Leadership Essay Example | Topics and Well Written Essays - 250 words - 17

leading - Essay ExampleAn example of a transformational leader motivating followers is M. Fethullah Glen. He has confident(p) a movement in Turkey promoting a different kind of Islam. Glen motivates his followers with education, a promise of peace, and tolerance. He has built education centers world wide. These educational centers are based on the Islam faith, besides do not require students to be Muslim. Glen teaches of respect among all religions, Christian, Muslim, or Jewish. Dialogue should be shared among all. Many of Glens student and followers are motivated by the panorama of peace between the religions and furthering of education.The vision is also important. Anyone can say they want to go to the moon, scarcely it takes a leader to get followers to build a rocket ship. The vision must be working and achievable, with benefits for the followers. It might be impossible to those not wanting change, but Glens vision is achievable. Thousands of Muslims film heeded Glens cause of non-violence. Glens followers believe Islam is a religion and a way of life, just like Islamic terrorists. However, his followers believe that terror or forcing Islam on new(prenominal) cultures is morally wrong. Glens vision is being carried out, maybe not by every Muslim, but by a good following in Turkey. Hopefully one day Muslims can acquire a lasting peace with each other and the world through transformational leaders like

An Analysis of George Stiger Criticism of Adam Smith Essay

An Analysis of George Stiger animadversion of pass Smith - Essay ExampleSmith refrains from making reference to self interest in the analysis of the popular passage motives but rather resort to the phrase self love. From these dickens phrases self interest and self love a misconception can arise that the two are synonyms. Criticisms of Adam Smith The most indebted intellect by Adams campaign is Hirschman. In his work on interests and passions, there has been evidence of relationships between example philosophical development and modern model on self interest and rationale for state theory. Adams article contributes much support to Hirschmans work and emphasizes it more. There are certain instances when Smith contradicts himself. This should not be considered as failure as far as his works is concerned. Similar to his classical ideologies, Smith fronts an argument that, in order for peerless to get the truth, an issue being debated should be viewed from all perspectives (Miller, 1993). Clarity on this has been made on moral sentiments theory, where Adam adopts debates on commerce corruption influence, and consequently denies them to be splenetic philosophy. From Smiths perspective, the nations wealth was a significant reconciliation of humans political and social idea on fruits of commerce. From Hirschmans idea, an argument arises that the reason to economic adventure as an independent science is because of Smiths republican leanings. ... From the article, the dominating characters did not place themselves in a focal point with consideration on their genesis and predecessors. Focusing on ways authors perform their own systems of construction, they always reject the fundamentals of other authors in order to build theirs. Traditionally, economists persist that the behavior of having self interest hold particularly for activities in economics. Attempts harbour been made to take self interest in a broader perspective as the initial straits in analyzing the behavior of somebodys. There are claims that a comprehensive approach to economics is that which can be applied to all individuals, regardless of the price behaviors or imputed prices, infrequent or recurring decisions, minor or large solutions, mechanical or emotional ends, poor or rich people, children or adults, women or men, duncical or bright, doctors or patient, students or teachers. Adam smith refrained from the fact that as much as an individuals economic behavioral bod is always predictable there always few instances when the pattern changes (Smith, 1776). Another intellect asserted that in case the universe in physical form was a subject to motional law, then the universe in moral form will be a subject to interest. In General, self interest stands out as the only motivation for human action. George Stigler conveys a message that is used by many economists as he reiterates that the quote on baker, brewer and flub contributes to the primary principle and to the modern ec onomics. As much the interpretation of self interest is easily floated in mind, it is a testimony of interest paradigm. Initially, the idea to pursue self interest by agents of independence would mavin to

Contemporary Irish Films Essay Example | Topics and Well Written Essays - 3000 words

Contemporary Irish Films - study ExampleThis gambling implementation on TV has contributed to the widespread and popularity of such true-to-life documentaries appearance in cinema tends to prioritise the creative influence of the films directors. Pettitt, 2000Thus, making their films the tend to deal with the topics of abuse from the past found on true stories they draw their great emotional effect on the viewers, and uncover the touchable sniff out of the traditional social political and religious establishments which rules the life of people for a long time. Thats why the real historical or fictional characters, or the images of the USA President appear to perceive the reality visualised in the film in a more deeper sense. Drama has also challenged viewers minds by imagining events that could not be countenanced by factual television. Fictional representations, therefore, have played a major role in the keep and reshaping of perceptions about the Troubles and to this extent they have performed a political function. Pettitt, 2000The reports stay that the number of screens in Ireland has increased by 68% from 192 screens to 322 screens (during the period of 1991-2001), but the number of cinemas in Ireland has reduced by 15% from 81 cinemas to 69 in the same period.As for the contemporary Irish films, Pettitt who deals with the films after the 1970s, speaks about both the great withdraw posed by the influence of Hollywood - dubbed Californication by Oliver St. John Gogarty three-quarters of the century ago - and the need for the resources that the American films companies can supply. Pettitt, 2000 He also points out the fact that Irish cinema, for all its independence, hews fairly closely to the Hollywood formula followed everywhere from West Los Angeles to Bombay. According to Pettitt (2000), drama since the late 1960s has explored some of the deepest fears of those embroiled in conflict, but has not only reflected the political shifts in Northern Irel and. The political, security and legal apparatus of the British establishment has been most effectively critiqued at different junctures in the drama-documentary format. There has been a line of drama that has interrogated the problematic relationship of unionism within Anglo-Irish politics and the increasingly attenuated sense of Ulster loyalism. Fictional representations, therefore, have played a major role in the maintenance and reshaping of perceptions about the Troubles and to this extent they have performed a political function. Pettitt, 2000According to Crosson (2003), contemporary Irish film itself reflects the failure of Irish history to excite the inclination of Irelands youth as effectively as the seductive depictions of Americas past as medicated through the Western and mobster films. So that, films made in Ireland today reflect both these genres. The Irish cinema-going experience has come from Hollywood since in independence in 1922. Rockett, 1991 p.19 The Irish Film B oard has attempted to counterpart Irelands huge dependence on imported film by supporting films made in the country and by Irish people. However, Ireland remains a substantial net importer of images, many of them

Industry report Research Paper Example | Topics and Well Written Essays - 2000 words

Industry report - Research Paper Example plot of land the concerted push by the UAE government towards these stations is quite new, initiatives for local employee preference were first started in 1994 by Sheikh Zayed bin Sultan Al Nahyan. Since then there has been increasing need for and interest in the exploration of the subject, and the government recognized the field as part of the national agenda for 2009 allocating a big part of the developmental budget to it. The scope and importance of the manufacture. Until a few years ago by far the largest part of the make-up of Emiratisation drive used to come solely from direct governmental action. even because of the strategic approach to Emiratisation since 2008, the secondary routes to the objective are starting to take hold and private and human beings corporate entities now govern about half of the initiatives of Emiratisation (Al-Ali 365). As an industry Emiratisation programmes have now stretch out across a plethora of indus trial sectors with the leading sectors for Emiratisation being ports and shipping, oil production, banking and teaching. The target company of this project, DP World, comes from the ports and shipping industry. While the private companies are now starting to induct Emiratis as part of their Emiratisation schemes the ample majority of related schemes still lie with the public sector. The Industry is vital to the central long-term target of UAE administration which is post-oil and non-trade economic stability of the country. In this regard it is imperative that the government takes steps, much like the Saudi administration (Mashood et al.) to cause a cultural change in society and work out as a nation to transcend from a population of takers-to-makers. While the industry could also serve as a launching pad for the government for exporting indigenous talent to all over the globe after specialization of the training machinery, it will inevitably be hard for the state to entice non-gov ernmental organisations and for-profit corporations into inducting naive and under-qualified staff as that would adversely affect the productivity of the companies. Objectives and scope of this report. The report covers all the major aspects of the industry in an overall qualitative fashion. This report is intended to serve as an insight to the atmosphere, magnitude and nature of the industry in which the target company of this project, DP World, operates. The utmost specific objective of this report is the reason of the reader and the researcher with regards to the stability, progress and spread of the Emiratisation sector. The researcher should know about the characteristic trends of the industry, factors affecting it and its cushion on the local, national and global scales. Special emphasis is paid on the economic and employment continue of the progress of the Emiratisation sector with support for the analysis using interpretation of statistical data. Methods Brief descripti on. The methods for carrying out the probe are both primary and secondary research however no quantitative data has been collected using the primary approach. In terms of the primary research, government officials were contacted via email and phone to describe

Dietary Intake, Gender and Activity Factors Influenced on BMI Essay

Dietary Intake, Gender and natural action Factors Influenced on BMI - Essay ExampleNevertheless, overweight is most importantly attributable to excess intake of energy, which live on to not only a positive energy balance but also an accumulation of torso fats (Moore, 2000). Also, a inactive lifestyle is the other factors that can contribute to a gain in weight. BMI is a reliable and easily obtainable indicator of relative body size. At most times, BMI is directly associated with low-density lipoprotein and total cholesterol plasma concentrations. However, an inverse relationship has been reported between BMI and HDL-cholesterol (McNamara et al. 1992). On the other hand, the impression of gender on the association between blood lipid constraint and BMI has not been evidently recognised because most of the studies that have been conducted in this area are hardly consistent.Participating in fleshly activities is unremarkably used as a valuable way of preventing a number of healt h risks that are specially caused by heavyweight across all genders (Eaton and Eaton, 2003). There are a number of reports that have indicated that youthfulness and children spend most of their leisure time in sedentary engagements such as playing picture games or watching television (Moore, 2000). Mounting evidence reveals that sedentary behaviors, which are characterized by lack of physical activities, are attributed to increased risk of physical problemsSedentary behaviors have been proved to, be associated with physical activities, take in habits, and obesity when correlation designs are used (Gortmaker et al., 1996). Although these designs are valuable in determining associations between variables, data-based designs that entail the manipulation of sedentary behaviors are important in determining the causal impact of sedentary habits on energy consumption (Robinson, 1999).

Change of Expectations of Men and Women in 1800s Essay

Change of Expectations of Men and Women in 1800s - Essay guinea pigElders in those days believed that these chores helped the women to keep in good shape because it helped to strengthen their muscles and organs. According to women these days, the emphasis is dictated on stimulating their brain through excessive studying and thereby they neglect their physique do it weak and vulnerable to disease. In an aristocracy, where work is dis esteemed, it is customary for the lower class to work for the benefit and diversion of the upper class but this is not so in a democracy where work is honored because everyone works hard for themselves and their own welfare. Such high democratic principles can be seen in Christianity, where the child is taught at a young age to do service to others. Jesus Christ is the best illustration one can take to see his self-sacrificing attitude towards his race and Christian principles and teachings are found on this. Good Christian parents should see to it that they render the best possible training in virtues to their children so that they would grow up to be benevolent and self- sacrificing to all around them. Speaking on the post cultured War Gwendolyn Wright speaks to us about those people who moved to the suburbs to escape the problems of poor health and political and friendly unrest. Picturesque landscapes and the use of natural materials for buildings brought them more close to nature. But the decades after the Civil war adage the suburbs take on a different implication. Those families who could afford a house in the suburbs were labeled as middle class. The cult of home and motherhood reached its pinnacle in the last decades of the nineteenth century. plurality living in the suburbs very often would visit the urban center to enjoy the restaurants, parks, museums and other exciting things the city had to offer.

FirstGroup plc Essay Example | Topics and Well Written Essays - 1000 words

premiere convocation plc - Essay exampleAs of 2009, the group realize the annualized net profit of around 6 billion pounds, which is a increment of around 31.4% from what the company earned last year. Similarly, this group has remained unaffected by current global economic backdrop, which is an amazing achievement by the company. In the future, the group to a fault wants to maintain its market widener direct and wants to expand its operation to the global market.The company wants to develop a new cable plan which should not in any steering ignore the aspiration of stakeholders. Stakeholders tail assembly be any group or an individual that has a stake in the organizations performance. In simple words, any one within or outside the organization who is affected by the decision taken by the job is known as stakeholder. First Groups stakeholders are its shareholders, employees, government, customers and its board of directors. According to Richard Daft, shareholders are those people who own the business and have invested the silver in the business. So they would like the business to make decisions which are going to increase its profitability and lead to rapid growth of the business. Similarly, First Groups decisions are also going to affect its employees, in whatever way or the other. First Group PLCs decision to downsize can pull up stakes in loss of job for some of these employees. First Group PLCs working policies and pay-rate is another factor that is going to affect the employees. Government might be interest in the decision taken by First Group PLC because if it earns good profit, it will result in revenue for the government in the form of taxes. Similarly, government will want First Group PLC to flourish not only because it will result in revenue collection for the government, but also because it will provide employment opportunities in the economy. Customer will affected by the pricing decisions of First Group PLC. Board of Director will be i nterested in growth decision of the business because their salaries may be dependent on the size of the business. So they would like the owners to plough back earned profit back into the business for the purpose of expansion and this could lead to conflict of interest between unhomogeneous groups of Stakeholders. (Daft, 1997)Business aim is the future-vision of the business, which can be anything that the business wants to achieve in the future or the source behind its existence. The major aim of First Group PLC is the transforming the way people travel and changing their percept about the public transport by providing people with base hit and luxury and in doing so worthy the leading company of the world. In general terms, Business objective is a business strategic position that it is trying to achieve through its activities and policies. If we look at the business objective of First Group plc, we can say that it is aiming toward higher market share by offering distinct service s like safety travel and other features which are not present in conventional transport companies. Another business objective of First Group PLC is rapid growth and in doing so, it is increasing the value of investments of its shareholder by increasing the market-price of the companys stock.Many businesses carry out SWOT analysis to focus on the internal strengths and

Marketing Analysis Report Essay Example | Topics and Well Written Essays - 750 words

Marketing compendium Report - Essay ExampleThe participation offers a range of products, in the form of shoot hug drug services to passengers worldwide, both from Canada to different parts of the world, and vice-versa. The company products solve a range of individual, organizational and social problems, through offering schedule flights to individuals who atomic number 18 seeking to travel to different destinations of the world, thus solving a societal problem. It also offers other individualized services such as pack services to individuals and organizations dealings in the cargo business (Mills, 2006). The company also offers specialized Air Canada Jazz and Air Canada Jetz specifically for organizations and some individuals who would want to experience flexible departure and arrival time, and who cannot fit into the normal scheduled flight timetable. The individuals or organizations using this service are minded(p) privacy, security and convenience, while also being grante d customized services (Yerema & Leung, 2013). It also offers vacation services courtesy of Air Canada rouge, specifically for leisure purposes, through charter flights to oer 200 different leisure destinations worldwide. Another product offered by the company is the Air Canada Express, connecting over 90 Canadian cities (Milton, 2004). Pricing for the different products offered by the company is on a product-to-product basis, while promotions are done through primary(prenominal)stream media both print and broadcast, social media, as well as promotional campaigns and special-offers advertising. environmental Scan Regulatory environmental factors had been favorable for Air Canada in the early years up to the 1970s, where the governance applied regulations to ensure that the company had an upper hand over the other privately-owned airlines. The government restricted light haul carriers to only one destination for other airlines, while allowing Air Canada to serve several destinatio ns (Milton, 2004). Its main competitor, CP Air was restricted in terms of the intercontinental capacity, while also being restricted from operate domestic flights. However, in 1987 deregulation of the Canada air market was introduced, and subsequently stiff competition set in, in the midst of Air Canada and other regional operators (Mills, 2006). Stiff competition for the company is mainly from Pacific Western Airline. The frugal environment for the company was tough especially in the early 2000s, when the company pursued a coalition with its major rival, Canadian Airlines, but realized that its economic situation was worse, an occurrence that led to financial problems and cargo and flight delays. This eventually led to a declaration of bankruptcy in early 2003, but the company recovered in the following year, and managed to strategize and resolved the financial problems (Milton, 2004). Nevertheless, the technological environment has impacted positively on the companys business, through increasing business and repeat customer purchases. The companys engagement of its technology is impressive, with the company offering a range of technological services to its customers, such as

Negative letter Essay Example | Topics and Well Written Essays - 250 words

ban letter - Essay ExampleThe company has agreed to deliver services by 7a.m. The time is remove because it ordain provide an allowance of time for the relocation of the misplaced fomites.The time is also ideal because it will provide the vehicle owners with time to attend their daily jobs. The town council will also provide the vehicle owners with new-made position stickers. The lay sticker will be part of the town councils opening to reduce the grievances pertaining to the parking of vehicles. The sticker is expected to appear in the rearview mirror of every vehicle. In addition, the new sticker will enhance the regulation of vehicle traffic at the parking lot. This situation notwithstanding, the parking charge hike was ill-timed. The town council should instead expand parking capacity to avoid the breach of parking rules by some innocent vehicle owners. The expansion of parking capacity will provide plain space to ensure that vehicle owners do not scramble for parking

The Death Of Steve Job Essay Example | Topics and Well Written Essays - 500 words

The Death Of Steve Job - Essay ExampleReuters has seemingly stated that the new play on Steve Jobs titled The Agony and Ecstasy of Steve Jobs which is going to hit the commonplace Theatre screens next week is not a straight homage to Jobs. Although aware of Jobs imminent final stage out of his chronic ailment, the production team of the play did not know the exact date of Jobs final stage during the process of their production of the play. But the homage tint on the release date cannot comp permitely be washed out. Viewers of the play would certainly sense the eulogy in it. The homage aspect of the password of Reuter is pure rhetoric which insists a mourner not to weep. Had Jobs been alive on the release date of the play, hence Reuter would have certainly shed the term homage. The Time of India has cited Jobs saying Dont let the noise of others drown out your own inner voice. And the most important, have the courage to follow your marrow and intuition. The attempt of the news i s to sneak into the hearts of readers and into their intuition. This is also an approach similar to that of Reuter by highlighting a NO to stress a YES. FirstPost has openly expressed its fear over the future of APPLE by saying, it will take time to judge whether the company, without Jobs, will continue to have the ability to change the rules in whatever industry it enters as before. Although every reader would be aware that the loss of a chief operating officer would have its impact on the development of a firm.

The Indian Economy Essay Example | Topics and Well Written Essays - 500 words

The Indian Economy - Essay ExampleThis rising working age fashion more(prenominal) workers in the future. to a greater extent workers are important, because of the concern about demand increasing everyplace supply. The economic expert reports that demand is outpacing supply and hence the pace of growth is unsustainable. A greater number of workers could increase production, elevation the supply, to meet the demand.More workers are also important, because the number creates more consumers. This makes the demand higher, but the supply raises as well. This circle makes an economy more stable, than besides the demand rising with no increase in supply. However, if just the demand was rising and non the supply, inflation and depression follow. Workers and consumers are good for an economy.The one thing that more workers will pauperisation is education. Job training should be put into place by the government. New industries, particularly computer related, should be taught in vocatio nal schools. This would help the new workers coming of age to find jobs. It would not matter how old a worker, if they had no skills. The Economist states 60% of Indias labour force is engaged in low productivity farming. These farmers will need skills to gain production jobs within urban areas.India government reforms drive made the economy grow. The trade friendly reforms have created an import/export business that is lucrative. It is also easier for exotic investment, although this has not been as widespread as hoped. Lower oil prices make the economy better. Government economy on employees in the workplace have made for happier workers. All of these reforms are good, but more need to take effect.Indias government has ambitious plans to increase total infrastructure spending to 8% of GDP over the next five years. This will involve some increase in government spending, but the view is for the bulk of it to be financed by public-private partnerships.Although this is a good start , but the infrastructure is in poor shaped. More

Assessment Management Case Study Example | Topics and Well Written Essays - 1000 words

Assessment Management - skid Study ExampleIniti eachy when application deployment used to soak up place in most companies, the butt on was a long, tedious and expensive one. Not only would it consume a pass around of resource, it could as well as take years and end up producing unsatisfactory results. Instead, today more and more companies are opting for software as a service option. There are various other earns of using the SAAS model. It ensures accuracy of data and knowledge recorded and conveyed around. Because, the responsibility of the application is outside the company it alleviates the management of the need for more corporate applications. (Laudon K) time the companies benefit from low cost of implementation of this model, there are any(prenominal) disadvantages that vendors might face. First of all the investment of the vendor can be heavy. He has to build an entire network infrastructure by which the application has to be hosted and delivered. He entrust also hold to ensure that the application is available at all times, it is secure and ensure privacy of customer related information and lastly, ensuring that users have access to current releases of the software. These aforementioned issues and their solutions are not only time consuming but also costly. Q2 What are some of the challenges facing Sales take as it continues its growth? How well will it be able to meet those challenges? Sales force faces many challenges. The biggest challenge for the company comes in the form of its competitors. It has to yield the influence of its competitors who are on pry Sales forces success and trying to replicate it. Some of the bigwigs in the industry who have tried their hands at it include Microsoft, SAP and Oracle. Each of the aforementioned companies has taken out their avouch subscription based models of the CRM. Then there are smaller companies like Net Suite who have also tried their hands in this market. Industry analysts have already pre dicted that Microsoft could deride the sales of Salesforce but bequeath them stiff competition through their available on-demand CRM product. This is because Microsoft has an already established customer base and it would be offering the product at half the price of Salesforce.com. The second challenge that confronts Salesforce is expansion into new areas. It needs to look for and develop business products for other areas as well. The third challenge that Sales force faces is availability. The success of Salesforce depends on its ability to satiate its customers by ensuring that the software is available at all times i.e. 24*7. It will be quite a challenge ensuring that the software is available at all times. Salesforce is keen on countering the challenges it is faced with. It has partnered with Google Apps and is using its services of Gmail, Google docs Google Talk and Google Calendar to assist its customers accomplish more tasks through the internet. The partnership is also go ing to act as a buffer to counter Microsoft and both companies are aspirant that it will further galvanize the growth of this on demand software. Another big step to counter challenges is the introduction of Force.com application through which its customers can download above 800 software applications. Qs 3 What kind of businesses could benefit from switching to Salesforce and why? Small and Medium line business can draw a lot of benefits and advantages from switching to Salesforce. This is because these businesses have a huge dearth of resources, capital and

SLP - RECRUITMENT 401HRM Essay Example | Topics and Well Written Essays - 750 words

SLP - RECRUITMENT 401HRM - Es adduce ExampleCCGB is accountable for promoting and evolving original and rife trademarks. Reputable in West London and hiring 130 people, it manages over 20 brands in the capital Britain. On the other hand, CCE produces and dispenses soft drinks for The Coca-Cola Corporation and other additional brand owners. It hires approximately 4,500 people in the Great Britain and has a total of six industrial locations across the republic.The Coca-Cola Corporation employs the use of the following administration bolt consultative democratic. This is a management style where the executives give up the workers to create ideas that are because sent to the directors who then consult their team to make the ultimate resolution. This corporation prefers to use this style since the resultant decision is from both the employees and management team. Consequently, the outcome is that it assists in motivating employees as they are conscious that they have a say in the co rporation to some degree. The shortcomings of this style, is that the procedure is very time consuming and power will be necessary during the whole process.Management at Coca-Cola Company emphasizes on the procurement and preservation of exceedingly respectable and well-informed workers so that it can uphold its top place in the marketplace. It provides such environments of service and measures that permit all workers to progress a logic of musical harmony with the corporation and to carry out their responsibilities in the just about enthusiastic and operative methods. It also provides for the sanctuary of service to the employees so that they may not be absent-minded by the reservations of their prospect. These goals, policies, guidelines, and curriculums are pre- specified by the firm, which leads the administration and unions in taking decisions. Also, they are in harmony with the administrations aims, goals, policies, guidelines and its and internal and exterior settings.Job analysis is the process for

Water gate scandal and Frost Nixon Research Paper

Water gate shite and halt Nixon - Research Paper ExampleThe News publishers response The nonable newspapers took this story by its horns and both the editorials, cartoonists, columnists and either mortal who could contribute contributed in their own manner to discuss this topic in every way possible. Some of them went quite far in extent to criticizing the overall debacle and in a flash termed the parties involved as guilty. This incident was noticed in case of publication by Donnesbury comic strip which directly pointed flick at the then Attorney General John N. Mitchell. To nigh newspapers this was quite harsh and blunt and fixed not to display this directly nor point finger directly by terming them guilty in exposed words. Washington post was one of the newspapers that decided to practice discretion and not to go all fronts warfare and open against the people involved in the murky episode that had frosted the political setup of the country. To some critiques, severe rul es and norms of ethical codes and conduct would be violated and in fact were violated by displaying cartoons that directly pointed at individuals. Washington post was one of the newspapers that took this matter into account and decided not to publish center indiscriminately. Los Angeles times and Newsday were two other newspapers that took into account the matter of ethical codes and conduct consideration and decided not to publish everything that may come to hand. The one post that caused stir all over was the one in which attorney general was termed guilty, however since he was not proven as one as the total case was on trial therefore most of the newspapers took back the cartoon section and decided not to publish it(Lemann, nicholas).While the cartoon did gain a lot of interest and attention,... The research paper makes sure we do it that the depoch in the history of American politics is termed as one of the most disturbing, unwarranted and un afforded one which damage all th e members involved in it heavily. The impact of the overall episode was so intense that it led to the leniency of an elected President and which had never happened in history before as in case of a similar political scandal. Then the paper introduces us to the term such as Frost Nixon interview. Frost Nixon interviews were part of the entire script and they were conducted by British members, after the incumbent president had taken sanctuary in his private life, he devoted considerable amount of time to this serial and hence this series is named as frost Nixon interviews series. The paper also shares information, where the notable newspapers took this story by its horns and both the editorials, cartoonists, columnists and every person who could contribute contributed in their own way to discuss this topic in every way possible. The paper also shows us the consequences of the situation. The things did not end here, many dozen members of the governmental office were deprived of thei r ranks, several(a) others imprisoned, thorough investigation stemmed in and at the end of it a lot was disclosed which none of the involved parties would have ever desired coming out to front. In conclusion, we see that what started off as a mere speculation by the security guard was something that would become a Hydra in longer run and would not extinguish until it took along with it the high ups of the day.

Discuss these abstracts in the context of academic research and recent Essay

Discuss these abstracts in the context of academic research and recent developments in audit regulation and practice - Essay exampleted in the fiscal statements mountain be termed to be material if its omission or misrepresentation arse have an personnel on the decision-making process among the users of these records (Ndreca, 2013, pp 350). In simple definition, materiality in financial history is the intolerable misstatements that are embedded in the financial statements with the intention of justifying a non-existent transaction (Dodaro, 2013, pp419). In other words, materiality is the intolerable or unacceptable errors which pilenot be ignored because they have a greater effect on the financial nurture represented in the records (Brannan & Gray, 2005, pp26). These errors are huge hence, when neglected they may trinity to big losses of the firms resources. This paper explores the concept of materiality in the financial accounting showing the importance of materiality in a uditing process, the main development of the concepts of materiality over time.Materiality can be categorized into two quantitative materiality and qualitative materiality. Quantitative materiality is the actual financial value that a certain misstatement can cause to the organization. On the other hand, qualitative materiality can be just a mere statement that has either misled certain transaction (Brannan & Gray, 2005, pp41). Accountants and management teams in most cases misstate the financial information to conceal particular information not to be know by the shareholders for their own benefits. Sometimes, certain information may qualify to be material without the intention or knowledge of the accountants and the management (Brannan & Gray, 2005, pp26). Therefore, the auditors have the task of exploring all the financial records and scrutinize them to establish, justify and certify that the information represented in them is quite relevant to the true status of the organization (Dodaro, 2013, pp419). Any deviation should be investigated to establish whether it can amount to the material or can have an effect on

Literature Review and Starbucks Case Study Example | Topics and Well Written Essays - 1500 words

Literature Review and Starbucks - Case Study ExampleThis article declares that comments of customers regarding the improvement of the company should be considered. This will aid the company improve its service towards customers. This aspect is the most primary(prenominal) consideration of Starbucks. Customers should be treated properly and in the right manner such that they might reach back to the same company You want the customer to know that you divvy up about them and you want to crack them the newest technologies available such as wireless hubs in most Starbucks coffee shops. A partnership is make between Starbucks and Conservation International in order to encourage production of coffee in an surroundings friendly manner such that the supplier bargaining power problem may be opinionated to some extent. This report makes a conclusion that the food and beverages industry is the sector where large portions of expenditure of liquid income are made. The coffee industry f eachs in this category and Starbucks is the largest coffee string in the world. The chain has faced serious problems in the recent past over their quality and time management. However, with proper care it can address and rectify the problems. The service area should be the first priority of the company and all the employees should be trained to realize the importance of customer service. Customers should be received warmly and more staffs could help in improving the speed of service. The company has already taken important measures in this direction for instance, evocation of automated machines at the coffee stores.

Internet and Modern Technology Essay Example for Free

Internet and Modern Technology moveThere ar many forms of modern technology that have played important roles throughout my life, and the computer has affected my life the most. There are both positive and negatives aspects on how the computer has helped me. There are also advantages and disadvantages to this form of modern technology, called the computer.The first and foremost advantage of the computer is how it has helped me with my school work. With having Google, Dictionary, and Ask, these are sources on the computer that are very helpful with getting information. It is a voltaic pile faster and more convenient. another(prenominal) thing I love about it, is the intercourse you washstand have with friends and family. With Facebook, email, and Skype, its a lot faster and easier way to communicate with your loved ones. I feel that one of the most important is that these communication avenues are free.Even though I use a lot of these technologies almost daily they can also cause distractions. On the bulge side, slightly of the negatives aspects of technology with computers are that it can be an big-ticket(prenominal) form of access to information. Also not only do you have to pay for the computer besides you also have to pay for the internet access to get to some of these information sites. Another down fall is the networks do shut down. So if you are doing homework or talking with friends it can sometimes aimlessly stop working. Another negative to having a computer is it can affect peoples work ethic, by looking at Facebook, or playing online games. So they arent getting their ancestry done. Knowing there are still disadvantages to computers there are still advantages in using it correctly.As a conclusion to technology and the ever ways it has changed and will change in the future. Hopefully some of the changes will be headed for advantages for the future, in a form of no charge for internet access, and not having to fear about towers going do wn. Also for the younger generations to know how to still look information without taking advantages of everything world at their fingertips. Unfortunately we cannot see into the future to see what advantages and disadvantages are in store for us, but hopefully they are for the better and I am very thankful for the modern technology that is available and the advantages it has for me.

The Great Gatsby Essay Example for Free

The Great Gatsby stressThe most iconic events in literature be alienated by the changing solid ground about them. Discuss these ideas in relation to The Great Gatsby and Nineteen Eighty-Four. In The Great Gatsby, Fitzgerald frequently demonstrates how isolated his strongest characters ar by the world around them through a variety of techniques. Both prick and Gatsby are presented as being alienated from the world in some way and, as suggested by William Troy, both characters hold two forces in Fitzgeralds own life intelligent and responsible vs. dream ridden romantic. He spends symbolic representation frequently throughout the novel to suggest that this split autobiographical portrayal of his characters is representative of the limbo betwixt power and dream as said by Lionel Trilling in his critical essay, and the immovability this creates at bottom people. I find confine ment of characters is shown in the novel through a use of mournful fallacy. Fitzgerald likew ise uses the novel to introduce the theme of class and demonstrate how wealthiness constricts dissimilar people in different ways, despite sometimes seeming like the key to happiness.Many of these ideas are echoed in Nineteen Eight-Four, in which Or strong uses symbolism to emphasise his totalitarian oppressive society. One way Fitzgerald portrays his characters as confined by the world around them is through his use of pathetic fallacy. The phrase hold up-beaten is used to describe Nicks bungalow on the West Egg and this implied that it wasnt just the people in The Great Gatsby that the weather and heighten bore down on, tho the buildings too.When Nick rootage visits Tom Buchanan at his home, Fitzgerald says the two men talk on the insolateny porch with the sunshine here being presented as a sense of optimism that Nick can find companionship with a man he knew at Yale. When Nick talks to Daisy during that first visit, he tells her theres a persistent wail all night along the propping up of where theyve left Nick is bowing to Daisys desire to be missed by personifying nature to drop by the wayside it to chase after her, much like Gatsby.Sunshine again is used by Fitzgerald to present those who are indulgently wealthy when Nick visits Tom and myrtles apartment which was full of cheerful sun until night time and alcohol were brought into the story. Alcohol is usually accompanied with aristocraticness within the novel, to reflect Fitzgeralds potential personal distaste as a recovering alcoholic at the point of piece of writing the novel. Of Gatsbys parties, it is said they are held on summer nights, a phrase still managing to retain the apprehension of summer and keen weather to attach to the wealth.Once Nick has arranged the meeting between Daisy and Gatsby, Fitzgerald uses pathetic fallacy to mirror Gatsbys emotions within the chapter. As he waits for Daisy coloured with embarrassment, it is pouring precipitate but once Daisy arrives and he sees h er with unreasoning joy it has stopped raining, and finally as Nick leaves Daisy and Gatsby computeing at each another(prenominal) with wonder over a piano, there are twinkle-bells of sunshine leaving a sense of hope to the chapter that the constraining rain did not hold.Again, at Gatsbys funeral, Fitzgerald writes the weather to very intelligibly reflect the characters moods. Nick is deeply saddened by the loss of his friend and the rain is repeatedly described to be thick and heavy, a force to be reckoned with that the characters must move through to the railcars. The rain is shown to hang around Nick, replacing the people the funeral deprivations in attendance and shows that Fitzgerald thinks it is a trapping task for a man to abandon the side of him that dreams.Similarly, Orwell also uses metaphor at the beginning of Nineteen Eighty-Four, as Winston enters success Mansions to describe the swirl of gritty dust following him into the building, reminiscent of how the troupe trace every drive and every action, confining their citizens in the most suffocating of manners the dust reminiscent of the dark, rainy discard in The Great Gatsby closing in on the characters. Fitzgerald frequently depicts the isolation of characters in The Great Gatsby with use of various reoccurring symbols. Colours are something the author uses in various ways.The colour yellowed, which we encounter already seen reflect in Fitzgeralds use of pathetic fallacy with the large amounts of yellow sunshine symbolises decay and corruptness. The endorser is told Gatsbys car is a naughty cream colour. Not only is the mustard colour of the car symbolism, it is a representation of Gatsby himself ostentatious and over-the-top in displaying his wealth. Later in the novel, Fitzgerald writes that the car mirrored a dozen suns with its large amount of windshields. This give the interpretation that the car is glowing, further drawing on the yellow symbolism of decay for the personal repr esentation of corruption.Perhaps intentionally, it is also this car that leads to Gatsbys own final stage by being so conspicuous. Gatsbys demise by his own car leads to the idea presented by Fitzgerald that one cannot escape decay. The Valley of Ashes is riddled with symbolism, from the ash grey men that inhabit the grey add to the looming billboard eyes of T. J. Eckleburg. The colour grey here symbolises dreariness and monotony, and with the character of Wilson, Fitzgerald ties this to a lack of wealth. The lack of light implies claustrophobia within its inhabitants Tom says its good for myrtle to get out.The dimmed eyes of Eckleburg look out over the characters in the novel and symbolise the ever growing commercialism of America and how this change causes moral depravity. This is again emphasised by how Wilson equates these eyes to divinity fudge when finding out about Myrtles affair with the phrase God knows what shes being doing. The eyes regulateed as Tom and Myrtle had t o drive past them to get to their apartment, and the loss of Myrtles life occurred in the miserable valley of ashes under their omniscient gaze.Another colour Fitzgerald utilises is white, though it is usually placed in juxtaposition to the character wearing it. Daisy and Jordan, first seen in rippling white dresses, are not seen in any other colour but white falsely implying the purity and innocence women were just losing the expectation to have. This lies in row with Joan Korenmans interpretation that says the ambiguity of Daisys hair colour from dark to light symbolises the fair and the dark women of literature, with fair hair being stereotyped as innocent something the reader finds neither Daisy nor Jordan to be.Fitzgerald is also referencing the expansion of femininity with the 1920s new women. In Nineteen Eighty-Four, Orwell also uses symbolism when he writes a posting that gazes down with large, dark eyes much like those of T. J. Eckleburg, that are pasted all over cap ital of the United Kingdom by the Party comforting to some inhabitants with the name Big Brother, but a threat to others because the posters watch their every move. hitherto the connotations of Big Brother are a lot more oppressive than those of God in The Great Gatsby and cause Winstons alienation and his subsequent relationship with Julia.Another way Fitzgerald shows that the characters in The Great Gatsby are ostracised because of the world they inhabit is through his presentation of classism and how that affects the interaction between people, as well as isolating them to their own class. Ross Posnock argues that the characters in The Great Gatsby are so obsessed with material wealth they treat each other like objects and this could leave many people feeling objectified and therefore ostracised by those who claim to care about them. This is seen when Nick says the cocktails are floating completely overlooking the fact Gatsbys hired staff are holding the trays.Marxists argue t hat Nick overlooks the existence and therefore the difficulties of the working class. However at the start of the novel, after the events of the story, Fitzgerald writes that Nick is aware the fundamentally decencies are parcelled out unequally at birth at that point, which means he knows class play a big role in identity in his current society. Fitzgerald further supports this with the phrase wanted the world to be in kindred which is simultaneously a nod to the passing of World War I and also emphasising that Nick has had sufficient of the upper class selfish behaviours.When Nick is sitting on the porch with Daisy and Tom, Tom states that their society is going to pieces and spews racist ideals. This is Fitzgerald showing that Tom feels he is at the top of society and does not want to be semiaquatic by those he feels are beneath him the lower class and immigrants. However, earlier when Tom shows Nick his nice place the reader can see it isnt as big or obnoxious as Gatsbys hom e and the divide between the Old Rich and New Rich starts to become pass away. This flash difference in class leaves the upper classes estranged from each other.At the start of the novel, it is made clear that even Nicks family have been wealthy for three generations and this makes him acceptable despite been less rich than those he socialises with. Like Fitzgerald, Orwell uses the class divide in Nineteen Eighty-Four to define between members of the Party (who are granted great privileges and freedoms), the middle class who obey the Party (such as Winston), and the proles who ( are a swarming mass so poor they are disregarded by the Party, which is so convinced of their inability to have action against them much like Nicks complete ignorance to Gatsbys servants at the party.After exploring a variety of factors throughout this essay, I agree with the critical opinion, especially in terms of The Great Gatsby as one of Fitzgeralds main themes throughout was of how Gatsby was trappe d in the past and this isolated him from the present. This can be seen especially in the last paragraph of the book, in which Fitzgerald compares his character to boats beating on. I feel Orwells characters also felt claustrophobic in their London because of the new law implemented by the Party, and Winstons submission at the end of the novel is representative of Orwells warning to the readers.

Quality Improvement Essay Example for Free

Quality progress EssayAmerica had long lost to Japan its dominance in the world marketplace crimson in America itself because of Japanese character reference management philosophy. To illustrate that workers involvement in quality melioration is the core of this management philosophy, the article compared three kinds of firms operating in the U. S. A companies or strictly American firms, AJ companies or American firms employing Japanese quality control methodologies, and J companies or Japanese firms operating in the U. S.It focused on both scene of actions(1) takings workers knowledge and use of Statistical Quality Control Tools (SQC tools), and (2) production workers quality responsibilities. Of the 17 recognized SQC tools, 7 were noted to be highschoolly employed in the U. S. The findings signalize that (1) SQC tool utilization of U. S. firms categorise as AJ and J is higher than that of U. S. firms classified as A, and (2) delegation of debt instrument for quality to production workers by U. S. firms classified as AJ and J is higher than that found in U. S. firms classified as A.Assessment of the Article From the selection of the sample group to the development of the questionnaire and all the way to the epitome of data collected, the research methodology cannot be faulted. I am especially impressed with how exacting the authors were with their definitions. They showed dandy care in determining exactly what is meant by organizational size as it is related to opposite organizational functioning, likewise they found fit to define what is exactly meant by production worker as opposed to pure quality control personnel classified as production worker.However, upon perusal of their two findings, one is led to ask whether or not the first area was sufficiently addressed. The first area was actually composed of two, knowledge and utilization of SQC tools. While their data validly showed that utilization was either high or low, it says nothing of k nowledge specifically how knowledgeable these production workers were with the SQC tools, or are we to assume that use of goods and services is the same as knowledge?Conclusions With the exception on that little confusion as to the distinction in the midst of knowledge and usage, the article had shown that the Japanese quality management philosophy entails worker involvement in quality improvement to the extent that the worker is suppose to use the statistical quality control tools and be delegated responsibilities oer the quality of the products themselves.

Aristotle concept of virtue Essay Example for Free

Aristotle concept of virtue EssayThe concept of virtue by Aristotle bottomland be attributed to the state of grapheme which he look atd lies amidst two broad natives which are the excess and deficiency. He believed that virtues fall into two major categories which are the favourable virtue and the intellectual virtue. He considered moral values to be associated with feelings, choosing and acting well while intellectual is being acquired. He believed that not all the state of typesetters case is virtues and that virtue can be considered the doctrine of mean. This doctrine helps us to determine the actual state of character that is virtuous.He considered character such as lustfulness as not virtue because lustfulness intend an increase feeling of sexual desires or seek for too much sexual pleasure and it lies towards the extreme of excess and not being in the mean which Aristotle considered to be a point that represent virtue. comparison and contrasting the Aristotle r endering of virtue and Socrates definition of impiety and piety. There is no much similarity between the definitions except in that they try to explain the concept of justification in whatever we do.Both definitions relates to what can be considered to be morally good. There are several differences between the two forms of definition. 1. Socrates believe that there are certain fundamental characteristic that makes pious things pious which is different from the Aristotle concepts of virtue which strongly believe in character that lies between the two extremes. 2. Aristotle consider the relationship of friendship to virtues while Socrates believes piety is what god loves and impiety what god hates The better definition might be determined by its application to moral values.Since the Aristotles definition explains certain aspects of ethics, I will consider it, the better of the two definitions. Aristotles definition relates directly to human life and character and it application can guide the way we act and helps us live better life. Aristotle also consider friendship as being indispensible to virtuous life believe without friendship towards our fellows it is impossible to live a complete and virtuous life. He believes we must be good friends to ourselves before we can show which a concept of self love is.We can only witness friendship when will understand the virtue of oneself. The issue with the relationship of friendship with ourselves and others can be change down to the fact Aristotle believed that virtue brings happiness. Aristotle in summary established a relationship between character, reasons and emotion. He explains the relationship virtues and vices, relationship of virtue to pleasure and to happiness and the notion of moral education. Socrates believes that piety is intimately march to gods and it is what the gods loves.References Aristotle, (350 B. C. E). Book I. In Nicomachean Ethics (W. D. Ross, Trans. ). Retrieved 2 June 2009, from http//clas sics. mit. edu/Aristotle/nicomachaen. 1. i. hypertext markup language Aristotle, (350 B. C. E). Book II. In Nicomachean Ethics (W. D. Ross, Trans. ). Retrieved 2 June 2009 from http//classics. mit. edu/Aristotle/nicomachaen. 2. ii. html Aristotle, (350 B. C. E). Book VII. In Nicomachean Ethics (W. D. Ross, Trans. ). Retrieved 2 June 2009 from http//classics. mit. edu/Aristotle/nicomachaen. 7. vii. html

Financial Crisis Recovery Essay Example for Free

fiscal Crisis Rec e really overy Essay1997-1998 pecuniary CrisisThe debilenesses in Asiatic fiscal clays were at the root of the crisis that ca accessible occasiond biggerly by the lack of incentives for effective risk perplexity created by implicit or explicit organisation guarantees against failure. The weaknesses of the pecuniary sector similarly were m accepted by rapid crop and accentuated by grownup cap inf starting timeer-rankings, which were partly back up by pegged transposition identifys. In the mid-1990s, a series of external shocks began to change the frugal environment the devaluation of the Chinese Renminbi and the Japanese Yen, rising of U. S. relate appraises which led to a strong U.S. dollar, the sharp decline in semiconductor prices adversely touch their harvest. The crisis began in Thailand when the Thai tical dissect of in July 1997 with a series of big attacks on the baht ext arrested after quite a a few(prenominal) decades of outs tanding sparing performance in Asia. As the U.S. economy recovered from a recession in the early 1990s, the U.S. federal official military reserve cuss under Alan Greenspan began to raise U.S. interest rates to head off inflation.This made the U.S. a much(prenominal) attractive investiture destination relative to southeastern Asia, which had been attracting hot m one(a)y flows through with(predicate) high short-term interest rates, and raised the value of the U.S. dollar. For the sulfureast Asian nations which had currencies pegged to the U.S. dollar, the high U.S. dollar caused their own exports to become more expensive and slight competitive in the orbicular foodstuffs. At the alike cartridge clip, southeastward Asias export growth slowed dramatic exclusivelyy in the spring of 1996, deteriorating their current account position. Many economists believe that the Asian crisis was created not by commercialize psychological science or technology, simply by policie s that distorted incentives within the lenderborrower relationship. Impacts of the crisis to the South East AsiaMost of Southeast Asia and Japan having currency depreciation, cheapend stock markets and some other(prenominal) asset prices, and a precipitous rise in close debt. It were resulting large quantities of book of facts became available generated a highly leveraged stinting climate, and pushed up asset prices to an unsustainable train. These asset prices eventu completelyy began to dissect, causing individuals, pecuniary institutions and corporations in the affected countries were cussrupt. A change in market plan could and did lead into a violent of currency depreciation, insolvency, and upper-case letter outflows, which was difficult to stop. In the course of study after collapse of the baht peg, the value of the most affected East Asian currencies fell 35-83% against the U.S. dollar (measured in dollars per building block of the Asian currency), and the most serious stock declines were as great as 40-60%. Lenders led to a large aimal of trust from the crisis countries, causing a credit crunch and further bankruptcies.Foreign investors attempted to withdraw their money the exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. As a result, short-term economic activity has slowed or contract severely in the most affected economies standardized inflation and rising in unemployment. It impossible that the government doing nothing when the crisis happened to their country. To thwart currency value collapsing, countries governments raised pecuniary spending in domestic interest rates to exceedingly high retires (to serve diminish flight of capital by making lending more attractive to investors) and to intervene in the exchange market, buying up any excess domestic currency at the fixed exchange rate with irrelevant reserves.But when interest rates were very hi gh, it crapper be extremely modify to an economy that is healthy, wreaked further havoc on economies in an already fragile state, while the underlying banks were hemorrhaging foreign reserves, of which they had finite nitty-grittys. As a strategy to maintain competitiveness, policies to strengthen the countrys balance-of- handments account were dogd. For example, exports were shape upd and imports were discouraged, the latter through an gain in import appraisees on authentic goods and services. Measures to increase exports for providing handouts in a flash to pot affected included reducing the terms of doing business through much(prenominal)(prenominal) means as tax incentives to boost the manufacturing, agriculture, and services sectors.In the case Malaysia for example, in that respect atomic number 18 policies regarding 1997 crisis Denial and hesitation, the Malaysian government denied that there was a crisis in the starting stick Tight fiscal and mo shed light onary policies, and restructuring the banking arrangement administration proposed to use regional currencies instead of the US dollars in inter-ASEAN bilateral sof devilod and Financing the recovery programs with the entirety cost of exclusively(a) measures was RM62 million. While in the case of Indonesia, the government providing aid to the slimy like efforts to shield curt and vulnerable sections of society from the worst of the crisis, by deepening and widening friendly safety sacks and devoting substantial budgetary resources to increasing subsidies on basic commodities much(prenominal) as rice measures to increase transparency in the monetary, corporate, and government sectors and steps to improve the efficiency of markets and increase competition.Another example of helping the distressing and innocent, government moldiness be decorous and redistrisolelye the wealth equally to them according their basic necessities of life. In Malaysia, the practicing of zakat schema and waqaf parting to help the poor and needy indirectly ordain make the society. Moreover, Bank Rakyat and ar-rahnu market on Moslem pawn-broking volition help the small and medium enterprise to expend their business. Government excessively must divvy up the budget expenditure for subsidizing mainly on education, healthcare and accommodate for the people. The inter contentistic Monetary store (IMF) is an external organization that bears financial attention and advice to member countries. It was created out of a need to prevent economic crises like the wide Depression. With its sister organization, the World Bank, the IMF is the largest human beings lender of funds in the human race. It is a specialized performance of the United Nations and is run by its 186 member countries.Membership is open to any country that conducts foreign insurance and accepts the organizations statutes. The IMF is responsible for the creation and maintenance of the inter matter moneta ry dodging, the system by which international payments among countries take place. A core responsibility of the IMF is to provide contributes to member countries experiencing actual or potential balance of payments conundrums. This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, continue paying for imports, and cook narrow downs for strong economic growth, while undertaking policies to correct underlying problems. Unlike development banks, the IMF does not lend for specific projects. It thus strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and come on balanced global economic trade. To compass these goals, the IMF focuses and advises on the macroeconomic policies of a country, which affect its exchange rate and its governments budget, money and credit management.The IMF will in addition appraise a countrys financial sector and its regulatory policies, as wel l as structural policies within the macroeconomic that relate to the labor market and employment. In addition, as a fund, it may offer financial assistance to nations in need of correcting balance of payments discrepancies. The IMF is thus entrusted with nurturing economic growth and maintaining high levels of employment within countries. The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result stick out stimulated a debate some(prenominal) among indemnity-makers and academics as to their costs and benefits. The IMFs bureau in providing financial assistance to its members in overcoming short-term balance-of-payment difficulties generally has been evident.Advantages and dis value of IMFThe IMF offers its assistance which it conducts on a twelve monthly basis for individual countries, regions and the global economy as a whole. However, a country may ask for financial assistance if it finds itself in an economic crisis, wheth er caused by a sudden shock to its economy or poor macroeconomic planning. A financial crisis will result in severe devaluation of the countrys currency or a major depletion of the nations foreign reserves. In re operate for the IMFs help, a country is usually needed to enroll on an IMF-monitored economic reform program, otherwise known asStructural Adjustment Policies (SAPs). An IMF loanword provides a cushion that eases the adjustment policies and reforms that a country must make to correct its balance of payments problem and restore conditions for strong economic growth. Supporters argue that the IMF can also impose necessary reforms on an economy.Reforms such as privatization, fiscal responsibility, control of Money supply, and attacking corruption. These policies may cause short term pain, but, are inseparable for preventing future crisis and long term development. Substantial financial advantages are attached to IMF credits because debtor countries benefit from lower debt service costs. Moreover, commercial banks often demand agreement with the IMF before lending is resumed and generally will laden lower interest rates to countries with an IMF program. The benefits attached to the IMF loan can be regarded as a compensation for the policy adjustments which the debtor countries carry through.At the same age, thanks to the unique role the IMF can play, the costs involved for the creditor countries seem to be rather limited, as the opportunity costs of forgoing the effect of alternative investments are relatively small. By temporarily providing pay and at the same time fosterage adjustment, member countries could overcome external problems without overly detrimental measures either for their own population or for other countries. The interest rates charged by the IMF in normal circumstances can be relatively low, because the special role of the IMF in the international financial system reduces the risks for the IMF itself as well as for the credito r countries which bewilder provided the resources. Because of its special position the IMF can mitigate the risks attached to its loans.Helped by its low funding costs, the IMF can charge debtor countries lower interest rates than private sector participants which turn over to charge high spreads because of the self-reliant risks involved. all over time, the IMF has been subject to a range of criticisms, generally focused on the conditions of its loans. The IMF has also been criticized for its lack of office and willingness to lend to countries with big human rights record. On giving loans to countries, the IMF makes the loan conditional on the implementation of certain economic policies. These policies tend to involve * Reducing government borrowing high taxes and lower spending * Higher interest rates to stabilize the currency.* Allow failing firms to go bankrupt.* Structural adjustment. Privatizations deregulation, reducing corruption and bureaucracy. The problem is that these policies of structural adjustment and macroeconomic intervention make the situation worse. For example, in the Asian crisis of 1997, many countries such as Indonesia, Korea and Thailand were required by IMF to pursue tight monetary policy (higher interest rates) and tight fiscal policy to reduce the budget deficit and strengthen exchange rates. However, these policies caused a minor slowdown to turn into a serious recession with mass unemployment. The IMF grow been criticized for imposing policy with secondary or no consultation with affected countries. Jeffrey Sachs, the head of the Harvard Institute for International Development said In Korea the IMF insisted that all presidential candidates immediately endorse an agreement which they had no part in drafting or negotiating, and no time to understand.The situation is out of hand. It defies logic to believe the small group of 1,000 economists on 19th Street in Washington should dictate the economic conditions of life to 75 d eveloping countries with around 1.4 billion people. Because the IMF lends its money with draw attached in the form of its SAPs, many people and organizations are vehemently opposed to its activities. Opposition groups statute title that structural adjustment is an undemocratic and inhumane means of loaning funds to countries facing economic failure. debtor countries to the IMF are often faced with having to put financial concerns ahead of fond ones. Thus, by being required to open up their economies to foreign investment, to privatize public enterprises, and to cut government spending, these countries suffer an inability to mightily fund their education and health programs.Moreover, foreign corporations often exploit the situation by taking advantage of topical anaesthetic cheap labor while showing no regard for the environment. The oppositional groups say that locally polite programs, with a more grassroots attempt towards development, would provide greater relief to these ec onomies. Critics of the IMF say that, as it stands now, the IMF is altogether deepening the rift amid the wealthy and the poor nations of the world. Indeed, it seems that many countries cannot end the spiral of debt and devaluation.The relatively low interest rates charged by the IMF can lead to moral hazard behavior on the part of the debtor countries. This is largely reduced through the tough policy measures which the IMF imposes as a condition for its programmers. In practice, most countries do not turn to the IMF if not forced by adverse circumstances. Decisions nearly which countries may borrow money are made by rich countries. Poor countries stomach little say about loans and the conditions attached to them. The IMF will only lend money to countries if they agree to certain conditions. These conditions increase destitution. The livelihoods of people in poorer countries are destroyed by unfair competition from foreign goods and services. The IMF does not outpouring good f inancial advice. Countries have suffered by following it.IMF East Asia CaseThe IMF was involved in one of the worst East-Asian economic crises thus outlying(prenominal). Everything started when Thailand was experiencing difficulties in meeting foreign liability obligations so the IMF intervened by suggested to devalue the Baht. The same suggestion was made to Indonesia, Korea and the Philippine. Soon, South Korea and Taiwan jumped in the trend and Hong Kong and Singapore dollars faced speculative attack. The crisis spread all the way to South America where Brazil and Argentina currency came under attack, but they both s besidesd their grounds and refused to devalue which might have prevented a global financial crisis. Other aspects of the discourse of the case that were looked down upon were the issue of the bail-out and the semipolitical situation of the borrowing country had once again been ignored. Thailand had already borrowed from the IMF and they were bailed-out very public ly which gave an incentive for surrounding countries to follow very risky projects or decisions, believing that the IMF would be a safety net as opposed to a lender of pull round resort.This is what happened in South Korea when large, unprofitable investment projects were underinterpreted, largely due in part to the conglomerates of businesses that are close to the bureaucracy but more importantly, sponsored by the IMF. Likewise, Fund officials protested that many East-Asian countries needed a reform in the banking system and governance, where bad banking, nepotism and corruption do not help create stable and efficient economies. During August celestial latitude 1997, the International Monetary Fund signed three emergency lending agreements with Thailand (August), Indonesia (November), and Korea (December). These programs established packages of international financial carry at an unprecedented cumulative sum of approximately $110 billion, based on the financing commitments. Duri ng the stage August to December, the IMF programs failed dramatically to meet the objective of restoring market confidence.In all three countries, the exchange rate was expected to stabilize, but in fact quickly depreciated far under the targets set in the program, and this despite a very sharp increase in interest rates. Foreign investors remained unconvinced about the debt divine service capacity of the private debtors despite the announced availability of IMF loans, and continued to demand the repayment of short-term loans as they fell due. The IMF programs failed to achieve their goal of maintaining moderate economic growth in the Asian countries. The programs also failed on several(prenominal) intermediate goals, including the preservation of creditworthiness, the continuation of debt payments, and the stabilization of the exchange rate at levels that prevailed upon the signing of the reliable lending agreements Indonesia was deeply affected by the 19971998 crises, more so than its East Asian neighbors. Its economic densification was deeper and more prolonged.It was the only one to experience a (temporary) loss of macroeconomic control. Eight years have passed since the collapse of Suhartos New Order regime on the heels of the economic crisis of 19971998. During that time, Indonesias economy contracted by over 13% in 1998 alone. This followed three decades of virtually uninterrupted rapid economic growth and led to deep social and political crises. Although countries such as South Korea and Thailand were able to overcome their economic crises in a few years, Indonesias crisis resolution has been complicated by political instability, at least(prenominal) until 2004, and by a slower recovery.Indonesia was formally under International Monetary Fund management from 1997 to the end of 2003. But the presence of the IMF actually increased the severity of the Indonesian economy, not more than one year after that there were capital flight out of the country that led to massive unemployment, compounded by the drastic decline in the exchange rate. At the end of 1998 more than 50% of Indonesias population lives below the poverty line. One of the IMFs policy prescriptions is to close 16 banks and it caused the anger of people and withdraws their money in national banks and some foreign banks. In May 1998, due to an agreement amid the IMF and Suharto, the government revoked subsidies for food, and raises the price of anele and electricity.This policy had a strong opposition from the people and not long after that, Suharto regime fell. During Megawati regime, in August 2003 the government finally decided not to continue the IMF program and choose to enter the post-program monitoring. The government option raises the consequences that are not much different. IMF can still continue to dictate economic policy in Indonesia because the government still had to consult every economic policy that will be taken with IMF. The Indonesian government a nnounced that they would pay the remaining debt to the IMF, totaling U.S. $ 7.8 billion, within 2 years. It seems to be the correct political decision to break away from the economic policy interventions that has continued since the crisis in 1997.2008 monetary Crisis Triggered by events in The US and EUThe cause or origination of the 2008 global financial crisis was the boom of the United States hold bubble which peaked in approximately 20052006. Since banks began to give out more loans to potential home owners, housing prices began to increase. The increase in house price and improvement of construction activity started around 1992. At that time the national Reserve was holding its policy interest rate at an unusually low level by the standards of the past few decades. The good times lasted until 2005, when monetary policy was tightening after another spell of low interest rates. Over that period, construction activity contributed 1/5 percentage points every year to the growt h rate of authorized gross domestic product, and the share of employment in construction and finance, out of the total workforce, bloom from 10 percent to 11 percent. That is, over this period, of the 27.4 million people added to work rolls (which ended 2006 with a total of 136 million), 4.8 million were directly related to construction and fifi nance. Finally, the nation was left with an excess stock of housing.A capsule in construction transpired to wind down the inventory overhang, which is often a feature of economic slowdowns and recessions. In addition to that, easy lending standards also contributed to the Real estate bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain. As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. That physical body of financial innovation attracted institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses. While the housing and credit bubbles were expanding, US Government was going a process called financialization.US Government policy from the 1970s onward has emphasized deregulation to encourage business, which resulted in less oversight of activities and less disclosure of information about tender activities undertaken by banks and other evolving financial institutions. Thus, policymakers did not immediately recognize the increasingly important role play by financial institutions such as investment banks and hedge funds, also known as the ghost banking system. These institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans expound above and did not have a financ ial cushion sufficient to absorb large loan defaults or MBS losses.These losses shamed the ability of financial institutions to lend, slowing economic activity. The U.S. Financial Crisis Inquiry rush reported its findings in January 2011. It concluded that the crisis was avoidable and was caused by 1. Widespread failures in financial regulation, including the Federal Reserves failure to stem the tide of toxic mortgages 2. Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk 3. An volatile mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis 4. Key policy makers ill prepared for the crisis,5. Lacking a full understanding of the financial system they oversaw and systemic breaches in accountability and ethics at all levels.3536 Table 1 The Causes and Impacts of world-wide Financial CrisisTaken from Takatoshi Ito Comparison of the Financ ial Crises Japan and Asia in 1997-1998 vs. U.S. 2008-09 The recess of World TradeAlthough the crisis is originally from financial sector, trade had great implication that hit countries around the world. Exports collapsed in nearly every major occupation country, and total world trade fell faster than it did during the Great Depression. From a peak in July 2008 to the low in February2009, the nominal value of world goods exports fell 36 percent the nominal value of U.S. goods exports fell 28 percent (imports fell 38 percent) over the same period. Even a country such as Germany, which did not experience their own housing bubble, undergo substantial trade contractions, which helped spread the crisis. The collapse in net export in Germany contributed to the decline in their gross domestic product which put the country into recession. In the fourth quarter of 2008, Germanys give in net exports contributed 8.1 percentage points to a 9.4 percent decline in GDP (at an annual rate) Japan s net exports contributed 9.0 percentage points to a 10.2 percent GDP decline. Real exports fell even faster in the first quarter of 2009.The Decline in Output Around the GlobeThe financial crisis was rapidly transmitted to the real economy. The financial disruption was so strong and swift in most countries so that their confidence level in economy fell as well. Confidence levels are measured in different shipway crossways countries, but they were generally falling throughout 2008 and reached recent lows in the fall of 2008 and winter of 2009. As noted, world GDP is estimated to have fallen roughly 1.1 percent in 2009 from the year before.In advance economies, the crisis was even deeper the IMF expects GDP to have contracted 3.4 percent in advanced economies for all of 2009. For OECD member countries, GDP fell at an annual rate of 7.2 percent in the fourth quarter of 2008 and 8.4 percent in the first quarter of 2009. Despite the historic nature of its collapse, the U.S. economy a ctually fared better than about half(a) of OECD economies during those quarters. The decline in industrial production across major economies, each of these economies in January 2009 was more than 10 percent below its January 2008 level, and Japan faring far worse relative to the other major economies. Impact on Developing CountriesThe impact of the crisis on developing countries will affect different types of international resource flows private capital flows such as Foreign Direct Investment (FDI), portfolio flows and international lending official flows such as development finance institutions and capital and current transfers such as official development assistance and remittances. The World Association of Investment Promotion Agencies foresees a 15% drop in FDI 2009. FDI to Turkey has already fallen 40% over the last year and FDI to India dropped by 40% in the first 6 months of 2008. FDI to China was $6.6 billion in September 2008, 20% down from the monthly average in year 200 8 so far, and mining investments in South Africa and Zambia have been put on hold.The crisis has led to a drop in bond and equity issuances and the sell-off of risky assets in developing countries. The average volume of bond issuances by developing countries was only $6 billion between July 2007 and March 2008, down from $ 15 billion over the same period in 2006. Between January and March 2008, equity issuance by developing countries stood at $5 billion, its lowest level in five years. As a result, World Bank explore suggests some 91 International Public Offerings have been withdrawn or postponed in 2008.However, not all developing countries were effected tremendously by 2008 financial crisis. In South East Asia we may take a look Indonesia performance towards the 2008 financial crisis. Indonesia experienced a significant macroeconomic shock at the end of 2008. But, of course, Indonesia was not on its own. Indeed, Indonesia was one of the least affected countries in South East Asia . Although GDP growth slowed markedly to 4.4% in the first quarter of 2009, it did not experience the collapse in growth experienced by countries such a Korea, Thailand and Malaysia.Indonesias growth in recent years has been goaded predominantly by non-tradeables rather than tradeables, and, although the crisis reduced growth across the board, sectors such as transport and communications, and utilities have continued to grow in double digits. At the same time, the tradeable sector which has performed best is agriculture, which, at 4.8%, has experienced its strongest growth since the East Asian crisis, helping to compensate for the effects of the crisis. Indonesia has learnt from 1997 crisis so that they can manage 2008 financial crisis well. The Role of International Institutions of The G-20The G-20, which includes 19 nations plus the European Union, is the the main nations of much of the coordination on trade policy, financial policy, and crisis repartee. Its membership is compose d of most of the worlds largest economies and makes up nearly 90 percent of world gross national product. The first G-20 leaders summit was held at the peak of the crisis in November 2008. At that point, G-20 countries committed to keep their markets open, adopt policies to support the global economy, and stabilize the financial sector. The second G-20 leaders summit took place in April 2009 at the height of concern about rapid falls in GDP and trade. leading of the worlds largest economies pledged to do everything necessary to ensure recovery, to repair our financial systems and to maintain the global flow of capital. Furthermore, they committed to work together on tax and financial policies. Perhaps the most luminary act of world coordination was the decision to provide substantial new funding to the IMF. U.S. leadership helped secure a commitment by the G-20 leaders to provide over $800 billion to fund multilateral banks givingly, with over $ five hundred billion of those fun ds allocated to the IMF in particular.In September 2009, the G-20 leaders met in Pittsburgh. They noted that international cooperation and national action had been critical in arresting the crisis and putting the worlds economies on the path toward recovery. They also recognized that continued action was necessary, pledged to sustain our strong policy response until a steadfast recovery is secured, and committed to avoid premature withdrawal of stimulus. They launched a new Framework for Strong, Sustainable, and Balanced increment that committed the G-20 countries to work together to assess how their policies fit together and evaluate whether they were collectively consistent with more sustainable and balanced growth. Further, the leaders committed to act together to improve the global financial system through financial regulatory reforms and actions to increase capital in the system. It set up emergency lines of credit (called Flexible Credit Lines) with Colombia, Mexico, and Pol and, which in total are worth over $80 billion.These lines were intended to provide immediate runniness in the event of a run by investors, but also to omen to the markets that funds were available, making a run less likely. In each of these countries, markets responded positively to the announcement of the credit lines, with the cost of insuring the countries bonds narrowing (International Monetary Fund 2009b). The IMF also negotiated a set of standby agreements with 15 countries, committing a total of $75 billion to help them survive the economic crisis by smoothing current account adjustments and mitigating liquidity pressures. IMF analysis suggests that this program discouraged large exchange-rate f in fluctuate in these countries (International Monetary Fund 2009). These actions as well as the very existence of a better-funded global lender may have helped to keep the contraction short and to prevent sustained currency crises in many emerging nations.The Government ResponsesT he U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009. The U.S. Federal Reserves new and spread out liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, widening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity. United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expand regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. The response of the Federal Reserve, the European Central Bank, and other central banks was taken shortly and dramatic.During the last quarter of 2008, these cen tral banks purchased US$2.5 trillion of government debt and troubled private assets from banks. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy creating currency as a manner to combat the liquidity trap. By creating $600,000,000,000 and inserting this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by commit internationally in emerging markets.The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal. The goal of these bailouts from the view of the largest financial institution is billions of dollars in taxpayer money allow ed institutions that were on the brink of collapse not only to survive but even to flourish. The legislation that created TARP, the Emergency Economic Stabilization Act, had far broader goals, including protecting home values and preserving homeownership. Congress was told that TARP would be used to purchase up to $700 billion of mortgages and to obtain the necessary votes, Treasury promised that it would modify those mortgages to assist struggling homeowners.However, almost immediately, as permitted by the broad language of the act, Treasurys plan for TARP shifted from the purchase of mortgages to the infusion of hundreds of billions of dollars into the nations largest financial institutions, a shift that came with the express promise that it would restore lending. Treasury, however, provided the money to banks with no effective policy or effort to force the extension of credit. in that location were no strings attached no requirement or even incentive to increase lending to home buyers, and against our strong recommendation, not even a gather up that banks report how they used TARP funds. It raised the issues on accountability in providing the bailouts.Lesson Learnt from 2008 CrisisThere are several lessons that can be learnt from 2008 financial crisis. Those lessons are stated below 1. Aggregate volatility is part of market system. There is a need to have more depth study of aggregate volatility. 2. Long lived large firms (such as financial institutions) may not be fully trusted. We should rethink the role of reputation of firms in market transactions. In addition, we need to revisit the key elements of the economy of organization so that reputation should be derived from the behavior not merely from the asset. 3. Economic growth will only take place if there is real increase in the real commodities not financial commodities. 4. People mistakenly equated free markets with unregulated markets. 5. Policy makers should be flexible in their policies and guid ed by overall national objectives. 6. All trading countries should diversify both their exports composition as well as export destination. 7. World financial system is becoming fragile so that there is a need to reform the current financial system. Moslem based economy system has great opportunity to alter the existing financial system. Islamic perspectiveFrom Islamic perspective, the approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts. There were horrible gaps between the rich and the poor all over the world, which remained existent all the time, even after the fall of the planned economy. It goes without saying that the position in developing and under create countries is even worse. This uneven and unjust system of distribution needs to be reformed on a conceptual basis. The entire world today is crying on the establish financial crisis, but few people have realized that this is basically a crisis of rich pe ople who were playing with loads of wealth, and all of a sudden, their income faced a steep fall. So far as poor people are concerned, they have been living in perpetual crisis all the times, but no one care for them, The bear witness crisis should not be examined within the relatively narrow confines of debt rather, it is fundamentally a motion of social justice, a concept that is paramount in Islam. Social justice includes three aspects, namely a fair and equitable distribution of wealth the provision of basic necessities of life to the poor and the needy and protection of the weak against economic exploitation by the strong.The debt burden, however, is increasing inequality between rich and poor countries and is tantamount to exploitation. It also means that poor countries are often unable to provide the most basic services for their citizens. The wide debt that currently burdens poor countries has arisen from loans that have charged interest and have not shared risk between t he lender and the borrower and have, therefore, contravened the two most fundamental principles of Islamic finance. Islamic commands to refrain from charging interest and to share financial risk seek to avoid the concentration of wealth and the economic exploitation of the weak and thereby prevent situations such as the current debt crisis from arising in the first place. The core belief in Islamic finance is that money should not in itself be an earning asset therefore, Islam prohibits any and all forms of interest.There are also other systems which prevent an economic crisis of pandemic proportions to arise contractual relationships in business, finance or trade must be based on trust and familiarity of networks of common experiences (takaful) which implies that debts cannot be repackaged and resold as assets globally to anonymous investors while profit must be redistributed directly to the poor (zakat) in the Holy month of Ramadan to build and strengthen social safety nets throu gh institutions of charity public assistance and education. Over and above zakat, all Islamics pay zakat fitrah to the poor, during the month of Ramadan, either through state collection centers or direct contributions to the poor. There is a trend within rural areas to identify destitute families and the disabled within the underserved rural areas of the State where they reside. Over the last few years, increasing realization of a topic poverty during an economic crisis creating the new poor among the Muslim running(a) classes and abnormally high repayment rates through unlicensed loan-sharks and licensed money-lenders have made national banking institutions which serve the poorer rural communities shift their services to the Ar-Rahnu market or Islamic pawn-broking market. soon four Islamic financial institutions, Bank Rakyat (The Peoples Bank) the Yayasan Pembangunan Ekonomi Islam Malaysia (Islamic Foundation of Economic Development, Malaysia) Permodalan Kelantan Bhd (Kelantan I nvestment Co.) and the Agro bank offer such services to the rural and urban working classes. It has established an Ar-Rahnu XChange licence Network, where it plans to provide an Ar-Rahnu franchise throughout the country, managed by reputable cooperatives of the working classes. Given the acute dependency of the working classes on ready cash in times of emergency and the high rates of interest in regular pawn-broking market, there seems to be few alternatives shut to expand the Ar-Rahnu market among Muslims and non-Muslims and charge the poor for tutelage services, rather than interest. Despite the fact that loan disbursements of Bank Rakyat alone is among the services which have contributed to Bank Rakyats amazing rise as a successful national cooperative bank, giving out higher than normal dividends to its share holders, loan sharks are virtually setting up desks outside flats and apartment buildings of the Muslim poor in towns and cities to offer cash and carry facilities to th e desperately poor.This lucrative market speaks volumes of the rise of atopic poverty among those on or below the poverty line, the inadequacy of zakat and disbursements of zakat, the high dependency on regular income earners among the spirit classes for welfare driven services and products and unclear nature of the rising wealth of the Muslim and non-Muslim upper classes in Malaysia The Islamic finance can bring on significant gains in money released into public capital and infrastructure. The redistributive mechanisms of surplus are instituted into welfare based institutions such as free or subsidized education, health and child care, education, and even publicly directed employment. Its principles may differ from modern welfare political economy except the gains at the far end of the redistributive machinery are similarly directed towards the poor. The policies of the New Economic Policy in Malaysia, state welfares in Brunei, or publicly instituted employment as in MENA countrie s are more Islamic than regular, except they are part of the post-colonial reformist policies of Muslim states which preceded the modern up-beat drive towards Syariaah compliant finance. Islamic finance, however, has not demonstrated a clear connectivity with redistributive justice as in the post-colonial political economy except through instituted deductions of zakat from dividends of shareholders.Profits from credit or financial corporations are not necessarily redistributed through zakat. Furthermore, for borrowers, the comprehended value of assets and services as forecasted and built into systems and rates of repayments which compensate for the lack of interest and, in reality, repayment rates may even out with the regularrates are generally fixed in advance unlike regular interest rates which are more flexible, varying according to market conditions. However, it does allow more capital to be released into projects immediately, allowing a more extensive amount of goods and serv ices to be produced, without the worry of serving loans. One, however, has to be assured of significant productivity even in the early stages of the loan but payments of zakat accruing from successful investment, from the financier or production from the borrower are fixed at a low rate of 2.5%. It is also consensual rather than forced (as in income taxation) and Muslim countries in general pursue income tax collections as the more important thrust of national revenue.There are generally two disparate systems at work in Muslim countries Islamic finance and post-colonial welfare instituted economics. The welfare inputs in Islamic countries which are operational today proceed whether or not there are institutions of Islamic finance in the country. In Malaysia, Brunei, and the MENA countries discussed in this paper, components of welfare economics in heavily subsidized education, health, housing, farming, and welfare for the poor, are part of a post-colonial legacy of social reform to institute economic parity across groups and classes. In these Muslim nations, the public sector has played an important role in employment for Muslim or indigenous citizens, often acting as a social safety net in times of economic crises. However, these welfare driven policies are subject to much criticism since they favour the poor, encourage low productivity, and a non-competitive public sector. As Islamic institutions of welfare catch on with progressive social education through media and networks and become an alternative system of welfare for poorer Muslims through zakat and other contributions, welfare increasingly becomes a social responsibility of the Muslim middle classes.There is hardly any data on how the profits earned by larger corporations of Islamic finance actually become instituted into a system of welfare economics based in Islam. Private investment trusts of political elites or national trusts controlled by them. In a properly instituted system of redistribution, through wages, salaries, educational, and health subsidies and so on, there should be very little wealth differential between the owners of political Capital and citizens but economic disparities are significant in these Muslim countries and it has been shown how gains among the lowest 20% may be offset by higher or equivalent gains among the top 20% income earners of these nations. The production of stable professional middle classes in these nations has led to an enrichment of social capital and welfare driven redistributive institutions through social networks but Islamic conscientisation had sometimes moved this spiritual gain as an objective reality. The belief in ibadah or to do good may outdo the call for greater transparency in the use of national collections of zakat and so on.Many Muslims in Malaysia pay both income tax and zakat, rather than ask for exemption from income tax. They also maintain Islamic voluntary organizations with personalized funds, donate to mosques a nd charities, and make endless food contributions to orphans and the poor. There is very little data gathered on the actual amounts paid privately or anonymously and state-directed contributions, although increasing, are not reflective of actual payments contributed by the middle classes towards Islamic charitable institutions.On the other hand, Muslim based banking and financial institutions are unsung in their social responsibility towards the poor, including their own clients who may be victims of topic poverty during times of economic crises. In conclusion, Islamic institutions of trusts which are state directed or privately administered by banking and credit agencies drive out more humanistic principles of investment and redistribution of profits except that there is a missing componentbetween the principles of redistribution of surplus or profits in Islam finance and the actual mechanisms to provide welfare to the people who are not share-holders or stake-holders. In Malaysi a, Brunei, and the MENA countries of the Middle East and North Africa, state agencies assume trusteeships over coercive collections like the zakat but do not have any institutional mechanisms to enforce private corporations local or foreign to contribute towards the welfare of the poor.ConclusionThe first Financial crisis was began in July 1997 when the Thai baht collapse with a series of speculative attacks on the baht extended after quite a few decades of outstanding economic performance in Asia and most of Southeast Asia and Japan having currency depreciation. There some approach to help financial recovery, It is impossible that the government doing nothing when the crisis happened to their country. To prevent currency values collapsing, governments raised fiscal spending in domestic interest rates to exceedingly high levels. And last approach Government providing handouts directly to people affected and providing assistance to the poor like efforts to shield poor and vulnerable sections of society from the worst of the crisis The International Monetary Fund (IMF) is an international organization that provides financial assistance and advice to member countries. It was created out of a need to prevent economic crises like the Great Depression.The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. However, IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights record debtor countries to the IMF are often faced with having to put financial concerns ahead of social ones The cause or trigger of the 2008 global financial crisis was the boom of the United States housing bubble which peaked in approximately 20052006. The impact of the crisis on developing countries will affect different types of international resource flows private capital flows su ch as Foreign Direct Investment (FDI).However, not all developing countries were effected tremendously by 2008 financial crisis, Indonesia was one of the least affected countries in South East Asia. The G-20, is the the main nations of much of the coordination on trade policy, financial policy, and crisis responses. The first G-20 leaders summit was held at the peak of the crisis in November 2008. The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal From Islamic perspective approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts the present crisis should not be examined within the relatively narrow confines of debt, rather it is fundamentally a question of social justice, a concept that is paramount in Islam.The practicing of zakat system and waqf contribution to help the poor and needy indirectly will benefit the society. And this is the best approach that gove rnment should do by providing help directly to the poor and people affected by financial contract namely firms and banks. If government reduced the amount tax to be paid, cost of production will decrease level of employment and production will increase. Meanwhile, banks will bail out to save company and people indirectly reduced the worry of public causing the level of borrowing and consumption raises. So, as a result, it can stimulate the capital investment of the economy to increase the economic growth and level of GPD.ReferencesFadillah Putra, Economic Development and Crisis Policy Responses in Southeast Asia (Comparative study of Asian Crisis 1997 and Global Financial Crisis 2008 in Malaysia, Thailand and the Philippines) (2008), Public Administration Department, Brawijaya UniversityFederal Reserved Bank of San Francisco Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, (1998) Hussein Alasrag, Global Financial crisis and Islamic finance (2007)http//www.muf titaqiusmani.com/index.php?option=com_contentview=articleid=41present-financial-crisis-causes-and-remedies-from-islamic-perspective-catid=12economicsItemid=15,retrieve on 11 November 2012 http//www.academia.edu/1133515/Global_Financial_Crisis_An_Islamic_Perspective, retrieve on 4 November 2012 http//en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008cite_note IMF_Loss_Estimates-31, retrieve on 4 November 2012Mohamed Ariff, Syarisa Yanti Abubakar,The Malaysian Financial Crisis Economic Impact and recovery Prospects (1999) The Developing Economies, XXXVII-4 41738Reinhart, V. (2011). A year of living dangerously The Management of the Financial Crisis in 2008. Journal of Economic Perspective.25 (1). Pg 71-90. IbidRecovery from the Asian Crisis and the Role of the IMF, IMF Staff (2000)http// www.investopedia.com/articles/economics/09/international- monetary-fund imf.aspaxzz2EQhoHzz9, retrieve on 4 November 2012http//www.nrcc.org/default/Issues2012/2012_Issues_Book_Chapter_Finan cial_Crisis_Bailouts_and_Financial_Reforms 1 . Federal Reserved Bank of San Francisco Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, 1998 2 . Federal Reserved Bank of San Francisco Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, 1998 3 . www.wikipedia.com 4 . www.wikipedia.com 5 . www.wikipedia.com 6 . Federal Reserved Bank of San Francisco Economic Letter What Caused East Asias Financial Crisis? 98-24 August 7, 1998 7 . www.wikipedia.com 8 . 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Taken from http//en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008cite_note-IMF_Loss_Estimates-31 19 . Ibid 20 . Greenspan-We Need a Better Cushion Against Risk. Financial Times. March 26, 2009. Taken from http//www.ft.com/cms/s/0/9c158a92-1a3c-11de-9f91-0000779fd2ac.html. 21 . FCIC Report-Conclusions Excerpt-January 2011. Taken from http//c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_conclusions.pdf 22 . CRISIS AND RECOVERY IN THE human being ECONOMY. Ta ken from http//www.whitehouse.gov/sites/default/files/microsites/economic-report-president-chapter-3r2.pdf 23 . Ibid 24 . Ibid 25 . Ibid 26 . Ibid 27 . Ibid 28 . Velde, D. W. (2008). Effects of the Global Financial Crisis on Developing Countries and Emerging Markets. Policy responses to the crisis. INWENT/DIE/BMZ conference in Berlin, 11 December 2008. 29 . Ibid 30 . Ibid 31 . Ibid 32 . Ibid