Archive June 2019

Strategies to Promote the Survival of Traditional Economies Essay

Global Economy vs. Traditional Economy

An economy can be described as closed or open. A closed economy is one where all the earnings and income flows are locally generated. This does not involve the issue of importation or expectation. On the contrary, an open economy is one that encompasses trade with other countries and the local traders. In the recent past, international companies have invaded the local markets and are bringing serious economic concerns to many nations. States are interested in stabilizing their economies and safeguarding them from the invasion of the international companies. This has been the center of discussion for most government leaders and has contributed to the political process of nations.

Effect of multinationals

Multinationals have proved to be more effective and efficient as well as providing better quality products than most local companies. For instance, McDonald’s is currently one of the most sought after company by most consumers in the world, regardless of the country. This American-based multinational producer of hamburgers gets to convince many people to buy their products through the application of proper marketing skills as well as maintaining high-quality standards in their products. Other multinationals such as coca cola have also invaded virtually every country in the world today.

Multinationals thrive on the fact that they have better financial muscle than the local companies hence can Marshal better strength to advance the marketing agenda as well as to obtain a competitive advantage. Other factors that have contributed to the multinationals standing a better chance than the local companies have is the euphoria that most local consumers have for products that have been originate from international markets. This belief has made it more appealing.

The Economic Impact of a Thriving Global Economy

The A Country

An individual country can be a victim of a thriving international economy that supersedes the local market. In this sense, an international market that thrives more will steal the clients from the local market. Local companies normally have a more positive impact on the economy than the foreign companies do. Ideally, it promotes the welfare of the people on top of contributing to the national wealth through then tax remittance that the companies make to the state. International companies, on the other hand, fail to meet these two fundamental services to the local economy. Although they might be able to raise much revenue from taxation, they will fail to maintain a steady flow of income since they are not there to stay. They can pack anytime and go. The second challenge is that the international companies frequently source their employees from outside. This will be a compounded tragedy to the economy. The businesses will end up killing the local ones by failing to compensate for the loss arising from the failure to employ the many local unemployed locals who lack jobs. Their presence is in this sense not beneficial and highly costly to the economy.

To the global economy

The world economy harbors everything positive from a thriving international economy. One is that there will be stability of the frequently used currencies such as the dollar. The dollar, being stable, will ensure that countries have stable economies as well. The importance of a thriving global economy can be demonstrated using the financial crisis of 2008. From the 2008 financial crisis, a general meltdown of the economy was an ordinary thing. This destabilized the dollar, which is the commonly used currency in the world presently. Instability of the dollar also made the inflation rate to rise above the officially recommended level. There was a massive unemployment all over the world as well as an increase in the cost of living. A stable and thriving international economy aimed at protecting the local economies is required. The reason the latter case happened is that virtually all countries around the globe pursue an open economy. This shows the interrelation among global economies.

Ways of safeguarding the traditional economies

Although the international markets are important, their influence on the local traditional economies has to be tamed. This is achieved through a policy popularly referred to as a protectionist policy. A protectionist policy is one where the government chooses to adopt measures that will also promote the local industries from the adverse effects of an overzealous international economy. There are several measures used during the exercise of a protectionist policy. Taxation is one avenue through which the local industry is saved. With excessive tax on imports, a country can block too much importation, which is the negative impact that leads to the collapse of local industries. Secondly, the governments can protect the local industries by charging high registration fees as well as business licensing fees to external-based companies than the local ones. In this case, markets become favorable to the local industries.

The two protectionist measures are reactionary in nature. Other measures entail the promotion of the local industries to counter the rise of multinationals. One way of promoting the local industry is giving government incentives to encourage them. Incentives include charging low registration fees, giving partial or full funding for the growth of local industries as well as providing an enabling environment for the operation of the business locally. Other measures include the creation of a government-to- business interaction program where small local business can seek information relating to…

Employee Attitudes Absenteeism Term Paper

employee absenteeism and attitudes. The writer explores the reasons for the absences and some of the ways that a company can promote attendance at work. There were six sources used to complete this paper.

The national economy is sluggish and for businesses to continue moving forward it is imperative that they continue producing at an acceptable rate without incurring many additional costs. One of the chief components to success in this venture is employee attendance. The employee absenteeism can cost the company funds from an already tight budget by way of lost manpower, or hiring temps. Temps generally are not going to be as fast as the employee because they have not been acclimated to the system at the company and if a temp is not brought in the missing employee slows the work schedule regardless of the position the employee holds. The arguments about what causes employee absenteeism abound worldwide but the bottom line still equals dollars and cents. Recently there have been movements to create an atmosphere from which employees do not want to stay home from. Caregiver centers for children, buy back programs for sick days and many other avenues are being tried. Until businesses can determine the cause of absenteeism that is not illness related and find solutions they will continue to lose money.

At the end of the last decade the employee absenteeism rate was lower than it had been in a decade. Many believe that family leave issues and personal leave problems had been dealt with in a successful manner and the problem was solved (Employee, 1997). Since that time however absences in the workplace have continued to plague business around the world including in the United States. The debate about what causes the absences and the argument as to whether the cost of a more family conducive workplace vs. The old fashioned style rage on (Employee, 1997). While the absenteeism rate fell for medium companies, the large companies and the small companies saw an increase during the 1990’s according to recent studies. ” The cost in paid sick leave for unscheduled absenteeism fell to $572 per employee in 1997 from $603 in 1996, according to the CCH survey (Employee, 1997). Among employers seeing a drop in absenteeism, the most common reasons were fear of punishment and a strong work ethic, each cited by 23% of respondents. Loyalty to a supervisor was the third most commonly mentioned reason at 21%, and mid-size companies most commonly cited it (Employee, 1997). In the largest organizations, those employing more than 5,000, fear of punishment topped the list. For the third consecutive year, personal illness continued to decline as a reason for unscheduled absenteeism, tying with family issues at 26%, CCH said (Employee, 1997).”

The cost of excessive employee absenteeism can cost a city millions according to a recent study conducted in Toronto (Ward, 2002). One of the most common causes of absenteeism according to some is stress (Lem, 2000). Work stress causes the employee to lose their focus and to need a break. In Canada, for example the average employee puts I over 60 hours a week on their job. This inability to spend much down time relaxing away from work causes the stress to build until the employee takes an unscheduled break instead. With unscheduled breaks occurring the companies are put in the position of losing productivity or spending money trying to pay temps as well as the sick leave for the employee who is out (Lem, 2000).

Employee absenteeism in 1998 increased by half a day per year, costing companies $20 billion annually (Lem, 2000). ” recent report by the World Health Organization concluded that stress, anxiety and depression would be the leading causes of absences in the workplace by the year 2020(Lem, 2000).

A last year the average full time employee was absent eight days from his or her position. Reasons given for the call outs were illness of family reasons according to those surveyed (Botchford, 2001).

Research has indicated that businesses are spending over 3% of their budget on employees who do not come into work which translates into approximately $12 billion annually being spent on not at work employees (Botchford, 2001).

There have been several arguments about what to do to increase employee attendance and many avenues have been tried. Some businesses began to implement a docking system whereas employees who call out to much…

The Metaphor of the Church From the Bible

Church is a spiritual organization that is ideally viewed through a Biblical lens. Among the most important metaphors for the Church is that of the “Body of Christ,” an image signifying the way God permeates all aspects of the Church organization including all members and clergy as well as all tools, sacraments, and structures. As with any other “body,” the Church can be viewed as a living organism. Each of its component parts often works independently but always in tandem with the whole, for the fulfillment of common goals such as the deliverance of human beings unto God.

As McVay (2006) points out, the New Testament offers an abundance of “minor images” or lenses of the Church that aid in understanding the organization’s mission and role on earth (p. 286). These minor images include that of the “fish net,” with Christ as the fisherman. In fact, in Matthew 4:19, substantiated in Mark 1:17, Jesus affirms that each member of the Church assumes the role of a fisherman in the spiritually potent act of proselytizing and spreading the gospel: “Come, follow me,” Jesus said, “and I will send you out to fish for people.” The Bible also shows how the Church can be used to serve the purpose of filtering out those who are true believers from those who profess a false faith: “Once again, the kingdom of heaven is like a net that was let down into the lake and caught all kinds of fish. When it was full, the fishermen pulled it up on the shore. Then they sat down and collected the good fish in baskets, but threw the bad away,” (Matthew 13:47-49). Although the Church does have a physical component, such as the actual house of worship where believers gather in His name, the Church also has a metaphoric and more meaningful function as it serves God’s will.

Some of the pragmatic images of the Church as organization include the need for moral and social control. The Church has throughout its history functioned as a lens through which God’s commandments can be viewed. As Morgan (2006) points out, churches have punished sinners to remind them of their duties to God (p. 216). In this way, a Church remains a patriarchal social institution like the traditional family. The Bible upholds the metaphor of Church as spiritual family: “If anyone does not know how to manage his…

Foot Locker Term Paper

economics, these include the assessment of recent economic trends which influence any sort of business, strategies which any firm might choose to adopt regarding any change in the markets such as change during recession or economic downturn and the tactics which any firm should implement in order to achieve its strategic goals. Although we will answer all of these questions in general but our main focus regarding these questions will remain on the firm Foot Locker which is a sportswear retailer firm.

Recent economic trends and its influence on businesses

The economic environment all around us is rapidly changing, the money we make through our businesses and the direction where it will be heading towards in terms of growth at business level is determined through the trends in the worldwide economy. Therefore it is very important to know more about these trends in order to make a business go forward and be more successful. Some of the major global economic trends are as follows.

The rise in Gross National Production, GNP of Western and Eastern Europe, the United States and Asia is growing steadily. Some level of minimal growth is also recorded in regions of Africa, Middle East and Caucus. “Those nations which are experiencing high levels of growth will also have better increment of wealth in them” (Lipsey, 1997), nations such as China where the growth levels are very high is thought to change the dynamics of world economic very significantly in the upcoming years. Therefore the main point here is that these developing nations have a huge potential for itself as well as for its investors in terms of making a lot of money as well as expanding the industries and economic structure of the nations involved.

Service sector is regarded as a huge business today, by year 2001 the developed nations had seventy two percent of their total new growth related to the service industry whereas the developing nations had just over fifty percent of their growth related to this sector. It is estimated that in the developing nations the businesses of software, hotels, restaurants, food services, telecommunications and others will take a huge share of percentage in the overall economy in the near future.

Contrary to the popular belief, the industrial sector such as manufacturing is being observed to go through a serious decline in developed nations whereas in the developing nations it has faced minimal challenges and therefore the decline here is minimal alongside massive potential to expand. Because of high cost of labor and unions in the developed nations the market of labor is uncompetitive.

Therefore it is cheaper for firms to move overseas and perform the operations there. Here it is seen that the top destination for the multinational firms is the Far Eastern nations such as China, Vietnam, Indonesia and Philippines when it comes to the set up of industries. The Chinese are very famous for providing many different facilities besides the huge and cheap labor they posses, these facilities include cheap utilities, good infrastructure and so on. Much of the economic growth in China is due to higher exports and these sort of foreign investments in the economy tend to keep this trend going. China also has the largest foreign exchange reserves in the world and this is very important to attract investment from the world.

In other nations such as India, it is seen that the foreign firms tend to invest in the hi-tech sector such as software and call centers. For many foreign executives, this is a great way to beat up the current global recession which has given a huge impact to the Western World and therefore they are now looking towards East to make profits or even just to survive.

An important point for the businessmen to note here is that if it wants to base its business on industries then it must find something innovative which could improve the services of the business.

Throughout the world, many nations including the developed ones are aiming for much better communications and technology, the economic and commerce activity among the developed countries is through the electronic forums such as internet and telecommunications. There have been huge projects currently ongoing in the Far Eastern developing nations as well as the African and Middle Eastern regions in order to improve the level of business there so that this environment of business becomes friendlier for the investors especially from the Western World.

The main point to note here for the businessmen is that in order to thrive in the global environment it must be a part of the worldwide electronic grid such as internet, e-commerce and so on. This not only allows the business to take much better opportunities in a competitive environment but also serves as a warning provider in case any dire event occurs which might hit the businesses such as the financial crisis of 2008, here many firms went on to avoid severe losses because they were able to predict it beforehand through the use of technology and information sharing.

The debt of consumer nations is also a huge concern for not only the business owners but for the nation economies as whole, in this scenario as the consumers from developed nations purchase more and more from the developing nations they find themselves in more debt. This amount of debt must eventually be reconciled. In case of the average American, it saves about minus one percent of its total income, and for the spender it can only spend up to a certain amount. Therefore it is extremely necessary that a limit must be applied to the level of debt which any business or the nation economy could afford to have.

When assessing the firm Foot Locker, we can deduce that in the current economic times this firm can generate much profits by shifting its manufacturing process in the Eastern nations such as China, Foot Locker can take huge advantages of the cheap labor present in the region and since the Far East is already home to many Western firms dealing in sportswear equipments therefore Foot Locker would find it easy to get skilled labor. This step will help the firm to establish any new base in the region or to strengthen itself further, the market trends in these territories can also help Foot Locker to better understand the dynamics of global business.

II. Strategies for firms

The financial crisis of 2008, was the worst disaster the world has faced in terms of economics since the Great Depression of 1929. It is also predicted by many analysts and economists that another such event might occur in the near future therefore businesses should have to do everything they can in order to brace for the possible other financial storms and to plan for survival since the damage can be of unthinkable level. There are many strategies which can help any business to survive or even to thrive in times of economic recession, some of these methods are as follows.

The first point is regarding diversification. “In any weak economic structure, being able to diversify is regarded as one of the best solutions for any business” (Downward, 2003). The more varieties of services a business can provide, the more types of consumers it would be able to target. For example if we create our business plans which primarily target just the big name clients then we have the option to expand our marketing services in order to attract those clients. This includes issuing sales letters, press releases, web content or any other business related services and products.

Another method to gain clients here is to offer seminars which attract smaller clients, they might not be able to pay on individual basis but together as a unit among the other smaller clients they should have the capacity to do business with the firm. This is just one of the few innovative techniques which the business could choose to afford, all it needs is diversification in terms of business planning and new ideas which help in gaining more consumer trust.

The second point is regarding the offering of outstanding customer service, once any business has started to attract customers then the main worry for the management is regarding the ways to retain them. In a stagnant national economy this task is considered to be an extremely difficult one. The business must provide a very high quality service or product as well as exceptional customer service. “Wherever the flow of money is tight, the clients expect much more from their capital being invested” (Hodgson, 1999). If the firm wants to keep its business going with the clients then it must focus on keeping them happy.

Businesses should refine its strategies regarding customer service so that every function from taking an order to the delivery process is focused on the client. The businesses may also conduct surveys regarding customer satisfaction just to make sure if the demands of its customers are properly met. Besides…

OSHA Guidelines for Woodworkers Essay

Personal Protective Equipment for a Woodworking Shop

A modern woodworking shop is replete with a wide range of hazards that must be taken into account in their design and operation, including the need for appropriate personal protective equipment for individual employees (Tizard, 2009). Using Subpart I, Appendix B of the Occupational Safety and Health Administration’s (OSHA) Personal Protective Equipment Standard as a guide, this paper provides an assessment of a woodworking shop to determine what hazards are present that necessitate the use of personal protective equipment. Based on this assessment, appropriate personal protective equipment are identified and recommended for use by affected employees. Finally, a summary of the research and important findings concerning workplace hazard assessments are presented in the conclusion.

Workplace Assessment. Although every woodworking shop is unique in some fashion, it is possible to conduct a hazard assessment that can identify potential hazards that are specific to the workplace environment, which should include the following items:



Compression (roll-over)



Harmful dust

Light (optical) radiation (Personal protective equipment standards, 2014).

Following the completion of the hazard assessment, appropriate personal protective equipment should be selected based on the general and specific requirements for a woodworking shop as noted below (employees purchasing and using their own equipment are required to use the same criteria as the employer):

General Requirements for a Woodworking Shop. Any industrial working environment can be a dangerous place, but this is especially the case with modern woodworking shops. For example, according to OSHA, “Woodworking operations can be hazardous, particularly when machines are used improperly or without proper safeguards” (OSHA woodworking, 2014, para. 2). In response to this need, Appendix B of OSHA’s PPE standard requires protective equipment (including personal protective equipment for eyes, face, head, and extremities, protective clothing, respiratory devices, and protective shields and barriers) in all workplaces. In addition, the standard requires that all protective equipment shall be maintained in appropriate condition in those cases where it is required for hazardous types of work, including toxic chemical and mechanical irritants that can harm humans through physical contact, through inhalation or via absorption through the skin. Furthermore, employers are required to provide employees with the training that is necessary to use protective equipment properly and to keep such training up-to-date when protective equipment changes are made.

Specific Requirements for a Woodworking Shop.

Eye and face protections such as face shields or spectacles with…

Economy on Crime Rates It Term Paper

The increased expectation of lawful income will reduce the temptation of illegitimate activity.

This is referred to as the ‘motivation effect. The opportunity effect is a long- term influence that is positively correlated with crime, while the motivation effect is more short-term and has a negative correlation with crime. Thus, in years when people increase their spending by very small amounts or reduces it altogether, notably quickly. In contrast, during year when people rapidly increase their expenditure, property crime tends to grow less rapidly or even fall.

In relation to San Bernardino, Miguel (2006) argues that with the recent renewal of the city by industries, the unemployment rate has been reduced to a large extent. The number and value of goods available as a result of this growth in income can be linked to the upsurge in robbery cases in homes and public places such as banks.

Economic growth, unemployment and population factors

According to Oriel (2005, p233) it is already accepted that the current recession is set to be the worse of the post-war era. It took four quarters for Gross domestic product to fail by 2.2% in the 1990s in the 1980s GDP fell by 4.1% in a year, and took a further quarter to reach a trough of — 4.9%. In the 1970s GDP fell 3.5% over three quarters, but rallied in the fourth quarter to finish only 1.6% down by the end of the first year. However, in the current economic climate, GDP has already fallen 4.2% in just three quarters. Overall GDP is predicted to fall by 3.5% in 2009. (Oriel, 2005, p43).

The level of unemployment has also been regularly linked to rising levels of crime, and is set to reach three million by the end of this year. In San Bernardino the effects of the recent economic crisis has had its own fair share on the economic activities. From the age analysis earlier on discussed it can be deduced that the number of available persons to be employed will far exceed the available jobs despite recent minimal increases in job. Unemployment has rendered a lot of able hand jobless who in their attempt to survive engage in all forms of crime including robbery, human trafficking, drugs, etc.

Proliferation of a cash economy

Jordan (2007, 19) argues that the introduction of plastic money and the transfer of fund across various places without the physical carriage of cash has been one the best measures to curtail any form of crime. In the San Bernardino County however the education for the departure from a cash base economy to a cashless economy has not been fully adhered to as a lot of persons still carry out transactions with money. In a research to determine why these individuals are adamant in following this rule despite the safety that it brings along, a number of respondents contended that they prefer keeping their money than to plant them in banks only for the banks to take a chunk of it as charges. (Jordan, 2007, p23)Two respondents in that research agreed that the banking sector which is at the fore front of the campaign to transact business without cash take advantage of the customers. In the year 2009, three hundred cases of cash robbery were reported in the last quarter. One of the victims agreed that they had taken those funds in order to carry out transactions from the Christmas festivities. It can then be concluded that while efforts are on going to reduce the amount of money with the system which attract criminals, the effort has not yielded so much because of the inherent problems with the campaign. (Granger, 2009, p3)

Narcotic economy

It has also been argued that San Bernardino is increasing in crime because of the economic opportunities that drug traffickers enjoy in the city. Statistic indicates that the street value for a small quantity of heroine and cocaine is worth thousands of dollars. Narcotic crime seem to have escalated considering the fact that a large number of the population especially the youth who are in the majority have joined the demand for narcotic products and creating a high market demand.

The Sex Economy

According to Brown (2005), the sex economy is a major challenge to the city. The demand for commercial sex workers is on the ascendancy while the income from this venture is increasing day after day. It is an open secret that with the increases in the demand and the reward for satisfying sexual desires, prostitution and other sex related crimes will be on the ascendancy. Seun (2009) concludes after a research into the sex economy that the complexity of this market and the caliber of people involved make it difficult to erase it completely

Theories regarding the links between crime and economy

Around the middle of the nineteenth century social scientists such as Fregier and Buret in France and Mayhew in England described the “dangerous classes” as the main source of crime and disorder. At the lowest level of every society existed a hard core of depraved parasites, often also called the “criminal classes are more and more thrust back from civilized customs and laws, and reduced, through the suffering and privations of pauperism, to the state of savages”(quoted from Radzinowicz: Ideology & crime, 1966, p.41).

These early sub-cultural writers paved the way for an interpretation of crime in terms of the whole economic structure of society. One of the original positive demonstrations of how levels of crime were partly determined by economic circumstances was offered by Von Mayr in 1867 that showed that property crime tended to be more prevalent in Bavaria during periods when rye prices were higher. The most famous interpretation of crime in the Marxian perspective of historical materialism was given b y the Dutch Professor Bonger in the seven hundred page book Criminality and Economic Conditions (1916). The deprivation of the proletariat of such necessities as education, humane living conditions, employment, and substantial income was explained by the general egoistic tendencies of the capitalistic system. Such exploitations brutalized its members and drove them to commit offences. Mr. Joutsen states initially, “perhaps the most familiar hypothesis linking crime and the economy is that unemployment and economic inequality increase the amount of crime. “

A more elaborate version of this theory was presented by Becker in 1968. He hypothesized that holding constant the certainty and severity op punishment, an increase in the potential rewards from c rime, accompanied by a decrease in the cost of participation in crime would increase the amount of crime. Mr. Joutsen pointed out that economic development and underdevelopment are linked not only to crime, but also to the structure of crime, for example an increasingly complex economy creates new types of economic crimes. This subject has already received separate consideration by the European Committee on Crime Problems (Economic Crime, 1981).

Effects of economic structures and Phases of Development on crime

Eisner (2003) presented a paper on long-term socio-economic trends and their effects on crime. The Swiss professor began by addressing three criminological theories namely the modernization theory, the opportunity theory and the theory of the civilizing process, all of which assumed levels of crime would rise or fall with economic production levels. He then related these theories to long-term crime trends in various counties in California. Homicide rate for five counties show a pattern of a continuous decrease, probably starting in the 1999 and ending in the early 2009. Since then rates have been increasing, with national differences being restricted to the relative extent of the increase. His overall pattern of total crime trends based upon both conviction and official police records showed a lower turning point, somewhere between the 1996 and the 1997. For San Bernardino, Eisner found a five-fold rise of police record crimes within the one decade period between 1999 and 2009. How does the empirical evidence square with the theoretical models? Johnson purports that neither is able to adequately explain the prevailing crime trends.

The modernization theory expects crime rates to increase parallel to industrialization and urbanization. But crime rates have remained stable or even declined in certain periods of rapid economic growth and urbanization, especially so during the first decade of the third millennium. Likewise, opportunity theory expects crimes to increase as valuable goods become more widely available. But property crimes have not gone up as levels of production and amount of consumer goods increased during the 19th and the early 20th century. The theory of the civilizing process on the other hand predicts at least violent crime to decrease parallel to the modernization process. But homicide rates only partly fit this pattern and the general increase of both violent and property crimes since at least the early 1960s remain unexplained. To account for the prevailing crime trends Eisner forwarded a theory of self-control as a general individual level theory of crime causation. His hypothesis stated that crimes rate tend to go up when there…

Economic Revival: Sukuk Investments Essay

Islamic Bonds: Sukuk and the World of Finance

Stocks and bonds are among some of the most common ways of investing and raising capital in the financial markets today. Investors in the international arena are presented with a myriad of choices in terms of bond types. One of these is a relatively recent bond market that has emerged from the Islamic community, known as “Sukuk.” This term is used to describe Islamic bonds. This type of bond distinguishes itself from its Western counterpart by its adherence to Shari’ah principles, one of which is the prohibition on charging or paying interest (Islamic Development Bank, 2010). This is accomplished by granting the investor a share of the investment asset, with its cash flows and risk. The growth and success of the Sukuk market has been remarkable, in that it caters to an investor market that seeks to diversify its holdings beyond the traditional.

Thus, foreign and domestic investors who buy Sukuk must have structures approved by Shari’ah boards consisting of scholars in Islam. Issuers general include sovereigns and corporations in the Middle East and Southeast Asia, attracting many investors from some 56 IDB member countries and more than 100 non-member countries. In this way, Sukuk acts as a type of bridge between issuers and investors, where money raised can then be allocated to infrastructure initiatives in a transparent and efficient way.

In 2010, Sukuk has proven its resilience in difficult economic times, and particularly during the global economic downturn. Sukuk issuance increased, for example, from U.S.$14.9 billion to U.S.$23.3 billion between 2008 and 2009. Issuance has been particularly strong in Asia during this time. In 2010, the growth rate of the Sukuk bond global market was 10-15% (Islamic Development Bank, 2010).

Within the Shari’ah requirement, Sukuk can include various structures. Most commonly, Sukuk takes the form of partial ownership of an asset, also referred to Sukuk al-jiarah. Sukuk could also mean a partially owned debt, known as Sukuk murabaha. A partially own project is known as sukuk al-jstisna, while a business within Sukuk is known as Sukuk al-musharaka. A partially own investment is referred to as Sukuk al-jstithmar (Financial Times, 2011).

From 2010 onwards, Sukuk has made rapid strides not only in Asian markets, but also internationally, as shown in its prowess in terms of foreign currency. According to Rana (2014), Pakistan has raised $1 billion from international debt markets in 2014 with its second-largest transaction in less than a year. This was done by issuing five-year dollar-denominated Sukuk bonds. The capital raised in this way would go a long way towards Islamabad’s foreign currency reserves in terms of satisfying the International Monetary Fund (IMF).

The profit rate of the transaction was 6.57%, half a percent lower than the five-year Euro bond sold in April 2014. While the Eurobond carried no collateral, Sukuk has an inherent collateral requirement. Hence, the government pledged the Islamabad-Lahore Motorway and succeeded in maintaining an interest rate that was lower than the Euro bond transaction when reaching $2 billion. This places Sukuk on par and in competition with the Euro bond in the international market. Furthermore, the 6.75% interest rate for the $1 billion Sukuk bond is 5.17% higher than the five-year U.S. treasury rate used as a bench mark (Rana, 2014).

This is a trend following the global economic downturn, also fueled by further fears of slowing economic progress (Rana, 2014). This trend is evident in the projected target rate of $500 million for the bond, whereas great investor interest resulted in $2.3 billion, almost five times higher than the projection.

On the strength of this success, Pakistan has further hopes of raising $1.2 billion from the sale of its remaining stakes in the HBL, amounting to 42.5%. In 2014, Pakistan was also asked to increase its foreign currency reserves to $13 billion by June 2015 from its $8.5 billion level in 2014.

Sukuk has been issued by various entities, including Hong Kong,…

Socrates Freud’s Civilization and Its Discontents Sermon on the Mount Essay

Freud, Socrates, Christ

I, Socrates, have only questions for the author of Civilization and Its Discontents, Dr. Sigmund Freud. It surprises me greatly that Dr. Freud should so misread the great tragedy of Oedipus Tyrannos by my fellow Athenian, the poet Sophocles. Does Freud really believe the motivations of Oedipus to be some sort of universal constitutent of human behavior? As my distinguished colleague Frederick Crews (Professor Emeritus of English at U.C. Berkeley, which remains even to this day a hotbed of Socratic-style impieties, if I do say so myself) has noted about Dr. Freud’s work, it frequently makes the claim of scientific discovery without any actual reference to the empirical verifications of the scientific method: in other words, it is made up out of whole cloth.

I mention this because even in Civilization and its Discontents, your strange Dr. Freud considers his notion of the “Oedipus complex” to be absolutely central to describing the psychological framework of the individual, and thus in some larger sense to be reflected in culture as well. This strikes me as obvious nonsense. Even though Freud wrote after Darwin and after Gregor Mendel, he shows very little interest in any actual scientific analysis of the origins of human behavior. Yet a quick Google search — for yes, here in the Elysian Fields, Aristotle himself has taught me how to use Google, and with Aristotle as my tutor I have learned to stride through knowledge as confidently as Alexander took Persia — reveals something called “genetic sexual attraction” or “G.S.A.,” a phenomenon in which long-separated parents and siblings are overwhelmed with sexual attraction upon being reunited. The simple explanation for the process is that human mate selection is biologically based on the perception of likeness in the facial features of the potential mate, and is amply explained by scientific principles that pre-date Freud. It also reveals that stories like that of Oedipus occur with disquieting regularity, but only under these circumstances (it would seem). This calls into question Freud’s first principle — which underlies so much of his argument in this strange book. When we consider that Freud suggests in Chapter I that the feeling of “oceanic” connectedness with some larger reality — a feeling which characterizes religious experience, and which Freud confesses he himself has never experienced personally — is in fact due to the “derivation of religious needs from the infant’s helplessness and the longing for the father aroused by it” which, says Freud, “seems to me incontrovertible.” Freud then notes “I cannot think of any need in childhood as strong as the need for a father’s protection” (Freud 19). At this point, I am tempted to gently inquire of “Viennese wizard” (as my colleague Vladimir Nabokov likes to call Dr. Freud) if he really thinks that any infant is capable of longing for a father rather than a mother at such an early developmental stage, or if the need for a father’s protection is really so much stronger than the need for a mother’s nutrition. But then the whole of Freud’s Chapter Four is subsumed in a fictive attempt to write the so-called “Oedipus complex” as a kind of foundational myth for humanity. Freud’s argument in Chapter Four is worth considering in some detail, merely to appreciate its weird implausibility. It starts with the invention of social bonds out of a self-interested survey of adaptation strategies, which again seems like plain nonsense: this sort of thing may appeal to philosophers who wish to maintain a sense of the overwhelming importance of the individual, but even the slightest acquaintance with a century’s worth of anthropological and ethological study after Freud has revealed that human behavior can hardly have evolved to produce a self-conscious and fully-aware individual who then enters a sort of social contract out of a sense of self-preservation. Clearly social behavior is a collective adaptation of the human species. But Doctor Freud is off on a frolic of his own in Chapter Four, and is clearly bound and determined to prove that the incestuous motivations which he think course through everyone’s most basic psychological make-up are, in fact, writ large as the building blocks of society. He makes it sound like collaborative social endeavors (like a group hunting expedition) were constructed out of rational self-interest, as though guided by Adam Smith’s invisible hand, and that the irrationality expressed is due to some magical process that Freud calls “repression.” I must say that I don’t understand where this notion of repression comes from, and what Freud’s proof is for it. This is perhaps the element of Freud’s view in this book that has most enraged Frederick Crews, leading him to call Civilization and its Discontents “the most overrated book ever written”: the Freudian notion of repression does not match up, once again, with a century of legitimate scientific investigation into the actual biological functioning processes of memory. Freud has invited us to fantasize that troublesome or traumatic experiences can be “repressed,” which is to say wholly forgotten. It seems to me that he has confused the desire for such an ability (especially in the wake of such a trauma) or the resolution to act in contradiction to the facts with an actual psychodynamic process that does not exist, but which permitted a lot of kooky Freud-inspired charlatans in the 1980s and 1990s to give the green light to lurid “recovered memories” in which outright fantasizing (about sexual abuse and Satanic sacrifice) was presented as the “repressed content.” If Freud’s method was to result half a century later in such ludicrous results, then we must not expect to much from his own lurid fantasies about the “repressive” mechanism of culture.

I must say I find Freud’s view of sexuality on the whole repellent. Readers may recall my own views, which were crystallized by my dialogue with the great Diotima, recounted by my pupil Plato in the Symposium — to me, certainly the base and fleshly element of sexual love was (tautologically enough) both base and fleshly. The point of the process was that it mimicked the soul’s own progress from the created and concrete things of this world towards the eternal Forms which represent the eternal and timeless content of those sublunary things. Freud replaces this with a dynamic of repression and sublimation, which means that all great achievement is in some way based on willfull human ignorance about the heart’s own desires. I think it possible to be dishonest about those desires, but not ignorant — after all, I, Socrates, followed the Delphic oracle’s advice to “know thyself” and preaching in the agora that “the unexamined life is not worth living.” Apparently for Freud, the lived life is not worth examining except in the presence of a poker-faced and silent charlatan who charges upwards of three hundred drachmas for a fifty-minute hour.


I, Doctor Sigmund Freud, recently had occasion to read the New Testament — I found them to be absolutely gripping, and I must say I was curious to read to the end to see how the plot turned out. I gather that this Jesus Christ, who is the main character in the book, is regarded as a rather distinguished Jewish ethicist like myself. I also gather that he had a problematic relationship with his own Judaism, also like myself — I would refer to myself, as readers will recall, as a “Jewish atheist.” Christ himself seems to have endured a much more severe Oedipal reckoning with his own Jewish mother, and has allowed the Oedipus complex to be revealed as an hysterical delusion that he is, in fact, the son of Jehovah himself. I can only respond that, if Jehovah had approached me in fin-de-siecle Vienna and asked me to have a look at his son, then I…

Geographies of Global Change1.Term Paper

Loans needed to buy the equipment and seeds create indebtedness to Western banks. Western professionals are needed to intervene and to manage. The productivity of monocrops (e.g., rice or maize) undermines other native crops. Routledge writes, “The project destabilized traditional farming methods, which further rationalized the use of new technologies from the West, and the displacement of traditional foodstuffs by the HYVs” (316). The whole agro-food system has damaged the soil fertility and made dependent the poorer nations, who are compelled to use the seeds of the manufacturers and their means of industrial growth (fertilizer, experts, credit, etc.). People are viewed as irrational and a hindrance to progress. State control over natural and financial resources consolidates the power of the national ruling party who serves the interests of transnational corporations. Routledge writes, “In the process, traditional subsistence economies and their associated cultures are being destroyed; people face displacement from their homes and lands, losing access to their resources, and become economically marginalized” (318). It is in this context that social movements to challenge destructive development have taken place.

Contemporary global agricultural production reflects the trend of Westernized development. The concept has been that non-Western societies needed industrialization as well as the infusion of capital, technology, democracy, and Western values. According to Slater, the geopolitical changes during globalization are still partially rooted in this project, although they are more aligned with the neo-liberalist emphases on “structural adjustment, privatization, deregulation, free trade and market-based development” (93). Since then, concerns related to local cultures, environmental agendas, rural-urban and north-south power differences, and gender issues have arisen that have led to “anti-development” points-of-view.

Another related effect of globalized commerce, including globalized agriculture, is the collection of power in world cities. This illustrates the prioritization in globalization of the urban over the rural. It is connected with urban population growth as well. According to Knox, these urban centers of economic, media, cultural, technological, and political authority and markets are where the “capital-accumulation circuits of the world-system” are located (329). They are the fast world at the core by contrast with the peripheral slow world of rural areas. This shift into the urban centers further demonstrates the transformation of farming into food production trends.

(3.) Globalization has been linked to many environmental problems in the world. Quite simply, significant human-based alterations of the natural environment, which began in the industrial revolution, have continued with globalization. The effects seem to be profound and negative, both environmentally and socially. The rational use of resources has not been done with an eye toward nature’s improvement or preservation, but rather with an eye toward the transformation of nature’s “free goods” into profit without a concept of natural capital. Moreover, resources have been used excessively by corporations under the notion of limitless abundance and without care for the finiteness of those resources. Meyer and Turner write, “Losses of forest, biodiversity, soil fertility, and wetlands widely repeated around the world subtract significant fractions of the net worldwide stocks of the resources affected” (367). Some of these are replaceable, while others are not. The most important point, perhaps, is that these depletions of resources are intense, expanding, and human-driven rather than natural.

There are environmental side-effects of increasing globalization. One is the threat of global warming. Increased release of carbon and other greenhouse gases like methane into the atmosphere due to industrial processes (including farming) and fossil-fuel-based machines, among other things, is known now to have a potentially damaging effect on global climate. In addition, globalization has done nothing to stop pollution, which is often carried around in water and air so that it spreads from its original source. Agricultural chemicals are having serious effects on groundwater and soil quality, in addition to polluting rivers and streams as it runs off farmland. Agriculture also contributes to the transformation of systems, such as the conversion of grassland to cropland or forest to grazing pasture. This land-cover degradation is driven directly by globalized agro-food production and may have bad consequences for the tropics.

Another important link is globalization’s reliance on non-renewable resources. Emel, Bridge, and Krueger show that the basis for industrial production (e.g., mining) are continuing in much the same was as they always have, although now with oil and electricity. The problem is that many industries are overly dependent on non-renewable resources, despite capital’s expansion and the introduction of synthetic materials into the equation, and they resist change. The authors write, “Regardless of the ecological degradation and the social costs to communities, economic reliance on single-commodity production promotes intractability” (380). Global companies have not changed their resource use patterns, nor have materials for global infrastructure changed. Energy is also part of the problem. Dams, for example, can have devastating impacts on natural ecosystems.

Mineral production is likewise destructive. Vegetation is removed, surfaces are stripped, oil is spilled, and the whole ecosystem is modified (as in parts of Alaska). Much of mineral production occurs in the developing world, and to reduce mining there would have tremendously negative effects on the economy. Further, the more mining companies do, the less dense the minerals are, thereby making an increase in mining necessary. All of this is fueled by a consumption mentality that starves for new products that are created through resource depletion. As Emil, Bridge, and Krueger write, “Any government which curbs resource availability in such a way as to threaten current patterns of consumption risks removal from office” (382). It is supported by the separation of production and consumption in global commodification chains, so that consumers do not fully understand how or where their products are made or how badly natural resources are being damaged. Politically, globalization makes it hard to challenge.

Moreover, expansion to world peripheries and frontiers in search of energy and minerals touches the indigenous populations who rely on a clean environment. Global trading requires local extraction, which disrupts soils and vegetation, produces water and air pollution, creates wastelands, and reduces landscape values for those who live in the area or downstream indigenous communities. Furthermore, it means that local resources are taken away from the power of the native populations. Big business eats up the forest and water resources of poor and landless native people to give them to wealthy people far away without equitable distribution. Routledge says, “At the ecological level, social movements struggle to protect remaining environments from further destruction, and to ensure the economic (and cultural) survival of peasant and tribal populations” (321). For example, there has been resistance to ranching and logging in the Amazon which destroys, pollutes, and erodes both the environment and the tribal community. Development appears inherently unjust and unsustainable. He claims, “Despite its claims to bring prosperity and the alleviation of poverty through economic growth, the development project has caused enormous environmental destruction, and the impoverishment, displacement and, at times, cultural ethnocide of poor and landless peasants . . .” (324).

Globalization insists on expansion and development. It creates better technologies to do a better job at finding the things it wants. Its result is often environmental degradation that impacts the poor and, ultimately, global well-being. Further, access to resources is limited so that developing countries see “sustainable development” as a euphemism for developed control, over-regulation, and being barred from using their own resources. Development with only benign effects on the environment is not believed. Despite better resource management today, globalization continues to threaten the earth’s health through soil erosion, pesticides, deforestation, sedimentation, aquatic pollution, and other harmful effects. The genetic diversity of the world is plummeting. A renewed emphasis on equality, wise resource use, the importance of ecosystems, and the integration of social and economic goals seems imperative.


Johnson, R.J., Peter J. Taylor, and Michael J. Watts,…

Causes of Unemployment and Poverty Essay

Poverty & Unemployment

Poverty and unemployment are unquestionably two of the primary scourges that afflict the United States as well as other countries around the world. There are strong ways in which they correlate but they do run the gamut from recessions, offshoring of jobs, industry and employment shifts in the country and so forth. This brief report will explore the links that exist, what is being done about them, what is working and what is not. Even though a sliver of the population will always be unemployed and/or impoverished, it is no less painful to notice and watch when it happens.

The first point to be made about both poverty and unemployment is that there is always going to be at least some of both in the United States. However, the hope is that it is always temporary rather than ongoing and perpetual. Even so, there is a reason that a national unemployment rate of about five percent is considered “full employment” (Investopedia, 2016). The idea behind that is that there will always be a portion of the population that is out of work due to layoffs, being fired, people quitting for new jobs and so forth. As such, there are always people that are going to be looking for work. In general, the usual remedy to assist in dealing with that is unemployment insurance as provided by all of the states in the United States. However, those benefits are based on lookback periods and other measurements of income and work history. As such, someone with a sporadic work history or low wages is not going to get a large amount of benefit from unemployment benefits, if any at all. There are indeed other benefits that can bridge the gaps such as welfare (CBS, 2013).

Even with the above, there are people that, for whatever reason, perpetually reside and remain in poverty. There is a litany of reasons (or combination of reasons) for this. This includes having a felony record, being perceived as a “job-hopper,” not having the proper high school and/or college education and having a skill that is not in demand. For example, there was a time that manufacturing was an extremely huge work sector in the United States. However, that has been a major and pivotal shift over the last generation or two towards a knowledge/service sector economy whereby people with advanced or vocational skills like lawyers, doctors and so forth do quite well and the rest of the populace has to scrum for the service jobs that typically pay less, if not much less. Manufacturing is still a huge industry in the United States but it is not what it was and much of what remains in the United States requires college or similar education due to it being high-tech or otherwise not something that a person off the street can learn easily or quickly. The simpler manufacturing that was the backbone of the blue collar workers of yesteryear has largely gone either south of the Border to Mexico or overseas to countries like China, Indonesia and Bangladesh, among others (Roberts, 2016).

Another factor that was touched upon before are recessions. To be sure, all levels…