On Turnin Ten by Billy Collins Essay Example

On Turnin Ten by Billy Collins Paper The sonnet on Turning Ten by Billy Collins for me is tied in with abandoning youth and understanding that one should in the long run grow up. Its Realizing that one Has to develop and stop the endless amusement park originator that is a Childs creative mind. Turning a two digit number was composed as a pitiful occasion in this sonnet. It turned into an affliction, kind of a Disease of the mind. Though as yet being a one digit number was significantly simpler, not thinking about what others state, playing with the nonexistent companion and investigating in a tree house, however turning ten makes a huge difference and there is no returning. To me he is tending to a group of people who is happy to think again into their youth. It is for individuals who need to recollect their initial years and who survived a similar urban American youth as Collins did. He lets the crowd close into the sonnet by utilizing symbolism which helps the peruser to remember their own youth. For example, the blue bicycle, the tree house, needing to be a wizard or privateer, these are on the whole recollections from numerous childhoods. Giving instances of the entirety of the distinctive otherworldly and gallant figures that he needed to be, this lets the peruser interface in light of the fact that a significant number of them have had indistinguishable dreams and convictions from youngsters. We will compose a custom paper test On Turnin Ten by Billy Collins explicitly for you for just $16.38 $13.9/page Request now We will compose a custom exposition test On Turnin Ten by Billy Collins explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom exposition test On Turnin Ten by Billy Collins explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer The last passage, billy composed that his character has at long last gone to the acknowledgment that there is no returning to his adolescence. It appears to cause the peruser to think about the past occasions in their initial years. Prove can't help thinking that you don’t genuinely recognize what you have until its gone, which shows kind of a develop amusing tone. I felt thusly in light of the fact that no kid thinks along these lines, one in particular who has encountered these occasions and has had the opportunity to consider them can feel along these lines. A kid never figures his creative mind will leave him or expect that his toys will become tokens of his initial years. Collins is by all accounts attempting to state with this sonnet it is hard abandoning the adolescence and beginning to develop. Anyway since he was not turning ten years of age as he was composing this sonnet, he would need to compose it with a specific incongruity to it. It shows that even at any age it is conceivable to want to need to desert the adolescence, Or a part of life, on the grounds that there is greater obligation to be taken.

Accounting Information System for B Bakery

Question: Talk about the Accounting Information System for B Bakery. Answer: Presentation The report depends on choosing an Accounting Information System (AIS) for B Bakery, a family firm that is providing bread and confectionary items to different organizations, for example, markets. It characterizes the business procedures of B Bakery to get comfortable with their business tasks. So as to actualize AIS, it thinks about the business necessities to accomplish their targets. So as to meet with IT speculation objective, the report sums up the highlights of the framework (Christauska and Miseviciene 2012). At long last, programming and seller are chosen subject to business prerequisites of B Bakery. Two bookkeeping programming bundle sellers, for example, SAP just as MYOB are investigated. Business procedures of B Bakery B Bakery is a family-possessed firm, which is, utilized around 70 workers and the business income expanded to $13.5 million. The business is working more than 50 years, providing bread, and confectionary items to the grocery stores just as bar chains. Because of increment in item run, B Bakery encountered a development in their business. In the serious commercial center, Bakery misfortunes their key records of creating their items at serious cost. So as to extend in the pastry kitchen advertise, the firm chooses to execute AIS in their association for putting away just as preparing of bookkeeping information. The framework tracks the bookkeeping exercises of the firm. The accompanying figure shows the business procedures of B Bakery with its business, corporate and bolster capacities. Figure 1: Business procedures of B Bakery (Source: Moghadam et al. 2013, pp-13269) Business Operations Acquisition: B Bakery obtains their items from the general stores just as bar chains. The firm secures through serious offering process. Inbound coordinations: Bakery is worried of getting just as putting away of items, treatment of crude materials with command over stock (Moghadam et al. 2013). Assembling: The firm worries on bundling of the items and includes with warehousing of the completed merchandise (Prasad and Green 2015). Stock Management: Bakery centers around status of stock, acquisition of their items and termination of items. Item Development Research Development: The firm makes inventive items for their association so more clients are connected towards their business (Kanellou and Spathis 2013). Item Management: The item is overseen by dealing with the sets of items. The firm is managing the clients with a reasonable cost of items. Plan of item: The items are structured with imaginative planning. Combination of item: The firm passes on their messages to their clients with coordinating their item in the market (Seethamraju 2015). Testing of item: The nature of the item is tried utilizing powerful hardware, as inside this pastry shop industry, quality is most significant factor or tasks. Corporate capacities Deals: The association manages the project lead with respect to the expense of the items, which ought to pull in the clients. Promoting: The advertising division tracks the all out deals of the items. Prior to managing the clients, the firm gives publicizing of the items on the web or some other correspondence channel, so that before buying the item, the clients can become more acquainted with about the item highlights and value (Svobodova, and Cerna 2016). Advancement: The improvement group creates one of a kind items with best quality. Client support: The firm spotlights on the necessities of the clients. Tasks Management: The firm talks about the dealings of their items with the activity director. The Bakery gathers the things of the firm after its assembling. Bolster administrations IT: With the utilization of web, the Bakery can cooperate with their clients. Corporate undertakings: The firm has illicit relationship with different organizations to grow their tasks in the market and procures a huge piece of the pie. Legitimate: The firm follows their hierarchical strategies to lead their activities. The firm is following every single lawful methodology to do their business (Liu 2015). Bookkeeping and Finance: In request to process with budgetary resources, Bakery embraces bookkeeping data framework to store or procedure of bookkeeping information (Soudani 2012). HR: This division offers with disciplinary guidelines just as guidelines and gives a superior workplace to the representatives. Business necessities of B Bakery From the previously mentioned business forms, coming up next are the business forms, which are essential to be acted in B Bakery, for example, Deals and Marketing: The deals and promoting activities of Bakery are subject to their item just as client. The promoting of item centers around item situating with the goal that their administration will be one of a kind. The firm comprehends their business procedure and item necessities (Ismail and King 2014). The client promoting underpins the clients by taking their input on the item. Commitment of the clients manufactures trust, which prompts more noteworthy income. Flexibly Chain Management: Bakery has a decent connection with the providers, wholesalers and retailers. This great relationship guarantees that the clients can get the items at the perfect time at a worthy expense. Indeed, even it can expand the brand notoriety and picture (Hall 2012). The firm is going to execute AIS to improve their gracefully chain. Bookkeeping Finance: The reason for bookkeeping and fund capacity of Bakery is to keep record of their monetary exercises, for example, measure of procurement and offer of their items. The AIS monitors the money related history of their deals. It comprises of some of budgetary data, for example, operational costs, income, capital uses just as ventures (Amran et al. 2014). So as to monitor the monetary tasks, it builds their benefit. HRM: The HRM capacity of the firm deals with the representative relations. A decent connection among the representatives helps in increment in efficiency. All the representatives ought to comply with the guidelines and guidelines of the organization to shape a decent work social condition (Islam et al. 2012). Appropriate arrangement of the authoritative structure causes the firm to deal with their finance and operational organizations. Results require from the procedures so as to pick up business goals The choice behind execution of AIS changes the bookkeeping undertakings those are preparing in the matter of Bakery. The framework is set brought together in the firm where all the bookkeeping exchanges are entered just as spared. The principle results of this framework are to accelerate the treatment of errands, entering information into the framework, revising of exchanges information and producing reports (Chen et al. 2012). The business destinations of the association are to grow their business and contend with their rivals by furnishing them with inventive items (Hejazi, Halpin and Biggs 2014). The firm needs to make sure about their information into the framework. In this way, AIS causes the firm to enter the value-based information into the framework, which is protected. The odds of losing of information are diminished when the firm is performing normal reinforcements of the framework (Ajit, Donker and Patnaik 2014). The manual procedure of the firm outcomes in misfortune and harm of information all the more without any problem. The primary goal to execute these AIS for Bakery to gather just as procedure bookkeeping assignments on selling of items, which help the administrators of the firm to get ready value-based reports. Because of usage of AIS in Bakery, it keeps up the money related procedures of the firm. The bookkeeping programming sets up records like the preliminary parity, record just as diary. Those are recorded into the database of the PC (Saleh Shatat and Mohamed Udin 2012). The framework is working, for example, charging of the item, planning just as setting up of finance. The framework assists with cutting the finance for the staffs. The significant obligation of the bookkeepers of the firm is to secure the information (Bradford 2014). At last, it is recognized that the results of the AIS are to meet with the fulfillment level of clients, accelerate business process, planning and charging, following of value-based information, stock activities and responsibility of procedure. Framework prerequisites for B Bakery Because of increment in rivalry just as developing requests of Bakery items, the firm chooses to search for increment in programming just as IT venture. It is seen that IT speculation of Bakery prompts develop their business procedure just as progress in seriousness (Olson, Chae, and Sheu 2013). AIS are actualized in the firm to lead a portion of the exercises such a buy just as handle of the nourishments inside the business stock, getting ready for creation and nature of item. It likewise oversees picking and moving of requests, controlling of cost and bookkeeping just as finance bookkeeping (Galy and Sauceda 2013). Coming up next are the conceivable programming highlights, which the firm is important to achieve an IT speculation reason: Oversee of online requests: After creation speculation into the IT framework, Bakery wants to build up their organizations web-based interface to oversee online requests. It likewise keeps up the stock of the firm and arrives at their clients in less time (Ahmad and Cuenca 2013). The executives of online requests makes their business procedure increasingly serious. Web based requesting expands the offer of bread just as confectionary items (Gebhart, Glines and Foss 2013). On the off chance that the framework can deal with the online requests, at that point it receives with new creative approach to give agreeable administrations to the clients while boosting their ability to follow the exercises of clients. Programmed updates of information: AIS should refresh the information from the firm consequently when it gets obsolete programming. Indeed, even the monetary practices just as guidelines related

The Great Depression in Canada :: essays research papers

Canada endured its longest and most awful financial downturn in its history somewhere in the range of 1929 and 1939. It is currently known as the Great Depression. This exposition will show the significant causes, political, financial and social outcomes, and the government’s arrangements from the Great Depression. The Great Depression influenced the entirety of Canada and is a key piece of our history. It is significant that we gain from it so we can keep it from happening once more. There were numerous foundations for the Great Depression. The first and probably the biggest wa the financial exchange crash. Before 1929 the financial exchange was thriving and everybody needed to purchase stocks. Individuals were so positive about the securities exchange that they were purchasing â€Å"on margin†, which implied that representatives would loan them 10% of the cash they contributed (D1). The issues started when stocks were being over guessed. At the point when individuals started to understand this, they started selling there shares. On October 29, 1929, 16 million offers were sold (D9). This day got known as â€Å"Black Thursday†, the day the securities exchange smashed (D12). The subsequent explanation was the overproduction of merchandise. Plants had just created an excessive number of products and now there was no interest for them. The administration started to raise levies to secure Canadian enterprises however things just drove downhill from that point. There were two significant political results of the Great Depression. The first was that new ideological groups were framed in Canada. The new ideological groups were the Co-employable Commonwealth Federation (CCF), the Social Credit Party, and the Union Nationale (UN). The CCF was established by J.S. Woodsworth and had confidence in the foundation of the lowest pay permitted by law, mishap and disorder protection, mature age annuities and joblessness protection. The Social Credit Party was established by William Aberhart. He accepted that administrations should give cash to everybody so they could purchase merchandise in a type of â€Å"social credits†. In the 1935 commonplace decisions he took 56 of 63 seats giving him an all out triumph. The UN was established by Maurice Duplessis because of the association of Action Liberale Nationale and the Conservative Party. They advanced the conventional estimations of the Catholic Church and had confidence in a country way of life. T he second political outcome was a tangled connection between the bureaucratic and the commonplace governments. The downturn demonstrated the central government that common governments needed more cash to do noteworthy activities. The Great Depression in Canada :: expositions inquire about papers Canada endured its longest and most awful financial downturn in its history somewhere in the range of 1929 and 1939. It is presently known as the Great Depression. This paper will show the significant causes, political, monetary and social results, and the government’s arrangements from the Great Depression. The Great Depression influenced the entirety of Canada and is a key piece of our history. It is significant that we gain from it so we can keep it from happening once more. There were numerous reasons for the Great Depression. The first and probably the biggest wa the financial exchange crash. Before 1929 the financial exchange was thriving and everybody needed to purchase stocks. Individuals were so positive about the securities exchange that they were purchasing â€Å"on margin†, which implied that agents would loan them 10% of the cash they contributed (D1). The issues started when stocks were being over hypothesized. At the point when individuals started to understand this, they started selling there shares. On October 29, 1929, 16 million offers were sold (D9). This day got known as â€Å"Black Thursday†, the day the securities exchange smashed (D12). The subsequent explanation was the overproduction of merchandise. Production lines had just created such a large number of merchandise and now there was no interest for them. The administration started to raise taxes to ensure Canadian businesses yet things just drove downhill from that point. There were two significant political outcomes of the Great Depression. The first was that new ideological groups were shaped in Canada. The new ideological groups were the Co-usable Commonwealth Federation (CCF), the Social Credit Party, and the Union Nationale (UN). The CCF was established by J.S. Woodsworth and put stock in the foundation of the lowest pay permitted by law, mishap and disorder protection, mature age benefits and joblessness protection. The Social Credit Party was established by William Aberhart. He accepted that administrations should give cash to everybody with the goal that they could purchase merchandise in a type of â€Å"social credits†. In the 1935 commonplace decisions he took 56 of 63 seats giving him a complete triumph. The UN was established by Maurice Duplessis because of the association of Action Liberale Nationale and the Conservative Party. They advanced the customary estimations of the Catholic Church and had faith in a rustic way of life. The second political outcome was a tangled connection between the bureaucratic and the commonplace governments. The downturn demonstrated the government that commonplace governments needed more cash to do critical activities.

‘The Offstage Area Of The Naturalistic Theatre Is Just

‘The offstage area of the naturalistic theatre is just as important as the stage itself.’ (Jakovljevic 436) Naturalistic theatre sprouted during the late 19th century as a response to the rigid equation that plays had to conform to, primarily French classical dramas and Romantic theatre. Naturalism represented freedom from the conservative five act play and additionally represented theatre as a space to reflect on the natural aspects of life – to depict life as it is lived (Esslin 68). Many authors came from this era, one of whom was Henrik Ibsen, a Norwegian playwright who published a praised and controversial play in 1879 entitled A Doll’s House (Ibsen). The plot of the play revolves around Nora, who is married to Torvald, and the†¦show more content†¦For much of the play, the present and onstage actions are the result of offstage events. The offstage is an area where no rules exist – it is a representation of the imagined. For Nora, this preview of freedom is dangerous because of her ignorance. Ibsen may have inferred that without outside experience, humani ty is simply limited. As Jakovljevic writes, â€Å"Ignorance is not the lack of learning, but the lack of experience, the lack of empirical knowledge† (Jakovljevic 440). Torvald is an educated bank manager who spends his days outside in the real world, experienced in the offstage area. In contrast, Nora is a housewife who spends her day with her children and is rarely subjected to the hardships of life outside the household. The laws that Nora must follow are not those of society, but those that are constructed in the household for the purpose her marriage. Once Nora is unchained and placed into the world outside the house, she is uneducated about society as much as a child is. Gilman iterates this by writing, â€Å"In its central movement A Doll’s House is a drama of preparation, pitched beyond sexual differences, a play of encounter with the obstacles-in this exemplary case the institution of marriage-that act to prevent us from knowing ourselves and the world† (Gilman 65). It is unreasonable to blame Nora for herShow MoreRelatedThe Stanislavskis System Essay1123 Words   |  5 Pagesand dies in 1938. He was a Russian actor, director and acting trainer. In 1898 together with Nemirovich- Danchenko, he founded the Moscow Art Theatre. ===================================================================== Stanislavski believed that theatre was about working together, he recognized the need to improve the theatre practice of his time and saw actors needed methods to help them act well and consistently. To solve these problems he developed what was later

The Expansion Of The Western Expansion During The...

The narrative of America has always been associated with Western Expansion using bounds and leaps starting from the East Coast until the Pacific. The acquisition of Alaska and Hawaii, though not included in the historical literature, signified the expansion of Americans westward maintaining the ideology of the Manifest Destiny. The Western expansion during the nineteenth century was aided by various factors such as purchases, treaties, and wars with the Native Americans. This essay develops the chronological events associated with the Western expansion that took place between 1860 and 1890. According to Kinnahan (407), the 19th century in America was marked by the continuous and tremendous expansion of agriculture and industry as well as settlement throughout the continent. The country’s population more than doubled by the 1890 census. Most of the financial progress was concentrated in the plains, Midwest, and Northwest states. Particularly, the northwest became the industrial periphery of the nation controlling more than 85 percent of the United States’ processing and manufacturing of raw materials in the West and Midwest. The South thrived as an agricultural state with minimal industrial activities. For many years prior to the Civil War, the Northern states were forced to conform to the wayward policies instituted by the South. The South held most of the Senate but as soon as their power began to dwindle, their unscrupulous laws were reformed. Some of the policies thatShow MoreRelatedAmerica s Hunger For Land And Power1166 Words   |  5 Pagesand early 1870s, the U.S. focused primarily on domestic issues, such as settlement of the American West. Apart from acquiring Alaska from Russia in 1867, the U.S. achieved little in the area of foreign expansion at this time. However, by the late nineteenth century and the early twentieth century, United States expansionism looked abroad with new interest, because, as a rising industrial power, the U.S. needed to find foreign markets in which to sell its manufactured products and from which to acquireRead MoreSectionalism Due to Western Expansion Essay668 Words   |  3 PagesFurthermore, new territories gained during western expansion added to this conflict between different sections of America. Southern states wanted new slave territories, while the North wanted to contain the spread of slavery. While Western expansion contributed to growing sectional tensions between the North and South from 1800-1820, sectionalism intensified significantly from 1820-1850. Since the turn of the nineteenth century, Western territorial expansion started to increase a sense of sectionalismRead MoreManifest Destiny Essay1119 Words   |  5 Pagesseparated. The forefathers believed that it was the manifest destiny of this nation to eventually claim the expansion from the Atlantic to the Pacific Ocean. By 1890, nearly a hundred years following the original claim of Manifest Destiny, the land that was once open, was now under American control. But no sooner was the Great American Frontier closed, than was the door to East Asian expansion opened with the great gold key of American diplomacy. In a world where imperialism was contagious, and cartographersRead MoreChanges Of Women s Gender Roles1373 Words   |  6 Pagesthe children and that they were not able to perform most the tasks that men did. Population expansion into the western part of the United States marked a change in the traditional role of women in daily life. The new gender roles that were pion eered during this time of expansion were very different from the previously defined roles. Gender roles again began to change at the turn of the nineteenth century. Unlike the 1800s, the 1900s held more independent development opportunities, however, at theRead MoreThe Influence Of Industrialization In Europe855 Words   |  4 PagesEurope entered its third great expansion into the world in the last half of the nineteenth century. The first great expansion had been the crusades; the second the expansion of European population, culture, and influence into the Americas and Asia during the Age of Discovery. The third expansion was the most dramatic and most aggressive; it was based on a stream of European products, people, and ideas flowing from Europe to other parts of the world. The third great expansion had economic beginnings. WithRead MoreWhy Did The United States Begin Turning Its Attention Towards The Pacific During The Nineteenth Century?1508 Words   |  7 PagesWhy did the United States begin turning its attention towards the Pacific during the nineteenth century? The Asia-Pacific experienced monumental change throughout the nineteenth century and saw the United States establish itself as a prodigious power. Economic expansion and geographic opportunities coupled with the determination to export the highly-regarded values of ‘liberty fostered this development. This (outline main arguments) Economic opportunities Firstly, the Asia-Pacific region offeredRead MoreThe Expansion Of The New Nation1477 Words   |  6 Pages In the later half of nineteenth century America, the new nation’s original ability to resolve conflict through means of peaceful compromise had vanished. Various spans of conflict such as Westward Expansion, the Market Revolution, Sectionalism, Mexican American War, the succession of the southern states and ultimately the failure of the Compromise of 1850 that made compromise between the North and the South unattainable. It was the uncompromising differences amongst the free and slave states overRead MoreNotes on Colonialism and Imperialism1489 Words   |  6 Pages * Overseas expansion for raw materials: rubber, tin, copper, petroleum * Colonies were potential markets for industrial products * Political motives * Strategic purpose: harbors and supply stations for industrial nations * Overseas expansion used to defuse internal tensions * Cultural justifications of imperialism * Christian missionaries sought converts in Africa and Asia * Civilizing mission or white mans burden was a justification for expansion * Tools ofRead MoreChinese Immigration Of The United States985 Words   |  4 PagesChinese Immigration to the United States in the nineteenth century until 1870 was shaped by a combination of factors including internal political turmoil and financial instability throughout China, growing western Imperial and economic influences in South East Asia, China s deepening trade deficit with European nations, and industrial and technological innovations. Concurrently, the rising demand for inexpensive labour during the California Gold Rush, (1848-1858) development of national railwayRead MoreA Brief History of American Imperialism1391 Words   |  6 Pagesthe 19th century. Bursting with nationalist fervor, an insatiable desire for more land, and a rapidly increasing population, the western frontiers of the United States would not remain east of the Mississippi. The eventual spread of the American nation beyond the Mississippi into Native and French land, referred to as â€Å"Manifest Destiny† by John O’Sullivan, was rationalized as a realization of their God given duty. The Louisiana Purchase set the precedent for unrestricted westward expansion in America

The Divorce Rate Of Divorce - 1123 Words

From the past to present, people all over the world have determined to live together, which is called â€Å"get marriage† in another word, so that they depend on for living each other. Nevertheless, some couples are unable to maintain their relationship, therefore they choose divorce, which is one of the solutions to cope with problems between husband and wife. Furthermore, most people think carefully before they get marriage. However, the divorce rates trend to continually increase nowadays, thus it might be argued that divorces can be taken place easier than the past. In the United States, researchers estimate that 40%–50% of all first marriages, and 60% of second marriages, will end in divorce. Divorce has always been present in American society. Although divorce has always been a concern, it has become more common in the last 50 years. The highest divorce rates ever recorded were in the 1970s and early 1980s. Since then the divorce rate actually has decreased a litt le, but it still remains at a historically high rate. There are some well-known factors that put people at higher risk for divorce: marrying at a very early age, less education and income, living together before marriage, a premarital pregnancy, no religious affiliation, coming from a divorced family, and feelings of insecurity. The most common reasons people give for their divorce are lack of commitment, too much arguing, infidelity, marrying too young, unrealistic expectations, lack of equality in theShow MoreRelatedDivorce Rate And Divorce Rates1224 Words   |  5 PagesDivorce rate also known as divorce demography, which is the study of demographic factors that impact divorced as a social phenomenon, the divorce demography can clearly evaluate and reflect the marriage stability and happiness index of certain countries or area and that is the reason why data statistics of divorce rate is important. According to ONS (Office of National Statistics), the divorce rate has not been t hat low since 1974, when it was 0.9%. The number of divorces in 2014 was declined toRead MoreDivorce : The Divorce Rate1662 Words   |  7 PagesThe divorce rate, while fluctuating over time, has reached high percentages lately. As Coltrane and Adams posit, the high divorce rates are due in part to the fact that the expectations of marriage are high in high esteem. When it does not work out, people are anxious to try again to find the perfect partner. Divorce is what allows people that opportunity (Coltrane and Adams p. 201). However, the intricacies of divorce are complicated. Much of the conversation of divorce is focused on fault andRead MoreDivorce And The Divorce Rate Essay1537 Words   |  7 PagesIntroduction In the last 25 years, divorce has become a major issue in American society. Since the turn of the century, the divorce rate has held steady between 4.0-3.2 divorces per 1000 people per year (National Vital Statistics System, 2015). With this rising divorce rate, more children are living between parents, or in single family homes, and many of these children have been exposed to altercations between parents, as well as rough custody battles and divorce settlements. Traumatic experiencesRead MoreThe Divorce Rate Of Japan996 Words   |  4 Pages Divorce Ever since the 1950’s, the rate of divorce has been increasing immensely to a degree that it is becoming socially acceptable. It is losing its stigma as well. Most divorces in the world have similar reasons and statistics as to why divorce is becoming more common, but also have some differences. For instance, Japan’s divorce rate is at 27% whereas Russia has a higher divorce rate around 60% due to some of the same controversial reasons. 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According to the book Should I Keep Trying to Work it out, â€Å"In the United States, researchers estimate that 40%–50% of all first marriages will end in divorce or permanent separation. The risk of divorce is evenRead MoreHigh Divorce Rates1469 Words   |  6 PagesFamily Institution (High Divorce Rates) Have you ever been to a traditional wedding? They are the most beautiful breath taking experience that you have ever seen; many symbols like the exchange of rings, uniting candle, flowers, bride’s maids and best man, and the bride in a beautiful white dress. Also weddings are a lot of fun too. They are the start of a family institution. On the flip side they are expensive and stressful for the couple at hand and the odds of staying together are onlyRead MoreDivorce Rate And Marriage Rate876 Words   |  4 PagesAccording to recent statistics, there are more divorces now than ever before. At the rate things are going, the divorce rate may soon surpass the marriage rate. 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From a religious stand point, however depending on your specific religion, marriage is meant to be a union of a forever relationship even through eternity.Read MoreA High Rate Of Divorce Essay892 Words   |  4 Pagesâ€Å"When you look around this building [district office], you will see a high rate of divorce. I’m certain that significantly more than 50% of district administrators here are divorced. I am part of this statistic. At this level of leadership, there are many tolls on personal relationships. We are d iscussing a 24-7 job with high and very public expectations.† –P3 Marital trajectories found within couples who are dominated and led by a strong women are often alarming. Participant 3 described this

Italian Culture And Imagination Aspects †MyAssignmenthelp.com

Question: Discuss about the Italian Culture And Imagination Aspects. Answer: Dickie has noticed the perceptional differentiation within the nation. These possibilities are the narrative aspect of a writer who can reveal or recreate the imagination that sustains the integrity and consolidate the nation to its existence. At first, the nations narration about its backdrop that how it evolves and how far it has taken time to form an independent way, what about the history, achievements and all so these are the positive and essential things that slowly getting isolated as the times goes on. The second one is the investment in symbols. The country uses their own and unique symbols to determine the actual effectiveness and to represent their identity to the whole world (Brewer, 2013). The third one is the imagination of geographical space. Country's geography depends on the surrounding boundary of the country, as the bounding of sea, mountain environmental affect all these are related and make the territorial interiority to the countrys atmosphere and natives. The last image is the passive one, where the nation is not to be set against things. This perspective suggests that whoever is creating the problem for the nation is considered to be the enemy of the nation. The person or the groups of persons are natives, foreigners or anyone the nation can imply the same rule as follows (Bhabha, 2013). The first image is the most important outlook as this process can impact on the history of the nation. This will emphasis on the reason behind the land and elaborate the story of their existence and the hardship of sustainable condition. The reframing outlook will enhance the quality of the nation and showcases the picture of their glory to their natives. The patriotic narrative of the story or the Italian emphasis on their glory should encourage the children and youth in Italy. The second one mixed to be more mixture of real and unreal specifications. That encompasses the quality of symbolism that the country has presented to their nation and make out the meaning of that so that people can relate their emotivism and objectives (Balakian, 2015). Some symbols are official that has the history behind them like the national flag or the national figure or some of them are personal or non-official like hat, ribbon or food items, animals so these are the way to reveal their identity and to showcase the symbolism to others. The third one is the general nation terror that blends with the quality and expresses the defending invasion of the nation. The quality in their sources in safety security and authenticity is being imagined in this form of space (Glynn, 2013). The imagination is dealt on the national identity of explore the aspiration and invest the general deem of the nation. The fourth one suggests the nations effectiveness and incorporates the exclude for of mitigating the terrorism and pity section of the nation. Safety of the nation is the ultimate goal and objective in this part so real configuration of defining the involvement to the nation and differentiate the implicitly to it is the concern improvisation of this imagination. Narrative imagination about the nation can be implemented in the nations triumphs or in the glory occasions where people are gathering and celebrating their glory then this will be the right time to share this kind of imagination with the people(Bencivenni, 2014). From the beginning till the day the country must have faced some good situation and some critical phases, at that moment who are the heroes to act against the complexity and save the nation must be uttered on that occasion. So overall it should be the good place and time to deliver. The symbolism and the ethnic use of the symbol to represent the nation is the quality aspect and perspective invasion of the country. Nationbuilding metaphor or the use of national community can be addressed by the effective use of symbols. The interest in color or the symbolism they determine in their logo must enhance the sacrifice, patriotism, and respect for the country (italianacademy.columbia.edu,2017). Geographical territory impacted by the daily situation, as the atmospheric change and expressing attitudes must be there so that people can relate their native land very easily. It classifies the different countries people to indulge in and to provide the same national environment to all (italianstudies.org.uk,2017). Construction of national identity and save the country is the actual motive that can be imposed in the crucial situation. At the time of destruction and to build the nation in a proper way the imaginative outcome need to be implemented. References Balakian, P. (2015). Vise and Shadow: Essays on the Lyric Imagination, Poetry, Art, and Culture. University of Chicago Press. Bencivenni, M. (2014). Italian immigrant radical culture: the idealism of the Sovversivi in the United States, 1890-1940. NYU Press. Bhabha, H. K. (Ed.). (2013). Nation and narration.Routledge. Brewer, J. (2013). The pleasures of the imagination: English culture in the eighteenth century. Routledge. Glynn, R. (2013). Women, terrorism, and trauma in Italian culture.Springer. italianacademy.columbia.edu(2017)Availableform:https://italianacademy.columbia.edu/sites/default/files/papers/paper_sp04_Cinotto.pdf [Accessed on 24th September] italianstudies.org.uk(2017) Available from: https://italianstudies.org.uk/wp-content/uploads/2012/09/Interim-2008-IGRS-abstracts.pdf [Accessed on 25th September]

Contingency Theories of Leadership

The contingency theory, as applied in leadership, considers various factors that contribute to a leader’s effectiveness by interaction with his or her leadership behaviour. According to contingency theories, there is not any particular leadership style suited for all the situations (Betts 2011, p.123).Advertising We will write a custom essay sample on Contingency Theories of Leadership specifically for you for only $16.05 $11/page Learn More A leadership style effective in particular situations may be unsuccessful in others. The evaluation of particular variables in a given environment such as the quality of followers, establishes the most appropriate style in a particular situation. This phenomenon explains the observation of an effective leader becoming considerably unproductive when transferred to a different working environment or the prevailing factors in the old environment changes. Fiedler’s, Hersey and Blanchard’s, and the pa th-goal theories provide the three major approaches of isolating situational variables in leadership. Fiedler’s contingency theory identifies the subordinates’ personality and attitude, task structure and the leader’s position in terms of power as the variables that influence leadership effectiveness. This model asses the performance of a leader by evaluating the output of the work group under the leader’s supervision (Brock 2012, p.1). Moreover, the theory assumes that the level of favourability of a situation to a leader is dependent on the degree to which the situation permits the leader’s influence on the group members’ behaviour. This aspect of the theory defines effective leadership as the ability to influence others in the aim of achieving organizational goals. According to this model, there are two categories of leaders. These are the task-oriented and person-oriented leaders. The task-oriented leaders’ main concern is the acc omplishment of tasks with desirable outputs (Jarvis 2006, p. 106). In this regard, they fail to attain their results because they are less concern with the group members and thus cannot appropriately deal with ineffective teamwork. The person-oriented leaders considerably value their team members, and this hampers their accomplishment of tasks due to minimal contribution of some members to the task achievement. These two types of leaders are effective under different conditions. The task-oriented leader achieves better results in both the extreme cases of favourable or unfavourable circumstances. On the other hand, the person-oriented leader achieves better results under moderately favourable conditions.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Fiedler’s theory, effective leadership is factor of the personality and style of a leader and the working environment. Th ese aspects considerably determine the success of leadership. While Fiedler’s theory assumes that leadership styles are consistent and difficult to change, and thus leaders must be placed in an environment that fits their leadership style, the Hersey and Blanchard model and the Path-goal theory assume that any leader is capable of adapting to new environments and display the required effectiveness in any given situation. He or she can adjust the leadership style to work efficiently in diverse situations (Williams 2011, p. 407). Furthermore, Fiedler’s model stipulates that if the situation is not optimal for a particular leader, the situation require change or the leader should undergo a replacement in order to improve leadership effectiveness. The situation can undergo change to fit the leader through such means as task restructuring or minimising the leader’s power over various control factors. The Hersey and Blanchard situational leadership model focuses on th ree major leadership aspects. These are the task behaviour, relationship behaviour, and maturity. According to this model, leaders have to vary their emphasis on tasks and relationship behaviours in order to deal with different levels of maturity among team members. Concerning the task behaviour, the leader engages in a one-way communication by outlining each worker’s task. In this aspect, the workers cannot give feedback to their leader. The relationship behaviour examines a two-way communication between the leader and the workers. In this aspect, there are channels for feedback and the leader can offer support and guidance to the subordinates and act as a facilitator. Maturity describes the readiness of an individual to take control of his or her behaviour considering that there are varying degrees of maturity among people about a specific task or objective in question. Under situational leadership model, an effective leader should identify the different levels of readiness among followers concerning the performance of particular tasks and apply the most suitable style. This will enable the leader to respond with more flexibility and thus enhance followers’ maturity (Borkowski 2009, p.201). When the leader establishes a high level of a follower’s maturity, he or she can adopt the delegation style, which requires minimal interventions. On the other hand, the identification of low levels of maturity in a follower requires the adoption of a style that emphasis on the particular task. Among other things, an effective leader will give instructions in scenarios where followers lack the capability or are unwilling to effectively accomplish the allocate tasks.Advertising We will write a custom essay sample on Contingency Theories of Leadership specifically for you for only $16.05 $11/page Learn More The leader should adopt styles that encourage followers to share ideas and thus gain more understanding and confidence regarding the task in question. This model enables leaders to acknowledge the need for continual followers’ skills improvement through training and other development measures (DeRue et al. 2010, p. 640). The path-Goal Theory discusses the effects of four types of leadership styles on the subordinates attitudes and expectations. These are the supportive, directive, achievement-oriented, and participative styles. By analysing various situational factors, an effective leader opts for the style that provides strong Path-goal indications and incentives. The leader should avoid a style that induces redundancy and aggravations within the environmental structure sources or is not congruent with the employee characteristic (Kotlyar Karakowsky 2006, p.400). The directive style ensures that followers adhere to the stipulated rules and regulations regarding tasks. Although this style facilitates better results concerning ambiguous tasks, it is ineffective in well-structured and clearly defined tasks as it introduces redundancy. The supportive style entails a friendly and supportive leader to the employees (Gutpa 2009, p.1). It creates a supportive environment in structured tasks, but is inappropriate when there are already other sources of encouragement such as the organization. The participative styles are appropriate for ambiguous tasks as they allow employee selection of tasks and influence of decisions. The achievement-oriented behaviours are suitable for ambiguously structured tasks. The Path-goal theory postulates that the subordinates’ behaviour and environmental characteristics determine the leadership style used, and the performance pertaining to various assigned tasks. The Path-goal theory differs from the Fiedler’s model in that it considers the individual leadership styles to vary as situations within an organization change (Chance Chance, 2002, p. 114). In addition, the Path-goal theory definition of the effectiveness of a leader, whic h entails the followers’ satisfaction and motivation, differs from Fielders’ definition in this regard. According to this theory, effective leaders increase their subordinates’’ motivation and satisfaction by supporting them in their pursuance of important goals.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More They should demonstrate to them the value of various outcomes under their control and clarify the paths to these outcomes. An effective leader will embark on the eradication of barriers that may arise during the pursuance of crucial goals. All the three theories focus on the extent to which the leader emphasizes on tasks and structuring issues while considering the relationship-relevant supportive and participative behaviours. However, the leadership variable in the Fielder’s model is a motivational orientation rather than a set of behaviours despite the assumptions that the orientations relate to the behaviours (Schermerhorn 2011, p. 267). From a leadership perspective, Fiedler’s model and the Path-goal theory offer some insight into variable that affect the effectiveness of a leader. The two theories are considerably aligned concerning the conditions under which task-oriented or directive style of leadership are desirable. Both models concur on the use of the task-or iented style of leadership in cases where there are no clear guidelines regarding tasks. Although the Fiedler’s model failed to address the processes, by which the leader’s motivational orientation affects group processes and outcomes, the Path-goal theory has identifies the specific variables that need address in defining the followers’ motivation (Chemers 1997, p. 45). The Path-goal and the Heresy and Blanchard models shared a lot as they attempt to describe the appropriate leadership behaviour using similar parameters such as various leadership styles applicable in different situations. Both models consider how well the subordinate understand the relevant actions in the accomplishment of their tasks. Fiedler’s model disregards the followers’ aspect of the ability and willingness to take responsibility concerning a particular task as an important aspect of effective leadership. The Path-goal model has made numerous assumptions in this aspect. How ever, the situational leadership theory considers various behaviours of a follower that might affect the expected outcome and outlined the most appropriate leader’s response in order to facilitate the realization of organizational goals. References Betts, S. C. (2011). Contingency Theory: Science Or Technology?. Journal of Business Economic Research, 1(8), 123-130. Borkowski, N. (2009). Organizational behavior in health care (2nd ed.). Jones and Bartlett Publishers: Sudbury, Mass. Brock, D. M. (2012). Toward a contingency theory of planning. Journal of Management Organization, 1, 1. Chance, P. L., Chance, E. W. (2002). Introduction to educational leadership organizational behavior: theory into practice. Eye On Education: Larchmont, N.Y. Chemers, M. M. (1997). An Integrative Theory of Leadership. Routledge: London. DeRue, D. S., Barnes, C. M., Morgeson, F. P. (2010). Understanding the Motivational Contingencies of Team Leadership. Small Group Research, 41(5), 621-651. Gut pa, A. (2009). Path-Goal Leadership. Leadership and Development , 1, 1. Jarvis, M. (2006). Sport Psychology: A Student’s Handbook, Volume 10. Psychology Pres: Hove. Kotlyar, I., Karakowsky, L. (2006). Leading Conflict? Linkages Between Leader Behaviors and Group Conflict. Small Group Research, 37(4), 377-403. Schermerhorn, J. R. (2011). Exploring management (3rd ed.). John Wiley Sons: Hoboken, N.J. Williams, C. (2011). Effective Management: A Multimedia Approach. Cengage Learning: Detroit. This essay on Contingency Theories of Leadership was written and submitted by user Anders Erickson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Changing Your Address With the Canada Revenue Agency

Changing Your Address With the Canada Revenue Agency When you move, you should notify the Canada Revenue Agency  as soon as possible. Keeping your address up to date will make sure that you receive your income tax refund and benefit payments, including related provincial payments, such as GST/HST credit payments, universal child care benefit payments, Canada child tax benefit payments and working income tax benefit advance payments, without interruption. You cant change your address as youre using NETFILE to file your income taxes online. Personal information is not passed along with the online return. You must change your address before you submit your income tax return by NETFILE. There are several ways to inform the CRA of your change of address. Online Use the My Account Tax Service. By Phone Call the Individual Income Tax Enquiries telephone service at 1-800-959-8281. Complete an Address Change Request Form You can print and complete the address change request form and mail it to the appropriate tax center listed on the bottom of the form. You can fill it in online, then save it to file or print it, sign it and then send it to your tax center, following the CRA instructions. Write or Fax the CRA Send a letter or fax to your CRA tax center. Include your signature, social insurance number, old and new address and the date of your move. If you are including other people in your change of address request, such as your spouse or non-married partner, be sure to include information for each person and make sure each person also signs the letter to authorize the change.

Definitions of Discipline Essay Example | Topics and Well Written Essays - 750 words

Definitions of Discipline - Essay Example Among all the other strategies suggested by Charles, the most effective one seems to relate to the students personally. Discipline and behavior management is a fundamental part of concern in pedagogical interests. Failure of a teacher to execute appropriate strategic measures to resolve differences that often occur between teacher and students springs forth a bitterness of teaching experience. Those measures must be performed to reconcile this rift. Disciplining understood in its action involves mending the wrong-doing of a student by using appropriate measures. But the term, as Charles (2008, p.9) points, is often referred to â€Å"coercion and forceful tactics† of the teachers. Management is therefore, the appropriate word to describe â€Å"preventing, suppressing, and redirecting misbehavior† (p. 9). The approaches suggested by C.M. Charles (2008) in his book play handy in controlling misbehaviors of the students in the class. Firstly it must be agreed that often times students misbehave for reasons that the teacher is either responsible for or he/she has no knowledge about. Wynne (1990, p. 177) argues that â€Å"teachers should have clear personal visions of their own discipline and character standards†. An action, big or small, calls for a disciplinary reaction when, as Charles (P.8) notes, a student engages in behavior â€Å"that is inappropriate for the setting or situation in which it occurs. First of his suggestions to â€Å"Prevent† (Charles, p. 7) any of misbehaviors from occurring, might seem futile and impractical on first look. That is because the relative implication of ‘preventing’ a student’s inappropriate behavior that occurs independently and mostly unpredictably, is difficult to meet. However, this strategy is not different from what Purkey and Strahan (2002, p.3) argue as inviting five â€Å"P’s†, â€Å"people, places, policies, programs,

Study analyzing how a multicultural workforce might affect teamwork Essay

Study analyzing how a multicultural workforce might affect teamwork and communications in large companies - Essay Example Based on different cultural beliefs, there are different ideologies, for instance, those that arise due to difference in religious beliefs. For a successful business operation, any individual worker should be able to work with people of different cultural backgrounds, irrespective of their cultural orientation. A definite example is the management and operation of various Western Companies operating in the Middle East (Kawar, 2012). This essay will utilize Tagreed’s book in analyzing the various ways through which multicultural workforce affects teamwork and communication within the companies. Hofstede (2005) described cultural difference and variation in four distinct categories. The first category is individualist versus collectivism. He states that in certain cultures, individualism is emphasized whereas in others group or teamwork is given an upper hand. For instance, among the Latinos, group work is given a priority over individual work. In such communities, goals are made based on communal or group needs. Most Native Americans, on the other hand, prefer individualism to collectivism. When individuals from the two societies are employed within the same company, it is always hard for them to come to term and agree on the achievement of the company goals and target. Latino workers may find the organizational culture favorable and normal to them unlike the Natives who will look into individual worker achievement before giving considerations to the group or company output. Another way through which cultural variations and diversity may affect a multicultural company is through the existence of cultural variation at the occupational level. An example is teaching career, which requires any employee to have certain definite cultures in order to succeed in their jobs as well as relate well to fellow employees. It becomes a great challenge to individuals who do not

The Camera Essay Example for Free

The Camera Essay It was a hot summer July afternoon in Key West, Florida with my family. We were on our first family vacation in a long while. All of us were standing in the ocean water watching the trainer directing the dolphin to do tricks. She each let us interact individually with the dolphin. It was one of the best feelings ever to just be so close to this gentle creature. It was one of the most memorable experiences of my life that I never want to forget. How would I remember this exact moment in time? Photography is simply the answer. Photographs were taken during the whole time of this event. I can always look back at these photos and not forget one detail. In the words of Jim Jonnard, who is the founder of the Red digital camera system, â€Å"The camera is arguably one of the most important of all inventions†¦it is he single tool that has the ability to stop time, record history, generate art, tell stories, and communicate messages that transcend language like nothing else ever conceived. † (Red Camera) I agree with this statement and the depth within it. The way it changed art is still unexplainable with its eternal lasting impact. The invention of the camera was completely necessary in order for original art to grow and change its direction throughout history and present time. (Berger 16-20) When the camera was first invented it immediately changed how people saw. This was first depicted in paintings. It had taken away the uniqueness of paintings by conveying a different message. When looking at a painting on a screen its surroundings include but are not limited to furniture and the appearance of the walls in the background. This interferes with the true meaning of the image because its environment is causing a distraction to its viewers. Instead of the viewer finding its way to the painting, the painting makes its way to the viewer. The whole meaning changes in its path. This is when the power of the camera took over and became a whole new way of art. (Berger 16-20) Not much concern was put towards how the camera would affect artists and their work. At first they panicked. Adapting to this constant changing world with an art career wasn’t a quick adjustment for them. During the time of the 1830’s which was when the camera was invented was also the era where portraits were a huge deal. Artists felt this pressure through their commissioned portraits. This was the main job of most artists. Many of them didn’t view the camera as a positive attribute to their work. When the camera was introduced to society, people soon realized that it’d be a lot less money and more time efficient to just get photographs taken of them instead. The emergence of â€Å"starving artists† became quite popular. Artists started losing hope with their way of thinking that art had died. (Mcrae) However this art depression didn’t last too long. They were able to shift this downfall into something completely unique and out of the ordinary. Instead of just focusing on portraits that had to be â€Å"true to life,† they looked to paint new subjects, experimenting what could work. They started painting the everyday, working class people exposing the secrets of society. This lead to the development of Cubism, Impressionism, modern art, and even abstract art. To make their pieces unique they added elements that the camera could not obtain. They wanted spectators to know the original. Little did the artists know that photography became a whole new art in itself, opening a door of fresh inspiration. It all began with the camera teaching them realism which allowed artists to see the juxtaposition of things that are real and not. A new perspective was quickly attained and applied. At first painters had to create this concept of realism. Now they just had to arrange and capture. (Lane) Also, artists now didn’t have to sketch the image being created in front of their subject. They could just use a snapshot as a reference instead of having added pressure from the subjects they were surrounded by. This allowed for more detailed and intricate pieces to be created. Now artists had the opportunity to express themselves. Becoming interested in how the camera worked light became the main focus. Light was meant almost everything in art. it was used to depict the mood, theme and even taught the viewer how to feel after looking at a painting. Lighting had such a strong power and artists didn’t even realize this until the invention of the camera. Once again, the realism that photographs portrayed taught the artists how to do their work in a whole new way. Light reflected off of objects passes through the lens of the device, burning an image onto film. Artists made that same connection with humans. Through the human eye, light reflects off of objects and passes through the eye burning an image onto the retina. This concept really intrigued artists, applying the properties of light to their own paintings. (Kenny) I think this was an overwhelming time for artists. They were used to art as being a depiction of one of their creative envisions. Now there was this device that stopped moments in time which caused them to focus on reality. They had to adapt to producing pieces that were exactly as seen. I agree that this can be a difficult concept to grasp especially when taught something a specific way. (Berger 16-20) Now that it is clear that the invention of the camera first influenced art such as in paintings, it also created a whole new classification of art through the video camera. Why just take a snapshot in time when you can record what is actually occurring right in front of you? The art of cinema and theatre were born, showing a side of art that no one had ever seen before. Photographing motion picture just seemed unrealistic and nearly impossible to society at the time, but they were so wrong. It was the gateway to visual media. Changes and developments in the art world highly influenced visual artists, photographers, and film makers. Willie Varela, in The Journal of Film and Video quotes that, â€Å"filmmakers who started working after World War II constituted a movement as powerful and significant as the abstract expressionists in paintings. † These two types of arts worked hand in hand with each other. The ideas that these expressionist painters were able to gain from photography contributed to the growth and success of film making. Through this they were both able to have an extreme impact on each other, leading to the growth of the relationship between art and audience. (Tenney) Film was another way of communicating to society just as photographs and paintings did. This all goes back to the creation of the camera which just proves the point that it was completely necessary in order for art to prosper. It first influenced paintings and then progressed to even more especially motion picture. Videoing moments in time are such a crucial part of today’s society. I don’t think most people realize how much it’s used in their everyday lives. It is used for so many things such as television and movies but most importantly for communication. (Tenney) I feel that both photography and film are so important. It’s what helped to advance society in its major aspects. To me art was the first one, but through the camera a door opened revealing a whole new level of creativity. Society would not nearly be as advanced as it is today without this invention. A life without the camera seems impossible. It gave way to an innovative way of art that was created that ended up changing how people saw for a lifetime. A picture is worth more than just a thousand words.

The Perpetuation of Subordination - Challenges to Aboriginal Employmen

The discussion of a hidden curriculum (Eisner, 1985; Jackson 1968) wherein students learn more in the public school system than what the direct or written curriculum intends - or intentionally leaves out - is oddly appropriate in the context of looking at the experience of the Aboriginal working-age populations in Canada. Bowles and Gintis (1976) suggest that schools maintain the dominant capitalist system of mainstream society due to particular social relations taking place in school communities. If public education in Canada is not correcting historical and social biases, it perpetuates prejudice and the placing of Aboriginal peoples at a lower social standing in Canada. How then are they expected to be successful in avenues like the employment market? Jean B. Miller’s discussion of the dominant/subordinate issue between men and women (1995) is an excellent template to analyze the plight of Aboriginals and employment obstacles in Canada. Aboriginals have been subordinat e to the colonizing powers for centuries. Morrison (1995) outlines many barriers to diversity in the workplace, but â€Å"the single most frequently mentioned barrier is prejudice† (235). It is no surprise then that despite recent gains in education-level completion, Canada’s Aboriginal populations are not seeing corresponding gains in employment. The last four centuries of Canadian history have seen many dark periods for the experiences of First Nations, Inuit, and Mà ©tis. Topics such as treaty disputes, the residential school system, armed stand-offs over territories, or disease, substance abuse, and the situation on reserves dominate provincially recommended textbooks. These discussions of their past, however, contain little to no Aboriginal perspective. ... ...tagne, F. (2004) The Aboriginal Workforce: What Lies Ahead - CLBC Commentary. Ottawa, Canada Labour and Business Centre. Mendelson, M. (2004) Aboriginal People in Canada’s Labour Market: Work and Unemployment, Today and Tomorrow. Ottawa, Caledon Institute of Social Policy Miller, Jean B. (1995). Domination/Subordination. In Wren, J. Thomas (Ed) The Leaders Companion: Insights on Leadership Through the Ages. (pp. 222-230) The Free Press: USA. Morrison, Ann M. (1995). Challenging the Barriers to Opportunity. In Wren, J. Thomas (Ed) The Leaders Companion: Insights on Leadership Through the Ages. (pp. 231-242) The Free Press: USA. Saul, J. R. (2008). A Fair Country: Telling truths about Canada. Toronto: Penguin. Thomas, R. R. (1990) From Affirmative Action to Affirming Diversity. Harvard Business Review. March-April, pp. 107-117.

Shapter 4 Global Finance Essay

Topics to Stimulate Class Discussion 1. Why are MNCs affected by exchange rate movements? 2. Why did exchange rates change recently? 3. Show the class a current exchange rate table from a periodical—identify spot and forward quotations. Then show the class an exchange rate table from a date a month ago, or three months ago. The comparison of tables will illustrate how exchange rates change, and how forward rates of the earlier date will differ from the spot rate of the future date for a given currency. 4. Make up several scenarios and ask the class how each scenario would, other things equal, affect the demand for a currency, the supply of a currency for sale, and the equilibrium exchange rate. Then integrate several  scenarios together to illustrate that in reality other things are not held constant, which makes the assessment of exchange rate movements more difficult. Critical Debate: The currencies of some Latin American countries depreciate against other currencies on a consistent basis. How can persistently weak currencies be stabilized? Proposition: The governments of these countries need to increase the demand for their currency by attracting more capital flows. Raising interest rates will make their currencies more attractive to foreign investors. They also need to insure bank deposits so that foreign investors who invest in large bank deposits do not need to worry about default risk. In addition, they could impose capital restrictions on local investors to prevent capital outflows. Opposing view: The governments of these countries print too much money because they make too many promises to the electorate that would otherwise have to be funded by higher taxes or borrowing at high interest rates. Printing money is the easy way out; but prices rise, exports decrease and imports increase. Thus, these countries could relieve the downward pressure on their local currencies by printing less money and thereby reducing the money supply and hence inflation. The outcome is likely to be a temporary reduction in economic growth and business failures. Higher interest rates would merely increase inflation. Reply: Solutions that cause riots are not very clever. With whom do you agree? Which argument do you support? Offer your own opinion on this issue. ANSWER: There is no perfect solution, but recognize the tradeoffs. The proposal to raise interest rates is not a good solution in the long run, because it will cause higher loan rates, and may slow down the economies in the long run. Effective anti-inflationary policies are needed to prevent further depreciation. However, the elimination of inflation that is caused by a wage-price spiral may cause some pain among the workers in the country,  as some form of wage controls may be needed. The government has various means of reducing inflation, but all of them can have adverse effects on the economy in the short run. As intimated in the question, inflation is a form of taxation, another way in which governments can raise money and inevitably reduce the value of ones earnings. Where governments are corrupt or have a poor control over the economy, inflation may be the only reliable way of â€Å"taxing†. In terms of economic welfare, the question is perhaps who suffers from inflat ion and a depreciating currency, perhaps not so many as long as the inflation is predictable. Answers to End of Chapter Questions 1. Percentage Depreciation. Assume the spot rate of the US dollar is  £0.54. The expected spot rate one year from now is assumed to be  £0.51. What percentage depreciation does this reflect? ANSWER: ( £0.51 –  £0.54)/ £0.54 = –5.55% Expected depreciation of 5.55% percent 2. Inflation Effects on Exchange Rates. Assume that the UK inflation rate becomes high relative to euro inflation. Other things being equal, how should this affect the (a) UK demand for euros, (b) supply of euros for foreign currency, and (c) equilibrium value of the euro? ANSWER: Demand for euros should increase (euro prices cheaper), supply of euros for sale should decrease ( £ prices more expensive), and the euro’s value should increase (supply and demand). 3. Interest Rate Effects on Exchange Rates. Assume euro interest rates fall relative to British interest rates. Other things being equal, how should this affect the (a) euro demand for British pounds, (b) supply of pounds for sale, and (c) equilibrium value of the pound? ANSWER: Demand for pounds should increase, supply of pounds for sale should decrease, and the pound’s value should increase. 4. Income Effects on Exchange Rates. Assume that the income level in the euro area rises at a much higher rate than does the UK income level. Other things being equal, how should this affect the (a) euro area demand for British  pounds, (b) supply of British pounds for sale, and (c) equilibrium value of the British pound in terms of the euro? ANSWER: Assuming no effect on interest rates, demand for pounds should increase, supply of pounds for sale may not be affected, and the pound’s value should increase. 5. Trade Restriction Effects on Exchange Rates. Assume that the Japanese government relaxes its controls on imports by Japanese companies. Other things being equal, how should this affect the (a) UK demand for Japanese yen, (b) supply of yen for sale, and (c) equilibrium value of the yen? ANSWER: Demand for yen should not be affected, supply of yen for sale should increase, and the value of yen should decrease. 6. Effects of Real Interest Rates. What is the expected relationship between the relative real interest rates of two countries and the exchange rate of their currencies? ANSWER: The higher the real interest rate of a country relative to another country, the stronger will be its home currency, other things equal. 7. Speculative Effects on Exchange Rates. Explain why a public forecast about the future value of the euro and about future interest rates by a respected economist could affect the value of the euro today. Why do some forecasts by well-respected economists have no impact on today’s value of the euro? ANSWER: Interest rate movements affect exchange rates. Speculators can use anticipated interest rate movements to forecast exchange rate movements. They may decide to purchase securities in particular countries because of their expectations about currency movements, since their yield will be affected by changes in a currency’s value. These purchases of securities require an exchange of currencies, which can immediately affect the equilibrium value of exchange rates. If a forecast of interest rates by a respected economist was already anticipated by market participants or is not different from investors’ original expectations, an announced forecast does not provide new information. Thus, there would be no reaction by investors to such an announcement, and exchange rates would not be affected. 8. Factors Affecting Exchange Rates. What factors affect the future movements  in the value of the euro against the dollar? ANSWER: The euro’s value could change because of the balance of trade, which reflects more U.S. demand for European goods than the European demand for U.S. goods. The capital flows between the U.S. and Europe will also affect the U.S. demand for euros and the supply of euros for sale (to be exchanged for dollars). 9. Interaction of Exchange Rates. Assume that there are substantial capital flows among the United Kingdom, the United States, and the Euro area. If interest rates in the United Kingdom declines to a level below the U.S. interest rate, and inflationary expectations remain unchanged, how could this affect the value of the euro against the U.S. dollar? How might this decline in the United Kingdom’s interest rate possibly affect the value of the British pound against the euro? ANSWER: If interest rates in the UK decline, there may be an increase in capital flows from the UK to the U.S. In addition, U.S. investors may attempt to capitalize on higher U.S. interest rates, while U.S. investors reduce their investments in UK’s securities. This places downward pressure on the pond’s value. Euro investors who previously invested in the UK may shift to the U.S. Thus, the increased demand for dollars by euros may increase the value of the dollar in relation to the euro. 10. Trade Deficit Effects on Exchange Rates. Every month, the UK trade deficit figures are announced. Foreign exchange traders often react to this announcement and even attempt to forecast the figures before they are announced. a. Why do you think the trade deficit announcement sometimes has such an impact on foreign exchange trading? ANSWER: The trade deficit announcement may provide a reasonable forecast of future trade deficits and therefore has implications about supply and demand conditions in the foreign exchange market. For example, if the trade deficit was larger than anticipated, and is expected to continue, this implies that the UK demand for foreign currencies may be larger than initially anticipated. Thus, the pound would be expected to weaken. Some speculators may take a position in foreign currencies immediately and could cause an  immediate decline in the pound. b. In some periods, foreign exchange traders do not respond to a trade deficit announcement, even when the announced deficit is very large. Offer an explanation for such a lack of response. ANSWER: If the market correctly anticipated the trade deficit figure, then any news contained in the announcement has already been accounted for in the market. The market should only respond to an announcement about the trade deficit if the announcement contains new information. 11. Comovements of Exchange Rates. Explain why the value of the British pound against the dollar will not always move in tandem with the value of the euro against the dollar. ANSWER: The euro’s value changes in response to the flow of funds between the U.S. and the countries using the euro or their currency. The pound’s value changes in response to the flow of funds between the U.S. and the U.K. As the UK economy is different from the euro economy, economic events will have a different impact, the events themselves may also differ. Assuming that the market is efficient and that the exchange rates do move according to relevant information the fact that the relevant information sets differ justifi es a less than perfect correlation of movements. That they are similar is understandable as although different, the differences are not that great. 12. Factors Affecting Exchange Rates. In the 1990s, Russia was attempting to import more goods but had little to offer other countries in terms of potential exports. In addition, Russia’s inflation rate was high. Explain the type of pressure that these factors placed on the Russian currency. ANSWER: The large amount of Russian imports and lack of Russian exports placed downward pressure on the Russian currency. The high inflation rate in Russia also placed downward pressure on the Russian currency. 13. National Income Effects. Analysts commonly attribute the appreciation of a currency to expectations that economic conditions will strengthen. Yet, this chapter suggests that when other factors are held constant, increased national income could increase imports and cause the local currency to weaken. In reality, other factors are not constant. What other factor is likely to be affected by increased economic growth and could place upward  pressure on the value of the local currency? ANSWER: Interest rates tend to rise in response to a stronger economy, and higher interest rates can place upward pressure on the local currency (as long as there is not offsetting pressure by higher expected inflation). 14. Factors Affecting Exchange Rates. If the Asian countries experience a decline in economic growth (and experience a decline in inflation and interest rates as a result), how will their currency values (relative to the British pound) be affected? ANSWER: A relative decline in Asian economic growth will reduce Asian demand for UK products, which places upward pressure on Asian currencies. However, given the change in interest rates, Asian corporations with excess cash may now invest in the UK or other countries, thereby increasing the demand for pounds. Thus, a decline in Asian interest rates will place downward pressure on the value of the Asian currencies. The overall impact depends on the magnitude of the forces just described. 15. Impact of Crises. Why do you think most crises in countries (such as the Asian crisis) cause the local currency to weaken abruptly? Is it because of trade or capital flows? ANSWER: Capital flows have a larger influence. In general, crises tend to cause investors to expect that there will be less investment in the country in the future and also cause concern that any existing investments will generate poor returns (because of defaults on loans or reduced valuations of stocks). Thus, as investors liquidate their investments and convert the local currency into other currencies to invest elsewhere, downward pressure is placed on the local currency. 16. How do you think weaker economic conditions would affect trade flows in a Developing Country? How would weaker conditions affect the value of its currency (holding other factors constant)? How do you think interest rates would be affected? ANSWER: Weak world economic conditions would result in a reduced demand for foreign products, wh ich results in a decline in the demand for foreign currencies, particularly the currencies of developing countries that rely on exports. Taking the US as the dominant economy there would therefore  be downward pressure on currencies relative to the dollar (upward pressure on the dollar’s value). The lower U.S. interest rates that accompany weaker economic conditions should reduce the capital flows to the U.S., which place downward pressure on the value of the dollar. Advanced Questions 17. Measuring Effects on Exchange Rates. Tarheel Co. plans to determine how changes in UK and euro real interest rates will affect the value of the British pound. a. Describe a regression model that could be used to achieve this purpose. Also explain the expected sign of the regression coefficient. ANSWER: Various models are possible. Based on the model above, the regression coefficient is expected to have a negative sign. A relatively high real interest rate differential would likely cause a weaker euro value, other things being equal. An appropriate model would also include other independent variables that may influence the percentage change in the peso’s value. b. If Tarheel Co. thinks that the existence of a quota in particular historical periods may have affected exchange rates, how might this be accounted for in the regression model? ANSWER: A dummy variable could be included in the model, assigned a value of one for periods when a quota existed and a value of zero when it did not exist. This answer requires some creative thinking, as it is not drawn directly from the text. 18. Factors Affecting Exchange Rates. Mexico tends to have much higher inflation than the United States and also much higher interest rates than the United States. Inflation and interest rates are much more volatile in Mexico than in industrialized countries. The value of the Mexican peso is typically more volatile than the currencies of industrialized countries from a U.S. perspective; it has typically depreciated from one year to the next, but the degree of depreciation has varied substantially. The bid/ask spread tends to be wider for the peso than for currencies of industrialized countries. a. Identify the most obvious economic reason for the persistent depreciation  of the peso. ANSWER: The high inflation in Mexico places continual downward pressure on the value of the peso. b. High interest rates are commonly expected to strengthen a country’s currency because they can encourage foreign investment in securities in that country, which results in the exchange of other currencies for that currency. Yet, the peso’s value has declined against the dollar over most years even though Mexican interest rates are typically much higher than U.S. interest rates. Thus, it appears that the high Mexican interest rates do not attract substantial U.S. investment in Mexico’s securities. Why do you think U.S. investors do not try to capitalize on the high interest rates in Mexico? ANSWER: The high interest rates in Mexico result from expectations of high inflation. That is, the real interest rate in Mexico may not be any higher than the U.S. real interest rate. Given the high inflationary expectations, U.S. investors recognize the potential weakness of the peso, which could more than offset the high interest rate (when they convert the pesos back to dollars at the end of the investment period). Therefore, the high Mexican interest rates do not encourage U.S. investment in Mexican securities, and do not help to strengthen the value of the peso. c. Why do you think the bid/ask spread is higher for pesos than for currencies of industrialized countries? How does this affect a U.S. firm that does substantial business in Mexico? ANSWER: The bid/ask spread is wider because the banks that provide foreign exchange services are subject to more risk when they maintain currencies such as the peso that could decline abruptly at any time. A wider bid/ask spread adversely af fects the U.S. firm that does business in Mexico because it increases the transactions costs associated with conversion of dollars to pesos, or pesos to dollars. 19. Aggregate Effects on Exchange Rates. Assume that the United Kingdom invests heavily in government and corporate securities of Country K. In addition, residents of Country K invest heavily in the United Kingdom. Approximately  £10 billion worth of investment transactions occur between these two countries each year. The total pound value of trade transactions per year is about  £8 million. This information is expected to also hold in the future. Because your firm exports goods to Country K, your job as  international cash manager requires you to forecast the value of Country K’s currency (the â€Å"krank†) with respect to the pound. Explain how each of the following conditions will affect the value of the krank, holding other things equal. Then, aggregate all of these impacts to develop an overall forecast of the krank’s movement against the pound. a. UK inflation has suddenly increased substantially, while Country K’s inflation remains low. ANSWER: Increased UK demand for the krank. Decreased supply of kranks for sale. Upward pressure in the krank’s value. b. UK interest rates have increased substantially, while Country K’s interest rates remain low. Investors of both countries are attracted to high interest rates. ANSWER: Decreased UK demand for the krank. Increased supply of kranks for sale. Downward pressure on the krank’s value. c. The UK income level increased substantially, while Country K’s income level has remained unchanged. ANSWER: Increased UK demand for the krank. Upward pressure on the krank’s value. d. The UK is expected to impose a small tariff on goods imported from Country K. ANSWER: The tariff will cause a decrease in the United Kingdom’ desire for Country K’s goods, and will therefore reduce the demand for kranks for sale. Downward pressure on the krank’s value. e. Combine all expected impacts to develop an overall forecast. ANSWER: Two of the scenarios described above place upward pressure on the value of the krank. However, these scenarios are related to trade, and trade flows are relatively minor between the UK and Country K. The interest rate scenario places downward pressure on the krank’s value. Since the interest rates affect capital flows and capital flows dominate trade flows between the UK and Country K, the interest rate scenario should overwhelm all other scenarios. Thus, when considering the importance of implications of all scenarios, the krank is expected to depreciate. 20. Speculation. Blue Demon Bank expects that the Mexican peso will depreciate against the dollar from its spot rate of $.15 to $.14 in 10 days. The following interbank lending and borrowing rates exist: U.S. dollar Mexican peso Lending Rate 8.0% 8.5% Borrowing Rate 8.3% 8.7% Assume that Blue Demon Bank has a borrowing capacity of either $10 million or 70 million peos in the interbank market, depending on which currency it wants to borrow. a. How could Blue Demon Bank attempt to capitalize on its expectations without using deposited funds? Estimate the profits that could be generated from this strategy. ANSWER: Blue Demon Bank can capitalize on its expectations about pesos (MXP) as follows: 1. Borrow MXP70 million 2. Convert the MXP70 million to dollars: MXP70,000,000 Ãâ€" $.15 = $10,500,000 3. Lend the dollars through the interbank market at 8.0% annualized over a 10-day period. The amount accumulated in 10 days is: $10,500,000 Ãâ€" [1 + (8% Ãâ€" 10/360)] = $10,500,000 Ãâ€" [1.002222] = $10,523,333 4. Repay the peso loan. The repayment amount on the peso loan is: MXP70,000,000 Ãâ€" [1 + (8.7% Ãâ€" 10/360)] = 70,000,000 Ãâ€" [1.002417]=MXP70,169,167 5. Based on the expected spot rate of $.14, the amount of dollars needed to repay the peso loan is: MXP70,169,167 Ãâ€" $.14 = $9,823,683 6. After repaying the loan, Blue Demon Bank will have a speculative profit (if its forecasted exchange rate is accurate) of: $10,523,333 – $9,823,683 = $699,650 b. Assume all the preceding information with this exception: Blue Demon Bank expects the peso to appreciate from its present spot rate of $.15 to $.17 in 30 days. How could it attempt to capitalize on its expectations without using deposited funds? Estimate the profits that could be generated from this strategy. ANSWER: Blue Demon Bank can capitalize on its expectations as follows: 1. Borrow $10 million 2. Convert the $10 million to pesos (MXP): $10,000,000/$.15 = MXP66,666,667 3. Lend the pesos through the interbank market at 8.5% annualized over a 30-day period. The amount accumulated in 30 days is: MXP66,666,667 Ãâ€" [1 + (8.5% Ãâ€" 30/360)] = 66,666,667 Ãâ€" [1.007083] = MXP67,138,889 4. Repay the dollar loan. The repayment amount on the dollar loan is: $10,000,000 Ãâ€" [1 + (8.3% Ãâ€" 30/360)] = $10,000,000 Ãâ€" [1.006917] = $10,069,170 5. Convert the pesos to dollars to repay the loan. The amount of dollars to be received in 30 days (based on the expected spot rate of $.17) is: MXP67,138,889 Ãâ€" $.17 = $11,413,611 6. The profits are determined by estimating the dollars available after repaying the loan: $11,413,611 – $10,069,170 = $1,344,441 21. Speculation. Diamond Bank expects that the Singapore dollar will depreciate against the euro from its spot rate of 0.48 euros to 0.45 euros in 60 days. The following interbank lending and borrowing rates exist: Lending Rate euro Singapore dollar 7.0% 22.0% Borrowing Rate 7.2% 24.0% Diamond Bank considers borrowing 10 million Singapore dollars in the interbank market and investing the funds in euros for 60 days. Estimate the profits (or losses) that could be earned from this strategy. Should Diamond Bank pursue this strategy? ANSWER: Borrow S$10,000,000 and convert to euros: S$10,000,000 Ãâ€" 0.48 = 4,800,000 euros Invest funds for 60 days. The rate earned in the euros for 60 days is: 7% Ãâ€" (60/360) = 1.17% Total amount accumulated in 60 days: 4,800,000 euros Ãâ€" (1 + .0117) = 4,856,160 euros Convert euros back to S$ in 60 days: 4,856,160 /0.45 = S$10,791,467 The rate to be paid on loan is: .24 Ãâ€" (60/360) = .04 Amount owed on S$ loan is: S$10,000,000 Ãâ€" (1 + .04) = S$10,400,000 This strategy results in a profit: S$10,791,467 – S$10,400,000 = S$391,467 Diamond Bank should pursue this strategy. Blades plc Case Study As the chief financial officer of Blades plc Ben Holt is pleased that his current system of exporting â€Å"Speedos† to Thailand seems to be working well. Blades’ primary customer in Thailand, a retailer called Entertainment Products, has committed itself to purchasing a fixed number of Speedos annually for the next three years at a fixed price denominated in baht, Thailand’s currency. Furthermore, Blades is using a Thai supplier for some of the components needed to manufacture Speedos. Nevertheless, Holt is concerned about recent developments in Asia. Foreign investors from various countries had invested heavily in Thailand to take advantage of the high interest rates there. As a result of the weak economy in Thailand, however,  many foreign investors have lost confidence in Thailand and have withdrawn their funds. Ben Holt has two major concerns regarding these developments. First, he is wondering how these changes in Thailand’s economy could affect the value of the Thai baht and, consequently, Blades. More specifically, he is wondering whether the effects on the Thai baht may affect Blades even though its primary Thai customer is committed to Blades over the next three years. Second, Holt believes that Blades may be able to speculate on the anticipated movement of the baht, but he is uncertain about the procedure needed to accomplish this. To facilitate Holt’s understanding of exchange rate speculation, he has asked you, Blades’ financial analyst, to provide him with detailed illustrations of two scenarios. In the first, the baht would move from a current level of  £0.0147 to  £0.0133 within the next 30 days. Under the second scenario, the baht would move from its current level to  £0.0167 within the next 30 days. Based on Holt’s needs, he has provided you with the following list of questions to be answered: 1. How are percentage changes in a currency’s value measured? Illustrate your answer numerically by assuming a change in the Thai baht’s value from a value of  £0.0147 to  £0.0173. 2. What are the basic factors that determine the value of a currency? In equilibrium, what is the relationship between these factors? 3. How might the relatively high levels of inflation and interest rates in Thailand have affected the baht’s value? (Assume a constant level of UK inflation and interest rates.) 4. How do you think the loss of confidence in the Thai baht, evidenced by the withdrawal of funds from Thailand, affected the baht’s value? Would Blades be affected by the change in value, given the primary Thai customer’s commitment? 5. Assume that Thailand’s central bank wishes to prevent a withdrawal of funds from its country in order to prevent further changes in the currency’s value. How could it accomplish this objective using interest rates? 6. Construct a spreadsheet illustrating the steps Blades’ treasurer would need to follow in order to speculate on expected movements in the baht’s value over the next 30 days. Also show the speculative profit (in pounds) resulting from each scenario. Use both of Ben Holt’s examples to illustrate possible speculation. Assume that Blades can borrow either  £7 million or the baht equivalent of this amount. Furthermore, assume that the following short-term interest rates (annualized) are available to Blades: Currency Dollars Thai baht Lending Rate 8.10% 14.80% Borrowing Rate 8.20% 15.40% Solution to Continuing Case Problem: Blades. 1. How are percentage changes in a currency’s value measured? Illustrate your answer numerically by assuming a change in the Thai baht’s value from a value of  £0.0147 to  £0.0173. ANSWER: The percentage change in a currency’s value is measured as follows: % S St St 1 1 where S denotes the spot rate, and St 1 denotes the spot rate as of the earlier date. A positive percentage change represents appreciation of the foreign currency, while a negative percentage change represents depreciation. In the example provided, the percentage change in the Thai baht would be: = 17.69%  £0.0173 –  £0.0147  £0.0147 That is, the baht would be expected to appreciate by 17.69%. 2. What are the basic factors that determine the value of a currency? In equilibrium, what is the relationship between these factors? ANSWER: The basic factors that determine the value of a currency are the supply of the currency for sale and the demand for the currency. A high level of supply of a currency generally decreases the currency’s value, while a high level of demand for a currency increases its value. In equilibrium, the supply of the currency equals the demand for the currency. 3. How might the relatively high levels of inflation and interest rates have affected the baht’s value? (Assume a constant level of UK inflation and interest rates.) ANSWER: The baht would be affected both by inflation levels and interest rates in Thailand relative to levels of these variables in the UK. A high level of inflation tends to result in currency depreciation, as it would increase the Thai demand for UK goods, causing an increase in the Thai demand for dollars. Furthermore, a relatively high level of Thai inflation would reduce the UK demand for Thai goods, causing an increase in the supply of baht for sa le. Conversely, the high level of interest rates in Thailand may cause appreciation of the baht relative to the dollar. A relatively high level of interest rates in Thailand would have rendered investments there more attractive for UK investors, causing an increase in the demand for baht. Furthermore, UK securities would have been less attractive to Thai investors, causing an increase in the supply of dollars for sale. However, investors might be unwilling to invest in baht-denominated securities if they are concerned about the potential depreciation of the baht that could result from Thailand’s inflation. 4. How do you think the loss of confidence in the Thai baht, evidenced by the withdrawal of funds from Thailand, affected the baht’s value? Would Blades be affected by the change in value, given the primary Thai customer’s commitment? ANSWER: In general, a depreciation in the foreign currency results when investors liquidate their investments in the foreign currency, increasing the supply of its currency for sale. Blades would probably be affected by the change in value even though its Thai customer’s commitment, as the sales are denominated in baht. Thus, the depreciation in the baht would have caused a conversion of the baht revenue into fewer pounds. 5. Assume that Thailand’s central bank wishes to prevent a withdrawal of funds from its country in order to prevent further changes in the currency’s value. How could it accomplish this objective using interest rates? ANSWER: If Thailand’s central bank wishes to prevent further depreciation in the baht’s value, it would attempt to increase the level of interest rates in Thailand. In turn, this would increase the demand for Thai baht by UK investors, as Thai securities would now seem more attractive. This would place upward pressure on the currency’s value. However, the high interest rates could reduce local borrowing and spending. 6. Construct a spreadsheet illustrating the steps Blades’ treasurer would need to follow in order to speculate on expected movements in the baht’s value over the next 30 days. Also show the speculative profit (in dollars) resulting from each scenario. Use both of Ben Holt’s examples to illustrate possible speculation. Assume that Blades can borrow either  £10 million or the baht equivalent of this amount. Furthermore, assume that the following short-term interest rates (annualized) are available to Blades: Currency Dollars Thai baht Lending Rate 8.10% 14.80% Borrowing Rate 8.20% 15.40% ANSWER: (See spreadsheet attached.) Depreciation of the Baht from  £0.0147 to  £0.0133 1. Borrow Thai baht ( £10,000,000/0.0147) 2. Convert the Thai baht to pounds 680,272,109 bahtÃâ€"  £0.0147). 3. Lend the pounds at 8.10% annualized, which represents a 0.68% return over the 30-day period [computed as 8.10% Ãâ€" (30/360)]. After 30 days, Blades would receive ( £10,000,000 Ãâ€" (1 + .0068)) 4. Use the proceeds of the dollar loan repayment (on Day 30) to repay the baht borrowed. The annual interest on the baht borrowed is 15.40%, or 1.28% over the 30-day period [computed as 15.40% Ãâ€" (30/360)]. The total baht amount necessary to repay the loan is therefore (680,272,109 Ãâ€" (1 + .0128)) 680,272,109 10,000,000 10,068,000.00 688,979,592 5. Number of pounds necessary to repay baht loan (688,979,592 bahtÃâ€"  £0.0133) 9,163,429 6. Speculative profit ( £10,068,000 –  £9,163,429)  £904,571 Appreciation of the Baht from  £0.0147 to  £0.0167 1. Borrow pounds. 2. Convert the pounds to Thai baht ( £10 million/ £0.0147). 3. Lend the baht at 14.80% annualized, which represents a 1.23% return over the 30-day period [computed as 14.80% Ãâ€" (30/360)]. After 30 days, 10,000,000.00 680,272,109 Blades would receive (THB 680,272,109Ãâ€" (1 + .0123)) 4. Use the proceeds of the baht loan repayment (on Day 30) to repay the dollars borrowed. The annual interest on the dollars borrowed is 8.20%, or 0.68% over the 30-day period [computed as 8.20% Ãâ€" (30/360)]. The total dollar amount necessary to repay the loan is therefore ( £10,000,000 Ãâ€" (1 + .0068)) 5. Number of baht necessary to repay dollar loan ( £10,068,000.00/ £0.0167) 6. Speculative profit (THB688,639,456– THB602,874,251) 7. Dollar equivalent of speculative profit (THB 85,765,205Ãâ€" £0.0167) 688,639,456 10,068,000.00 602,874,251 85,765,205 1,432,278 Blades would be ill advised to speculate in this way as it is not a specialist in the financial markets and does not have specialist abilities or information to use. These actions are thyerfore little better than gambling and are highly ill advised. Small Business Dilemma Assessment by the Sports Exports Company of Factors That Affect the British Pound’s Value 1. Given Jim’s expectations, forecast whether the pound will appreciate or depreciate against the euro over time. ANSWER: The pound should depreciate because the British inflation is expected to be higher than the euro. This could cause a shift in trade flows that would place downward pressure on the pound’s value. The interest rate movements of both countries are expected to be similar for both countries. Therefore, there should not be any adjustment in the capital flows between the two countries. 2. Given Jim’s expectations, will the Sports Exports Company be favourably or unfavourably affected by the future changes in the value of the pound? ANSWER: The Sports Exports Company will be unfavourably affected, because depreciation in the British pound will cause the pound receivables to convert into fewer euros.