Literary Criticism Essay on the novel Atonement by Ian McEwan

Literary Criticism on the novel Atonement by Ian McEwan - Essay Example This essay discusses that from a formalistic theory of literature vantage point, the way in which McEwan uses grammar and syntax is developed to create a definitive undertone for the story and characters. As Briony is introduced, the writing has a tempo that is a bit staccato. One can feel her personality through the overuse of adjectives and descriptivism in order to emit the precocious, dramatic personality of a thirteen-year-old girl embroiled in the complexity of experiences that she was not yet able to process. â€Å"Briony was hard to know it then, but this was the project's highest point of fulfillment. Nothing came near it for satisfaction, all else was dreams and frustration.† In conclusion, as the story is told, the use of words creates the proper moods and enhances the characterizations. As the consequences of actions are played through, the dilemma of the writer is characterized. â€Å"The problem these fifty-nine years has been this: how can a novelist achieve atonement when, with her absolute power of deciding outcomes, she is also God?† As the reader becomes involved and inserts his or her own experiences into the consequences of the novel, nuances of viewpoint change the way in which the reader will respond. As well, the universal symbolism that utilizes helps to clearly define the journey that is undertaken. As the different literary theories are examined in context, the novel, Atonement, by Ian McEwan becomes a tapestry of emotional content that touches on universal themes.

Tourism in Bhutan Case Study Example | Topics and Well Written Essays - 2500 words

Tourism in Bhutan - Case Study Example This research aims to evaluate and present tourism in Bhutan that has been experiencing a constant increase ever since 1974, when the Government of Bhutan all started issuing travel licenses to foreign visitors into the isolated country. The Bhutan Tourism Corporation or the BTC was solely responsible for handing tourism related matters of the country until 1991. The country’s government however, decided in 1991 to privatize and corporation in an attempt to boost up the tourism as well as facilitate private sector investment into the tourism into the industry. With the help of the efforts put in by the government, the country now has more then seventy five fully licensed tour operating companies. As mentioned above, it is the Bhutanese government that is responsible for tourism planning inside the country. The government however is reluctant to issue a great number of visit visas to tourists as it thinks of the acute impact increased tourism could have on the environment and c ulture of the country. However, if tourism is properly planned and managed by the government, alongside providing appropriate input required to boost tourist activity, then the local travel industry can easily outshine the expected growth plans without having any negative or acute impact on the environment of the country. There are already several initiatives taken by the country to boost up its tourism. The government is busy in looking for resources to finance the expansion costs. A very smart measure taken by the government is to bring all tourism related stake holders on board while drafting a new tourism related policy. This will make sure that the new tourism policy does not only represent the wishes of the State but also takes into account the views of stake holders like travel managers and tour operators who play an essential part in promoting the tourism of the country (Cooper, 2001). Objectives of the Tourism Industry The main objective of Bhutan’

Impact of the US Credit Crunch on Australian Economy

Impact of the US Credit Crunch on Australian Economy Introduction However, due to the US housing credit crunch and turbulence in financial markets all over the world immediately took into effect and global economic growth slowed towards the end of the year (OBrien et al., 2007). Given this basic premise of the current financial crisis, this literature review will be guided by exploring studies made on how the US-induced credit crunch affected the Australian economy, particularly the housing market. The first stage of this literature review is attributed to describing the current financial crisis, specifically the events that led to its development such as the collapse of the US housing and banking sectors in 2007. Part of discussing the events that took place after the onset of the financial crisis would be to examine the various mechanisms employed by financial institutions and national governments in order to mitigate the direct and indirect consequences of the financial crisis. The second part of this literature review seeks to determine the effects of the financial crisis to the Australian economy, as well as the various policy responses made by both the Reserve Bank of Australia (herein referred to as RBA) and the Australian government. Finally, this literature review will determine whether studies on the current financial crisis were able to provide sufficient attention to the manner by which it affected the housing market, particularly in the case of Australia. The rationale behind these assertions lies on the need to broaden the scope of examining the consequences brought about by the credit crunch in 2007 and the financial crisis in 2008, from being centered in the US to involve other nations as well. It should always be understood that the effect of the subprime meltdown was not limited to US firms exposed to the subprime mortgage market for the reason that globalization made regional financial markets so interconnected that crisis spread across countries at tremendous speed (Moosa, 2008). Hence, it is just apropos to exhaust scholarly works that have managed to realize that at this point in time, economic activities of nations are intertwined and the development of policy solutions should also undergo the same process. Another reason for this literature review would be to identify research gaps that will in turn serve as a motivation for future studies on the effect of the current financial crisis towards nations economies such as the case of Australia. Since the underlying context for this review of related literature is the 2007 credit crunch and the 2008-present global financial crisis, the period covered for the literature surveyed in this paper will be from 2007 to the present. With these things taken into consideration, the focus of this literature review will be the effect of the 2008 financial crisis to the housing market in Australia. From the broad circumstance of the credit crunch and the financial crisis that happened in the US and inevitably transgressed to the rest of the world, this literature review seeks to identify the relationship from a macroeconomic environment of the global financial crisis to a specific case of the housing market in Australia. The justification for this lies on the need to determine whether policy responses used in the US are effective or otherwise in mitigating the direct consequences of the crisis, and vice versa. The credit crunch and the global financial crisis As it had been previously mentioned, this portion of the literature review is allotted to discuss the credit crunch as well as the occurrence of the global financial crisis. Both the credit crunch and the financial crisis are crucial concepts in this review for the reason that it will be impossible to present and examine the effects of the financial crisis to the Australian economy, specifically the housing sector if these concepts are not understood properly. According to the National Institute Economic Review (2008), the 2008 financial crisis is rooted in the US subprime mortgage defaults. Moosa (2009) defines subprime mortgages to encompass all activities involving the granting of loan to borrowers with inferior credit worthiness creating complex financial products. Meanwhile, Honohan (2008) in his study defines a credit crunch as credit related crises suffered by banks and other intermediaries which is often the cause of contraction in lending market especially if these are triggered by exogenous economic shocks. The positive attribute of the definitions provided by these authors lie on the fact that these are lifted from actual events and circumstances, more specifically the 2007 credit crunch and the current financial crisis. Another interesting point with regard to the financial crisis was given by Barrell and Hurst (2008) who stressed that financial crises are episodic and frequent and are difficult to address without major impacts in the prospect for financial growth. Based on this observation by Barrel and Hurst (2008), it becomes evident that it is inevitable under conditions of financial crises that economic growth will not be affected, especially with globalization as the underlying condition. With regard to the direct cause that led to the development of the financial crisis, Ben Bernanke (2008), believe that the period of financial turbulence on the part of the US began in 2006 when there were uncontrollable contractions in the US housing market that were caused by the inability of certain individuals to pay for subprime mortgages. Moreover, this was reinforced by increasing constraints on credit availability, which has dramatically slowed down the economy and has made it less responsive to market changes. Honohan (2008) supports this further in his discussion on the evolution of the 2008 financial crisis by asserting that the origin of the crisis was especially pronounced in the housing market wherein credit losses are so massive that it cannot be replenished anymore. The fall of house prices in the US and other major economies such as the UK directly affected economic growth in other countries. In his study, Honohan (2008) also believes that although the current global financial crisis was triggered by the 2007 credit crunch in the US banking sector brought about by the bursting of the housing bubble, definitions such as those presented by Moosa (2009) and Barrell and Hurst (2008) should not be confined to the US experience. The explanation behind this is that other nations might have responded differently upon the advent of financial crisis. In this case the positive aspects of the study by Honohan (2008) lies on the fact that it was able to present a coherent discussion of the origin of the 2008 financial crisis as something that did not happen overnight. Instead, Honohan (2008) attributes the occurrence of the financial crisis to ineffective risk management and lax monetary and fiscal policies in the US and eventually the rest of the world. Although Honohans (2008) article was focused on the banking aspect of the financial crisis and how mortgage problems in the US, his discussion of the detrimental effects of the crisis such as the closure and bankruptcy of banks and lending institutions were effective in stressing the importance of coherent monetary policies. On the other hand, the research gap identified in the article presented by Honohan (2008) is that it was highly concentrated on the banking sector in the US, thus, ignoring the direct consequences of the credit crunch and the financial crisis to the housing sector. It should always be taken into account that the financial crisis originated in the housing sector. Hence, potential solutions should first be geared towards addressing the negative consequences brought about by the crisis in the housing sector. Another gap in the study made by Honohan (2008) was that it was not able to present recommendations that will serve as a guide to policy makers as to how to mitigate the direct and indirect consequences of the current financial crisis. In a similar study, Barrell and Davis (2008) observed that the evolution of the 2007-2008 financial crises was brought about by low global interest rates arising in turn from high levels of global liquidity. This can be explained further by the case of the US wherein bank lending to households grew at unprecedented rates leading to the point that people can no longer pay their monthly dues. In addition to this, Barrell and Davis (2008) also indicated that banks are expected to hold increasingly low levels of balance sheet liquid assets, given low interest rates, and they undertook aggressive wholesale liability management to maintain funding levels. Without these initial actions taken to address the earliest manifestation of a credit crunch particularly the collapse of the housing market, countries would not have survived the crisis and will be forced to close down major financial institutions. Again, in order to understand the financial crisis and its effects towards nations and economies, it should be taken into consideration that the asset price bubble in the US in 2007 was perhaps the most noticeable occurrence in the housing sector and this has led to irreversible consequences in the financial sector. Given this event, Barrell and Hurst (2008) supports this by stating that it is the short-term fluctuations in house prices that affected consumption in countries like the US and the UK, therefore fostering slow growth in the rest of the developed world—and eventually, the rest of the world. In their discussion of the present financial crises, as well as the prospects for recession, Barrell and Hurst (2008) stated that the best way to address the negative consequences of the crisis would be through effective monetary policy through interest rates reduction which should be set by the central bank in order to prevent bubbles like the housing bubble in the US from bursting and damaging economies at larger scales. The low global interest rates contributed to rapid credit expansion and rise in asset prices which greatly contributed to the US financial crisis (Barrell Davis, 2008). The benefits provided by the study made by Barrell and Hurst (2008) and the article written by Barrell and Davis (2008) would be that in both instances, the authors were able to recognize the collapse of the housing sector as the root cause of the financial crisis. Hence, in both articles, the authors believe that solutions for the current financial crisis should not neglect making changes in the structure of the housing sector. As for the gaps in the studies presented by Barrell and Davies (2008) and Barrell and Hurst (2008), the authors in both articles failed to establish a strong relationship between the policy recommendations that they have made to counteract the negative effects of the financial crisis from worsening and the need to direct solutions at improving the housing sector to prevent another collapse in the future. Also, like most of the scholarly works reviewed in this paper, the articles presented by Barrell and Davies (2008) and Barrell and Hurst (2008) were both centered on the case of the US and the UK, without taking into account that these cases cannot be used to generalize the responses of other nations to the financial crisis. Perceived solutions to the credit crunch and the financial crisis After presenting the various definitions and understanding of the ongoing financial crisis, it is just apropos to also present the perceived solutions to the credit crunch as well as the financial crisis based on the literature reviewed for this study. According to Harris and Davidson (2009) governments have a huge role in addressing the credit crunches and financial crises through the enforcement of effective fiscal policy. The government holds responsibility to help manage the nations resources in order to foster growth and present more job-creating opportunities. In the same article, Harris and Davidson (2009) also raised that the initial response to the credit crunch was reliant on the role of the government to intervene and take action to prevent the consequences from worsening into a financial crisis and a global recession. The example given in the article was the case of the US, whose immediate response would be Paulsons initial $700 billion bail-out package that was envisioned to foster government spending through state and local governments spending. The research gaps identified in the studies presented above, namely the lack of coherent recommendations to address the financial crisis at the practical level were addressed by Harris and Davidson (2009). The reason for this is that Harris and Davidson (2009) stressed on the need for fiscal policies to counteract the immediate effects of the credit crunch. Although the focus on government intervention can be considered both as a positive and negative aspect of the study for the reason that in order to fully control both the financial and the social effects of a credit crunch, it is not sufficient to simply rely on fiscal policy but have a combination of both monetary and fiscal policy. With these things taken into account, the only identifiable gap in the study by Harris and Davidson (2009) is that it was not able to discuss existing and potential monetary policies that may go hand in hand with fiscal policies in managing the negative consequences of the financial crisis. The research gaps identified in the study by Harris and Davidson (2009) were effectively addressed in the study by Belke (2009) for the reason that it may have proposed the use of fiscal stimulus to counteract the direct effects of the credit crunch and that of the crisis as well but Belke (2009) also explored the option of having a combination of both monetary and fiscal policy in order prevent the credit crunch and the financial crisis from initiating a move towards a global economic meltdown. According to Belke (2009) the generic answer to prevent the generic economy from collapsing is that use of fiscal policy to sustain demand, since monetary policy with its main concentration on interest rates approaching zero is no longer effective. The strength of the study made by Belke (2009) is that it was able to cite concrete situations that will illustrate the effectiveness of using both fiscal and monetary policy. For instance, the case of the European Union (EU) specifically the UK wherein tax cuts are implemented in order to effectively increase demand and to foster higher levels and consumption were cited by Belke (2009) as an example of fiscal policy to boost the economy. With these examples and conditions taken into account, the research gap in the study presented by Belke (2009) lies on the fact that it was not able to fully exhaust the potential options that will aid nations, especially those that are not dependent on credit consumption, to handle the immediate impact of the financial crisis that has been triggered by the credit crunch in the US in 2007. Moreover, even if the most suitable cases to illustrate the proposed solutions would be that of the US and other developed EU countries, it would have been better if Belke (2009) used a comparative method between countries that relied on both fiscal and monetary policy and those that did not. It is only through comparison that Belke (2009) could further justify the assertions and recommendations that she had made in her study. As it had been previously raised in this literature review, Belke (2009) was not able to establish a relationship between fiscal policy, monetary policy and the housing sector. The reason for this would be that the housing sector was the triggered the financial crisis. Thus, it is just apt that immediate solutions be directed toward the housing sector as well. Furthermore, the fact the Belke (2009) also focused on the case of the US and the developed countries in the EU is also considered as a gap in the research for the reason that the effectiveness of both fiscal and monetary policy cannot be generalized in the case of only the US or the UK. The financial crisis and the housing sector This portion of the literature review briefly presents the effect of the financial crisis on the housing sector, where it is believed to have originated. It is already given that the credit crunch and eventually the financial crisis emanated from the housing industry in the US, but this does not mean that research should be confined in the case of the US and other economic superpowers such as the UK. The academic literature available regarding the effect of the financial crisis on the housing market and vice versa was once again confined to the case and experiences of the US. For example, in a speech delivered by Ben Bernanke (2008) he stated that housing markets remain weak, with low demand and the increased number of distressed properties on the market contributing to further declines in house prices and ongoing reductions in new construction. The observation made by Bernanke was reinforced by the arguments raised by Barrell (2008) wherein he pointed out that one of the significant factors that affected the worsening of the credit crunch into a full blown financial crisis would be the inability of the US government to respond to the need to intervene to economic activities. Based on these statements, it can be said that homeowners are affected by the decline in demand for houses because they cannot sell at a loss given that the current market prices for the house are low. In addition to this, homeowners cannot make further investments because their money has been trapped in the real estate property that they hold and their inability to shoulder the dept payments. In another scenario, homeowners who are facing debt for their mortgage are facing high risks of losing their property since they may not have the proper mechanism to generate additional income in order to finance for the payment. This was supported by Miron (2009) when he stated that if government redistributes income by intervening in the mortgage market it will however, it creates the potential for large distortions of private behavior. The financial crisis and the Australian Economy Prior to examining available literature on the effect of the present global financial crisis to the Australian housing sector, it is necessary to present the broader picture by determining the effect of the financial crisis to the overall Australian economy as well as immediate policy responses employed to control its negative consequences. The need to examine the effect of the financial crisis on the economy lies on the fact that the contagious effect of the subprime crisis has hit financial institutions in Europe and Australia, therefore, damaging health of s significant number of financial institutions and reducing the ability of others to run their business properly (Moosa, 2008). Under these conditions, Moosa (2008) presented a study that was driven by the need to clearly identify the effect of a US induced credit crunch and financial crisis towards the Australian economy, particularly in terms of the underlying policy decisions implemented by both the RBA and the government. The bursting of the US housing market bubble in 2007 led to the rapid decline in the house prices and the downgrades of related asset-backed securities as well as the collapse of the banking and lending institutions in the US and most of the EU (Moosa, 2008). The same cannot be said in the case of Australia, where the housing market was not particularly overvalued as in the case of the US, but was nonetheless vulnerable to the harsh effects of the credit crunch. The explanation behind this is that there are still large portions of subprime loans granted to borrowers in Australia, hence there is still the risk that they may not have reliable credit records. The only difference between the case of the most countries like the US and Australia in terms of the extent to which the financial crisis affected the economy are in terms of policy initiatives and effective regulation. Given this basic premise, Moosa (2008) asserted that one of the reasons why Australia was not subjected to massive losses after the financial crisis in 2008 was due to the fact that the housing sector did not experience massive shocks as in the case of the US, the UK and most countries in the EU. Typically, mortgages in banks and lending institutions was hit hard by the collapse in the subprime housing market in the US, in the case of Australia, the effect was not severe by the bursting of the housing bubble. In his study, Moosa (2008) began by discussing the reason why the subprime crisis in the US took effect in June of 2007. Moosa (2008) identified two critical areas in order to explain this. First would be the lax monetary policy as indicated by the low interest rates; second, reckless lending of banks to dodgy borrowers and excessive securitization. Although Moosa (2008) indicated in his study that the Australian economy is still susceptible to the effects of the subprime crisis brought about by liquidity situations that push investors to stay away from private sector securities, the only difference is that the Australian financial sector had the necessary policies to balance this out. The positive aspect of the study presented by Moosa (2008) is that it was able to showcase the difference between the effect of the current financial crisis in the US and other nations and Australia. Through Moosas (2008) study, it becomes clear that even though financial crises have a common shape, its consequences are not always the same for every nation. The explanation behind this is that each nation has its own set of fiscal and monetary policy. Consequently, nations, such as Australia respond differently to the same conditions set by the global financial crisis. Regarding the research gap in Moosas (2008) study, it had failed to establish the elements that were present in the Australian economy that enabled it to respond differently and optimally to the shock that was brought about by the financial crisis, as well as the credit crunch which preceded it. What could have been done by Moosa (2008) in order to address this gap would be to cite concrete instances in the Australian economy wherein the implementation of effective policies was able to overcome the negative consequences of the financial crisis. Malcolm Edey (2008), Assistant Governor of the RBA, was able to articulate reasons on why the Australian economy was able to withstand the detrimental consequences of the 2008 financial crisis. The arguments raised by Edey (2008) directly address the research gap identified in the article by Moosa (2008). According to Edey (2008), the reason why the Australian economy was able to minimize the losses despite the financial crisis and the looming threat of recession was due to the following reasons. First, subprime loans are essentially loans that do not meet standard criteria for good credit quality. In Australia, a different policy was employed to address non conforming loans. Ellis (2009) supports this by stating that in Australia, citizens pay the interest in their homes mortgage against their tax, so they are encouraged to keep their mortgage balances low. Second, unlike in other countries such as the US, the Australian government was able to develop coherent fiscal and monetary policy that will encourage households and business sectors to be more risk averse by having higher levels of savings and investment. An example of this would be the AUD 42 billion stimulus package that was called the National Building and Job Plan (Edey, 2008). To further support the points raised by Edey (2008) and Ellis (2009), Steven Kennedy (2009) from the Australian Treasury presented three reasons on why the Australian economy was one of the few who managed to overcome the negative consequences brought about by the 2007 credit crunch and the existing global financial crisis. The primary reason identified by Kennedy (2009) was that the Australian government and the RBA had timely policy responses to the occurrence of the financial crisis. Second, being at close proximity with Asian countries, such as China, Australia was able to benefit from the continuous growth rates of these Asian economies. Finally, the Australian banking system has remained in good shape throughout the crisis which meant that it has effectively operated with sound rules and regulations. The benefits offered by the studies made by Ellis (2009) and Kennedy (2009) is that both were able to acknowledge the unique characteristic of the Australian economy, which are deeply rooted in effective policy making and regulatory ability on the part of both the RBA and the government. In addition to this, income growth in Australia was already strong prior to the crisis which means that policy makers have to option to concentrate on weaker sectors of the economy that will experience the consequences of the crisis in a different scale. Again, the research gap in the observations given by Ellis (2009) and Kennedy (2009) is that the practical examples and illustrations on how these policies were translated into actual practice are once again insufficient. Another problematic aspect of these articles is that the authors only presented the positive aspect of effective monetary and fiscal policies, thus, disregarding the fact that these might also manifest flaws that might jeopardize the success of the regulation. Ellis (2009) and Kennedy (2009) in their separate articles mentioned that Australia had an edge over other nations in terms of counteracting the direct effects of the financial crises, but both scholars failed to provide stronger basis to support such assertion. The financial crisis and the housing market in Australia The final section of this literature review is allotted in examining the available studies made with regard to the current state of the housing market in Australia and how it responded towards the occurrence of the financial crisis. With regard to the overall condition of the housing market, Edgerton (2008) presented a detailed discussion of the through the pricing, purchasing and selling trends in major Australian cities namely, Sydney, Melbourne, Brisbane, Adelaide, Perth, Darwin, and Canbera. The method used by Edgerton (2008) was to analyze trends in housing price increase and/or decrease as well as trends for sales and purchases of houses in these major Australian cities. The findings from the study made by Edgerton (2008) indicate that it is not only the international factors such as the 2007 credit crunch and the existing financial crisis that may affect the overall performance and condition of the housing market. Instead, national factors may also affect the formation and eventually the bursting of housing bubbles. In order to support his claims Edgerton (2008) cited that Australia employ better lending standards compared to other countries, specifically the US. To illustrate this further, in Australia, there are no recourse loans unlike in the US where many mortgages are non-recourse. Non-recourse loans mean that the borrower in financial difficulty to pay their debts has the option of handing their house back to the bank without incurring any liability for any shortfall when the house is sold. It is a different scenario in Australia because borrowers, regardless of whether they give back the house or not (Edgerton, 2008). Hence, unlike in the US and other markets, the borrowers in Australia remain liable for any shortfall. With this, the housing markets as well as banking and lending institutions in Australia are not tasked to shoulder the losses from subprime mortgages. The strength of the study by Edgerton (2008) is that he was able to stress that Australia employs rather different regulatory practices compared to the US, particularly in handling mortgage. From a description of the quick acting policies in the housing, banking and lending sector, the Australian economy, most specifically the housing sector was able to survive and overcome the detrimental elements of the financial crisis. It is also important to point out that Edgerton (2008) is one of the few scholars who gave attention to the importance of the housing market in determining the overall performance of the economy, specifically in the case of Australia. Besides, the housing market can serve as an avenue for added investments and new business opportunities; hence it should not be taken for granted, particularly during times of crises. It was also helpful that the paper presented had visual illustrations such as graphs in order to illustrate further the performance of the economy relative to the financial crisis and its effect on the housing sector. On the other hand, the research gap in the study by Edgerton (2008) is that it was not able to establish the reasons that serve as motivation for the government to implement stricter mechanisms. Impact of the US Credit Crunch on Australian Economy Impact of the US Credit Crunch on Australian Economy Introduction However, due to the US housing credit crunch and turbulence in financial markets all over the world immediately took into effect and global economic growth slowed towards the end of the year (OBrien et al., 2007). Given this basic premise of the current financial crisis, this literature review will be guided by exploring studies made on how the US-induced credit crunch affected the Australian economy, particularly the housing market. The first stage of this literature review is attributed to describing the current financial crisis, specifically the events that led to its development such as the collapse of the US housing and banking sectors in 2007. Part of discussing the events that took place after the onset of the financial crisis would be to examine the various mechanisms employed by financial institutions and national governments in order to mitigate the direct and indirect consequences of the financial crisis. The second part of this literature review seeks to determine the effects of the financial crisis to the Australian economy, as well as the various policy responses made by both the Reserve Bank of Australia (herein referred to as RBA) and the Australian government. Finally, this literature review will determine whether studies on the current financial crisis were able to provide sufficient attention to the manner by which it affected the housing market, particularly in the case of Australia. The rationale behind these assertions lies on the need to broaden the scope of examining the consequences brought about by the credit crunch in 2007 and the financial crisis in 2008, from being centered in the US to involve other nations as well. It should always be understood that the effect of the subprime meltdown was not limited to US firms exposed to the subprime mortgage market for the reason that globalization made regional financial markets so interconnected that crisis spread across countries at tremendous speed (Moosa, 2008). Hence, it is just apropos to exhaust scholarly works that have managed to realize that at this point in time, economic activities of nations are intertwined and the development of policy solutions should also undergo the same process. Another reason for this literature review would be to identify research gaps that will in turn serve as a motivation for future studies on the effect of the current financial crisis towards nations economies such as the case of Australia. Since the underlying context for this review of related literature is the 2007 credit crunch and the 2008-present global financial crisis, the period covered for the literature surveyed in this paper will be from 2007 to the present. With these things taken into consideration, the focus of this literature review will be the effect of the 2008 financial crisis to the housing market in Australia. From the broad circumstance of the credit crunch and the financial crisis that happened in the US and inevitably transgressed to the rest of the world, this literature review seeks to identify the relationship from a macroeconomic environment of the global financial crisis to a specific case of the housing market in Australia. The justification for this lies on the need to determine whether policy responses used in the US are effective or otherwise in mitigating the direct consequences of the crisis, and vice versa. The credit crunch and the global financial crisis As it had been previously mentioned, this portion of the literature review is allotted to discuss the credit crunch as well as the occurrence of the global financial crisis. Both the credit crunch and the financial crisis are crucial concepts in this review for the reason that it will be impossible to present and examine the effects of the financial crisis to the Australian economy, specifically the housing sector if these concepts are not understood properly. According to the National Institute Economic Review (2008), the 2008 financial crisis is rooted in the US subprime mortgage defaults. Moosa (2009) defines subprime mortgages to encompass all activities involving the granting of loan to borrowers with inferior credit worthiness creating complex financial products. Meanwhile, Honohan (2008) in his study defines a credit crunch as credit related crises suffered by banks and other intermediaries which is often the cause of contraction in lending market especially if these are triggered by exogenous economic shocks. The positive attribute of the definitions provided by these authors lie on the fact that these are lifted from actual events and circumstances, more specifically the 2007 credit crunch and the current financial crisis. Another interesting point with regard to the financial crisis was given by Barrell and Hurst (2008) who stressed that financial crises are episodic and frequent and are difficult to address without major impacts in the prospect for financial growth. Based on this observation by Barrel and Hurst (2008), it becomes evident that it is inevitable under conditions of financial crises that economic growth will not be affected, especially with globalization as the underlying condition. With regard to the direct cause that led to the development of the financial crisis, Ben Bernanke (2008), believe that the period of financial turbulence on the part of the US began in 2006 when there were uncontrollable contractions in the US housing market that were caused by the inability of certain individuals to pay for subprime mortgages. Moreover, this was reinforced by increasing constraints on credit availability, which has dramatically slowed down the economy and has made it less responsive to market changes. Honohan (2008) supports this further in his discussion on the evolution of the 2008 financial crisis by asserting that the origin of the crisis was especially pronounced in the housing market wherein credit losses are so massive that it cannot be replenished anymore. The fall of house prices in the US and other major economies such as the UK directly affected economic growth in other countries. In his study, Honohan (2008) also believes that although the current global financial crisis was triggered by the 2007 credit crunch in the US banking sector brought about by the bursting of the housing bubble, definitions such as those presented by Moosa (2009) and Barrell and Hurst (2008) should not be confined to the US experience. The explanation behind this is that other nations might have responded differently upon the advent of financial crisis. In this case the positive aspects of the study by Honohan (2008) lies on the fact that it was able to present a coherent discussion of the origin of the 2008 financial crisis as something that did not happen overnight. Instead, Honohan (2008) attributes the occurrence of the financial crisis to ineffective risk management and lax monetary and fiscal policies in the US and eventually the rest of the world. Although Honohans (2008) article was focused on the banking aspect of the financial crisis and how mortgage problems in the US, his discussion of the detrimental effects of the crisis such as the closure and bankruptcy of banks and lending institutions were effective in stressing the importance of coherent monetary policies. On the other hand, the research gap identified in the article presented by Honohan (2008) is that it was highly concentrated on the banking sector in the US, thus, ignoring the direct consequences of the credit crunch and the financial crisis to the housing sector. It should always be taken into account that the financial crisis originated in the housing sector. Hence, potential solutions should first be geared towards addressing the negative consequences brought about by the crisis in the housing sector. Another gap in the study made by Honohan (2008) was that it was not able to present recommendations that will serve as a guide to policy makers as to how to mitigate the direct and indirect consequences of the current financial crisis. In a similar study, Barrell and Davis (2008) observed that the evolution of the 2007-2008 financial crises was brought about by low global interest rates arising in turn from high levels of global liquidity. This can be explained further by the case of the US wherein bank lending to households grew at unprecedented rates leading to the point that people can no longer pay their monthly dues. In addition to this, Barrell and Davis (2008) also indicated that banks are expected to hold increasingly low levels of balance sheet liquid assets, given low interest rates, and they undertook aggressive wholesale liability management to maintain funding levels. Without these initial actions taken to address the earliest manifestation of a credit crunch particularly the collapse of the housing market, countries would not have survived the crisis and will be forced to close down major financial institutions. Again, in order to understand the financial crisis and its effects towards nations and economies, it should be taken into consideration that the asset price bubble in the US in 2007 was perhaps the most noticeable occurrence in the housing sector and this has led to irreversible consequences in the financial sector. Given this event, Barrell and Hurst (2008) supports this by stating that it is the short-term fluctuations in house prices that affected consumption in countries like the US and the UK, therefore fostering slow growth in the rest of the developed world—and eventually, the rest of the world. In their discussion of the present financial crises, as well as the prospects for recession, Barrell and Hurst (2008) stated that the best way to address the negative consequences of the crisis would be through effective monetary policy through interest rates reduction which should be set by the central bank in order to prevent bubbles like the housing bubble in the US from bursting and damaging economies at larger scales. The low global interest rates contributed to rapid credit expansion and rise in asset prices which greatly contributed to the US financial crisis (Barrell Davis, 2008). The benefits provided by the study made by Barrell and Hurst (2008) and the article written by Barrell and Davis (2008) would be that in both instances, the authors were able to recognize the collapse of the housing sector as the root cause of the financial crisis. Hence, in both articles, the authors believe that solutions for the current financial crisis should not neglect making changes in the structure of the housing sector. As for the gaps in the studies presented by Barrell and Davies (2008) and Barrell and Hurst (2008), the authors in both articles failed to establish a strong relationship between the policy recommendations that they have made to counteract the negative effects of the financial crisis from worsening and the need to direct solutions at improving the housing sector to prevent another collapse in the future. Also, like most of the scholarly works reviewed in this paper, the articles presented by Barrell and Davies (2008) and Barrell and Hurst (2008) were both centered on the case of the US and the UK, without taking into account that these cases cannot be used to generalize the responses of other nations to the financial crisis. Perceived solutions to the credit crunch and the financial crisis After presenting the various definitions and understanding of the ongoing financial crisis, it is just apropos to also present the perceived solutions to the credit crunch as well as the financial crisis based on the literature reviewed for this study. According to Harris and Davidson (2009) governments have a huge role in addressing the credit crunches and financial crises through the enforcement of effective fiscal policy. The government holds responsibility to help manage the nations resources in order to foster growth and present more job-creating opportunities. In the same article, Harris and Davidson (2009) also raised that the initial response to the credit crunch was reliant on the role of the government to intervene and take action to prevent the consequences from worsening into a financial crisis and a global recession. The example given in the article was the case of the US, whose immediate response would be Paulsons initial $700 billion bail-out package that was envisioned to foster government spending through state and local governments spending. The research gaps identified in the studies presented above, namely the lack of coherent recommendations to address the financial crisis at the practical level were addressed by Harris and Davidson (2009). The reason for this is that Harris and Davidson (2009) stressed on the need for fiscal policies to counteract the immediate effects of the credit crunch. Although the focus on government intervention can be considered both as a positive and negative aspect of the study for the reason that in order to fully control both the financial and the social effects of a credit crunch, it is not sufficient to simply rely on fiscal policy but have a combination of both monetary and fiscal policy. With these things taken into account, the only identifiable gap in the study by Harris and Davidson (2009) is that it was not able to discuss existing and potential monetary policies that may go hand in hand with fiscal policies in managing the negative consequences of the financial crisis. The research gaps identified in the study by Harris and Davidson (2009) were effectively addressed in the study by Belke (2009) for the reason that it may have proposed the use of fiscal stimulus to counteract the direct effects of the credit crunch and that of the crisis as well but Belke (2009) also explored the option of having a combination of both monetary and fiscal policy in order prevent the credit crunch and the financial crisis from initiating a move towards a global economic meltdown. According to Belke (2009) the generic answer to prevent the generic economy from collapsing is that use of fiscal policy to sustain demand, since monetary policy with its main concentration on interest rates approaching zero is no longer effective. The strength of the study made by Belke (2009) is that it was able to cite concrete situations that will illustrate the effectiveness of using both fiscal and monetary policy. For instance, the case of the European Union (EU) specifically the UK wherein tax cuts are implemented in order to effectively increase demand and to foster higher levels and consumption were cited by Belke (2009) as an example of fiscal policy to boost the economy. With these examples and conditions taken into account, the research gap in the study presented by Belke (2009) lies on the fact that it was not able to fully exhaust the potential options that will aid nations, especially those that are not dependent on credit consumption, to handle the immediate impact of the financial crisis that has been triggered by the credit crunch in the US in 2007. Moreover, even if the most suitable cases to illustrate the proposed solutions would be that of the US and other developed EU countries, it would have been better if Belke (2009) used a comparative method between countries that relied on both fiscal and monetary policy and those that did not. It is only through comparison that Belke (2009) could further justify the assertions and recommendations that she had made in her study. As it had been previously raised in this literature review, Belke (2009) was not able to establish a relationship between fiscal policy, monetary policy and the housing sector. The reason for this would be that the housing sector was the triggered the financial crisis. Thus, it is just apt that immediate solutions be directed toward the housing sector as well. Furthermore, the fact the Belke (2009) also focused on the case of the US and the developed countries in the EU is also considered as a gap in the research for the reason that the effectiveness of both fiscal and monetary policy cannot be generalized in the case of only the US or the UK. The financial crisis and the housing sector This portion of the literature review briefly presents the effect of the financial crisis on the housing sector, where it is believed to have originated. It is already given that the credit crunch and eventually the financial crisis emanated from the housing industry in the US, but this does not mean that research should be confined in the case of the US and other economic superpowers such as the UK. The academic literature available regarding the effect of the financial crisis on the housing market and vice versa was once again confined to the case and experiences of the US. For example, in a speech delivered by Ben Bernanke (2008) he stated that housing markets remain weak, with low demand and the increased number of distressed properties on the market contributing to further declines in house prices and ongoing reductions in new construction. The observation made by Bernanke was reinforced by the arguments raised by Barrell (2008) wherein he pointed out that one of the significant factors that affected the worsening of the credit crunch into a full blown financial crisis would be the inability of the US government to respond to the need to intervene to economic activities. Based on these statements, it can be said that homeowners are affected by the decline in demand for houses because they cannot sell at a loss given that the current market prices for the house are low. In addition to this, homeowners cannot make further investments because their money has been trapped in the real estate property that they hold and their inability to shoulder the dept payments. In another scenario, homeowners who are facing debt for their mortgage are facing high risks of losing their property since they may not have the proper mechanism to generate additional income in order to finance for the payment. This was supported by Miron (2009) when he stated that if government redistributes income by intervening in the mortgage market it will however, it creates the potential for large distortions of private behavior. The financial crisis and the Australian Economy Prior to examining available literature on the effect of the present global financial crisis to the Australian housing sector, it is necessary to present the broader picture by determining the effect of the financial crisis to the overall Australian economy as well as immediate policy responses employed to control its negative consequences. The need to examine the effect of the financial crisis on the economy lies on the fact that the contagious effect of the subprime crisis has hit financial institutions in Europe and Australia, therefore, damaging health of s significant number of financial institutions and reducing the ability of others to run their business properly (Moosa, 2008). Under these conditions, Moosa (2008) presented a study that was driven by the need to clearly identify the effect of a US induced credit crunch and financial crisis towards the Australian economy, particularly in terms of the underlying policy decisions implemented by both the RBA and the government. The bursting of the US housing market bubble in 2007 led to the rapid decline in the house prices and the downgrades of related asset-backed securities as well as the collapse of the banking and lending institutions in the US and most of the EU (Moosa, 2008). The same cannot be said in the case of Australia, where the housing market was not particularly overvalued as in the case of the US, but was nonetheless vulnerable to the harsh effects of the credit crunch. The explanation behind this is that there are still large portions of subprime loans granted to borrowers in Australia, hence there is still the risk that they may not have reliable credit records. The only difference between the case of the most countries like the US and Australia in terms of the extent to which the financial crisis affected the economy are in terms of policy initiatives and effective regulation. Given this basic premise, Moosa (2008) asserted that one of the reasons why Australia was not subjected to massive losses after the financial crisis in 2008 was due to the fact that the housing sector did not experience massive shocks as in the case of the US, the UK and most countries in the EU. Typically, mortgages in banks and lending institutions was hit hard by the collapse in the subprime housing market in the US, in the case of Australia, the effect was not severe by the bursting of the housing bubble. In his study, Moosa (2008) began by discussing the reason why the subprime crisis in the US took effect in June of 2007. Moosa (2008) identified two critical areas in order to explain this. First would be the lax monetary policy as indicated by the low interest rates; second, reckless lending of banks to dodgy borrowers and excessive securitization. Although Moosa (2008) indicated in his study that the Australian economy is still susceptible to the effects of the subprime crisis brought about by liquidity situations that push investors to stay away from private sector securities, the only difference is that the Australian financial sector had the necessary policies to balance this out. The positive aspect of the study presented by Moosa (2008) is that it was able to showcase the difference between the effect of the current financial crisis in the US and other nations and Australia. Through Moosas (2008) study, it becomes clear that even though financial crises have a common shape, its consequences are not always the same for every nation. The explanation behind this is that each nation has its own set of fiscal and monetary policy. Consequently, nations, such as Australia respond differently to the same conditions set by the global financial crisis. Regarding the research gap in Moosas (2008) study, it had failed to establish the elements that were present in the Australian economy that enabled it to respond differently and optimally to the shock that was brought about by the financial crisis, as well as the credit crunch which preceded it. What could have been done by Moosa (2008) in order to address this gap would be to cite concrete instances in the Australian economy wherein the implementation of effective policies was able to overcome the negative consequences of the financial crisis. Malcolm Edey (2008), Assistant Governor of the RBA, was able to articulate reasons on why the Australian economy was able to withstand the detrimental consequences of the 2008 financial crisis. The arguments raised by Edey (2008) directly address the research gap identified in the article by Moosa (2008). According to Edey (2008), the reason why the Australian economy was able to minimize the losses despite the financial crisis and the looming threat of recession was due to the following reasons. First, subprime loans are essentially loans that do not meet standard criteria for good credit quality. In Australia, a different policy was employed to address non conforming loans. Ellis (2009) supports this by stating that in Australia, citizens pay the interest in their homes mortgage against their tax, so they are encouraged to keep their mortgage balances low. Second, unlike in other countries such as the US, the Australian government was able to develop coherent fiscal and monetary policy that will encourage households and business sectors to be more risk averse by having higher levels of savings and investment. An example of this would be the AUD 42 billion stimulus package that was called the National Building and Job Plan (Edey, 2008). To further support the points raised by Edey (2008) and Ellis (2009), Steven Kennedy (2009) from the Australian Treasury presented three reasons on why the Australian economy was one of the few who managed to overcome the negative consequences brought about by the 2007 credit crunch and the existing global financial crisis. The primary reason identified by Kennedy (2009) was that the Australian government and the RBA had timely policy responses to the occurrence of the financial crisis. Second, being at close proximity with Asian countries, such as China, Australia was able to benefit from the continuous growth rates of these Asian economies. Finally, the Australian banking system has remained in good shape throughout the crisis which meant that it has effectively operated with sound rules and regulations. The benefits offered by the studies made by Ellis (2009) and Kennedy (2009) is that both were able to acknowledge the unique characteristic of the Australian economy, which are deeply rooted in effective policy making and regulatory ability on the part of both the RBA and the government. In addition to this, income growth in Australia was already strong prior to the crisis which means that policy makers have to option to concentrate on weaker sectors of the economy that will experience the consequences of the crisis in a different scale. Again, the research gap in the observations given by Ellis (2009) and Kennedy (2009) is that the practical examples and illustrations on how these policies were translated into actual practice are once again insufficient. Another problematic aspect of these articles is that the authors only presented the positive aspect of effective monetary and fiscal policies, thus, disregarding the fact that these might also manifest flaws that might jeopardize the success of the regulation. Ellis (2009) and Kennedy (2009) in their separate articles mentioned that Australia had an edge over other nations in terms of counteracting the direct effects of the financial crises, but both scholars failed to provide stronger basis to support such assertion. The financial crisis and the housing market in Australia The final section of this literature review is allotted in examining the available studies made with regard to the current state of the housing market in Australia and how it responded towards the occurrence of the financial crisis. With regard to the overall condition of the housing market, Edgerton (2008) presented a detailed discussion of the through the pricing, purchasing and selling trends in major Australian cities namely, Sydney, Melbourne, Brisbane, Adelaide, Perth, Darwin, and Canbera. The method used by Edgerton (2008) was to analyze trends in housing price increase and/or decrease as well as trends for sales and purchases of houses in these major Australian cities. The findings from the study made by Edgerton (2008) indicate that it is not only the international factors such as the 2007 credit crunch and the existing financial crisis that may affect the overall performance and condition of the housing market. Instead, national factors may also affect the formation and eventually the bursting of housing bubbles. In order to support his claims Edgerton (2008) cited that Australia employ better lending standards compared to other countries, specifically the US. To illustrate this further, in Australia, there are no recourse loans unlike in the US where many mortgages are non-recourse. Non-recourse loans mean that the borrower in financial difficulty to pay their debts has the option of handing their house back to the bank without incurring any liability for any shortfall when the house is sold. It is a different scenario in Australia because borrowers, regardless of whether they give back the house or not (Edgerton, 2008). Hence, unlike in the US and other markets, the borrowers in Australia remain liable for any shortfall. With this, the housing markets as well as banking and lending institutions in Australia are not tasked to shoulder the losses from subprime mortgages. The strength of the study by Edgerton (2008) is that he was able to stress that Australia employs rather different regulatory practices compared to the US, particularly in handling mortgage. From a description of the quick acting policies in the housing, banking and lending sector, the Australian economy, most specifically the housing sector was able to survive and overcome the detrimental elements of the financial crisis. It is also important to point out that Edgerton (2008) is one of the few scholars who gave attention to the importance of the housing market in determining the overall performance of the economy, specifically in the case of Australia. Besides, the housing market can serve as an avenue for added investments and new business opportunities; hence it should not be taken for granted, particularly during times of crises. It was also helpful that the paper presented had visual illustrations such as graphs in order to illustrate further the performance of the economy relative to the financial crisis and its effect on the housing sector. On the other hand, the research gap in the study by Edgerton (2008) is that it was not able to establish the reasons that serve as motivation for the government to implement stricter mechanisms.

King for a Day :: Rick Reilly Sports Illustrated Athletics Essays

King for a Day Rick Reilly, within his weekly Sports Illustrated column, â€Å"The Life of Reilly† sheds an interesting light onto the LeBron James controversy. LeBron James is considered, possibly, the greatest high school basketball player ever and will, in most scouts’ opinion, will be the first player selected in the 2003 N.B.A. draft. However, after a chain of events involving a gift of $845 worth of free basketball jerseys, James was ruled ineligible for two of his team’s high school games. Reilly explains the benefit another player receives from James’ error. Junior Brandon Weems has the chance to step in the shoes no one can fill and play in front of full crowds expecting to see LeBron. This paper will discuss briefly Reilly’s background as well as whom he has intended to read his piece. Furthermore, it will also discuss the rhetorical appeals Reilly has used and the argument structure that is taking place. Reilly has been a Sports Illustrated writer for seventeen years and has won the award for National Sportswriter of the Year seven times. His career has taken him places such as the golf course with President Bill Clinton, into the cockpit of an F-14 fighter plane, to the daunting task of being present at the Swimsuit Edition photo shoot. Reilly, who started in 1979 with the Boulder (CO) Daily Camera, always tends to put a witty and amusing spin on stories that may seem bland at first glance. It has been said that he has an uncanny knowledge of all sports mixed with the â€Å"timing of Jay Leno and the wit of Johnny Carson† (si.com). The intended audience for the piece, â€Å"King for a Day†, is an intelligent crowd that has somewhat of an interest in sports in general, not necessarily basketball. Any current or former high school athlete can relate to the situation that Weems is in. He is a replacement who just wants to have fun when he gets the chance. Anyone who appreciates the story of an underdog who succeeds will value this article. Reilly’s purpose is to show that there are two sides to ever story.

Oil and Natural Gas: Its Effects to America and the Global Economy Essay

Oil and natural gas have a very important role in the lives of almost all people in the world. These have been the primary source of energy that fuels the technological civilization that exists at the present. Its importance could be seen in the everyday lives of most individuals. The moment someone wakes up in the morning and read the newspaper up to the time that same person would sleep in the comforts of his/her home, the utilization of petroleum products are present. The newspaper is produced out of ink coming from oil as well as the printing machine that is operated by the same means of energy. Similarly, oil-operated machineries also create the various infrastructures like the houses people live in. Furthermore, even computers, which are widely used today in terms of government services and even in mere personal purposes, are run by electricity coming from natural gas. According to Pfeiffer, the present civilization is built on oil and that economic progress will continue as long as there is a continuous supply of this energy. This is also the reason why the volatile and fluctuating prices of oil and natural gas affect numerous countries as well as its citizens. Its status in the international market has implications in the economies of countries like the United States of America and basically, the whole world. Oil and natural gas that are the backbone of this society’s economy has a long history behind it. These sources of energy come from the earth’s ground as either solids, liquids, or gases. Crude oil or petroleum is liquid source of energy that is considered as a commercial fossil fuel. Natural gas as well as propane comes in gaseous form. Coal, on the other hand is a solid form of energy (Nonrenewable Energy). These energy sources are formed in the earth millions of years ago when it was still covered by water. Combine remains of animals and tiny plants that are layered together with sand and mud are also present. During the time that the earth underwent drastic changes, intense amount of heat and pressure were present, which have been the caused for these fossils to turn into hydrocarbons. Basically, what are simple remnants of plants and animals have turned into valuable deposits of crude oil and natural gas inside the crust of the earth (Discover the wonders of natural gas). Natural gas is often defined as a combustible, gaseous mixture made up of simple hydrocarbons. It is a very light portion of petroleum that includes both natural gas as well as crude oil. Natural gas often rise through the surface by means of natural openings in the earth’s crust or it can be brought to the surface by man-made wells. Thousand of years ago, it was discovered that this gas could be burned and be utilized for heat and light. At present, natural gas is still one of the safest, efficient, and abundant source of energy in the world (Discover the wonders of natural gas The importance of oil and natural gas to the world’s economy is very vital, which is why a decline in its resources would mean a devastating crisis which would affect countries not only with the likes of the United States of America but also the whole world. According to the Energy Information Administration and the Department of Commerce and Bureau of Economic Analysis (Pfeiffer), United States’ was able to acquire its status as a superpower in the global economy due to the availability of oil, natural gas, and coal. The increase in the energy consumption is directly proportional with the income of the U.  S. because the higher the amount of energy consumed, the annual gross domestic product (GDP) also increases. However, a large amount of the country’s GDP becomes reliant in the consumption of energy. If a decline in energy consumption takes place then this will eventually have an adverse effect in the annual gross domestic product of the country. What is even worst is the idea that the decline of consumption is suspected to change abruptly rather than gradually. This could lead to the collapsed of the market especially when the investors realized that the decrease in energy resources could not be reversed. The outcome of this situation would entail a crisis that is worse than the Great Depression of 1930s (Pfeiffer). The adverse effect in the lack or limited supply of oil resources is greatly felt during the 1973 Oil Crisis. The Organization of Petroleum Exporting Countries that is mostly composed of Arab nations decided to imposed an oil embargo in western countries especially in the United States of America. This action is brought about by the participation of western countries in the Yom Kippur War wherein they supported Israel in this armed conflict. Another reason of the embargo is the realization of member countries of the OPEC of the important position they have in the global economy. They started to increase the prices of oil and at the same time decrease its supply. Basically, OPEC utilized the oil embargo as both a political tactic as well as a means of empowering themselves. In doing so, they were able to punished the western countries for supplying arms to the Israelis and at the same time realized their potential due to the effects of their action towards other countries (Horton). United States of America experienced an abrupt increase in the prices of petroleum products. The prices quadrupled from a mere 25 cents to almost a dollar within the span of a few months. The country was in complete disarray. A nation that was so accustomed to driving vehicles in their everyday lives was now powerless with the high prices of oil. People have to wait for about two to three hours in line just to get their car’s fueled. The consumption of oil dropped about twenty percent due to the high prices of oil as well as the efforts of the citizens to conserve money (Horton). The U. S. government did extreme measures in order to conserve oil. The congress issued a speed limit of 55mph that reduced fuel consumption and reports of fatalities. Even the practiced of the daylight savings time happened during that period in order to conserve energy. Tax credits were also given to those people who could devised new sources of energy like solar and wind power. Moreover, President Nixon, who was the president during that time, created the Energy Department and made it a part of the cabinet office. Its main purpose is to developed energy policy that could make the U.  S. energy independent. The oil companies also cooperated in Nixon’s call for energy conservation as they voluntarily closed on Sundays and they only cater to their regular customers. They only sell ten gallons of gasoline or less at a time. Being the case, they believed that these would contribute in making the American citizens thriftier in using petroleum products (Horton). Arab countries especially the members of the OPEC once again exported oil to western countries. However, the shipment of petroleum products has inflated prices. One of the crucial effects of the oil crisis is the economic decline the world experienced due the an inflation rate that remained above ten percent as well as the record high unemployment rate. After World War II, economic growth, which was happening worldwide, has been observable but this was no longer the case due to the oil embargo that took place. According to Horton, at present, the effects of the 1973 oil crisis are still being felt. This can be seen in the practices of most people. Nowadays, fuel-efficient vehicles are more patronized as compared to big cars that are very gas consuming. Most appliances that are used today require less energy consumption as compared before. Furthermore, the exploration of resources and other means of energy also increased in the U. S. The series of armed conflict in the Middle East change the pattern of consumption of oil products. Oil is responsible for approximately one-third of the energy used in the world. The series of wars starting from the Iranian revolution in 1979-1980 up to the Iran-Iraq war in 1980 had caused a drop in the over all consumption of oil in the world. In 1980, 63 million barrels are consumed per day but it decreases into 59 million barrels per day in 1983. However, the consumption of petroleum products in the world has increased ever since with 84 million barrels per day in 2005 (United States Government Accountability Office, p. 9). The United States of America also experience an increase in the consumption of petroleum products since 1983 to 2004, from 1. 65 percent annually to an averaged of 20. 6 million barrels per day in 2005. The country consumes one-quarter of the world’s oil consumption. According to the projections of the Energy Information Agency, U.  S. consumption will continue to increase up to 27. 6 million barrels per day by the year 2030 (United States Government Accountability Office, p. 9). The duration of the oil crisis has also paved the way for a new idea in the international economy in terms of monetary and the oil industry. Dr. Ibrahim Oweiss, a professor of economics at the Georgetown University coined the term â€Å"petrodollar†. This word connotes the money being paid by western countries in exchange for petroleum products that mostly comes from west Asian countries or the Middle East. This took place during the time where there is a significant increase in dollar surpluses. Most countries especially the developing ones are exchanging their commodities for dollars (Washington Affairs). According to the Washington Report on Middle East Affairs, the petrodollar poses a new threat in the American economy as well as the world’s. If during the oil crisis of 1973, petroleum products were utilized in order to punish western countries from its participation in the Yom Kippur War. At present, petrodollar could be a viable weapon for Middle Eastern countries to once again affect the economic situation of the world. This would become possible if an Arab nation would pull out its investment from New York Banks, which will trigger a tremendous shift in the U. S. economy. However, Dr. Oweiss himself warned that if ever such incident would take place the U. S. government would implement the International Emergency Economic Powers Act, which would freeze the asset instead of allowing it to be removed. The investment of the Middle East in the U. S. is then considered as a form of â€Å"capital hostage†. The politics behind the supply and demand for oil could be attributed to the important role that it has in the economy of the world especially in countries like the United States of America. However, petroleum products are considered to be finite resources or non-renewable source of energy. Non-renewable resource like petroleum products are sources of energy that cannot be replenished, regenerated, or re-made in a short span of time. It exist in a particular fixed amount which could be totally consumed before it could be re-made again by nature (Nonrenewable Energy). The finite or limited source of oil and natural gas has a huge effect on the pattern of supply and demand, which will eventually affect the price for these commodities. The price of oil in the world market determined based upon the balance between the world’s demand and supply. Recently, the production of oil has reach its near capacity because of the continuous increase in demand, which is also the reason why there is an upward pressure in oil prices (United States Government Accountability Office, p. 0). Oil consumption is inversely proportional with oil prices. Higher oil prices caused consumers to reduce their oil consumption. Increases in crude oil are also reflected in other petroleum products like gasoline, diesel, home heating oil, as well as petrochemicals. Consumers’ adaptability to the increase in oil prices is greatly dependent on the cost of changing their activities and shifting their lifestyle in order for them to utilized less oil. In connection with that, consumers are believed to have more options in adapting to the high prices of oil in the long term rather than in the short-term situation. Reducing the amount of oil consumed in the short terms would be possible by merely driving less or more slowly as compared to the long term solution wherein people could actually purchase a more fuel-efficient vehicle or moved closer to work so that their consumption of oil would be reduced (United States Government Accountability Office, p. 11).

Mother Earth Essay

Our precious Mother Earth is the one who suffers the most because of the bad practices we do in our daily lives. We do not even consider how badly it will affect her as long as we are happy with what we are doing. We throw our garbage to places that are not supposed to be thrown at like the different bodies of water and in this case, we pollute our water and there is little clean water for us to drink. We are using up our non-renewable resources in such a short time without even thinking that it takes a very long time for nature to reproduce it. We are also cutting young and old trees without even planting new trees for replacement and because of this, flash floods and landslides happen. We continue using appliances that emit chlorofluorocarbons, which damages the ozone layer that protects us from the harmful UV rays. These are only some of the proofs that we are very selfish. We are selfish in the sense that we think only of ourselves and don’t even care about Mother Earth where in fact she is the very reason why we live peacefully and happily. We have to do something in return to Mother Earth for all of her sufferings. After all, we owe everything to her. Now is the time to repay her. However, how can we do this? We have to be contented, aware, disciplined and responsible so that we can take care of her properly and lessen her sufferings. First, we have to be disciplined enough to do what is good and what is bad for our environment. Second, by being aware in the sense that we have to know if what we are doing have good or bad effects to her. Third, be contented on what she has given us and do not want anything more that will cause you harm. Finally, be responsible for all your actions. Remember that what you do to Mother Earth comes back to you. And one more thing, Love Mother Earth and s he will love you back.

The eNotes Blog Summer Reading That DoesntSuck

Summer Reading That DoesntSuck Ah, summer time, the perfect opportunity to pick up a new book and enter a brand new or vaguely familiar world. Pool-side or park-side, a new book is a great way to fill your brightly lit evenings. Check out our thoughtfully curated suggestions below for some truly gratifying reads. For a Good Laugh:   Consider picking up any of David Sedaris’s books. Let’s Explore Diabetes with Owls is his latest, and in many respects, his most mature book to date. With just enough snark to have his readers laughing out loud, Sedaris strikes a pleasant balance between pensive and perverse. His essay about taxidermy owls had us spraying coffee out of our noses. This book is guaranteed to produce both nostalgia and clarity when examining your own past. For the World Traveler: Summer is the perfect time to travel, but when you’re on a tight budget, sometimes an expensive trip to an exotic location just isnt in the cards. Instead of experiencing FOMO (fear of missing out), brush up on your geography of the world with DK’s World Atlas. With extensive information on every continent, and over 100,000 locations noted, you’ll be in the know by the time your next jet-set trip is here. For the Philosopher: Jack Kerouac’s classic On the Road is undeniably complex in nature. It seeks to be active rather than passive, and to participate in the world rather than merely observe  it. His off-beat narrative style and thought-provoking content brings the reader along for the journey of a lifetime. Provocative  and amusing, this book acts as an excellent segue into some of the more obscure teachings of the beatnik era. Do take this novel with a grain of salt though, there are many who have attempted to read On the Road with a feminist perspective who have been enormously disappointed. If you choose to take Kerouacs writing for what it is, an example of literature in a truly transitional point in American history, youll be deeply satisfied with his story. For the (Hopeless) Romantic: Lolita, light of my life, fire of my loins. My sin, my soul. Lolita has oft been called the greatest love story ever told, and, it would seem, with good reason. The controversial novel embarks on a journey into the complex nature of love and empathy. Vladimir Nabokov marries gorgeous prose and disturbing characters in an effort to speak to the humanity in each of us. It would seem that Nabokov’s Humbert Humbert is both manipulative and manipulated, making him a difficult character to interpret. Readers are asked to identify with this murderer and pedophile in ways that are both surprising and effective. This novel is not for the faint of heart, but if you feel up to the task, it’ll be worth your time. For the Athlete: Born to Run by Christopher McDougall incorporates science, inspiration, and amazing athletic achievements into a truly astounding book that speaks to the heart of any exercise enthusiast. With an impressive synthesis of narration and cutting-edge science, this book offers a fresh perspective on ultra-athletes and the cultures that produce them. McDougall describes in great detail his experiences with the Tarahumara tribe, a legendary group of people who have perfected the art of running, allowing for the reader to have their understanding of the modern athlete transformed in unexpected ways. For the Science-Fiction Lover: 2312 by Kim Stanley Robinson offers his readers a truly magnificent peek into a not-so distant future where planets and asteroids have been colonized. Robinson paints a profound picture of the impact of climate change on our world and discusses  issues surrounding artificial intelligence that leave readers more perplexed about the ethics of new technology than ever before. 2312 is an impressive piece of fiction that successfully evokes a sense of oneness within our universe- truly a joy to read and reflect on. Have you read any of these books? Would you be interested in writing your own review? If yes, leave a comment or shoot us an email. Happy reading!

Civil Rights Definition

Civil Rights Definition Civil rights are the rights of individuals to be protected against unfair treatment based on certain personal characteristics like race, gender, age, or disability. Governments enact civil rights laws to protect people from discrimination in social functions such as education, employment, housing, and access to public accommodations. Civil Rights Key Takeaways Civil rights protect people from unequal treatment based on their individual characteristics like race and gender.Governments create civil rights laws to ensure fair treatment of groups that have traditionally been the target of discrimination.Civil rights differ from civil liberties, which are specific freedoms of all citizens as listed and ensured in a binding document, such as the U.S. Bill of Rights, and interpreted by the courts. Civil Rights Definition Civil rights are a set of rightss of civil rights include the rights of people to work, study, eat, and live where they choose. To turn a customer away from a restaurant solely because of his or her race, for example, is a civil rights violation under United States laws.  Ã‚   Civil rights laws are often enacted in order to guarantee fair and equal treatment for groups of people who have historically faced discrimination. In the United States, for example, several civil rights laws focus on â€Å"protected classes† of people who share characteristics such as race, gender, age, disability, or sexual orientation. While now taken for granted in most other western democracies, consideration for civil rights has been deteriorating, according to international monitoring agencies. Since the September 11, 2001, terrorist attacks, the global war on terror has driven many governments to sacrifice civil rights in the name of security. Civil Rights vs. Civil Liberties Civil rights are often confused with civil liberties, which are the freedoms guaranteed to the citizens or residents of a country by an overriding legal covenant, like the U.S. Bill of Rights, and interpreted by the courts and lawmakers. The First Amendment’s right to free speech is an example of a civil liberty. Both civil rights and civil liberties differ subtly from human rights, those freedoms belonging to all people regardless of where they live, such as freedom from slavery, torture, and religious persecution. International Perspective and Civil Rights Movements Virtually all nations deny some civil rights to some minority groups either by law or by custom. In the United States, for example, women continue to face discrimination in jobs traditionally held exclusively by men. While the Universal Declaration of Human Rights, adopted by the United Nations in 1948, embodies civil rights, the provisions are not legally binding. Thus, there is no worldwide standard. Instead, individual nations tend to respond differently to pressure for enacting civil rights laws. Historically, when a significant portion of a nation’s people feel they are treated unfairly, civil rights movements emerge. While most often associated with the American Civil Rights Movement, similar notable efforts have occurred elsewhere. South Africa The South African system of government-sanctioned racial segregation known as apartheid came to an end after a high-profile civil rights movement that began in the 1940s. When the white South African government responded by jailing Nelson Mandela and most of its other leaders, the anti-apartheid movement lost strength until the 1980s. Under pressure from the United States and other Western nations, the South African government released Nelson Mandela from prison and lifted its ban on the African National Congress, the major black political party, in 1990. In 1994, Mandela was elected the first black president of South Africa. India The struggle of the Dalits in India has similarities to both the American Civil Rights Movement and the South African anti-apartheid movement. Formerly known as the â€Å"Untouchables,† the Dalits belong to the lowest social group in India’s Hindu caste system. Though they make up one-sixth of India’s population, the Dalits were forced to live as second-class citizens for centuries, facing discrimination in access to jobs, education, and allowed marriage partners. After years of civil disobedience and political activism, the Dalits won victories, highlighted by the election of K. R. Narayanan to the presidency in 1997. Serving as president until 2002, Narayanan stressed the nation’s obligations towards the Dalits and other minorities and called attention to the other many social ills of caste discrimination. Northern Ireland After the division of Ireland in 1920, Northern Ireland witnessed violence between the ruling British Protestant majority and members of the native Irish Catholic minority. Demanding an end to discrimination in housing and employment opportunities, Catholic activists launched marches and protests modeled after the American Civil Rights Movement. In 1971, the internment without trial of over 300 Catholic activists by the British government sparked an escalated, often-violent civil disobedience campaign headed by the Irish Republican Army (IRA). The turning point in the struggle came on Bloody Sunday, January 30, 1972, when 14 unarmed Catholic civil rights marchers were shot dead by the British army. The massacre galvanized the British people. Since Bloody Sunday, the British Parliament has instituted reforms protecting the civil rights of Northern Irish Catholics. Sources and Further Reference Hamlin, Rebecca. Civil Rights. Encyclopedia Britannica.. U.Civil Rights Act of 1964S. EEOC.Shah, Anup. Human Rights in Various Regions. Global Issues (October 1, 2010).Dooley, Brian. Black and Green: The Fight for Civil Rights in Northern Ireland and Black America. (Excerpts) Yale University.Bloody Sunday: What happened on Sunday 30 January 1972? BBC News (March 14, 2019).

A Discussion of the Romantic Element in Austen’s Persuasion

A Discussion of the Romantic Element in Austen’s Persuasion [A] persuadable temper might sometimes be as much in favour of happiness as a very resolute character. (Persuasion, Ch. 12) Persuasion seems to draw on the deep divide in the two then contemporary forms of the novel one based on Augustan values, in which the rational precedes the irrational, and the second based on Romanticist taste, in which the inner world of imaginings precedes the outer world of evidence. While Austens earlier novels had consistently affirmed an Augustan taste, in Persuasion she seems to concede some validity to the Romantic view, and at least leaves the reader to ponder an ambivalent response to the question of whether Anne Elliot acted correctly in succumbing to Lady Russells persuasion, when her initial, instinctive desire for a relationship with Captain Wentworth remained ultimately unchanged. Broadly, the issue becomes whether Anne was correct in letting herself be led by seemingly well-intentioned caution, or whether she would have been better advised to take a risk and follow the dictates of her heart. And though Austen makes an attempt to chart out a middle course between these two options, this debate is nowhere more manifest than in the closing chapters, where Austen registers a final judgement on the question of romance versus prudence, leaving its readers somewhat puzzled. Anne says, as she had earlier in Chapter IV, that she was right in being guided by a quasi-maternal friend, even though the advice was wrong, and that in a similar situation she may never have given it (Chapter XXIII): But I mean, that I was right in submitting to her, and that if I had done otherwise, I should have suffered more in continuing the engagement than I did even in giving it up, because I should have suffered in my conscience. This, and the whole context of earnest assertion, come from a person of the finest moral sensitivity and integrity, yet it seems to be directly opposed to what had also been an earlier conviction, that while defending Lady Russell and herself, she should yet have been a hap pier woman in maintaining the engagement, than she had been in the sacrifice of it. The final capitulation to natural instinct is, however, an image of Anne that is distinctly different from the one presented at the start of the novel. (It will also prove significant later in her rejection of William Elliot.) Indeed, Anne had even been willing to reject Lady Russells advice two years after she had taken it: in Chapter XXIII, Wentworth asks whether when he returned to England in 1808 with a few thousand pounds, she would have renewed the estrangement then. He says of her response, Would I! was all her answer; but the accent was decisive enough. He regrets the hurt pride which had kept him from such a move, and takes the blame on himself. This benevolent gesture on Wentworths part, however, overlooks the fact that, ultimately, it is only when Anne takes recourse to the natural propensity of her heart to lead her to true love that she manages to salvage her relationship with him. The error in Lady Russells judgment of character (which in turn led her to counsel Anne imperfectly) is made explicit in Chapter XXIV, when the narrator says, There is a quickness of perception in some, a nicety in the discernment of character, a natural penetration, in short, which no experience in others can equal, and Lady Russell had been less gifted in this part of understanding than her young friend. It is this same quickness of perception that leads Anne to reject William Elliot, even before Mrs. Smith reveals the full truth about him: Mr. Elliot was rational, discreet, polished, but he was not open. There was never any burst of feeling, any warmth of indignation or delight, at the evil or good of others. This, to Anne, was a decided imperfection. She prized the frank, the open-hearted, the eager character beyond all others. Warmth and enthusiasm did captivate her still. She felt that she could so much more depend upon the sincerity of those who sometimes looked or said a careless or a hasty thing, than of those whose presence of mind never varied, whose tongue never slipped. Evidently, Anne comes to realize the value of listening to human impulse (She had been forced into prudence in her youth, she learned romance as she grew older the natural sequel of an unnatural beginning). It is this gradual realization that causes her to repeatedly recall feelings for Wentworth. This is the most obvious evidence of her ability to lend herself to the Romanticist exaltation of emotion over reason and of the senses over the intellect. Significantly, Annes most intense exertions are also to understand and live with her feelings, which are frequently held in check by ruling manners. Often, when Anne argues against what she is feeling, the particular reason turns out to be wrong. When Anne begins to reason with herself or when she hopes to be wise and reasonable in time, reason means not being in love with Wentworth. But this is arguably not a novel in which feelings are wrong and reasoning is right. Annes reasoning is a process of giving herself time. In a sense, throu gh these exertions, Anne aims to be able to feel. She desires to transform her senseless joy, not into sense, but into sensible joy. This gradual alteration in Annes character and in the treatment of her own feelings toward Wentworth implies a certain Romanticist bipolarity that each represented initially (and which, to an extent, Anne continues to maintain perhaps even flaccidly in the d? ©nouement: I have now, as far as such a sentiment is allowable in human nature, nothing to reproach myself with). While Anne relies to a great extent on the advice given to her persuadable temper and believes her adherence to it to be her duty, Wentworth is shown to be a man of a very resolute character with complete faith in himself and in his powers to realize his own destiny. Having made his money as promised in two years, but only after having been turned down by Anne for marriage, Wentworth begrudged the fact that Anne did not demonstrate the same degree of confidence in him, or the courage to defy her elders, know her own mind or trust her own will. She had shown a feebleness of character in doing so, which his own decid ed confident temper could not endure. When he returns to the neighbourhood and Anne has to listen to snatches of his conversation with Louisa on their walk to Winthrop, she hears him reiterate his faith in the self. Louisa states that she would rather be overturned by the man she loves than be driven in the carriage by anyone else, and Wentworth exclaims with enthusiasm, I honour you! Later, when Anne overhears their conversation within the hedge, she hears him use words from a conspicuously Romanticist lexicon as he praises resolution, decision, firmness, spirit, and powers of mind. As Marilyn Butler notes, Wentworths personal philosophy approaches revolutionary optimism and individualism and he is impatient of, or barely recognizes, those claims of a mentor which for him can be dismissed in the single word persuasion.' Inevitably, Wentworth compares his reckless faith that love overcomes all with Annes cautious retreat into security eight years previously. Lady Russell draws a general moral from Sir Walters embarrassing case of financial difficulties; his entrenchment will conform to what many families have done, or should do: There will be nothing singular in his case; and it is singularity which often makes the worst part of our suffering, as it always does of our conduct. This distaste for singularity and uniqueness of circumstances is very much in keeping with the Augustan taste, which would have prevailed during Lady Russells formative years. The Romantic taste of Austens period, on the other hand, sought out the singular, the abnormal, and the strange (The principle object was to chuse incidents and situations from common life, and to throw over them a certain colouring of imagination, whereby ordinary things should be presented to the mind in an unusual way. Wordsworth, Preface to Lyrical Ballads, 1800). Anne shares Lady Russells inclination to project a general case from a particular instance, such as in Chapter X, where she attempts a detached analysis of the burgeoning relationship between Wentworth and the Musgrove sisters. (Anne longed for the power of representing to them what they were all about, and of pointing out some of the evils that they were exposing themselves to.) It seems that after the trauma of her broken engagement, she has devoted herself to reach a rational understanding of the rules which might govern love affairs, and is set up as something of an authority on matters of the heart, despite her limited experience. But if Anne possesses some of Lady Russells Augustan sagacity, she is also a reader of Lord Byron, and at crucial moments in the novel (such as her cancellation of an appointment with Mrs. Smith) subordinates social obligations to the dictates of her passion for Wentworth. (This also keeps her from appearing like an idealised Richardsonian paragon.) If Austen poses an argument between rational decorum and a heightened examination of human personality, the novel culminates in a tone more in favour of Romanticism than Augustan ideals. During her walk in the countryside in Chapter X, in the discomforting presence of Wentworth, Annes pleasure must arise from the last smiles upon the years upon the tawny leaves and withered hedges. In Chapter XIII Anne likens herself to the surroundings once more when musing on the prospects of the Great House at Uppercross following Louisas full recovery: A few months hence, and the room now so deserted, occupied but by her silent, pensive self, might be filled again with all that was happy and gay, all that was glowing and bright in prosperous love, all that was most unlike Anne Elliot! It is rare to see any character in this novel in physical isolation, but here Anne assumes the familiar role of the solitary figure in Romantic literature a guise that is further accentuated by the use of the pathe tic fallacy. Ultimately, it isnt so much having a persuadable temper as it is adopting a very resolute character and in turn realizing that Lady Russell must learn to feel that she had been mistaken that helps Anne to break loose from an outworn, half-spurious social pattern. By leaving convention she achieves freedom and fulfillment (it is, after all, Lord Byron and Sir Walter Scott, not Samuel Johnson and Alexander Pope, who form the basis for Annes literary discussions with Captain Benwick) in a different world that she and Wentworth help to create.

Expository writing Essay Example | Topics and Well Written Essays - 1000 words

Expository writing - Essay Example The book also challenges our values and the social system which labels people and does precious little to help them to rise above their tragedy of life. The author has sensitively explored the delicate but extremely important issues of drug addiction and prostitution that affect our youngsters today. Set against Australian background, this global issue is successfully exposed through this story. The opening paragraph deliberately, describes in detail the role of each of his television crew so as to maximise the impact of the subject. The empathetic attitude of various crew members adds to the seriousness of the problems that has infiltrated our society. The inclusion of women crew members has provided a sensitivity that has been able to win the confidence and trust of the affected people who have willingly talked about their circumstance that has driven them towards this. The information and the facts of the real life situation have successfully drawn the seedy atmosphere that can be found within our well organized society. The author has exposed the galleries in the busy market place that provide safe way of taking the heroin or drug or even facilitating prostitution for the addicts. The rooms behind and above the shops of the market seem to serve the dual purpose of safe haven for addicts while at the same time sex provides a quick way of earning more money for the drug. The irony of the situation is that though the gallery owner denies providing the drugs, he accepts providing the needles (for injection) and a place where they can safely take it at a price! The price goes up if the prostitution or sex is involved. The simple words used by the author to describe the scene where girls and boys come just for this purpose and then leave the place normally, jolts the reader with much more impact. ‘The rest of Australia might be shocked by what went on