undertakings viable offer difficulties to each person at an individual level. Through such difficulties, people are free to give their perspectives, and all the while, such difficulties shape their gospel preparing and dynamic abilities. Group based activities give reason and offer gospel learning activity a chance to motivation to function as a group and learn together. Through cooperating as a group, individuals from the congregation incorporate activity learning way to deal with actualize successfully the deliberately chosen venture activities that require the essen tial basic great of everybody and the momentous accomplishment of an undertaking. Group activity makes it feasible for individuals to recognize the way that there is perfect reason in filling in as a group, which converts into successful understudy le

Romeo and Juliet Coursework Essay Example Essay Example

Romeo and Juliet Coursework Essay Example Paper Romeo and Juliet Coursework Essay Introduction Romeo and Juliet is an epic romantic tale that peaks in catastrophe. The story follows two sweethearts from restricting families throughout two days, and it highlights numerous exciting bends in the road that consistently causes the crowd to remain alert. As I would like to think, Romeo and Juliet is one of William Shakespeare’s most noteworthy plays. It highlights love, disaster, satire, activity and an exemplary story that will never be forgotten.During this exposition I will talk about the interests that are in this play, and how they include. Are interests perilous, and do they should be controlled? Or on the other hand are interests what make life worth living, and without them the world would be dull and trivial? I will talk about both these inquiries, and attempt to arrive at a conclusion.Every character encounters an enthusiasm during the play. Romeo and Juliet clearly both feel love, however they feel different interests, for example, outrage, pity and wrath. For exam ple, Romeo feels outrage when Tybalt has murdered Mercutio. â€Å"Alive, in triumph! furthermore, Mercutio killed! Away to paradise, separate lenity, and fire-looked at anger be my direct now!† is the thing that Romeo says when he eyes Tybalt after the murdering. This shows how furious Romeo is at Tybalt. Beforehand, Romeo was talking in thoughtfulness to Tybalt, disclosing to him he cherished the Capulet. Tybalt didn't yet have the foggiest idea about that Romeo and Juliet were currently a couple, and wished to battle the man of the hour. Romeo declined, and Mercutio ventured forward. Mercutio was slaughtered in battle, and Romeo lost control. In his wrath, he murdered Tybalt. This is a vital crossroads in the play in light of the fact that the battle brought about Romeo being expelled from Verona.Yet, as Romeo feels such resentment at a certain point, he feels much loveduring another. â€Å"Oh, she doth show the lights to consume splendid! Her magnificence hangs upon the c heek of night, as a rich gem in an Ethiop’s ear† is the thing that Romeo says after observing Juliet at the Capulet party. This not just shows that Romeo thinks Juliet is totally excellent; it likewise carries some verse to the play. All through the scenes, Shakespeare figures out how to include numerous bits of verse into the play, which gives the scene that little additional enchantment. This statement likewise features how enthusiasm is essential at the correct minutes. In the event that there were no enthusiasm during this scene, the scene would be pointless.I figure it might be important now that since the couple met, they have never held a genuine discussion. I think it is amusing how the two can disclose to one another they love each other when they have never discussed their characters or lives. At whatever point Romeo and Juliet meet, all they ever talk about is the means by which they love one another and need to remain togetherJuliet has a wide scope of feeli ngs and interests all through the play. She additionally feels bliss, yet in addition feels trouble and profound distress. â€Å"Is there no pity sitting in the mists that sees into the base of my grief?† is the thing that Juliet talks when she finds that she should wed Paris, despite the fact that she is hitched to Romeo. However she can't disclose to her folks she is hitched, as they can never realize she is offering her life to a Montague. I think she additionally feels outrage towards her family now as well. She can't be with her adoration in view of the families’ trivial fight and she needs it to end. It is significant that Shakespeare never uncovers why the families fight. I accept he does this since he needs to cause the crowd to feel that the resentment they bear against one another is so old, neither one of the families recall why they battle. I think this demonstrates furious interests do should be controlled, as they can have perilous consequences.Sadness in cludes regularly in this play. Most characters feel trouble at some phase in the play. Indeed, ironicly potentially the best romantic tale at any point composed highlights such a large number of negative emotions. Perhaps Shakespeare needed to show us something love; love can just prompt agony. While numerous beneficial things originate from affection in this play, everything in the long run prompts the deplorability of Romeo and Juliet kicking the bucket. One could accuse their demises for the families battling, however they could never have passed on in the event that they had not been in love.The crowd consistently realized that the play would end in trouble and catastrophe. In the introduction the crowd is disclosed to â€Å"A pair of star-cross’d darlings take their life†, uncovering that both Romeo and Juliet execute themselves. In this manner, all through the play the crowd consistently has on their brains that the couple will murder themselves before the finish of the play. In any event, when the crowd ought to be cheerful that Romeo and Juliet are infatuated, they generally realize that it will end in death. I figure Shakespeare does this to keep the topic of catastrophe running in the play, even at the most joyful of moments.In complexity to numerous different characters, Mercutio’s character seldom changes. At each appearance during the play, in any event, prompting his demise, Mercutio is clever and beguiling, his language loaded up with sexual remarks. In any case, during Mercutio’s demise scene his words become lethal genuine. When Mercutio first shows up, he is going with Romeo, Benvolio, and companions to the Capulet party. Mercutio discusses everything the dismal, miserable Romeo says and helps up the mind-set with his mind. His playful character stands out forcefully from Romeo’s despairing. He counters Romeo’s each grievance with remark that will undoubtedly make the crowd grin. It is likewise unexpe cted how Romeo is the primary character and saint of the story yet the attention is consistently on Mercutio at whatever point the chipper character is around.Mercutio passes on in a truly vital manner. He and Tybalt are dueling, and Mercutio is doing well overall. However Romeo absurdly mediates and Mercutio is killed. It is far from being obviously true that if Romeo had never impeded the duellists, Mercutio would have likely won the duel. Be that as it may, Romeo’s recently discovered love for the Capulet family blinded him and every one of that was at the forefront of his thoughts was halting the battle, regardless of what the expense. This clearly demonstrates interests do should be controlled in certain circumstance, as they can prompt this. Be that as it may, if the characters interests were controlled this scene would not exist. On the off chance that they were controlled there would be no indignation felt toward one another accordingly this experience would have been avoided.When Romeo reveals to Mercutio that the injury isn't profound, Mercutio answers: â€Å"No, ’tis not as profound as a well, nor so wide as a congregation entryway; yet ’tis enough, ’twill serve†. This time, Mercutio’s mind is joined by a revile on the two families. The injury is just little, yet is sufficient to murder him. He says â€Å"A plague o’ both your houses!† ordinarily before he bites the dust. This shows in any event, when Mercutio has been clever and enchanting, he is irate with the families in view of their silly column. As Mercutio is one of the audience’s most loveable characters, this drives the crowd mad with the families for such an absurd quarrel, that can prompt such consequences.From Mercutio’s demise, the play’s disaster doesn’t stop. An indispensable character from the play is executed, and this triggers the disaster. From this second on, nothing happens that is commended. Num erous individuals are furious with Shakespeare for executing off such a sprightly and significant character part of the way through the play. I concur with them.The monk is a dear companion to both Romeo and Juliet. The Friar consents to wed Romeo and Juliet in mystery, however he realizes their folks would not assent. He likewise devises the arrangement for Juliet to play dead and should get the word out to Romeo. He comes up short. I can't resist the opportunity to see that everything that the Friar contacts goes wrong.I accept that the Friar’s enthusiasm is to bring the two quarreling families together. This is the reason he weds the two star crossed darlings as he accepts that it will bring the two families closer together.Romeo welcomes the Friar â€Å"Good morrow, father†, and Friar Lawrence reacts by calling Romeo â€Å"Young son†. In spite of the fact that these trades are suitable in light of the strict setting, this exchange has more noteworthy signifi cance. It isn't only the trade between the minister and the humble. The Friar likewise subs for Romeo’s own dad since there are no scenes among Romeo and his folks. The Friar is the main individual to whom Romeo turns for counsel, and he is the last individual to whom Juliet turns after all others have spurned her. In this sense, he is father to them both and liable for maintaining order.The Friar is consistently there to solace and help the two darlings, particularly Romeo. One section that stands apart is in the Friar’s cell, when Romeo has quite recently been ousted. Romeo is having a fit of rage, and is extraordinarily disturbed that he has been isolated from Juliet and reasonable Verona. The Friar discloses to Romeo this: â€Å"O destructive sin! O discourteous unthankfulness! Thy issue our law calls demise; yet the thoughtful Prince, Taking they part, hath rush’d aside the law, and turn’d that dark word â€Å"death† to â€Å"banishment.â₠¬  This is cherished leniency, and thou seest it not.† The Friar is disclosing to Romeo that he ought to be appreciative and fortunate to at present be alive. Now, The Friar berates Romeo, and requests that he quit crying and acting like a young lady. From this scene it is clear to perceive any reason why The Friar is viewed as a dad figure to Romeo, as he is stating everything a dad would state to his kid in such a situation.However, despite the fact that he is viewed as a dad figure, a significant number of his thoughts go amiss. He is the individual to propose that Juliet should counterfeit her demise, along these lines prompting Romeo’s passing. This was clearly a strange thought from the beginning, one that could never work. I think the Friar has a steady energy, one that is to attempt to coordinate Romeo and Juliet. This demonstrates interests should be smothered and c

Entrepreneurs Essay Download Pdf - Free Essay Example

Sample details Pages: 5 Words: 1471 Downloads: 5 Date added: 2017/06/26 Category Economics Essay Type Critical essay Did you like this example? Introduction As economies continue to integrate due to globalisation and formally closed economies like India and China march toward total liberalisation, entrepreneurship is on the increase. A close analysis of developed and industrialised economies indicates a common denominator that stands out amongst all of them. This is the most important role played by entrepreneurship and entrepreneurs in such economies. Don’t waste time! Our writers will create an original "Entrepreneurs Essay Download Pdf" essay for you Create order This phenomenon has proved to us that if an economy is to develop fully, entrepreneurship should be allowed to flourish. Therefore it is the objective of this paper to critically analyse the impact of entrepreneurs in any given economy. In this paper the writer will identify and discuss the many benefits afforded to an economy through entrepreneurs and entrepreneurship and the disadvantages of the same and draw conclusions on the overall impact of the entrepreneurs. Innovation Individuals often resort to entrepreneurship for one of the following reasons; they find a market niche and have the solution to profit from such niche; they have been unable to find suitable employment or a suitable means of income and therefore have resorted to using their creativity to generate an income for themselves; or they have the technological know-how and the financial resources (or able to source all of the above) necessary to generate income by satisfying a need in the marketplace. Irrespective of which of the above led an individual to become an entrepreneur it is clear that innovation and creativity is the driving factor and therefore, it can be stated that the biggest impact of entrepreneurs to an economy is the innovative contribution that they make. Job Creation As stated in the previous section, one of the main reasons that individuals tend to become entrepreneurs is because they are unable to find suitable jobs. As a result, by being enterprising, creative and finding a market niche, not only are they able to generate an income for themselves but also to employ other individuals in their business operations. Therefore, one of the most positive impacts that entrepreneurs make on an economy is job creation and the reduction of unemployment levels. In developed countries we see that almost 40 – 50% of the workforce are employed in small and medium scale business enterprises that were started up by very enterprising individuals. Likewise in countries like India, we see that millions of women have been able to pull their families out of poverty through self-employment and entrepreneurship that has been made possible by different Non-Governmental Organisations and due to the availability of such resources through micro finance etc . Africa is another good example of small scale entrepreneurs helping to reduce poverty and helping many to avoid destitution. Therefore based on everything that has been stated above it is apparent that entrepreneurs can cause a great degree of impact on an economy through job creation and income generation. Increased Competition Another positive impact of entrepreneurship on an economy is the increasing level of competition as new entrepreneurs join the fray in existing domestic markets. While one may venture to say that this will only lead to market saturation, the upside of such a phenomenon is that it causes all the players in the market to re-evaluate their operational capabilities, increase value addition, lower costs and become more efficient. Thus it can be stated that competition reduces the likelihood of monopolies and oligopolies in the marketplace and is beneficial to the customer and the economy as a whole. Increased Productivity One of the advantages of increased competition in an economy is that individuals and firms continue to source methods that can better improve their operations, use resources more efficiently and most importantly reduce costs while adding value. All this often results in an increase in productivity in an economy and an increase in the gross domestic product (GDP), which is indeed a benefit for the economy. While opponents tend to state that when productivity increases the unemployment can often increase, thus reducing the positive impacts, it is the opinion of the writer that increased productivity leading to increased unemployment will then cause more individuals to be creative, find niche markets, become entrepreneurs and begin generating more employment opportunities, thus re-inventing the wheel and driving the economy forward. New Markets As stated in the previous section increased competition in the marketplace can cause saturation and as a result many entrepreneurs maybe driven to seek new markets for their products and services or adapt market penetration tactics. Either way such a phenomena of increased competition, which ultimately causes individuals to look for new markets, can be considered as a positive impact on the economy. Therefore, entrepreneurs can be considered to play a very important role in the economy. As integration of economies continues due to globalisation, entrepreneurs often tend to look for markets that are outside of their domestic sphere thus generating foreign revenue and increasing the prosperity of the economy as a whole. While this may be a very simplistic explanation of the impact that entrepreneurs make on an economy, it is also safe to say that the employment generation, increased competition, market expansion, market penetration and sourcing new markets all result in income generation that ultimately help an economy to become more prosperous, drawing millions out of poverty and generating funds for social welfare activities that ultimately uplift the living standards of its citizenry. Negative Impacts of Entrepreneurs The single largest negative impact of entrepreneurs on an economy is the plundering of resources, which can have a disastrous effect on the environment. While such negative impacts are mitigated to some extent in developed economies due to the enforcement of environmental protection standards and regulations, this is not the case in developing economies. Further entrepreneurship requires a certain degree of business knowledge and know how, without which entrepreneurial ventures can often fail, which can also cause many financial hardship that in extreme cases can even lead to destitution. Social Entrepreneurship Today we see the realm of social entrepreneurship growing exponentially which is a very positive sign and has helped to draw millions out of poverty, decrease unemployment, decrease the number of people dependent on social welfare and all in all uplift the living standards and quality of life of millions. Further social entrepreneurship initiatives are also often seen as ‘green initiatives that take into consideration the impact on the natural environment and therefore strives to keep this at a minimum. This increases awareness about such issues, avoids the plundering of natural resources and conserving the environment wherever possible. Therefore, it can be stated that the negative impacts of entrepreneurs on an economy can be mitigated to some extent through social entrepreneurship. Conclusion Based on everything that has been discussed above it is apparent that the positive impacts of entrepreneurs on an economy, far outweigh the negative impacts. Job creation, reduction in unemployment levels, increased competition, opening new markets, increasing productivity, foreign income generation and poverty alleviation are some of the positive impacts that entrepreneurs have on an economy. However, this is not to say that there are no negative impacts such as the wastage and plundering of resources, yet taken as a whole it is apparent that the entrepreneurs positively impact an economy. Bibliography Assudani, R. H. (2009). ‘Ethnic Entrepreneurship: The Distinct Role of Ties. Journal of Small Business and Entrepreneurship, 22(2), pp. 197 206. Boissin, J., Branchet, B., Emin, S., Herbert, J. I. (2009). ‘Students and Entrepreneurship: A Comparative Study of France and the United States. Journal of Small Business and Entrepreneurship, 22(2), pp. 101 – 105. Butler, J. S. Kozmetsky, G. (Eds.). (2004). Immigrant and Minority Entrepreneurship: The Continuous Rebirth of American Communities. Westport, CT: Praeger. Dheeriya, P. L. (2009). ‘A Conceptual Framework for Describing Online Entrepreneurship. Journal of Small Business and Entrepreneurship, 22(3), pp. 275 281. Frith, K., Mcelwee, G. (2009). ‘Value-Adding and Value-Extracting Entrepreneurship at the Margins. Journal of Small Business and Entrepreneurship, 22(1), pp. 39 41. Harman, J. (2008, February). ‘Successful Social Entrepreneurship: the Case of the Eaglehawk Recycle Shop. Journal of Services Research pp. 201 203. Harper, D. A. (2003). Foundations of Entrepreneurship and Economic Development. New York: Routledge. Hart, D. M. (Ed.). (2003). The Emergence of Entrepreneurship Policy: Governance, Start-Up, and Growth in the U.S. Knowledge Economy. Cambridge, England: Cambridge University Press. Light, P. C. (2009, Summer). ‘Social Entrepreneurship Revisited. Stanford Social Innovation Review, 7, pp. 21 23. Menkhoff, T. Gerke, S. (Eds.). (2002). Chinese Entrepreneurship and Asian Business Networks. London: RoutledgeCurzon. Nicholls, A. (Ed.). (2006). Social Entrepreneurship: New Models of Sustainable Social Change. New York: Oxford University Press. Parnell, J. A., Lester, D. L. (2007). ‘Reevaluating the Entrepreneurship-management Conundrum: Challenges and Solutions. Journal of Applied Management and Entrepreneurship, 12(4), pp. 74 77. Wasilczuk, J., Zieba, K. (2008). ‘Female Entrepreneurship in Transitional Economies: The Case of Poland. Journal of Small Business and Entrepreneurship, 21(2), pp. 153 155. Welsch, H. P. (Ed.). (2003). Entrepreneurship: The Way Ahead. New York: Routledge. Williams, C. C. (2009). ‘Beyond Legitimate Entrepreneurship: The Prevalence of Off-the-Books Entrepreneurs in Ukraine. Journal of Small Business and Entrepreneurship, 22(1), pp. 55 61.

International Regulation Of Copyright Law Essay - 1687 Words

1) Introduction: Trademark: Trademark recognizable features, expression, or other symbol that indicates a particular product or service, and legally it apart from all other products. It also serves to only identify the product or service from a particular company, and the recognition of ownership of the company brand. The protected products are generally considered to be a form of property. Most countries have agencies through which companies can have their products with trademarks. One of the main goals of a product is protected to protect the product from used without the permission of the original society. Most countries have patent laws that are designed to defend against patent breach. International regulation of copyright is much more complex, because there is no universally recognized Patent Office Patent: A patent is basically a government license which provides the holder the exclusive right to process, design or new invention for a specific time period. Patent applications are usually handled by government agencies. You can use a patent to protect his invention. It provides you the opportunity to take legal steps against anyone who makes, used, sold or imported without your permission. To obtain a patent, your invention must be all of the following: †¢ Something that can be used or †¢ New †¢ Inventive - not just a simple modification of something that already exists You cannot patent the invention, certain types, including: †¢ way of doingShow MoreRelatedThe Intellectual Property Rights Of The North American Country856 Words   |  4 PagesRights In a general term, intellectual property is any person’s human intellect, which is often protected by law, in order to safeguard its use from another person. The possession of such kind of property generates limited monopoly in the safeguarded property. Intellectual property can be subdivided into copyrights, patents, trademark and trade secrets (Intellectual Property Rights, 2014). The law protects the Intellectual Property so that the people who created and invented the property can get appreciationRead MoreThe Rights Of The Sound Maker1575 Words   |  7 Pagesfixation. If the sound recordings are published before the copyright expires, the term application is seventy years before its publication or a hundred years from the date of fixation. Consequently, it also extends the copyright for musical performers works contained in the recordings (Craig, 2011, p.226). According to McCormack (2010), the Canadian Intellectual Property Office defines performers’ performances. It states that copyright applies to a performer’s performance provided that it occursRead MoreThe Importance of Internet Regulation in Fighting Piracy and Enforcing Copyright Claims1710 Words   |  7 PagesInternet Regulation in Fighting Piracy and Enforcing Copyright Claims In 1980s, the Internet developed, and this brought about the growth of the file transfer protocol (FTP) servers, electronic mail (e-mail), and World Wide Web (WWW) as online services. The development has caused major challenges for copyright law. Digital technologies and Internet services have facilitated the reproduction and worldwide copyright dissemination easy and high-speed quantities with the protected works at no qualityRead MoreThe Copyright Law Of Canada Connected With An Ethical Line Within Music Sharing1672 Words   |  7 PagesThis paper discusses the copyright law in Canada connected with an ethical line in music sharing. Before embarking on the discussion, it is imperative to understand what copyright entails under the umbrella of intellectual property; the latter refers to intangible property, which is entirely a creation of the mind (Alexander Penalver, 2012, p. 188). Copyright is the exclusive right granted to the original author of literary work. In this effect, i t prevents other people from using an authorshipRead MoreEssay on Legislation of ICT1190 Words   |  5 Pagesintroduced stop these three things: 1. Unauthorised access to computer material. 2. Unauthorised access with intent to commit or facilitate commission of further offences. 3. Unauthorised modification of computer material. -Copyright, designs and patents act in 1989 The act gives the creators of literary, dramatic, musical and artistic works the right to control the ways in which their material may be used. The rights cover: broadcast and public performance, copyingRead MoreImportance Of Copyright Laws On The Globalized And Digital Era1563 Words   |  7 Pages Copyright Name of the Student Name of the Institution Copyright The importance of copyright laws in the globalized and digital era cannot be gainsaid. The protection given to any form of creation is critical in ensuring that it is not abused by third parties (Atkinson, 2007). For example, Harry Potter and the Prisoner of Azkaban (the movie) is a Copyright Warner Brothers. In the event that Warner Brothers wants to release a new movie or produce a book on Harry Porter, they use copiesRead MoreA; Lkdf775 Words   |  4 Pagesbound by the terms of this agreement. If you do not agree with the terms of this license agreement, the software must be removed, including any installation files and archival files. The software is protected by copyright and other intellectual property laws and by international treaties. You acknowledge that no title to the intellectual property in the software is transferred to you. You further acknowledge that title and full ownership rights to the software will remain the exclusive propertyRead MoreWhy A Property Should Be Protected Or Not : Originality And Reproducibility1413 Words   |  6 Pagesreproducibility nature of the art. In an era of an overflow of information and easy access to technology, it is easy to think that digital art or technology do not need to be protected; however, through public awareness or the establishment of strict regulations and standards, these intellectual property should too be protected (QiaoSharon). To elaborate on the process of purchasing a font, in most countries, when a consumer purchases a font, they have the right to use the license to the font softwareRead MoreThe European Court Of Justice Case : Pez Hejduk V Energy Agentur.nrw Gmbh Essay1486 Words   |  6 Pagesjudgment at the expense of the defendant. That Energie Agentur has infringed her copyright for making her photographs publicly available without her consent and without providing a statement of authorship. Ms Hejduk in justifying the selection of that jurisdiction relies on Article 7(2) Regulation 1215/2012. Energie Agentur raised an objection to the issue of jurisdiction, that the Handelsgericht Wien lacked international and local jurisdiction, claiming that its website is not directed at AustriaRead MoreMedia Piracy And Copyright Issues1671 Words   |  7 PagesMedia piracy and copyright issues have been seen as a huge issue in the history of national and international law. These issues have grown to greater concern up to this point in time because of the advancements in technology, the ease of stealing information, and the accepting culture of copying, sharing and redistributing copyright material. It has become a part of our daily lives like downloading music from YouTube through third-party sites, pirating movies from online websites through torrents

Sir Gawain And The Green Knight Essay - 1113 Words

Sir Gawain and the Green Knight: Sir Gawain Faces Temptation nbsp;nbsp;nbsp;nbsp;nbsp;Sir Gawain was known as a noble and honest man who was willing to stare death in the face to protect King Arthur. However, the courtly Sir Gawain is submitted to the unexpected—not to the test he expects, but to one he does not expect (qtd. in Spearing). The underlying theme throughout the entire poem is temptation, which, is Sir Gawain’s greatest challenge because he is not aware of it. nbsp;nbsp;nbsp;nbsp;nbsp; He faltered not nor feared nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;But quickly went his way, nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;His road was rough and weird,†¦show more content†¦The opposition between Sir Gawain and the Green Knight began when the knight entered the kings hall on New Years Eve. He challenged anyone present to strike him with an axe, providing that he could do the same one-year later. Gawain, not wanting the King to partake in such a game, takes up the challenge and cuts off the Green Knight’s Berry 3 head. The knight then, picks up his head, and tells Gawain to meet him at the Green Chapel in one year. Gawain goes searching for the Green Chapel ten months later. He stays at a nearby castle for Christmas and New Years, entertained by the Lord’s wife. At the end of each day Gawain was to exchange with the lord whatever he had gained. While the Lord is off hunting, his wife, â€Å"attempts his [Gawain’s] chastity† (Stone 11). However, the wife can do no more than kiss Gawain, for he would not allow it. The wife of the Lord tries one more time to seduce the noble knight in his bed. This time she is dressed much more provocatively. Gawain, amazed at her appearance, says: â€Å"God love you gracious lady† (Norton 234). Further, he is happy that a very beautiful woman like the Lord’s wife spends time talking with him: â€Å"it is a pleasure surpassing†¦ it comforts my hurt†Show MoreRelatedSir Gawain And The Green Knight1359 Words   |  6 PagesIn the poem â€Å"Sir Gawain and The Green Knight,† a protagonist emerges depicting an Arthurian knight named Sir Gawain. Sir Gawain, King Arthur’s nephew, takes initiative by accepting the challenge requested by the Green Knight in place of his uncle. He undergoes a perilous adventure, seeking for the Green Knight to recei ve the final blow. Although Sir Gawain is not viewed as a hero for his military accomplishments, he is, however, viewed as a heroic figure by the Knights at the Round Table for hisRead MoreSir Gawain And The Green Knight862 Words   |  4 PagesIn Sir Gawain and the Green Knight, by an unknown author referred to as the â€Å"Pearl Poet,† we are introduced to Sir Gawain. Gawain is a knight of the Round Table and he is also the nephew of King Arthur. As a knight, Gawain is expected to possess and abide by many chivalrous facets. Throughout the poem he portrays many of the qualities a knight should possess, such as bravery, courtesy, and honor among others. Because of his ability to possess these virtues even when tempted to stray away from themRead MoreSir Gawain and the Green Knight1100 Words   |  5 PagesThe poem of Sir Gawain and the Green Knight compares a super natural creature to nature. The mystery of the poem is ironic to the anonymous author. The story dates back into the fourteenth century, but no one knows who originally wrote the poem. This unknown author explains in the poem of Sir Gawain not knowing of the location of the Green Chapel and or who the Green Knight really is. This keeps the reader entertained with the suspicion of not knowing. The author then does not give his name orRead MoreSir Gawain And The Green Knight Essay1687 Words   |  7 PagesSir Gawain and the Green Knight contains ambiguity and irony that make it interesting to read and teach. Gawain’s conflict arose when he accepted the girdle that could protect him and when he lied to his host, severing fellowship with the lord for courtesy with the lady. By utilizing a social reconstructionist philosophy of teaching that emphasizes personal beliefs and ethics, a teacher will help the students establish their identities and learn to appreciate classic literature. Sir Gawain and theRead MoreSir Gawain And The Green Knight1514 Words   |  7 PagesSir Gawain and the Green Knight is an epic poem written in the mid to late fourteenth century by an unknown author. Throughout the tale, Sir Gawain, a Knight at the Round Table in Camelot, is presented with many hardships, the first being a challenge on Christmas by a man in which, â€Å"Everything about him was an elegant green† (161). This â€Å"Green Knight† challenged someone in Camelot to accept his game which they will chop off his head with his axe and the Green Knight will do the same to the playerRead MoreSir Gawain And The Green Knight1335 Words   |  6 PagesSir Gawain: The Ironic Knight Sir Gawain and the Green Knight is a tale of the utmost irony in which Sir Gawain, the most loyal and courteous of all of King Arthur’s knights, fails utterly to be loyal and courteous to his king, his host, his vows, and his God. In each case, Sir Gawain not only fails to perform well, but performs particularly poorly, especially in the case of his relationship with God. Ultimately, Sir Gawain chooses magic over faith, and by doing so, shows his ironic nature as aRead MoreSir Gawain And The Green Knight906 Words   |  4 Pagesusually the latter. In Sir Gawain and the Green Knight we see Sir Bertilak go off to hunt three very specific animals as a game with Sir Gawain. They agree that â€Å"what ever [Bertilak catches] in the wood shall become [Sir Gawain’s], and what ever mishap comes [Sir Gawain’s] way will be given to [Bertilak] in exchange.† (Sir Gawain†¦, ln 1105-1007). In this deal we slowly see Gawain loose his honor as paralleled with Sir B ertilak’s hunt. The first animal that is hunted by the knight is a deer, while thisRead MoreSir Gawain And The Green Knight Essay1521 Words   |  7 PagesFall 16 Donnelly Many years ago, knights were expected to form a certain type of relationship with their king, this relationship was otherwise known as fealty. Fealty is a knight’s sworn loyalty to their king (in other words a loyal relationship should be formed between the two). The use of this relationship is shown in the poem called â€Å"Sir Gawain and the Green Knight† ( the author is unknown). This poem has a classic quest type of formula, with a knight receiving a challenge and then going outRead MoreSir Gawain And The Green Knight1455 Words   |  6 PagesHowever, for Gawain in Sir Gawain and the Green Knight temptation existed around every corner while he was playing the game of the Green Knight. Temptation existed every day and each day it existed in a new way. Gawain never knew what was coming his way throughout the grand scheme of the game, but one thing was for certain he was being tested. Without his reliance religious faith and dedication to his reputation, Gawain wo uld not have been able to make it through the game of the Green Knight alive andRead MoreSir Gawain And The Green Knight Essay1020 Words   |  5 PagesBoth Sir Gawain, from â€Å"Sir Gawain and the Green Knight† translated by Marie Borroff, and Beowulf, from Beowulf translated by Burton Raffel, serve as heroes in different times of Medieval English Literature. Many of the basic principles that describe heroes in Medieval Literature are seen in both of these characters even though they were written in different times. There are distinct similarities, differences, and also a progression of what the hero was in English literature, between Sir Gawain and

The Role And Nature Of Suffering In Christianity And Buddhism

Question: Discuss about the Role And Nature Of Suffering In Christianity And Buddhism. Answer: The Role and Nature of Suffering in Buddhism and Christianity Suffering has always been an integral part of human lives. Generally, suffering results from the awareness of lack of harmony within the environment which is characterized by feelings of loss and abandonment (Fitzpatrick et al., 2015). Suffering is inevitable for living organisms. Consequently, different religions have had an interest in suffering theoretically and in public debates. In different religions suffering has different purposes such as punishment and creating awareness. Therefore, this essay explores the role and nature of suffering in Buddhism and Christianity. Suffering can be defined as an act that is associated with physical and emotional pain. In both religions, suffering can be attributed to peoples deeds. In addition, in Christianity, suffering can be a form of punishment from God (Singarayar, 2016). In Buddhism, suffering is due to cravings and ignorance as will be illustrated below. However, in both it is still painful, purposeful and a way to test people. For example, Buddhists use suffering in meditation to understand the nature of suffering in order to overcome it. Similarly, Christians suffer willingly because Christ suffered. Further, both religions acknowledge that suffering is a process that entails a lot of stages to overcome. Conclusively, the nature of suffering is similar to both religions. Buddhism is centered around the Four Noble Truths which are accredited to Gotama Buddha. The first Noble Truth is dukkha which refers to how unsatisfying life is (Kang, 2011). According to this Truth, materiality, feeling, mental formations, consciousness and perception make up a human being (Teasdale and Chaskalson (Kulananda), 2011). In summary, these components are referred to as suffering. Additionally, birth, death, and aging are regarded as suffering. Dukkha exists in three forms (Ingram and Loy, 2005). First, the normal physical and emotional pain we are all accustomed to. Second, the lack of permanence in life. Though we may enjoy life, we are faced with the impending time of our death. The third is dukkha refers to the lack of self. The cause of this suffering is said to be craving which is described in terms of sensuality, existence, and non-existence. The second Noble Truth is used to explain how ignorance leads to suffering. This is done through the pa?icca-samupp?da doctrine (Kang, 2011). It has twelve links that start with ignorance and end with suffering. The components in the links include ignorance, activities, base of sense, form, name, consciousness, clinging, craving, becoming, feeling, suffering and birth. The third Noble Truth is the ending of suffering through the elimination of craving and ignorance (Eltschinger, 2013). This state, Nibb?na, is the highest point of spirituality in this religion (Kang, 2011). This is attained through the Fourth Noble Truth that provides a path with eight components which are the view, thought, speech, action, livelihood, concentration, effort, and mindfulness. Therefore, Buddhism regards suffering as a state to be liberated from. On the other hand, based on the scriptures, suffering makes Christians trust in God and live by his teachings. According to Paul, individuals can be controlled by forces that hinder them from doing Gods will. These forces are ruled by the flesh which separates human beings from God and nature. However, God has provided salvation to save mankind from the punishment of sin which is hell. In the old testament, God used prophets to make sure His followers abide by His rules. In the new testament, He sent His son to face suffering through prosecution and death (Ingram and Loy, 2005). On this account, Christians continue with His work and share in His suffering. Moreover, in Christianity suffering is characterized in martyrdom. Martyrdom is the act of persevering through suffering due to ones religious belief. Furthermore, it can be regarded as a way to witness for Jesus Christ. There exist two types of martyrs that are the red and white ones (Greene-McCreight, 2015). Red martyrs are those who die because of their faith while white martyrs exercise the act of cruciform in their everyday lives. According to the scriptures, Christians are called to suffer for the sake of Jesus Christ. With this affirmation, Christians can withstand suffering. This also unifies them as they share in the suffering of Christ. In both religions, suffering is a form of punishment. In Christianity, one suffers when they lead a sinful life, with the eventual punishment being hell. In Buddhism, karma is a form of punishment based on what person is. The understanding of karma is what happens based on what someone becomes due to the motivations of their actions (Ingram and Loy, 2005). For example, those whose deeds are motivated by greed, delusion and ill will manipulate people which eventually alienates them leading to suffering. Meanwhile, those whose deeds are motivated by kindness attract kindness in return. The reason for the ill motivations is the human beings sense of lack. For Christians, the sense of lack leads to sin while for Buddhists it leads to karma. In both cases, the solution is found in life after death. Finally, Christians believe heaven to be their paradise while Buddhists believe in Nirvana. In biblical teachings, God plays a part in eliminating human suffering. In the old testament, God wrote the ten commandments for people to follow to avoid sin. Later, He sent prophets to communicate to people His will. Eventually, He sent His son to die on the cross and save mankind. Clearly, God has consistently helped to ease human suffering. On the contrary, Buddhism does not recognize God in the elimination of suffering (Ingram and Loy, 2005). The teachings of Buddhism encourage individuals to seek awareness through the eightfold path to get rid of suffering. In both Christianity and Buddhism, suffering plays a significant role in mysticism. In light of the above descriptions of the two religions, Buddhists view suffering as a problem that needs to be understood then solved hence liberation. On the other hand, Christians should accept suffering in form of a mystery which they should endure in compassion since they are participating in the suffering of Christ. The aforementioned is the general approach to suffering for both religions. Additionally, there are other approaches that illustrate the role of suffering in mysticism in both religions. The first approach defines the two religions in relation to crucifixion and suffering. A Buddhist experiences death and suffering differently when compared to the average person (Urbaniak, 2014). The average person experiences physical and emotional pain and suffering. Contrary, an enlightened Buddhist experiences only the physical pain and suffering through the teachings of lack of self. Moreover, death loses its meaning for the enlightened one since after dying one experiences Nirvana not rebirth. In Christianity, the crucifixion of Christ symbolizes the crucifixion of self which leads to rebirth without sin. This differs from Buddhism which doesnt recognize the existence of the self. Therefore, there is no crucifixion. The second approach is related to how Christians and Buddhists experience suffering. Christians welcome suffering as it is their way to experience spiritual freedom where they are free from sin and share in Christs suffering. This is beneficial to Christians because they know when they suffer for Christ they are not alone and their faith is strengthened. In fact, Jesus encouraged His followers to forget about themselves and carry their cross (Urbaniak, 2014). For Buddhists, meditating on suffering creates a sense of awareness which can be used to overcome suffering. In addition, as stated by Tibetan Buddhists, it encourages empathy hence one is able to show compassion to other people. Understanding suffering in this way also helps one to overcome worry and stress during illnesses. As illustrated Christianity and Buddhism approach suffering differently. However, there are two similarities in the two religious approaches. First, they acknowledge that suffering is part of our existence (Urbaniak, 2014). This is defined in the Four Noble Truths in Buddhism and salvation in Christianity. Second, they provide a way for human beings to overcome suffering to a place where there is peace. For Buddhists, the eightfold path leads to enlightenment and nirvana after death. For Christianity, the salvation which is freedom from sin leads to eternal life after death. Ultimately, though different the two religions appreciate suffering and use it as a means to acquire freedom and ultimate happiness. In conclusion, essentially, Buddhism is a religion based on enlightenment while Christianity is based on faith. Through Buddhism, suffering is understood as a state that exists due to ignorance and can be eliminated through enlightenment. Christianity depicts suffering as a way of sharing in the work of Christ. In both cases, to be free of suffering one must first be rid of self. In Buddhism, the lack of self gets rid of the sense of lack while in Christianity Jesus said to save ones life one must lose it. In light of the above, the two religions complement each other. Bibliography Eltschinger, V. (2013). The Four Nobles Truths and Their 16 Aspects: On the Dogmatic and Soteriological Presuppositions of the Buddhist Epistemologists Views on Ni?caya.Journal of Indian Philosophy, 42(2-3). Fitzpatrick, S., Kerridge, I., Jordens, C., Zoloth, L., Tollefsen, C., Tsomo, K., Jensen, M., Sachedina, A. and Salma, D. (2015). Religious Perspectives on Human Suffering: Implications for Medicine and Bioethics.Journal of Religion and Health, 55(1), pp.159-173. Greene-McCreight, K. (2015). Martyrdom as Christian vocation: United in suffering.The Christian Century, pp.41-42. Ingram, P. and Loy, D. (2005). The Self and Suffering: A Buddhist-Christian Conversation.Dialog: A Journal of Theology, 44(1), pp.101-110. Kang, C. (2011). Sarkar on the Buddha's Four Noble Truths.Philosophy East and West, 61(2), pp.303-323. Singaraar, J. (2016). God uses suffering to accomplish His purposes in our lives.The Priest, pp.10-13. Teasdale, J. and Chaskon (Kulananda), M. (2011). How does mindfulness transform suffering? I: the nature and origins of dukkha.Contemporary Buddhism, 12(1), pp.89-102. Urbaniak, J. (2014). Suffering in the mystical traditions of Buddhism and Christianity.HTS Teologiese Studies / Theological Studies, 70(1).

The Wisdom of Kabbalah Volume 1 in 2 volumes Review Essay Example

The Wisdom of Kabbalah: Volume 1 in 2 volumes Review Paper Essay on The Wisdom of Kabbalah: Volume 1 in 2 volumes Something too much attention was paid to the Kabbalah. I give a link to serious researchers. Lev Tikhomirov. Kabbalah. From the book Religious and philosophical foundations of history (str.199-244). Can be found on the site. Give an excerpt from the article The total value of the Kabbalah religious-philosophical work of the Jewish mind has resulted in three great categories of literature, the books of Scripture, Talmud and Kabbalah. Among them: the Talmud was almost exclusively Jewish national importance, Scripture, Christianity entered the base has become a worldwide influence, universal, passing all bounds of a national character, Kabbalah takes on the influence a middle seat. She did not remain closed in an environment exclusively Jewish, although it has not received all of the global influence of the Holy Scriptures latitude. Kabbalistic views acted on the Christian world, no doubt, from the very beginning of its appearance, along with the Gnostic influences. Similarly, they have to work, along with the effects of the Gnostic and novoplatonicheskimi, Mohammedan world. But in ancient times, due to the secrecy surrounding Kabbalah, it is difficult to distinguish its influence among the Gnostic influences. With the same since Kabbalah was discovered, she was a powerful force to influence the minds of the Christian world. The first European Kabbalist has already Pico de Mirapdol (1463-1494), who studied the Kabbalah among Jews and spread knowledge among its peoples of Europe. Since then, a number of luminaries of European science and major public figures is due to the Kabbalah, such as Reuchlin (1455-1522), Paracelsus (1493-1541) and others. Gradually formed the so-called European Kabbalah, which according to various subtleties than Jewish. From the Middle Ages to modern stretches a chain of Kabbalistic thinkers associated with mental and social movement in Europe. These are Cornelius Agrippa, Bed, Robert Fludd, a well-known figure of Franc-Masonry, and many ot her up to date. Only recently died biggest Kabbalist dAlvayrd St. Ives, and still lives Papus (Gerard Enkos). All Oak cultists are more or less the Kabbalists, in the same way as those of the Franc-Masons, who are interested in religious and philosophical side of the teachings of his Order. On the other hand, Kabbalah deeply affected the Jewish world. What is the essence of its influence? It is similar to the effects of the gnostic and mystical nature. Like any pantheism, Kabbalah is able in some cases to move to rationalism (from Korduero, for example), but this is an exception. As such, it holds fast on the basis of the mystical, and after Korduero is amplified mysticism Isaac Loria and Chaim Vitali, Sabbatai Zevi and Hasidim. Kabbalah is an inseparable and with all sorts of magic. But it is the mysticism, which is based on the idea of ​​the identity of nature, by nature to replace the idea of ​​God the Creator, God in person, the essence of which is ou tside of nature created them. Therefore kabbalizm undermines the faith of Moses and the Christian. In public relations, and it undermines the system, which rests on the law given by God, for making human independent organizer of their social relations. This aspect of Kabbalah arouse concern in the Jewish community, urging him sometimes rebel against cabbalism. Indeed, in his example, the latest manifestation in Hasidism Kabbalistic idea undermined the authority as rabbis, as well as the society of the Jewish and contrasts them tzaddikim power, which is, so to speak, on their own, due to the alleged mystical connection they with the divine. Jews are therefore in cabbalism affinity with Christianity, which, they believe, Christ himself made by God. Similarly, in the triad of the Sephiroth they saw similarities with the Christian idea of ​​Trinity consubstantial. But if kabbalizm aroused anxiety of the Jewish world, it is still there with him cope, as the Kabbalists in general, also imbued with Jewish national patriotism, and, in all probability, it was the Kabbalistic influence formed the basis for the peculiar form of Messianism, that does not see much in the Messiah the messenger of God, while the Jewish people and the coming kingdom of the Messiah understands the worldwide kingdom of the people of Israel. On Kabbalah it reflected more destructive as a Christian society. In the Christian world also believed that kabbalizm closer to Christianity than Talmudism so that Kabbalists sometimes patronized even popes. But if there were cases of treatment of Kabbalists in Christianity, it is generally kabbalizm to Christianity the same attitude as Gnosticism, that is, may give rise to a heretical teachings. So he acted in history, entering the Union by force in all directions, undermining the Christian concept of God, of Christ, of the Church, and finally, about the whole structure of Christian society. Remnants of Gnosticism and heresies went hand in hand with cabbalism with most of the Middle Ages. It undermines the same as they are, and, above all, the Church, he gave rise to obeschstve the same ideals. This does not mean that kabbalizm ever been put forward any political or social program. Nothing of the sort he had, as there was in the occult. Like occultism, the Kabbalah has always been the only known religious and philosophical worldview. If it was reflected in the political-social, it is only the fact that it undermined the Christian view of the world view of the world church, and therefore the system, based on it, and the forms of discipline on which it rested. The mental and social movement, part of which in the religious and philosophical aspect was Kabbalah, undermining with the foundations of Christian Gnosticism system, established in the Middle Ages, it was in fact a revolutionary, as contrasted with the social discipline of old Europe democratic idea. The idea of ​​democracy itself, the internal logi c put forward the idea of ​​the hierarchy, and the idea of ​​submission to the will of God was replaced by the idea of ​​human autonomy. Therefore, a secret society and the direction in which the conception of the world is a place of Kabbalah, with Gnosticism and the occult played the role of the reformist and revolutionary. This was particularly the role of Franc-Masonry. But this should not conclude if the Kabbalistic idea was essentially a liberation, democratically. Quite the contrary. If kabbalizm as occultism, ever begin to make public in the dispensation of their own ideas, they will spill over to society peculiar aristocratic and very oppressive way of life. We see this kind of social order in Kabbalistic Hasidism, which are peremptory tsadiks lords who unquestioningly obey their whole community. And this is understandable. The idea of ​​the Kabbalah, people are not equal, not equal. Over mankind in general there is no power above the human, and the human power goes back even to the heavens. But not all people are equal, not all hold power, because they are not equally strong. Some people are rich in occult powers, the power of which can be developed to exercise infinity. Other people in this regard are weak or even negligible. And these poor people, of course, should be in the hands of the strong, to receive from them the leadership, to be under their control. This mystical power of the aristocracy is incomparably stronger than the power of the aristocracy, because the latter is not connected to the great personal strength, while the aristocracy has mystical irresistible personal power. She has the ability to rule over all of nature, over the forces of angels over the souls of men, not because such dominion was given to her by any human law, the constitution, but because these higher men, without comparison, the stronger the other, and the weak can not resist them. Yes, and there is no need to op pose, because the higher nature will be able to make a living weaker much better than they are. On this basis, may appear and heredity. In the Hasidic tzaddikim very soon Dynasty, in which power is inherited. So, in itself Kabbalistic idea is not a democracy. As it is well known, and in the Franc-Masonry, with foreign democratic and electoral institutions, in fact, extremely strong power of the secret, the power of higher powers. It is remarkable that man, the highest degree, put on Wednesday lower, does not receive any external authority. He is in the form of all fellow members, but is obliged to guide them to where he indicated above. This he has done by its influence. What kind of impact? In all probability, as they say, it must have the ability and the hypnotist magnetizer. It is believed that, and receive a higher degree of Freemasonry is based on how much a person has discovered and proved the occult power. Relatively cabbalism should also mention the possibility of its nation al role. In Judaism, there has long been a belief that Gods chosen people, Israel is determined by special prophetic ability progeny of Abraham. One can imagine that the special abilities required for the Kabbalist, characterized by the highest degree only to Jews. Under this assumption, it becomes clear why the Jewish Kabbalah stands by European, and if ever it is time to influence the Kabbalists, it would probably coincided with the global influence of the Jews. It is also possible to imagine that this is related to the predominance of Jews in Franc-Masonry top center, which they say the latter researchers. But how about the Kabbalistic organizations and institutions of higher Franc-Masonry is so little known and all the talk about it as unfounded in fact, that the hypothesis of this kind should not be given any serious significance.

Wilderness Ethics essays

Wilderness Ethics essays Wildlife can be found all over the world. Animals come in all shapes and sizes and some still havent even been accounted for. Animals were on this planet long before man, but they may not be here when man leaves. The animals downfall results from the extensive studying, exploitation, and the destruction of their habitats, which should be against the law. There is a lot of information that can still be learned about certain species of animals. This information is good, only if it furthers human knowledge and the animals well being. Studies done on animals involve clinical research. Taking an animal out of the wild simply to research it for common knowledge is unnecessary. Information on any animal can be gained by observation of the animal in its own natural habitat. Altering the behavior of animals is a different form of injustice. The best example of the behavioral alteration is the circus. Under the big top of the circus, wild animals are taught to do tricks upon command. The audience sees obediently trained animals; but cannot see the process that it takes to tame those wild animals. The wild animals have a home in the circus until they lose their ability to perform. When the animals lose their ability to perform, they also lose their ability to fend for themselves in the wild. Therefore once their career in the circus is over, they must remain in captivity for the rest of their lives. Zoos are another business that profits at the expense of animals. Wild animals are hunted down and purposely taken from their habitat only to be put in cages. Over the years, zoos have become nicer and can accommodate a large number of species, but they are not the best home for animals. A life behind iron bars cannot compare to the life the animals would have running or flying free in the wild. The zoos only justification is that the animals ...

Philosophy Paper Essay Example | Topics and Well Written Essays - 1000 words - 1

Philosophy Paper - Essay Example An in-depth analysis of Aristotle’s criticism of Plato will necessarily reveal that, in some cases, Aristotle has failed to perceive the heart of Platonic concept of ‘form’. In other cases, it seems that Plato himself failed to predict oppositions such Aristotle’s criticisms and, therefore, to add some reasonable tenets to the concept of ‘form’. For example, he could say that Forms are the replications of the One and Oneness, and as the terms, ‘one’ and ‘many’, are meaningless without one another, ‘form’ and ‘particulars’ are meaningless without each other. For human cognitive process, both are simultaneously necessary, though ‘form’ precedes physical reality, as one precedes many. Indeed, these tenets are inherent to the idea of ‘form’ and they need not be invented; rather they need to be discovered. Aristotle’s criticisms themselves have limitations; therefor e, referring to those limitations and proving the effectiveness of the concept of ‘form’ to explain those limitations, Plato could make his theory of ‘form’ more self-sufficient. Plato claims that different ‘forms’ of different physical realities exist prior to the existence of physical realities. For him, the physical realities are the replicas or facsimiles of the ‘form’. He sees it as the ideal essence of the physical existence of things in this world. It is perfect, indivisible, transcendent and immutable. He believes that because of an innate idea of these forms, man can know things as they are. On the other hand, Aristotle complains that though ‘form’, as Plato assumes, exists prior to things’ physical existence, â€Å"Forms arises even of things of which we think there are no Forms† (Socrates 27). He further complains that Plato’s ‘form’ is applicable to static images of things (which he often names ‘substance’); therefore, it is not applicable to dynamic process of things such dissolution, decay, birth, etc. In Aristotle’s own words, â€Å"what on earth the Forms contribute to sensible things, either to those that are eternal or to those that come into being and cease to be. For they cause neither movement nor any changes in them† (Socrates 28). He makes his third criticism on the ground that the ‘substance’, which is concrete also, cannot evolve from the abstract, as he says, â€Å"All other things cannot come from the Forms in any of the usual senses of 'from'† (Socrates 34). Aristotle’s most severe criticism of Aristotle comes in a form of question: â€Å"why should '2' be one and the same in the perishable 2's or in those which are many but eternal, and not the same in the '2 itself' as in the particular 2?† (Socrates 39) Here, he asks that if two different particulars have something in comm on, will there be three forms (two for the two particulars and one for the common feature)? Plato could star his refutation of Aristotle’s criticisms by excavating the inherent limitations of Aristotle’s theory of ‘substance’. According to Plato, â€Å"‘Forms’ are as it were patterns fixed in the nature of things. The other things are copied from the Forms and are similarities.†

Small and Medium Entreprises in an international context Essay - 1

Small and Medium Entreprises in an international context - Essay Example he play of market dynamics and the intensity of competition to get set up, operate, overcome problems and manage to survive is the overall background of this research paper, signifying the basic interest of customer orientation of SME, extending to how it is done by the owner / managers, trends and success. In this section of introduction, the reader will encounter a general idea of SME’s, what are they, SME’s in the UK, and further focus on the region of Yorkshire and Humberside (which is the base region of this research paper). Then it states about the position and perception of this study the researcher is going to take the interest in the topic. Last but not the least, is the research structure that how I am going to do the research, tools to be used, systematic procedure in relation to the guidelines stated out, its limitations and advantages. Designing a method so as to favour investment, in SMEs, innovation training and clusters of enterprises, elements that are considered particularly important in the context of economic development, modernisation and employment prospects and standard of living, innovation and entreprenureship and growth. In the United Kingdom, it has remained one of the main destinations of FDI inflows. The ability of the region to attain and retain investment and skilled people reflects on the quality of life and environment and perceptions of the region as a good place to live and do business. The U.K. labour govt. have made it known that the future U.K. economy will become increasingly reliant upon SME’s with the formulation: -National Skill Task Force. (The opportunity to networks and access to world class value-adding information.) This region is clearly defined sub-regions, West and North Yorkshire, Humber and South Yorkshire. This region has experienced significant economic upheaval in the last decade, running down of the coal industry, decline in heavy industry, restructuring of steel industry. The majority of SME

Russian Financial Crisis in 1998 Essay Example for Free

Russian Financial Crisis in 1998 Essay These events led Russia’s international reserves to fall by $13. 5 billion and to the dissolution of the Kiriyenko government. One month later, Standard and Poor’s downgraded its rating of the Russian ruble to â€Å"CCC,† the lowest possible Standard and Poor’s rating, for its long-term outlook and â€Å"C† for short-term outlook. These events signaled the onset of the Russian financial crisis, which had its roots in the fundamental problems in the Russian economy but was triggered in part by the continuing financial crises in emerging markets in Asia and around the world. What were the causes of this crisis and near financial collapse? What are the so-called â€Å"experts† saying about the crisis and its spillover effects on other ENI countries? What are the possible courses of action that could minimize the adverse effects of the crisis and reduce the likelihood of future occurrences? The purpose of this paper is to summarize the divergent viewpoints expressed by leading scholars and practitioners in the field of international development and finance. By surveying the literature, it is apparent that the Russian crisis, and to some extent the Asian crisis that preceded it, was caused by a combination of internal structural problems in the domestic economy (especially in the banking and fiscal systems) and growing problems with the international financial system that permits excessively rapid outflows of capital. However, there is significant divergence of opinion among scholars and practitioners as to which set of factors, those related to the Russian economy or those related to the international financial system, are the cause of the crisis. In addition to the differences of opinion as to the causes of the crisis, disagreement exists as to the remedies to the crisis. As a result, each group has recommended its own set of policy prescriptions. The first section of this paper discusses the divergent opinions on the causes of the crisis. The second section highlights the economic, social, and political effects of the crisis. The third section provides a list of the proposed remedies offered by the divergent camps. The final section summarizes the main findings and includes a timeline of the Asian and Russian crises. Divergent Opinions: Causes of the Russian and Global Financial Crises The divergent views regarding the causes and cures of the Russian and Asian financial crises can be broken down into two camps: (1) those that believe that the crises derived primarily from problems in the international financial system and (2) those that place blame primarily on the structural problems within the countries themselves which left them vulnerable to capital flight and other problems arising from external financial instabilities. Members of the first group tend to be critical of the IMF and other international financial institutions, saying that these institutions played a role in creating and exacerbating the financial crises rather than helping to reduce the negative impact, although the â€Å"fix the system† critics do agree that each of the crisis countries did suffer from internal structural problems as well. The second group of analysts—the â€Å"fix the countries† group—believes that the international financial system and the approach of the IMF in assisting these countries are more or less working, and that the current crises derived from a lack of sufficient regulatory and fiscal reforms in Russia and Asia. â€Å"Fix the Global Financial System† Critics Jeffrey Sachs. According to Sachs, â€Å"the Treasury and the IMF have driven a large part of the developing world into recession†¦And the Brazil case makes absolutely clear that the first step is not to defend overvalued currencies. The punishing cost of this is overwhelmingly high. This is a lesson that the IMF and the Treasury have continued to ignore† (Uchitelle 1999). In his view, the IMF exacerbated the crisis by demanding tight fiscal and monetary policies. He claims that perceiving the crisis to be one of balance of payments, rather than a financial panic, the IMF chose an approach similar to the mistaken policies implemented by the United States in the early stages of the Great Depression of the 1930s (Radelet and Sachs 1999). Furthermore, Sachs insists that since high interest rates and austerity measures are bringing disaster to many emerging markets, interest rates should be kept down to encourage economic activity and allow exchange rates to find their own equilibrium level. He does not attribute the devaluation of exchange rates as a cause of the crisis in Russia, nor does he believe that a currency board arrangement would have saved the country. He states that â€Å"when pegged rates become overvalued, [this] forces countries to deplete their foreign exchange reserves, in a vain defense of the currency peg. † In his view, it was the combination of broken promises (i. e. , the ruble will not be devalued) and depleted reserves that left the country vulnerable to panic (Radelet and Sachs 1999). He believes that a growing economy is more likely to restore investor confidence than a recessionary one burdened by high interest rates (Uchitelle 1999). An additional contributing factor to the crisis, according to Sachs, was â€Å"moral hazard. Investors clearly had doubts about Russia’s medium-term stability, and talked openly about the risk of collapse and about the safety net that they expected the IMF and G-7 to provide to Russia. Knowing that these international lenders would rescue Russia and guarantee investments in the event of a financial meltdown in Russia, international investors tended to underestimate the r isks—and hence tended to over-invest in Russia. Russia was viewed as â€Å"too big to fail,† and this led to an inflow of capital that was larger than appropriate for the actual level of risk (Radelet and Sachs 1999). George Soros. As one of the world’s most successful international investors, an important philanthropist with millions of dollars invested in democracy projects throughout the ENI region, and a public intellectual who has proposed that sweeping changes be made to the international financial system, George Soros is a key figure in the Russian and Asian financial crises. His disparate roles often create a conflict, as Soros-the-intellectual appears to many an advocate of the regulation of international capital flows to prevent potential damages from speculations by people like himself (Frankel 1999). Soros was Russia’s biggest individual investor prior to the crisis in August 1998. He held a $1 billion stake in Svyazinvest, a telecommunications concern, and millions in stocks, bonds, and rubles. In mid-August 1998 Soros sprang into action to try to stop the crisis. He contacted the U. S. Treasury department, influential former members of Yeltsin’s administration, a nd published a letter in The Financial Times saying that the meltdown in Russian financial markets â€Å"had reached the terminal phase† (O’Brien 1998). In his letter, Soros called for immediate action—a devaluation of the ruble and institution of a currency board—that would have eliminated the Russian central bank’s discretion over monetary policy. Not realizing that a letter from Soros would be perceived as coming from Soros-the-investor instead of Soros-the-intellectual, his letter helped to prompt a panic in Russian markets, where investors believed Soros was shorting the ruble. Soros’ funds ultimately lost $2 billion in Russia as a result of the financial crisis there. According to his testimony to the Congressional Committee on Banking and Financial Services on 15 September 1998, Soros pointed out that â€Å"the Russia meltdown has revealed certain flaws in the international banking system which had previously been disregarded† (Soros 1998a). These flaws can be summarized as follows: (1) Banks engage in swaps, forward transactions, and derivative trades among each other— in addition to their exposure on their own balance sheets—but these additional transactions do not show up in the banks’ balance sheets. So when Russian banks defaulted on their obligations to western banks, the western banks continued to owe their own clients. As these transactions form a daisy chain with many intermediaries, and each intermediary has an obligation to his/her counterparty, no simple way could be found to offset the obligations of one bank against another. As a result, many hedge and speculative funds sustained large losses, and had to be liquidated. This systemic failure led most market participants to reduce their exposure to emerging markets all around, and this caused bank stocks to plummet and global credit market to enter a crunch phase. 2) As individual countries attempt to prevent the exodus of capital from their economy by raising interest rates and placing limits on foreign withdrawal of capital (as in Malaysia), this â€Å"beggar-thy-neighbor† policy tends to hurt the other countries that are trying to keep their capital markets open. (3) Another â€Å"major factor working for the d isintegration of the global capitalist system is the evident inability of the international monetary authorities to hold it together†¦ The response of the G7 governments to the Russian crisis was woefully inadequate, and the loss of control was kind of scary. Financial markets are rather peculiar in this respect: they resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in. This belief has now been shaken† (Soros 1998a). He also adds that â€Å"†¦financial markets are inherently unstable. The global capitalist system is based on the belief that financial markets, left to their own devices, tend toward equilibrium†¦This belief is false† (Soros 1998a). 3 His proposed cure is to reconsider the mission and methods of the IMF as well as replenish its capital base. Additionally, he’d like to see the establishment of an International Credit Insurance Corporation to help create sound banking systems, which would be subject to close supervision by the international credit agency, in developing countries (Soros 1998b). His last recommendation is to reconsider the functioning of debt-swap and derivative markets (Soros 1998b). Academia and Other Nongovernmental Organizations. Initially, Paul Krugman, an economist at MIT, argued that problems with the Asian economies, combined with corruption and moral hazard, led to wild over-investment and a boom-bust cycle. More recently, however, Krugman explains that such weaknesses cannot explain the depth and severity of the crisis, nor the fact that it occurred in so many countries simultaneously, and instead he places the blame on financial panic and overly liberalized international and domestic financial systems (Radelet and Sachs 1999). According to Krugman, â€Å"all short-term debt constitutes potential capital flight. † The need to fix structural problems in individual countries should not stand in the way of broader macroeconomic measures, in particular those designed to stimulate growth in hard times. He states that â€Å"it is hard to avoid concluding that sooner or later we will have to turn the clock at least part of the way back. To limit capital flows for countries that are unsuitable for either currency unions or free floating; to regulate financial markets to some extent; and to seek low, but not too low, inflation rather than price stability. We must heed the lessons of Depression economics, lest we be forced to relearn them the hard way† (Uchitelle 1999). In other words, the global financial system is largely to blame for the recent crises. Fix the Countries† Analysts IMF. According to the IMF, Russia’s financial crisis was brought on by a combination of (1) weak economic fundamentals, especially in the fiscal area; (2) unfavorable developments in the external environment, including contagion effects from the Asian financial crisis and falling prices for key export commodities such as oil; and (3) its â€Å"vulnerability to changes in market sentiment arising from the financing of balance of payments through short-term treasury bills and bonds placed on international markets† (IMF December 1998). The IMF had pointed out in May 1998 that Russia had made insufficient progress in improving budget procedures and tax systems, establishing competent agencies to collect taxes and control expenditures, clarifying intergovernmental fiscal relations, and ensuring transparency at all levels of government operations. By August 1998, investor confidence in the ability of Russian authorities to bring the fiscal system under control began to decline, immediately leading to the financial crisis, after the Duma failed to approve fiscal measures planned under the augmented Extended Fund Facility (EFF). These measures were aimed at reducing the fiscal deficit, implementing new structural reforms addressing the problem of arrears, promoting private sector development, and reducing the vulnerability of the government’s debt position, including a voluntary restructuring of treasury bills. 4 The extent to which the Russian crisis is attributable to contagion effects from the Asian crisis instead of to internal problems stemming from insufficient reforms in fiscal management is difficult to determine. According to the IMF’s May 1998 assessment of spillover effects from the Asian crisis, Russia’s stock market was seriously hit by the crisis and by early spring 1998, stock prices in Russia had indeed not yet fully recovered from the lows reached in fall 1997. The Russian ruble had also been hit hard and the central bank had to intervene heavily in the foreign exchange market just to keep the currency within the new exchange rate band. As international capital fled from the risky Asian economies in the fall and winter of 1997, investors who were similarly wary of risky investments in the transition economies began to reduce their exposure to Russian and other ENI markets. Nevertheless, emerging market investors quickly began to differentiate between high- and low-risk countries. By first quarter 1998 the Czech Republic and Poland had become relatively attractive to investors, receiving considerable short-term capital inflows and by January 1998 Standard and Poor’s credit rating for Hungary had greatly improved. Russia and Ukraine, on the other hand, continued to suffer from structurally weak financial sectors and an over-dependence on short-term borrowing. To attract investment back into Russia, the Russian government had to raise interest rates in order to offer yields well above pre-crisis levels to cover for the increased perception of risk. As a result, foreign investment had started to flow back into Russia by early 1998. According to the IMF, differences in the severity of interest rate and equity price movements among the transition countries illustrate the importance of appropriate domestic macroeconomic and structural policies to limit vulnerability to international financial crises. In Russia and Ukraine, financial sector weaknesses and a high dependence on government borrowing, in addition to chronic revenue problems, especially in Russia’s case, explain why these two countries were more affected by the Asian crisis than the Central and East European countries. In other words, the Asian crisis exposed Russia’s underlying structural problems and made the need to address them more apparent. The IMF continues to assert that the financial crisis in Russia was a crisis of the state. Nearly a year and a half ago, Michel Camdessus, Managing Director of the IMF, claimed that the Russian state â€Å"interferes in the economy where it shouldn’t; while where it should, it does nothing. Camdessus pointed out that the Russian state needs to make progress in promoting an efficient market economy through transparent and effective regulatory, legal, and tax systems. At present, the IMF still supports these recommendations (IMF November 1998). Existence of a Virtual Economy. Clifford Gaddy of the Brookings Institution and Barry Ickes of Penn State University argue that although the immediate causes of Russia’s financial crisis are the large budget deficit, resulting from nsufficient revenue collection, and an inability to service the debt, especially short-term dollar liabilities, there are more fundamental problems with Russia’s economy. These problems stem from â€Å"illusions† regarding prices, wages, taxes, and budgets that permeate the Russian economy to such a great extent that the economy has become â€Å"virtual† rather than actual. This virtual economy 5 is derived from a public pretense that the economy is bigger and output more valuable than they really are. According to Gaddy and Ickes, the virtual economy primarily originated from the unreformed industrial sector inherited from the Soviet era, in which enterprises produced output that was sold via barter at prices that were higher than they would be if sold for cash. In general, these enterprises operate without paying their bills, as wages that should be paid to employees (but are not paid) become wage arrears, and required payments for inputs (which are also not paid) emerge as interenterprise arrears and payments through barter. In fact, Gaddy and Ickes assert, people make an effort to avoid cash transactions because they would expose the pretense of the virtual economy. They go on to state that although the virtual economy acts as a safety net for Russian society, it has serious economic repercussions since it negatively affects enterprise restructuring, economic performance measuring, and public sector reform (Gaddy and Ickes 1998). At this point, they argue that the West has two choices on how to help Russia. First, the West can concentrate on keeping Russia stable in the short term by bailing out the virtual economy, which will lead to further consolidation of a backward, noncompetitive economy and will guarantee the need for future emergency bailouts. The second option would be to refuse the bailout. The consequences of this option would be drastic—the ruble will lose its value, foreign capital will flee—but on the positive side, the Russian economic policy that is so addicted to borrowing would have to kick the habit as it found its supply of international credit cut off. They state that â€Å"denying Russia a bailout is not without risks. But bailing out the virtual economy is sure to increase those risks for the future† (Gaddy and Ickes 1998). U. S. Government. The U. S. Treasury Department points out that despite the many important reforms that have been carried out in Russia—including extensive privatization, price liberalization, and reduction of government spending—reforms in a few critical sectors have lagged behind, leading to the financial crisis. According to David Lipton, the principal problems include the failure to control the budget deficit and extensive government borrowing. The budget problems are a manifestation of the political struggle over the country’s economic direction and as long as these disputes over the proper role of government remain unresolved, he believes that budget difficulties and unnecessary government borrowing will continue unabated. He also argues that Russia’s high fiscal deficits have led to the country’s high interest rates since â€Å"Russias macroeconomic problem is fundamentally fiscal; interest rates are more properly viewed as a symptom of that problem, not a cause† (Lipton 1998). Lastly, he argues that the failure to build a favorable investment climate and adhere to the rule of law also helped to sow the seeds of the financial crisis (Lipton 1998). The Treasury Department also points to external factors that led to the crisis. According to Deputy Secretary Lawrence Summers, the Russian crisis was not inevitable. He avers that if the Asian crisis had not reduced confidence among emerging markets investors, and had the prices of export commodities (e. g. , oil) not fallen so dramatically—the August 1998 crisis might not have taken place (Summers 1999). Nevertheless, the crisis did occur because the Russian government attempted to pursue an enormously risky course of simultaneously 6 devaluing the ruble, imposing a debt moratorium, and restructuring government bonds in response to the external pressures (Lipton 1998). To avoid future crises, Summers points out that Russia needs a tax system that supports the government and legitimizes enterprises, which probably involves a new allocation of spending and revenues between central and regional governments. Summers, however, is also quick to point out that it is much easier to talk about what tax reforms need to be implemented than to discuss how the reforms can be accepted politically. He adds that bank restructuring is another area where reform is needed and that it should be done in a fair nd transparent way within a legal framework that makes current owners take responsibility for their losses before scarce public funds are used (Summers 1999). Russian Government and Nongovernmental Analysts. Yegor Gaidar, former prime minister of Russia, attributes the crisis to the combined continuation of soft budget constraints from the socialist period along with the weakening of previous administrative controls and government corruption, which led to the ban kruptcy of state enterprises. The early years of transition in Russia were marred by inefficient macroeconomic policy, weak budgetary and monetary constraints, and inflation that eroded budget revenues. Although later macroeconomic policy was more efficient and succeeded in controlling inflation, efforts to improve revenue collection or cut expenditure obligations have failed, leading to unsustainable deficits. The lessons learned here are that budget deficits should be reduced as quickly as possible, as inflation is also controlled, and the vulnerability of exchange rate regimes to potential crises should be addressed immediately (IMF 1999; Gaidar 1999). In terms of the current regime, Gaidar describes Primakov and his government as a â€Å"communist government in post-communist Russia,† because Primakov and his cabinet come from the â€Å"traditional Soviet economics establishment† and his post-crisis approach relies on strengthening and centralizing government control. According to Gaidar, the Russian government faced two possible paths to solve the crisis: (1) return to the approach employed in 1992–94, with soft monetary and budget policies, or (2) maintain a tight monetary policy, stabilize the ruble, and carry out fundamental budget reforms to allow the government to balance revenues and expenditures. The first path would lead to the return of high inflation rates, as the government relaxed its control over the money supply in an attempt to pay its debts, but the banks would benefit from the return of â€Å"cheap money† issued by the Central Bank. The second path would involve speeding up structural reforms, which would be good news for profitable enterprises but would mean painful consequences for unproductive enterprises—mostly firms in the industrial and financial sectors—as they would be allowed to go bankrupt if they could not compete in world markets. Both paths would be painful, Gaidar explains, but the first path of high inflation would also be inequitable, as the poorest layer of society tends to suffer most from increasing prices. Not surprisingly, Primakov chose to pursue a modified version of the inflationary approach, a sort of populist economics policy that had been implemented in many Latin American countries. The reason Primakov opted for this path, as Gaidar states, is because â€Å"in part, the lack of internal and external sources for financing after the 7 dismissal of the Kiriyenko government pushed [the Primakov government] toward choosing the inflationary variant† (Institute for Economics in Transition 1999). Andrei Illarionov, Director of the Institute for Economic Analysis in Moscow, while noting the IMF’s successes with respect to Russia, criticized the IMF for being too willing to compromise on Russian conditionality. Not one of the IMF programs developed in Russia, Illarionov claims, has been executed in full, as a result of the softening and revision of conditions in original agreements. He states that â€Å"decisions to provide financing for Russia, motivated by political rather than economic considerations, have given rise to the problem of moral hazard. As a result, the Russian government became spoiled after being granted unearned financial assistance, and policy became even more irresponsible than before (Illarionov 1998). Finally, Illarionov also criticizes the IMF for offering inappropriate policy recommendations to Russian authorities in two other areas: exchange rate and fiscal policies. The IMF program (mid-1998, pre-crisis) stipulated that the exchange rate policy should remain unchanged for the remainder of 1998, in order to preserve the low inflation rates, and prescribed that the Russian government should concentrate mainly on raising revenue rather than reducing expenditures. Although many poor 9 O c t 9 8 J u l 9 8 A p r 9 8 egaw muminim laiciffo J a n 9 8 O c t 9 7 .9991/20 ,PECER :ecruoS J u l 9 7 A p r 9 7 J a n 9 7 Dissatisfaction over the continuing problem of wage arrears led to an increase in strikes throughout the country toward the latter part of 1998; 1873 strikes were registered in December 1998, nearly 3. 4 times the number during the previous December. aissuR ni ecnetsisbuS dna ,snoisneP ,segaW ecnetsisbus woleb era % 92 level ecnetsisbus laiciffo ecnetsisbus woleb era % 12 0 001 002 003 004 005 006 007 008 R u bl e s p e r m o n t h . eople have become poorer, the impoverishing effects of the crisis have also hit other groups within Russian society. Workers involved in the business of selling imported goods have found that demand for their products has nearly evaporated as not only consumer incomes have fallen, but also ruble depreciation means higher prices on imports. As a result, many of these trade businesses have shed labor or closed. One of the longer-term consequences of the economic crisis in Russia may be the strain on society, which is likely to weaken the Russian government’s ability to continue to push for reforms. In some ENI countries, the crisis has given reform skeptics an excuse to abandon or reverse some reforms already implemented. The social pressure against further economic reforms, now seen by many as the cause rather than the cure for the economic crises, may become strong enough to counter-balance the pro-reform force. It may lead some ENI countries to get stuck in what Adrian Karatnycky describes as a â€Å"state of stasis† rather than of transition. Stability Versus Democracy Politically, the financial collapse has weakened Russia vis-a-vis the west, but its relative power in the region has in many ways increased. Not only has the crisis given Moscow an excuse to consolidate power over the regions throughout Russia, but it has also allowed many hard-liners within Russia to gain some ground in their push to reassert Russia’s traditional sphere of influence. In addition, many neighboring regions have found themselves with large arrears on their payments to Russia for natural gas deliveries, and have had to strike deals with Russia to find ways to settle these debts through deliveries of food and other barter arrangements. Following the onset of the crisis in August, the Russian government proposed many changes intended to promote economic stability at the cost of democracy. In February 1999, Prime Minister Primakov argued that Russia’s governors should be appointed by the President, rather than elected by their constituents, so that Moscow can take back control over the regions and avoid a collapse of the country. President of Belarus Alyaksandr Lukashenko rejoiced in the crumbling of IMF-backed reforms in Russia, considering the crisis to be a indication of his position in favor of state planning and price controls. The old proposal regarding a possible political union of Belarus, Ukraine, and Russia has also resurfaced, as Russia and some neighboring countries have concluded that further integration will help solve their problems. In the words of Ivan Rybkin, President Yeltsin’s envoy to the CIS, â€Å"the recent crisis taught us all that we must stand together in order to surviveâ₠¬  (Rutland 1999). Effects on Neighboring Countries The drop in real wages in Russia—coupled with the devaluation of the ruble—has translated into dramatically reduced Russian imports. For the neighboring countries that depend on Russia as a market for their exports, the shrinking market in Russia has been disastrous for their local economies. As Russians are shifting consumption away from the relatively more expensive imported goods, the producers of these goods in neighboring countries are faced 10 with a dramatic fall in demand for their products. This has translated into falling output and increased unemployment for the countries that are most closely tied to Russia through trade, especially Moldova (more than 50 percent of Moldovan exports go to Russia); Belarus, Ukraine, and Kazakhstan, (;gt;33 percent of exports to Russia, as of early 1998); and Georgia (;gt;30 percent of exports to Russia) (EC 1999). The drop in remittances from nationals living in Russia has led to decreased incomes in neighboring countries with large numbers of gastarbeiter working in Russia. Armenia, Georgia, and Azerbaijan have been most severely hit by this decline in remittances. In some cases the pattern seems to have been reversed, with families in neighboring countries now supporting relatives living in Russia (EC 1999). Finally, food prices have also increased in the neighboring countries of the NIS, as the cost of imports from outside Russia has risen as a consequence of the significant devaluation of local currencies. Some of the specific effects and impacts on other NIS and neighboring countries are summarized briefly below. Armenia—Accumulation of public sector arrears is likely, as government is facing difficulties in financing of education, health care, and other expenditures. Remittances from Armenians in Russia have decreased, placing additional pressure on family support systems, and this could result in increased poverty. Azerbaijan—Trade-related consequences in the short term are less than for other NIS countries, as the political instability in the North Caucasus region has already limited trade ties with Russia prior to the crisis. Government spending was cut in 1998, and further cuts in 1999 will affect key social sectors. As in other Caucasus countries, decreased remittances from Azerbaijani nationals residing in Russia has reduced family incomes in Azerbaijan. Baltic Region—Estonia, Latvia, and Lithuania—The Russian crisis forced some Baltic banks to fail, and several others to reveal their under-reporting of exposure to Russia in their September 1998 quarterly reports. Better developed financial systems, a reorientation toward western markets, and general political stability have helped to limit the damage and contagion effects from the Russian crisis. Belarus—One of the most affected countries in the NIS, Belarus was highly dependent on trade with Russia prior to the crisis. Exports to Russia plunged from $400 million/month in the first half of 1998 to just $170 million/month by September 1998. Shortages of basic foods forced the government to introduce rationing. Georgia—The Russian market accounted for 30 percent of Georgia’s exports prior to the crisis, and Georgian nationals living in Russia provided a significant amount of income to Georgian families through remittances. The trade deficit with Russia widened to 50 percent in October 1998, forcing the Georgian authorities to float the lari (which led to a sharp depreciation). 11 Kazakhstan—In the first half of 1998, half of Kazakhstan’s exports went to Russia, and the impact of the crisis has been felt in Kazakhstan primarily through the reduction of exports to Russia. Kazakhstan introduced a temporary ban on the import of some Russian foodstuffs, in order to control the inflow of cheapened Russian goods following the depreciation of the ruble. Kyrgyzstan—Nearly 60 percent of Kyrgyzstan’s exports went to Russia, prior to the crisis, so this country was also one of the more vulnerable to negative shocks through the trade mechanism. In this most pro-reform of the Central Asian Republics, price liberalization of utilities and privatization may be threatened, as consumers are less able to pay the higher tariffs as a esult of fallen incomes. Moldova—Trade with Russia is important to Moldova, as 50 percent of Moldovan exports went to Russia prior to the crisis. Many farms and other agro-exporters have been unable to pay wages, as their export market has dried up in Russia. Here, too, the crisis has threatened the reform and liberalization process implemented by the government, as investors’ interest in the Moldovan economy has diminished and a heavy withdrawal from commercial banks have signaled a lack of confidence in this country. Tajikistan—Low commodity prices for cotton and gold had already damaged the Tajikistan economy before the Russian crisis, and the fragile peace held together in part with the support of the Russian military (serving as border guards) has certainly not gained strength from the crisis. Apparently, Tajikistan is not as dependent on trade with Russia as other NIS countries, and this has helped to insulate Tajikistan from the direct effects of the crisis. Turkmenistan—Exposure of Turkmen banks to Russian markets has been limited, as the Turkmenistan economy is tightly controlled by the state. The Russian crisis therefore is not expected to have a strong direct impact on Turkmenistan. Ukraine—Closely linked to Russia through trade and financial ties, Ukraine has suffered greatly as a result of the Russian crisis. The hryvnia lost half its value against the dollar following the crisis, and reserves have fallen (as of early 1999) to only one month of imports. Inflation surged to 12. 8 percent in October 1998 alone, following a long period of relatively stable inflation before the onset of the crisis (2 percent inflation in first half of 1998). Uzbekistan—As Uzbekistan has been gradually reorienting its international trade profile away from Russia over recent years, the country has apparently been less affected by the crisis than other NIS countries. Further, the underdeveloped banking system and financial markets in Uzbekistan may have helped to insulate that country from the shocks emanating from Russia in August 1998, as Uzbekistan had relatively little exposure to Russia’s financial markets. 2 Proposed Remedies As discussed throughout this paper, two camps have emerged in academic and policy circles that seek to explain the causes of and remedies for the Russian financial crisis. This section highlights some of the remedies proposed by each camp. According to the â€Å"fix the countries† critics, such as the IMF and the U. S. Treasury Department, the Russian government must continue pushing for reforms in the public finance and banking sectors. According to Gaddy and Ickes, only two options exist for western creditors and international financial institutions: keep Russia stable in the short-term by bailing out the virtual economy or refusing a bailout. Denying Russia a bailout would have negative effects in the short-term by leading to the demise of large commercial banks and oligarchs, foreign capital flight, and currency devaluation. In the long run, however, Gaddy and Ickes prefer this option because they believe it will force Russia to adjust to economic life without a steady supply of credit available and adapt sound economic policies. They dislike the first option simply because they believe it will lead to the further development of a nonmarket-oriented economy that would require bailouts in the future. The Treasury Department adds that bank restructuring and reforms in tax administration and collection are necessary as well. The â€Å"fix the global financial system† critics, such as Jeff Sachs and George Soros, urge that the international financial system be reformed so that short-term borrowing by banks and governments be limited so as to avoid potential investor panics. In addition, Sachs recommends that domestic banking regulations, in the form of enhanced capital adequacy standards and policies that encourage partial bank-sector ownership by foreign capital, be implemented in order to limit vulnerability of the domestic economy to foreign creditor panics, and that exchange rates be kept flexible instead of pegged. In addition to these proposed remedies, others have gone further to propose mechanisms for recovering losses (Sexton 1998). According to Sexton, foreign creditors have at their disposal four mechanisms to recover losses to Russian firms: 1. Convertible debt securities: debtors could issue convertible bonds to creditors although Sexton argues that this probably won’t work too well in Russia 2. Treasury or redeemed shares: company may exchange its own shares, that were bought back, or interests to extinguish outstanding indebtedness; there should be no tax consequences to debtor on repurchase of shares; on resale to foreign creditor, debtor should be taxed on any gain on shares or should be able to deduct any loss sustained 3. Alternative debt refinancing structure: swapping debt for convertible debt which creditor converts into equity; issue by debtor to creditor of convertible bonds as a means of refinancing outstanding debt; creditor should make sure conversion ratio covers value of outstanding debt over term of loan; disadvantage to this 13 strategy is that creditor is refinancing and likely to have twice the outstanding debt for some time 4. Securitizing the debt: convert debt into security which creditor then contributes to debtor’s charter capital to pay for the shares (key issue facing creditors thinking of taking equity in a Russian debtor company in exchange for indebtedness is how to value that equity) Summary This paper has addressed the opposing views as to the causes of and remedies for the Russian financial crisis. †¢ Two central camps have emerged. One camp argues that the Russian economy has severe structural problems that were the primary cause of the crisis: fiscal deficit, banking sector problems. The other group points to the IMF and the problems with the international financial system, claiming that moral hazard problems led investors to underestimate the risk of investing in emerging markets such as Russia, and that unregulated short-term investment flows out of emerging markets can result from the panic. Each of these groups proposes different remedies for the crisis, based on their assessment of the roots of the crisis. The IMF and Treasury Department insist that the Russian government continue to push for reforms in public finance and the banking sector, claiming that weaknesses in these areas ultimately led to the onset of the Russian crisis. Jeffrey Sachs, George Soros, and others who are critical of the international financial systems and the role of the IMF in the recent financial crises, recommend that the short-term borrowing by governments and banks in emerging markets be limited and regulated, and that exchange rates are flexible rather than pegged. †¢ Although the worst of the Russian crisis may have already passed, as the Russian and other ENI stock markets appear to have recovered and the dramatic fall in production has been reversed, the original causes of the crisis still need to be addressed. Continued progress in banking and fiscal reforms in Russia will be necessary to ensure that the country is less vulnerable to future external shocks and foreign creditor panics. Improvements in these sectors would help restore investor confidence in the Russian economy and reverse the current outflow of capital. 14 ANNEX: What Happened in Russia? A Brief Chronology of Events Asian Crisis: Precursor to the Russian Crisis †¢ †¢ July 1997, Thailand—devaluation of Thai baht December 1997, Korea—devaluation of Korean won †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ ate October 1997— Pressure on ruble intensifies, as result of Asian crisis December 1997—Foreign exchange pressure temporarily recedes in Russia 19 December 1997—Standard and Poor’s Sovereign Ratings of Russian ruble: longterm—â€Å"BB-â€Å"; outlook—negative; short-term—â€Å"B† January 1998—Reemerging p ressure on ruble forces Central Bank to raise interest rates, increase reserve requirements on foreign exchange deposits, and intervene on ruble and treasury bill market March 1998—Stock market prices in Russia have not yet recovered from lows reached in late fall 1997 May 1998—Russia places major commercial bank under Central Bank administration; miners strike over wage arrears; Russia continues to intervene on foreign exchange markets to support ruble, but investors increasingly see this strategy as unsustainable Late May 1998—Interest rates in Russia increased to 150 percent; Russian government announces revisions to 1998 budget, including 20 percent cut in expenditures and new initiatives to boost revenues Early June 1998—Recent policy announcements temporarily ease tensions, allow partial reversal of earlier interest rate hikes 9 June 1998—Standard and Poor’s Sovereign Ratings of Russian ruble: long-term— â€Å"B+â€Å"; outloo k—stable; short-term—â€Å"B† Late June 1998—Russian authorities unveil anti-crisis program, aimed at boosting tax revenues, cutting expenditures, and speeding up structural reforms . 9991 lirp A , eci vre S et aR egn ahc xE CIFI C AP : ecruo S 15 4 / 2 / 9 9 3 / 2 / 9 9 2 / 2 / 9 9 1 / 2 / 9 9 1 2 / 2 / 9 8 1 1 / 2 / 9 8 1 0 / 2 / 9 8 9 / 2 / 9 8 8 / 2 / 9 8 7 / 2 / 9 8 6 / 2 / 9 8 5 / 2 / 9 8 4 / 2 / 9 8 3 / 2 / 9 8 2 / 2 / 9 8 1 / 2 / 9 8 03 Russian Crisis Timeline 0 5 01 51 02 52 After the devaluation of the Thai baht in July 1997, one Asian country after another had to raise interest rates sharply to avoid currency devaluation. But the combination of high interest rates and currency depreciation, which inflated the burden of foreign debt, provoked a financial crisis (Krugman 1999). SU$/selbuR :etaR egnahcxE elbuR †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ 16 1 2 / 2 0 / 9 8 9 / 2 0 / 9 8 6 / 2 0 / 9 8 3 / 2 0 / 9 8 1 2 / 2 0 / 9 7 9 / 2 0 / 9 7 6 / 2 0 / 9 7 3 / 2 0 / 9 7 1 2 / 2 0 / 9 6 .9991 lirpA ,semiT wocsoM :ecruoS 9 / 2 0 / 9 6 6 / 2 0 / 9 6 3 / 2 0 / 9 6 1 2 / 2 0 / 9 5 9 / 2 0 / 9 5 6 / 2 0 / 9 5 3 / 2 0 / 9 5 1 2 / 2 0 / 9 4 9 / 2 0 / 9 4 6 / 2 0 / 9 4 0 †¢ 003 †¢ xednI semiT wocsoM :egnahcxE kcotS naissuR †¢ Mid-July 1998—Russian authorities introduce additional policy package, in the context of an IMF agreement on an augmented Extended Fund Facility (EFF) arrangement 20 July 1998—IMF releases first $4. 8 billion tranche of $22. billion extra credit pledge, as policy package is approved by IMF Late July 1998—Initial effects of this package are positive, with equity prices rebounding 30 percent, treasury bill rates falling from 100 to 50 percent, and a low ering of the Central Bank refinancing rate from 80 to 60 percent Early August 1998—The Duma fails to approve new reform program; President forced to veto several Duma measures and introduce others by decree 13 August 1998—Standard and Poor’s Sovereign Ratings of Russian ruble: longterm—â€Å"B-â€Å"; outlook—negative; short-term—â€Å"C† 14 August 1998—Average treasury bill rates are about 300 percent, international reserves down to only $15 billion, and Russian banks are unable to meet payment obligations Russia on the verge of full-scale banking and currency crisis 15 August 1998—Boris Yeltsin announces that there will be no devaluation of the ruble 17 August 1998—Russian government defaults on GKO Treasury Bonds, imposes 90day moratorium on foreign debt payments, abandons ruble exchange rate corridor 17 August 1998—Standard and Poor’s Sovereign Ratings of Russian ruble downgraded: long-term—â€Å"CCC†; outlook—negative; short-term—â€Å"C† 21 August 1998—Russia’s international reserves fall to $13. 5 billion, after renewed heavy intervention in an effort to support the weakened ruble 26 August 1998—Following heavy intervention, the Russian Central Bank announces that it will stop selling U. S. ollars, and suspends trading of ruble on main exchanges Late August 1998—Kiriyenko government is dissolved, financial crisis intensifies 1 September 1998—Russia is the IMF’s largest borrowe r, with a combined total of credits at this date equal to nearly $18. 8 billion 2 September 1998—Russian Central Bank abandons exchange rate band, lets the ruble float 16 September 1998—Standard and Poor’s Sovereign Ratings of Russian ruble: longterm—â€Å"CCC-† [lowest possible S and P rating]; outlook—negative; short-term—â€Å"C† January 1999—Moody’s assesses financial strength (â€Å"E†) and credit ratings (â€Å"Ca†) of the Russian banks at the lowest possible levels; most banks are insolvent (or nearly so) 005 054 004 053 052 002 051 001 05 †¢ †¢ †¢ 15 January 1999—The Central Bank of Russia re-launches trading on the domestic debt market. The new securities are to be used in the restructuring of frozen GKO and other debt instruments 27 January 1999—Standard and Poor’s Sovereign Ratings of Russian ruble: Longterm—â€Å"Selective Default†; outlook—â€Å"Not Meaningful†; short-term—â€Å"Selective Default† 5 February 1999—The 1999 budget was passed by the Duma in its fourth and final reading. The budget estimates a 2. 5 percent budget deficit, and assumes that the government will receive $7 billion in external loans to help finance foreign debt service 17 BIBLIOGRAPHY European Bank for Reconstruction and Development (EBRD). March 1999. â€Å"Overview on Developments in the Operating Environment,† mimeo. European Commission (EC). 20 January 1998. â€Å"The Russian Crisis and Its Impact on the New Independent States and Mongolia. † Communication of the European Commission to the Council and the European Parliament. [http://europa. eu. int/comm/dg1 a/nis/russian_crisis_impact/1. htm] Frankel, Jeffrey A. 1999. Soros’ Split Personality: Scanty Proposals from the Financial Wizard. † Foreign Affairs 78 (2): 124-130. Gaddy, Clifford G. , and Barry W. Ickes. 1998. â€Å"Russia’s Virtual Economy. † Foreign Affairs 77 (5): 53-67. Gaidar, Yegor. February 1999. â€Å"Lessons of the Russian Crisis for Transition Economies. † Institute for Economies in Transition on-line publication. Illarionov, Andrei. 1998. â€Å"Russia and the IMF,† testimony prepared for hearing of the General Oversight and Investigations Subcommittee of the Banking and Financial Services Committee of the U. S. House of Representatives, 10 September. International Monetary Fund (IMF). 1999. IMF Survey. Volume 28, Number 4. International Monetary Fund. May 1998 and December 1998. World Economic Outlook. International Research and Exchange Board (IREX). 1998. â€Å"Russia’s Economic Crisis and Its Effect on the New Independent States,† a discussion report summarizing conclusions of an IREX policy forum held on 18 November. â€Å"Kommunisticheskie pravitel’stvo v postkommunisticheskoi Rossii: pervye itogi i vozmozhnye perspektivy [Communist Government in Post-Communist Russia: Initial Results and Possible Perspectives]. † 1999. Working Paper Series. Moscow: Institut ekonomiki perekhodnogo perioda [Institute for Economies in Transition]. Krugman, Paul. 1999. â€Å"The Return of Depression Economics. Foreign Affairs 78 (1): 5674. Lipton, David. 1998. â€Å"Treasury Undersecretary David Lipton Testimony Before the House Banking General Oversight and Investigations Subcommittee on Russia,† RR-2673, 10 September. Odling-Smee, John. 1998. â€Å"The IMF Responds on Russia: A Letter to the Editor,† 30 November. 18 O’Brien, Timothy. 1998. â€Å"George Soros Has Seen the Enemy. It Looks Like Him. † The New York Times, 6 December: . Phillips, Michael M. 1999. â€Å"Apocalypse? No. Round the Globe, Signs Point to Final Days of Financial Crisis. † The Wall Street Journal, 14 April: . Radelet, Steven, and Jeffrey Sachs. 1999. â€Å"What Have We Learned, So Far, From the Asian Financial Crisis? Paper sponsored by USAID/G/EGAD under Consulting Assistance on Economic Reform (CAER) II Project. Robinson, Anthony. 1999. â€Å"Russia: Coming in from the Cold. † The Banker 149 (877): 4849. Russian European Centre for Economic Policy (RECEP). 1999. â€Å"Russian Economic Trends. † Monthly Update, 10 February. Russian Market Research Company (RMRC). 1998. â€Å"Business Barometer Survey: Moscow, October 2-3, 1998,† published on the American Chamber of Commerce in Russia website. Rutland, Peter. 1999. â€Å"Moscow Casts a Long Shadow. † Transitions 6 (3): 27-31. Sexton, Robert. 1999. â€Å"Turning Russian Debt into Equity. † Euromoney no. 357: 75-76. Smirnov, Mikhail. 1998. Rubl’ kaput ili kak bank Rossii opustil rubl’ [The Ruble is Kaput, or, How the Bank of Russia Lost the Ruble],† National’naia sluzhba novostei [National News Service]. Soros, George. 1998a. Testimony to the Congressional Committee on Banking and Financial Services of the U. S. House of Representatives, 15 September. Soros, George. 1998b. â€Å"The Crisis of Global Capitalism: Open Society Endangered,† remarks before the Council on Foreign Relations, New York, 10 December. Summers, Lawrence H. 1999. â€Å"Russian and the United States: The Economic Agenda,† remarks by Deputy Treasury Secretary Lawrence H. Summers at the U. S. -Russian Investment Symposium in Cambridge, MA, 14 January. Uchitelle, Louis. 1999. â€Å"Crash Course: Just What’s Driving the Crisis in Emerging Markets? † The New York Times, 29 January: . 19