Saturday, August 31, 2019

The Philippine Pesoâ€Us Dollar Exchange Rate: the Impact of Strengthening Currency

INTRODUCTION The  foreign exchange market is a worldwide decentralized  over-the-counter  financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies. (wiki. org) The exchange rate is the price of a unit of foreign currency in terms of the domestic currency.In the Philippines, for instance, the exchange rate is conventionally expressed as the value of one US dollar in peso equivalent. The value of any particular currency is determined by market forces based on trade, investment, tourism, and  geo-political risk. Every time a tourist visits a country, for example, he or she must pay for goods and services  using the currency of the host country. Therefore, a tourist  must exchange the currency of his or her home country  for t he local currency. Currency exchange of this kind is one of the demand factors for a particular currency.Another important factor of demand  occurs when  a foreign company  seeks  to do business with a company in a specific country. Usually, the foreign company will have to pay the local company in their local currency. At other times, it may be desirable for an investor from one country to invest in another, and that investment would have to be made in the local currency as well. All of these requirements produce a need for foreign exchange and are the reasons why foreign exchange markets are so large. (investopia. om) In this paper the researchers attempt to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake. Background The Philippine peso has been one of the strongest currencies in Southeast Asian Region f or the past two year. It appreciated for an about 5. 6 percent from year 2009 to 2010 where the exchange rate is 47. 6372 to 45. 1097 a dollar—that is based on the average data from BSP.This appreciation may attributed to the increasing inflows of remittances from the overseas Filipino workers (OFWs), the improvement in portfolio and direct investment, the deterioration of United States’ dollar economy for the past two years and the attractiveness of the Southeast Asian Region to the foreign investors. Peso appreciation would provide to a positive and negative effect on different sectors. The appreciation of Philippine peso would mean a reduction of debt servicing; this would also mean a reduction of prices of imported commodities in terms of peso when the product came here.However, this appreciation will reduce the purchasing power of Dollar that OFWs send to their family here in the Philippines and it would also mean that exported product will be less competitive abr oad or if ever the exporter’s income will diminish. In this situation, the government is stock between letting the peso appreciate for the purpose of lower importation cost and lower debt services—or maintaining it at a lower value for the sake of OFWs and export sector. According to Senator Ralph Recto, chairman of the Senate Committee on ways and means, the Philippine peso could further appreciate up to P34 a dollar this year (2011).Inflow of remittances will continue to be strong and the outlook for foreign investments remains positive. The exchange rate is important for several reasons: (1) it serves as the basic link between the local and the overseas market for various goods, services and financial assets. Using the exchange rate, we are able to compare prices of goods, services, and assets quoted in different currencies. (2) exchange rate movements can affect actual inflation as well as expectations about future price movements.Changes in the exchange rate tend to directly affect domestic prices of imported goods and services. A stronger peso lowers the peso prices of imported goods as well as import-intensive services such as transport, thereby lowering the rate of inflation. (3) exchange rate movements can affect the country’s external sector through its impact on foreign trade. An appreciation of the peso, for instance, could lower the price competitiveness of our exports versus the products of those competitor countries whose currencies have not changed in value. 4) the exchange rate affects the cost of servicing (principal and interest payments) on the country’s foreign debt. A peso appreciation reduces the amount of pesos needed to buy foreign exchange to pay interest and maturing obligations. Foreign exchange policy in the Philippines has evolved from a pegged system to a floating rate regime over the last 50 years. The period of pegged exchange rate regime witnessed an extensive use of a myriad of administrative rules that were set to restrict access of Philippine residents and corporations to foreign currency.From 1949 to early 1970, foreign exchange policy was used to promote exports industries, to limit imports, and to try to change the orientation of the Philippine economy from agricultural to agro-industrial. Even after the floating rate system was adopted in 1970, it was not until late 1984 that the central bank stopped announcing a guiding rate and imposing a trading band. Moreover, it was a decade hence yet before the watershed set of reforms was issued. In 1993, the BSP liberalized capital flows and implemented a comprehensive set of foreign exchange market reforms.Today, even as there remain some prudential regulations with respect to foreign currency transactions, market forces determine the exchange rate. Furthermore, mechanisms to allow the economy to absorb shocks that a freely floating currency entails have been the subject of recent economic discussions. (BSP, 2008) Table 1: Phil ippine Foreign Exchange Policy, 1949-2007 Period | Milestones| 3 January 1949| The CBP began operations. It adopted a fixed exchange rate system, pegging the peso to the US dollar at P2. 00/US$1. December 1949| The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the manufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the â€Å"Filipino First† policy of the government. | 1959| The Philippines achieved its first ever post-war trade surplus. | 1962| The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. 25 April 1960| The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluation of the peso. | January 1962| All restrictions on sales of foreign exchange were eliminated. | December 1949| The CBP imposed a comprehensive system of foreign exchange controls, which included a foreign exchange allocation scheme that gave preference to export industries and the anufacturing and mining sectors, and placed restrictions on buying of foreign exchange for services-related imports. The restraints were an effective instrument in carrying out the â€Å"Filipino First† policy of the government. | 1959| The Philippines achieved its first ever post-war trade surplus. | 25 April 1960| The CBP launched a four-year program to dismantle the complicated system of foreign exchange controls imposed in the 1950s. The most important feature of the decontrol program was the adoption of a multiple exchange rate system which paved the way for a de facto devaluat ion of the peso. 1962 | The Government launched an integrated socio-economic program that almost entirely eliminated restrictions on trade and payments. | January 1962| All restrictions on sales of foreign exchange were eliminated. | 22 January 1962| CB Circular No. 133 dated 22 January 1962 sought to establish a free market for foreign exchange and transferred the function of allocating exchange for most categories of payments from the administrative machinery of the CBP to the free market. | 5 November 1965| A new parity for the peso-dollar exchange rate was set at P3. 0/US$1| 21 February 1970| The CBP abandoned the fixed parity regime and adopted a floating rate system. The competitive rate was applied on all foreign exchange transactions except for 80 percent of export receipts from the country’s major commodities (namely, logs, centrifugal sugar, copra and copper concentrates) which were to be purchased at the rate ofP3. 90/US$1. | 1972| The CBP started lifting the major ity of foreign exchange restrictions, paving the way for partial liberalization in foreign trade and investment.The liberalization efforts focused on the suspension of nationality requirements in establishing industries, relaxation of repatriation policies, simplification of the tariff structure, import liberalization, and granting of various incentives to the export sector particularly on non-traditional commodities, such as textiles, garments and electronics. | April 1972| The foreign exchange trading band was widened to 41 2 percent on both sides of the guiding rate. 1982| â€Å"Operation Greenback† was launched to curb widespread illegal trading in the black market as the CBP implemented liberal authorization of establishments to operate as foreign exchange dealers. | October 1983| After consultation with the IMF and several foreign banks, Philippine economic managers requested a 90-day moratorium on principal payments of external debt owed to foreign commercial banks. Wi th scarcity of foreign exchange, a system of direct controls was put into effect. 4 November 1983| Local commercial banks were required to sell to the CBP all foreign exchange receipts for placement in a pool out of which payments were made on the basis of officially set priorities. | June 1984| The foreign exchange market was reopened. By October 1984, a measure of stability had been restored in the forex market and the CB reopened the foreign exchange trading system. The previous trading day’s completed transactions formed the basis for the Bankers Association of the Philippines (BAP) reference rate. With this system, the CBP stopped announcing an inter-bank guiding rate and imposing a trading band. August 1985| CBP lifted the ceiling in the amount of allowable foreign exchange holdings. | 1986| Import controls on a broad range of items were abolished. Likewise, the tariff structure was made more uniform; and discriminatory aspects of the domestic tax structure against impo rts were eliminated. | April 1992| Currency trading shifted from a short daily trading session to full off-floor interbank foreign exchange trading with the operation of the Philippine Dealing System (PDS). | 13 April 1993| CB Circular No. 1389 was issued, setting forth foreign exchange liberalization measures. July 1993| The CBP was reorganized into the Bangko Sentral ng Pilipinas (BSP) by virtue of the New Central Bank Act (R. A. No. 7653). | September 1995| The Philippines acquired Article VIII status with the IMF with the lifting of all restrictions on current account transactions. | July 1997| Asian currency and financial crisis emerged. The BSP implemented measures to rationalize the rules and regulations governing non-trade related FX transactions to restore stability in the FX market and mitigate the impact of the Asian crisis on the economy. December 1997| Circular 149 implemented the Currency Rate Risk Protection Program (CRPP). | 2 October 2006| A new peso-dollar trading platform was launched, replacing the Philippine Dealing System in providing the main reference rate for dollar-peso conversions. | 2 April 2007| Circular 561 s. 2007, dated 8 March 2007, took effect. In the face of strong inflows, the BSP liberalized the foreign exchange regulations to allow greater market access to foreign exchange for outward investment and over-the-counter transactions. January 2008| The second phase of reforms in the foreign exchange regulatory framework (Circular 590 dated 27 December 2007) was implemented. These reforms focus mainly on promoting greater integration with international capital markets, diversifying risk supportive of an expanding economy with global linkages, and streamlining the documentation and reporting requirements on the sale of FX by banks. | Source: Bangko Sentral ng Pilipinas (BSP), Working Paper Series I. STATEMENT OF THE PROBLEMThe general problem of the study, â€Å"The Philippine Peso-US Dollar Exchange Rate: The Impact of Strength ening Currency† is to determine the impact of the appreciation of Philippine peso during the year 2009-2010. Specifically, the problems are the following: 1. Effects or impact of the appreciation of Philippine peso on consumption, government spending, investment, import-export and debt servicing; 2. What are the reasons for the appreciation of Philippine peso 2009-2010; 3. What is the role of the Bangko Central ng Pilipinas in the Foreign Exchange Market; 4.What are possible future movements on the Philippine peso against US dollar and how does it affect the country’s economy. II. OBJECTIVE OF THE STUDY General Objective: To determine the economic impact of the appreciation of Philippine peso. Specifically, the study attempts to: 1. Determine the effect of the appreciation of Philippine peso: a. Consumption b. Investment c. Government spending d. Import and export e. Debt servicing 2. To examine the reasons behind the appreciation of the Philippine peso during 2009-2010 3. To determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market 4.To determine the future movement of Philippine peso against the US dollar and its effect to the country’s economy. III. HYPOTHESES The researchers believe to the following hypothesis: 1. The effects of appreciation has a great impact—positive and negative—on consumption, government spending, investment, import-export and debt servicing; 2. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs). 3.The role of the Bangko Sentral ng Pilipinas(BSP) is to maintain the stability of Philippine peso against other currency 4. The Philippine peso will further appreciate in the near future against the US dollar and this appreciation will boost the economy through saving. IV. SIGNIFICANCE OF THE STUDY The study is conducted to determine th e impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it.It also attempt to show where should the government place itself—through the use of Bangko Sentral ng Pilipinas—when the opposing interest of the public are at stake. It also attempts to show how to maximize the advantage of strengthening peso against the dollar on the term of government spending. And to some extent, to serve as guide in policy making through the use of recommendation. V. SCOPE AND LIMITATION The study â€Å"The Philippine Peso-US Dollar Exchange Rate: The Impact of Strengthening Currency† limit its scope on Philippine peso against US dollar from year 2000 to 2010.VI. REVIEW OF RELATED LITERATURE â€Å"The Indian Rupee–US Dollar Exchange Rate: The impact of Strengthening Currency† Reasons behind the appreciation of th e Rupee in 2006-2007 Toward the end of 2006, foreign exchange inflows, especially of dollars, into India started rising sharply. This put upward pressure on the rupee’s exchange rate against the dollar. India’s steady economic growth offered several opportunities for foreign companies. Between April 2006 and March 2007, FDI of $16 billion flowed to India. VII. RELATED STATISTICSForeign currency reserves, gold, special drawing rights (SDRs), foreign investments as well as the Reserve Position in the Fund (RPF) are main components of the Gross International Reserves (GIR). The GIR constitutes the foreign assets valued mark-to-market, which are readily available to and controlled by the BSP for direct financing of payments imbalances and for managing the magnitude of such imbalances. The BSP estimates the level of Overseas Filipino Worker (OFW) remittances, which props up the country’s foreign currency reserves. (BSP website) VIII. DISCUSSION (Impact on the Philipp ine economy)A. Consumption The appreciation of Philippine peso against the US dollar affects the consumption of Filipinos. Especially the families of overseas Filipino workers (OFWs) who receives remittances coming from abroad—which are commonly dollar denominated. According to BSP, the US dollar remittances of OFWs increase by 8. 16% from 2009 up to 2010. On the year 2010, the overseas Filipino workers remittances reflect 29. 55 percent of the Gross National Products (GNP). According to Bangko Sentral ng Pilipinas, on the year 2010 the peso appreciated at an about 5. % on average basis (see table 2). This means that the purchasing power of the dollar remittances lower for an about 5. 6% in the Philippines. On the letter written by the Filipino Community in Riyadh, Saudi Arabia, to the President in Malacanan in August 2006, they stated their predicament regarding appreciation of Philippine peso against the US dollar: (a) the salaries remained the same while the cost of living have increased, which means less income to be available for remittances; which worsen when peso appreciated from Php55 to Php45 versus US dollar. b) the continued appreciation effectively reduced the value of remittances at an average 18%. The strengthening or appreciation of Philippine currency had a positive effect on consumption, it enable to somewhat, catch the effect of inflation of the commodities that are being imported from abroad. Ironically, disadvantage of a strong peso is that the beneficiaries of OFWs who contributes significantly in making the peso strong, get less of the remittances that their relatives send them since the Dollar loses its purchasing power by the peso appreciation.And finally, a sector which for us is really getting the worst out of the situation are the domestic producers since a strong peso would make imported goods cheaper since the peso appreciates thus making it purchase imported goods more. Table 2. The Philippine Peso – US Dollar Exchan ge Rate CROSS RATE OF THE PESO| in pesos per unit of foreign currency| period averages| Period| Dollar to Peso| 2000| 44. 194| 2001| 50. 993| 2002| 51. 604| 2003| 54. 203| 2004| 56. 040| 2005| 55. 086| 2006| 51. 314| 2007| 46. 148| 2008| 44. 475| 2009| 47. 637| 2010| 45. 110| Source: BSP (edited)The table above shows how much a dollar worth in peso term during the year 2000 up to 2010. B. Investment Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country, which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country that further improve the economy. A positive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider.The first thing that an investor would want to know is that if they would get their desired rate of return at a certain p eriod of time. Facing uncertainties and risks, investors would like to gather as much information to aide them to their decision making minimizing uncertainties and factors such as oil prices, stability of the government and the economy are some of the preliminary facts to consider. If from these preliminary factors as country fails to impress investors, important investment inflows would be going to somewhere else.It affects the foreign exchange since as we have stated earlier, foreign investments helps the Peso appreciate. The Philippine Daily Inquirer published in their December 1 2006 paper that business confidence, which reflects foreigners outlooks to the country, has soared to a 5 and a half year high of 49% compared to just 22% a quarter ago. Another outlook factor that could affect the foreign exchange market is the credit rating by firms such as S&P and filch. These firms are respected firms and reliable so anything that they publish would be taken seriously by interes ted parties.A credit downgrade by these agencies affects the Peso negatively as it gives of a bad image of the country to interested investors but at the same time a positive rating would help the Peso strengthen. Just like the OFWs, investments from foreigners improve and help peso appreciation and generally the economy as a whole. Having superb Dollar inflow allows the BSP to increase international reserves of debt curbing down Peso devaluation and aiding to Peso appreciation.According to BSP, transactions during February 2011 resulted in a net inflow of US$534 million, nearly thrice the US$193 million net inflow in January due to lower outflows (US$935 million in February 2011 against US$1. 3 billion in January 2011). The net inflow also represented almost four times the US$139 million recorded a year ago due to more registered investments this year, US$1. 5 billion compared to only US$500 million last year. This year’s rise in registered investments is backed by a surge i n investments in Peso-denominated government securities (Peso GS), to US$730 million of total (or 49. percent) against US$90 million in 2010. Favorable yields have attracted foreign investor to Peso GS placements. Investments in PSE-listed shares amounted to US$740 million (or 50. 4 percent of total registered investments), twice the US$370 million recorded in February 2010. The US$730 million balances of registered investments were in Peso GS and Peso time deposits with minimum maturity of 90 days (nil in February this year against US$40 million last year). Singapore, the United States, the United Kingdom, Luxembourg and Hong Kong were the top five (5) investor countries, collectively contributing 89. percent to total registered investments. Registration of inward foreign investments with the BSP is voluntary. It entitles the investor or his representative to buy foreign exchange from authorized agent banks or their subsidiary/affiliate foreign exchange corporations for repatriatio n of capital and remittance of dividends/profits/earnings that accrue on the registered investment. For the first two months of the year, transactions netted an inflow of US$727 million, 135. 6 percent higher than the figure recorded for the comparable period in 2010.Registered investments reached US$3. 0 billion, or an increase of 179. 3 percent from last year’s performance. Investments in PSE-listed shares of US$1. 4 billion exceeded the 2010 figure by 68. 3 percent. Major beneficiaries were banks (US$336 million); holding firms (US$248 million); utility companies (US$241 million); property firms (US$182 million); and telecommunication companies (US$167 million). Portfolio funds have also been re-rating Asia as an investment destination and their flows have reinforced the uptrend in Asian currencies.With developed markets weighed down with debt and facing years of sluggish growth, fund managers are looking into Asia, citing the region’s fast growth rates and strong c orporate balance sheets. (BSP, issuances) Asia is set to continue being a strong destination of portfolio flows over the coming months. The high Asian equity correlation with local currencies will help fuel further gains in the Philippine peso and other Asian currencies. C. Government SpendingWe all know that the government’s responsibility is the acquisition of goods and services for current use to directly satisfy individual or collective needs of the members of the community. They allocate the fund for Personal Services, Maintenance and Other Operating Expenses, Capital Outlays and Net Lending, Public Infrastructure and effectively marginalized resources for the poor. But it’s not that easy because the government must be aware of those risks that might affect their expenditures. One of it is the Philippine Peso condition in exchange rate – if the currency appreciates or evaluate. Now therefore, how thus the exchange rate may affect the government spending? Pa ying Philippines’ debt will affect our Government’s spending. In fact, based on the data from Bureau of Treasury, more than 77. 6 percent of the P104. 4 billion increase in the 2011 budget came from the huge P80. 99 billion rise in interest payment for government’s spending. The Aquino administration is proposed interest payment of P357. 09 billion in the 2011 budget, or 21. 7 percent of its planned spending program. But the total debt burden for this year could actually reach P823. 27 billion.Thus, debt burden represents 38. 9 percent of what the Aquino administration is willing to spend this year. If peso appreciates, it has a good impact in our external debt since our debt will decrease in peso terms. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country. On the other hand, peso depreciates has a bad effect. Our debt will increase so we will pay more, that is, in peso terms.Little amount of money will be allocate for government spending. The government will force to minimize their expenditure. Such a heavy debt burden means fewer resources are available to spend for social and economic services badly needed by the people. Let’s now look at the effect of peso condition in trade. Strong peso has a negative effect in exporters. They will lose income since there was less peso in exchange of their dollar earnings or a strong peso translates to lesser value for their dollar-denominated revenues. Prices of their products may also become less competitive in the world market.The smaller the earnings or profit of exporters, the smaller tax they will pay in the government. That will affect the governments’ spending. If there are small fund comes from tax, government need to minimize their expenditure. On the other hand, strong peso has a positive e ffect on importers. They will pay less in foreign products. They will earn more and pay more tax. Again, the tax will proceed in government’s fund so more tax, more funds that government may spend for the people’s benefits. Weak peso has good effects in exporters.Prices of their products become more competitively in the world market. They will receive more peso in exchange of their earnings so they will pay more tax. More tax, more funds that government may spend for the benefits of the people. When peso depreciates importers will force to pay more for foreign products. That is bad for them and for government spending. Since the smaller the earnings or profit of importers, the smaller tax they will pay. Government will force to minimize their expenditures. As we observed, peso condition has different effects in different factors.That is the reason why it’s hard for the government to ask the Bangko Sentral ng Pilipinas (BSP) to intervene the strengthening peso. W e cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk. As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative.When the effect is positive, the impact in government spending is also positive. Overview: Import and Export Since World War II, the Philippines experienced frequent trade deficits, aggravated by inflationary pressures. Deficits were counterbalanced by US government expenditures, transfer of payments from abroad, official loans (US Export-Import Bank, IBRD, and private US banks), net inflow of private investment, tourist receipts, remittances from Filipino workers overseas, and contributions from the IMF. In 1996, trade liberalization policies helped to push imp orts up by 22% while exports rose by only 18%.The result was a widening trade deficit that amounted to 13% of GDP. Foreign investment in the stock market and remittances from overseas workers helped to offset the deficit and avert a balance-of payments crisis. In 1998, the Philippines recorded a trade surplus at about 2% of GNP in the current account due to high electronics exports and low imports due to the devaluation of the peso. This was the first surplus in 12 years. Merchandise exports, in double digits through most of the 1990s, slowed to a single-digit growth pace in 2000, reflecting fewer export receipts from electronics and telecommunications parts and equipment.This decline was attributed by the electronics industry to weaker prices for maturing products and technologies, and to the decline in electronic industry investments from the 1994–97 boom years (when investment averaged $1. 5 billion a year). Traditionally, exports of primary products failed to balance impo rts, leading the government to restrict imports. Structural change accelerated in the 1970s, as the contribution of industry (including construction) to GDP rose from 29. 5% in 1970 to 36. % by 1980, primarily as a result of export-oriented industrialization promoted by the Marcos government. The Aquino assassination in August 1983 had immediate economic consequences for the Marcos government, as did the broader Third World Debt Crisis. Hundreds of millions of dollars in private capital fled the Philippines, leaving the country with insufficient foreign exchange reserves to meet its payments obligations. The government turned to the IMF and its creditor banks for assistance in rescheduling the nation's foreign debt, and an austerity program was set up during 1984–85.In December 1986, under IMF guidance, the Aquino government launched a privatization program with the establishment of the Assets Privatization Trust (APT). Monopolies established under the Marcos administration i n coconuts, sugar, meat, grains, and fertilizer were dismantled and a ban on copra exports was lifted. All export taxes were abolished; and the government allowed free access to lower-cost or higher-quality imports as a means of improving the cost-competitiveness of domestic producers.Many difficulties remained, however. The prices of commodity exports, such as sugar, copper, and coconut products, were still weak, while demand for nontraditional manufactured products, such as clothing and electronic components, failed to rise. The structural reforms produced an initial recovery between 1986 and 1989, but this was arrested by the series of natural disasters in 1990–1991. In 1986, Aquino had also embarked on a Comprehensive Agrarian Reform Programme, but its goals remain unfulfilled.In the 1990s, the government concluded three additional financial arrangements with the IMF—a stand-by agreement signed 20 February 1991 for about $240 million (all drawn); an arrangement und er the Extended Fund Facility (EFF) signed 24 June 1994 for about $554 million (all drawn), and a stand-by agreement signed 1 April 1998 for about $715 million (76. 7% drawn down as of 31 December 2002). At the end of 2002, the Philippines owed over 140% of its quota to the Fund. Scheduled debt repayments to the IMF for 2003 are about $330 million, and outstanding loans and purchases are not due to be retired until at least 2007.The country also had five debt reschedulings in the period 1984 to 1991 with the Paris Club—for official debt owed to aid donor countries—on which some payments are still owing. In January 2003, the Trade and Development Department announced at least a partial retreat from its 15 years of trade and investment liberalization, stating that it plans to bring tariff rates to the maximum allowed by the WTO for industrial imports, particularly petroleum imports, and for products produced in the Philippines. (Tradechakra. com) D. Import The Philippine economy is largely import oriented in terms of the value of merchandise trade.A sizable trade deficit continues primarily because of merchandise imported to meet the strong demand for raw materials, intermediate goods, industrial upgrades and infrastructure related capital goods. An emerging market, the Philippine economy continues to recover from the political instability of the 1980s, a series of natural disasters in the 1990s. Many of the products being imported are for improvement of the country's production capabilities. The development of industry has been hindered by such factors as electric power shortages and a still developing infrastructure.The Philippine government has taken several significant steps to reduce bureaucratic regulations and foster competition. In recent years it has revised and enacted tax, labor, health, safety environmental and other laws and policies with the aim of regulating industry. The Philippines import commodities such as electronic products, mi neral fuels, machinery and transport equipment, iron, and textile fabric. Philippines’ trading partners are Japan 15. 32%, US 11. 47%, Singapore 9. 54%, China 8. 93%, Taiwan 8. 27% (2009). Year| Imports | | (Billion US dollars)| 2001| 35| 2002| 30| 003| 33. 5| 2004| 35. 97| 2005| 37. 5| 2006| 42. 66| 2007| 51. 6| 2008| 57. 56| 2009| 60. 78| 2010| 46. 39| Source:  International Trade Center – UNCTAD / WTO Source:  CIA World Factbook  Ã¢â‚¬â€œ Unless otherwise noted, information in this page is accurate as of March 11, 2010 The table and graph above show that Year 2009 has the highest imports recorded with $60. 78B. On the other hand, the lowest imports recorded in the past ten years was on 2002 having $30B. This entry provides the total US dollar amount of merchandise imports on a c. i. f. (cost, insurance, and freight) or f. o. b. free on board) basis. These figures are calculated on an exchange rate basis. i. e. not in purchasing power parity (PPP) terms. E. Exp ort An export-oriented economic policy had boosted the economies of the newly industrialized countries of Asia. Philippines policy makers have also realized that the Philippines cannot achieve its aim of becoming the next â€Å"economic tiger† of Asia without shifting to an export-oriented economic programme. Export promotion programmes are public policy measures which actually or potentially enhance exporting activity at the company, industry or national level.Ideally, an export promotion policy should be backed up with an appropriate political and economic philosophy of the government. Export promotion policies should take into account the nature, size, and distribution of the individual exporting firms. As a developing country, the Philippines really does not have much choice in the matter. It needs to increase its export volume as a matter of economic survival, and within its national context, only the public sector has the resources to provide export promotion services t o small and medium-sized businesses in a cost-effective way.It was evident by the end of the 1970s, that the institutional reforms did not go far enough in achieving the major objectives of development. Typical of most small developing country trades, Philippines export trade has been characterized by a high degree of commodity and geographic concentration. As late as 1970, ten principal traditional export commodities comprised three quarters of total exports value. The first three top dollar earners (sugar, logs and lumber and copper concentrates) easily accounted for a little more than half of total export earnings.A definite shift to export promotion was observed in the decade of the 1970s. In spite of the export orientation reflected in exchange rate and industrial promotion policies, the structure of protection accorded by tariff policy remained basically inward looking. The general picture that emerges from the above discussion is that while foreign exchange, trade and industr ial incentive policies in the seventies had taken an unmistakable shift toward export promotion, they had stopped short of completely eliminating the biases against export sales. Philippines’ export partners are US 15. 35%, Japan 14. 19%, China 13. 9%, Singapore 9. 44%, Hong Kong 9%, South Korea 5. 12%, Germany 4. 1% (2009). Year| Exports| | (Billion US dollars)| 2001| 2. 677| 2002| 2. 929| 2003| 2. 748| 2004| 3. 303| 2005| 3. 431| 2006| 4. 243| 2007| 3. 899| 2008| 4. 081| 2009| 3. 189| 2010| 4. 288*| *Source:  International Trade Center – UNCTAD / WTO Source:  CIA World Factbook  Ã¢â‚¬â€œ Unless otherwise noted, information in this page is accurate as of March 11, 2010 The graph and table show the Philippine exports to all countries. The highest export reported in the past ten years was during on 2010 having S4. 288B while the lowest was on 2003 having S2. 3B A strong peso is generally favorable to the economy as a whole but there are certain sectors of the indu stry and society that are affected by a strong peso. Weakened by a strong peso since their good would become offensive since the peso appreciates which makes them less competitive in the export market. Although may be affected, all is not lost since there are financial solutions to at least mitigate the handicap they are facing because exporters could enter into hedging agreement or derivatives where they could enter into a contract to protect them from the Peso appreciation.The tourism industry weakens as well since a strong peso makes staying for a vacation in a country would make it more expensive. The effect of a strong peso on tourism industry also affects the hotel industry since it is some what related as a strong tourism industry means more bookings with hotels for a place to stay. An ironic advantage of a strong peso is that the beneficiaries of the OFWs who contribute significantly in making the peso strong, get less of the remittances that their relatives send them since the dollar loses its purchasing power by the peso appreciation.And finally, in sector which for us is really getting the worst out of the situations are the domestic producers since a strong peso appreciates thus making it purchase imported goods more. The industry is for direct investments. The negative aspects of a strengthening peso is very much in the news, what with OFW families getting into financial trouble, and exporters complaining about their products getting to be too expensive for foreign buyers. What often gets overlooked is the fact that the Peso appreciation also has a positive side, and if one takes a good look at this, it is at least equally important as the negative side to this trend.These are some of the positive effects of strengthening peso: Increases in the world market prices of imported goods have lesser effect. Oil prices have shot up in dollar terms, and thanks to the increased value of the peso, the actual effect on the prices of oil products have not bee n as much as otherwise would have been the case. The same could be said of wheat prices, etc. which have also risen. Dollar-denominated foreign debts can be repaid with less pesos. The Philippine government has saved billions of pesos as a result of the dollar’s drop in value. Philippine companies with foreign debts have likewise benefited.Capital flight from the Philippines has lessened. The strengthening peso means that it is no longer a wise financial move to move funds to a foreign dollar account. It would be much more profitable to keep the money in pesos. At the same time, there is some kind of poetic justice that corrupt officials with funds abroad suffer from a severe cut in the value of their â€Å"loot†. Skyrocketing real estate prices would be dampened. Many Overseas Filipinos (mostly in the dollar area) have driven up prices of real estate throughout the country. The decreased value of their dollars may result in the cooling down of the buying frenzy for la nd by OFs.Increased attention to the domestic market from investors and (former) exporters. Some exporters are coping with the decreased demand for their products in the US by either shifting to other countries or to selling domestically. The increased supply of products to the domestic market would help to lessen prices and improve the product quality of domestically available goods. At the same time, the value of the local market for foreign investors has increased. Since the peso’s value has increased, the potential sales and profits offered by the domestic market has increased in terms of dollars.Lower interest rates. The steadily depreciating dollar is pushing the US Fed to decrease their interest rates – in response, countries like the Philippines decrease their interest rates accordingly, in order to avoid the interest rate differential to get too high. Low interest rates are good because it stimulates business, and also consumer spending, both of which are good for the economy. Lower cost of imported capital goods. For example, the peso value of new airplanes is now much less than it was even a year ago. This is the same for other items e. g. heavyconstruction equipment, computers, etc.This would help stimulate the economy, and could also lead to decreased prices for consumers. Posted: by butalidnl on 18 January 2008 F. Debt Payment As we all know, Philippine peso had appreciated in these past few years against the US dollar and implies high advantage to our economy. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. As of December 2010, the National Government debt was recorded at P4, 718 billion, lower by P1 billion from end November 2010 level of P4, 719 billion.Of the total debt, P2, 000 billion or 42. 4% is owed to foreign creditors and P2, 718 billion or 57. 6% to domestic creditors. The decrease in NG’s foreign debt of P2 billion from the level as of end November 2010 was brought about by the P5 billion net repayment and P16B appreciation of the peso against the US dollar. This however was partially offset by the P18 billion net appreciation of the third currencies against the US dollar and P1 billion adjustment resulting from late receipt of notices of availment.The domestic debt increased by P1 billion from the previous month’s level resulting from the net issuance of government securities by NG. On the other hand, the contingent debt of the National Government, composed mainly of guarantees issued by the National Government, increased to 550 billion, lower by P10 billion from end November 2010 level of P560 billion. The decrease in domestic contingent obligations was due to the misclassification of the P12 billion HGC guaranteed PAGIBIG bonds as NG direct guaranteed loan.The increase in foreign contingent obligations was due to the combined effects of the P3 billion appreciation of the peso against the US dollar, P2 billion net repayment and P7 billion net appreciation of the third currencies against the US dollar. (Bureau of Treasury, Press Release) Source: Bureau of treasury Source: Bureau of treasury G. Reasons for the appreciation on 2009-2010 One of the key reasons why the Philippine currency had experienced a significant increase on its value during the last two years was because of the increasing number of Filipino dollar remittances from abroad.The strengthening of the value of Philippine peso during 2008 was attributed to the recession that the America had experienced during the last quarter of that year. However, the Philippine currency had experienced depreciation on the year 2009; because that is the year the country receive the impact of recession from 2008 that America had experienced. This has same effect on the ASEAN region where the Philippine is belong; their currency had also experienced depreciation. The Philippine had set a cushioning effect against the recession due to it s dollar remittances coming from OFW’s in different part of the work.H. The role of Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (BSP) maintains a floating exchange rate system. Exchange rates are determined on the basis of supply and demand in the foreign exchange market. The role of the BSP in the foreign exchange market is principally to ensure orderly conditions in the market. The market-determination of the exchange rate is consistent with the Government’s commitment to market-oriented reforms and outward-looking strategies of achieving competitiveness through price stability and efficiency.In the Philippines, peso-dollar trading among Bankers Association of the Philippines (BAP) member-banks and between these banks and the BSP are done through the Philippine Dealing System (PDS). Most of the BAP-member banks which participate in the peso-dollar trading use an electronic platform called the Philippine Dealing and Exchange Corp. (PDEx). The BAP appoi nted PDEx as the official service provider for the USD/PHP spot trading (which involve the purchase or sale of the US dollar for immediate delivery, i. e. , within one day for US dollars), and Reuters, as the exclusive distributor of all PDEx data.Trading through the PDEx allows nearly instantaneous transmission of price information and trade confirmations. I. The future movement of Philippine Peso Against US dollar Remittances from overseas Filipinos workers (OF) coursed through banks continued to show strength at the start of 2011, rising year-on-year by 7. 6 percent to   US$1. 48 billion, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. announced. This positive development reflected increased remittances from both sea-based and land-based workers, with their ransfers rising by 13. 3 percent and 6. 2 percent, respectively. Remittance flows into the country remained resilient on the back of sustained demand for skilled overseas Filipino workers in different dest inations worldwide. The Philippine Overseas Employment Administration (POEA) reported that, of the total approved 99,926 job orders for land-based workers for the period  Ã‚   1 January – 28 February 2011, more than two-fifths represented processed job orders for service, production, and professional, technical and related workers.The processed job orders are intended for the manpower requirements in Saudi Arabia, UAE, Qatar, Taiwan, and Kuwait. In its market update, the POEA stated that the Department of Labor and Employment's Philippine Overseas Labor Office in Rome, Italy, reported that a new quota decree has been signed in November 2010, which will allow the entry of 100,000 foreign workers in Italy, of which 4,000 new hires are allotted to the Philippines. Meanwhile, the POEA also reported that the country's seafaring industry is aggressively targeting to capture at least 50 percent of the global requirement for seafarers in the future.To achieve this, the seafaring in dustry has invested in world-class training modules and facilities to upgrade the quality of skills of Filipino seafarers. The continued enhancement of financial services worldwide through tie-ups with foreign financial institutions, establishment of remittance centers and marketing offices abroad, as well as the stronger partnerships forged with correspondent banks and branches/representative offices abroad also helped shore up the flow of remittances into the country.The expansion of the remittance network indicated the continuing efforts of local banks and other financial institutions to capture a larger market share of the global remittance industry and provide safe, affordable and accessible fund transfer system for the overseas Filipino workers and their beneficiaries.The peso strengthened in the first trading day of the week as beliefs that the economy would grow in 2011 given its positive fundamentals offset concerns over the ill-effects of adverse offshore developments, suc h as the earthquake in Japan and lingering unrest in selected countries in the Middle East and North Africa. The local currency closed at 43. 59 against the US dollar on Monday, up by 6 centavos from Friday’s finish of 43. 65. Intraday high hit 43. 56:$1, while intraday low settled at 43. 72:$1. Volume of trade inched up to $1. 023 billion from $772. 8 million previously. Traders said external factors had been weighing down on the peso and other Asian currencies. Nonetheless, they said, the peso has been expected not to depreciate and that domestic factors have beefed up sentiment on the economy. Traders and other economic players still expect the Philippines to post a decent growth this year, aided by remittances and improving business and consumer sentiment. In 2010, the economy grew by 7. 3 percent, the fastest pace registered in over three decades. (inquire. net) IX. GENERALIZATIONThe study, â€Å"The Philippine Peso-US dollar Exchange Rate: The impact of Strengthening C urrency†, aimed the following objectives: 1) to determine the economic impact of the appreciation of Philippine peso; 2) determine the effect of the appreciation of Philippine peso (consumption, investment, government spending, import, export, debt servicing); 3)to determine the reasons behind the appreciation of the Philippine peso during 2009-2010; 4) to determine the role of the Bangko Sentral ng Pilipinas (BSP) on the Foreign Exchange Market; 5) to determine the future movement of Philippine peso against the US dollar.The significance of this study was to determine the impact of peso appreciation on the economy. It shows the effect on different sectors of the economy. It attempts to show the impact of strengthening peso against the US dollar and what are the consequences behind it. It also attempt to show where should the government place itself when the opposing interest of the public are at stake through Bangko Sentral ng Pilipinas. Based on the date gathered, the first hypothesis is accepted. The effects of appreciation have a great impact consumption, government spending, investment, import-export and debt servicing.There were two impacts on consumption, first is the value of imported commodities are cheaper in terms of peso. Second, the purchasing power of dollar remittances will decrease. In government spending, If peso appreciates, it has a good impact in our external debt since our debt will decrease. We will pay less and that will affect our spending. The remaining money that allocated for payment of external debt will be used for government spending. More resources are available to spend for social and economic development of our country.Peso appreciation will cause the exports become less competitive in the international market that will result to less revenues in terms of exports. Imported products will become cheaper that can cause the people to purchase more of it. Another advantage of a strong Philippine Peso is that it would reflect a robust economy for the country which could leverage itself to attract foreign investors in the country which could provide significant inflows for investments to the country furthering improving the economy.A positive outlook is very important to a country to seek investors to show confidence in investing to country since their outlook would be one of the considerations investors would consider. One of the advantage of the peso appreciation is the lower debt servicing, in which, it lessen the external debt of the country. The second hypothesis is also accepted. Philippine peso appreciation was caused by several factors such as the robust economy of the Philippine as well as the increasing amount of remittances from the overseas Filipino workers (OFWs).The Bangko Sentral ng Pilipinas has the role of maintaining the inflation and has the power to intervene in Foreign Exchange market. It is the tool being used by the government in monetary policy. Based on the information that was rel eased by the BSP the peso is expected to appreciate, prior to the events that struck one of the major Economic Partner of the Philippines—Japan—and prior to the political instability from Arab nations, which is one of the major source of dollar remittances of the country.X. RECOMMENDATION The researchers’ believe that the government should maintain the peso appreciate so that it will lessen the burden of paying excessive debt–principal and interest. And to maintain the prices of the commodity that are being imported at a low price, such as oil which is vital in the daily economic activity and other commodity that is not produce in the county.On the other hand, the government should provide a OFWs remittance stabilization fund—from the money that the government had saved in debt servicing—that pegged the exchange rate between peso and dollar, because OFWs’ remittances are crucial in maintaining the high value of the peso against the do llar and the effects that it will brought to the economy. . We cannot easily believe that a strong peso means a strong republic. So government must look at different factors and learn before engaging the country in different risk.As we also observed, the effect of peso condition in the sources of government funds is the same in the impact of peso condition in government spending. If the effect in the sources of funds is negative, the impact in the government spending is also negative. When the effect is positive, the impact in government spending is also positive. XI. REFERENCES 1. Bangko Sentral ng Pilipinas. (2008). Adjustments in the Face of Peso Volatility: Perspective from the Past and Policy Directions. : Retrieved February 21, 2011 retrieved from      http://www. bsp. gov. ph/downloads/Publications/2008/WPS200802. df 2. http://www. investopedia. com/ask/answers/08/what-is-foreign-exchange. asp 3. http://en. wikipedia. org/wiki/Foreign_exchange_market 4. http://www. bsp. g ov. ph/financial/forex. asp 5. http://business. inquirer. net/money/breakingnews/view/20110314-325428/Peso-rises-against-dollar-as-positive-view-of-local-economy-stays 6. http://www. philstar. com/Article. aspx? articleId=565592&publicationSubCategoryId=66 7. Monetary Stability Sector of the Bangko Sentral ng Pilipinas (2006). The Exchange Rate. Retrieved from http://www. bsp. gov. ph/dowloads/publication/FAQs/exchangerate. pdf

Friday, August 30, 2019

Liberation War of Bangladesh Essay

Our liberation is the greatest achievement in our national life. The War of Liberation of Bangladesh took place in the history in 1971. We had been under Pakistani rule for twenty five years. The Pakistani rulers and their vested interest group began to treat East Pakistan as a colony gof West Pakistan. Therefore, under the leadership of Bangabandhu Sheikh Mujibur Rahman, a violent mass movement was launched against the autocrats of the West Pakistan. Subsequently, the Awami League won a landslide victory at the election of the National Assembly of Pakistan held in December 1970. Thus Bangabandhu acquired the right to form the government of Pakistan with his absolute majority in the parliament. Despite having absolute majority, Awami League could not ascend to power due to Yahia-Bhutto conspiracy. With the plea of discussion with Bangabandhu, President Yahia Khan began to collect arms and ammunitions from West Pakistan. Having taken all preparations, Yahia flew to Rawalpindi and signed the order for Bangalee massacre. On the black night of March 25, 1971, the Pak army got down the streets of Dhaka. Bangabandhu was arrested and taken to the prison of West Pakistan. In the mean time, Bangabandhu declared the independence of Bangladesh. The War of Liberation started and the Pakistani forces cracked down upon the innocent and armless people of Bangladesh. They continued to kill innocent people and intellectuals, torture innumerable women, burn houses, loot property and damage crops. One crore of people fled away and took shelter in India. In the meantime, new government was formed at Mujibnagar and people from all walks of life started to take part in the war obeying the call and order of Bangabandhu. As a result, the Mukti Bahini was organized and trained. They started counter attack on the Pakistani forces. During the Liberation War of Bangladesh, everyone was a freedom fighter and did his best to help the Mukti Bahini. Eventually the Mukti Bahini gained strength and efficiency and kept the occupation forces in extreme embarrassment. At one stage, the Mukti Bahini and the Indian forces formed a joint command and started severe attack on the enemy in every sector compelling them to surrender. On the 16th of December, 1971 they surrendered their arms to the Joint Command at a ceremony in Dhaka. Thus after long nine months of massacre, the War of Liberation came to an end and Bangladesh achieved freedom from the barbarous Pakistanis. In fact, it was the triumph of justice over tyranny.

Thursday, August 29, 2019

A Holiday In Italy Essay Research Paper

A Vacation In Italy Essay, Research Paper I ve merely come back from Italy after my 12 yearss trip at that place. It was fantastic to makenew friends during traveling, plus they are nice people excessively. Ironically, Italy is an ancient state, which full of historical heritages, particularly during the Roman Empire. There were a batch of statues and pictures in galleries and museums. In Rome, there has nil but tonss of museum, galleries, churches and Roman forums. It was wash uping to go for whole twenty-four hours on pes. I walked 10 hours a twenty-four hours during in Rome. I spent three yearss at that place, walking about within the museums and galleries. Well, for two yearss my eyes had seen a batch of statues and pictures until I got tired of them. Apart from that, I went to see some of the celebrated churches in Rome, particularly San Peter Church on which was nearby Vatican City. This church is superb and good decorated with statues, pictures and carvings on the ceilings. I don t cognize how to depict it in English. But if one twenty-four hours you have the chance to see Italy in future, you will cognize how great it is. There was something raging me really much during the 2nd twenty-four hours in Rome. I was robbed by two little misss who were at their age of 15 old ages old when I came out from the station office. At first, they came to me inquiring for money by stating me that you were hungering, needed some money to purchase nutrient. I ignored them and walked off. They kept following and drawing my suit. I said I didn Ts have money to give them. Suddenly, I felt a manus fumbling in my pocket. No uncertainty, I caught her handstiffly and I found that they were stealing my money from my pocket. My money was scattered on the floor. I released my custodies to pick up all my money back and the two misss walked off as if nil happened. I chasedthem and shouted for the constabulary. But cipher bothered me. One of the misss pulled up her jumper, demoing her chests in order to halt me barricading their manner. Finally, I gave up and allow them acquire off. I was wholly devastated with this incident which happened in the beginning of the twenty-four hours. Besid es, I went to Florence, Lucca, Pisa, Verona and Vanice. In Vanice, I met an Italian gay guy offering me money to have sex withhim. This happened when I was walking along the bank. A guy started talking to me and then helping me out lots in taking pictures. He also showedme around in one of the Islands in Vanice called Lido. Apart from that, he also bought me drinks and offered to stay in his house by telling me that it was costly to stay in the hotel. So I followed him to hisstudio to have lunch with him. The studio was deserted. There was only he andI in the studio. After filling up our stomach, he started to dance and taught me how to dance. I started suspecting that he was gay as he got closed to me. Suddenly, he embraced me and telling me he loved me. I pushed him away without doubt. He begged me to take off my trousers but I refused. And then, he asked if I want money. He was offering me money to have sex with him. And i said I don t need any money. He begged meto hug him from the back. So that he could do masturbation. I did helping him doing masturbation by pretending hugging at his back. Eventually, his sperm spilt on the floor. After that, I told him that I would have to go somewhere and rang up a friend of mine to let her know that I would stay over night in his house. I pretended to be interested in staying in his house. So I asked his phone number and I said I would give him a call in the evening. But I didn t phone him at all. So Ileft Vanice without his notice. Queuing That s the ridiculous experiences I got in Italy. Anyway, I was glad to know that someone admired me. But it was a pity that it was a gay guy. In the other hand, I met some nice Argentinian and Italianduring the entirely journey. They invited me to stay in their house if I come to visit Argentina. We exchanged address and promised to write to each other. A friend of mine was Italian. I stayed few days in her friends house. Within the few days, we had had meal together. After that I had great conversation with them. I felt great because these let me know more about Italian and their cultures.

Wednesday, August 28, 2019

Supply and Demand of Online Music Streaming Essay - 1

Supply and Demand of Online Music Streaming - Essay Example Also, this mode of online streaming is much preferred over the illegal mods of accessing pirated versions of music because this is a legalized form of distribution. There are three main types of demands noted in the online streaming industry. The fans who prefer free audio show high relative elastic demand, the fans who are interested to pay a small amount of fees for streaming audio contents display a mild relative elastic demand in this industry and the fans who are interested to pay any amount for listening to their favourite audio contents account for the highly relative inelastic demand in the online streaming industry (Liebowitz, 2006). Not only the published contents but also electronic musical festivals which are difficult for every person to attend are seeing high popularity of online streaming, As the suppliers try to drive the prices of online streaming, this is also supported by the increasing demand of online streaming by different groups of fans. The market forces have shifted the demand curve towards a steeper trend because the changing landscapes of this industry and digital contents industry have made it favourable for online audio streaming (Krueger, 2005). Also, the increasing threat of content piracy to the considered industry has made the suppliers in this industry support the growth and popularity of online streaming of audio. The streaming of music festivals, rock concerts as well as live playing by musicians have seen an aggregate increase in demands over the recent years.

Tuesday, August 27, 2019

Can the judiciary hold some court hearings in a nearby church when the Essay

Can the judiciary hold some court hearings in a nearby church when the courthouse is undergoing needed repairs and renovation D - Essay Example Courts are established under the constitution of the United States, with the highest court being the Supreme Court (â€Å"USLEGAL web†). The constitution gives power to these courts to conduct business on behalf of the federal government. Every state in the United States is divided into counties. In these counties, we have courts that deal with all manner of legal issues. Can the judiciary hold some court hearings in a nearby church when the courthouse is undergoing repairs and renovation? Legally, there are no provisions in the law for this. The law defines a legal premise as all portions of a courthouse except those of the judge chambers and the lounge (â€Å"24 The Twenty fourth Judicial District Court†). The court has general courthouse rules. If these proceedings were to be held in a church, there would be a conflict of interest. The courthouse has rules that are to make operating of the courthouse easy and ensure no disruptions or interference during proceedings. There are areas marked as entrance and exits for spectators, judges, the accused and this is usually enforced (Storey). Enforcing this entrance and exit rules in the church becomes legally impossible. A church is recognized as a place that has an attachment to religion, in this case Christianity. The businesses conducted by most Christian churches on the church premise always have an attachment to the provisions of the faith. An example is given of weddings, requiem mass, children ordaining, church play, singing competitions, and confessions. All these features are related to religion and holding a court case in a church is a conflict of interest. However, the cases heard ion courts vary from divorce cases to criminal cases. They do not carry the same weight, which is why we have special courts for family law and criminal cases. A family divorce case being held in a church, having the two people involved as Christians could turn out just fine. There will be restraint in the way the matter is being handled and the two parties can feel a certain level of remorse and end up reconsidering their positions on the case. A family divorce case involving two Buddhists or atheists in a church is particularly disturbing. The church would want the cases being held in their premise to have a foundation of Christianity or Christian law. The identity of the litigant would affect the legal outcome in a church setting. This is only if the judges sitting on the jury bench are Christians and have particular convictions to do the right thing according to the Christian law. However, should the judges have a Muslim background, their faith cannot allow them to enter a church building turned a courthouse. The issue of one’s faith therefore takes play in these cases. A criminal defendant, in a church turned courthouse, whose faith is Christianity may not defend his client in the same way he would if it were a courthouse. Should a criminal lawyer raise an objection to a point tha t is straight forward as wrong according to the Christian law, it may look like hypocrisy to the very faith he supports. A murder suspect whose case is being tried in court may make objections on the ruling because the premise had an impact on the way the case was handled. A divorce defendant who is objecting to an issue in court and trying to defend against the divorce can gain sympathy ruling because the premise in which it is conducted in is a church. The Christian law is against divorce and such a case being tried in a church may

Monday, August 26, 2019

Three useful knots for camping (demonstrate) Essay

Three useful knots for camping (demonstrate) - Essay Example An example of shoe laces can be taken here when the laces are crossed against each other. Similarly another overhand knot is tied to put the left end of the rope over and under the right one. The ropes are pulled together to form a square knot afterwards (Filip 2013). Clove Hitch is another knot which is used to hold objects to where they are required. The object to be roped is first taken and the rope is passed beneath it to give it a wrap. The rope is then crossed for a second time to give the second wrap in the form of an X so that both the wraps leap each other. After that a third wrap is given and the end of the rope is put in between of the X. Both the ends are then pulled to give a Clove Hitch (Filip 2013). The last know is known as Bowline and is very helpful for the campers and mountaineers. The rope is first taken and a loop is made by the rope itself. The rope end is then put through the loop and then put again in the loop to align with the main end. The rope is then pulled to give a tight knot known as Bowline (Filip 2013). Tkaczyk, Filip. "Camping Knots for Wilderness Survival."Â  Wilderness Survival School | Alderleaf Wilderness College - Survival Courses. N.p., n.d. Web. 11 Apr. 2013.

Privacy and technology Essay Example | Topics and Well Written Essays - 1000 words

Privacy and technology - Essay Example According to If Looks could kill by The Economist and Trading Liberty for Illusions by Wendy Kaminer, the world today tends to prefer the inconsequential over the important aspects in their lives. For instance, people now judge based on race after the 9/11 attacks, airport security has become increasingly intrusive, and technological advances have eroded whatever little privacy people had left. Both Wendy Kaminer in Trading Liberty for Illusions and The Economist in If Looks Could Kill refer to terrorism as one of the main reasons why the privacy of ordinary American citizens is being invaded. The main reason for Kaminer’s article is to opine that the government hides behind the threat of terrorism to excuse their infringement on their citizen’s rights. She uses the rhetorical technique of pathos to appeal to the readers’ emotions. She starts her article by saying, â€Å"Only a fool with no sense of history would have been sanguine about the prospects for civil liberties after the September 11 attack† (Kaminer, 2004). This ensures the reader knows she is against the invasion of privacy on the pretext of terror threats. She contends that the Bush Administration held over a thousand non-native Americans after the 9/11 terrorist attacks, although most of them were not connected to the events of the day (Kaminer, 2004). Kaminer concludes that the fear of the government and subsequent attacks make citizens give their liberty up because they have been fed on security illusions. On the other hand, The Economist’s main reason for writing their article is to opine that the threat of terrorism and crime has pushed technology to higher heights. They use the rhetorical device of logos to contend that technology talking about the ability of new technology to use micro-expressions rather than the old profiling technique. This technology will remove the risk of racial profiling by the police because all it detects are expressions made by an individual, rather than the color of their skin (The Economist, 2008). In addition, The Economist also contends that the technology will be important in cases where packages are left by suspicious individuals and will alert security officials on the potential danger. The Economist talks about other technologies aimed at anti-terrorism that measures breathing and heart rate, perspiration rates, temperature of one’s skin, and the flow of blood, doing all this while the potential suspect is some meters away from them. They say that this machine was tested, and it identified 80% of individuals attempting to sneak weapons into a room (The Economist, 2008). It is clear that The Economist and Wendy Kaminer have very different ideas on the use of technology to combat terrorism. While Kaminer contends that the current technology fails and infringes on the privacy of ordinary citizens, The Economist is of the idea that new technologies in the pipeline will be more reliable and will not be culpable to racial profiling. The two articles discuss the issue of technology and privacy but organize their arguments in different ways. Wendy Kaminer in Trading Liberty for Illusion begins her article by contending that terrorist attacks and crime have always led Americans to allow the government to trample civil liberties when there is an attack because they feel under siege or frightened (Kaminer, 2004). She gives a brief history of US Presidents who

Sunday, August 25, 2019

The Significance of Improving Productivity in the Hospitality Industry Essay

The Significance of Improving Productivity in the Hospitality Industry - Essay Example Introduction Productivity has a huge impact on all businesses; both individual and corporate. In fact, the hospitality industry is witnessing a steady decline in productivity after World War II, and for many decades the industry effectively hid its poor productivity behind the baby boom in the size of the market. According to estimates, the hospitality industry is only 50% as effective as other industries. Still, it is surprising to note that am effective strategy that could be used to measure the productivity in hospitality industry is not available. This work intends to check why productivity is important in hospitality industry; especially bars and clubs, and also it tries to analyse the existing notion of and attitude towards productivity in the hospitality industry. Thereafter, it tries to suggest some ways that can be adopted to improve productivity in the hospitality industry, especially bars and clubs. The Productivity Paradox of Hospitality Industry The main problem with hos pitality industry, according to scholars, is poor productivity. From studies, it became evident that most people in the hospitality industry possess relatively little idea about the importance of human resources in the hospitality industry. In the opinion of Mill (2010), in hospitality industry, the role of human resources has been undervalued. ... cording to them, despite the best efforts by the hospitality industry to incorporate information technology in operations, there is no evident improvement in productivity. According to them, an important reason for this lack of evidence lies in the fact that there is no effective tool for the measurement of productivity improvement. In addition, it became evident from the study that those who used technology did not use it to improve productivity, but to improve the guest experience. Another serious issue is that different people use different set of criteria to measure productivity (ibid). Similarly, the study by Ingram and Fraenkel (2006) looked into the perception of productivity among hospitality managers. It is pointed out that they possess little idea about the notion of productivity, and the more they tried to understand what productivity is, the more confused they became. The same opinion is revealed by Mill. So, it seems useful to look into the different ideologies on produc tivity. Definition of Productivity and its Measurement In the opinion of Gummesson (1998), it is both ambiguous and inadequate to measure service productivity. However, in the opinion of Reynolds (2004), as about 30% of the hospitality cost comes from labour, a general tendency in the industry is to reduce labour costs while maintaining productivity. However, an article published by the New Zealand Tourism Research Institute warns that the productivity targets achieved in this way will not last long. This is so because reduced costs will lead to a decline in service standards. As Kimes (2001) states, this poor service, in turn, will affect customer satisfaction, which, eventually, will result in poor sales, and finally, poor productivity. There are people like Parasuraman (2002) who argue

Saturday, August 24, 2019

Jesus, the embodiment of God's narrative Term Paper

Jesus, the embodiment of God's narrative - Term Paper Example Jesus presented himself as a culminating factor to the teachings and prophecies of the old testament, explaining the correlation between the new and old teachings of the bible (Wright 12). A particularly significant example of Jesus in the context of history as observed during his baptism by John. Jesus told John of His need to be baptized by him; this addressed the entire old church, as observed by many other individuals who received the spirit in the old covenant. Jesus received the spirit at His baptism (Jn. 3: 34). The baptism took place in the wilderness, representing an aspect of explaining that Israel existed in exile. Israel’s exile period existed from Abraham to David then to Jesus. In the old testament, Isaiah talked of when water and spirit would be poured onto the ground of Israel, the covenant would renew (Isaiah 41: 17-20). Jesus baptism acts to fulfill this promise. This baptism also tries to explain a new creation as observed in the creation story where Spirit hovers in a bird like form over watery earth, similar to the experience during Jesus’ baptism. The historical story of Jonah aboard a ship, then into the belly of a whale then onto dry land (Jonah 1), interprets into the burial of Jesus, in a tomb (similar to Jonah in the belly). Jonah is free after three days and nights, just as Jesus arose from the dead after three days. This acts as acceptance by the New Testament’s embodiment of the Old Testament’s writing. The Old Testament explains of an instance in which Abraham goes to make a sacrifice of his only son to God, Isaac (Genesis 22). This previews the act by God to sacrifice His only Son for the sake of the world (John 3:16). This two instances all talk of sacrifices by a father on his son for a given cause. Jesus fits fully into the story of Abraham in the Old Testament. The story of Joseph in the Old Testament is well embodied by Jesus’ life

Friday, August 23, 2019

Solid and Hazardous Waste Assignment Essay Example | Topics and Well Written Essays - 1500 words

Solid and Hazardous Waste Assignment - Essay Example Agricultural waste comprises mainly slurry and farmyard manure with significant quantities of straw, silage effluent, and vegetable and cereal residues. Most of this is spread on land. Certain types of waste are defined as hazardous because of the inherent characteristics (e.g. toxic, explosive). The three largest waste streams in this category are oils and oily wastes, construction and demolition waste and asbestos, and wastes from organic chemical processes. Non-controlled waste includes waste generated from agriculture, mines and quarries and from dredging operations. In 1998–99 over 470 million tons of wastes were generated in the UK. The mean production of daily household and commercial waste in EU Member States in 1993–96 was approximately 370 kg/capita/annum, ranging from 350 to 430 kg (Waste Statistics). Most people lack of understanding on â€Å"hazardous waste†; it doesn’t always mean that when waste is hazardous it is harmful, though most can be . Hazardous waste defines that a waste has a property which might make it harmful to human health and the environment. Most, but not all, wastes produced by humans can be classified as hazardous. That is why, authorities and government agencies concerning environmental issues are stepping forward to the control and proper disposal of hazardous waste. Domestic wastes that are, may be, hazardous are the following: asbestos, pesticides and garden chemicals and medicine, fluorescent tubes and lamps, oils and oil filters, plastics, paints and coatings, household batteries and car batteries, discarded electrical equipment like TVs and radios, and computers, computer monitors and CRTs, fridges and freezers, discarded energy saving light bulbs (CFLs), Chlorofluorocarbons (CFCs), HCFCs, Cathode ray tubes, and tires and rubber. Environmental impact on the disposal of municipal solid wastes (MSWs) Many options may be taken by management of environmental agencies to dispose hazardous wastes, pa rticularly incineration and landfills. However, several potential health risk

Thursday, August 22, 2019

Plx Programming Book Essay Example for Free

Plx Programming Book Essay The PLC has input lines where sensors are connected to notify upon events (e. g. temperature above/below a certain level, liquid level reached, etc. ), and it has output lines to signal any reaction to the incoming events (e. g. start an engine, open/close a valve, etc. ) The system is user programmable. It uses a language called Relay Ladder or RLL (Relay Ladder Logic). The name of this language implies the fact that the control logic of the earlier days, which was built from relays, is being simulated. [edit]The PLCs purpose in life The PLC is primarily used to control machinery. A program is written for the PLC which turns on and off outputs based on input conditions and the internal program. In this aspect, a PLC is similar to a computer. However, a PLC is designed to be programmed once, and run repeatedly as needed. In fact, a crafty programmer could use a PLC to control not only simple devices such as a garage door opener, but their whole house, including turning lights on and off at certain times, monitoring a custom built security system, etc. Most commonly, a PLC is found inside of a machine in an industrial environment. A PLC can run an automatic machine for years with little human intervention. They are designed to withstand most harsh environments a PLC will encounter. [edit]History of PLCs When the first electronic machine controls were designed, they used relays to control the machine logic (i. e. press Start to start the machine and press Stop to stop the machine). A basic machine might need a wall covered in relays to control all of its functions. There are a few limitations to this type of control. Relays fail. The delay when the relay turns on/off. There is an entire wall of relays to design/wire/troubleshoot. A PLC overcomes these limitations, it is a machine controlled operation. [edit]Recent developments PLCs are becoming more and more intelligent. In recent years PLCs have been integrated into electrical networks i. e. all the PLCs in an industrial environment have been plugged into a network which is usually hierarchically organized. The PLCs are then supervised by a control center. There exist many proprietary types of networks. One type which is widely known is SCADA (Supervisory Control and Data Acquisition). [edit]Basic Concepts [edit]How the PLC operates The PLC is a purpose-built machine control computer designed to read digital and analog inputs from various sensors, execute a user defined logic program, and write the resulting digital and analog output values to various output elements like hydraulic and pneumatic actuators, indication lamps, solenoid coils etc. [edit]Scan cycle Exact details vary between manufacturers, but most PLCs follow a scan-cycle format. Overhead Overhead includes testing I/O module integrity, verifying the user program logic hasnt changed, that the computer itself hasnt locked up (via a watchdog timer), and any necessary communications. Communications may include traffic over the PLC programmer port, remote I/O racks, and other external devices such as HMIs (Human Machine Interfaces). Input scan A snapshot of the digital and analog values present at the input cards is saved to an input memory table. Logic execution The user program is scanned element by element, then rung by rung until the end of the program, and resulting values written to an output memory table. Output scan Values from the resulting output memory table are written to the output modules. Once the output scan is complete the process repeats itself until the PLC is powered down. The time it takes to complete a scan cycle is, appropriately enough, the scan cycle time, and ranges from hundreds of milliseconds (on older PLCs, and/or PLCs with very complex programs) to only a few milliseconds on newer PLCs, and/or PLCs executing short, simple code. [edit]Basic instructions Be aware that specific nomenclature and operational details vary widely between PLC manufacturers, and often implementation details evolve from generation to generation. Often the hardest part, especially for a beginning PLC programmer, is practicing the mental ju-jitsu necessary to keep the nomenclature straight from manufacturer to manufacturer. Positive Logic (most PLCs follow this convention) True = logic 1 = input energized. False = logic 0 = input NOT energized. Negative Logic True = logic 0 = input NOT energized False = logic 1 = input energized. Normally Open (XIC) eXamine If Closed. This instruction is true (logic 1) when the hardware input (or internal relay equivalent) is energized. Normally Closed (XIO) eXamine If Open. This instruction is true (logic 1) when the hardware input (or internal relay equivalent) is NOT energized. Output Enable (OTE) OuTput Enable. This instruction mimics the action of a conventional relay coil. On Timer (TON) Timer ON. Generally, ON timers begin timing when the input (enable) line goes true, and reset if the enable line goes false before setpoint has been reached. If enabled until setpoint is reached then the timer output goes true, and stays true until the input (enable) line goes false. Off Timer (TOF) Timer OFF. Generally, OFF timers begin timing on a true-to-false transition, and continue timing as long as the preceding logic remains false. When the accumulated time equals setpoint the TOF output goes on, and stays on until the rung goes true. Retentive Timer (RTO) Retentive Timer On. This type of timer does NOT reset the accumulated time when the input condition goes false. Rather, it keeps the last accumulated time in memory, and (if/when the input goes true again) continues timing from that point. In the Allen-Bradley construction this instruction goes true once setpoint (preset) time has been reached, and stays true until a RES (RESet) instruction is made true to clear it. Latching Relays (OTL) OuTput Latch. (OTU) OuTput Unlatch. Generally, the unlatch operator takes precedence. That is, if the unlatch instruction is true then the relay output is false even though the latch instruction may also be true. In Allen-Bradley ladder logic (and others) latch and unlatch relays are separate operators. However, other ladder dialects opt for a single operator modeled after RS (Reset-Set) flip-flop integrated circuit chip logic. Jump to Subroutine (JSR) Jump to SubRoutine For jumping from one rung to another the JSR (Jump to Subroutine) command is used. [edit]Wikibooks Links Programmable Logic [edit]External links Wikipedia: Programmable logic controller Ladder logic IEC 61131-3 PLC programming language standards SCADA Others: Introductory PLC PLC Complete Tutorial PLC tutorial site for beginners PLC simulator Management of your companys PLC Timeline of PLC History Basic PLC Online PLC Training Interview with Dick Morley (pdf) PLC Books Logic to Ladder Diagram (pdf) Subjects: Introductory PLC Programming | Computer engineering What do you think of this page? Please take a moment to rate this page below. Your feedback is valuable and helps us improve our website.

Wednesday, August 21, 2019

Market Analysis and Promotional Issues in South Africa Essay Example for Free

Market Analysis and Promotional Issues in South Africa Essay South Africa is an ethically diverse country and was under the colonial rule for decades. It has been noted that its Black African ancestry in the whole population consisted of 79.3% while the white population was 9.1%, the colored 9% and the Indian/Asian of 2.6 %. The country’s new constitution which came into effect on 4th February, 1997, has recognized 11 official languages and has further given them all an equal status. Its colonial history was one of subjugation by the white colonial masters and therefore the native African and colored population nursed a growing sense of resentment, doubt and a feeling of revenge for the wrong doings meted out to them by the colonial rulers. The nation that became liberalized by emerging out of the past again realized that the colonial spell of subjugation was not fully over as yet as they still have to remove the feeling of inferiority over the English language left out by the foreign rulers. Thus, conscientious efforts were on by the new government to save the country’s various linguistic cultures. By accepting linguistic globalization, which has adapted the use of English, mother tongue equally need to be used and also developed (Moyo, 2009). In this context and the resulting confusion of attaining a cultural identity the book sales in South Africa saw a significant increase including those of English books. South African Customers The South African Customer for market purpose in consumer products covers a whole range of people from all cultural and linguistic angles. Yet from the point of view of the book publishing the range is limited and this is further narrowed down given to reason that the English reading population is limited only to the white people and the educated lot of the Black African and colored population. Now taking into consideration the market of English fiction of the Janet Evanovich line of books the market gets further segregated according to age. However, it is seen that fiction in general is the easiest genre to sell in the overseas market (O’Reilly, 2010). This is more so keeping in view of the South African government’s recent bilingual education policy where English language is an important official language. Although South Africa has a significantly different political, social and cultural landscape than that of US, it provides an excellent example of bilingual education policy (England, 2009). In spite of the above it is seen that there is some amount of resistance from the culturally distinct group who would like their own mother tongue as their main language. According to the author Mzamane Mbulelo Vizikhungo liberating the African mind from the stronghold of Western cultural imperialism is the unfinished business of the liberation struggle (2009). This shows the nature of resistance which still exists in the Black African and colored population which may take some time to completely erase out. As Vorster states that after a long period of inequalities in the society a new dispensation cannot be effectively established without a deep-rooted transformation process that must redress the imbalance cause by the previous dispensation (2005). Yet this may slowly subside as the whole world moves towards globalization and there will be changes in the attitudes of the consumers. An understanding of the psychological process by which attitudes are changed should provide insight into when and how attitudes guide consumer behavior (Bagozzi, Gurham-Cauli and Priester, 2002). This is true for any fiction and the publishers ought to be aware of this in order to project the book as tailored for the customers. Today’s approach is to accept that there are different demands in the market place and the product needs to be tailored specifically to meet the differing demand if it is stand the best chance of success (Proctor, 2000). In case of Janet Evanovich writing which is incidentally a fast moving, suspense filled, romantic version of contemporary life in America, and the South African public can see reason as to why they too may not change likewise. Customers are more discerning than they used to be in the past where they purchased simply on their whims and impulse (Griffin, 2002). The same could hold true for the modernizing South Africa who might rather than reject accept the fast fiction version of the American life. Defining the Changing South African Market With the advent of globalization it is not possible for any nation to remain cocooned in one’s own narrow beliefs and cultural pretense. Although by and large the global society would undoubtedly become a multicultural and multi-lingual one there is enough evidence that heterogeneity would remain distinctively rooted within a larger homogeneity in existence everywhere. This homogeneity would be defined as the assimilation of all positive sides of human endeavors and linguistic aspects. Therefore, for projecting the Janet Evanovich’s line of books the publishers need to emphasize the point through website and other media that the book is meant for the public simply as a form of entertainment and not to transgress on their cultures and at the same time to inform them of the life style in contemporary America. Marketing is about meeting customer’s needs and developing their trust and loyalty (Doyle, 2000). In order to achieve these publishers would have to wean themselves away from the biasness of their own home country and look at book sale as a specific objective. Many marketers now distinguish a goal as a specific objective, a refinement of an objective and make it desirable (Rogers, 2001). In order to remove whatever friction that may cause by the introduction of the books the publishers may undertake promotions in an appealing way with due consideration given to the cultural aspects of each group. Not only can a celebrity endorsement campaign fit with the launch of Janet Evanovich’s line of books by local artists, but the author can sign a few dozens of the initial published copies. This can make the public more intimate with her style of writing and wouldn’t try to uncover any seemingly hidden motives. Utilizing a charitable outlet for a portion of the profits can enhance the sensitivity of the company’s representation in the community (Hosier, 2010). Further, a special low pricing could be offered so as to entice the potential customers who are usually in the age group within 16 to 60. Or a special discount could be offered for the first hundred copies or the whole of the first published lot in South Africa only. Prices, reflect values, the value seller believes their product possesses and which the buyer too perceives (Bradley, 2003). An intimate relationship is thus established between the consumers and with those who are very sentimental when their cultural values is seen under threat.   Reference List Bradley Frank (2003). Strategic Marketing: In the Customer Driven Organization.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Pricing Strategies and Tactics. 12, 221. Chichester, England. Wiley. Bagozzi P. Richard, Gurham-Cauli and Priester R. Joseph (2002). The Social   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Psychology of Consumer Behavior. Attitude Change. 5, 102. Philadelphia.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Philadelphia Open University Press. Doyle Peter (2000). Value Based Marketing: Marketing Strategies for Corporate   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Growth and Shareholder Value. The Marketing Value Driver. 3, 69. New York.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   John Wiley Sons. England W. Travis (2009). Bilingual Education: Lessons from abroad for America’s   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Pending Crisis.   A. South Africa. Washington University Law Review. Griffin Jill (2002). Customer Loyalty. A Closer Look at Loyalty. 2, 17, San Francisco.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Jossey-Bass. Hosier Bill (2010). Benevolent Marketing-Building Charitable Giving into the   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Business Model. Advertising, marketing, public relations community. O’Reilly Gillian (2010). Canadian Books Sell around the World. Fiction. Canadian   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Children’s book News. Proctor Tony (2000). Strategic Marketing. Segmentation, Target and Positioning.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   10, 188. London. Routledge. Moyo Thamba (2009). Linguistic diversity and development: the language question   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   And Social justice in Southern Africa. The Mother Tongue Defined. Forum   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   On Public Policy: A Journal of the Oxford Round Table.

Tuesday, August 20, 2019

The Once and Future King by T. H. White | Symbolism

The Once and Future King by T. H. White | Symbolism The importance of symbolism in literature should not be underemphasized because it links the concrete everyday experiences of our lives with more significant interpretations the author applies to those experiences. Symbols are a major element in how literature works.(Oldham) Symbolism is used by T. H. White throughout The Once and Future King, and each of the symbols used enhances and adds depth to the story. The Questing Beast is more than a monster; it represents meaningless quests.(Ogden-Korus) The sword is more than a weapon; it is a symbol for all that is honorable and courageous in Arthurian legend.(Lozon) The Round Table is not merely a piece of furniture that King Arthur chose to place in his castle; it is a symbol representing the ideals of knighthood and Arthurs leadership style.(Lupack) The Holy Grail is not only a pursued treasure; it represents a promise of a new beginning.(Howard) Symbolism in The Once and Future King is important because of the enhanced depth and meani ng it gives to the story as can be seen in the Questing Beast, the sword, the Round Table, and the Holy Grail. Symbolism is often difficult to interpret in literature because symbols can have complex meanings which go beyond their literal or a single meaning. In truth, the most expressive symbols in literature do represent a range of meanings. This often confuses and frustrates readers and results in them failing to appreciate the full meaning and depth of a literary work.(Ricouer) For example, a flag can be much more than a symbol representing a particular country. For many people, a flag can symbolize abstract ideas about the ideals of what that country represents to them.(Ohio University) When the complex meanings of the symbols in The Once and Future King are discovered, a new level of understanding is gained by the reader. It becomes apparent that not only is the story about the Arthurian legend, it is about the spirit and ideals that are represented by that legend. The Questing Beast is an iconic symbol of Arthurian legend.(Batt) As implied by its name, its function is to be the object of quests. This beast, with a monstrous barking noise coming from its stomach, is often described as having a leopards body, a serpents head, a lions hindquarters, and a deers feet. In The Once and Future King, T. H. White uses this misunderstood creature to explain Pellinores quest for the beast and to symbolize that there is really no good reason for Pellinore to spend a large part of his life in this quest. Pellinore holds no real personal anger against the beast, and pursues him only because everyone in his family has always done so. Pellinores long search symbolizes all the pointless knightly pursuits encouraged by chivalry ungrounded in the belief might makes right. The unlikely body parts which form this beast symbolize the chaos of those pursuits.(Ogden-Korus) When the reader understands the symbolism in the Questing Beast, a new meaning and depth is give n to the story. The life depicted by the knights and, in turn, many quests sought by people are often fruitless endeavors with no real purpose. While the symbolism in the Questing Beast represents fruitlessness, the symbolism in the sword is much different. The mystical sword of King Arthur is a weapon of great physical and magical powers, and is one of the most famous items associated with Arthurian legend. It, however, is more than a weapon. In the sword is symbolized everything that is noble and valiant in the world. It is a symbol of strength, pride, power, and the authority one man can command to bring an entire nation under his rule.(Lozon) Such swords are made so that only a few or one specific person can use them effectively because they are a symbol of divine kingship. In T. H. Whites The once and Future King, the words engraved on the sword are Whoso Pulleth Out This Sword of this Stone and Anvil, is Rightwise King Born of All England.(p. 197) Arthurs ability to pull the sword from the stone proves his worthiness as a leader and his acceptance of all the responsibility that such leadership entails.(Lai) The sword i s really a test used to distinguish outer physical strength from an inner morality, and only the worthy posses that quality.(Lai) Understanding the symbolism of the sword in The Once and Future King gives depth to what are the true qualities of power and leadership in the world and the responsibilities that accompany that leadership. Comparatively, the true qualities of power and leadership are further symbolized in The Once and Future King by the Round Table. In the story, the table is not merely the physical object around which Arthur and his knights sit, it is the physical representation of the equality among them. Its round shape symbolizes fairness and justice for all. When seated around the table, no one could claim more importance than another. (Lupack) The great sense of equality depicted by the Round Table can be found in Robert Waces poem, Le Roman de Brut. Arthur fashioned the Round Table Of which many tales are told There sit his knights, Each one equal to the next: They sit equally at the Table And are equally served. None of them can boast That he sits ahead of the next. None has a favored position, And none is excluded.(9751-60) An understanding of the sense of equality symbolized by the Round Table enables the reader to realize the importance in the shape of the table. Further symbolized in the shape of the table is the entire order of knighthood and the code of chivalry to which the knights committed themselves in their lives and in the pursuits they followed. This code of fairness was expressed by many characteristics including courtesy, honor, and loyalty.(Lupack) Each of these characteristics stress the importance of leading a moral and righteous life. Through an understanding of the symbolism in the Round Table, the reader gains a deeper appreciation for the importance of right makes right and the necessity of equality in life and its quests. Regardless of ones quests in life, the aim of each is to obtain a treasure. In The Once and Future King, an important treasure sought is the Holy Grail. Reading the story without understanding the symbolic meaning of the Holy Grail leads one to believe that it is simply a cup. Understanding the symbolism, however, leads to a much deeper appreciation of the significance of this treasure: its promise for a new beginning in life. The hardships involved in obtaining that promise are reflected in the degree of difficulty it takes to achieve it. Most people would prefer to cling to the familiar, no matter how unsatisfying it may be, rather than face the new. The desire and the ability to strive for change distinguishes the hero from the rest of humanity. (Howard) Looking at the symbolic meaning of the Holy Grail gives the reader a better understanding of all that can be achieved through the quests in ones life. In conclusion, although it is often difficult to interpret symbolism in literature, it is important to do so in The Once and Future King because of the enhanced depth and meaning the reader can gain from the story. From the Questing Beast, the reader learns that might does not necessarily make right. The qualities of honorable and valiant leaders can be discovered in the sword. The Round Table supports the ideal that right does means right. Finally, the symbolism in the Holy Grail uncovers a new meaning to the quests that one attempts in life. Indeed, symbolism in literature should not be seen as frustrating. Instead, it should be viewed as exciting because it opens doors to additional reading, rereading, and discussion. This, in turn, gives a further insight and meaning to literature. Symbolism, through the many layers of meaning it conveys, gives literature its deep and lasting qualities.