Chinese philosophy Essay Example for Free

Chinese philosophy Essay The pair lived in a time of immense social disorder and religious skepticism. They developed the notion of the Dao (way, or path) as the origin of all creation and the force (unknowable in its essence but observable in its manifestations) that lies behind the functions and changes of the natural world. Daoism Chinese religion â€Å"mirrors the social landscape of its adherents. There are as many meanings as there are vantage points.† This can be very confusing to outsiders†¦ Daoism and Confucianism existed together. At various points in one life, you might follow either. (There are many who only practice one) Due to the social disorder of the time, the question was: what is the basis of a stable, unified, and enduring social order? Their answer was the Dao. Nature, after all, was much more stable than anything humans can create. Healthy human life could flourish only in accordance with Dao. Nature, simplicity, a free-and-easy approach to life. Daoism  To be skillful and creative, they had to have inner spiritual concentration and put aside concern with externals, such as monetary rewards, fame, and praise. Artisans were typically very good at this idea. When stressed, or seeking an escape, the Daoist might retire to the countryside, or mountains and write a poem or paint a picture. This was an attempt to capture the simplicity of nature in their own lives. Daoism In Chinese society, Daoism created the Chinese love of nature It also inspired an intense affirmation of life: physical life: health, well-being, vitality, longevity, and even immortality. Some Chinese sought the fountain of youth, or herbs and plants that would extend life. This lead to the wealth of knowledge in Chinese medicine. Daoism There were kind of gods†¦ The gods and Jade Emperor could be seen as the supreme rulers. Obeying the rulers on earth would prepare you to follow him later on. The demons and ghosts of hell acted like and were treated like the bullies, outlaws, and strangers in the real world. All things were the manifestation of the one Dao.

Developed nations Essay Example for Free

Developed nations Essay Developed nations such as Canada, Japan, Australia and America are emitting the most air pollutants in the world and contribute in much emission of green house gases in the atmosphere. Developed nations use much of the natural resources until a near depletion occurs. Hover there are exceptions in that Germany, Sweden and Norway governments have worked with environment and they have benefited economically due to their environment sustainability (Pickering Owen, 213). Environmental degradation in the third world is exacerbated by international dumping of hazardous wastes and environmental imperialism. Third world countries do not have many choices to choose from and their environment is partly degraded by developed countries. These acts of the developed nations of cleaning their backyard and then transporting their hazardous wastes to the third world countries as well as forbidding the developed countries to develop violates the principles of sustainable environment. First world countries degrade the environment because they consume more of the natural resources (Pickering Owen, 213). Environmental issues of china and Latin America In china there is a growing concern of the ever increasing desertification on the northern and western side of the country. Desertification is being exacerbated by climate change in china and result from excessive industrialization on the fragile ecosystems and poor land management (Rajan, 321). The unrestrained industrialization and development that is taking place throughout the country is making china to be vulnerable to the growing changes of climate due to the increased levels of green house gas emissions in the atmosphere. For example extreme ecological events melting of glaciers and rising temperatures are now common in china besides desertification. These phenomena have detrimental effects on human health and the fragile ecosystems (Rajan, 328). Desertification engulfs the ecosystems with sand and reduces the available arable land thus creates eco- refugees. Shrinking glaciers on the other hand temporary raises the level of after in lakes and river and eventually disappears leaving an acute shortage of water. The economy of china is based mainly on coal for cheap energy and heavy industry that emits high levels of green house gases and thus accelerates global warming and climate change (Rajan, 321). However Chinese government is now using experimental means and artificial precipitation to alleviate the short term effects of the climate change. The government is also adopting stricter energy conservation legislation and increasing international cooperation to help fight the problem of climate change (Rajan, 3330). On the other hand the municipalities of china generate more than a hundred million tones of trash wastes per annum and currently the amount is rapidly rising. The existing land fills in china are reaching their capacity and therefore china will be required to build more land fills to satisfy the ever increasing amount of garbage accumulated. China will also be required to make up the poorly managed land fills (Rajan, 330). The problem of solid waste leakages from poorly managed land fills has rendered many hectares of land around the cities to be useless and therefore it is posing a great land constrains since china supports a big percentage of the world population and has a small percentage of the arable land. China is also facing human health and ecological threats from the Brownfield sites that are stemming from poorly managed landfills and from older landfills that do not have proper lining. There are problems of illegal dumping of industrial and municipal wastes that are exacerbating the situation. The incineration of waste in china is also emitting chemicals such as mercury, furans and dioxins which are harmful to the health of people globally (Rajan, 431). It is difficult to understate the environmental pollution of china on the pacific region of Asia and beyond. The prevailing wind often carries pollutants such as mercury particulate matters and ozone from one continent to another continent and in this case the pollutants are carried from Asia to North America. The overall trend of air pollution in china indicates a growing health and economic threats both within and outside china. The regional impact of air pollution in china has encouraged cooperation and new data on environmental, economic and human health implications of pollution of china on the north eastern side of Asia and western side of United States and Canada calls for global efforts to engage china in these issues (Rajan, 441). The majority of the regional trans-boundary air pollution in china originates from its heavy reliance on coal which constitutes about 70 percent of its global energy mix. Despite efforts to diversify the energy sources in china the country has continued to rely on coal and it seem it will continue to rely on the same for the fore seeable future. The dependence on coal and the lack of scrubbers and coal washing infrastructures at power plants and industrial facilities and its plan to build new coal powered stations translates to wide spread of environmental and health issues in pacific region of Asia and beyond. Car emission in china has replaced coal as the major source of air pollution in urban centers. Currently sixteen out of twenty most polluted sites are in china and therefore the emission will worsens the air quality in china. The current data shows that china has 22 cars per 1000 people compared to United States which has 764 cars per 1000 people however china is on its way of becoming the dominant market for automobiles. Due to WTO reduction the number of vehicle in china are expected to rise from the current 24 million to 100 million by the year 2020. In china there is a car culture that is developing similar to that was witnessed in 1940s in the United States. a prime example is the car driving clubs. There are many obstacles which face the policies for cleaner cars (Rajan, 450). On the other hand current industrial pollution in Latin America is a growing problem. Latin America is predominantly becoming an urban society and its environmental pollution issues are becoming important issues on the political agenda (Diaz West, 73). Mexico, Brazil and Argentina account for about four-fifth of manufacturing production in the region and hence constitute the bulk of industrial pollution in Latin America. Data for air pollution which have been obtained shows that concentrations of pollutant in the major cities are above World health organizations (WHO) guide lines for the air quality standards (Diaz West, 74). However it is only Sao Paulo whose data on air pollution falls within the quality standards provided by world health organization. Another element that is contributing to air pollution in Latin America is emissions from vehicles. There are also problems of water quality both to the regional rivers and coastal waters. For instance most watersheds in Mexico are strongly polluted (Diaz West, 76). The stretches of Paribas do Sul river of Rio de Janeiro and most of its tributaries are badly polluted as it is in Guanabara Bay. Due to lack of monitoring of pollution in Latin America it is difficult to obtain estimates of industrial effluents and emissions. Population growth in urban centers in Latin America has also caused slides deforestation and soil loss for agriculture in the peripheries of the urban centers (Hillstrom Hillstrom, 89).

Cinema as an instrument of Nationalism

Cinema as an instrument of Nationalism Cloaks in the colours of soil: Cinema as an instrument of Nationalism The paper aims to highlight the role of cinema in constructing and reconstructing the nationalism of a state. In doing so the paper is divided into three parts. In the first part, I shall conceptualize the notions of nationalism and popular culture with the help of academic sources and then shall try to formulate a link between these two concepts and shall analyse how these are correlated. In the second chapter, I shall explain the role of cinema in constructing and reconstructing the beliefs, practices and objects associated with a popular culture and how these constructions and reconstructions are accepted into a nationalistic discourse. In the final section, to strengthen my previous debate I shall analyse two films, one from India Dil Se (1998) and one from Yugoslavia Underground (1995), to argue that cinema works as an instrument of nationalism through its devices by influencing the consciousness of audiences and results in construction of a nation. Conceptualizing the link between Nationalism and Popular Culture Andrew Vincent describes the nationalism as an ideology that ‘makes national self-consciousness, ethnic or linguistic identity into central planks of a doctrine which seeks political expression† (Vincent, 2010:227). The ethno-linguistic identities are elements of culture associated with a nation, therefore, the nation as an entity is a blend of â€Å"culture and psycho political factors† (Heywood, 2003: 134). Therefore, nationalism has a link with the culture and to be more specific with popular culture. Popular culture has its roots in ‘‘’folk’ or ‘popular’ beliefs, practices, and objects rooted in local traditions as well as mass beliefs, practices, and objects generated from political and commercial centres† (Mukerji Schudson, 1986: 48). Sanjeev Kumar explains popular culture as a â€Å"collective experience† of a society that formulates â€Å"a symmetrical feeling of common tastes† (Kumar, 2013:458). T hese common tastes further give rise to political ideas as many scholars believe that â€Å"popular culture plays a crucial role in mobilizing political action† (Mukerji Schudson, 1986: 47). This political action can be defined as a projection of nationalistic feelings or nationalism. Ernest Gellner in his modernist theory on nationalism and nation asserted the importance of shared common culture in formulating the nationalism of a particular nation by eroding the â€Å"rigid social structures† and argued that ‘nations are products of nationalism, and not vice versa† (OLeary, 1997) (Walicki, 1998). A similar argument can be found in the constructivist perspective of nation that see nations as â€Å"constructs† (Walicki, 1998). Therefore, a nation is not a substance, but the product of a historical process, and a social, political and cultural construct that represent the collects of a nation. The collective consciousness of the nation is described as nationalism. It is important to note that it is not necessary that the beliefs that make up the rhetoric of nationalism are based on historical facts. As many scholars such as Benedict Anderson, David Miller and Anthony D. Smith believes that â€Å"misrepresentation of historical facts† plays significant role in the constitution of nation building and thus â€Å"national identity is often based on false or, worse still, intentionally misleading beliefs†(Tamir, 1995). Cinema as an Instrument of Nationalism In almost every state there is a â€Å"national cinema† that makes films for the masses of that particular state (Walsh, 1996). To attract audiences these films are made by keeping in mind the popular culture of the masses. Cinema like other type of mass media carries meanings and symbols that not only represent beliefs, practices and objects of a particular popular culture associated with a nation, but also structure the process of nation building by influencing the popular culture through reconstruction of these beliefs, practices, and objects. Walsh (1996) characterizes these meanings and symbols as â€Å"national imaginary†. This process leaves an impact on the psyche of the audience and thus influence the collective consciousness of the nation- nationalism. Thus, â€Å"Internalization† of these meanings and symbols into discourse of nationalism happens through national cinema (Walsh, 1996). One way to understand this phenomenon is through focusing on the identity politics of a nation. Identity is a sense of belonging to a particular group that can lead to the possibility of a nationhood. Through this identity individuals of a nation distinguish themselves from individuals of another nation. Thus the collective identity of a group is defined by distinguishing others as foreign. This process can also be utilized against the minority groups within a state. Sanjeev Kumar conceptualizes this as the practice of â€Å"othering† (Kumar, 2013). As he further highlights with the help of a case study of Indian cinema that cinema plays a vital role in offering Muslim minority. Cinema plays a dynamic role in identity formation by reconstructing the beliefs, practices and objects associated with a national identity. Therefore, a â€Å"national imaginary† is created in which some meanings and symbols are promoted and some are subordinated to define identity Furthermore, cinema with its tools also define and reconstruct the geographical, ideological and cultural boundaries of a nation. And these reconstructions are internalized through psychological effects on the collective consciousness of the masses. As Shohat and Stam (1994) with the help of psychoanalysis argue that cinema plays an importance role in acceptance of these recreated imaginary by â€Å"efficiently mobilize[ing] desire in ways responsive to nationalized and imperialized notions of time, plot and history†. Further, they argue that cinema â€Å"homologize† the nation because of collective consumption by the masses and with the help of Benedict Anderson’s argument they declare that â€Å"The nation of course is not a desiring person but a fictive unity imposed on an aggregate of individuals, yet national histories are presented as if they displayed the continuity of the subject-writ-large† (Shohat Stam, 1994). Dil Se (1998) This film attempts to revisit the ideological underpinnings of India after 50 years of independence. The film starts with two extreme positions: Indian nationalism and the nationalism of sub national entities. The protagonist, who is the program executive for All India Radio strolls through North East and Kashmir in an attempt to understand the rationale behind insurgencies and separatist movements in those regions and finds out that insurgents blame Indian government for the poverty and human rights violations and thus justify their violent means to achieve independence. As being a patriotic Indian with a military background he is not convinced by the reasoning of the insurgents and is swayed that Pakistan is helping these movements. Meanwhile, he falls in love with a girl who is a terrorist in disguise and chases her throughout the film. The high point of the movie is the scene where the protagonist learns the real identity of his lover, who is going to attack the parade on the 50t h anniversary of Republic Day, and confronts her and questions her motives. The girl reveals that she had been a rape victim in theKunan Poshpora incidentand that her soul seeks deliverance through hersuicide attack on Republic Day. At this juncture, he replies to her â€Å"you cannot kill innocent people because of the wrongdoing of some people†. It is noteworthy that when this film was released, India was using brutal military force against pro-independence movements and was under much international criticism. The film tries to limit the whole question of pro-independence movements as an issue of governance rather than ideological, cultural or historical as the director makes the insurgents to say so in the beginning of the film. It also puts the responsibility on â€Å"some people† rather than Indian State thus the enemy is â€Å"some people† that exploit their position and force common Indian to pick the gun. This is â€Å"misrepresentation of historical facts† that I mentioned earlier. In addition, it also subordinates the notion of violence and promotes the notion of love as the suicide bomber girl chooses love over violence in the closing scene. Therefore, Indian identity is reconstructed by distinguishing individuals on this principal. This film also attempts to define geographical, ideological and cultural boundaries of Indian nation by creating â€Å"national imaginary†. To define geographical boundaries the film portrays many locations such as Ladakh, Kashmir, North East, Delhi, Kerala and Bengal etc. Ideological boundaries are defined in term of the subject of the film as throughout the movie there is no mention or visualization of the religious origins of violence. Such as the religious identities of terrorists are not indicated. Even their oath that they repeat throughout the film is secular in nature. Thus, this film emphasizes the secular nature of Indian nationalism. Cultural boundaries are defined in term of lyrics, music and choreography that range from work of Bullay Shah to Mirza Ghalib and from South Indian exotic dance to gypsy dance on a moving train. In doing so the film gives the notion that despite insurgencies and separatist movements this whole sphere and its tastes constitute India and thus tries to evoke the sense of belonging to the land in audiences’ consciousness. Underground (1995) This film was produced during Balkan crisis of 1990s during which the former republic of Yugoslavia exploded. The narrative and imaginary of the film indicates that the director Emir Kushturica is still stuck with the dream of the old republic of Yugoslavia as one film critic notes â€Å"if growing up implies the death of the past, there is no area in which Kushturica refuses to grow up. He refuses to believe that his homeland, the country formerly called Yugoslavia, no longer exists† (Yarovskaya, 1997-1998). Therefore, the whole effort of Kushturica is to project the notion of Yugoslavian nationhood on screen and tell the world what went wrong. He does so through historical and psychoanalytical devices in which he blends the history with the lives of main characters Marko and Blacky. The film goes through three eras: World War 2, post-war reconstruction during Tito’s regime and Yugoslav wars. In the first part, the film promotes the idea of â€Å"Brotherhood and Unity† that was the official ideology of Yugoslavia and shows that how with this guiding principal Yugoslavs fought against Nazi power and succeeded. At this juncture, the director introduces enemy that is human desire for power rooted in the subconscious. The film further divides desire into two parts: sexual desire and destructive desire (Yarovskaya, 1997-1998). The next chapter shows the struggle between conscious and subconscious through symbols. The main characters Marko and Blacky are symbols of the subconscious that wanted to grab power and the character of Natalija is a symbol for power. Marko is a symbol of sexual desire and Blacky is a symbol of destructive desire. During this struggle in order to get Natalija Marko makes other characters that are symbols of consciousness, and Blac ky believe that war is still going on so they must hide themselves in an underground cellar and produce guns for the resistance. The revolutionary meaning of underground is resistance and psychological meaning is â€Å"collective consciousness† (Yarovskaya, 1997-1998). On ground level the film portrays the corrupt regime of Tito that grows out of power seeking subconscious. In this regime Marko is right hand man of Tito and an arms dealer. After the death of Tito Yugoslavia starts to disintegrate and soon civil war erupts. Meanwhile, characters that are symbols of collective consciousness come out of hiding and see ruins of their dream by the hand of symbols of the subconscious. Disheartened, some characters commit suicide and others resort themselves to a parallel Yugoslavia that is shown through a sequence of underground tunnels that is inhabited by refugees, Yugoslav warriors and UN peacekeepers. The character of Blacky that is the symbol for destructive desire becomes a warlord and contribute to the Civil war. Therefore, with this film Emir Kushturica tries to promote the guiding principle of â€Å"Brotherhood and Unity† that helped Yugoslavs to win the war, but soon the human desire for power changed the whole Yugoslav society and it became unrecognizable by the time of death of Tito. After the death of Tito destructive desire was unleashed and thus resulted in the Yugoslav Wars. Conclusion Therefore, it is argued that cinema construct and restructure the notion of identity of a nation and define and reconstruct the geographical, ideological and cultural boundaries of a nation through the creation of â€Å"national imaginary† and influence masses by mobilizing desire of nationhood and thus results in homologizing a nation. As a result, cinema works as an instrument of nationalism through its devices by influencing the consciousness of audiences. The analysis of two films strengthen this argument. The first film Dil Se not only justifies military operations against insurgents through â€Å"misrepresentation of historical facts† but also portrays insurgents as murderers of innocent people. This film also attempts to reconstruct Indian identity by subordinating the notion of violence and promoting the notion of love. It also attempts to define geographical, ideological and cultural boundaries of Indian nation by creating â€Å"national imaginary† and tries to evoke sense of belonging to land in audiences’ consciousness. The other film, Underground, promotes and justifies the idea of Yugoslavian nationhood by showing Yugoslav resistance against Nazi Germany. It also attempts to explain the breakup of Yugoslavia by putting all the responsibility on power seeking desire of humans rather than on republic, thus it evokes the desire of belonging to old republic of Yugoslavia in audiences’ consciousness. Bibliography Heywood, A. (2003). Political Ideologies: An Introduction. New York: Palgrave Macmillan. Mukerji, Chandra Schudson, Michael. (1986). Popular Culture. Annual Review of Sociology, 12:47-66. OLeary, Brendan. (1997). On the Nature of Nationalism: An Appraisal of Ernest Gellners Writings on Nationalism. British Journal of Political Science, 27(2): 91-222. Ringmar, E. (1998). Nationalism: The Idiocy of Intimacy. The British Journal of Sociology, 49(4): 534-549. Shohat, Ella Stam, Robert, (1994). Unthinking Eurocentrism: Multiculturalism and the Media. New York: Routledge. Tamir, Yael. (1995). The Enigma of Nationalism (Review of the Imagined Communities by Benedict Anderson: Five Roads to Modernity by LIah Greenfeld; National Identity by Anthony D. Smith). World Politics, 47(3): 418-440. .Vincent, A. (2010). Modern Political Ideologies. West Sussex: Wiley. Walicki, Andrzej. (1998). Ernest Gellner and the Constructivist Theory of Nation. Harvard Ukrainian Studies, 22: 611-619 Walsh, Michael. (1996). National Cinema, National Imaginary: Film History, 8(1): 5-17. Yarovskaya, Marianna. (1997-1998). Underground by Emir Kushturica; Pierre Spengler (Review of the Underground by Emir Kushturica). Film Quarterly, 51(2): 50-54.

Realism and Intertextuality in One Hundred Years of Solitude Essay

Gabriel Garcia Marquez’s novel, One Hundred Years of Solitude, is a novel often associated with magic realism. Throughout the novel, the idea of magic realism is promoted through intertext examples of The Bible. Magic realism is defined as an artistic style in which magical elements or irrational scenarios appear in an otherwise realistic or "normal" setting. The many intertextual examples throughout the work are alluded from outside sources such as the Bible and the tragedians of the Greeks and Romans. These allusions not only strengthen the novel, but further correlate them with the idea of magic realism. Magic realism, as defined by Wendy Faris, contains five key elements which must be present for this component to ring true in a piece of literature. The first key element is the novel contains â€Å"†¦something we cannot explain according to the laws of the universe as we know them† (Faris 167). Throughout the novel, several examples which make this constituent true are present. For example, when Jose Arcadia Buendia’s murder occurs and his blood runs through the streets to Ursula’s home, Marquez writes, â€Å"A trickle of blood came out under the door, crossed the living room, went out into the street, continued on in a straight line across the uneven terraces, went down steps and climbed up curbs†¦Ã¢â‚¬ (Marquez 144). In reality, as readers, it is known that blood cannot travel long distances or climb objects. Remedios the Beauty’s accession to Heaven is another form in which a particular scene cannot be explained by particular laws a s we know them. Marquez writes â€Å"Amaranta felt a mysterious trembling in the lace on her petticoats and she tried to grasp the sheet so that she would not fall down at the instant in which Remedios the B... ...heme found throughout many fiction novels. According to Faris’ five key elements, this novel is indeed a tale of enchanting pragmatism. The novel’s intertextual examples developed by character similarities and actual events from the Bible and Greek mythology and tragedies are woven in the novel in such a way that the reader is oblivious to the fact that they truly exist. As the future scurries upon us, the theme of magic realism will continue to flourish many novels to come. Works Cited Access Bible, The. New York: Oxford University Press, 2010. Fitzgerald, Robert. Translator Homer. The Iliad. Garden City, NY: Anchor Press, 2007. Garcia Marquez, Gabriel. One Hundred Years of Solitude. New York: Harper Perennial, 1998. Zamora, Louis Parkinson and Wendy Faris. Magical Realism: Theory, History,Community. Durham: Duke University Press, 1995. Realism and Intertextuality in One Hundred Years of Solitude Essay Gabriel Garcia Marquez’s novel, One Hundred Years of Solitude, is a novel often associated with magic realism. Throughout the novel, the idea of magic realism is promoted through intertext examples of The Bible. Magic realism is defined as an artistic style in which magical elements or irrational scenarios appear in an otherwise realistic or "normal" setting. The many intertextual examples throughout the work are alluded from outside sources such as the Bible and the tragedians of the Greeks and Romans. These allusions not only strengthen the novel, but further correlate them with the idea of magic realism. Magic realism, as defined by Wendy Faris, contains five key elements which must be present for this component to ring true in a piece of literature. The first key element is the novel contains â€Å"†¦something we cannot explain according to the laws of the universe as we know them† (Faris 167). Throughout the novel, several examples which make this constituent true are present. For example, when Jose Arcadia Buendia’s murder occurs and his blood runs through the streets to Ursula’s home, Marquez writes, â€Å"A trickle of blood came out under the door, crossed the living room, went out into the street, continued on in a straight line across the uneven terraces, went down steps and climbed up curbs†¦Ã¢â‚¬ (Marquez 144). In reality, as readers, it is known that blood cannot travel long distances or climb objects. Remedios the Beauty’s accession to Heaven is another form in which a particular scene cannot be explained by particular laws a s we know them. Marquez writes â€Å"Amaranta felt a mysterious trembling in the lace on her petticoats and she tried to grasp the sheet so that she would not fall down at the instant in which Remedios the B... ...heme found throughout many fiction novels. According to Faris’ five key elements, this novel is indeed a tale of enchanting pragmatism. The novel’s intertextual examples developed by character similarities and actual events from the Bible and Greek mythology and tragedies are woven in the novel in such a way that the reader is oblivious to the fact that they truly exist. As the future scurries upon us, the theme of magic realism will continue to flourish many novels to come. Works Cited Access Bible, The. New York: Oxford University Press, 2010. Fitzgerald, Robert. Translator Homer. The Iliad. Garden City, NY: Anchor Press, 2007. Garcia Marquez, Gabriel. One Hundred Years of Solitude. New York: Harper Perennial, 1998. Zamora, Louis Parkinson and Wendy Faris. Magical Realism: Theory, History,Community. Durham: Duke University Press, 1995.

Examine the factors which explain the differences between economic Essa

Examine the factors which explain the differences between economic growth rates in countries. Economic growth is the long term increase in productive capacity as shown by an outward shift on a PPF curve. The PPF shows the maximum potential output of the economy. Productive capacity is an economies ability to produce goods and services, so if an economy grows, it can produce more goods and services for the population of the economy to use. Differences in Economic growth in countries result due to many factors, such as land and its resources. The amount of land a country possesses, and all the natural resources it finds on the land can affect the amount of output. For example, Saudi Arabia has experienced very high growth rates due to the richly endowed lands which contain much oil. In this developing economy, the oil exploitation was vital for its growth. Some 3rd world countries are so poor, and lack such growth as Saudi Arabia, because they have insufficient land, or insufficient resources to produce goods and have a higher output, and therefore have a higher economic growth. Another supply side factor determining the growth rate of countries is labour, i.e. the number of workers in an economy. More workers mean more output, so should lead to economic growth. Growth rates in different countries may differ due to population differences, as an economy with a higher population, will have a larger workforce. Some countries have immigration laws which can help increase economic growth. For example, an economy can employ migrant labour, by allowing migrants into the country only if they are educated, and in a position to work. This includes only letting younger people into the country, so that there are... ..., and experiences high growth rates. China, one of the fastest growing countries, also concentrates strongly on educating people at a young age. Another factor influencing growth is the significance of international trade. In countries that don’t participate in international trade, such as , there is very slow or no economic growth. This is because it is very hard for one economy to produce all goods which people require. It is better to specialise in a few goods, use them, sell the surplus, and use the money to buy other goods from other economies, rather than the economy to produce everything itself, which is very inefficient. In this country, there is a much slower rate of economic growth compared to other countries. So altogether, there are many factors influencing economic growth, and this leads to different growth rates in different countries.

Japanese Yen :: Essays Papers

Japanese Yen The Japanese Yen When Richard Nixon suspended the convertibility of US dollars to gold in 1972, the fixed rate between the dollar and the yen was exchanged for a floating rate. The international value of the yen rose sharply and is today one of the most attractive currencies on the market as it directs the world's second largest economy. The yen is controlled by a central bank known as the Bank of Japan or BOJ. This central bank is under the supervision of the Minister of Finance. Over the past decade, the yen has fluctuated greatly. From early 1990 through mid 1995, the yen doubled in value from 160/$ down to 80/$. From 1995-1998, the yen lost value and was back up in the 140's/$. The trend in the past year has been a steady increase in value for the yen. Over the past six months, the yen has fluctuated. From April through mid-July, the yen floated between 124/$ and 118/$. Since then it has increased in value falling to the area of 105/$. On Friday September 24, the closing rate on the yen was 104.24/$. Over this next week, the yen rose to a close of 105.0000/$. This means that the yen lost a little value in comparison to the dollar. This slight fall is not representative of what is going on with the yen however. Over the past few months, investors have put money into Japanese stocks. The government is putting pressure on the BOJ to increase the yen supply in order to stave off inflation and curb long-term interest rates. This pressure came after a G-7 meeting in which the members suggested that Japan do something to weaken the yen. Prices and wages are falling and output is below Japanese productive potential. Despite these factors, the BOJ is hesitant about responding because it is concerned that expanding the yen supply will cause inflation. Last week, Japanese companies were becoming more optimistic about economic growth. The BOJ didn't take in cash from money markets on Sept. 30, leaving in twice the normal sur plus, so traders felt that the BOJ would follow the idea of expanding the yen supply. The BOJ is conducting a survey on Monday Oct. 4 to see how optimistic business sentiment is as the economy tries to rebound. The yen could rise this next week to its highest level since that 1995 value of 80/$.

Case Solution

Problems Q. 1 Consider a five-year coupon bond with a face value of $1000 paying an annual coupon of 15%. (i) If the current market yield is 8%, what is the bond’s price? (ii) If the current market yield increases by 1% what is the bond’s new price? (iii) Using your answers to part (i) and (ii) , what is percentage change in the bond’s price as a result of 1% increase in interest rates. Q. 2 Consider the following FI balance sheet: M. Match Ltd Assets| Liabilities| –year Treasury bond $175,000| 1-year CD$135,000| 15-year corporate bond$165,000| 5-year deposit$160,000| Notes: All securities are selling at par (equal to book value). The two-year Treasury bonds yield 5%; the 15-year corporate bonds yield 9%; the one-year CD issue pays 4. 5% and the five-year deposit pays 8%. Assume that all instruments have annual coupon payments. (a) What is the value of M. Match Ltd’s equity? (b) What is the weighted average maturity of FI’s assets? (c) What i s the weighted average maturity of FI’s liabilities? d) What is the FI’s maturity gap? (e) What does your answer to part (d) imply about the interest rate risk exposure of M. Match Ltd? (f) Calculate the values of all four securities on M. Match Ltd’s balance sheet if all interest rates increase by 2%. (g) What is the impact on the equity of M. Match Ltd? Calculate the percentage change in the value of equity. (h) What would be the impact on M. Match Ltd’s risk exposure if its liabilities paid semi-annually as opposed to annually? Q. An insurance company issues a $100,000 one-year bond paying 7% annually in order to finance the acquisition of a $100,000 one-year corporate loan paying 9 % semi-annually. (a) What is the insurance company’s maturity gap? What does the maturity model state about interest rate risk exposure given the insurance company’s maturity gap? (b) Immediately after the insurance company makes these investments, all interes t rates increase by 3%. What is the impact on the asset cash flows? What is the impact on the liability cash flows?