Friday, November 15, 2019
Implications of Chinese Capital Account Liberalisation
Implications of Chinese Capital Account Liberalisation If China does liberalise, few other events over the next decade are likely to have more impact on the shape of the global financial system. This also sets out a conceptual framework, identifying three separate factors which help explain why the scale of the subsequent movements in capital flows  both into and out of China  could be very large relative to the size of the world economy: (i) ‘Closing the openness gap’- There is a large gap between China’s current level of openness and that of advanced economies. Liberalisation will lead this gap to close, generating large flows in the process. (ii) ‘Catch-up growth’- China’s economic growth is expected to be relatively high over the next decade. So even if China’s capital flows do not increase relative to its own economy, they will relative to the world economy. (iii)‘Declining home bias’- Prior to the recent crisis, the global financial system became increasingly integrated. A resumption of these trends over coming decades would lead capital flows to increase both in China and globally. Summary chart Potential impact of capital account liberalisation on China’s international investment position Based on these three factors and some simple but plausible assumptions, the summary chart shows a hypothetical scenario for China’s global financial integration in 2025. It shows that China’s gross international investment position could increase from around 5% to over 30% of world GDP. The global financial integration of China has the potential to be a force for economic growth and financial stability not just in China but also globally. Global implications of Chinese capital account liberalisation The potential changes in both the magnitude and composition of capital flows outlined in the previous section would dramatically alter the financial landscape both in China and globally. In principle, capital account liberalisation in China could be a powerful force that enables the Chinese and global Implications for China For China, there are several potential benefits of liberalisation which can all be viewed through the broader lens of contributing to economic rebalancing. The Chinese economy is now starting to transition to a new model of growth, away from reliance on exports and investment as the key sources of demand. The new model of growth will therefore place a greater emphasis on consumption as a source of demand and an increase in the production of services relative to exportable manufactures. This is a challenging task and will require an ambitious agenda of structural reforms. Among these reforms, capital account liberalisation will play a key role. A removal of restrictions on outflows, for example, will allow Chinese companies and households to diversify their large pools of savings by investing in overseas assets. This should help to spread risk, reducing the need for precautionary saving and hence free up income for current spending. And it may also boost household income if returns earned on overseas assets are higher than on domestic assets (which is likely given that real deposit rates in China are currently negative due to regulatory caps). China has the biggest banking system in the world by total assets but it is very domestically focused. If China’s banks were to diversify their balance sheets by expanding abroad  either directly through cross-border bank lending, or indirectly through lending to foreign affiliates  they may become more resilient to an adverse shock in their home market and so be better able to maintain lending to domestic companies and households in China. Allowing more channels for inflows, on the other hand, will help to deepen and diversify China’s financial system, providing alternative sources of capital for Chinese borrowers. Should liberalisation also lead to lower reserve accumulation, it could lead to an improvement in China’s fiscal balance since the return on its FX reserves is lower than the cost of sterilising those purchases. And if it were accompanied by a more flexible exchange rate regime (as was suggested by the Third Plenum), it could allow China to operate a more effective monetary policy, increasing its ability to respond to domestic shocks. All of these factors should promote China’s rebalancing and its transition towards a new model of growth. But there are also risks. There are several notable examples where capital account liberalisation has resulted in instability. The most recent, perhaps, was the Eastern European countries where large capital inflows contributed to unsustainably rapid cr edit growth that ultimately culminated in economic and financial crisis in 2008 (Bakker and Gulde (2010)). Chinese policymakers will need to ensure they have sufficient scope to set policy to offset shocks that could pose risks to economic and financial stability. It will be particularly important to sequence carefully external liberalisation with appropriate domestic macroprudential and microprudential policies to mitigate risks from excessive credit growth and asset price volatility. One concern is that by opening the financial gates, some banks and, ultimately, borrowers in the Chinese real economy may find themselves faced with a shortage of liquidity. China’s banking system is heavily reliant on domestic deposits for its funding, which account for around two thirds of total liabilities. A reallocation overseas of even a small share of these deposits could therefore cause funding difficulties. By enabling higher real returns for Chinese domestic savers, however, domest ic interest rate liberalisation could help to reduce these risks. Another set of risks are related to inflows. In the short run, there could be indigestion in China’s asset markets, which are still small relative to potentially large inflows of capital. And over a longer time period, inflows could lead to an unsustainable build-up of maturity and currency mismatches in national balance sheets (for example, long-term domestic investment funded by short-term overseas FX-denominated borrowing). Large mismatches are susceptible to unwind in a disorderly way, as was the case for some Asian economies in 1997–98. Finally, the risks arising from a more flexible  and potentially more volatile  exchange rate would need to be effectively managed. Which of these outcomes  more sustainable growth or a rise in instability  would dominate will depend on the accompanying policy framework. The empirical evidence on the costs and benefits of financial openness tends to suggest that countries benefit most when certain threshold conditions  such as a well-developed and supervised financial sector and sound institutions and macroeconomic policies  are in place before opening up to large-scale flows of capital (Kose et al (2006)). This underscores the importance in China of careful sequencing of capital account liberalisation alongside other domestic reforms such as domestic interest rate liberalisation, development of effective hedging instruments and enhancing the microprudential and macroprudential regimes. Implications for the rest of the world From the perspective of policymakers outside of China, it is important to understand how capital account liberalisation might ‘spill over’ to affect other economies. Four such channels are discussed below, although there are undoubtedly others. Greater exposure to the Chinese financial system If liberalisation has a large impact on the Chinese economy or financial system, it is also likely to have a significant impact in other countries as well. Although China’s economy is already considered able to generate material spillovers onto other economies (International Monetary Fund (2011b)), the process of capital account liberalisation will likely increase its systemic importance even further, by magnifying existing transmission channels, while also creating new ones. Foreign households, businesses and financial institutions will increase the amount and the number of their claims on China, while those in China will do the same with respect to the outside world, thereb y deepening the complex web of financial interconnectedness. If China does hard-wire itself into the global financial system, it will bring important benefits in terms of risk-sharing. Households that purchase Chinese assets whose returns are not perfectly correlated with their own income would be better able to smooth consumption. And foreign banks that expand in China would diversify their earnings base and potentially enhance their resilience. The flipside of increased interconnectedness, however, is that the global financial system will be more sensitive to shocks originating in China. Increased holdings of Chinese assets, for example, would imply greater exposure to fluctuations in their price. Greater reliance of global banks on Chinese banks for funding, in turn, would bring about the possibility of a liquidity shortage if those banks were to repatriate funds in response to balance sheet pressures back home.(1) Increase in global liquidity If China’s financial walls are lifted, some of its vast pool of domestic savings will migrate into global capital markets, providing a significant boost to liquidity. The illustrative scenario in Chart 5 suggests that these flows could amount to a substantial share of world GDP. A new source of global liquidity from China could lead to several beneficial effects, particularly during a period where the world’s financial system is becoming increasingly fragmented and retreating into national borders (Carney (2013b)). As well as providing a new source of finance for borrowers, it could lead to a more diversified and more stable global investor base. At the same time, however, a rapid increase in liquidity from China could lead to absorption pressures in some asset markets in the short run, which could lead to a mispricing of risk with adverse consequences for financial stability. Increased global role of the renminbi Greater international use of the renminbi would add another dimension to the global impact of capital account liberalisation. Potential benefits include lower transaction costs and a reduced risk of currency mismatches. But it may also amplify the international transmission of Chinese policy and domestic shocks, of which policymakers around the world will need to take into account. Take the following hypothetical case: a country purchases a large proportion of its imports from China and its currency depreciates against the renminbi. If the prices of those imports are set and invoiced in the domestic currency of that country, the depreciation would not automatically lead to an increase in their price and hence no response in domestic monetary and fiscal policy would be needed.(2) If, however, the imports were invoiced in RMB, then their price would increase in line with the exchange rate depreciation, leading to domestic inflation. Moreover, a country that had no trade with China but whose imports were set and invoiced in RMB  such that the RMB would be a ‘vehicle currency’  would need to respond to macroeconomic or policy fluctuations in China that affect the exchange rate and feed through into domestic prices of that country. There is a body of literature which finds evidence of these invoicing effects for the US dollar, as the world’s most international currency. Goldberg (2010) finds that for non-US economies, large use of the US dollar in reserves and in international transactions is typically associated with greater sensitivity of trade, inflation and asset values to movements in the value of the dollar relative to the domestic currency. However, as discussed above, it would likely take much longer than a decade for the renminbi to take on a similar role to that of the US dollar today. Global imbalances The literature on the causes and consequences of global imbalances is as vast as it is inconclusive. According to one influential perspective, the large imbalances in current account positions that accumulated over the past decade partly originated in high net saving rates in developing Asian countries (Bernanke (2005). If true, capital account liberalisation in China could potentially help to alleviate these imbalances to the extent that it leads to a reduction in China’s net savings and correspondingly its current account surplus (although clearly the impact of this on overall imbalances would depend on the corresponding adjustment in other countries). This may occur either because liberalisation lowers the incentives for precautionary saving or because it leads to a more flexible and higher exchange rate. But even if Chinese capital account liberalisation were to lead to no reduction in global imbalances, it could still help to lessen some of the adverse consequences relating to these imbalances. There is evidence that reserve accumulation by foreign governments can materially depress the risk-free interest rate in the United States (Warnock and Warnock (2009)) which, in turn, may encourage excessive risk-taking behaviour globally. So to the extent that Chinese capital account liberalisation were to result in a switch in the composition of outflows, away from reserve accumulation by the central bank and towards overseas investment in riskier assets by other Chinese residents, this may reduce some of the downward pressure on government bond yields and related rates i n the United States and globally. Of course, this would bring other challenges. But in the longer term, it could be beneficial for the stability of the international monetary and financial system as a whole. Conclusion If China continues to liberalize its capital account over the next decade or so, it is likely to be a force for development and constancy not just in China but also for the international monetary and financial system. While this process will be companied by new and important risks, it falls to international bodies and national authorities to monitor and take appropriate policy actions to mitigate such risks. This will not be a petty task. As we already know Chinese capital account liberalisation could lead to striking changes in the global financial landscape, policymakers will be facing uncharted territory. In order to succeed, policy cooperation between national authorities is necessary, both to increase understanding of the risks and to develop common policy approaches. Currently the Bank of England is working intimately with the People’s Bank of China regarding the development of offshore renminbi activity in the United Kingdom and will continue to seek other ways to suppo rt a successful integration of China into the global financial system.
Tuesday, November 12, 2019
Solitude and Isolation in One Hundred Years of Solitude :: One Hundred Years of Solitude
Solitude and Isolation in One Hundred Years of Solitude            "†¦Races condemned to 100 years of solitude did not have a second opportunity on earth." These powerful last words of the novel One Hundred Years of Solitude ring true. The book demonstrates through many examples that human beings cannot exist in isolation. People must be interdependent in order for the race to survive.            Solitude. Examples are found of this idea throughout the one-hundred-year life of Macondo and the Buendia family. It is both an emotional and physical solitude. It is shown geographically, romantically, and individually. It always seems to be the intent of the characters to remain alone, but they have no control over it. To be alone, and forgotten, is their destiny.            The novel begins with geographic isolation. Jose Arcadio Buendia shouts, "God damn it! Macondo is surrounded by water on all sides!" Whether it is, in truth, an island is irrelevant. The town believed itself to be cut off from the rest of the world.  In addition, Jose Arcadio Buendia and Ursula are looking for solitude. The founding of Macondo was a result of escaping Jose Arcadio Buendia's murder of Prudencio Aguilar. Aguilar's ghost haunted them, eventually forcing them to retreat.            The family seems to remain very involved within itself. Much of this is Spanish culture. In Spanish-speaking countries, it is not uncommon to find many generations of the same family living in one house. The Buendia house always has various relatives within it. Yet, this is not the only explanation. The incest of the family is a theme throughout the novel, and is a significant factor in the solitude of this family. If a family rarely turns to others to branch out, it eventually becomes completely turned in upon itself: isolated and detached.            Occasionally, the family poisoned with the fate of solitude does reach out. Those who interact with this family share in its unfortunate fate. First to Pilar Ternera, the sexual companion of two of the Buendia boys. Following this sexual interaction, Pilar spends the rest of her life alone. The same pattern is seen with Petra Cotes, simply with another generation. Another example is demonstrated by Remedios Moscote. She is another outsider, paired with Aureliano Buendia. Soon after their marriage she dies unexpectedly and violently. Solitude and Isolation in One Hundred Years of Solitude :: One Hundred Years of Solitude Solitude and Isolation in One Hundred Years of Solitude            "†¦Races condemned to 100 years of solitude did not have a second opportunity on earth." These powerful last words of the novel One Hundred Years of Solitude ring true. The book demonstrates through many examples that human beings cannot exist in isolation. People must be interdependent in order for the race to survive.            Solitude. Examples are found of this idea throughout the one-hundred-year life of Macondo and the Buendia family. It is both an emotional and physical solitude. It is shown geographically, romantically, and individually. It always seems to be the intent of the characters to remain alone, but they have no control over it. To be alone, and forgotten, is their destiny.            The novel begins with geographic isolation. Jose Arcadio Buendia shouts, "God damn it! Macondo is surrounded by water on all sides!" Whether it is, in truth, an island is irrelevant. The town believed itself to be cut off from the rest of the world.  In addition, Jose Arcadio Buendia and Ursula are looking for solitude. The founding of Macondo was a result of escaping Jose Arcadio Buendia's murder of Prudencio Aguilar. Aguilar's ghost haunted them, eventually forcing them to retreat.            The family seems to remain very involved within itself. Much of this is Spanish culture. In Spanish-speaking countries, it is not uncommon to find many generations of the same family living in one house. The Buendia house always has various relatives within it. Yet, this is not the only explanation. The incest of the family is a theme throughout the novel, and is a significant factor in the solitude of this family. If a family rarely turns to others to branch out, it eventually becomes completely turned in upon itself: isolated and detached.            Occasionally, the family poisoned with the fate of solitude does reach out. Those who interact with this family share in its unfortunate fate. First to Pilar Ternera, the sexual companion of two of the Buendia boys. Following this sexual interaction, Pilar spends the rest of her life alone. The same pattern is seen with Petra Cotes, simply with another generation. Another example is demonstrated by Remedios Moscote. She is another outsider, paired with Aureliano Buendia. Soon after their marriage she dies unexpectedly and violently.
Sunday, November 10, 2019
Emerson concepts in ‘Kite Runner’ and ‘Giovanni’s Room’ Essay
â€Å"Society everywhere is in conspiracy against the manhood of every one of its members. †(Emerson. 2) Thus we live in a world, where in order to fit we must ‘conform’ but Emerson believes that â€Å"whoso would be a man must be a nonconformist,†(2) and that â€Å"nothing is at last sacred but the integrity of your own mind. †(2) Self reliance and independence of thought, which are fundamental to Emerson’s perspective, are integral to the understanding and analysis of the characters in ‘The Kite Runner’ (Hosseini, 2003) and ‘Giovanni’s Room’ (Baldwin, 1956). ‘The Kite Runner,’ is a tale of two boys in 1970’s Kabul; growing up amidst discrimination, bigotry and class structure in society – in this case Afghan society – Hassan, a Hazara – a minority group of Afghanis who follow Islamic beliefs called Shi’a – although a friend and half-brother, is a lower-class servant to Amir. Amir, a Pushtun – the majority, who believe they are a better class than the Hazara and who follow the Sunn sect of Islam – although raised in the same household and sharing the same wet nurse as Hassan, lives in a different sphere of existence. Amir is the legitimate son of Baba, a prominent and wealthy man, whereas Hassan is the illegitimate one and raised by Baba’s servant. Both lost their mothers – Amir at birth and Hassan a week after birth, when she ran â€Å"off with a clan of singers and dancers. †(Hosseini 4) â€Å"For nonconformity the world whips you with its displeasure,†(Emerson 4) and thus Baba, rather than be subjected to the displeasures of his society, opts to conform to its rules and customs that â€Å"loves not realities and creators, but names and customs,†(Emerson 2) and not reveal that Hassan is his son by a Hazara woman. His justice, or what Emerson characterizes as ‘compensation’ (The Internet Encyclopedia of Philosophy) is the loss of Hassan and his love. This same class difference between Amir and Hassan, largely dictates and limits their relationship. â€Å"It is easy enough for a firm man who knows the world to brook the rage of the cultivated classes,†(Emerson 4) and Hassan, the victim of such discrimination and class structure, remains completely devoted and loyal to Amir, both as his servant and as his friend. He shows his loyalty when he and Amir are terrorized by Assef, â€Å" a word for the creature that Assef was †¦Ã¢â‚¬â„¢sociopath’ (Hosseini 25-26) who admires Hitler for eliminating the Jews and with whom he aims to emulate by destroying the Hazaras. Hassan stands up to Assef and his friends. Although frightened, he holds â€Å"the slingshot pointed directly at Assef’s face†(Hosseini 28) and shouts â€Å"if you move, they’ll have to change your nickname from Assef the ‘Ear Eater’ to ‘One-Eyed Assef. †(Hosseini 29) Assef, never forgetting a slight, plots revenge. Just as Hassan makes Amir’s breakfast, folds his clothes, and cleans his room, so does he cater to Amir in kite tournaments. Even though Hassan shares in the excitement of kite fighting, he does not actually have control over the kite. Hassan may help the kite â€Å"lift-and-dive,†but Amir is the one who claims a victory. Hassan may catch a cherished rival kite and hold it in his arms, but always to bring it back to Amir, to whom it then belongs. His joy is explicit, special, and secondary just like his experience of wealth and privilege while living in Baba’s household. So it is that Hassan is subjected to rape because of his nonconformity to his position as a Hazara and he relies on himself to â€Å"go alone; to refuse the good models. †(Emerson 5) Assef and his friends attack Hassan after he runs for the ‘blue kite’ but although terrified of what is going to happen to him he claims â€Å"Amir agha won the tournament and I ran this kite for him. I ran it fairly, this is his kite. †â€Å"Amir agha and I are friends. †(Hosseini 50) Hassan is brutely raped by Assef but never gives up the kite and brings it back for Amir. Later, when the Taliban came to â€Å"investigate and interrogated Hassan†(Hosseini 149) and ordered him to leave the house – Amir’s father’s house – he again shows his loyalty to Amir by protesting. The Taliban â€Å"ordered him to kneel †¦ and shot him in the back of the head. †(Hosseini 150) Hassan dies because he â€Å"accepted the divine place that providence had†found for him; (Emerson 1) he had violated the social expectations of conformity by favouring â€Å"self reliance †¦ its aversion†(Emerson 2) by standing up to his aggressors in loyalty to Amir. Amir, contrary to Hassan, lacks self trust and conforms totally to society, and although enjoying time spent with Hassan, never really calls him his friend. When confronted with Assef the first time he shows his cowardice by wanting to tell Assef that Hassan is â€Å"not my friend,†â€Å"he’s my servant. †(Hosseini 28) It is ironic that when Hassan stands up for Amir against Assef, and calls him ‘Agha,’ Amir â€Å"wondered briefly what it might be like to live with such an ingrained sense of one’s place in a hierarchy. †(Hosseini 28) Yet he himself lives in such a way as to lose himself – his self worth and reliance by conforming to society and its customs. For many years, Amir feels as though he and Hassan are adversaries for Baba’s love and he is envious of this, together with Hassan’s abilities: â€Å"Hassan made his stone skip eight times. The most I managed was five†¦ Baba †¦patted Hassan on the back. Even put his arm around his shoulder. †(Hosseini 8-9) Amir greatly desires his father’s acceptance and approval and very seldom receives it. He overhears his father say that â€Å"there’s something missing in that boy†and that he believes â€Å"a boy who won’t stand up for himself becomes a man who can’t stand up to anything. †(Hosseini 15) Amir decides â€Å"there was no other viable option†than to â€Å"win that winter’s tournament,†and ‘run that last kite. †(Hosseini 38) He believes that his â€Å"life as a ghost in this house would finally be over†and that he would show Baba â€Å"once and for all that his son was worthy. †(Hosseini 38) On winning the race, he experiences the â€Å"greatest moment of [his] twelve years of life, seeing Baba on that roof, proud of [him] at last. †(Hosseini 45) Following Hassan, who has gone running for the kite, Amir wants â€Å"to make a grand entrance, a hero, prized trophy in [his] bloodied hands. †(Hosseini 46) He finds Hassan â€Å"standing at the end of a blind alley†(Hosseini 49) blocked by Assef and his two friends. But rather than help Hassan, even after seeing the â€Å"look of the lamb†(Hosseini 53) on Hassan’s face Amir runs, telling himself that â€Å"I was a coward†â€Å"afraid of Assef and what he would do†â€Å"afraid of getting hurt†(Hosseini 53) but in reality it is â€Å"the price [he] had to pay, the lamb [he] had to slay, to win Baba. His reasoning â€Å"He was just a Hazara, wasn’t he? †(Hosseini 54) After the rape, Hassan’s very existence infuriates and irritates Amir because it reminds him of his cowardice – his guilt. He tries to forget what he has done to Hassan and treats him like a servant instead of a friend; he lies about him being ill â€Å"he’s got a cold or something,†(Hosseini 56) he hits him with ripe pomegranates, he asks his father â€Å"have you ever thought about getting new servants? ’ (Hosseini 61) Finally he frames Hassan for theft and Hassan again takes the blame rather than reveal Amir for what he is. Nothing works however, because he cannot discard his guilt as easily as he can discard Hassan himself. Even after later leaving Afghanistan for America with his father, he is never really able to forget and later he realizes you can bury the past but that it â€Å"claws its way out. †He realizes that he has been â€Å"peeking into that deserted alley†where Hassan was raped â€Å"for the last twenty six years. †(Hosseini 2) After returning to Afghanistan and learning of Hassan’s death and his orphaned son Sohrab, Amir endeavours to right his wrongs – â€Å"there is a way to be good again†(Hosseini 2) by locating Sohrab, who is in fact his nephew. He finds Sohrab in the hands of Assef, now a Talib, and being used as a sexual plaything. This illustration of man’s inhumanity to man, gives evidence to Emerson’s belief, that â€Å"the differences among the members of a race are greater than the differences between races. †(The Internet Encyclopedia of Philosophy) Amir must fight and defeat Assef if he is to redeem himself and his past; thus Amir finds his strength of character, the inner strength that he had all along, but believed was somehow missing – Emerson’s ‘self reliance’ and ‘trust in himself. ’ Ironically however, it is Sohrab who saves Amir in just the same way as his father Hassan had saved him before – with his slingshot. Amir’s lack of self-acceptance, his desire to win his father’s heart and his envy of Hassan causes him to live his life conforming to an unjust and class conscious society. He places blame on Hassan for the lack of his father’s love and blame on himself for his conformity and the terrible injustice he has caused on Hassan. According to Emerson, one must be able to find a â€Å"blameless living†if they are to be a â€Å"whole man,†(The Internet Encyclopedia of Philosophy) and Amir clearly illustrates his lack of living blamelessly. Just as Hassan was socially alienated, so to is David, in ‘Giovanni’s Room,’ wherein he is faced with a choice between his American fiancee (value set) and his European boyfriend, so ultimately he must grapple with being alienated by the culture that produced him. In other words, does he conform or does he not? Does he be honest with his true self and be reliant on himself? David, unlike Hassan, takes the easy way out and marries Hella. David has been running from himself since his first sexual encounter as a teenager, with Joey, and although he has a profound connection with Joey, he deserts him and spurns his friendship afterwards. In other words, like Amir he conforms rather than live with â€Å"the integrity of his own mind. †(Emerson 2). He becomes what Emerson terms as an ‘imitator’ and lives a life of deceit and denial. Although mixing with the gay crowd, he proclaims his heterosexuality. Later he meets Giovanni and they fall in love. Afraid to commit to Giovanni he has a one night stand with Sue, another American lost in Paris. As with Joey, David deserts Giovanni, whereupon Giovanni goes into a downward spiral and because of lies, false promises, abuse and humiliation he eventually kills and is sentence to death by the guillotine. Giovanni dies because of the people around him; they are envious of his beauty, openness and inward freedom; they pretend to be what they are not ‘imitators’. David remains forever trapped in his own ‘room’, closet, or hell of his irreconcilable identity. (Zaborowska, M. J. 1) He fails in his journey of self-discovery within a society where gender, race and sexuality impacts on national identity. David remains loyal to America, the land of the free but never finds happiness, becoming emotionally dead and hollow, unable to love others, but mostly himself. In summary, we can recognize the lack of Emerson’s concept of self-reliance in the pivotal characters of Amir and Baba in ‘The Kite Runner’ and David in â€Å"Giovanni’s Room,†while at the same time we see evidence of nonconformity to social standards by Hassan and Giovanni. â€Å"High be his heart, faithful his will, clear his sight, that he may in good earnest be doctrine, society, law, to himself. †(Emerson 10) References Baldwin, J. Giovanni’s Room. Dell Publishing, NY. 1956 Emerson, R. W. Essay II Self Reliance 1841 As published on http://www. emersoncentral. com/selfreliance. htm Hosseini, Khaled The Kite Runner courtesy of Shahid Riaz, 2003 http://esnips. com/UserProfileAction. ns? id+ebdaae62-b650-4f30-99a4-376c0a084226 The Internet Encyclopedia of Philosophy Ralhp Waldo Emerson (1803-1882) http://www. iep. utm. edu/e/emerson. htm December 6, 2008 Zaborowska, Magdalena J. University of Michigan. 2003 http://www. litencyc. com/php/sworks. php? rec=true&UID=4964
Friday, November 8, 2019
Biography of Eduardo Quisumbing, Filipino Botanist
Biography of Eduardo Quisumbing, Filipino Botanist Eduardo Quisumbing (November 24, 1895–August 23, 1986) was a Filipino botanist and a noted expert in the medicinal plants of the Philippines. He was an author of more than 129 scientific articles, many on orchids. Quisumbing served as the director of the National Museum of the Philippines, where he oversaw the rebuilding of the herbarium, which was completely destroyed during World War II. The plant Saccolabium quisumbingii is named for him. Fast Facts: Eduardo Quisumbing Known For: Quisumbing was a Filipino botanist and a noted expert in the medicinal plants of the Philippines. The plant Saccolabium quisumbingii is named for him.Born: November 24, 1895 in Santa Cruz, Laguna, PhilippinesParents: Honorato de los R. Quisumbing, Ciriaca F. Arguelles-QuisumbingDied: August 23, 1986 in Quezon City, PhilippinesEducation: University of the Philippines Los Baà ±os (BSA, 1918), University of the Philippines Los Baà ±os (MS, 1921), University of Chicago (Ph.D., 1923)Published Works: Teratology of Philippine Orchids, The identity of Anota Violacea and Rhynchostylis Retus, New or Noteworthy Philippine Orchids, Philippine Piperaceae, Medicinal plants in the PhilippinesAwards and Honors: Distinguished Service Star for Outstanding Contribution to the Field of Systematic Botany, Diploma of Merit on Orchidology, Fellow Gold Medal from the Malaysian Orchid Society, PhilAAS Most Outstanding Award, National Scientist of the PhilippinesSpouse: Basilisa Lim-Quisumb ingChildren: Honorato Lim Quisumbing, Lourdes L. Quisumbing-Roxas, Eduardo L. Quisumbing, Jr. Early Years and Education Quisumbing was born on November 24, 1895, in Santa Cruz, Laguna, Philippines. His parents were Honorato de los R. Quisumbing and Ciriaca F. Arguelles-Quisumbing. Quisumbing earned his BSA in biology from the University of the Philippines Los Baà ±os in 1918 and his Master of Science in botany at the same university in 1921. He also earned a Ph.D. at the University of Chicago (in Plant Taxonomy, Systematics and Morphology) in 1923. Career From 1920 to 1926, Quisumbing was attached to the College of Agriculture at the University of the Philippines and from 1926 to 1928 at the University of California. He was appointed systematic botanist in 1928. Beginning in February 1934, he served as acting chief of the Natural Museum Division of the Bureau of Science in Manila. He was later named director of the National Museum, a position he held until retiring in 1961. Quisumbing was the author of numerous taxonomic and morphological papers, many of which deal with orchids, such as Medicinal plants in the Philippines. Some of his other published works include â€Å"Teratology of Philippine Orchids,†â€Å"The identity of Anota Violacea and Rhynchostylis Retus,†â€Å"New or Noteworthy Philippine Orchids,† and â€Å"Philippine Piperaceae.†He was the recipient of the Distinguished Service Star (1954) for outstanding contribution to the field of systematic botany, Diploma of Merit on Orchidology and Fellow Gold Medal from the Malaysian Orchid Society (1966), the Gold Medal from American Orchid Society, and the 1975 PhilAAS Most Outstanding Award. Death and Legacy Quisumbing died on August 23, 1986, in Quezon City, Philippines. He may be the most famous botanist from the Philippines, particularly with regard to his study on orchids. His publications and papers are still sold on sites such as Amazon. And his writings on orchids of the Philippines are still available at college libraries throughout the U.S. The orchid named after Quisumbing, Saccolabium quisumbingii- also known as Tuberolabium quisumbingii- is a beautiful plant that is widely available in the United States. Like other orchids in the genus Tuberolabium kotoense, this orchid produces small but plentiful bright purplish/pink-and-white flowers and grows in the mountains of the Phillippines. Quisumbings legacy also lives on in the other beautiful orchids and flowers of the Philippines that he spent his life cultivating, protecting, and describing for the world to learn about and enjoy. Sources â€Å"Eduardo A. Quisumbing, Sr.† geni_family_tree, 24 May 2018.Revolvy, LLC. â€Å"‘Eduardo Quisumbing’ on Revolvy.com.† Trivia Quizzes.â€Å"Tuberolabium (Saccolabium) Quisumbingii - 2017.† Orchids Forum.â€Å"Tuberolabium.† The American Orchid Society, 20 Mar. 2016.
Wednesday, November 6, 2019
A Project work of Business Studies On Various Level Of Management Essa
A Project work of Business Studies On Various Level Of Management Essa National College of Computer Studies Paknajol, Kathmandu A Project work of Business Studies On Various Level Of Management Submitted by: Submitted to: Mr. Aashish Regmi Grade: XII L Lecturer Registration no. :NCCSHSS3672 Business Studies Recommendation This is to certify that the project report Submitted by Entitled Various Level of Management Has been prepared as approved for by this department. This field assignment is forwarded for examination. Mr. Aashish Regmi, Mrs. Anuradha Chaudhary, Lecturer HOD Business studies Business studies Mr. Shiva Krishna Dangol Programme Coordinator Bibliography Asmita Books Publisher and Distributer(P)Ltd. Bing.com http://google.com ABBERVIATION HOD Head Of Department Fig. Figure No. Number S. No Serial Number W.W.W World Wide Web ACKNOWLEDGEMENT I take this opportunity to acknowledge my heartfelt gratitude to my supervisor Mr. Aashish Regmi for his valuable guidance, constant encouragement and inspiration at every stage in my research work .It is no exaggeration to state without his guidance, suggestions and co-operation this study would not have got the shape it has. My sincere thanks and gratitude to the Head of Department Mrs. Anuradha Chaudhari .I also express my special thanks to Mr. Shiva Krishna Dangol , the program co-ordinator. Above all my special mention to our college National College of Computer Science. MANISH MAHARJAN List of Figure Fig. NoTitlePage no 1.1Managerial Level2 2.1Hierarchy In Kathmandu Nursing College7 Table of content Content page no. COVERPAGE RECOMMENDATION ACKNOWLEDGEMENT ABBREVIATION LIST OF FIGURE 1. INTRODUCTION 1-6 1.1 Background of the study 1 1.2 Statement of the problem 4 1.3 Objectives of the study 4 1.4 Significance of the study 5 1.5 limitations of the study 5 1.6 Research and Methodology 5 1.7 Organization of study 6 2. DATA PRESENTATION AND ANALYSIS 7-11 2.1 Hierarchy In Kathmandu Nursing College 7 2.2 Function of various level of management in Kathmandu Nursing College 8 2.3 Introduction to the human resource according to hierarchy 9 3. SUMMARY, CONCLUSION AND RECOMMENDATION 12-13 3.1 Summary 12 3.2 Conclusion 12 3.3 Recommendation and conclusion 13 BIBLIOGRAPHY APPENDIX APPENDIX
Sunday, November 3, 2019
Read instruction Essay Example | Topics and Well Written Essays - 500 words - 1
Read instruction - Essay Example The Baroque architects, gardeners and artists including the chief designer Louis Le Vau and the artist Charles Le Brun undertook a responsible mission in order to erect a palace suitable and grand enough to host the whole royal family and the large court (EAH). One of the most remarkable fragments of Versailles is the Hall of Mirrors built and decorated under the king Louis XIV in the period when absolutism was on its peak. The 73-meters-long gallery was created with intention to glorify the victory of France in the war and symbolize political, economic and cultural success of France (en.chateauversailles.fr). Marble, gilding, mirrors, crystal chandeliers and lavish decoration tell the spectator of the glory and prestige of the French court. The political achievements were depicted by Le Brun on the arches of the gallery referring to ancient allegories. The economic power of the country was transparently stated through the number of mirrors located in front of each window of the gall ery and – thus – making the hall even more spacious. The key idea of such lavish mirror use was to demonstrate the production potential of France in mirror-making (mirrors were the objects of luxury at that time). Moreover, the Hall of Mirrors adorned with splendid Baroque paintings alluding to ancient mythology and marble sculptures of the ancient Greek gods was a brilliant specimen of the best cultural and artistic tendencies of the 17th century. To my thinking, the primary purpose is achieved successfully as Versailles and – particularly – the Hall of Mirrors inspires awe even nowadays: no wonder that the hall was often used as a waiting room for visitors because it is a perfect piece to be the â€Å"face†of the court and suggest the power and splendor of the King. In this respect, it should be also mentioned that the palace must have elevated the Crown in the eyes of the people of France: the suggestive
Friday, November 1, 2019
Managing in organisations - Teams and groups and motivation Assignment
Managing in organisations - Teams and groups and motivation - Assignment Example The organization-provided tasks include certain set of activities that have been assigned to team members. The team members do not simply assigned tasks on wish of any senior manager or on the wish of the team member, but an intensive work is carried out in which certain characteristics are taken into account that establish whether a particular team member possesses the required skills essential for meeting the objectives of assigned task. After developing a role for an individual team member, the senior management or team leader attempts to incorporate the tasks and goals of the individual team member with the aggregate goals and tasks of team. This is the ultimate objective of team building. If there is no connection between team goals and the goals of an individual team member, it would be hard for the team to continue performing and obtaining the desired team objectives. However, it may not denied that the individual members of the team may be performing well and meeting their in dividual tasks and objectives. In the absence of achieving team goals, it would be useless to develop team and work collectively. Teams are built to attain synergistic effect from the aggregate contribution of all team members. The concept of synergy can be defined as an output which is more than the numerical total of units. Keeping this view in mind, team is expected to outperform the aggregate total of their individual performance and output and at the same time, the team is required to establish that the intended team objectives are being served. Team encompasses diversity, team size, personality and team leadership. These are the fundamental aspects normally carried out by team. A team is collection of few individuals who collectively makes up a team. In this team, the presence of diversity cannot be ruled out. This could be in the form of racial diversity, age diversity and so on. Subsequent to that, team size is another factor that influences on the aggregate function of team . There exists no ideal number representing an absolute team size. However, team size is largely built up on the basis of its aggregate team objectives. Simultaneously, the role of personality in team cannot be ruled out. Some personalities are introvert and others are extrovert. Each one has its own strengths and weaknesses that directly or indirectly affect team spirit and team members as well. In the following parts of the paper, a distinction between team and group has been provided along with practical work reflection segment. It is followed by diversity portion. After completing this part, team size part has been included. Subsequent to that, personality segment has been incorporated. After completing team leadership, motivation and intrinsic motivation have been discussed. Before the conclusion part, extrinsic motivation and a collective discussion on both intrinsic and extrinsic motivation and rewards have been included. Teams and Groups Team and group are rarely used interc hangeably in organizations. Both have considerable distinction when applied to an organizational context. â€Å"A group can be defined as two or more people who develop interactive relationships and share at least one common goal or issue†(Boyd, 2008, p.190). On the other hand, team can be defined as a composition of two or more persons performing organizationally assigned tasks; sharing one or more common goals; developing and
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