Computer Communications & Networks Essay Example | Topics and Well Written Essays - 2000 words

PC Communications and Networks - Essay Example Be that as it may, so as to look at the procedures, strategies and methods, we should initially comprehend the TCP/IP convention suite itself. Thinking about Internet Protocol (IP) first is indispensable in light of the fact that the remainder of the TCP/IP suite is built on the IP. In like manner, it is additionally called as a system that is consolidated for information bundling, moving and directing by means of TCP/IP internetwork (Kozierok 2005). In addition, IP is additionally associated with developing and pressing all information grams along these lines while overseeing them between gadgets in a shrewd manner. Before diving into more detail, the prime target for having a system, internetwork and TCP/IP suits is to enable and empower organizing application. For online openness, these applications are currently operational by means of internet browsers. For example, anybody needs to transfer pictures, sight and sound substance to impart to family, comparably, visiting with compa nions and partners from Internet Relay Chat (IRC) applications. As a rule, a typical interface is currently reachable for making correspondence deliberate. Appropriately, understudy entryways are currently evolved and considered as a proficient instructive intelligent interface for colleges and universities. Moreover, aside from certain models given beforehand, understudy entrances are propelled application packaged with numerous highlights and applications underpins instruction and learning exercises. In the following area, we will investigate organizing ideas for an understudy entrance named as ‘X-stream server’ got to by an understudy from a remote area. The X-Stream Server The principal area for example the inner semantics will concentrate on availability of a PC inside as basic segments of the PC organize must be looks at by an all encompassing methodology as each part adds to the heterogeneous framework (Olifer, 2005). In the event that anybody needs to get to the X-stream server from the home PC, it must be associated with the Internet. The least difficult of investigating steps consolidates the ‘ping’ order. The language structure of the order will be ‘ping (space) (goal address)’, executes by means of order brief. Similarly, ‘tracert’ order can likewise be utilized to give an outline of deferrals from source to the switch alongside start to finish availability to and from the goal (Ross 2009). In any case, numerous gadgets and conventions are incorporated for keeping up and distinguishing the PC and continuing availability. The main focal point in tending to inside semantics is Ethernet. It is viewed as the most famous Local Area Network innovation that is actualized all around (Ethernet. 2007). The Ethernet interfaces with a common transmission medium called as turned pair or a link with a multi-port center point, switch or an extension. Most normally, an Ethernet switch or a DSL switch + Switch is generally normal. A normal Ethernet outline includes six boundaries for example Introduction, goal address, Source address, type, information and CRC (cyclic repetition checking). The preface is answerable for synchronizing clock rates for the beneficiary and the sender. Address is generally six bytes in size and is answerable for recognizing outlines according to the sender and recipient address, it transmits the information in arrange layer convention. In any case, if the match isn't made, it disposes of the casing. Similarly, the sort shows the convention type. Typically it

Business Model Renewal and Ambidexterity †MyAssignmenthelp.com

Question: Examine about the Business Model Renewal and Ambidexterity. Answer: Presentation Enterprise characterizes the limit of planning, creating and running new and inventive undertaking alongside its dangers towards procuring significant level of business benefit (Bae et al. 2012). This examination will grow such a creative business thought and enterprise for building up a pristine undertaking. The investigation will likewise evaluate the achievability examination of the new business. Additionally, the investigation will build up a Trendy Clothing Company in Australia, which will work under material industry, which will give in vogue and interestingly planned attire to the clients. The plan of action of this undertaking will be totally imaginative from other dress organizations in Australian market. This new undertaking will source structure of the apparel from the network clients over the web. In the wake of sourcing sufficient attire plan from the network clients, the association will permit the staffs and clients to score over the structure through web. Along these lines, the association will pick the best and most creative plan put together of high score gave respect to the best structure. Such plan of action will encourage the new undertaking towards offering generally popular and imaginative dress structure dependent on tweaked inclinations of the clients. Moreover, the clients will have the option to buy the apparel of this association both through online channels and retail divisions. As per DaSilva and Trkman (2014), client division is the training, which partitions client base into gatherings of people dependent on their comparable qualities like sexual orientation, age, spending, inclinations, intrigue and others. Then again, Casadesus?Masanell and Zhu (2013) opined that client division characterizes the division of potential clients in a specific market into discrete gatherings. The new stylish garments organization will target for the most part adolescent and youthful clients for offering profoundly in vogue garments. Also, the undertaking will serve the clients having profoundly complex life. The imaginative plan of the apparel will give the clients a sentiment of uniqueness in their every day life and style life. Kastalli and Van Looy (2013) called attention to that incentive characterizes the one of a kind properties inside items and administrations which separate an association from its other adversary association in the market. Then again, Martins, Rindova and Greenbaum (2015) opined that the special estimation of incentive encourages an association to stand apart novel in the market, which adds to its upper hand. The new retail apparel organization will for the most part center around subjective offer for giving novel client esteem. Besides, the association will give one of a kind and creative structure in their garments items. It will give exceptional incentive to the clients, which will encourage it in increasing serious edge. In addition, the uniquely created structure of the garments will make the association capable towards separate itself from other adversary organizations. Besides, the association will likewise offer alluring limits and contributions to the clients for empowering t hem in buying their items. Client Relationships Khanagha, Volberda and Oshri (2014) called attention to that client relationship is the methodology of dealing with the communication of an association with its present or potential clients. This methodology consistently thinks about the worry and issues of the clients towards keeping their fulfilled over the time. If there should be an occurrence of the new retail dress undertaking, the association will keep up network relationship with the clients. In such client relationship, the association will detail a network with the clients through permitting them in contributing their garments condescends in the business procedure and in any event, scoring the plans of the dress. Thusly, the association will keep up direct cooperation with the clients, which encourages in better client relationship. Then again, the new undertaking will likewise keep up co-creation client relationship with the clients. In such relationship, the association will keep up close to home relationship with the cli ents through permitting them in contributing their one of a kind attire plan in a definitive apparel items. It upgrades the estimation of the clients through direct correspondence with them. As indicated by Markides (2013), dispersion channel characterizes the chain of mediators through which merchandise and ventures of an association reach to the end clients. Successful interconnection between the delegates guarantees opportune conveyance of the items to the clients. If there should be an occurrence of new retail undertaking, the garments will be given to the clients both however web based business channels and retail locations. If there should arise an occurrence of internet business, the association will utilize online business circulation habitats for arriving at the items to the clients. Then again, if there should arise an occurrence of retail locations, the attire results of the association will reach to the clients through makers to wholesalers to retailers lastly to clients. According to Zott and Amit (2013), key exercises in an association characterize some huge exercises, which encourage the association in accomplishing significant level of offer. If there should be an occurrence of new garments adventure, the association will viably keep up gracefully chain organize for productively creating imaginative planned garments. Also, the structures of the association will be provided from the network clients for giving exceptionally created an incentive to the client through their last garments items. Then again, the association will likewise successfully keep up client relationship through permitting them in contributing their structure thoughts in the creation procedure of attire. It will really upgrade the estimation of the clients, which will keep them fulfilled through getting exceptionally created an incentive from the dress items. Secret weapons and Key Partners Schneider and Spieth (2013) opined that secret weapons characterize the huge resources of an association, which encourage the association in executing significant level of incentive. Additionally, the distinct advantages are critical for an association toward continuing and supporting the business procedure. If there should arise an occurrence of new garments undertaking, the secret weapons of the association are the network clients, who sources inventive dress structure to a definitive attire items. The hierarchical staffs and clients are likewise noteworthy for picking the best structure got from the network clients. Then again, Maglio and Spohrer (2013) opined that key accomplices are critical for streamlining the business activity and lessening the danger of plan of action. If there should be an occurrence of new attire undertaking, the association will pick network clients as their providers of dress plan. In addition, the association will keep such clients happy with sharing as sociation benefit with them liberally. In will energize the clients towards more than once giving exceptional garments structure in the creation procedure. Thusly, the association will have the option to give client produced an incentive to the clients, which will diminish danger of plan of action. Besides, the association will likewise have the option to concentrate on its center business exercises through sourcing dress plans from the network clients. As indicated by Carayannis, Sindakis and Walter (2015), income stream characterizes the structure square, which speaks to the methods of money age of an association from every one of its client section. If there should be an occurrence of new dress undertaking, the association will choose resource deals income stream for producing gigantic money from the clients. In such resource deal income stream, the clients will buy garments from the undertaking. Additionally, the association will move the possession privileges of the dress it produces to the clients after their buy. The more clients will buy the apparel of new undertaking, the more it will create money from the clients. Amit and Zott (2015) cost structure characterizes the sorts and relative part of fixed and variable cost, which are brought about by an association during business process. If there should arise an occurrence of new dress undertaking, the association will be less worried about the expense. In addition, the association will be progressively worried about making esteems for the attire items to the clients. It will encourage the association towards being extraordinary in the market. In any case, such structure will prompt economies of scale for the association. The one of a kind benefit of attire items will support the clients towards more than once buying them. It will really improve the business volume of the association. Along these lines, the hierarchical cost will go down with expanding creation and buy request from the clients. Least Viable Product (MVP) As indicated by Osiyevskyy and Dewald (2015), least reasonable item characterizes an improvement method where associations grow new items and sites with simply adequate highlights for fulfilling the clients. The items have enough an incentive towards empowering the clients in taking buying choice. Additionally, such advancement method remembers simply enough highlights for the items for fulfilling the clients and do exclude any extra less important items. In like manner, the new undertaking will receive MVP strategy, where it will include top notch only for the dress items. Then again, Ritala and Sainio (2014) opined that MVP procedure request recommendation from the clients towards improving the items. In like manner, the new undertaking request the clients towards giving inventive attire plan to giving particularly planned and uniquely produced dress to them. Key Partners Network clients will provi

Blog Archive Mission Admission How to Address a Layoff

Blog Archive Mission Admission How to Address a Layoff Mission Admission is a series of MBA admission tips; a new one is posted each Tuesday. Many MBA applicants express profound concern about the impact of being laid off. Will the admissions committee view a layoff as a sign of failure? One thing to remember is that  many  candidates share this worryâ€"thousands of MBA candidates worldwide, in fact. For the admissions committees to dismiss all such applicants outright is simply not practical. In addition, the MBA admissions committees know that the current global financial crisis and the subsequent recession are at the root of the problem, not necessarily the individual candidate’s performance. Indeed, layoffs and firings are not the same thing, so admissions committees will examine your application with that in mind, seeking your broader story of success. If you have been caught up in this unfortunate mess, what is important is that you can show that you have made good use of your time since the layoffâ€"studying, volunteering, seeking work, enhancing your skills, etc. Each candidate will react differently, of course, but you need to have a story to tell (whether you are applying in the late rounds or even for next year) of how you made the most of a difficult situation. Share ThisTweet Mission Admission Blog Archive Mission Admission How to Address a Layoff Mission Admission is a series of MBA admission tips; a new one is posted each Tuesday. Many MBA applicants express profound concern about the impact of having been laid off with respect to their business school candidacy. Will the admissions committees view a layoff as a sign of failure? One thing to remember is that  many  candidates share this worryâ€"thousands of MBA candidates worldwide, in fact. For the admissions committees to dismiss all such applicants outright is simply not practical. Moreover, the admissions committees know that the global financial crisis and the subsequent recession are at the root of the problem, not necessarily the individual candidate’s performance. Indeed, layoffs and firings are not the same thing, so admissions committees will examine your application with that in mind, seeking your broader story of success. If you have been caught up in this unfortunate mess, what is important is that you show that you have made good use of your time since the layoffâ€"studying, volunteering, seeking work, enhancing your skills, etc. Each candidate will react differently, of course, but you need to have a story to tell (whether you are applying in the late rounds or even for next year) of how you made the most of a difficult situation. Share ThisTweet Mission Admission Blog Archive Mission Admission How to Address a Layoff Mission Admission is a series of MBA admission tips; a new one is posted each Tuesday. Many MBA applicants worry about the impact having been laid off might have on their business school candidacy. Do the admissions committees view a layoff as a sign of failure? One thing to remember is that  many  MBA candidates share this worryâ€"thousands of them worldwide, in fact. For the admissions committees to dismiss all such applicants outright would simply not be practical. Moreover, the admissions committees know that the global financial crisis and subsequent recession are at the root of the problem, not necessarily the individual candidate’s performance. Indeed, layoffs and firings are not the same thing, so admissions committees will examine your application with that in mind, seeking your broader story. If you find yourself in this situation, what is important is that you show that you have made good use of your time since the layoffâ€"studying, volunteering, seeking work, enhancing your skills, etc. Each candidate will react differently, of course, but you need to have a story to tell (whether you are applying in the late rounds or even for next year) of how you made the most of a difficult situation. Share ThisTweet Mission Admission Blog Archive Mission Admission How to Address a Layoff Mission Admission is a series of MBA admission tips; a new one is posted each Tuesday. Many business school applicants worry about the impact having been laid off might have on their candidacy. Do the admissions committees view a layoff as a sign of failure? One thing to remember is that  many  MBA candidates share this worryâ€"thousands of them worldwide, in fact. For the admissions committees to dismiss all such applicants outright would simply not be practical. Moreover, the admissions committees know that the global financial crisis and subsequent recession are at the root of the problem, not necessarily the individual candidate’s performance. Indeed, layoffs and firings are not the same thing, so admissions committees will examine your application with that in mind, seeking your broader story. If you find yourself in this situation, what is important is that you show that you have made good use of your time since the layoff by studying, volunteering, seeking work, enhancing your skills, etc. Each candidate will react differently, of course, but you need to have a story to tell of how you made the most of a difficult situation. Share ThisTweet Mission Admission Blog Archive Mission Admission How to Address a Layoff Mission Admission is a series of MBA admission tips; a new one is posted each Tuesday. Many business school applicants worry about the impact having been laid off might have on their candidacy. Do the admissions committees view a layoff as a sign of failure? One thing to remember is that  many  MBA candidates share this worryâ€"thousands of them worldwide, in fact. For the admissions committees to dismiss all such applicants outright would simply not be practical. Moreover, the admissions committees know that the global financial crisis and subsequent recession are at the root of the problem, not necessarily the individual candidate’s performance. Indeed, layoffs and firings are not the same thing, so admissions committees will examine your application with that in mind, seeking your broader story. If you find yourself in this situation, what is important is that you show that you have made good use of your time since the layoff by studying, volunteering, seeking work, enhancing your skills, etc. Each candidate will react differently, of course, but you need to have a story to tell of how you made the most of a difficult situation. Share ThisTweet Mission Admission

The events of the 1930’s, or the Great Depression, did the...

The events of the 1930’s, or the Great Depression, did the most to influence contemporary America. During the twenties, America was at its most prosperous economic times until the stock market crashed in 1929. The stock market crash led to a dramatic decline of the U.S. economy. The decline in the economy changed Americans everyday lives. In 1932, Franklin D. Roosevelt was elected president and he created the New Deal to provide relief, recovery and reform. The Depression impacted America in the 1930’s in every aspect of life and still impacts America today. Although contemporary America was shaped by many events that occurred in the 20th century, America was most influenced by the 1930’s because of legislation that improved daily life†¦show more content†¦The longest lasting effect of the depression and New Deal was how the role of the government had expanded. The effects of the Depression during the 1930’s still impact America today. The New Deal was passed to rebuild the economy after the Great Depression. William L. Niemi and David J. Plante discussed the meaning of the new deal to our economy today, â€Å"Under the New Deal regime there were more labor rights, less Supreme Court intervention in the economy, more public accountability in the structure of financial institutions driving the political economy, and a more equitable distribution of wealth†(Plante, Niemi, 413-427). Franklin Roosevelt created the New Deal, which was his plan to take America out of the Depression. He had three goals: relief, reform, and recovery. The New Deal set up policies that help us prevent future economic depressions and achieve long-term recovery. Policies that still stand and affect our economy today are the Securities and Exchange Commissions (SEC) and the Federal Deposit Insurance Corporation (FDIC). The SEC today still regulates the sto ck market and enforces laws that protect the industry. The SEC was used to restore the nations confidence in the economy after the Depression. The FDIC is an important part of America’s financial system. The FDIC was part of the Banking Act of 1933. The FDIC insures banks with a certain amount of money to make it a safer place to put your money in. RooseveltShow MoreRelatedThe American Dream in The Great Gatsby and This Side of Paradise1382 Words   |  6 Pageshis career, Fitzgerald wrote many works, traveled the world, and served in the United States Army. F. Scott Fitzgerald wrote mostly short stories but became famous because of his novel This Side of Paradise and became even more famous because of The Great Gatsby which was released in 1925. The time period in which Fitzgerald lived played an extensive role in his work. 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Law Example For Free - Free Essay Example

Sample details Pages: 11 Words: 3248 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Compare and contrast essay Did you like this example? What is law? Law, in its widest sense, means and involves a uniformity of behavior, a constancy of happenings or a cause of events, rules of action, whether in the phenomena of nature or in the ways rational human beings. In its general sense law means an order of the universe, of events, of things or actions. In simple words, Law may be referred to as a body of rules that are determined and enforced by the state and that are intended to channel behaviour and to resolve certain adverse events. Don’t waste time! Our writers will create an original "Law Example For Free" essay for you Create order Thus a legal rule might forbid littering in a park and impose a Rs 500/- fine for its violation, might impose expectation damages for violation of a contract, or might declare murder a crime and punish it with a sentence of atleast of 10 years of imprisonment.[1] The effectiveness of law enforcement depends, other things being equal, on the magnitude of sanctions and on the probability with which they are imposed for violations. The magnitude of sanctions is chosen by the state and can be as high as the wealth of violator if monetary and as a life term if imprisonment. The probability of sanctions depends on the actions of private parties who might bring the suit if the violation is civil and on effort of public enforcement agents, otherwise.[2] Keeping a practical view in mind it is necessary to look into some definitions of law. Definations of Law: According to Salmond à ¢Ã¢â€š ¬Ã…“the law may be defined as the body of the principles recognized and applied by the State in the administration of justiceà ¢Ã¢â€š ¬Ã‚ . According to Austin, à ¢Ã¢â€š ¬Ã…“A law, in the strict sense, is a general command of the sovereign individual or the sovereign body, issued to those in subjectivity and enforced by the physical power of the State. According to Austin, à ¢Ã¢â€š ¬Ã…“law is the aggregate of rules set by men as politically superior or sovereign to men as politically subjectà ¢Ã¢â€š ¬Ã‚ . According to Duguit, law is essentially and exclusively a social fact. It is in no sense a body of rules laying down rights. Foundation of law is in the essential requirements of the community life. Thus Duguits definition gives a moral dimension to law. Holmes J. says that à ¢Ã¢â€š ¬Ã…“the prophesy of what Courts will do, in fact, and nothing more pretentious, are what I mean by lawà ¢Ã¢â€š ¬Ã‚ . While Dias says, à ¢Ã¢â€š ¬Ã…“Law consists largely of à ¢Ã¢â€š ¬Ã‹Å"oughtà ¢Ã¢â€š ¬Ã¢â€ž ¢ (normative) propositions prescribing how people o ught to behave. The à ¢Ã¢â€š ¬Ã‹Å"oughtsà ¢Ã¢â€š ¬Ã¢â€ž ¢ of laws are variously dictated by social, moral, economic, political and other purposesà ¢Ã¢â€š ¬Ã‚ . Thus some definitions ascribe a moral quality to law while some donà ¢Ã¢â€š ¬Ã¢â€ž ¢t do so expressly. Thus it is necessary to look into what is morality. What is morality? Morality may be defined as Conformance to a recognized code, doctrine, or system of rules of what is right or wrong and to behave accordingly. No system of morality is accepted as universal, and the answers to the question What is morality? differ sharply from place to place, group to group, and time to time. For some it means conscious and deliberate effort in guiding ones conduct by reason based on fairness and religious beliefs. For others it is, what the majority then and there happen to like, and immorality is what they dislike.à ¢Ã¢â€š ¬Ã‚ [3] Morality may be equated with order and has as its object human actions that are ordere d to one another and to some end. The idea of value (good or end) is the crux of any moral system since the concept of value is a primary concept in the order of our practical concepts, i.e., ultimate in its genus. Hence the moral act is a combination of the subject that makes the act (rational and free act) and the object that is intended (objective goods and values that result from this activity); objectively the moral act is made up of three elements-the object, the end and the circumstance. Therefore rational human nature is the norm of morality, and morality is the transformation of a known order of values. To put it quite succinctly, morality is nothing more than conformity with the rule which regulates human life: namely, the rule of reason. Thus the essence of morality is mans approach to his goal; mans particular goal is the perfection of his spiritual and moral nature and his ultimate goal is union with God.[4] In general a moral rule has it that, when a person obeys th e rule, he will tend to feel the sentiment known as virtue, and if he disobeys the rule he will feel the sentiment known as guilt. A moral rule also has the property that, when a person obeys a rule and is observed to have done so by another party, that party may bestow praise on the first party who will enjoy the praise; and if the person disobeys the rule and is observed to have done so by another party, the second party will tend to disapprove the first party, who will dislike the disapproval.[5] Enforcement of moral rules comes about through internal incentives of virtue for obeying the rules and guilt for not doing so. Enforcement is also effected by external incentives, such as if a person believes that his conduct will be observed by others, who will reward him with praise for doing good or chastise him for not doing so, he will be lead to do good.[6] The effectiveness of enforcement of moral rules depends in part on the magnitude of moral incentives, i.e. on how much g uilt and virtue, and admonition and praise, matter to individuals. The degree to which they matter is shaped by, and determined hand in hand with, socialization and inculcation that governs the absorption of rules themselves. In any case moral sanctions have definite limits. The effectiveness of moral incentives also depends on their likelihood of application, in respect to which one must distinguish the internal from the external moral incentives. The internal incentives of guilt and virtue function automatically for a person knows what he does and cannot hide from it. By contrast external incentives operate only if others observe conduct and respond with praise or disapproval.[7] Thus, with a basic idea of morality being presented, it is necessary to look into the relation between law and morality. A COMPARISION OF LAW AND MORALITY Law brings with itself some reflections of public morality, but can law be separated from morality? The relation between law and morality c an beb understood only after looking at the views of Hart, Fuller and Benthem. Broadly there are two schools, the positivist, which feels that law and morality can be separated and the naturalist which feels the the two are inseperable. Gustav Radbruch, a Jew by birth lived in Germany prior to Second World War. He was a firm believer in à ¢Ã¢â€š ¬Ã…“positivistà ¢Ã¢â€š ¬Ã‚  doctrine. After seeing the atrocities perpetrated by Nazi regime on the Jews under Nazi laws he changed his belief and became a staunch supporter of Natural Law Theory and exhorted everybody to discard the doctrine of the separation of law and morals.[8] This was also a provocation for Prof Hart to initiate this discourse. The conflicts faced by the German jurists in post war Germany, is well illustrated by a category of cases which may be called à ¢Ã¢â€š ¬Ã…“informer casesà ¢Ã¢â€š ¬Ã‚ .[9] One such case is discussed by both Prof Hart and Prof Fuller. The case is as under [10] In 1944 a German sold ier came home from far front for a short visit. In his conversation with his wife he criticized the Hitler government and Nazi Party. He even expressed his dismay that the man who attempted to assassinate Hitler did not succeed. During his long absence there were other men in her life and hence she was keen to get rid of her husband. After his departure to war front the wife reported his remarks to the local leader of the Nazi party. The husband was tried by a military tribunal and sentenced to death. However he was not executed. After a short period of imprisonment, he was sent to the front again. After the collapse of the Nazi regime, a case was initiated against for illegally depriving the husband of his freedom. After the collapse of the Nazi regime, the wife was brought to trial for having procured unlawfully the imprisonment of her husband. The wifeà ¢Ã¢â€š ¬Ã¢â€ž ¢s defense was that she was required to furnish such information to the authorities under the Nazi statutes an d she did not commit any crime. The court of appeal which decided the case held that the statute under which the wife was claiming protection was contrary to the sound conscience and sense of justice of all decent human beings.[11] Hence it was reasoned that she could not be given protection under such statute. This reasoning became a precedent in many other informer cases. This reasoning was followed in many cases which have been hailed as a triumph of the doctrines of natural law and as signaling the overthrow of positivism.[12] According to Prof Hart there were only two options: a) to let the woman go free because the statute protected her; b) to make a retrospective legislation repealing the statute under which she claimed protection.[13] Because retrospective legislation is anathema in most criminal justice system the woman should have been allowed to go free if integrity of judicial principles was to be preserved. Prof Hart considers it a cardinal mistake of the Court of Ap peal to introduce the concept of morality of the law, under which she was claiming protection, to say that law was no law at all. Professor Hartà ¢Ã¢â€š ¬Ã¢â€ž ¢s views Prof Hart believes in the theories of law as put forward by jurists like Bentham and Austin. These jurists propounded utilitarian theory of law. Bentham and Austin, constantly insisted on the need to distinguish, firmly and with the maximum of clarity, law as it is from law as it ought to be.[14] Austin formulated the doctrine: The existence of law is one thing; its merit or demerit is another.[15] A judge deciding a case should go by law as it is. Prof. Hart points out that all cases may not fall exactly within the law as it is which he calls the à ¢Ã¢â€š ¬Ã‹Å"coreà ¢Ã¢â€š ¬Ã¢â€ž ¢. There will be cases in the penumbra of law. Hartà ¢Ã¢â€š ¬Ã¢â€ž ¢s view is that morals can be an influential factor in deciding cases in the penumbra. Bentham criticized Natural Law theory on the ground that à ¢Ã¢â€š ¬Ã… “the natural tendency of such a doctrine is to impel a man, by the force of conscience, to rise up in arms against any law whatever that he happens not to likeà ¢Ã¢â€š ¬Ã‚ .[16] Bentham also feared that under natural law theory courts might be legally bound to decide in accordance with what they thought just or best.[17] Such an approach can lead to all round confusion. Prof Hart presents the discussion of separation of law and morals as a problem of separating à ¢Ã¢â€š ¬Ã…“law as it isà ¢Ã¢â€š ¬Ã‚  and à ¢Ã¢â€š ¬Ã…“law as it ought to beà ¢Ã¢â€š ¬Ã‚ . He criticizes natural law thinkers for ignoring this difference. à ¢Ã¢â€š ¬Ã…“Prof Hart identifies the essentials of positivism as the following:[18] (i) The contention that laws are commands of human beings, (ii) The contention that there is no necessary connection between law and morals or law as it is and ought to be (iii) A legal system is a à ¢Ã¢â€š ¬Ã…“closed logical systemà ¢Ã¢â€š ¬Ã‚  in whi ch correct legal decisions can be deduced by logical means from predetermined legal rules without reference to social aims, policies, moral standards, Prof Hart also deals with the issue lack of precision in the words used in any human language and the role of this factor in judicial interpretation. While applying legal rules to the facts of a case it become necessary quite often to decide the meaning of the words in a statute and to decide whether the words used covers the facts to be decided. Sometime à ¢Ã¢â€š ¬Ã…“standard instancesà ¢Ã¢â€š ¬Ã‚  of the words may not be sufficient to give proper effect to the law. Prof Hart calls these as à ¢Ã¢â€š ¬Ã…“problems of the penumbraà ¢Ã¢â€š ¬Ã‚ .[19] Problems of penumbra cannot be solved by logical deduction. The criterion which makes a decision sound in such cases is some concept of what the law ought to be.[20] This is where a moral judgment is made about what law ought to be. This is called by Prof. Hart as necessary à ¢Ã¢â€š ¬Ã…“intersection between law and moralsà ¢Ã¢â€š ¬Ã‚ .[21] Prof Fullerà ¢Ã¢â€š ¬Ã¢â€ž ¢s views: Fuller on the other hand believes in the Natural Theory of Law and the moral foundations of a legal order. So for him law should always conform to the idea of Godà ¢Ã¢â€š ¬Ã¢â€ž ¢s justice. He emphasizes the view point that fidelity to law can be achieved only if law is consistent with morals at all stages that is during its making and during its application by the court whether the case is in the core or the penumbra of law. The primary concern of Prof Hart is to preserve the integrity of the concept of law.[22] For Prof Fuller fidelity to law is of utmost importance. He argues that there will be fidelity to law only if laws are consistent with moral values of the people who have to follow law. People comply with law only if they are convinced that the law is for common good. That is to say for achieving fidelity to law, Law should have moral foundations. The Balance The conflict between law and morals came to sharp focus in the predicament faced by the German Court after the collapse of the Nazi Regime. It was not possible to declare all the laws made by the Nazi regime and actions of citizens in conformity with such laws to be illegal. This would have resulted in total destabilization of the society. On the other hand some of the laws made by Nazi regime was so repulsive to human morals that there was a need for disapproving actions taken in conformity with such wicked laws. There was also a need to send a message that the new regime does not approve all the wicked laws of the Nazi regime Thus on the one hand, there was a moral duty to obey law. On the other hand, there was a moral duty to do what people thought (after the war) was right and decent. The fundamental postulate of positivism that law must be strictly severed from morality seems to deny the possibility of any bridge between the obligation to obey law and other moral obligations.[23] Thus the German Courts faced a serious dilemma in restoring both respect for law and respect for justice. Essentially Radbruch saw the dilemma as that of meeting the demands of order, on the one hand, and those of good order, on the other.[24] Order by itself is no good unless it serves some purpose for the society. So we should not get obsessed with just order. At the same time in the process of seeking good order we should lose order itself leading to anarchy. As we seek to make our order good, we can remind ourselves that justice itself is impossible without order, and that we must not lose order itself in the attempt to make it good.[25] Thus we must strive for a balance. Homosexuality: à ¢Ã¢â€š ¬Ã…“God created Adam and Eve, not Adam and Steveà ¢Ã¢â€š ¬Ã‚ [26] This quote summarises the attitude of morality developed along the lines of religion with regard to homosexuality. The Church has always condemned the practice of homosexuality vehemently. T he Bible preaches that a man may not lie with a man in a way he lies with a woman.[27] Unlike the West, the Hindu society does not have the concept of sexual orientation that classifies males on the basis of who they desire. However, there is a strong, ancient concept of third gender, which is for individuals who have strong elements of both male and female in them. Sexuality between men (as distinct from third genders) has nevertheless thrived, mostly unspoken, informally, within mens spaces, without being seen as different in the way its seen in the West. [28] In India homosexuality was criminalized in 1861 by the Britishers through Section 377 of the India Penal Code. It criminalized carnal intercourse. Contemporary to the global movements for giving rights to the homosexuals, the Indian movement has also been running. In 2009 it got a huge success when the High Court of Delhi in Naz Foundation v. Govt. of NCT Delhi ruled the Section 377 of IPC as unconstitutional and th us decriminalized homosexuality. But in 2013 the Supreme Court of India overruled the judgement of the High Court of Delhi and recriminalized homosexuality. In the modern Indian society those opposing homosexuality argue that it is against morality and Indian culture. However if one delves into history one would easily find out that this homophobia was part of a more generalized attack on Indian sexual mores and practices undertaken by British missionaries as well as educators. It is evident not only in the anti-sodomy law introduced by the British in the Indian Penal Code of 1860 but also in the deliberate heterosexualization of entire literary canons and genres. This is one reason why modern institutions such as the police force, and educational as well as religious organizations today typically respond to same-sex unions with horror and even violence.[29] Thus, a slow and gradual change in morals lead to an inherent opposition among a large of population against homosexu ality. This subsequently impacted the law as well. These acts of consensual homosexuality, which was once recognized as acceptable in the society thus became totally unacceptable. The major argument against the validity of Section 377 of the IPC in the Naz Foundation cases was that it violated right to life under Article 21, since the acts were consensual acts. Thus it was argued that since this rule violated a constitutional law which are part of the very basic laws of the land, the section should be declared void. However, on the other hand inspite of the fact that Section 377 of IPC is not contained in the chapter of offences against morality and is instead contained in the chapter on offences against body it was argued that these acts violated morality. Finally Section 377 was declared to be valid by the Supreme Court. Thus it is quite clear morality influenced the law against homosexuality. [1] Steven Shavell, Law versus Morality as Regulators of Conduct, 4 American Law Economic Review at 229. [2] Ibid. [3] Morality, Business Dictionary, https://www.businessdictionary.com/definition/morality.html#ixzz3ViKuh0pt , Accessed On 18th March, 2015. [4] Jurisprudence Law and Morality, Marquette Law Review, 1953, Vol 36, 319. [5] Steven Shavell, Law versus Morality as Regulators of Conduct, 4 American Law Economic Review at 230. [6] Ibid. [7] Supra note 5 at 232. [8] H.L.A. Hart, Positivism and the Separation of Law and Morals, 71 Harvard.Law.Review, 616 (1958) [9] Lon L. Fuller, Positivism and Fidelity to Law -A Reply to Professor Hart, 71 Harvarad Law Review, 658 (1958) [10] Supra note 8 at 618-619. [11] Supra note 8 at 619. [12] Ibid [13] Ibid [14] Supra note 8 at 594. [15] Id at 596. [16] Ibid.; See also BENTHAM. , A COMMENT ON THE COMMENTAR1ES 49 (1928) [17] Id. At 599. [18] Supra note 8 at 601-602. [19] Id. At 607. [20] Supra note 8 at 608. [21] Ibid. [22] Supra note 9 at 635. [23] Supra note 9 at 656. [24] Supra note 9 at 657. [25] Ibid. [26] Victoria Clarke, What about the children? arguments against lesbian and gay parenting,Womens Studies International Forums, 555-570 (2001) [27] Tennessee Nashville, The Book of Discipline of The United Methodist Church 161G (The United Methodist Publishing House 2010). [28] S Asthana and R. Oostvogels , The social construction of male homosexuality in India, February 15th 2014, https://linkinghub.elsevier.com/retrieve/pii/S0277953600001672 [29] Ruth Vanita, Same-sex wedings, Hindu traditions and modern India, Feminist Review, No. 91, pp. 47-60, (2009)

The Importance of Being Earnest Essay - 1439 Words

A Trivial Comedy for Serious People Oscar Wilde mocked his audience while he entertained them. Perhaps his most loved and well-known work, The Importance of Being Earnest, satirises the manners and affections of the upper-class Victorian society. Satire is a literary tone used to ridicule or make fun of human vice or weakness, usually with the intent of changing or correcting the subject of the satirical attack. The play focuses on the elite, while making fun of the ludicrousness and extremity of their behaviour. By employing many different types of humour, including witticisms, sarcasm and irony, Wilde produced, arguably, the most popular and enduring pieces of social satire to ever surface from the Victorian era. The major target†¦show more content†¦Although the characters in The Importance of Being Earnest strive to be respectable, none actually believe in the socially-set standards. As subset of the theme of values, Wilde explores in depth what it means to have a dual identity in Victorian society. Wilde himself knew the nature of the double life, having indulging in activities that were illegal and vilified by â€Å"respectable† society while appearing to be a husband and father in a traditional household. The theme of a double life of outward respectability while secretly transgressing society’s moral code is central to the plot of the Importance of Being Earnest. This is epitomised by the concept of â€Å"Bunburying†. Bunburying is, defined by Algernon, an elaborate lie allowing one to misbehave or escape social obligations while appearing respectable and dutiful. This idea is summed up in the text when Jack quips â€Å"When one is in town one amuses oneself. When one is in the country one amuses other people.† Through Jack’s wit, Wilde suggests that duplicity is an essential part of existence in late-Victorian society. Bot h Jack and Algernon struggle to remain free of the restrictions of Victorian convention.Show MoreRelatedThe Importance Of Being Earnest759 Words   |  4 PagesThe Importance doesn’t Being Earnest by Oscar Wilde is a satire, comedy play of the Victorian Age. The Importance of Being Earnest follows two main characters, Earnest and Algernon, who live double lives. During his play Wilde makes fun of some of the standards and the way of life during that time. One of the common traits of the time was deception. Wilde’s play has a common occurrence of deception through the play’s plot line, trivial lies, and a character’s point of view on deception. Wilde’sRead MoreThe Importance of Being Earnest800 Words   |  4 PagesOscar Wilde, the writer of The Importance of Being Earnest, celebrated the Victorian Era society while criticizing it in his play. Through his play, he utilized the humorous literary techniques of pun, irony, and satire to comment on the impact of Victorian Era society left on the characters themselves. These comedic literary devices also help to show how the members of this society in the Victorian Era live by a set of unspoken rules that determine politeness, as well as proper etiquette to liveRead MoreThe Importance Of Being Earnest1041 Words   |  5 PagesFeminist Perspective As seen in The Importance of Being Earnest by Oscar Wilde, men and women live in a society of inequality between the two sexes as conveyed through double standards. For instance, there is a double standard regarding men and women flirting as seen when Algernon says â€Å"She will place me next to Mary Farquhar, who always flirts with her own husband across the dinner-table. That is not very pleasant.† While women are shamed for talking to men whom they are married to, men such asRead MoreThe Importance of Being Earnest 526 Words   |  2 Pages In the Importance of Being Earnest, dramatic irony is throughout the play which leads to many humorous events. Dramatic irony is a type of irony where the audience fully understands the situation while the character is unaware of it. The lack of knowledge the character has about their situation is amusing in the play. First example of dramatic irony that turns into humor is when Jack confesses his love to Gwendolen and she also feels the same way but for a different reason than his. She saysRead MoreThe Importance of Being Earnest1284 Words   |  6 PagesIn this Lady bracknell shows no sympathy for Mr.Bunbury and does not exhibit pity for him as he is less privileged then status. It is befitting that how cursory is Victorian values. BUNBARING AS A CENTRAL THEME :- Marriage:- It is of principle importance in the story both as a chief plot and also a topic of debate. The issue of marriage came for the first time when Algernon asks Lane† Is marriage so demoralizing as that ? â€Å"(Pg 7). They discuss the attributes of marriage and discuss whether marriageRead More Not Being Earnest in The Importance of Being Earnest Essay examples858 Words   |  4 PagesNot Being Earnestnbsp;innbsp;The Importance of Being Earnest nbsp;While some critics contend that The Importance of Being Earnest is completely fanciful and has no relation to the real world, others maintain that Oscar Wildes trivial comedy for serious people does make significant comments about social class and the institution of marriage.nbsp; These observations include the prevalent utilization of deceit in everyday affairs.nbsp; Indeed the characters and plot of the play appear to beRead MoreEssay On The Importance Of Being Earnest1087 Words   |  5 PagesThe Importance of Being Earnest The title of the book I read for my summer reading is called The Importance of Being Earnest which is a drama book written by Oscar Wilde. It was set in London in the year of 1895. A constant theme throughout this book was marriage beginning with Lane and Algernon discussion. Everyone has different ideas of what marriage is, Lane believes it is a pleasant state, Algernon and Jack discuss if its for business or pleasure. Lady Bracknell believes that it should be aRead MoreCharacterization in the Importance of Being Earnest987 Words   |  4 Pagesgroup B Characterization in The Importance of Being Earnest Among Oscar Wilde’s varied works, a prominent place has been assumed by a notoriously humorous play The Importance of Being Earnest. Such has been the play’s popularity to this day that countless efforts have been retaken so as to adapting it for modern age due to its scintillating language and the author’s surpassing skill at creating immortal characters. In the attempt to spell out the importance of characterization we shall lookRead More Importance Of Being Earnest Essay1037 Words   |  5 Pages Theatre Studies: Cat One Draft The Importance of Being Earnest is set in late Victorian England, a time of social reform. Society was rediscovering art in its many forms yet as a consequence, The Upper class continued their program of suppressed inferiority. The lower classes were treated with disdain and disgust and the animosity between the groups was easily visible. Essentially, the late Victorian era was the beginning of a mini cultural renaissance, yet Upper Class society, which forms theRead More The Importance of Being Earnest Essay1376 Words   |  6 PagesOscar Wilde’s The Importance of Being Earnest is a timeless comedy of manners in which two young, light-hearted men, pretend their names are ‘Ernest’ in a bid to impress their love interests, who both believe the name Ernest bestows magical qualities on the possessor. Throughout the play, Wilde uses a mix of social drama, melodrama and farce to appeal to the audience. Through his gentle use of parody Wilde is able to ridicule his con temporaries and attack the values and attitudes of Victorian society

Chicano Nationalism Essay Example For Students

Chicano Nationalism Essay Chicano as defined by the American Heritage Dictionary , is a Mexican-American. Nationalism, as defined by the same publication, is devotion to the interests or particular culture of a particular nation. So by definition, we can infer that Chicano Nationalism is an interest in either the Mexican or American culture by a Mexican American, which is not a very concise definition. Before we can begin to define Chicano Nationalism, we must first define what is it to be a Chicano. In its simplest form, the American Heritage Dictionarys definition of a Chicano is correct, but there is much more to it than being a Mexican-American. It is a realization of ones past, present and future; realizing how far the culture has come, and how far it has yet to go. It is not only living the duality of both being a Mexican and an American, but also the multiplicity of being a descendant from any number of tribes and nationalities of people that have peppered the landscape of North and Central America ove r hundreds of years. There is no one distinct definition of being a Chicano, but an ever-evolving sense of being that at once combines heritage, personal beliefs, culture, politics and nationality. Defining nationalism, although not as simple as American Heritage Dictionarys definition, is an easier definition to ascertain. As it refers to the Chicano, nationalism has to do with a strong belief in ones heritage, their homeland, the oppression felt be their people, the belief in the self as a nation, the sense of community, equal rights, and the right to exist and follow ones roots. The concept of Chicano nationalism is one that Chicano writers have expressed their views upon in many ways. With analysis of Lorna Dee Cervantes Poem For The Young White Man Who Asked Me How I, An Intelligent, Well-Read Person Could Believe In The War Between The Races and Corky Gonzales I Am Joaquin the reader will be exposed to two examples from each poem of the key elements of Chicano nationalism. These key elements will provide the reader with a greater understanding of how writers in this period exemplified Chicano nationalism. Cervantes begins her poem with the lines, In my land, there are no distinctions. The barbed wire politics of oppression have been torn down long ago. The only reminder of past battles, lost or won, is a slight rutting in the fertile lands. This first stanza sets the tone for the poem as Cervantes chooses to take a stand by trumpeting the virtues of her own homeland, rather than downplay the misgivings present in our society. The line In my land, there are no distinctions is an obvious reference to the class structure that is prevalent in our (United States) society. It is this class structure, or modernized caste system, that divides people and puts them in a position to oppress or be oppressed. Hence we have an example of Chicano nationalism in that invariably the Anglos have always risen to power and oppressed those that are on the lower rungs of the caste system, with Chicanos being a prominent member of that group. To further exemplify this inference of exclusion, we look to Hector Calderon in his essay Chicano Literary Studies Past, Present and Future , where he states, the disparity between the privileged and underprivileged in this countryincluding Chicanos, Mexican-Americans (the term is resurfacing) and millions of other Mexicans and other Latino groupshas never been greater. He further states that There exists, however, the real possibility that some regions of this country, especially in the case of California.will be composed of a ruling minority and an underprivileged majority. Calderon is stating that Anglo oppression, though not nearly as blatant as it was in the mid to late 1900s is just as prevalent, if not more prevalent today. As the Chicano population increases in California, by all rights, so too should the political clout of the Chicano, and that is just not the case. The question then arises as to whether Cervantes is writing this poem merely from the stand point of a person of Chicano decent, or are we to take this poem as not only a comment on the oppression of the Chicano, but also of the women in the Chicano culture. If we analyze the fifth stanza of the poem, we begin to see that Cervantes speaks of being marginalized not only because of her Chicano heritage, but also because of her gender. Im marked by the color of my skin. The bullets are designed to kill slowly. They are aiming at my children. These are facts. Let me show you my wounds, my stumbling mind, my excuse me tongue and this nagging preoccupation with the feeling of not being good enough. The stanza starts out as an obvious statement about the oppression of the Chicano people, but each progressive line has the undertone of gender oppression as well. Cervantes stumbling mind and excuse me tongue may very well be the product of living within a culture where the womens plight takes a back seat to the tribulations of the men. The nagging preoccupation with the feeling of not being good enough may stem from years of being told that she was not good enough to be the bread-winner in the family, or that a college education is not the type of thing that a Chicano woman should pursue. It is no secret that the Chicano woman has had to make greater strides towards equality than the Chicano male, yet as late as the 1970s it was unheard of for Chicano woman to speak out about their concerns. By placing her Chicano feminist perspective within a poem about the inequities suffered by the Chicano people at large, Cervantes may have felt that her message was being played to a much larger audience. As Tey Diana Rebolledo states in the Introduction to Infinite Divisions In the main, the Chicanas concerns for and about political and social oppression arising from long years of communal experience, are, according to Herrera-Sobek primary vectors structuring many of their works. S o we can infer from Rebolledos quote that Cervantes view was not only shaped by her experiences as a Chicano, but also from time spent watching her mothers generation and her grandmothers generation lead their lives in what may be called a sub-serviant fashion, to the men of their society. here ya go...have fun EssayGonzales further exemplifies the sense of Anglo oppression throughout the poem, and at times mixes it with a strong sense of heritage and community. The following stanza is from the last two pages of the poem, The part of blood that is mine has labored endlessly five hundred years under the heel of lustful Europeans. I am still here! I have endured in the rugged mountains of our country. I have survived the toils and slavery of the fields. I have existed in the barrios of the city, in the suburbs of bigotry, in the mines of social snobbery, in the prisons of dejection, in the muck of exploitation and in the fierce heat of racial hatred. This stanza brings to light every aspect of Chicano nationalism that Gonzales echoed throughout the poem. All at once we have the heritage of the Chicano people who labored endlessly through Europeans ravishing their cities and people in search of gold and other treasures, all the while contaminating the blood of all futur e generation. We also have the sense of community that comes from living in a barrio of the city and experiencing the prisons of dejection that is forced upon the Chicano by the Anglo oppressors. We also have the belief in the self as a nation, the self-surviving the toils and slavery of the fields. Gonzales is stating implicitly that the Chicano is a culmination of experiences, both good and bad, that determines the make-up of a people. In the face of all of the turmoil that prevents Joaquin from truly knowing which culture he belongs to, he is presented with the simple concept that he is all cultures and all people. By adopting those cultures and taking pride in his heritage, Joaquin begins to understand that he is simply, Joaquin. In summation, Lorna Dee Cervantes Poem For The Young White Man Who Asked Me How I, An Intelligent, Well-Read Person Could Believe In The War Between The Races and Corky Gonzales I Am Joaquin are two perfect examples of Chicano nationalist poems in that they tie in the major aspects of Chicano nationalism (heritage, political marginalization, Anglo oppression, self as nation, community, equal rights and the right to follow your roots) with the central focus of the poem. As Susan Bassnett states in her essay Bilingual Poetry: A Chicano Phenomenon , there is a Latin American tradition of the poet who occupies a prominent place in the struggle for freedom and national unity, and as Cervantes and Gonzales demonstrated, the poets role in Latin America has not been diminished. Bibliography:Berube, Margery S., et all; The American Heritage Dictionary Second Edition; Houghton Mifflin Company; Boston, Mass, 1985Fernandez, Maria Elena; Chicana/o Studies 380 Reader; CSUN Press, Northridge, Ca; 2001Calderon, Hector; Chicano Literary Studies Past, Present and Future; Left Politics and the Literary Profession; Columbia Press; New York, NY; 1990Rebolledo, Tey Dianna; Infinite Divisions; University of Arizona Press; AZ 1991

Balancing Expectations of Superiors and Subordinates

Balancing Expectations of Superiors and Subordinates Introduction The measure of expectancy theory depends on attitude of employees as the only measure for their relationships (DuBrin, 388, 2008). Every person has a different perception of achieving firm’s set targets/goals.Advertising We will write a custom essay sample on Balancing Expectations of Superiors and Subordinates specifically for you for only $16.05 $11/page Learn More They also have various personal targets such as the anticipate goals set during their elevated efforts in performances. The expectancy theory is one of the standardized measures of how people make their own business decisions depending on the differences of behavioural patterns, which determine the alternatives they are likely to choose. These behavioural patterns are known as the motivational forces (MF) over tasks, actions or business conducts, which determines performance (DuBrin, 388, 2008). According DuBrin (388, 2008), Vroom’s Expectancy theory presents the motiv ational force as a measure that depends on three factors namely, Valence, expectancy and instrumentality. Motivational force is thus a product of the three factors. MF= Valence * Expectancy * Instrumentality Reference of the Expectancy theory The emotional point of reference that each employee has towards satisfactory achievement of personal goals refers to valence. One needs to place some motivating goals such as the rewards they anticipate at the end of the contract. These rewards can be needs, goals or personal values such as better remuneration packages, promotion, and engagement into a program. From the case study, Andrew’s valence was the promised nomination for the firm’s management course, which would provide opportunity for possible posting as a future executive. Andrew anticipated higher income was indirect since his primary concern was possibility of getting promotion to a management position after the firm’s managerial studies. The program sponsored by the company is highly respected since upon completion, successful learners have high possibilities of becoming executives in the firm. Andrew hard and long input hours were in the aim of securing a place at the program.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Valence depends on one’s expectations of satisfaction. It is a force that makes people to react differently for a given situation for instance, the position one get appointed to may be having situations that cause a lot of anxiety but one can give in all other aspirations, to achieve the goals amidst crisis. It is individual’s attitude towards determining the motivational levels. These personal perceptions are subject to intrinsic beliefs for instance, a person might shy away from a task or role due to value for personal peace of mind, while those with greater value for money will work towards the goa ls to enhance their pays. Valence is therefore not the final product or satisfaction that one gets after attaining a goal, but the expectations for some personal goals (DuBrin, 389, 2008). This means that employees who lack motivating factors have zero valences. They have negative point of reference or find no need of attaining goals. Contrary David felt that Andrew had not attained the require competence to get a nomination for a position to the graduates ‘management training program due to the reports about his performance on the assigned tasks, and this injured his further prospects in the firm. According to DuBrin (389, 2008), Expectancy Theory indicates that expectancy is a personal conviction over ability or strength to meet firm or self-set targets/goals. It is personal desire to achieve expected levels, especially those set by the management. The desire makes one to have a strong conviction over personal ability to deliver, therefore one is able to place expectancy bas ed on prior analysis of efforts and performance on similar tasks. At the attachment and casual levels, Andrew had the submissive and agreeing personality that went well with the supervisors as well as the customers. This good quality made him a good sales person and presented him as an amiable personality among his clients who had become regular customers. His advice to clients enhanced his relationship with supervisors since it was crucial for their decision-making and need to return to the store. His reputation at the store during internship and casual programs was excellent and the relationship with the store manager caused his recall after his six-month certificate course to serve as the assistant manager. David was sure that Andrew would meet the expectancy levels based on his prior performances.Advertising We will write a custom essay sample on Balancing Expectations of Superiors and Subordinates specifically for you for only $16.05 $11/page Learn More The recall also boosted Andrew’s confidence and therefore all along he expected that his efforts would lead to anticipated performance. He was sure that positive interactions with others and hard work would improve customer experiences, and consequently improve sales. Andrew was a self-proclaimed achiever as indicated by his actions. He was immensely confident of achieving the set objective of enhancing employees- customers’ relationship and gain a subsequent accomplishment of his set-objective, to win nomination for the prestigious company’s managerial course. Contrary, when an employee feels that the efforts may fail to meet the set targets, their probable expectations are lower. The level of confidence determines the employees’ expectancy and eventually boosts motivational levels. In accordance with McShane et al (331, 2010) Expectancy Theory indicates that when the employee is confidence enough, the managements are ready to live up to the end of the bargain since his involvement is a good deal. This influential or convincing level is termed as instrumentality. European clubs bargain for good international athletes and are often ready to pay highly since they eventually anticipate better results and consequently better financial benefits for their clubs. Instrumentality is therefore the probability that a certain engagement will deliver better outcomes based on the relationship between prior perceived performances and offered rewards. It is a personal believe that ability to meet performance levels translates to better or hefty rewards. In most firms people believe that better performances such as better production leads to bigger rises in salary or levels of command. Various companies offer commission for achievement of certain levels of performances. In such a situation, employees will be motivated to achieve the set level for the material gains. The companies therefore fail to establish a better, constant method of motivatio n. The extra gain is the valence since it creates satisfaction. The set target is achievable, but it depends on one’s confidence over ability. In such a case, the valence and personal expectancy of higher compensation are very instrumental in determining possibilities of working hard to realize the set target. In line with Gitman and McDaniel (246, 2008), â€Å"The product between perceived levels of satisfaction, the personal confidence of achieving the level and the rewards that one hopes to achieve makes up a motivated person.† â€Å"Valence* Expectancy* Instrumentality = Motivation†. Since motivation forces is a product of the three factors, if any of them is zero, then there is lack of a motivating force.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More During the call up, Andrew was assigned role of restructuring the employee’s relationships with clients across the entire city store. His confidence emerged due to fact that most colleagues liked him even better than they liked their manager. They were free to discuss with him various business challenges and follow his guidance. This was a boost on his expectancy probability and his confidence that his efforts would deliver required results. Andrew’s confidence strengthened his instrumental probability to meet the set expectations and therefore receive the promised reward. The reward was his immediate valence to win nomination for the prestigious management-training program. Equity Theory of employees’ Motivation According to Gitman and McDaniel (247, 2008), equity theory of employees motivation determines the relationship between the drudgery of an employee and the fairness of the management’s actions against their work. Berating staff due to failure to meet achievements is common in many organizations or firms. There is a great correlation between an employee’s perception of supervisors’ treatments and efforts required for the task. This relationship determines the motivational level and any future decisions. Equity theory enables employees to find a balance between their input to a job/task and output (Gitman and McDaniel, 247, 2008). The employees unconsciously place values for their contributions such as time factor (amount of time lost), qualifications, contributed experience, strength and capabilities. The output values are often promotion (status or power gains), recommendation, monetary gains, work flexibility, variety and perquisites, some of which one is able to gain after a promotion. Andrew perceived David’s decision to nominate a colleague instead for the management course as unfair and considered a quit would be better than another year’s wait. His efforts were enormous since he had follow- up programs for the employees and worked extra hours due to the expectancy probability of winning the nomination. Although the efforts were great, he lacked strategy and evaluation procedures. Lengthy sessions were devoted to training and solving individual problems to perfect their presentations. He forgot that the performance analysis, mainly analysis of company’s income from sales would be the key determinant of performance and not the employees’ abilities. At one time, Andrew considered the performance analysis to be David’s task and confidently thought that his strategies would deliver better results. This was a clear indication that achievement depends on performance of various people in the organization; therefore, cooperation and guidance are key aspects of performance. Comparison of Case to Expectancy Theory According to DuBrin (289, 2008), on expectancy theory, a highly motivated person is one who is able to achieve his/her valence, but achievement is also measurable in terms of whether the rewards are measurable to the efforts. Fair treatment therefore comes in when the remuneration is equivalent or close to the work input. Although fair treatment is essential, employees should not be treated equally, despite others measuring up better in terms of their contributions to the firm. In line with DuBrin, (289, 2008), over rewarded employees perform better and have better produce compared to the under-rewarded employees. David’s failure to nominate Andrew was a clear indication that there existed conflict over their valence. Andrew worked towards achieving the nomination from his supervisor, while David focused on his bonus gains after enormous sales volumes. However, there is negligence from both since Andrew would have found some means of determining his performances other than basing on possibility of performing better as per the employee’s responses. David on the other hand should have been involved in evaluation pr ocedures and thus offer guidance early enough to avoid poor outcomes that were converse to expectations. Andrew deserved better treatment and encouragement even when he failed to meet the sales levels. He had achieved the set goal of improving customer experiences but in a different manner, which failed to be productive enough. Andrew felt the urge to quit and find something different such as enrol for the commerce degree elsewhere because his instrumental probability in line with expectancy theory has failed thus killing his motivating factor (Gitman and McDaniel, 247, 2008). His output as the assistant manager at city store was in vain, since it was the only bridge for the managerial course and consequently long-term prosperity at Myer Company. Andrew was being compelled by consequences. According to Gitman and McDaniel (246, 2008), reinforcement theory states that behaviour exists as a meaning of one’s consequences. The manager’s decision not to nominate him shutter s Andrew’s self-confidence. Instead of just indicating his intentions of nominating one of Andrew’s colleagues for the program, David would have taken time to review Andrew’s performance together with him and point out the problems that caused failure. Providing alternative offered would also not shutter his motivation to a point of forfeiting his job for a different option. Clarification and alternative rewards encourage employees to work smarter or work on the same tasks/situations, since their instrumental probability is still in existence although lowered. Poor relationship between managers and subordinates creates discouragement and feeling of failure among the subordinates. They often cannot question the responsibility of the manager and thus endure the whole burden solemnly. Conclusion Good Working Relationships It is important to have good working relationships between managers and subordinates. The work relationship between David and Andrew must have go ne wrong considering that David had initially promised Andrew direct nomination into the management program, as long as he performed well as assistant manager during his first six months of service. Placing personal needs ahead of others destroys performances since there are high possibilities of obliterating any existing motivation among subordinates. David had a slow and hierarchical career progress, where he worked very hard in various companies to progress to the next level. He did not have job mentors and considered his experience as an essential business learning procedure. Due to his prior business-performance relationship with Andrew at Myre, David believed in Andrew’s excellence and knew that by engaging him as assistant manager, he would improve the aspect of customer courtesy across the entire store. This would eventually improve the store’s performances and he would gain better bonuses. On the other hand, having been awarded team responsibility in various s ections of the store, Andrew found this to be an opportunity to prove and market his leadership skills among them for a possible senior management position in the future. They were both acting selfishly for some personal gains or relating to personal prior experiences. Bibliography DuBrin, A. J. (2008). Essentials of Management. Ohio, OH: South-Western Cengage Learning Publishers. Gitman, L. J. McDaniel, C. (2008). The Future of Business: The Essentials. Ohio, OH: South-Western Cengage Learning Publishers. McShane, S., Olekalns, M. and Travaglione, T. (2010). Organisational Behaviour on  the Pacific Rim. 3rd Edition. North Ryde: McGraw-Hill Australia.

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Globalization in the 1970s Essay Globalization is not a new concept as there have been numerous cycles of globalization stretching as far back as the ancient civilizations. The wave of globalization prior to the oil embargo was after the Second World War. Although this period was marked with rapid economic growth, it came to an end in 1973 after the Arab oil embargo that resulted in a rise in oil prices. Financial globalization particularly can be termed as the integration of country’s local financial system with international financial institutions and markets. The main agents of financial globalization are the governments and hence they need to liberalize any restrictions on their domestic financial sector and capital account of the balance of payments if any form of integration is to take place (Schmulker, 2004:5). Dammasch (2010: 4) asserts that the economic environment in times of globalization changes rapidly with capital movements becoming larger and less controllable. 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The necessity and urgency of this legal structure was collectively agreed upon and accepted as it was viewed as a way of avoiding the negative effects that had marred the inter-war period (King, 2003:30). The Bretton woods years that spanned from 1946-1971 are seen in retrospect as a golden age of capitalism with exchange rate stability and rapid economic growth (King, 2003:30). This is because the system ensured that value of price increases was just and that the exchange rates remained fixed for unlimited periods in all key industrialized countries. Moreover, the national income in the G7 countries rose more rapidly than in any other comparable period. The system ensured long-run price stability for the whole world because the fixed price of gold provided an ostensible anchor to the world’s money supply. Therefore by pegging their currencies to gold, individual nations fixed their prices levels to that of the world (Bordor et al, 1993:1). King, 2003:30 emphasizes that the Bretton Woods system had two main characteristics which were: the existence of a set of rules that consisted of fixed rates of exchange, capital controls and independent policies of domestic macroeconomics on one hand and US domination on the other hand. Capital control as was stipulated in the Bretton Woods system was officially authorized and every government was highly encouraged and had the right and obligation to control its movement of capital. Capital control is the ability of the government to control the in and out flow of capital to and from their country. This meant that bank discount rates were not necessary when the central bank wanted to attract capital inflows or avoid flight of capital. As a consequence, the bank rate is maintained as low as possible (King, 2003:31). However, a country’s domestic economy can be adversely affected through inflation by in and out rapid flow of capital together with fixed rates of exchange. Capital controls essentially prevent rapid outflow of capital and can equip governments with the ‘tools’ to prevent economic crisis in the future. In this system capital control played a significant role whereby it effectively regulated the fixed exchange rate system that had been agreed upon by members during the Bretton Woods agreement. Whenever exchange rates required adjustments capital control was an integral component of the adjustment mechanism. These controls were fundamental to the reconstruction and growth of the international trading system that had been devastated by global depression, the two world wars and hyperinflation. This meant that capital flow was highly restricted with countries prohibiting convertibility. In capital control, currency non-convertibility was the most restrictive form of control. The government was the only one permitted to have the exclusive authority to hold foreign currency and to also to give it out to importers that had been approved by the government. Countries that fixed their exchange rates at levels that were unacceptable could therefore be monitored through this system (Eicher et al, 2009:470). Kitschel (1999, p. 38) further expounds that the capital controls were viewed as instruments of exchange rate stabilization and also as means of securing full employment and other national economic priorities. Additionally the system condoned the controls not only for short term management of balance-of –payment crises but also for the purpose of domestic economic management. The limited capital-account convertibility was the most common form of restriction. It enabled the system to place limits and know who had the right and accessibility to foreign exchange rates. Moreover, qualitative restrictions were also put in place which urged for the limitations on the external asset and liability position of domestic financial institutions. The controls were also placed on foreign banks domestic operations as well as on resident firms’ and on individuals’ direct savings, collection of foreign possessions and real estate property. Dual or multiple exchange rate system was another form of capital control that involved discrete rates for either commercial or financial transactions (Kitschel, 1999:39). Therefore the system allowed members to regulate international capital movements as long as they did not restrict payment for current external transactions. Although currencies would be freely convertible into one another after a transaction period, members were allowed to place capital controls on currency transactions if such capital flows threatened to overwhelm the nation’s balance on payment or exchange rate stability (McNamara, 2003:75). Forces challenging the system Although the Bretton Woods system was important to the economic prosperity after the Second World War, it nevertheless failed to support the equally rapid growth in the advanced countries over the next 25 years. One of the reasons according to Kenen (1994, p. 7) is the fact that the permanence and malleability of the system was slowly being destabilized by the postwar system. There were two vital roles of the Bretton Woods system. The first goal was geared towards producing exchange rates that were stable through the use of capital control and the second goal was meant to shield member nations from the shifting demands brought about by the flow of gold. Nonetheless, these goals highly contradicted each other because the system could not guarantee that global prices would remain stable as it lacked an effective technique. Additionally, the founders of the Bretton Woods system explicitly designed the system in an effort to disentangle international monetary relations from power politics. Nonetheless postwar monetary relations were highly politicized and required constant political interventions to keep the system functioning smoothly. Another flaw of the Bretton Woods design was that it lacked an effective, automatic mechanism to adjust and settle payment imbalances that inevitably arose between surplus and deficit countries. Under this system, a country that had a payment deficit most probably lost its gold which decreased the domestic monetary base and resulted in a decline in the currency’s purchasing power. Inevitably, the country’s imports would fall, exports would rise and the payment would eventually balance. However, the loss of gold and the decrease in money supply also meant that there would be a fall in the cumulative domestic demand, which meant deflation or even the possibility of depression. These structural problems assured that chronic balance of payments would mushroom into full-scale political problems, both domestically and between nations (Gavin,:6). Originally, the Bretton Woods system was designed to produce stable exchange rates while at the same time shielding national economies from demand shifts produced by the flow of gold (Gavin,:6). The founders wanted to set monetary arrangements that could combine the advantage of classic gold standard i. e. the exchange rate stability with the advantage of floating rates i. e. the independence to pursue national full employment policies. They mainly sought to avoid the defects of floating rates (destabilizing speculation and competitive beggar-than-thou-neighour policies). The disadvantage of fixed rates is that individual nations were exposed to both monetary and real shocks transmitted from the rest of the world via the balance of payment and other channels of transmission. The common world price level under the gold standard exhibited secular periods of deflation and inflation which reflected shocks to the demand for and supply of gold (Bordo et al, 1993:1). Countries like Germany and Japan were reluctant to import foreign inflation and this could have attributed to the eventual collapse of the system. In the long run this broke the credibility of the fixed exchange rate commitment among countries and the willingness of the central bank of several countries to cooperate in order to maintain the fixed parities. In other words the system failed because the commitment by the US of fixed equality was not reliable due to the inflation that was accelerating (King, 2003:33). The collapse of the Bretton Woods system is also related to the increasing speculative capital flows. With time as the dollar continued to decline, the US economy was unable to assure other countries that the dollar could be converted to gold at the fixed parity. In this view, the collapse of the system was related to the escalating in and out movements of capital and the lack of capacity of the dominant country, the US to control them (King, 2003:32). In conclusion the end of the Bretton Woods period can be said to have come when President Richard Nixon finally suspended the official conversion of the dollar into gold at $35 an ounce, shut down the gold window and cut the exchange rate system loose. Importance of the Euromarkets The growth of the Euromarkets has been directly linked to the expansion of the US multinational firms, and the consequent expansion of US banking abroad. This growth of the market and its development coincided with the increasing pressure of the US economy and the recoveries witnessed in the capitalist economy. The Eurodollar market therefore took over aspects of a developed domestic credit system since it was operating globally and independently from the central banks. Therefore, Britain which was a low-productivity and low-wage country became the center of global finance due to the contribution of the Eurodollar market. London developed as a center of global circulation of capital and hence became the world’s leading Eurodollar market. The regulation of the currency which allowed the partial and finally the full convertibility of the pound for those who were neither residents of the dollar or the sterling are some of the factors that brought about the growth and development of the Eurodollar market (Patel, 2007:1). This market was deemed important as it helped in redistributing surplus liquidity, in facilitating adjustments of internal liquidity in countries whose monetary systems rely on the import and export of short term funds through banks as a major monetary regulator. The Eurodollar market also helped to maintain world business activity at a high level by the availability of short term working funds. The Nixon Shock The Nixon Shock is termed as a series of economic measures that were taken by the then US president Richard Nixon in 1971. This decision was reached upon by various events which included: the Vietnam War that had become too costly and had drained the gold reserves of US, the increased domestic spending that accelerated inflation, the balance of payment deficit by US and trade deficit (Engdahl, 2003:1). Additionally, the US dollar foreign arbitrage had also caused the governments gold coverage of the paper dollar to decline by 33 points from 55% to 22%. Therefore in 1971, President Nixon imposed tariffs on all imports of 10 per cent to help reduce the trade deficit though it was removed in December the same year. At the same time, a freeze was put on wages and prices for a period of 90 days in a bid to lower inflation with the Federal Reserve Swap ending its support for other central banks. The convertibility of the dollar into gold was also ended and a limitation on gold transactions was put implying a decrease in the value of the dollar. This announced detached the US from the Bretton Woods system which collapsed from operation. After the gold convertibility of the dollar was suspended and flexible exchange rates emerged (James, 2010:1). After the Nixon shock, the US realized that it could exert more global influence through US treasury debt than from trade surpluses. In the 1970s oil was the only key commodity traded in dollars. This was due to the fact that the dollar was the only currency with the highest purchasing power and the only one that was backed by gold (Dammasch, 2010:6). As a result the US realized that the other nations would continue to demand for dollars for them to buy oil which was by now inflated in price. Thereafter, US trade partners had so many dollars in their reserves that they feared to create a dollar crisis. Instead they inflated and eventually weakened their own economies to support the dollar system as they feared a global collapse. Therefore when the price of oil increased in 1973 the dollar surprisingly continued to gain despite countries like Japan, Germany and the rest of the world suffering from severe economic destruction (Engdahl, 2003:1). Nonetheless, these measures did not help to restore or even quicken the economic growth rates of US or even correct the surplus reserves of dollars in Japan and Germany. From there henceforth, all the currencies of the Western nations began to ‘float’. There were no longer set exchange rates in the international market since the common link that was there before i. e. the Bretton Woods System, no longer existed. Ultimately, by the end of 1974, the price of gold had risen to $195 from $35 per troy ounce. As a result, due to unrestrained inflation there was a155% increase in the price of gold in a period of three years (James, 2010:1). Yom Kippur War The Yom Kippur War named after the Jewish holiest holiday, Yom Kippur began on October 1973 when Syrian and Egyptian forces backed by Soviet Forces launched attacks on Israel forces in the Golan Heights and Sinai in an attempt to recapture the land occupied by Israelites. However, despite the surprise attack on Israel, they emerged victorious due to the immense backing from US who provided them with weapons and intelligence. Therefore in a bid to punish the Western world for their aid to Israel, the Arab nations placed the oil embargo. This was initially political tactic meant to pressure the US into requesting Israel to withdraw from the Arab territories. However, with time the Arabs used it as an economic tactic when they realized the amount of power they had over the world through oil. The prices of oil thereafter quadrupled and continued to be a threat not only to America’s economy but also to the whole world. After the Yom Kippur war the OPEC member states struck back against the West for their support of Israel by imposing an oil embargo which increased oil prices by 70%. Lending by Private Banks to Developing Nations The origin of the debt crisis in the Third World countries has been attributed to the expansion of banking society in the US at an international level together with the rapid economic growth in the world. Before the oil price crisis of 1973-74 began, the real domestic product growth rate of developing countries averaged 6% annually. However, though the rate of growth had slowed down for the reminder of the 1970s it averaged 4-5%. This growth nonetheless generated new interests by the US corporate investment and similarly by other international banks. This multinationalism in providing financial services contributed to the emergence of the Eurodollar market which gave the US banks access to funds that they could undertake Third World Loans on a large scale. Additionally, the sharp rise in crude oil accelerated the expansion in lending (LCD debt crisis, 2010:192). The oil-exporting countries in the Arab world deposited their profits made during the oil crisis in banks in the European and US banks. This further fueled the lending boom. Since the banks had now been provided with more funds they became eager to make profits and hence invested it in developing nations by financing new development projects. The abrupt increase in oil prices brought about instant inflation into the prices of all other commodities. Moreover, the developing countries which had been crippled by these high oil prices saw this as an opportunity to borrow cheap money from the international banks so that they could offset the huge deficits ((LCD debt crisis, 2010:192; Schmulker, 2004:2). These funds that were known as petrodollars and had been recycled back to developing nations therefore generated inflationary pressures around the industrial world and created the debt crisis in developing nations (Cypher and Dietz, 2008:204). US High Interest Rates The developing nations during the 1970s were given loans at very low interest rates. However, this situation changed when the US in the early 1980s pushed up the interest rates of loans in an endeavor to stop inflation. This meant that the loans that had been lent out to Third World nations by US or other lending banks in Europe had to paid back with huge interests rates. Hence, by the 1980s the economy of Third World nations had began to stagnate and many nations were on the verge of bankruptcy due to the combination of mounting debts and low economic growth rates. The total debt had amounted to $567 billion and the high interest rates forced them to take out new loans which increased the burden (Jauch, 2009:1). This dismal situation was further compounded by the oil shock of 1973 and 1979. This decision by OPEC crippled the economies of many Third World nations with the cost of imported energy rising. Therefore, the culminative result of this crisis saw many developing nations especially those in Latin America unable to pay their debts during this period. IMF Structural Adjustment Programmes When it became evident that these nations would be unable to service their loans, the IMF came up with conditions which were dubbed Structural Adjustment Programmes (SAP) to solve the debt crisis among developing countries (Shimko, 2009:168). The SAP was proposed by the World Bank and the International Monetary Fund which were formed during the Bretton Woods period. These programmes imposed various conditions for countries especially developing ones that intended to borrow more loans (Jauch, 2009:1). IMF claimed that these reforms were necessary for promoting the economic growth needed to pay back the loans. The IMF required reforms to be carried out in the respective countries before aid could be provided. For example, Mexico whose debt burden grew faster than its own economy was loaned money by IMF to prevent a default. However, Mexico had to certain economic reforms before the loan could be dispatched. Although the conditions imposed on the developing nations differed, the same basic conditions were expected of all the nations (Shimko, 2009:168). The various key reforms according to Shimko 2009:169 included: †¢ Balancing of government budgets: this entailed either increasing the revenue for the government (providing new fees for government services) or drastically reducing the government spending. †¢ Reducing quotas, tariffs and other import barriers: this was aimed at subjecting the domestic industries to international competition. †¢ Liberalization of the capital market: this basically meant reducing the restrictions on foreign investment. †¢ Reducing government subsidies to domestic industries: these subsidies are those that had been part of import substitution strategies. †¢ Privatizing or selling the government-owned industries to the private sector. Nonetheless, these conditions did not alleviate the dire economic nor bring any economic development but rather the conditions intensified the existing situation. Although IMF studies claimed that the growth rates in countries under this programme increased from -15% in the 1980s to only 0. 3% in the early 1990s and 1% by mid-1990s, the World bank declared that there was no evidence whatsoever to account for any economic growth (Shimko, 2009:178). Additionally, lack of government subsidies or protection from foreign competition forced domestic industries to reduce their costs by lowering wages or by laying off workers. Therefore the liberalization of trade and the opening up of economies to unrestricted foreign investment had a deleterious impact on the poor nations and people (Shimko, 2009:177). Effects of the High Oil Prices in the 1970s As a result of the Bretton Woods system and the oil shock, a new wave of globalization began. Recession was prevalent with unemployment peaking at 9. 1% industrial production went down by 15% and high inflation in all areas. Additionally, when the Bretton Woods system of fixed exchange rates collapsed, countries were now opened up to greater capital mobility and they also retained the autonomy of their monetary policies. The Brandy Bonds came into existence when Mexico’s Minister of Finance announced that the country would be forced to default on its debt. The default on loans worsened as more banks in developing nations informed the IMF and Chairman of the Federal Reserve of their inability to service their debts in time (LDC debt crisis, 2010:191). The Brandy Bonds in a bid to resolve the debt crisis of the 1980 not only led to the subsequent development of the bonds market but also brought about a new phenomenon especially for emerging economies. Moreover, technological advancement, privatization and deregulation (which resulted in the corporate culture with national interests of decreasing consideration in business decisions) made foreign direct investment and equity investment in the emerging markets even more attractive for households and firms in the developed nations (Schmulker, 2004:2). Overall, there was a severe recession which hit the hardest the Western world. In Wall Street, oil stocks performed well due to the price increase as the profits soared as the rest of the market buckled under the low prices. Before the oil embargo was imposed by OPEC members, the price of crude oil was mainly determined by major oil companies in the West which retained 65% of the revenue of the oil. This type of arrangement was referred to as oligopolistic market arrangement. This meant that oil prices that had been posted in the market were established with the taxes and royalties paid to the exporting governments on the basis of this price. However following the embargo, property rights were transferred to the host countries from the major companies that had operated the industry and hence the cartel was able to take over the functions of the companies and retain more of the revenue generated Thereafter, the determination of crude oil price was passed into the hands of OPEC which set an official selling price for the best known among its crude. At the same time individual members were given the opportunity to adjust their selling prices in relation to this market according to the quality of the oil being produced (Trumbore, 2010:1). The continued high oil prices encouraged the exploration and subsequently the production of oil in high-cost oil regions such as Canada, Mexico, and North Sea. During the 1970, the increased demand of fossil fuels and increased prices for the product greatly reduced globalization. As the nations became more advanced, the rate of globalization declined. Although globalization grew for a while after the embargo, the rate of growth began to decline as the oil prices decreased (Okogu, 2003:1). The oil embargo impacted severely on the economy of Japan resulting in energy price inflation since by this time it was the only developed nation that relied heavily on oil with very few hydrocarbon reserves or any other alternatives. Japan was therefore forced to reconsider its industrial model. The oil shocks catalyzed the rapid turnaround which enabled Japan to become the leading energy efficiency country. The petroleum Supply and Demand Optimization Law was aimed at setting oil targets and restricting oil use. Japan’s vision after the oil embargo was to reduce its dependence of oil from the Middle East, therefore it started to charge import taxes on all petroleum products especially those that were used to generate power. Japan therefore became a pioneer in liquefied natural gas which today accounts for half of the worlds market. During this period, Japanese car brands like Toyota and Honda which had previously sold poorly enjoyed enormous success in the US market. Americans who had traditionally been fond of big cars were now confronted with a new challenge that included higher oil prices accompanied by long queues at the gas stations and rationing of gasoline. They therefore began to demand more of the Japanese brands for their small size and fuel-efficiency (Stewart and Wilczewski, 2009:1). Conclusion Even today, the Dollar System is still the real source of global inflation since t is the only global reserve currency as it has been witnessed worldwide since the 1971. Other countries in the world have to ensure that the reserves of their central banks are in dollars if they are to trade in the international market. This helps to guarantee against currency crisis, to back their export trade and to finance the importation of oil. Today, 67% of all central bank reserves are dollars (Engdahl, 2003:1). The debt crisis in the 1970s created by various variables including the oil embargo, the unprecedented borrowing and poor economic planning crippled the economy of many developing nations in Africa and Latin America. Despite efforts by the World Bank and IMF to offset these payment balances, the situation remained virtually unchanged. Ironically, other countries like Japan and US though they were affected by the rise in oil prices, were able to rise above the situation through oil exploration in their own countries which reduced their reliance on the imported oil from Middle East. 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