William James - 787 Words

William James (1842-1910) William James was a philosopher and psychologist but was most well known in the field of Psychology for developing the philosophy of pragmatism, or the Functionalist theory: Theory of mental life and behavior that is concerned with how an organism uses its perceptual abilities to function in its environment. He was also the first Psychologist to be born in America. William James was born on January 11, 1842 in New York City. His father, Henry James Sr. was a Swednborgian theologian, and one of his brothers was the great novelist Henry James. Throughout his youth, William attended private schools in the United States and Europe. He later attended the Lawrence Scientific School at Harvard University†¦show more content†¦William finally left Harvard University in 1907 and later that year, his later lectures were published in Pragmatism: A New Name for Old Ways of Thinking. This Publication basically summed up William#8217;s contributions to the t heory of pragmatism. Pragmatism was first used by an American logician named C. S. Peirce which William expanded upon it, generalizing the pragmatic method, and developing it from the logicalShow MoreRelatedWilliam Clifford And William James1091 Words   |  5 PagesSince the 19th century, William Clifford and William James have been the foremost religious theorist and have attempted to answer significant creation and theological mysteries. However, Clifford and James have varying views on the belief debate, each formulating a rational argument of what the basis for belief should be. Clifford’s, Ethics of Belief and James’ The Will to Believe outline their respective arguments which are vastly similar and but have marked differences. Both articles will be examinedRead MoreAnalysis Of William James829 Words   |  4 Pages William James was an American philosopher and psychologist who specialized in Pragmatism and philosophy related to such. He led a philosophica l revolution in the USA and would make the philosophy known as  ¨Pragmatism very well known. In his book  ¨The Will to Believe and Other Essays in Popular Philosophy, William explains different philosophical beliefs while also challenging them and supporting the right to believe in a religion or even life itself. William James style of writing is moreRead More William James Essay764 Words   |  4 Pages William James was a philosopher and psychologist but was most well known in the field of Psychology for developing the philosophy of pragmatism, or the Functionalist theory: Theory of mental life and behavior that is concerned with how an organism uses its perceptual abilities to function in its environment. He was also the first Psychologist to be born in America.   Ã‚  Ã‚  Ã‚  Ã‚  William James was born on January 11, 1842 in New York City. His father, Henry James Sr. was a Swednborgian theologian, andRead MoreThe Ethics Of Belief By William James972 Words   |  4 PagesBelieve is a lecture that was presented by William James in 1896, it specifically defends that one can choose to believe in a religion without prior evidence of its truth. William James was a well-distinguished philosopher as well as a psychologist and a physician. He with a few other philosophers like Charles sanders Pierce and John Dewey were fundamental in establishing modern philosophy in America and are thought to be the founding fathers of pragmatism. James taught at several universities includingRead MoreRene Descartes And William James1226 Words   |  5 Pagesanswer and question it no further. However in the back of our minds we all want to know the truth, and we will eventually conjure up a reason why what we accept as truth, in fact, the truth. Two very prominent philosophers, Renà © Descartes, and William James were concerned with truth and how people come to believe and accept something as true or false. They believed that there is a very definite truth, but they mapped out different routes in order to get to the place where truth could be found. Renà ©Read MoreFriedrich Nietzsche And William James974 Words   |  4 PagesFriedrich Nietzsche and William James were philosophers who examined the search for truth and its application in modern society. While both scholars were contemporaries and concentrated on the function of truth, Nietzsche’s philosophy advocated a scientific approach which renounced all religious frameworks, while James’ theory enabled one to find truth even in the metaphysical. In â€Å"The Portable Nietzsche,† Nietzsche investigates the meaning of truth in the apparent world and its relationship toRead MoreWilliam James And John Dewey930 Words   |  4 PagesWilliam James, and John Dewey are well-known for their contributions to early psychology. Both were highly influential in the transition from mental philosophy to scientific psychology. This transition involved moving from a narrow focus of consciousness structure to the psychological study of the purpose, and processes of human functioning. These psychologists used their own reflections to attempt the separation of conscious experience into elements. James conceived a more practical, and dynamicRead MoreWilliam James And Early American Psychology997 Words   |  4 PagesWilliam James and Early American Psychology When one thinks of American psychology, one cannot help but think of William James. James’s contributions to psychology remain influential to this day. For starters, he helped move American psychology away from philosophy and towards a science. Although not a laboratory scientist, James is considered one of the founders of American psychology because of his scientific ideas. James proposed that a habit is developed as a result of our complex nervous systemsRead MoreWilliam James : A Unique Interpretation Of Pragmatism1024 Words   |  5 PagesWilliam James is one important philosopher we have discussed in our lectures. James brings a unique interpretation of pragmatism. Pragmatism is an approach to assessing the truth of meaning for beliefs, based on their practical use. James believed that a belief is true, if the results of its implication are satisfactory. In addition, James believed that unpractical beliefs couldn’t be rejected because our different human experienc e yield different truths. I find James argument compelling becauseRead MoreBaron dHolbach and William James on Free Will and Determinism1192 Words   |  5 PagesBaron dHolbach and William James on Free Will and Determinism 3. Discuss the issue between Baron dHolbach and William James on free will and determinism? Before we can discuss the issue between Baron dHolbach and William James we have to know the definitions of the items the issue is about. Free will according to the Encarta encyclopedia is The power or ability of the human mind to choose a course of action or make a decision without being subject to restraints imposed by antecedent

The Organizational Performance Pay Plan - 2445 Words

The Organizational Performance Pay Plan for The Fit Stop According to all the facts we have on the Fit Stop, we chose that the best suitable organizational performance pay plan for employees would be employee stock plans which are a plan through which employees acquire shares in the Fit Stop. We have chosen the three main employee stock plans i.e. employee stock bonus plan, employee share purchase plan and employee stock option plan. (Long, 2013) The following will be the design and implementation of the performance pay plan in the Fit Stop. Type of Pay Plan Definition Design Implementation Evaluation Period Employee Stock Bonus Plan The plan allows employees to receive shares in the Fit Stop at no cost to the employee. (Long, 2013) Will be established after employees have been on the job for 12 months The plan will be evaluated every 2 years from the date it is implemented Employee Share Purchase Plan (1000 shares) The plan allows employees to purchase shares in the Fit Stop at a specific cost. (Long, 2013) Will be established after employees have worked for the company for 18 months The plan will be evaluated every 3 years with possible cost benefit packages included Employee Stock Option Plan (1500 shares) The plan provides employees options to purchase shares in the Fit Stop at a fixed price within a limited time period. (Long, 2013) Will be established after employees have worked for the company for 24 months This plan will be evaluated every 3Show MoreRelatedImportance of Performance Appraisal1271 Words   |  6 PagesMany managers take the integrated approach known as Performance Management, to manage the performance, consisting of setting goals, training employees and then appraising and rewarding them (hrm). It can be explained as a process that consolidates goal setting, performance appraisal and development into single, common system, the aim of which is to ensure that the employee’s performance is supporting the strategic aims. (hrm book 315).. A performance management system would be only effective when theRead MoreHRM 531 Week 2 Knowledge Check Essay1628 Words   |  7 Pagesexchange for employee contributions. A. competency-based pay system B. employee stock ownership plan C. organizational reward system D. merit-pay method Bottom of Form Correct :Organizational reward systems include both financial and nonfinancial rewards for employee contributions. Materials Components and Objectives of Organizational Reward Systems Top of Form 2. ___________ bridge the gap between organizational objectives and individual expectations and aspirations. A. Read MoreThe Effects Of Attendance On A Company s Bottom Line980 Words   |  4 Pagesworkers which affects staff morale and employee service. Another effect felt by a company is financial costs. These costs include: overtime or agency cost for replacement workers, the cost of self-insured income protection plans and premium costs may rise for insured plans. In addition, a company will incur administrative costs which include; staff time is required to secure replacement employees or to re-assign the remaining employees and staff time is required to maintain and control absenteeismRead MoreCompensation1324 Words   |  6 PagesIntroduction Compensation is viewed differently, depending on the individual persons perspective (e.g. employee, manager, stockholders, etc.). An employee may view compensation as what is owed to him or her for work performed, while a manager may view pay as an expense. In order for an organization to have an effective compensation strategy, it must consider the various perspectives when creating the organizations compensation strategy. Milkovich, Newman, and Gerhart, authors of Compensation, defineRead MoreOperational Motivation Plan Essay902 Words   |  4 PagesOperational Motivation Plan This plan incorporates many aspects of motivation. It looks to some motivational theories described by Robbins as well as the opinions discussed in other articles. Robbins (2001) said that managers get things done through other people. They make decisions, allocate resources, and direct the activities of others to attain goals. Highlighting the positive elements will provide an excellent basis for management objectives, as well as theRead MoreThe Pay For Performance Plan1280 Words   |  6 PagesAbstract The pay-for-performance plan has been implemented in many organizations as a motivational strategy for workers. However, the plan remains a hard sell in public schools where teachers have deliberately turned down its implementation. Although the incentive program boosts individual performance, it undermines the effort of other staff members since; there is no universally accepted criterion that is used to gauge teachers’ performance apart from student test scores. Apparently, the lack ofRead MoreHuman Resource Professionals : Design And Install Incentive Pay Systems1700 Words   |  7 Pagesinstall incentive pay systems. Incentives are pay systems that reward employees for their efforts beyond normal performance expectations. In order to pay incentives, organizations measure employee performance at three levels; Individual level, Group level, and Organizational level. Individual level incentives are merit pay, skill-based pay, competency-based pay, piece rate pay, standard ho ur systems, employee suggestion systems and commissions (Heneman Gresham, 1998). Merit pay is provided to employeesRead MoreManagement Functions And Functions Of Management Essay1529 Words   |  7 Pagesfacilitate action. The purpose of the planning function is to align the vision, culture, employees and the organizational structure with the strategies, and this involves multiple levels across the organization. Ultimately, planning is a needed function for business success (Huff 2009). The leading function of management assists the managers in administering and overseeing the performances of the staff. Leading allows management to give help to the employees by guiding them towards achievementRead MoreDoc, Docx, Pdf, Wps, Rtf, Odt758 Words   |  4 PagesCompensation Strategy Challenges | * Human resource want to increase the performance, to retain key employees, bring new skilled talents to the company and they want to keep costs under a strict control. * Finding, motivating, developing and keeping employees is a key component of business success * The compensation components cannot be managed discretely, they have to be a part of the overall strategy - the company has to define the competitive compensation strategy.Compensation StrategyRead MoreMgoa Physician Analysis Essay854 Words   |  4 Pagesthe proposed MGOA pay for performance was to return MGOA back to financial stability by motivating the doctors to increase their clinical productivity, ensuring repeated performance, allocating all departmental cost to the doctors and eliminating the salary protection presently provided for low performance. The compensation plan attempted to reward the doctors for number of surgeries they could perform (clinical productivity) in any given period. The new MGOA pa y for performance was tied to clinical

Secret Life of Bees Free Essays

1. Coming of age: A coming of age novel is a novel in which shows the transition of the protagonist from childhood to adulthood through a physical, mental, emotional, or spiritual journey. The Secret Life of Bees is a coming of age novel for Lily because she matures and loses her innocence. We will write a custom essay sample on Secret Life of Bees or any similar topic only for you Order Now For example in chapter two Lily makes a mature decision to leave home because she finally realizes that how T. Ray is treating her is vile and un-fatherly. (Kidd 39-43). When Lily comes to the bee farm, she finds that there is goodness in the world. When she finds this goodness she grows up a little more and adds more experience to her somewhat small view of the world. 2. Literary Allusions: A literary allusion is something in the text that references to something that the audience would recognize. For example the book references Moses delivering God’s people out of Egypt, and the other uses that allusion to tie together how the bees are the one’s that delivered Lily away T. Ray. Lily says that the bees â€Å"were sent as a special plague for T. Ray. God saying, Let my daughter go, and maybe that’s exactly what they’d been, a plague that released me. † (Kidd 151). This allusion is tied to the plot because she is referencing the bees to the classic story of Moses, and also talks about how the bees were her escape from T. Ray. 3. The bees are important to the story because they are the ones who have appeared to guide Lily throughout the entire book. In the beginning of the book she traps a few bees in a jar but feels guilty about leaving them in a jar so she opens the jar to let them free, but the bees don’t leave right away, it takes them awhile to finally leave (Kidd 27-28). The bees continue to be a motif because they signify how each bee has a purpose, just like each character has a purpose. This is important to May’s death because if one bee leaves the hive things go crazy and so May was the bee that left and this left the entire hive in a fury (Kidd 192-214). The bees are also a motif in the title because in the beehive Lily has this big secret that she continues to keep from everyone and this is where the title The Secret Life of Bees has most likely came from. 4. The river is relevant to Lily’s coming of age because with this river Lily sees death and this probably reminds her of her mother’s death. Also Lily gets a more clear understanding of death because of the river taking the life of May. The river is also symbolic because the river makes up the stones that make the Wailing Wall and so Lily finds the sadness in the wall and finds out about May’s pain and sadness (Kidd 80-83). With this information Lily is able to grow up and figure out more about the world itself outside the beehive. 5. Setting: The setting is essential to the story because with the time period first of all if it took place in modern time Rosaleen wouldn’t have gone to prison, nor would those men have been aloud to beat her up without getting in trouble. Sadly this was a time when people treated black people poorly as if they were still slaves in a sense. Something else that would have been different is T. Ray wouldn’t have been able to treat Lily the way he had and this is essential to the plot because if T. Ray hadn’t gotten away with being an awful father than Lily probably wouldn’t have run away from home. The time period is important to how this story plays out for if it had been a different time period this story wouldn’t have happened. 6. 7. 8. Foil: In the story it is obvious in short period of time that June is quite different from her older sister August. While June is cold to people and shuts them out, especially Lily, August is calm, caring, motherly, and the queen bee. June is very protective of her self where August is outgoing and let’s people in no matter who they may be. For example June wants to essentially throw Lily out on the street because she wants to keep things easy, but August says that Lily needs to stay until she is ready to leave (Kidd 86-87). This is one of many times where August and June clash in personalities and this is quite important because it moves the plot along. How to cite Secret Life of Bees, Essays

Managing Human Resources National Bank of Australia †Free Samples

Question: Discuss about the Managing Human Resources NAB. Answer: Introduction The process of recruitment is considered as the most important and time taking process. The organization selected for the discussion of recruitment topic is named as the NAB (National Bank of Australia). This organization is identified as one of the famous financial institution in Australia. The monetary and financial aspects of the country are identified with the help of this organization. There are various international demergers identified on the large scale as well. The reason for selecting this organization is the specific selection process for the recruitment. Apart from this, the organization is well versed in defining specific identity too. The topics that are covered in the report are also specified below. Analyses of Recruitment process The analysis section for the recruitment process is successful in defining different stages shown below. This analysis will be helpful in providing suitable assistance for the specific working structure related to the organization. Recruitment strategy The strategy for recruitment in the organization is quite simple and flexible, which can be settled as per the environment as well. For recruiting the candidates, the procedure totally depends upon the area of specialization. The recruiting skills can be set by the head of the department or the team lead. Sometimes, as per the condition of the projects, the requirement will be changing with a rapid speed. Being a banking firm, the financial and marketing departments are most common. Apart from this, there is a technical front and back office staff too, which may assist in providing specific assistance for the development of the organization (National Australia Bank Limited, 2015). The recruitment strategy totally depends upon the area and the developmental aspects. For example, for the financial recruitment, the focus is on the initial studies, whereas for the technical support, the organization needs another aspect for the improvement as well. So, in short, it can be identified that the process of recruitment and strategy related to it is changing continuously with a quick rate (Davis, McCarthy, Bridges, 2016). Procedure of Recruitment The procedure for the recruitment in the banking organization consists of five major steps. These steps act as the connecting link between the processes of selection and recruiting candidates on a wide level. All these steps are described below in the form of points: The first step is related to the application process. The organization has a specific set of application, through which the candidates can apply for the specific post. The additional role and job description is also mentioned through which the specific job roles are also mentioned. The second step is related to the telephonic interview. If the requirement meets in regards to the initial condition related to the organization, then it will become easier to conduct a telephonic round easily. The third step is related to the Behavioral event Interviewing (BEI). This is the unique method of conducting interviews in the correct direction. In this method, the past experiences and achievements of employees will be identified. On the basis of this, the assumption will be analyzed. By the help of this, the potential and specific capacity along with the competencies in relation to the employee according to the current market scenario can also be evaluated (Nguyen Caesar, 2014). The fourth and fifth step comprises of the assessment and work reference check. In this process, the assessment of the employee can be done. With this, the final checklist for the documents and other experience certificates can also be placed. This will help in defining the actual formalities before joining. The sixth step is related to the probity checking. It may aid in defining the criminal and other records related to the organization. The last step is related to delivering of the offer letter to the selected candidates. By the help of this last step, the offers are provided to the candidates and the final step of joining will be completed initially (Anderson, 2015). By following these steps, the process of recruitment in NAB can be fulfilled very easily. Key Challenges in Recruitment The recruitment is identified as one of the basic challenges due to which the organization is facing continuous problems and issues. The mode of challenges also increases on a wide level as well. Some of the common challenges which are being faced by the organization are specified below: The first challenge is the coordination of employees qualities with the organizational policies. The expectations of the organization are continuously changing and the employees have to coordinate with their policies in the right direction. To manage the equilibrium, specific solution should be managed correctly. The second challenge is related to the marketing and releasing the advertisement on a broad level. If the marketing for the post is not correct and advertisements which are releasing are not suitable, then it will become a great challenge for an organization to select the right candidate. So, an organization has to come up with various sources and processes as well (Stevens, 2017). The next challenge is related to the measurement of the performance and identification of results at an initial level. To manage both these perspectives, the organization has to come up with various strategies. The employees aspect should be discussed at an initial level. The accurate reports and procedure are also required for the improvement as well. Apart from this, there are also some other challenges due to which the recruitment section of the organization suffers. These areas are the salary management, daily analysis of the employees requirement and the issues related to the performance and retentions. Labor/Supply Demand The Labor/ supply demand of the organization is directly influenced with the process of the recruitment. The definite set of labors will help in providing the best output as soon as possible. The labor demand will get increase with the increase in the consumer demand. The labor demand aspects of the NAB are identified as the derived factor in which the consumers requirement will directly affect criteria for the improvement and processing. The more opening of the accounts and improving in trading factors will influence the increment in improving the labors in the simultaneous manner. So, for NAB, it can be concluded that an increase in the demand of commodity will directly influence increment in the labors involvement as well (Beeley Davidson, 2013). In NAB, the approaches are framed according to the requirement of the customers. The expansion of the trading aspects will directly help in improving the recruitment procedure. This will also affect for an increment in the process of recruitment and selection. The research and factors show that the Labor demand in contrast to NAB is increasing continuously. The management aspects and recruitment cell of the organization is also observing continuous changes related to the organization as well. In fact, the Labor demand that is identified in the NAB is also increasing the opportunity for the new comers and financial specialist in reference to the organization. Similar to the Labor demand, supply demand is also considered as the factor for the discussion. The supply demand also increases with the expansion of various fields in an organization. There are various fields like loans, finance, marketing and the promotion and all these fields need the labors in different form. The company helps in reflecting these aspects in a very well approached format. The increment of the supply is also considered in two viewpoints in reference to the organization. These viewpoints are named as the supply of labor to industry and supply of labor to the entire economy. The organization mainly focuses on the first aspect in which the main spotlight and expansion is identified on the basis of first criteria, which is specified as the supply of labor on the basis of industry. The industry will assist in promoting trade values and with this, the supply also increases simultaneously (ABS, 2012). In short, an increment in the demand and labor supply can be promoted in a well-focused and organized manner. Organizational Image and Demographic The NAB is identified as transparent and well-versed Australian Bank. The organizational structure and its image are also organized as well. The well organized and approached banking service provided by the organization is also appreciable. The services like the NAB private, security, customer support and basic banking service aspects are the major ones. These services also help in making the organizational image more strong and stable. This organizational image may also aid in preparing a strong ground for the process of recruitment. Due to the best organizational image, more recruitment will be identified on a wide level. The organization also provides various online services like different type of calculators. For this, the manpower for the online assistance will be required. This will also help in opening doors for the recruitment as well (Dieleman Harnmeijer, 2006). The demographic features may also be considered as one of the major reasons for the process of recruitment. The location of the Australian bank is quite famous and well-defined, but the bank always tries to manage their subsidiaries bank on that location, where the demographic conditions are supportive for the organization. The demographic conditions include the life style, age, sex and other aspects related to the people. All these processes are helpful in defining and deciding the market scenario for the organization. After identifying the entire marketing scenario, it could become easier to manage various perspectives related to the organization as well. Conclusion and Recommendations The recruitment and hiring process is the long lasting process through which hiring of suitable candidate can be done. But, as it is the process which takes time and there are various challenges too, which are faced by the organization, so specific recommendations will be provided for the suitable execution of the procedure. In contrast to NAB, some specific set of recommendations provided are specified below with the specific explanation and information as well: It is recommended that the strategic approach towards hiring and processing should be identified at an initial level. The procedure for recruitment may also help in providing assistance in a specific manner (Deakin University, 2012) Before recruiting, the candidates identification related to the specific process can also be done. The past details of the employees and disclosure of their past working experience will aid in highlighting the basic aspects related to the organization. Apart from this, before recruiting an accurate candidate for the organization, it is essential to identify the basic perspectives in regards to the marketing and advertisement. The advertising and marketing are also helpful in selecting specific candidates for the further improvement and processing. Other than this, the recommendations are also mentioned at the level of employee and services provided in the banking sector as well (McKenzie Mortimer, 2014). The piece of work will be helpful in managing the major aspects related to the recruitment. By the help of these points, the best selection can be possible in NAB References ABS.(2012). Labour market statistics. Retrieved from https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/1301.0~2012~Main%20Features~Labour%20market%20statistics~43 Anderson, W. (2015, April 15). Six challenges facing Australias medical research sector. Retrieved from https://theconversation.com/six-challenges-facing-australias-medical-research-sector-40222 Beeley, L., Davidson, M. (2013, September 02). A Critical Analysis of Skilled Labor Supply and Demand in the Australian Hospitality Industry. Journal of Quality Assurance in Hospitality Tourism, 14(3). Retrieved from https://www.tandfonline.com/doi/abs/10.1080/1528008X.2013.802552 Davis, K., McCarthy, M., Bridges, J. (2016). The labor market during and after the terms of trade boom. Retrieved from https://www.rba.gov.au/publications/bulletin/2016/mar/pdf/bu-0316-1.pdf Deakin University. (2012). Identifying effective strategies to increase recruitment and retention in community-based health promotion programs. Medibank Private Limited. Retrieved from https://www.deakin.edu.au/__data/assets/pdf_file/0005/622652/medibank.pdf Dieleman, M., Harnmeijer, J. (2006). Improving health worker performance: in search of promising practices. KIT Royal Tropical Institute . Retrieved from https://www.who.int/hrh/resources/improving_hw_performance.pdf McKenzie, J., Mortimer, D. (2014, July 11). Implementing evidence-based recommended practices for the management of patients with mild traumatic brain injuries in Australian emergency care departments: study protocol for a cluster randomised controlled trial. Retrieved from https://trialsjournal.biomedcentral.com/articles/10.1186/1745-6215-15-281 National Australia Bank Limited. (2015). Our range of personal products. Retrieved from https://www.nab.com.au/: https://www.nab.com.au/ Nguyen, T., Caesar, L. (2014, August). Current Challenges in the Recruitment and Retention of Seafarers: An Industry Perspective from Vietnam. The Asian Journal of Shipping and Logistics, 2, pp. 217-242. Retrieved from https://www.sciencedirect.com/science/article/pii/S2092521214000315 Stevens, G. (2017, May 14). Australia's international economic engagement: Opportunities and challenges. Retrieved from https://www.lowyinstitute.org/the-interpreter/australias-international-economic-engagement-opportunities-and-challenges

How Does Foreign Trade Impact on The US Economy

Introduction Trade between the United States and the rest of the world has played a significant role in the growth and development of the US economy over the past years. The growth of foreign trade in the US grew much faster after the Second World War. The trade between the US and the rest of the world is vital because the US is a superpower nation.Advertising We will write a custom proposal sample on How Does Foreign Trade Impact on The US Economy? specifically for you for only $16.05 $11/page Learn More There are a number of benefits that arise from the trade relationship between the US and the rest of the world. First, the exports and imports of goods and services results in an improvement in the standards of livings of the citizens. This comes about because exports generate revenue to the economy while imports increase the amount of commodities available for consumption. This further leads to a reduction in the prices of goods and services. On the ot her hand, foreign trade has a negative impact on the economy in a number of ways. A major drawback is the risk of survival of the domestic industries. Economists argue that foreign trade results in the reduction of job opportunities and wages. This can be attributed to the fact that an increase in import leads to a reduction in the amount of goods and services produced by local firms. On the contrary, surveys show that the imposition of restrictions on trade does not favor both consumers and the producers (McTeer 1). Background Economic globalization The contemporary economies of the world are characterized by economic globalization. These economies experience a rapid growth of foreign trade and cross border investments. This has resulted in a transfer of international labor across various states and a change in the industrial structure of the economies. There are certain variables that have grown significantly due to economic globalization. To start with, studies show that there is rapid growth of foreign trade. According to the statistics provided by the World Trade Organization’s (WTO), the volume of world trade increased by 15% to reach a value of $11.76 trillion. The increase is equivalent to a growth of world trade by 8% (McTeer 1). Secondly, the statistics provided by the United Nations Conference on Trade and Development (UNCTAD) indicate that there is a significant growth in the volume of foreign direct investment (McTeer 1). For instance, the statistics show that the amount of international direct investment inflows amounted to $1.271 trillion. The value in the current year has grown tremendously (McTeer 1).Advertising Looking for proposal on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More An increase in foreign direct investment has resulted in growth and development of several economies. Thirdly economic globalization has resulted in rapid flow of resources across the world. Rapid reorganization of factors of production has been observed in various sectors across the globe. This can be attributed to high – end and high – tech transfer in the manufacturing sector. Further, foreign direct investment has resulted in the exchange of resources (capital mobility) and knowledge. The transfer of knowledge leads to an accumulation of knowledgeable human capital in a country (Tianzhu, Sun and Cui Riming 1). Foreign trade policy Various countries have come up with a number of policies to govern trade with their trading partners. Such policies have a significant effect on trade with other nations. The foreign trade and trade policy of the United States is quite contentious because the country has continued to maintain an open market policy. The international trade policy of the country has undergone various amendments (Irwin 1b). These changes occur as the political leadership changes. Thus, it can be noted that the international trade policies depend on t he political regime. For instance, during the Clinton administration significant adjustments were made to the foreign trade policy (Irwin 1b). For instance, the administration altered the traditional adherence to the free trade strategy and introduced a more practical fair trade strategy. Further, the management concentrated on the development of international trade. They treated this expansion as a priority to the development goal of the country. Further, the administration also actively implemented strategic trade policies that resulted in an increase the competitive advantage of domestic firms both in the domestic and foreign markets. Specifically, the government of the US came up with the new policy orientation ad strategy choice. This foreign trade policy aimed at promoting economic safety within the United States. It also enabled the country to acquire large international market. The policy was geared towards improving the economic security of the country. In the process of pa rticipating international trade, the country needs to protect the strategic high-tech companies (Irwin 1b). This can achieved by coming up with the trade policies and tariffs that will protect the domestic industries. In addition, the country should ensure that in the process of implementing the open market and open trade policy, the quality of goods and services brought into the country is not compromised.Advertising We will write a custom proposal sample on How Does Foreign Trade Impact on The US Economy? specifically for you for only $16.05 $11/page Learn More Thus, the quality of goods and services must be similar to the goods and services traded in the open market. This can be achieved by coming up with standards for measurement of quality. The same concept is being practiced in Japan and Germany (Irwin 1b). The favorable trade policy in the US has resulted in tremendous growth of export of goods and services within the US. For instance, between 19 92 and 1996, the value of exports increased from $736.7 billion to $1,032.4 billion. The change is equivalent to a 40% increase (McTeer 1). During the same period, the export became the key factor that contributed to the expansion of the US economy. Even though the country has experienced a deficit in the balance of trade, that is, the value of imports often exceeded the value of exports. The tremendous increase in the volume of export has resulted in a trade surplus. This has led to the positive growth of the value of gross domestic product (GDP) of the country. For instance, the in the first quarter of the year 2007, the value of exports was 12 percent while the value of imports was 17 percent of the GDP (McTeer 1). Thus, the resulting trade deficit was approximately 5 percent of the GDP. However, in the third quarter of the same year, the value of exports was 13 percent while the value of imports was 16 percent of the GDP (McTeer 1). Thus, the resulting trade deficit was approxim ately 3 percent of the GDP. The resulting trade deficit declined by approximately 2 percent of the GDP (McTeer 1). It can be observed that there has been a continuous increase in the volume of export with a corresponding decline in the proportion of imports. This has narrowed down the gap between exports and imports (McTeer 1). Aim of the paper The paper seeks to analyze the impact of foreign trade in the economy of the US. Specifically, the paper will analyze the impact of foreign trade on GDP, standard of living (measured using per capita income), and other variables. Literature review There are a number of studies that have been carried out to analyze the impact of foreign trade on the US economy. Besides, there has been continuous debate on the trade-off between the positive and negative impact of trade on the US economy. This has called for the needs to come up with policies that create a balance between the negative and positive impact of trade.Advertising Looking for proposal on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More An example of such study was carried out by Robert Krol in the year 2008 (Krol 1). In the study, â€Å"the author carried out a review of the empirical studies that evaluate the impact of foreign trade on the US economy† (Krol 3). Specifically, the author focused on the factors that cause an increase in foreign trade, the positive impact of foreign trade, the effect of foreign trade on employment and wages, and the cost of restrictions on foreign trade. Krol reviewed the work of various scholars and came up with a number of observations (Krol 4). To start with, Krol observed that the concept of comparative advantage was a key motivator for international trade. This implies that countries still engage in trade on the basis of their comparative advantage (Krol 4). Further, Krol observed that there are a number of factors that explain the growth of foreign trade. The study showed that the growth of income explains about sixty six percent of growth in foreign trade, trade freedom accounts for twenty five percentage of the growth of foreign trade and a decline in the transportation cost explains the rest of the expansion of foreign trade (Krol 4). Thus, it can be observed that the three factors explain the growth in foreign trade. The study also pointed out that a change in government policies on foreign trade had a significant impact on the expansion of foreign trade. A change in any of the factors will result in a change of the volume of international trade. The research further indicated that an expansion of foreign trade has contributed to a high rate of growth in the economy. It also contributed to the growth of income in economies that are open. The author has indicated that a unit growth of trade results in a unit growth of per capita income (Krol 4). Further, removal of trade barriers across the world will result in an increase in the growth of world income by approximately $2 trillion. Such action will result in the growth of income of the US econom y by about $500 billion. Therefore, the results of the research show that free trade between nations results in significant economic benefits. Further, Krol observed that competition that arises as a result of free trade results in lower prices of goods and services. Besides, such competitions lead to an increase in the variety of goods and services that are being offered to the consumers (Krol 4). On the contrary, Krol observed that loss of jobs occurs in sectors of the economy that are not open to foreign trade. Statistics in the study show that foreign trade affects only fifteen percent of the work force. Further, the study shows that there is a positive correlation between an increase in imports and an increase in job creation in the US economy. This can only be explained by the fact that a loss in jobs in the production sector of the economy is counterbalanced by gain in employment in other sectors of the economy. Therefore, it can be stated that foreign trade has lead to a dec line in the growth of the manufacturing sector with a corresponding growth in other sectors of the US economy (Krol 4). Apart from loss of jobs, Krol also established that expansion of foreign trade does not explain the wage differentials between the skilled and semi skilled. Krol established that the difference in wages between these two groups is explained by technological differences and not trade (Krol 4). Finally, Krol observed that the free trade is beneficial to the economy. The economic benefits (both measurable and non-measurable) exceed the wages paid to workers (Krol 4). A separate research was carried out by James Jackson in the year 2013 (Jackson 6b). In the study, Jackson used the computable general equilibrium model that integrates data on foreign trade and other economic variables for about 100 countries. He also made use of the Michigan Model and Estimates as an extension of the computable general equilibrium model in his study (Jackson 16b). The study was based on cross sectional secondary data. Jackson observed that foreign trade enables countries to use their resource endowment more proficiently. This enables them to maximize the variety of goods and services they provide to their citizens thus increasing their standard of living (Jackson 11b). The author further stated that the economies of the world engage in trade with an aim of maximizing their national interest. Jackson further pointed out that nations engage in trade on the basis of comparative advantage. The author stated that individuals within a nation will tend to focus on areas they have strong skills. Based on this, the citizens will focus on the production of goods and services in the areas they have comparative advantage and exchange with countries that produces other goods and services (Jackson 14b). This creates the concept of exports and imports in international trade. In the paper, Jackson stated that foreign trade alone does not account for the economic expansion or contr action of key variables in the economy such as income level, output level, wage rate, and distribution of income because exports accounted for only about 14 percent (in the year 2012) of the GDP of the country (Jackson 11b). However, the author stated that from the production point of view, foreign trade leads to movement of both labor and capital from productive sectors of the economy to less productive sectors. This strengthens specialization and improves efficiency in the economy. The research conducted by Jackson further reveals that the movement of capital and labor from one sector of the economy to the other results in an adjustment of costs and improvement of efficiency. Further, research conducted by Jackson showed that foreign trade results in consumption gains for the citizens in the form of increase in the variety of goods and services, improved quality and a decline in prices. The research also pointed out that engagement in trade results in economic growth of a country. This can be observed when the impact is measured over a long period of time. The economic growth is strengthened by trade liberalization. Jackson had the same findings in the earlier research paper that was published in the year 2008 (Jackson 27a). Another research was conducted by Oscar Afonso in the year 2001 (Afonso 1). In the paper, the author attempted to explain the economic theories that explain the impact of international trade on economic growth. In the study, Afonso focused on â€Å"the impact of international trade (from a commercial and technological aspect) on physical accumulation and quality of productive factors† (Afonso 1). The author observed that during the classical period, international trade had a positive impact on economic growth. The research further shows that during the neoclassical period, foreign trade did not have an impact on the economic growth of the nations that were being analyzed. This situation was experienced until the 1960’s (Afo nso 27). Further, the author stated that the recent theories have explained better the positive relationship between foreign trade and economic growth. Afonso also pointed out that there is significant empirical evidence to show that trade liberalization tends to impact positively on economic growth. The author pointed that in developed economies, trade liberalization increases the domestic rates of innovation (Afonso 27). Finally, Afonso pointed out that the effect of foreign trade varies depending on the level of growth and development of the trade partners, the level of technological development, and level of human capital development (Afonso 27). Thus, the author stated that countries cannot achieve equal results from foreign trade (Afonso 27). Based on the literature review above, it is evident that engagement in foreign trade generates positive results on an economy. Thus, data for the US economy will be collected to verify the above findings Methodology and Data Data collecti on A comprehensive internet research will be carried out as part of secondary research on the available data about the impacts of foreign trade on the economy of the US. The data will comprise of GDP per capita, population growth rate, capital formation, investment, import, exports, and foreign direct investment (US Department of Commerce 1). These are proxies that will be used to estimate the Cobb-Douglas production function. The weakness in this data is that the proxies might not give a true representation of variables being measured. Specifically, the data will be retrieved from the US Bureau of Commerce website (US Department of Commerce 1). The source is reliable because it is updated by the US Department of Commerce on a periodic basis. The data will cover a period of 33 years, that is, between 1980 and 2012. Scope of the methodology The scope of the methodology is a systematic and a comprehensive method of data collection, grouping, and analysis in order to scientifically app ly reasoning from the analyzed data. As a matter of fact, the result of this process combines outcome and the purpose of the research. As stated by Kothari (2004), a blueprint is transformed into a research design through a series of operational study aimed at drawing a factual outcome comprising of evidence backed claims. The chapter focuses on research design, data collection methods, data processing and analysis. According to Kothari (2004), research design resonates on the facets of research project blueprint that comprise of study of operations to create an efficient outcome that yield the desired information at minimal cost (Kothari 10). In order to achieve the desired outcome, a quality research should assimilate systematic investigation characterized by the phenomenon approach of a scenario through statistical and mathematical computations (Kothari 10). Quantitative research in Secondary data This study will use a systematic quantitative research method in collecting data. R eflectively, non-experimental quantitative research design determines existing or perceived relationship between dependent and independent variables of any given study population (Mugenda and Mugenda 23). In collective quantitative data, past survey instruments will be employed across the study. The study opts for quantitative data collection method since it is economical on time, finance, and energy unlike qualitative method which may not be economical especially when the sample size is put into the picture. However, this method limits natural expression of ideas and attitude towards the study and objective especially in responding to questions asked or reflecting on a secondary thought (US Department of Commerce 1). The researcher will carry out comprehensive internet research as part of secondary research on the available data about the impacts of foreign trade on the economy of the US. The data will comprise of GDP per capita, population growth rate, capital formation, investmen t, import, exports, and foreign direct investment. The data will be analyzed at all levels to present a comprehensive result. Reflectively, the context of secondary data will depend on online research on present, past, and projected future data on the state of foreign trade in the US. Holistic inquiry requires a method for choosing among models that is congruent with holistic philosophy. A comprehensive approach to model design and interpretation will provide a general holistic framework to guide the study. To analyze the data, comparisons with previous studies will be conducted. A summary of the articles and journals will be used to model the solution to the problem. In the analysis phase, the paper examines the impact of foreign trade on the economy of the US as identified in the literature (US Department of Commerce 1). Hypothesis The null hypothesis (Ho): Foreign trade does not have an impact on the US economy Alternative hypothesis (H1): Foreign trade has an impact on the US ec onomy Variable models Regression analysis is a statistical tool that is used to develop and approximate linear relationships among various variables. When coming up with the model, it is necessary to separate between dependent and independent variables. GDP per capita The dependent variable in this analysis is the GDP per capita. This will be used as a proxy for the output level in the Cobb-Douglas production function. It represents Y in the regression model. Population growth The first explanatory variable that will be used in the analysis is the population growth rate. Economic theory suggests that there is negative relationship between population growth rate and GDP per capita. Physical capital stock The second explanatory variable is investment in physical capital stock. In the analysis, capital formation and investment expressed as the percentage of GDP is used as proxies for investment in capital stock. Economic theory suggests that there is positive relationship between inves tment and physical stock and GDP per capita income. Trade The third explanatory variable in the regression analysis is trade. In this analysis, trade is measured using the ratio of the sum of total exports and total imports divided by the amount of GDP. The literature review above suggests that there is positive relationship between international trade and improvement of standards of living (measured using the GDP per capita). Knowledge The final variable is knowledge. The value of foreign direct investment is used as a proxy for knowledge transfer. Economic theory suggests that there is positive relationship between between knowledge transfer and per capita income. Model specification To estimate the impact of international trade on the US economy, the Cobb-Douglas production function is used. The production function takes the form Y = KÃŽ ± * (A * L) ÃŽ ²; ÃŽ ± + ÃŽ ² = 1. The equation can be transformed into linear form by converting the variables into logarithmic form. When usin g the ordinary least squares method, the regression line takes the form The regression equation can be simplified to take the form Y = b0 + b1X1 + b2X2 + b3X3 + b4X4. Thus, from the variables discussed above, the regression line takes the form presented below. YGDP per capita = b0 + b1X (pop + 5) + b2Xinvest + b3Xcapital + b4Xtrade + b5Xknow. Analysis and findings Correlation analysis Correlation coefficient measures the degree of association between two variables. The table in appendix 1 gives a summary of the correlation analysis. The results of correlation coefficient indicate that there is a weak negative relationship between the GDP per capita, and population growth rate (35.02%) and investment (42.65%). Also, indicates that there is a positive negative relationship between the GDP per capita and trade (43.34%). On the other hand, there is a strong negative relationship between GDP per capital and capital (65.36%). Finally, there is a strong positive relationship between GDP p er capita and knowledge (84.25%) (US Department of Commerce 1). Regression results The results of the coefficient of regression analysis are presented in appendix 2. From the regression results, the regression equation can be written as shown below. YGDP per capita = 4.4771 + 0.1995X (pop ) – 0.7927Xinvest + 0.2721Xcapital – 0.0356Xtrade + 0.1576Xknow. The negative coefficients on investment and trade imply that a unit change in the value of each variable result in a decline in the value of GDP per capita. The positive coefficients on population, investment and knowledge imply that a unit change in the value of the each variable result in an increase in the value of GDP per capita. Evaluation of the model A t – test is used to evaluate the statistical significance of the explanatory variables. A two tailed t- test is carried out at 5% significance level. Null hypothesis: Ho: bi = 0 Alternative hypothesis: H1: bi ≠  0 The null hypothesis implies that the var iables are not significant determinants of GDP per capita. The alternative hypothesis implies that variables are significant determinants of GDP per capita. The results of t – test are presented in appendix 3. From the results of the t – test, it can be observed that population growth rate, capital and knowledge are the only significant determinants of GDP per capita. However, trade and investment are not significant determinants of GDP per capita at the 5% level of significance. F–test of the regression models The overall significance of the regression model can be evaluated using an F-test. The test is carried out 5% significance level. Null hypothesis H0: ÃŽ ²0 = ÃŽ ²1 Alternative hypothesis H1: ÃŽ ²j ≠  0, for at least one value of j The null hypothesis implies that the overall regression line is not significant. The alternative hypothesis implies that overall regression line is significant. The value of F-calculated is 44.95 while the value of F-tabula ted is 2.0495. Thus, the null hypothesis is rejected. This implies that the overall linear regression line is significant and can be used in further analysis and predictions. How the results support the competing hypothesis The discussion above shows that there are a number of variables that significantly determine GDP per capita. Also, the discussion shows that the overall regression line is significant. Further, the value of R-square is 89.28%. This implies the explanatory variables explain 89.28% of the variations in the dependent variable. It is an indication of a strong variable. Therefore, the null hypothesis will be rejected and conclude that foreign trade has an impact on the US economy. Conclusions The paper carried out an analysis of the impact of foreign trade on the economy of the US. The Cobb-Douglas production function was used to evaluate the impact of foreign trade on GDP per capita. Various variables were used as proxies for foreign trade. The study shows that indee d foreign trade has an impact on the economy of the US. Specifically, foreign trade has a positive impact on efficiency, accumulation of physical capital stock, and knowledge transfer. The results are consistent with the observations in the literature review section. Works Cited Afonso, Oscar 2001, The Impact of International Trade on Economic Growth. PDF. 06 Nov. 2013. Irwin, Douglas 2006, Historical Aspects of US Trade Policy. Web. Jackson, James 2008a, Trade Agreements: Impact on The US Economy. PDF. 06 Nov. 2013. Jackson, James 2013b, Trade Agreements: Impact on The US Economy. PDF. 06 Nov. 2013. Kothari, Jaipur. Research Methodology: Methods and Techniques, New Delhi: New Age International (P) Limited Publishers, 2004. Print. Krol, Robert 2008, Trade, Protectionism ad the US Economy. PDF. 06 Nov. 2013. McTeer, Bob 2008, The Impact of Foreign Trade on the Economy. PDF. 06 Nov. 2013. Mugenda, Olive, and A. Mugenda. Research Methods: Quantitative and Qualitative Approaches, Nairob i: Acts Press, 2003. Print. Tianzhu, Sun and Cui Riming. â€Å"Exploration on U.S Foreign Trade Deficit Promote Economic Growth.† China Academic Journal Press, (2007): 1003-6547. US Department of Commerce 2013, US Economic Accounts. Web. 06 Nov. 2013. Appendices Appendix 1 –  Correlation coefficients GDP per capita Population growth rate Capital Investment Trade Knowledge GDP per capita 1 Population growth rate -0.3501976 1 Capital -0.6535602 0.4442833 1 Investment -0.4265077 0.2005812 0.845079 1 Trade 0.4334494 -0.0820460 -0.44679 -0.443095 1 Knowledge 0.8424513 -0.3556573 -0.32874 -0.137134 0.425612 1 Appendix 2 –  Coefficient of the variables GDP per capita Intercept 4.477109 Population growth rate 0.199521 Capital -0.79269 Investment 0.272063 Trade -0.03556 Knowledge 0.157751 Appendix 3 –  Results of t – test Variable t – values computed (t at ÃŽ ± 0.05 = 1.9432) Decision b0 25.09364 Reject b1 2.1604 Reject b2 -4.52272 Reject b3 1.155193 Do not reject b4 -1.22699 Do not reject b5 9.699556 Reject This proposal on How Does Foreign Trade Impact on The US Economy? was written and submitted by user Alyvia N. to help you with your own studies. 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Negative impacts The major negative impact on developing countries is globalization will lead a developing economy to greater volatility with reducing economic growth in short-time, particularly in the capital markets. The financial linkages of developing countries with the worldwide economic system have significantly increased in recent decades (Prasad, 2003). With the financial globalization, the proliferation of financial crises among developing economies are often viewed as a natural consequence of the growing pains (Prasad, 2003). The Asian financial crisis, thousands of firms went bankrupt during the recession in developing countries. As the global financial market continue to be unpredictable, opening up to capital markets can exacerbate such existing domestic distortions and lead to catastrophic consequences (Aizenman, 2002, p.4319). The expanding foreign-owned corporations in local economy came to be viewed as a threat to autonomy by a large number of governments with the reduction of tariffs and the elimination of quantitative restrictions. The economic strength of large companies is even larger than the local governments in many developing countries. For instant, the annual revenue of Wal-Mart is higher than the GDP of Poland, Israel and Greece (Cavusgil, 2008). The MNCs can lobby the government or sponsored the selection in order to benefit from changing the local economies and social structures (Knight, 2008). They can also affect the legislative process, benefit from government agencies. Besides, the MNCs also threat the survival of domestic firms due to the low competitiveness of domestic enterprises (Langmore, 2004). As a result, some traditional customs and industries are disappearing. Hoang (2006) argues that globalization leads to exploitation of labor in the developing countries due to the developed countries take the advantage of cheap labor. As all these foreign investment in the developing countries are pursuit of profits, some experts argue that a large number of MNCs employing child labor and paying slave wages. These sweatshops also provide miserable working conditions in Dongguan, China and Africa (Stonehouse, 2004). According to the theory of Beine (2008), globalization leads to brain drain in developing countries. It has opened country easily for free movement of labors, especially experts and professionals. This problem is mostly in developing countries such as India, China and Africa where some of the qualified personnel immigrate to developed countries to get jobs due to poor economic conditions and lack of good financial policies in their motherland. Developed economy Positive impacts Globalization is much better for developed economic growth. On average, countries that globalized more, the experienced growth rates could be higher, especially true for actual economic integration in developed countries with the liberalization on trade and capital. There is also evidence, that cross-border information flows promote growth (Drehera 2006, p.1080). Besides, with a fully integrated market of services, labor, capital and goods, increased internationalization leads to larger income and sales, which in leads to greater profit potential especially in exploiting emerging markets (Sledge, 2006). The multinational firms from developed nations realize much performance benefits from globalization and pay more sales tax to their government. Globalization also accelerates the MNCs to expansion with more performance. Firms always organize their value-adding actives according to availability of land resource, labor cost levels, skills, and capital quality, they could benefit from much lower unit cost levels and often get huger quality manufacturing when take a location advantages during globalization (Stonehouse, 2004). For instant, IT outsourcing could cut operational costs and stay competitive especially it leads to a 24-hour functioning of firms (Marques, 2009). Furthermore, during increasing expansion, the subsidiaries of foreign companies are becoming important roles in the industrial and economic life in many developed economies. As growing rapidly in Foreign Direct Investment and exporting in the developed countries, globalization has a positive effect on Industrial competitiveness (IC) (Zhang, 2010), which also means that MNCs could get more industrial productivity by increasing integration with the global economy through FDI and trade. The MNCs also can benefit from a diversification of risk by invest in variety kinds of nations. Furthermore, by setting labor-intensive and heavy industry into in developing countries and regions, developed economics put pressure on the local capital markets to  upgrade. MNEs form developed countries are becoming increasingly knowledge-intensive rather than labor-intensive (Narula, 2000). MNEs increase international competitiveness with continuous innovation in high-tech researches and production new high-tech products. Developed countries are shifting their industrial structure to tertiary-industry during globalization. For instance, U.S. has set information technology, aerospace technology, defense and biotechnology industries as its pillar industry (Hecker, 1999). Economic globalization also creates more conditions for transnational flow of high-skilled labor. The important determinants for the migration decision of individuals are economic factors. As rapid rates of economic development, which based on high technology industrialization, more and more MNCs demand for imported high-skilled labor (Skeldon, 2005). So developed countries attract a large number of foreign talents to immigrate in and make important contributions to their economics. As human resources have become the most important factor in competition, developed nations could acquire more productivity (Beine, 2008). Negative impacts Globalization could increase the unemployment rate and widen the gap between rich and poor in the developed countries. The major threat obvious from globalization is that trade with the Third World, which provides cheaper labor, will undermine the wages of less-skilled workers, and even leads to their intense unemployment, such as in Western Europe. From economic theory, which provides clear evidences for the situation that trade can increase the rewards of skilled workers while reducing the pay of the unskilled workers when they are facing international competition, importing skilled labor tend to displace unskilled workers (Irwin 2000). Rodrik (1997) fears that those who can adapt to economic change, such as capital owners, skilled labor, and experts, will increasingly edge out those who cannot, such as unskilled and semi-skilled workers. Mckay (2004) points out that the gap between rich and poor could be accelerated because of the increasing redundancy of low-skilled people. Similar as developing economics, globalization leads developed nations more interdependent. That means the developed economies suffer more from economic disruptions as the risks become more global. Globalization encourages free trade, which involves an increased cash flow, and then the redistribution of capital could become more liquidity. As Bagai(2010) argues that there are more widely risks than before due to the financial markets and institutions have more capability to disperse than past. Furthermore, the increasing financial innovation by developed countries leads the financial managers more possibility to underestimate the risks. The subprime crisis illuminates are errors of omission due to the financial managers ignore the regulatory discipline (Spence, 2010). Conclusion (2176 words) Globalization has became one of the most controversial political and economic issues recently. As Marx said globalization process is inevitable as progressive and praiseworthy (Jellisse,2009, p.35). However, globalization is a dual-edged sword. With MNCs set their workforce from overseas to obtain inexpensive labor, developing countries obtain higher employment rate, thus improving their economies and living standard. But it has also thrown up new challenges like growing volatility in financial market and brain drain. As regard the developed economics, globalization accelerates the MNCs to expansion and industrial upgrade and shift. Because the globalization process is leading by developed countries, although it leads to increase the unemployment rate, developed countries gain more benefits from international trade and investment such as take local advantages and shift their industrial structures. In all, as globalization can be managed by governments cooperating global, expanding tr ade by collectively reducing barriers and working together to fulfill the optimization of resource distribution, both developed and developing countries can deploy to reduce poverty and raise living standard at last (Stonehouse, 2004 ).

General James Longstreet :: essays research papers

Longstreet was born in Edgefeild District in South Carolina on January eighth, eighteen twenty one. He graduated from West Point in eighteen forty two and went straight to service. There he served until eighteen sixty one. He first saw action in the Mexican War, he was wounded in Chapultepec Mexico. For his services he received two brevets and the staff rank of a Major. He resigned his commission on June first eighteen sixty one and joined the Confederacy. He became a General in the Civil War. His nickname was Old Pete meaning sturdy and trustworthy. He led most of the major battles in Virginia including Bullrun, Freddricsburg, and Chickmauga. He was under Robert E. Lees command, and led the First Corps under Lee also. Longstreet was a General in Gettysburg. but lost because he did not follow Lees plan of action.Gettysburg was the bloodiest battle and that had the most casualties ever fought on American soil. He was blamed in the south for the loss of the battle at Gettysburg. Gettysburg was the most crutial mistake. Many things caused the outcome of the battle like Longstreets soldiers and officers got confused and were backtracking for half the day. Longstreet saw the union position as nearly impregnable. Lee saw believed his army was invincible. One of his officers Jeb Stewart went on a wild goose chase, he was sospost to inform Lee but didnt. Lee had no eyes and ears to tell him what was going on. After the war he befriended with Ulysses S. Grant and joined the Republican party. He was criticized by former confederates for losing the war and befriending with Grant and the Republican party. He served as Grants minister to Turkey. He also became a political apostate in the south. Later he served as a commissioner of the Pacific Railroads from eighteen ninety seven to nineteen o four. In the summer of nineteen o four he became very ill and was diagnosed with Rheumatism. His ear was also damaged and was forced to use an ear horn when spoken to. He traveled to Chicago for a cancerous right eye, his weight dropped from two hundred pounds to one hundred thirty five pounds.