...Views on The World Financial Crisis: Will It Continue To Deepen? Introduction The Great Recession of the 21st Century (Wesel, 2010), which began in 2007, has affected the entire world economy; admittedly, some countries have been hit harder than others but few nations can really say that they have been entirely spared from the crisis. What is more, the devastating repercussions of the financial crisis can still be observed to this day, more than five years since it first began, as numerous countries around the globe are still struggling to get back on track. The road to recovery from the financial crisis has been more difficult than initially anticipated and, with the dawn of a new year, it is still hard to say whether things will start looking better for the world economy or not. The question on everybody’s mind is whether the world financial crisis will continue to deepen or not. Background Though still a somewhat a highly debated matter, the onset of the world financial crisis can be pinpointed to 7 August 2007, when BNP Paribas terminated withdrawals from three hedge funds, on grounds of a complete lack of liquidity (Elliot, 2012). For the two years that followed this incident, the world economy was on a continuous downward spiral. Economies around the globe started to slow down, some faster than others, stock markets began to drop, international trade declined, and credit tightened. In the United Kingdom for example, the catalyst for the economic crisis that engulfed...
Words: 3267 - Pages: 14
...| Has Market Economy approach led the world to the current economic situation? | | | | By:Divya Padmanabhan IES Management College and Research Centre Mumbai, India | Executive summary: “If war is God’s way of teaching geography to the world, recession is His way of teaching everyone a little economics”. The global financial crisis has questioned the efficacy of the existing institutional framework and forced us to rethink on how our financial systems are regulated. It has also posed an important question whether the root cause of this global crisis has been the highly praised ‘Open Market Approach’. The inter linkages in the global economy has ensured that no country remains isolated and unhindered by the crisis. With the economic crisis looming over the people at large, unemployment seems to be at all time high and the whole world having a pessimistic view of the future, capitalism seems to be at loss of reason for this crisis, let alone a find solution for it. There was a time when being a capitalist economy was a matter of pride and people were excited to be part of the “free” economy but somewhere down the line the excitement seemed to have vanished. What was thought to be an epitome of equality, turned out to be the cause of inequality. In an article by Joseph E. Stiglitz “Of the 1%, By the 1%, For the 1%”, 1 percent of the people in USA take nearly a quarter of the nation’s...
Words: 2585 - Pages: 11
...How far was the U2 crisis a threat to world peace? The U2 crisis in 1960 significantly cause relations between the US and USSR to worsen. It led toi Khrushchev refusing to attend the Paris Summit Meeting in part because Eisenhower refused to publicly apologize for it. This meant that there were problems left unsolved, such as the division of Berlin, and halted the progress the Thaw had made. Khrushchev used it as an excuse to heighten tensions between the USSR and the USA even more, leading to a propaganda victory for him and the USSR. The USSR’s success posed a threat to the US, because of this the US placed its forces on alert, ready for retaliation from the Soviets. This mistrust was part of what caused then Cuban Missile crisis which almost destroyed world peace completely with the threat of a nuclear war. It was not only the USSR who believed the US could not be trusted as a result of this incident. The U2 crisis created mistrust between China and the US, threatening world peace even further. This also led to the accelerated development of the arms race. The US developed new methods and systems for espionage instead (despite Eisenhower’s promise not to) such as the Corona Satellite program and the Lockheed D-21 unmanned drone while the USSR was able to develop a far reaching missile which they tried to place in Cuba in 1962. On the other hand, neither of the superpowers wanted war and were not prepared to take the risks of a nuclear war. Both countries had lost many men...
Words: 407 - Pages: 2
...World War I The Crisis That Shaped The 20th Century Stephanie Deprey US History Week 7 World War I was one of the biggest events that shaped the 20th century. Also known as the Great War raged from the summer of 1914 to November 1918. It was a very complicated time and occurred due to many different reasons and spanned over many different nations. There were also some very big effects on the world during and after the war that not only stunned America, but the whole global economy. This was only the start however of many huge conflicts to follow and still continue with world fighting to this day. One factor leading to World War I was fear. Everyone was afraid of everyone else in regards to power and what each would do with that power. Another interesting factor was cultural malaise leading to a feeling that there was something wrong with society and that war would be the way to purge society of its poisons. Perhaps, per this cultural malaise, war was inevitable. Decisions were made with great speed, without proper time for reflection. Perhaps some of the most fateful errors were caused by nothing more complex than lack of sleep. Although these are some interesting points and a good start to look at, there are still some more complex causes leading to war. By the beginning of the 20th century, nationalism had become the dominant emotional bond providing Europeans with a sense of community, tradition, a set of moral standards, and a motivation for political activity...
Words: 1477 - Pages: 6
...The sub-prime crisis of has led to a financial crisis in 2008-2009 that impacted many countries around the world. Discuss the cause of the sub-prime crisis and the major parties responsible. A number of parties were responsible for the sub-prime crisis during the period of 2008 to 2009. This essay will be discussing the parties responsible for the sub-prime crisis and how the individual party’s action causes the others to step deeper into the problem. As define by investopedia, sub-prime is “a classification of borrowers with a tarnished or limited credit history. Lenders will use a credit scoring system to determine which loans a borrower may qualify for. Subprime loans carry more credit risk, and as such, will carry higher interest rates as well.” The US subprime mortgage crisis was the catalysis of the finical crisis and subsequently cause the recession that began in 2008. The cause of sub-prime crisis arise from sub-prime loans or also know as sub-prime mortgage, the growth of this loan started expanding during the 1990s and such load is popularly seen in auto (car) loans, home equity (housing loans) and mortgage lending. Sub-prime loans are higher-risk loans labeled “B”, “C” and D credits, where “D” being the “worst”, resulting in a higher interest rate, which also mean a higher risk to the lenders. But it seem not to be a hindering problem, from the point of view of the finical institute who lend out the money, which will be explained later in this essay. In...
Words: 2174 - Pages: 9
...Infectious Diseases: The Greatest Crisis of the world ____________ A Thesis Presented to The Division of The Arts and Sciences Voorhees College ____________ In Partial Fulfillment of the Requirements for the Degree Bachelor of Science ____________ Acknowledgements I am whole-heartily thankful to my Professors at Voorhees College for their tremendous effort in my maturilication through Voorhees College. Lastly I would like to acknowledge all of the people who had any hand in the completion of this thesis. CHAPTER 1: INTRODUCTION * What are infectious Diseases? * Types of infectious diseases * Worldwide distribution of infectious diseases * * CHAPTER 2: THE LEADING CAUSES OF DEATH IS THE WORLD * Top Countries * Top Diseases * CHAPTER 3: MOST DISEASES ARE PREVENTABLE * Why are statistics so high * Minorities prevalence, morbidity, and mortality * How to prevent yourself from being a statistic * Understanding the emotional burden brought upon families who suffer from infectious Diseases * * CHAPTER 4: TRANSMISSION OF DISEASE: COUNTRY TO COUNTRY * Thorough testing while entering and exiting countries * Childhood and adult Immunizations * * CHAPTER 5: FOOD BOURNE PATHOGES * How do they affect America...
Words: 1544 - Pages: 7
...vulnerabilities. We have seen those who laughed or are silent at the proposal for the discipline of Crisisology for ‘wont’ of analyses and intelligence. Others include: * The belief that Crisisology is a temporary call and that the initiator is incompetent regardless of its benefits; * Fear of loss of authority or control of social or academic standing? * Feeling of change overload (too much too soon); * Lack of trust or dislike for the concept of Crisisology; * Great idea but not for us? * Its below ‘our’ standards; * It cannot be guaranteed. We noticed all these from our interactions, diagnosis and inferences and we are not surprised that many of them – the practitioners, researchers, and educators in the fields of crisis management, emergency management, disaster management, and catastrophe management are slow in responding to calls for a serious debate regarding the matter of Crisisology becoming a professional/academic discipline. Collaborative Crises Firstly, academicians in particular are slow in responding to substantially new and radical concepts. They often want to see what research is being conducted by others in a given area, and would subsequently need to corroborate those finding by doing their own research. They do not want to stick their academic necks out there until they think it is safe to do so. The 'organized' disciplines of Biology, Sociology, Psychology, Geology, etc, took some time to become accepted in a formal way. According to...
Words: 1318 - Pages: 6
...Summary Today’s society consists of a crises where there is a need for crisis management, however critics argue there is not enough being done to assist all nations from this organization. There is little attention from the International Monetary Fund (IMF) for developing countries trying to work on their financial situation. The IMF is focusing their attention on developed countries with the expensive plans and rescue operations. There is speculation that short term crisis management has too many negatives including it is too costly, responses are not quick enough decisions that are made are often incorrect, and more. There will be much discussion on the debt crisis and the exchange rate. IMF The International Monetary Fund The is an association of 187 countries, employed to foster global monetary collaboration, secure financial stability, facilitate global trade, encourage high percentages of employment, reach for economic growth between many different nations, and reduce poverty around the world, without discriminating against different countries. Many critics believe this establishment to be positive for the many responsibilities they take care of. For example the International Monetary Fund will provide assistance in areas including giving training and technology to developing countries to help with their own economic structure so they can work on their own eventually. IMF works closely with many different nations and the members included and are involved in the media...
Words: 864 - Pages: 4
...Discussion questions 1. Pick a recent news article that focuses on some international or global problem, and give examples of how and where states, markets, and societies interact and at times conflict with one another. How hard is it to determine the analytical boundaries between the state, market, and society in this case? ONU se reúne tras supuesto uso de armas químicas Los estados interactúan ya que son los encargados de mantener la seguridad de cada país, por eso acuden a las organizaciones que se ocupan de este tipo de asuntos. Los mercados pueden verse afectados por las consecuencias de este tipo de ataques y estos dos se implica la sociedad ya que es la afectada de lo que resulte esta situación. Es fácil distinguir los límites de cada parte en este tema ya que el que tiene la mayor responsabilidad es el estado. 2. Review the basic elements and features of the IPE approach: the three main theoretical perspectives, the four structures, the levels of analysis, and the types of power. Which ones do you feel you understand well and which ones need more work? Los niveles Individual y el de los estados son los más fáciles de comprender ya que se pueden estudiar sin tanto conflicto, pero el sistema internacional: el conflicto internacional a veces es causado por la naturaleza conflictiva del hombre. 3. Define and outline the major features of globalization. Explain the connection between economic liberal ideas and globalization. Which of the three IPE...
Words: 451 - Pages: 2
...Leadership challenges and strategies in post GFC world Name: insert ID no: insert Unit code and name: insert Lecturer: insert Due date:insert We move into 2014, the Chinese class of the cavalry, with the world economy in practically improved shape and advance signs of recuperation in lots major savings. Congealing apart some not surprising excitability as the Federal Reserve of US starts to cut down accessory monetary rules, market opinion has bettered (Taylor, 2011). We are experiencing good development in the US; Japan's rules appear to be bearing an impression, China's development stays rich, and Euro domain growth is demonstrating some signs of blaming up while the trusting system's constancy is bettering – though obviously I concern the wood once I say this. In issuing market savings, substantial advance has been arrived at in amending their receptivity and resiliency to commercialize fluctuations. Two chief problems lay beforehand for the global savings, and they are ace's business leadership discussed over in Sydney. G20 Finance government Ministers chaired by Australia's financial officer Joe Hockey need to accomplish development and create employment. They might well concur on a G20 development objective. Business leadership – by the B20 business leadership forum - can assist them formulate and attain their development schemes. The G20's designs to further private sector development will hopefully adjust to our aspects...
Words: 1567 - Pages: 7
...by: Dr Ibraheem Dooba Publisher: Society for Safety & Crisis Management ISBN: 978-978-935-256-2 Description: Everyone can write a book but certainly not a monograph. It’s very likely to see academics with many book titles in their names without a single monograph in a whole life time. A monograph is a specialist work of writing on a single subject or an aspect of a subject, usually by a single author with cogent, convincing and compelling facts and figures written mainly for an academic audience. This monograph is centered on Crisisology as an emerging academic discipline which presumably according to the author escaped the attention of earlier thinkers. In the light of current global crises and the quest for a formidable strategy of effective crisis detection, prevention and management, the author is championing the development of the academic discipline of Crisisology in the Universities, Polytechnics, Colleges of Education, Monotechnics and research institutions. He felt a new approach to crisis, conflict, emergency and disaster management is urgently needed to take us beyond a purely reactive response to that of creating fresh opportunities for improved tools, strategies and education through the study, teaching and practice of Crisisology. To underscore his resolve to lead this new intellectual campaign of pace-setting, Muhammad Sani Isa, the National President of the Society for Safety and Crisis Management, an Associate Editor of the Management Journal of...
Words: 1172 - Pages: 5
...When a disaster strikes whether it is natural or manmade, it comes with emotional effects of trauma such as stress which include anger, sadness, anxiety, fear, and irritability. The aftermath of a disaster lingers than the destruction itself and become a long term issues It is evident that after this type of crisis individual, group, and community suffer loss of property, love ones, cultural unity and spiritual belief in isolation. Although they are given material supports and even moral supports, it cannot be compared with the spirituality effectiveness that survivors gone through. This is a major issue which needs to be addressed apart from medical treatment, spiritual restoration should be put in place to help resolve the immediate crisis and help restore the victim to a sense of normalcy or level of functioning equal to or higher than prior to the crisis. Most disaster survivors tend to look for higher power as a source for strength and hope during these difficult times. Therefore spiritual care providers should be made available to assist them to regain their trust in God and healing of minds. Many people will experience spiritual stress reactions during or after a disaster. During disasters, a diverse cross-section of people seek spiritual care. Religious leaders will be challenged to support and offer an open environment with respect to religious diversity, social diversity, and unfamiliar cultural and mass care settings. These tips can guide you as you help your...
Words: 404 - Pages: 2
...Author’s Biography: Jack Welch started his career with the GE in 1960, and in 1981 became the company’s 8th chairman and CEO. During his term, GE’s market assets got increased by whopping $400 billion, making it most valuable corporation of the world. His honest,unique style of management and rules became the desired standards in business, with his continuous focus on people, teamwork, and profits. This book answeres most difficult questions people face both on and off during their job. Why to Read the Book This book evolved from thousand of questions asked to Welch when speaking to audiences around the world. This book does not contain the same old stuff of what management should do. It is based on the true practical view which is faced by the company a nd every people related thereto. It offers original thinking, and nuts-and-bolt advice that can change the way the people think about work. Chapters This book basically deals with four parts which are: 1. Underneath it all-which includes Mission and values Candor Differentiation Voice and Dignity 2. Your company-which includes Leadership Hiring Managing people Parting ways Change Crisis management 3. Your competition-which includes Strategy Budgeting Organic growth Six sigma 4. Your career-which includes The right job Getting promotions Hard spots Balancing between work and life Summary and general perspective ...
Words: 771 - Pages: 4
...Unit 4 Mattel’s China Experience Case Study Analysis MT460 Management Policy and Strategy Professor: Dr. Margery Mayer Date: June 18, 2011 In 1944, based in California, Ruth and Elliot Handler founded Mattel after World War II. In the 1950’s, Mattel start advertising on Mickey Mouse Club with their core product being Barbie. Barbie was named after their daughter Barbara’s nickname. In the 1960, Mattel became publicly owned and in 1965, their sales top $100 million the company now qualified as a Fortune 500 company. Mattel is engaged in designing, manufacturing, and marketing of toys and family products across the world. The company's key global brands include Barbie, Hot Wheels, American Girl, and Fisher-Price. The company operates in the Americas, Asia Pacific, and Europe. It is headquartered in El Segundo, California and employs 27,000 people. (xplosivestocks.com) The start or recovery from damage done to the well-known brand due to recalls. After paying $40 million dollars in recalls for more than 19 million toys in China, Mattel was in a crisis. Their stock was dropping, lawsuits, media attacks, lost sales, and increased expense of litigation cost. Mattel was now suffering from a tarnished brand name and customer loyalty. Mattel’s challenges included convincing parents that child safety and product safety is more important that revenue, form an alliance with Chinese suppliers and the government to create honorable quality control solutions, improve...
Words: 862 - Pages: 4
...With the right decision making, some companies improve during a crisis To paraphrase the bumper sticker: Stuff happens. Fortunately, so does good leadership--but those folks looking for pat solutions to unpredictable situations will be disappointed. First-rate management of a crisis rarely looks the same twice. A case in point from America's military: Gen. George S. Patton, perhaps the most celebrated of America's modern military men, was first and foremost a student, devouring books on history and war strategy throughout his life. He also was a brilliant tactician who believed in preparation. When Germans snapped Allied lines and poured deep into Belgium during the Battle of the Bulge, Patton had a plan. He stunned Supreme Allied Commander Dwight Eisenhower by claiming he could break off a chunk of the Third Army from its march west through France and redirect it straight north 100 miles into Belgium within 48 hours. Patton succeeded, and his army helped end the Axis powers' last great push. "The things people do before a crisis occurs have a huge impact on what occurs during that crisis," says Gene Klann, author of the book Crisis Leadership and an associate professor at U.S. Army Command and General Staff College at Fort Leavenworth, Kan. "Patton had prepared himself for that situation." But preparation isn't always the hallmark of triumph in a crisis. Experts say it's a mixed bouquet that often contains preparation but also includes blooms of improvisation, good communication...
Words: 1505 - Pages: 7
