Shakira is a Pop Poet :: essays research papers

The poem, Hips Don't Lie, represent for me, pop poetry of the highest quality: Hips Don't Lie Ladies up in here tonight No fighting, no fighting We got the refugees up in here No fighting, no fighting Shakira, Shakira I never really knew that she could dance like this She makes a man want to speak Spanish Como se llama, bonita, mi casa, su casa Shakira, Shakira Oh baby when you talk like that You make a woman go mad So be wise and keep on Reading the signs of my body And I'm on tonight You know my hips don't lie And I'm starting to feel it's right All the attraction, the tension Don't you see baby, this is perfection Hey Girl, I can see your body moving And it's driving me crazy And I didn't have the slightest idea Until I saw you dancing And when you walk up on the dance floor Nobody cannot ignore the way you move your body, girl And everything so unexpected - the way you right and left it So you can keep on taking it I never really knew that she could dance like this She makes a man want to speak Spanish Como se llama, bonita, mi casa, su casa Shakira, Shakira Oh baby when you talk like that You make a woman go mad So be wise and keep on Reading the signs of my body And I'm on tonight You know my hips don't lie And I am starting to feel you boy Come on let's go, real slow Don't you see baby asi es perfecto Oh I know I am on tonight my hips don't lie And I'm starting to feel it's right All the attraction, the tension Don't you see baby, this is perfection Shakira, Shakira Oh boy, I can see your body moving Half animal, half man I don't, don't really know what I'm doing But you see to have a plan My will and self restraint Have come to fail now, fail now See, I am doing what I can, but I can't so you know That's a bit too hard to explain Baila en la calle de noche Baila en la calle de dia Baila en la calle de noche Baila en la calle de dia I never really knew that she could dance like this She makes a man want to speak Spanish Como se llama, bonita, mi casa, su casa

Elsewhere: Life and Curtis Jest

The novel Elsewhere by Gabrielle Zevin is spectacular. Throughout the book there are many characters that diserve to be mentioned. Elizabeth Marie Hall, also know as Liz or Lizzie is the main character. Owen Welles is her boyfriend. Thandi is her best friend that she meets on the boat. Aldous Ghent is her mentor and friend. Betty is Liz's grandmother. Emily Welles is Owen's â€Å"wife†. Alvy is Liz's brother. Curtis Jest is the rock star she met on the boat. Lucy is Liz's pug, Jen is Owen's dog and Sadie is Liz's dog. Amadou Bonamy is the man who hit Liz, and Zooey, Liz's best friend on Earth. Liz is fifteen, looking forward to turning sixteen and getting her driver's license, when everything changes. She's riding her bike, only three months from driving a car instead of using her bike as her main mode of transportation, when she is hit by a car. She wakes up on a ship, sharing a room with a girl named Thandi who has what looks like a bullethole in the back of her head. Liz doesn't look like she normally does, either; she doesn't have any hair. In this â€Å"dream,† as she thinks it is, things are a little weird. There are no modern electronic devices on the ship, and everyone with the exceptions of herself, Thandi, and Liz's favorite singer, Curtis Jest, is over 80. After watching her own funeral (used by her high school principal as an opportunity to lecture on traffic safety), Liz realizes that this is no dream. Nor is it exactly her â€Å"life. † Liz is dead. She was killed in a car crash, and, in the world skillfully created by Gabrielle Zevin, this is where people go once they die. On a ship. Of course, boats have to go somewhere, and this one finally lands in Elsewhere. The afterlife, though not as anyone on earth imagined it. In Elsewhere, for one thing, people age backwards. Liz will never turn sixteen (but they'll still let her get a driver's license); instead, she'll be turning fourteen again, under the care of her dead grandmother, who is surprisingly young (about the same age as Liz's mother). Elsewhere, though the people grow younger rather than older, is a lot like earth. Some artists continue their work here (you can see new paintings by Picasso! ), just as they did on earth. Marilyn Monroe is a psychiatrist. Everything you can find on Earth–music, books, artwork–you can find Elsewhere. Elsewhere, Liz thinks, â€Å"could have been a walk to the next town or an hour's ride in the car or an overnight plane trip. † It shouldn't be too hard adjusting to this†¦ right? Betty helps her to resolve these feelings by convincing her to take a new job as a counsellor in the division of domestic animals, at which point Lizzie begins to slowly leave her routine of watching her family and instead is given a new motivation to her new life. However, Lizzie is still plagued by the anger she feels towards the driver responsible for her death, â€Å"he is a murderer, he is my murderer. Here Zevin uses repetition to emphasize this anger. Lizzie becomes strongly determined to make him pay for what he has done, and she manages to find a restricted portal known as â€Å"The Well,† to contact her family and tell them who it was that were responsible for her death. how far are you? it depends on what you mean by ending†¦ sorry if this is a spoiler to others! but yeah the book pretty much ends how you'd expect, liz and owen grow younger together, forget to read, lose teeth, and live a very happy childhood together. it ends with liz being shipped back across the ocean as a baby, and her rebirth. wen is cared for by his ex when he's a baby, and betty and curtis are happy together. the end. Well, it's been a while, but, basically, she decides that she can't adjust to life on Elsewhere so she wants to go back to Earth with that one year plan(I can't remember what they called the plan). Once they release her she decides at the last minute that she doesn't want to g o back to Earth, that she'll miss all of her friends from Elsewhere. She wiggles free of the wrappings and then gets lost for a couple of days at the bottom of the ocean. Owen refuses to give up on looking for her and he finds her eventually and they live happily ever after†¦ haha!! I think that's what happens, but I'm not for sure!! Like I said, it's been a while. In the beginning of the novel, a dog is telling us that her owner, Liz, has died. I think the dog explains that the girl was on her bike and was killed by a hit-and-run taxi driver, but we may get that information later. She goes down the river to be sent back to earth after she is done aging backwards. The guy that she was seeing was like 2. Anyway, the story shifts to the dead girl, Liz, who wakes up on a cruise ship in the middle of the ocean. She does not have hair and does not really know how she got there. She finds another girl, Thandi, who claims she was shot in the head before waking up on the ship. Liz also recognizes and befriends a man named Curtis, who was a famous musician. Most of the others on the ship are old people, and all of them are in pajamas all of the time. That's all Liz knows until later, when Thandi and Curtis tell her they're all dead. Liz refuses to accept this for a long time, even though she watches her own funeral through binoculars on the ship. Anyway, the ship docks in a place called Elsewhere. Liz finds that there is no God, but her grandmother, whom she'd never met, comes to meet her. Liz goes to live with her, and she learns that in Elsewhere, people age backwards until they become babies again, at which point they're reborn. For a long time, Liz spends all of her time watching her loved ones back on earth. She tries to contact them, at one point diving to the bottom of the ocean to use some sort of underwater well to speak with her brother. The officer in charge of catching people who do that saves her (not her life, as she can't die, but saves her all the same) and eventually helps her contact her brother. Through the brother, she is able to tell her father about the birthday gift she'd hidden under the floorboards. This is enough to give her peace, and she's able to adjust. She and the officer, Owen, basically fall in love. Liz also goes to work helping pets who have died learn to adjust (she can speak to them), while Thandi takes a job as an announcer. There are more snags: Owen's wife dies and creates a brief love triangle, though Owen eventually chooses Liz, as he died young and he no longer has much in common with his wife. Anyway, Curtis ends up marrying Liz's grandmother, Liz becomes happy. She becomes the director of her department, is happy to welcome her dog when she finally dies, and even forgives the man who'd killed her when he arrives in Elsewhere years later. She also spends a good decade or more with Owen before the both of them become too young and have to get ready to be reborn. The book ends on a sad note–Liz' grandmother (who was older when she died and thus has longer to spend in Elsewhere), has been caring for baby Liz and gets her ready for rebirth. The group goes to the shore (they put the babies in the ocean, and the current carries them to earth), Owen not really caring until the end, after Liz is gone and he has a brief flash of memory of what she meant to him. He starts crying but quickly forgets again (he's only two at this point and is being cared for by his wife). The novel ends with Liz being born to another mother and feeling eager to start another life. very one else on the boat was over 80 EXCEPT Curtis Jest, Thandi, and Liz! CONFLICT/PROBLEM The conflict or problem encountered would be that, first of all, she is dead. Second of all she can't get over the fact that she hates that she is in Elsewhere. The third problem is that she is aging backwards everyday. Back to the day she was born. SETTING: The setting or place this book took pl ace is first on a cruise ship. That's where she woke up. Then the cruise ship takes her to elsewhere and that is where the biggest part of the book takes place. THEMES: I think there are a couple themes of this book. The first one is that eventually you have to accept who you are or where you are. It gets harder and more miserable if you don't. Lizzie had trouble coming to terms with things. She hated elsewhere but she finally accepted the fact she was dead. Number two would be that things can be bad but in the end everything will be alright. Lizzie didn't like that she ended up in elsewhere but realized that being happy is the best thing that she could do for herself. The third theme for me would be forgiveness. Liz hates the cab driver for killing her but notices that her hate for him won't make things better for anyone. Forgiveness is very important in life. Elsewhere tells the story of a fifteen year old girl, Elizabeth ‘Liz' Hall, who dies in a bicycle accident and wakes up to find herself traveling on a boat called the SS Nile. There, she meets a girl who had been shot and a famous person who had died of a drug overdose. After watching her own funeral, Liz realizes that she is truly dead. Soon afterwards, she and the other passengers arrive in what is known as â€Å"Elsewhere†. She meets her grandmother, who had died before Liz was born, and Liz begins to live with her. In Elsewhere, Liz learns, everyone ages backwards from the day they died to the day they turn zero, and then they are sent back to Earth to be reincarnated as a baby. Liz misses her life on Earth, and becomes obsessed with watching her family and friends through Observation Decks, she tried to talk to her family a few times, which she gets caught and meets Owen. She is depressed, and sees no reason to do anything since she is dead, but in time she makes new friends in Elsewhere who help her come to terms with the fact that she has died. She can talk in canine, which she at first was unaware of. Gradually, she learns that a life lived backwards is not much different to a life lived forwards. Elsewhere is an original, interesting view of things that is somewhere between the heaven and hell spoken of by most religions; as has been said, this afterlife is a lot like an extension of life on earth, only backwards. It seems like a nice place, a happy place to be–except for what it takes for people to get there.

My Views On Public Health Essay - 1545 Words

My interests in public health have a link with my childhood. Being raised and born in a rural area of a small developing country, Bangladesh, from my childhood, I witnessed a lot of avoidable premature deaths and sufferings from diseases among people in my homeland. In particular, I noticed that women and children living in rural areas are the most frequent victims of these adverse consequences. During high school, I thought that the treatment of the sick mothers or children would be the best way to prevent such unfortunate deaths. That is why I always dreamt of being a physician. While pursuing the Bachelor of Medicine, Bachelor of Surgery (MBBS) degree, I thought that it would be good to work directly with people by working in the community. I found that knowing their culture and lifestyle would help me to understand the cause and magnitude of the particular problem better. As a result, I started working in several volunteer organizations including the Medicine Club, Prothom Alo Bondhusova, Rotaract Club, Leo Club, and Swandhani. In my fourth year, I also got the opportunity to work in the community at the Residential Field Site Training (RFST). During working in the community, I learned that some people suffer from diseases more frequently than others, though they are apparently similar. As a medical student, it was easier for me to understand the problem in depth, and this opened my eyes to the field of public health. I realized that conducting more research on factorsShow MoreRelatedThe Multidimensional Model Of Wellness And Maslow s Hierarchy Of Needs999 Words   |  4 Pagesgreatest wealth is health.† But, what exactly is health and how does one go about obtaining it? In order to achieve true health, one should not focus on small, subjective issues but rather should view health as a general, comprehensive issue. The multidimensional model of wellness and Maslow’s hierarchy of needs illustrate this concept by examining multiple facets of an individual’s life to determine one’s overall well-being. In order to facilitate a healthy lifestyle, health care administratorsRead MoreShould Smoking Be Public Places?912 Words   |  4 PagesThe Debate about Smoking in Public Places Smoking cigarettes has been around for over two thousand years and is a debatable issue in the United States. The issue with public smoking is the controversy between banning it and not banning it. Many non-smokers view it as a harmful bad habit, while users view it as a choice that they are free to make. Opponents of banning smoking in public places feel that it is a choice and that it will take away their free will. â€Å"They argue that people should haveRead MoreStatement of Purpose745 Words   |  3 PagesStatement of Purpose Health Care is a Right Not a Privilege – Jan Spence, Kimberley Clark Foundation. Regrettably the above slogan perfectly suits the present condition of healthcare in my country. An endeavor to bring about a change is the prime motive for me in aspiring to be a Public Health Professional. In present time the world faces a lot of changes in healthcare systems. In my home country India lot of conversions are happening. The changes varies from eliminating chronic epidemic diseaseRead MoreA Research Study On A Clinical Nephrology Study While Taking Zither Lessons744 Words   |  3 PagesSurprisingly, it was my musical interests that introduced me to public health. The summer that I spend in China working on a clinical nephrology study while taking zither lessons gave me the opportunity to observe the consequences of a country so focused on economic growth that the public healthcare system remained underdeveloped. Many of the patients I have encountered at the hospital had limited access to proper healthcare, health education and health facilities; needing to travel great distancesRead MorePublic Health At Campbell University774 Words   |  4 PagesWalking through Louisiana in the middle of summer is no picnic. Not only is the temperature sweltering, but the mosquitos a re ferocious. Every year my church sponsors a missionary trip down the Tigre Bayou to vaccinate at risk communities, and to educate population centers about the importance of exercise and diet. Although the United States has some of the best doctors in the world, we have many population centers that have little to no access to medical care, which places them at risk. The healthcareRead MoreCare For Someone Medically Care879 Words   |  4 Pagesthis while I was in Peru for a month this summer, when we planned and executed health campaigns in rural, isolated villages in the Andes. We would drive for a couple of hours on winding dirt roads to villages up the mountains from Huancayo, the city where we were staying. We went on market days and set up stations in their village squares to measure pulse, respiratory rates, glucose levels, blood pressure and other health stats. As one of the few Spanish-speaking members of our group, I was usuallyRead MorePublic Health Nursing911 Words   |  4 Pagesthe assumptions to action research prior to the process were mostly based on the perception that of Public Health Nursing as just caring for the sick. The author focuses on nursing roles in providing care to help solve the complex problems that is threatening the southern state of Virginia. However, after carrying out the research on the various evolutionary stages, it was discovered that Public Health Nursing was more than that. Also, the author assumed the need to emphasize collaboration and partnershipsRead MoreMy Awakening And Public Health848 Words   |  4 Pages My awakening to public health occurred in junior high school when one of my close friends disclosed to me that he contracted HIV from his partner who did not disclose his status. As a senior exit project, we collaborated together to help spread awareness to our peers and led open discussions on safe sex practices. The support of our peers and their genuine interest in becoming more knowledgeable about HIV/AIDS was most memorable. Being a confidant for him and understanding how this virus affectedRead MoreThe Health Center Under The Supervision Of Patricia Rudolph892 Words   |  4 PagesFinal Reflection Over the past four months, I have had the privilege of learning and growing in UM’s Ypsilanti Health Center under the supervision of Patricia Rudolph, who showed me what public health and social work looks like in a community clinic. What I learned about trust, communication and most importantly, framing I believe will serve me well, not only in my academic career, but also my professional career. I got to sit-in during patient seeking a variety of care. Some visits were wellness visitsRead MorePresent Job Analysis of a Clerk735 Words   |  3 Pagesemployed at Public Health Services Department for almost five years; I was quite satisfied and happy doing my current job. One aspect of my job is assisting in the processing of Food Badge. Recently I have gotten dissatisfied with my job; reason being the process of persons applying for their food badges has changed without really consulting me being that I am normally in the forefront facing customers each day. Due to this sudden change my job has become a bit challenging for me to do it on my own. In

The Definition Of Multicultural Competence - 873 Words

The definition of multicultural competence means in part to approach the counseling process from the context of the personal culture of the client (Sue, Arrendondo McDavis, 1994; Sue Sue, 2007). Professional ethics compel counselors to ensure that their cultural values and biases do not override those of the client (ACA, 2005). The presenters shared personal examples of their individual cultures and how these impacted their personal and professional lives, including their professional self-awareness, knowledge, and skills. They also embodied several variables of discrimination. For example, one of the presenters, who is an immigrant from India, represented the personal experiences of sexism as a woman. The second presenter, an African American male, raised in the United States, represented racism, as it continues to affect how society views people of color (Lodge, 2010). The third presenter, a woman of multiple heritages, represented a group that receives less attention from counselors and offered a selfassessment tool to determine their individual competence as a socially just multicultural counselor. She also presented a theory to help unlink one‟s personal ego from functioning in the role of multicultural counselor. Participants were also invited to remain positive by substituting and for but in conversations. 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The ever-increasing multicultural population in the United States poses a significant challenge to nurses providing individualized and holistic care to their patients. This requires nurses to recognize and appreciate cultural differences in healthcare values, beliefs, and customs. Nurses must acquire the necessary knowledge and skills in cultural competency. Culturally competent nursing care helps ensure patient satisfactionRead MoreMulticultural Psychology Paper1094 W ords   |  5 PagesMulticultural Psychology Paper Multicultural Psychology Paper Multicultural psychology is the systematic study of all aspects of human behavior as it occurs in settings where people of different cultural backgrounds encounter each other. Multiculturalism has been considered a fourth force in the field of psychology, supplementing behaviorism, psychodynamic theories, and humanistic psychology. It explores such topics as differences in worldviews and in means of communication; the acculturationRead MoreMulticultural Competence Of School Psychologists1031 Words   |  5 PagesMulticultural Competence of School Psychologists For more than two decades, school psychology has known about the necessity for, and importance of, developing multicultural competence (Fouad Arrendondo, 2007). From research, ethics, and practice standards, school psychologists and other school personnel have been aware that an effective school professional is multiculturally competent and able to make sense of students’ sociocultural, socioracial, and sociopolitical backgrounds thatRead MoreMulticultural Approach Essay904 Words   |  4 PagesMulticultural Approach Doris McMillan ECE 405: Children Families in a Diverse Society August 29, 2010 Definitions of multicultural education vary. Some place emphasizes on the cultural characteristics of diverse groups, some emphasize social problems such as those associated with oppression, some place emphasize on political power, while others on the reallocation of economic resources. Some restrict their focus to people of color, while others include all major groups that are differentRead MoreDiversity, Racial, And Cultural Factors1277 Words   |  6 Pages Multicultural competence is defined as acquiring the essential skills in order to interact successful with individuals of diverse cultural or ethnic backgrounds (Holcomb- Mc Coy Myers, 1999). Multicultural competency in counseling helps clinicians diminish the deeply rooted assumptions of a particular group and enables them understand their own values and gain a better perspective and empathy to successfully respond towards the needs of diverse populations. Clinicians are able to learn and recognizeRead MoreEducating Thr ough A Multicultural Perspective Essay1644 Words   |  7 PagesEducating Through a Multicultural Perspective What the Research Says? Defining Multicultural Education The United States serves as a culturally rich country who opens its arms to individuals from many different ethnicities, backgrounds, and life experiences. It seeks to be the melting pot of a blended group of people, providing opportunity and equity for all. Consequently, our educational system is the cornerstone for providing equal opportunity for all persons. Therefore, as the United States continuesRead MoreThe Importance Of Supervision And Being A Culturally Competent Counselor981 Words   |  4 Pages Supervision, Consultation and Being a Culturally Competent Counselor Multicultural and diversity is an important topic in counseling. Counselors provide a service to everyone, regardless their nationality, gender, sexual preference or ethnical background. All counselors are held to a high ethical standard, rather they are school, family, and marriage, mental or spiritual counselors. Counselors must be competent to work effectively with members of society who are culturally different from themselvesRead MoreFound in Translation756 Words   |  4 PagesXXXXXXXXX Principles of Management, EMG 3301 Professor Halams October 9, 2011 Closing Case: Found in Translation: How to Make the Multicultural Workforce Work 1 What role does the basic communication process in Figure 11.1 play in this case? Explain. The basic communication process is vital from the Figure 11.1 in this case. The definition of communication is â€Å"the interpersonal transfer of information and understand† as stated on page 300. This is monumental for the CEO GlynnRead MoreDisadvantages Of Maritime English1062 Words   |  5 Pagesis one of the effective ways of explaining new vocabulary to the learners. Activities like gap-filling, and word searches, scrambles and puzzles may work better for teaching vocabulary but these activities should go beyond simply memorizing new definitions. The teachers should encourage the relation between words and help to build semantic relations. Romanova O. (2011) hypothesized that one of the most successful ways of learning maritime vocabulary is using explicit teaching of vocabulary by means

The New Jim Crow Mass Incarceration - 1667 Words

Main Thesis Americans think they live in a colorblind society and do not discriminate based on race. The fact is Americans have Barack Obama as their president. Some might argue as long as there are exceptional blacks there are no excuses for all blacks to succeed. Although, Michelle Alexander’s book, The New Jim Crow: Mass Incarceration in the Age of Color Blindness, challenges American’s colorblindness by bringing to light the mass incarceration of African Americans. Jim Crow laws are no longer legal, but there is a new way to segregate: mass incarceration. The mass incarceration of blacks has created a racial underclass; a population with second-class status based on their criminal records (Alexander, 2012). The War on Drugs Once the Civil Rights Act of 1964 passes, it is no longer legal to discriminate based on race in public accommodations, employment, education, and federally financed activities (Alexander, 2012). This law creates fear and uncertainty in working-class white communities since they live near black communities. Now blacks will be competing with working-class whites for jobs and included in their children’s schools. In the 1960s working-class whites are historically aligned with the Democratic Party, but the Republicans see an opening to win their votes after the Civil Rights Act of 1964. Republicans exploit working-class white’s fears of blacks and discuss the need to restore â€Å"law and order† (Alexander, 2012, p.46). Once working-class whiteShow MoreRelatedThe New Jim Crow : Mass Incarceration1370 Words   |  6 Pagesunrecognizable ways that fit into the fabric of the American society to render it nearly invisible to the majority of Americans. Michelle Al exander, in her book, The New Jim Crow: Mass Incarceration in the Age of Colorblindness shatters this dominantly held belief. The New Jim Crow makes a reader profoundly question whether the high rates of incarceration in the United States is an attempt to maintain blacks as an underclass. Michelle Alexander makes the assertion that â€Å"[w]e have not ended racial caste in America;Read MoreThe New Jim Crow : Mass Incarceration1361 Words   |  6 PagesBook Review Michelle Alexander, The New Jim Crow: Mass Incarceration in the Age of Colorblindness The premise of the ‘The New Jim Crow: Mass Incarceration in the Age of Colorblindness’ by Michelle Alexander, is to refute claims that racism is dead and argue that the War on Drugs and the federal drug policy unfairly targets communities of color, keeping a large majority of black men of varying ages in a cycle of poverty and behind bars. The author proves that racism thrives by highlighting theRead MoreThe New Jim Crow : Mass Incarceration1477 Words   |  6 PagesThe New Jim Crow: Mass Incarceration in the Age of Color Blindness, by Michelle Alexander. The New Press, 2010. 290 pages. Reviewed by Ashlei G Cameron. Michelle alexander is a highly acclaimed civil rights lawyer, advocate and legal scholar. As an associate professor of law at Standford law school, she directed the Civil Rights Clinic and pursued a research agenda focused on the intersection of race and criminal justice. In 2005. Alexander won a Soros Justice Fellowship that supported the writingRead MoreThe New Jim Crow : Mass Incarceration1199 Words   |  5 Pagesthose who did read her book The New Jim Crow: Mass Incarceration In The Age of Colorblindness. Michelle Alexander stated that The most despised in America is not gays, transgenders, nor even illegal immigrants - it is criminals. That was an important quote since the stereotypical criminal in our racially divided America in most cases are those of color also known as blacks. This is why the criminal justice system in the United States promotes the mass incarceration of blacks that can be seen throughRead MoreThe New Jim Crow : Mass Incarceration1081 Words   |  5 Page s Michelle Alexander’s The New Jim Crow: Mass Incarceration in the Age of Colorblindness outlines how the criminal justice system has systematically designed new methods of discriminating against African Americans. The book advocates for racial justice, specifically, for African Americans and contends they [African Americans] were targeted and subsequently incarcerated, by white voters and public officials, through the War on Drugs campaign. President Reagan and his Administration exploited racialRead MoreThe New Jim Crow : Mass Incarceration1347 Words   |  6 PagesHunter Silver Dr. Kendall Smith English 103-4120 10 November 2015 High Incarceration Rates Due to Racism Racism effects the the high incarceration rates according to Michelle Alexander, the author of â€Å"The New Jim Crow: Mass Incarceration in the Age of Colorblindness. This scholar writes about how the civil rights movement has been taken back by the mass incarceration of black Americans in the war on drugs. Alexander also explains how the severe consequences that these black men carry on afterRead MoreThe New Jim Crow Mass Incarceration Essay1797 Words   |  8 PagesJim Crow laws are regarded as part of the racial caste system that operated in the Southern and Border States in the years between 1877 and the mid-1960s. Under the series of the anti-black laws, African Americans were treated as inferior and second class citizens. The laws have been argued to have represented the legitimization of the anti-black racism in the US. The book The New Jim Crow Mass Incarceration in the Age of Colorblindness is written by Michelle Alexander and originally published byRead MoreThe New J im Crow : Mass Incarceration Essay1401 Words   |  6 Pages Michelle Alexander’s book, The New Jim Crow: Mass Incarceration in the Age of Colorblindness, examines mass incarceration in the United States, why the criminal justice system works the way it does towards minorities, the detriments associated with mass incarceration as it relates to offenders, and much more. In the introduction of her book, Alexander immediately paints the harsh reality of mass incarceration with the story of Jarvious Cotton who is denied the right to vote among other rights becauseRead MoreThe New Jim Crow : Mass Incarceration Essay1096 Words   |  5 PagesAlexander, Michelle. The New Jim Crow: Mass Incarceration in the Age of Colorblindness. New York: The New Press, 2010. Study Questions for â€Å"The New Jim Crow†: 1) What is the relationship between the War on Drugs and the spread of crack cocaine through inner city neighborhoods in the 1980s? President Ronald Reagan officially announced the current drug war in 1982, before crack became an issue in the media or a crisis in poor black neighborhoods. A few years after the drug war was declared, crackRead MoreThe New Jim Crow : Mass Incarceration1239 Words   |  5 PagesIn 2013, Michelle Alexander published her book, The New Jim Crow: Mass Incarceration in the Age of Colorblindness, hoping it served as a call to action. Immediately this book received a huge amount of attention because of the controversial topics presented. This book opened a lot of people’s eyes to the term colorblindness, a sociological perspective referring to the disregard of racial characteristics. There is no racial data or profiling, no classifications, and no categorizations or distinctions

Industrial relations in European Union Free Essays

string(84) " caused by betterment in originality which was through acquisition and interaction\." The European Economic Council ( EEC ) which is now known as the European Union was established in the mid twentieth century as a consequence of the Treaty of Rome. It was set up after the World War II and it seeks to guarantee peace and betterment among member provinces. The European Union has some establishments that help in the transporting out its maps. We will write a custom essay sample on Industrial relations in European Union or any similar topic only for you Order Now These establishments include the Parliament, Council, Commission, Court of Justice and Central Bank. The European Union comprises of 27 member provinces which include Belgium, France, Germany, Italy, Luxembourg and the Netherlands at its beginning in 1951. United Kingdom, Denmark and Ireland besides joined in 1973 because of the success of the European Economic Commission. Other states to fall in were Greece ( 1981 ) , Spain and Portugal ( 1986 ) , Austria, Sweden and Finland ( 1995 ) . Czech Republic, Poland, Hungary, Slovakia, Estonia, Latvia, Lithuania and Slovenia, Cyprus and Malta besides joined in 2004 while Bulgaria and Romania joined in 2007 ( EUROPA, 2009 ) . European integrating sought to better trade and investing every bit good as remove people barriers among its member provinces ( Hall and Marginson, 2005 ) . Each member province has ballots for the Council and seats in the European Parliament depending on its size. Since the 1980s, the European Union ‘s determination devising procedure has become a multi-level one which involves the different stakeholders on the determinations to be made ( Hooghe and Marks, 2001 ) . Multi-level administration believes that the province does non hold full control over regional degree policy devising. Decision devising is jointly made by histrions at different degrees in the supra-national establishments ( Hooghe and Marks, 2001 ) . This paper seeks to look into the European Union to see how it patterns multi-level administration looking at its methods of operation, and its establishment like the European Commission and the European Works Councils. It besides looks at the European Union to see what occurred before multi-level administration and the different types of multi-level administration. Before the coming of multi-level administration, the European Union was said to be based on state-centric administration which believes that European integrating does non restrict but instead strengthens the power of each member province ( Hooghe and Marks, 2001 ) . It is believed that since the integrating is driven by dickering among member provinces, no authorities is forced to make more than it wishes because dickering provides the lowest benchmark of operation. They see national authoritiess as autonomous determination shapers giving small authorization to the European Union to accomplish policy ends. Member provinces are seen as the bench because they determine whether or non the policies decided upon are implemented in the provinces. Multi-level administration is nevertheless, now seen as prevalent in the European Union in the sense that the Union ensures that authorization and decision-making are shared among the â€Å" sub-national, national and supra-national † degre es of authorities with the parts being the sub-national, the provinces the national and the European Union being the supranational degrees of authorities ( Hooghe and Marks, 2001 ) . Bache ( 2008 ) besides sees multi-level administration as an emerging tendency which was made to counter the state-centric position of the European Union between the 1960s and the eightiess. He stated that multi-level administration does non contend the major function of the authorities in member provinces in the decision- devising of the European Union but instead sees them as the most of import. In 2004, Bache and Flinders stated that there are two major types of multilevel administration, the Type I and the Type II. The foundation of the type I multi-level administration is seen to be federalism where the powers for decision-making are shared among the different stakeholders with power apportioned in hierarchal order – the parts holding less power than the state province, the state province ho lding less power than the Union and the European Union holding the highest signifier of authorization. They besides believe that the country of control of the parties involved does non overlap. Type I multi-level administration besides wants to cover all the facets of the European Union rank understanding. Type II multi-level administration on the other manus, sees the function of members as inter-related and inter-dependent. There is no hierarchy to legal power as it assumes that authorization is about equally shared between the Union and its members. The design is flexible because the understanding is seen to cover merely specific parts of the Union ‘s understanding and non in item, all facets of rank. Each degree of legal power has peculiar undertakings assigned to it ( Bache and Flinders, 2004 ) . The European Union is hence seen to rehearse type II multi-level administration because it is believed that no 1 has absolute power, but determinations are made with all members come together to dialogue ( Bache, 2008 ) . Harmonizing to Samecki, European Union coherence policy is based on different degrees of partnership affecting the Union, its member provinces and the parts. The policy considers different fortunes and develops schemes that will enable the policy to work better and more efficaciously in each district. The Lisbon Treaty seeks regional and local co-operation among the Union ‘s member provinces. Bachtler and Yuill ( 2001 ) stated that since the origin of the Union, the focal point of its regional policies has been a narrow one aimed at commanding economic activities through industrial ordinances. Business AIDSs and substructure were the signifiers of aid provided by the Union and the criterion of operation was top-to-bottom. Decisions that concerned policies such as design and bringing were taken by the cardinal authorities. Demand was what drove the policies and made them proactive. By the 1980s, the policy focal point was changed and placed accent on liberalization, deregulating and denationalization of markets. Regional brotherhood was encouraged in order to cut down economic disparities. There was a displacement from the top-to-bottom attack to the bottom-to-top ( soft touch ) as member provinces could develop and implement their policies to cover with turning economic affairs. From the mid-1980s, regional growing was seen to be caused by betterment in originality which was through acquisition and interaction. You read "Industrial relations in European Union" in category "Essay examples" Trade, labor and capital barriers were besides removed and Foreign Direct Investment was apparent. By 1988, regional strategic planning was seen, with each part fixing its program and later showing same to the European Union. These programs were carried out through local and regional partnerships ( Bachtler and Yuill, 2001 ) . Local and regional partnerships could besides be said to intend multi-level administration. Multi-level administration strengthens the democratic dimension of the European Union and increases the competency of its procedures. The Committee of Regions in the European Union considers multi-level administration to intend coordinated action. The focal point on administration in the European Union includes the rule of flexibleness and legitimacy. The image of the European Union encompasses its member provinces as there is truly no difference between national, regional ( European Union ) and international alteration drivers ( Kohler-Koch cited in Bache 2008 ) . The European Union takes off the power of liberty from the province by leting corporate decision-making among province authoritiess through assorted European establishments ( Hooghe and Marks, 2001 ) . Vertical associations in the European Union, chiefly in Britain were seen in the Restoration of the English grade between 1987 and 1997 ( Bache, 2008 ) . In these times, structural financess constricted the â€Å" standard parts † as the official boundaries for the English regional dimension through the incorporate Government Offices ( GOs ) . Horizontal multi-level administration besides deals with corporate decision-making among member provinces and it besides encourages partnership as a manner of administration by supplying fiscal inducements for major histrions. The European Union ‘s policy coherence has mobilised stakeholders by supplying information every bit good as act uponing processs below the regional degree bring forthing a perpendicular consequence that streng thens the regional degree by supplying regional control ( Bache, 2008 ) . The European Commission has used different schemes to advance the coherence policy although these policies themselves do non alter in signifier ( Bache, 2008 ) . The European Commission is the civil service or administrative organic structure of the European Union. It is the decision-making arm of the Union and its place is in Brussels. The Commission is responsible for guaranting that the involvement of the Union is put above the involvement of single member provinces. It encourages societal spouses ‘ engagement in policy development. In 2006, the European Commission wanted to cut down unemployment among its member provinces every bit good as surrogate growing. This determination was made with peculiar focal point on research and development and to guarantee best patterns among member provinces and societal security ( EUROPA, 2009 ) . The Commission has the duty of urging new Torahs in the Union, while the Parliament and Council seek to guarantee the acceptance of these Torahs. On September 22, 1994, the Council of Ministers agreed to the European Works Council Directive ( EWC Directive ) and it was passed in the national statute law by September 22, 1996. An employer is obligated to set up a European Workers Council if the employer provides work for a lower limit of a 1000 employees within member provinces and at least one hundred and 50 employees in each of two member provinces ( FEDEE, 2009 ) . The company must react within six months to a documented petition from at least 100 employees or their representatives in at least two constitutions in at least two member states. A ‘special negotiating organic structure ‘ ( SNB ) will be set up. It will hold between three and 17 members. All member provinces where the concern has employees must be represented by at least one member. Simple bulk will be used to find the result of the vote. Management will in a written understanding with the Particular Negotiating Body determine the capacity, work, maps , and proviso of office of the European Works Council ( FEDEE, 2009 ) . The Particular Negotiating Body may be helped by other people and administrations and may besides make up one’s mind, by two-thirds bulk, to halt dialogues. Financial duties for the dialogue between the Special Negotiating Body and the direction are borne by the latter. The direction and the Particular Negotiating Body will run into in order to make an understanding on how the Works Council will run. Workers involvement must be reflected in the meeting. If direction fails to take action in response to a legitimate petition within six months, or both parties are unable to wrap up an understanding within three old ages from the day of the month of the petition, a default contract which will be set out in an extension to the Directive shall use. The European Works Council ( EWC ) is to be used by Europe to rehearse planetary unionism ( Blapain and Dickens, 2008 ) among Multi-national Corporations. This Council seeks to increase international commonalty among its member provinces every bit good as addition the range of labor and employment ordinances. The European Works Council seeks non merely to supply information to the employees of big trans-border administrations but besides to see if European ordinances are followed in the administration every bit good as the impact on the international employees. Under the European Works Council, it is likely for direction to keep back some critical information which if discussed would damage the operation of the endeavor concerned. The Particular Negotiating Body is dissolved after the Works Council is formed. In states like Germany and the Netherlands, the Works Council are statutory commissariats by jurisprudence and the determine employee rights refering some issues while the United Kingdom is yet to subscribe the European Works Council Directive into jurisprudence. The European Works Council is hence seen as an avenue for corporate bargaining between the employers and the employees as they are the two societal spouses involved in decision-making in that administration. It will make an avenue for the staff in the United Kingdom particularly, to hold the legal right to be up to day of the month and discuss affairs refering to concern and employment dealingss if they so desire ( Marchingt on and Wilkinson, 2008 ) . The European societal theoretical account involves societal spouses in the development of policies and initiates societal duologue at the European Union degree. Social duologue, harmonizing to the European Commission ( 2002 ) is the driving force behind successful economic and societal activities. Social duologue at the Union degree got to its extremum with the debut of the â€Å" dialogue path † into the Maastricht societal chapter which enables the Commission to do directives in the signifier of adhering ordinances out of the understanding reached among societal spouses. Since the 1980s, the European Commission observed that the development of European Industrial Relations required â€Å" strong and capable societal spouses † and societal duologue was thereby used together with other directives to accomplish this end ( EC 1988:88-89 cited in Gold, Cressey and Leonard, 2007 ) . Social duologue was seen as really of import because it helps the European Union in construc ting its establishments and is besides seen as a possible joint regulative process ( Gold, Cressey and Leonard, 2007 ) . There are two types of societal duologue understanding – the dialogue path and the independent understanding ( EUROPA, 2009 ) . The dialogue path involves the European Commission confer withing with the societal spouses on subjects and issues that need to be discussed in order to make a common land. If these societal spouses agree, so their determinations are adhering but if they fail to hold, the concerned establishment ( s ) intervene based on the European Union ‘s directives ( EC 2002a: 17 and EC 2004 cited in Gold, Cressey and Leonard, 2007 ) . Different understandings have been reached at different times, they include parental leave ( 1995 ) , fixed term contract ( 1999 ) , nomadic working in civil air power ( 2000 ) , ( Gold, Cressey and Leonard, 2007 ) . Autonomous understanding on the other manus, involves determinations being made with the Commission ‘s invasion and are carried out by co-operative understanding or Council determination requested by societa l spouses ( EC 2003 cited in Gold, Cressey and Leonard, 2007 ) . Examples include tele-work ( 2002 ) and work related emphasis ( 2004 ) . Marginson and Sission ( 2006 ) stated that the European Union purely adhered to the impression of corporate bargaining. Corporate bargaining could take topographic point with one employer, different employers in the same industry or across the different industries within the state or brotherhood. It can besides take topographic point with the trade brotherhood entirely, trade brotherhoods and authorities and with the plants council or groups. It can cover with different issues runing from rewards, restructuring of the administration, employment state of affairss among others. Corporate bargaining can assist the employers every bit good as other stakeholders of the administration to make understandings about the assorted issues that affect them ( Marginson and Sission, 2006:55 ) . Corporate bargaining is besides seen to assist set up the manner cer tain issues that pertain to industrial dealingss should be handled such that there is sensible benefit to all the spouses in the society. Corporate bargaining besides helps in transporting out understandings that have been reached by the spouses ; illustration is the 1993 Working Time Directive ( Marginson and Sission, 2006:57 ) . European Employment Strategy ( EES ) makes usage of the engagement of societal spouses as they are considered of import to governance. Member provinces are expected to guarantee good disposal of employment policies every bit good as wide partnership for alteration by the meeting together of parliamentary organic structures and stakeholders. ( Council 2005a: 23 cited in Gold, Cressey and Leonard, 2007 ) . Soft ordinance is now in pattern to back up the result of the cross-sector societal duologue even with new possibilities of dialogue envisaged by the Maastricht Treaty. The European policy is based on a theoretical account of a European public assistance p rovince where societal policy is seen as portion of economic policy. The Open Method of Co-ordination ( OMC ) got its derivation from the Lisbon European Council but before so it occurred in other council meetings like the Luxembourg, Cardiff and Cologne where different policy enterprises started. ( Hodson and Mahner, 2001 ) . It entails mark scene and sees societal duologue as a end affecting marks across a scope of indexs. Social duologue is now seen as a signifier of managerialism ( Cutler and Waine, 2000 cited in Gold, Cressey and Leonard, 2007 ) . Social spouses sometimes give response to guidelines ( EC, 2002a: 14-15 cited in Gold, Cressey and Leonard, 2007 ) . In the Open Method of Coordination, societal spouses in each member province provide advice, consult and negotiate on the assorted avenues that can be used to make labour market marks. The Luxembourg procedure made the proviso of the Employment Chapter of the Treaty. It was made to further efficiency in the labor market by supplying equal chances, doing both sides of the industry adaptabl e, encouraging entrepreneurship and bettering employability. ( Hodson and Maher, 2001 ) . The procedure begins with the European Council following â€Å" employment guidelines † that shows the employment policy ‘s precedences. Each member province will do its ain National Action Plan on how it aims to prosecute the guidelines. The Commission and the Council will so look into the programs and base on balls recommendations where necessary on the public presentation of each member province ( Hodson and Maher, 2001 ) . In Denmark, Belgium and Ireland, all societal spouses are involved in the procedures and process for decision-making with peculiar mention to the issues that relate to them while in some other states like Spain and Greece, merely some societal spouses are involved, for illustration the Employers ‘ Confederation ( Gold, Cressey and Leonard, 2007 ) . The Lisbon Council defined the Open Method of Co-ordination as utilizing cosmopolitan benchmarks and doing European Union guidelines unique to the states and parts by taking the differences between member provinces into history in order to supervise, measure and reexamine states ‘ public presentation on a regular footing ( Council 2000: parity 1:1837 cited in Gold, Cressey and Leonard, 2007 ) . In decision, the European industrial dealingss will non wholly wipe out industrial dealingss in the member provinces but instead, it will go on to develop ( Streek, 1998 ) . The different organizational constructions that exist between the European Union and its member provinces will still go on to be as the European Union does non hold full authorization over the financial and pecuniary policies of its member provinces ( Streek, 1998 ) . Multi-level administration can hence be seen to be in employment dealingss to the extent that merely some societal spouses in the employment relationship like the European Works Council, the Employer Organisations and other European Trade Unions are involved in some determinations made about the Union. The states besides play a important function because states like Germany France and the Netherlands have embraced quite a figure of the European Union ‘s Directives and have improved on them doing their industrial dealingss policies better than states like the United Kingdom which follows merely the barest minimal criterion of the European Union ‘s Directives. The Working Time Directive for illustration was signed by the European Union in 1993 but was non implemented in Britain boulder clay 1997 and besides, the issue of the European Works Council which will non be implemented till April 2010. However, Samecki ( 2009 ) suggests that since the European Union wants to accomplish promotion, multi-level administration should make the grassroots so that single citizens would be encouraged to acquire involved. Multi-level administration is progressively being seen to capture the shifting and unsure forms of administration in the European Union. Mentions Bache I. And Flinders M. ( 2004 ) , Multilevel Governance ( ed. ) , Oxford University Press, New York. Bache I. ( 2008 ) , Europeanization and Multilevel Governance: Empirical Findingss and Conceptual Challenges, University of Oslo, April 15, 2008, Arena Centre for European Studies, . Bachtler J. and Yuill D. ( 2001 ) , Policies and Strategies for Regional Development: A Shift in Paradigm, Industrial Policy Research Paper, University of Strathclyde in Glasgow, 46. Benz A. ( 2007 ) , Accountable Multilevel Governance by the Open Method of Coordination. European Law Journal, 13,4. Blapain R. , Dickens L. et Al ( 2008 ) , Challenges in European Employment Relations ; Employment Regulation, Trade Union, Organization, Equality, Flexicurity, Training and New Approaches to Pay. Kluwer Law International, the Netherlands. EUROPA ( 2009 ) , Gateway to the European Union, hypertext transfer protocol: //europa.eu/institutions/index_en.htm accessed November 25, 2009. FEDEE ( 2009 ) , Employees Work Council, hypertext transfer protocol: //www.fedee.com/ewc1.html accessed November 25, 2009 Gold, M. , P. Cressey and E. Leonard ( 2007 ) ‘Whatever happened to societal duologue? From Partnership to Managerialism in the EU Employment Agenda ‘ , European Journal of Industrial Relations, 13, 1: 7-25. Hodson D. and Maher I ( 2001 ) , The Open Method as a New Mode of Governance ; The Case of Soft Economic Policy Coordination in Wallace H. ( erectile dysfunction ) , The Changing Politics of the European Union. Journal of Common Market Studies Hooghe L. and Marks G. ( 2001 ) , Multilevel Governance and European Integration. Rowman and Littlefield Publishers, Maryland, USA. Marchington M. And Wilkonson A. ( 2008 ) , Human Resource Management at Work ; People Management and Development, CIPD, London. Marginson P. and Sisson K. ( 2006 ) , European Integration and Industrial Relations ; Multilevel Governance in the Making. Palgrave Macmillan, New York. Samecki P. ( 2009 ) , European Commission Responsible for Regional policy, Multilevel Governance in European Commission. Probationary Hof-Bruges ( Belgium ) , September 22, 2009. Conference on Multilevel Governance in European Commission. SPEECH/09/417 How to cite Industrial relations in European Union, Essay examples

International Financial Management Report-the Philippines free essay sample

Table of contents Introduction2 Country Overview2 The Political Environment3 Recent History3 The Present Government3 Political Stability4 Opposition Parties4 Economic and Financial Analysis5 Trade History Major Products5 GDP Growth per capita5 Unemployment Price level Changes Inflation6 Exchange Rate Innovations7 Investments in the Stock Market7 Investments in the Bond Market8 Foreign Exchange Reserves9 Structure of Industries10 The Banking System10 Monetary Policy / Money Supply Growth11 Foreign Debt12 Capital Flight12 Asian Currency Crisis13 Philippines before the crisis13 What caused the Asian Currency Crisis? The effect it had on the Philippines and other countries13 Looking into the Future17 Prevention as the Best Form of Management17 Some Policy Lessons From the Asian Crisis17 Need for Great Caution About Financial Liberalization and Globalization17 Manage External Debt Well and Avoid Large Debts17 Manage and Build Up Foreign Reserves17 The Need for Capital Controls and a Global Debt Workout System18 Conclusion: Summary / Comments / Recommendations19 Works Cited21 Appendix A23 Appendix B24 Appendix C25 Appendix D26 Appendix E27 Appendix F28 Introduction The Philippines were ceded by Spain to the US in 1898 following the Spanish-American War. They attained their independence in 1946 after being occupied by the Japanese in World War II. The 21-year rule of Ferdinand Marcos ended in 1986 when a widespread popular rebellion forced him into exile. In 1992, the US closed down its last military bases on the islands. A quarter-century-old guerrilla war with Muslim separatists on the island of Mindanao, which had claimed 120,000 lives, ended with a treaty in 1996 (www. dci. gov). The Philippines lies off the southeast coast of the Asian mainland. It has approximately 7,100 islands and islets located near the southeastern rim of China. Bordering its coastline to the west and north is the China Sea; to the east is the Pacific Ocean; and to the south, the Celebes Sea and the coastal waters of Borneo. The Philippines location in Asia is strategic since it is situated on the crossroads of Asias commerce and transportation. It plays a significant role in international affairs [Appendix A fig. ] (www. abisnet. com). Country Overview Tw o major languages are spoken in the Philippines: Tagalog and English. Ninety percent of the population are Christians and about 10 percent are Muslims. There is a tropical and humid climate in the lower land areas, but this becomes cooler at the higher altitudes (www. odci. gov). The land area totals 298,170 square kilometers, and the Philippines has a total population of approximately 80 million people. The capital of this large island country is Manila located on the island of Luzon. There are numerous islands in the Philippines that are all prone to earthquakes. Within the Philippines, there lies large mountainous terrain, narrow coastal plains and interior valleys and plains. There are also vast amounts of dormant and active volcanoes, notably Mount Pinatubo in Central Luzon (http://lcweb2. loc. gov). The Political Environment Recent History The Philippines has traditionally had a private enterprise economy both in policy and in practice. The government has intervened through fiscal and monetary policy and in the exercise of its regulatory authority. Although expansion of public sector enterprises occurred during the Marcos presidency, direct state participation in economic activity has generally been limited. The Aquino government set a major policy initiative of consolidating and privatizing government-owned and government-controlled firms. Economic planning was limited largely to establishing targets for economic growth and other macroeconomic goals, engaging in project planning and implementation, and advising the government in the use of capital funds for development projects. The Present Government The present government is conducted under the Freedom Constitution and lead by the National Union of Christian Democrats. The Head of the State is President Fidel Ramos working in conjunction with a bicameral congress consisting of a Senate with 24 members and a House of Representatives with a maximum of 250 members. Under the Constitution, the government is divided into executive, legislative, and judicial departments. The separation of powers is based on the theory of checks and balances. The presidency is not as strong as it was under the 1973 constitution. Local governments are subordinated to the national government [Appendix B] (http://lcweb2. loc. gov/frd/cs/ phtoc. html#ph0007). Political Stability The Philippines has embarked on economic reforms and market liberalization measures in the last few years. As a result of these measures, the economy started to show signs of recovery. After a decline of 0. 5 percent, the Philippines real gross domestic product (GDP) grew by 1. 4 percent. The rate of inflation was 7. 5 percent. The Philippines unemployment rate dropped to 9. 8 percent from 10. 5 percent. Improvements were also registered in the overall balance of payments, the current account and the reserve position of the Philippines. The Philippines government continues to take steps to boost its economy and has embarked on economic reforms and deregulation. The country has adopted an economic stabilization program, supported by the International Monetary Fund (IMF), as part of the efforts to reduce inflation and improve the balance of payments. The Philippines main priorities are to improve political stability, restore economic growth and build investor confidence. Liberalization policies, including abolition of quantitative restrictions on trade, have been announced to attract foreign investments and to improve the competitiveness of the Philippines economy. The government also recently announced the complete liberalization of foreign exchange controls. Opposition Parties In 1991, a new opposition party, the Filipino Party (Partido Pilipino), was organized as a vehicle for the presidential campaign of Aquinos estranged cousin Eduardo Danding Cojuangco. Despite the political baggage of a long association with Marcos, Cojuangco had the resources to assemble a powerful coalition of clans. The Liberal Party, a democratic-elitist party founded in 1946, survived fourteen years of dormancy (1972 to 1986) through the staunch integrity of its central figure, Senate president Jovito Salonga, a survivor of the Plaza Miranda grenade attack of September 1971. In 1991, Salonga also was interested in the presidency, despite poor health and the fact that he is a Protestant in a largely Catholic country. In September, 1986, the revolutionary left, stung by its shortsighted boycott of the February election, formed a legal political party to contest the congressional elections. The Party of the Nation allied with other left-leaning groups in an Alliance for New Politics that fielded seven candidates for the Senate and one-hundred-three for the House of Representatives, but it gained absolutely nothing from this exercise. The communists quickly dropped out of the electoral arena and reverted to guerrilla warfare. As of 1991, no Philippine party actively engaged in politics espoused a radical agenda (http://lcweb2. loc. gov/query). Economic and Financial Analysis Trade History Major Products The Philippines major export commodities are electronic equipment, machinery and transport equipment, garments, and coconut products. The majority of these products are exported to the US at 22 percent, Japan at 20 percent, South Korea at 8 percent, Singapore at 6 percent, Taiwan at 5 percent and Hong Kong at 4 percent. The Philippines must import raw materials and intermediate goods, capital goods, consumer goods, and fuels. They receive most of their imports from the United States, Japan and South Korea. GDP Growth per capita In terms of key economic indicators, the Philippines in 1999 had a gross domestic product (GDP) of $US 265. billion (in 1995 $US), a population of 80 million and a GDP per capita of $US 3,338. In terms of global rankings, this placed the Philippines 24 out of 191 countries in terms of GDP, 13 out of 191 countries in terms of population; and 96 out of 191 countries in terms of GDP per capita [Appendix C fig. 2 fig. 3] (http://lcweb2. loc. gov). Unemployment P rice level Changes Inflation Unemployment, which had averaged about 4. 5 percent during the 1970s, increased drastically following the economic crisis of the early 1980s, peaking in early 1989 at 11. 4 percent. Urban areas fared worse; unemployment in mid-1990, for example, remained above 15 percent in metro Manila. Beyond the unemployment generated from economic mismanagement and crisis was a more long-term, structural employment problem, a consequence of the highly concentrated control of productive assets and the inadequate number of work places created by investment in the industrial economy. The size and growth of the service sector was one indicator. Underemployment was another. Underemployment has been predominantly a problem for poor, less educated, and older people. The unemployed have tended to be young, inexperienced entrants into the labor force, who were relatively well educated and not heads of households. In the first half of the 1980s, approximately 20 percent of male household heads and 35 percent of female household heads were unable to find more than forty days of work per quarter. Unemployment rates have been very volatile over the past 20 years with periods of dramatic inflation and over period with normal inflation. One great factor contributing to this the lack of purchasing power parity in the Philippines is due to weakening currencies and increased unemployment [Appendix C fig. ]. Exchange Rate Innovations The widespread currency crisis in July 1997 prompted the Bangko Sentral ng Pilpinas(Central Bank of the Philippines to allow the Philippine peso to seek its own level. The Monetary Board decided to limit BSPs presence in the foreign exchange market and allow the peso to trade within a wider range, consistent with its market-det ermined policy. The majority of foreign exchange turnover is inter-dealer, and the main players include the major banks, foreign banks and money brokers. Most trading in currencies is spot, although there is a strongly growing market for forward exchange rate transactions. Currently, the turnover of OTC cross-currency interest rate swaps and options is still very low as only a limited number of banks and large corporations engage in the derivatives market. This is primarily due to the absence of appropriate guidelines as well as the need for licensing by the BSP to engage in derivatives trading (http://www. pwcglobal. com. au/ asiabcmhandbook/phil_ bank. html). Investments in the Stock Market Equities are traded through the Philippine Stock Exchange (PSE), one of the oldest stock exchanges in the Far East. Its roots reach back to the Manila Stock Exchange (MSE), which was founded on August 8, 1927. After almost four decades, the Makati Stock Exchange (MkSE) was established on May 27, 1963 amidst strong oppositions encountered. To consolidate logistics and to hasten development, the leaders of both bourses agreed in principle to unify their operation under the new Philippine Stock Exchange, Inc. that was incorporated on July 14, 1992. Despite the agreement to unify in principle, the two exchanges continued to operate separately until March 4, 1994, when the Securities and Exchange Commission granted the Philippine Stock Exchange, Inc. ts license to operate as a securities exchange. It simultaneously canceled the licenses of MSE and MkSE, thus making PSE the sole operating stock exchange in the country. Despite its age, the PSE has remained relatively small. Only 224 companies and 303 issues were listed on it as of June, 2000. Of these, only 120 to 140 issues are actively traded. More importantly, most analysts believe that only thirty to fifty issues can be considered investment grade. The fifty most traded securities account for over 80% of the total value turnover. In 1997, when the Asian financial crises began, only five companies securities were listed. There were none in 1998 and one each in 1999 and 2000 (http://www. pwcglobal. com. au/asiabcmhandbook/phil_bank. html). Investments in the Bond Market The Philippine debt markets include the money market for short-term securities (including treasury bonds and mutual funds) and the bond market for long-term treasury bonds and corporate bonds. The debt market still relies heavily on funding from the national government, which remains as the principal issuer of debt securities in the Philippines. The national government offers various debt securities from 91-day treasury bills to 10-year treasury bonds, which could also be either fixed rate or floating rate. As of 28 February 1999, the total amount of T-bills and T-notes outstanding was P818 billion. T-bills and T-notes are available from accredited government securities dealers, generally banks and some investment houses. The PSE has plans to list five-year T-notes and hopes to not only expand the secondary market for them but perhaps, more importantly, provide a better benchmark for their valuation by domestic funds and other investors. On the other hand, bonds issued by the local government units (LGU) are small compared with other debt securities and total only P96 million, although several LGU bond issues are in the pipeline. Corporate debt securities are also too small as only about forty local companies are issuing such securities (http://www. pwcglobal. com. au/asiabcmhandbook/phil_ bank. html). Foreign Exchange Reserves The Philippines had turned to the IMF previously in 1962 and 1970 when it had run into balance of payment difficulties. It did so again in late 1982. An agreement was reached in February 1983 for an emergency loan, followed by other loans from the World Bank and transnational commercial banks. Negotiations began again almost immediately after the moratorium declaration between Philippine monetary officials and the IMF. The situation became complicated when it came to light that the Philippines had understated its debt by some US$7 billion to US$8 billion; overstated its foreign-exchange reserves by approximately US$1 billion; and contravened its February 1983 agreement with the IMF by allowing a rapid increase in the money supply. A new standby arrangement was finally reached with the IMF in December 1984, more than a year after the declaration of the moratorium. In the meantime, additional external funds became nearly impossible to obtain. The Philippine external debt has grown to over US$27 billion. The countrys most immediate concern was with meeting debt-service payments. Reduction in the size of the debt was a longer-term issue. Debt servicing, US$3 billion in 1986, was a drain on both the countrys foreign-exchange earnings and its investible surplus. Technocrats in the National Economic and Development Authority recommended declaring another moratorium, this time for two years, to allow the country a breathing space. Measures were introduced in Congress in 1986 and subsequent years to cap annual debt-service payments. The Aquino administration and the Central Bank, however, consistently resisted both tactics, opting instead for a cooperative approach with the countrys creditors (http://lcweb2. loc. gov/cgi-bin/query/D? cstdy:2:. /temp/ ~frd_GI0E:). Structure of Industries The most predominate industry in the Philippines is the manufacturing industry which accounts for almost all the known production in the country. In 1990, the industrial sector was inefficient and oligopolistic. Although small and medium-sized firms accounted for 80 percent of manufacturing employment, they accounted for only 25 percent of the value added in manufacturing. Most industrial output was concentrated in a few, large establishments. For example, a six-month Senate inquiry determined in 1990 that eight of the countrys seventeen cement-manufacturing companies were under the control of a single firm. Despite manufacturing being one of the largest sectors within the Philippines, the country shows a lopsided and biased approach towards wealthy companies thus showing another example of a third world, two tiered society [Appendix D] (http://lcweb2. loc. gov/cgi-bin). The Banking System The Philippine financial system in the early 1990s was composed of banking institutions and non-bank financial intermediaries, including commercial banks, specialized government banks, thrift and rural banks, offshore banking units, building and loan associations, investment and brokerage houses, and finance companies. The Central Bank and the Securities and Exchange Commission maintained regulatory and supervisory control. The Philippines had a relatively sophisticated banking system; however, the level of financial intermediation was low relative to the size of the economy. In 1990, the six largest commercial banks earned an estimated P7. 9 billion in after-tax profits, an increase of 42 percent over 1989, which in turn was a 32 percent increase over 1988. A 1991 World Bank memorandum noted that the extent of bank profits indicated a lack of competition and a market structure for financial services characterized by oligopoly. Philippine banks had the widest interest rate spread (loan rate minus deposit rate) in Southeast Asia (http://lcweb2. loc. gov/cgi-bin/query/D? cstdy:1:. /temp/~frd_YnR7:). Monetary Policy / Money Supply Growth The Central Bank of the Philippines was established in June 1948 and began operation the following January. It was charged with maintaining monetary stability; preser ving the value and convertibility of the peso; and fostering monetary, credit, and exchange conditions conducive to the economic growth of the country. In 1991, the policy-making body of the Central Bank was the Monetary Board, composed of the governor of the Central Bank as chairman, the secretary of finance, the director general of the National Economic and Development Authority, the chairman of the Board of Investment, and three members from the private sector. In carrying out its functions, the Central Bank supervised the commercial banking system and managed the countrys foreign currency system. Money supply growth has been highly variable, expanding during economic and political turmoil and hen contracting when the Philippines tried to meet IMF requirements [Appendix C fig. 1]. Before the 1969, 1984, and 1986 elections, the money supply grew rapidly. The flooding of the economy with money prior to the 1986 elections was one reason why the newly installed Aquino administration chose to scrap the existing standby arrangement with the IMF in early 1986 and negotiate a new agreement. The Central Bank released funds to stabilize th e financial situation following a financial scandal in early 1981, after the onset of an economic crisis in late 1983, and after a coup attempt in 1989. The money was then repurchased by the Treasury and the Central Bankthe so-called Jobo bills, named after then Central Bank Governor Jose Fernandezat high interest rates, rates that peaked in October 1984 at 43 percent and were approaching 35 percent in late 1990. The interest paid on this debt necessitated even greater borrowing. By contrast in 1984 and 1985, in order to regain access to external capital, the growth rate of the money supply was very tight. IMF dictates were met, very high inflation abated, and the current account was in surplus. Success, however, was obtained at the expense of a steep fall in output and high unemployment. Foreign Debt The Philippines owed about US$28 billion to foreign creditors. Borrowed money had not promoted development, and most of it had been wasted on showcase projects along Manila Bay or had disappeared into the pockets and offshore accounts of the Marcos and Romualdez families and their friends and partners. Many Filipinos believed that they would be morally justified in renouncing the foreign debt on grounds that the banks should have known what the Marcoses were doing with the money (http://lcweb2. oc. gov/cgi-bin/query/D? cstdy. 2:/temp/~frd3aGw). Capital Flight Efforts to reduce the external debt included encouraging direct investment in the economy. In August 1986, the Philippines initiated a debt-equity conversion program, which allowed potential investors who could acquire Philippine debt instruments to convert them into Philippine pesos for the purpose of investing in the Phi lippine economy. Because the value of the debt in the secondary market was substantially less than its face value, the swap arrangement allowed investors to acquire pesos at a discount rate. The Filipinos had a desire to bring their wealth back into the country. Critics questioned whether those who engaged in capital flight should be awarded a premium for returning their wealth to the Philippines. There also was the question of the arbitrage possibilities of round tripping, whereby investors with pesos engaged in capital flight to obtain foreign currency, which was used through the swap to achieve a much larger amount of pesos (http://lcweb2. loc. gov/cgi-bin/query/D? cstudy. 3:/temp/~frdOlvV). Asian Currency Crisis Philippines before the crisis In November 1965, Ferdinand Marcos was elected president, and in 1969, he became the first elected president to win reelection in the Philippines. In September 1972, President Marcos imposed martial law citing growing lawlessness and open rebellion by the communist rebels. As a matter of fact, Marcos did this largely in order to perpetuate his regime. During the martial law period, the democratic institutions were suppressed, and the Marcos regime became a dictatorship. The martial law ended in 1981, and Marcos was reelected as the president that year to a six-year term. However, a democratic country since independence, the Philippines politics and economy had been dominated by a small landholding elite who was against social changes. The Marcos dictatorship further hindered the countrys political and economic development. During the 1970s and 1980s, while most of other Southeast Asian countries were flourishing economically, the economy of the Philippines was undergoing stagnation with extreme poverty in some regions (http://www. countrywatch. com/files/137/cw_topic. asp? vCOUNTRY=137= HISTO). What caused the Asian Currency Crisis? The effect it had on the Philippines and other countries Domestic savings were not sufficient to drive all the Southeast Asian economies to continual rapid economic growth. Thailand and Malaysia ran current account deficits amounting to 10 percent of GDP funded by net private capital inflow throughout the 1990s. Indonesia, China and South Korea ran smaller but still substantial deficits in the 3 percent to 4 percent range [Appendix E fig. 2]. Serious policy mistakes were made. Thailand, Malaysia, Indonesia and South Korea, along with Hong Kong, attempted to peg their currencies to the US dollar. This gave these regional currencies an advantage when the yen was strong and the US dollar was declining against other currencies. Export-led growth was facilitated. In the nineties, however, US policies that generated a strong greenback set the scene for disaster for those currencies pegged to it. China devalued its currency towards the end of 1994 and at the same time brought in export subsidies. Southeast Asian exports in competition with China were hit hard. The Japanese regulators, including the Ministry of Finance, refused to do anything about the huge bad debts of around US$366 billion run up by Japanese banks during the asset pricing bubble of the late 1980s. Supposedly, all the land in Australia could be purchased for less than the grounds of the Imperial Palace in Tokyo. Low interest rate policies designed to help the technically insolvent Japanese banks and kick-start the stalled Japanese economy led to massive capital injections into South- East Asia, attracted by high domestic interest rates. Officials, often allied with interested parties, believed that they were immune from so called ‘speculative’ attack when they set rates at levels they knew to be entirely unrealistic. For example, some years ago the Australian Wool Reserve Price Scheme continued to purchase virtually the entire Australian wool clip and nearly all private stockholdings worldwide at prices far higher than any foreign buyer or consumer was willing to pay. Eventually, the Australian Labor (Keating) Government walked away from it, realizing there were limits to the extent that taxpayers were willing to pay to bail out such stupidity. The collapse of the Wool Reserve Price Scheme and the huge stockpile which still overhangs the market are as much due to the actions of Australian woolgrowers producing wool to satisfy the irrational demands of the Wool Board as they are a consequence of international speculation. The guiding hand of the state helped the private sector make huge investments in Malaysia and elsewhere in Southeast Asia in production facilities for computer chips and electronics generally. In the last few years, the demand for this kind of production from South-East Asia has fallen greatly. Similar misguided industry policy in South Korea contributed to a glut of production facilities in the vehicle industry. Corporate sector borrowing has reached about 200 percent of GDP with a debt to equity ratio for major companies in excess of 400 percent and bankruptcy rampant. In 1997, 13,971 firms in South Korea went bankrupt. The debts of eight large chaebol (conglomerates) alone amounted to US$21 billion. Strong union pressure has contributed to an enormous rise in manufacturing wages, putting them at well in excess of UK levels, and perhaps double that of some of their competitors. The Chairman of the US Federal Reserve, Alan Greenspan, has commented adversely on the turnaround in capital inflows in Southeast Asia from 8 percent in 1996 to minus 2 percent in 1997: the turnaround does not appear to have resulted wholly from a measured judgement that fundamental forces have turned appreciably more adverse. More likely, it is a process that is neither measured nor rational. His remarks have been endorsed by the Governor of the Reserve Bank, Ian Macfarlane (1998). The Deputy Governor, Stephen Grenville (1998), points out that as often happens in financial markets, euphoria turned to panic without missing a beat. These charges of irrationality in terms of international portfolio investment are not borne out by existing research prior to the meltdown that finds such flows reduce the cost of capital in the recipient country and do not increase the volatility of equity returns. There is no evidence that uninformed investors produce contagion. Moreover, the currency movements and turnaround in capital flows seem to be a consequence of more serious underlying problems rather than causal factors. A combination of large current account deficits, inflexible over-valued exchange rates, considerable under-utilized capacity and enormous private sector borrowing underwritten implicitly by the State were common to Thailand, Indonesia and South Korea. The financial meltdown contagion spread rapidly, first, from Thailand to Indonesia and then from Indonesia to Malaysia and South Korea. The mechanism by which it spread appears to have been the attempted withdrawal of short-term loans by banks once they recognized the similarity in conditions between those Southeast Asian countries and South Korea. The monetary authorities were unable to resist the downward pressure on the won, exchange reserves were depleted and in December 1997 an IMF bailout of record proportions, US$59 billion, was negotiated. By late January the won was about 40 percent lower than in July 1997 (http://www. cis. org. au/Policy/ autumn98 /aut9802. tm#bioswan). In 1998, the Philippine economy slowed from reverberations of the Asian Crisis and El Nino. The Philippines were able to weather the Asian Crisis better than most of their neighbors, however, due to better starting conditions, early floating of the peso, adaptation of monetary and fiscal policies, and a successful program to strengthen the banking sector. Tighter standards were implemented to encourage recapitalization of weaker banks throug h capital infusions or mergers with stronger banks. The rehabilitation and full privatization of the Philippine National Bank is proceeding, with completion slated some time this year. Reforms in the corporate sector, trade and investment liberalization are continuing, and the government is embarking on a comprehensive set of public sector reforms, with World Bank assistance. The government has recently revamped the action plan that improves tax administration and remains committed to strengthening the Bureau of Internal Revenue and improving taxpayer compliance. Looking into the Future Prevention as the Best Form of Management Some Policy Lessons From the Asian Crisis Developing countries should rethink the benefits and risks of financial liberalization. In particular, they have to take great care to limit their external debt (especially short-term debt), improve the balance of payments and build up their foreign reserves. Need for Great Caution About Financial Liberalization and Globalization In a rapidly globalizing world, developing countries face tremendous pressures coming from developed countries, international agencies and transnational companies to totally open up their economies. Manage External Debt Well and Avoid Large Debts Developing countries should not build up a large foreign debt, whether it is public or private debt, even if they have relatively large export earnings. In good years, these factors can be offset by large inflows of foreign long-term investment. It is, thus, important to watch the relation of levels of debt and debt servicing not only, to export earnings but also to the level of foreign reserves. Reserves should be built up to a comfortable level, sufficient to service debt, especially short-term debt. Manage and Build Up Foreign Reserves The careful management of foreign reserves has thus emerged as a high-priority policy objective in the wake of the Asian crisis. There are so many factors involved, such as the movements in merchandise trade (exports and imports), the payment for trade services, the servicing of debt and repatriation of profits, the inflows and outflows of short-term funds, the level of foreign direct investment and the inflows of new foreign loans. As can be noted, these items are determined by factors such as the trends in merchandise trade, and the external debt situation (in terms of loan servicing and new loans). The confidence factor affects the volatile movements of short-term capital as well as foreign direct investment. The country may now need inflows of long-term investments and long-term loans in order to provide liquidity and build reserves. In the past year, there has been the reverse problem of large outflows of short-term funds caused by the withdrawal of foreign and local funds to abroad. The Need for Capital Controls and a Global Debt Workout System The crisis has also exposed the great lack of an international mechanism that comes to the aid of a country facing severe problems in external debt repayment. It was assumed that financial liberalization and private sector borrowing would not pose problems as banks, investors and companies would have calculated accurately their credit, loan and investment decisions. Most top-level companies and many banks in the affected East Asian countries are in trouble or insolvent as a result of having loans and projects gone sour. Most serious are the loans contracted in foreign currency, for a default in these can bring down the countrys financial standing. In the case of the unrepayable foreign loans in Thailand, Indonesia and South Korea, the market failure was caused by their local banks and companies. At least, the governments have to consider having stronger regulation to prevent private banks, financial institutions and companies from making mistakes, especially in relation to foreign-currency loans. Malaysian Bank Negaras regulation that private companies have to seek its permission before taking foreign loans, which will be given only if it can be shown that the projects can earn foreign exchange to finance debt servicing, should be maintained in Malaysia and emulated by other countries. Stricter regulatory guidelines implemented by BSP; consolidation and convergence between insurers, funds managers and banks, and innovative products and services will improve the quality of bank management. BSP also drew up guidelines on the duties of bank directors. These stringent requirements are in accordance with BSPs view that better bank governance means greater transparency and better bank management. The recent passage of the new general banking law expanded BSPs supervisory and regulatory powers giving it more flexibility in supervising the banking industry. This new general banking law superseded the half-century old general banking act of 1949. It now forms the basic legal fabric governing the banking system. The law also liberalizes foreign participation in domestic banks by increasing the allowable foreign ownership of domestic banks to 40 percent or a maximum of 100 percent under certain conditions. It also upgrades the countrys banking laws to meet global standards from teller machines (ATMs) to internet banking. The new leadership of the BSP sees the current developments in the banking industry as a trend following the practices of other countries. The early part of the decade saw ten foreign banks given license to operate in the country, one of which gave up its slot when it merged with another foreign bank (http://www. pwcglobal. com. au/asiabcmhandbook/phil_bank. html). Conclusion: Summary / Comments / Recommendations As with anything in life, man must take the good with the bad. The Asian Currency Crisis was not a positive time in Asian history, but many lessons can be taken from the time of grief in order to strengthen all affected and less affected countries. The Philippines was not hit hardest by the Crisis, but this by no means indicates they do not have problems. The Philippines problems have routed back to their leadership and government since the early 1970’s. The Asian Crisis was just made a little worse by the Philippines due to their large amounts of outstanding debt, their ignorant growing money supply, and their vast inability to repay any of their creditors. As I said before, this time of financial grief will hopefully make the Asian continent and the Philippines stronger in their decision-making and prevention skills. It is known that it is better to be proactive than reactive, just as we should prevent rather than have to resolve. Life’s lessons can come in all shapes and forms. This lesson just happened to involve billions and billions of dollars. 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Appendix A Appendix B Appendix C Appendix D Appendix E Appendix F