The greatest inventions Essay Example for Free

The greatest inventions Essay Introduction to Second Language Studies (ONLINE). Hudson This course introduces students to second language studies, as represented in the MA in SLS program at the University of Hawai‘i at MÄ noa, and to the field(s) of applied linguistics more generally. This course also serves as an introduction to the kinds of work that will be expected of students as they progress through the MA in SLS program. Students will become familiar with the following: 1. The scope of second language studies/applied linguistics, including central issues and problems, key concepts and terminology, and work done by applied linguists in society 2. Professional issues and expectations for second/foreign language educators 3. The major domains of second language studies as they are addressed specifically by the UH SLS 4. A wide variety of research approaches employed by applied linguists The course will be online. There will be extensive online discussion group activity. SLS Course Descriptions Fall 2014 600- ­Ã¢â‚¬  through 700- ­Ã¢â‚¬ level SLS 610 (1). Teaching Second Languages. Hudson This course provides a survey of current theory, research and practice in the major components of second and foreign language pedagogy and teaching programs. These components include needs and means analysis, syllabus and curriculum design, materials writing, methodology and pedagogy, skills and skills integration, student assessment, and program evaluation. Consideration will also be given to the changing social, economic, and political roles of language teaching and the profession in the world today. Both theoretical and practical dimensions of classroom teaching will be treated. By the end of the course, the students will have an understanding of the following: 1. Current theory, research and practice in second/foreign language teaching and teacher training 2. The socio-cultural, psychological and linguistic factors that have an impact on language teaching 3. Issues involved in teaching and integrating the different skill areas as and approaches to curriculum design and language teaching SLS 614 (1). Second Language Writing. Gilliland The course aims to provide insights into theories of teaching writing, with particular emphasis on the experiences of student writers composing in a second language. Consideration of various approaches to the teaching of writing in second and foreign languages is included as well as consideration of response to student writing. Students will: †¢ Identify current and historical theories of teaching SL writing. †¢ Discuss and critique approaches to teaching SL writing. †¢ Describe and analyze contexts for teaching SL writing in US and internationally. †¢ Assess the instructional needs of a given writing class and/or student. †¢ Evaluate and respond to student writing. †¢ Plan appropriate and effective syllabi, units, and lessons in SL writing courses. Required text: Ferris Hedgcock (2013). Teaching L2 Composition (3rd edition). Routledge. SLS 618 (1). Language and Learning Technologies. Zheng What is language? How do we understand language and language learning in the light of learning technologies? How do we make sense, make meaning and realize values when technologies are involved in the learning environment. Learning technologies, ranging from vernacular use of Skype, to sophisticated virtual world technologies, and to ubiquitous mobile devices, bring us new challenges and opportunities for communication and social networking, as well as learning teaching. What are the roles of learning technologies in learning, instruction and communication? Do they function as an input to aid learning, such as acquisition of lexicogrammer? Do they function as tools to help with problem solving, such as looking up a new word while reading an article? Do they function as a media to make distance communication and interaction possible? Do they function as objects that have potential to change the way we live so that our communication (language) is becoming inherently different? We will explore these questions as central themes of the course, so that we can gain a deeper understanding and be tuned to affordances of technology in the most broad sense. Explore dialogical perspectives of language and its implications for sharing, coconstruction, co-authoring and co-creation of identity and meaning in technology supported learning environments. Investigate the affordances of technologies as indicated by members of the  class (through dynamic needs analysis) for language learning and teaching. Design and conduct studies of a specific technology that you are interested in. A range of research questions are encouraged by using quantitative methods, ethnography, discourse analysis, conversation analysis and multimodal analysis. Develop a mini curriculum that has major components of technology integration. Develop materials using the Web as a major resource for your target learners. SLS 650 (1). Second Language Acquisition. Ziegler This course is designed to provide a review of current theory and research in child and adult second language acquisition. In addition, it will review relevant research in first language acquisition and explore relationships between theory and practice in the second and foreign language learning classroom. Various theoretical perspectives and issues are addressed, including cognitive-interactionist, emergentist, social, and psycholinguistic approaches, and principal areas of research such as age effects, cognition, development of learner language, and individual differences will be discussed. We will also examine the available  quantitative and qualitative research methods and how they might be used in second language (L2) research. Suggested reading: Ortega, L. (2009). Understanding second language acquisition. Oxford: Oxford University Press. This course covers basic concepts and issues in sociolinguistics with a focus on multilingual language learning and teaching. The initial course readings (Davis, 2012a, 2012b) provide an overview of the theoretical foundations and diverse research methods of sociolinguistics, including the work of sociologist Goffman (presentation of self in everyday life); sociolinguists Sacks, Schegloff, and Kasper (conversation analysis); sociolinguist Gumperz (interactional sociolinguistics), anthropologist Hymes (ethnography of communication); language and education anthropologists Cazden, Philips, Heath, Erikson, Geertz, and Anzaldua (ethnography of communities and schools); and critical anthropologists Hornberger, Davis, Valdà ©s, Zentella, and McCarty (language policies and practices). Subsequent course readings and the final project then focus on the most recent trends in sociolinguistics that include: multilingualism/super diversity; interdisciplinarity, fluidity, and multiplicity in langu age use, identity, and learning (translanguaging, multiple identities); neoliberalism/ideological analyses; public and counter public discourses;  and engaged language policy, practices, and ethnography. The final course project assignment involves designing and presenting a proposal for either research or instruction that draws on current sociolinguistic theories and language learning practices. SLS 673 (1). Applied Psycholinguistics and Second Language Acquisition. Grà ¼ter This course provides an introduction to the psychological processes involved in language behavior, with a particular focus on those relevant to speaking and understanding a non-native language. Areas covered include speech perception and accent, lexical access in bilinguals, structural and discourse processing by native and non-native speakers, the role of working memory, neurological correlates of (non)native language processing, and language disorders and bilingualism. Experimental methods used in psycholinguistic research on second language acquisition will be introduced and discussed. SLS 675 (1). Second Language Qualitative Research. Kasper The course will introduce students to the principles and practices of qualitative research and their application to research problems in the domains of social institutions, multilingualism, and learning and development, including the development of language and professional competencies. The course pursues two aims: (1) to develop students’ ability to critically appraise reports of qualitative (L2) research and (2) to prepare students to conduct a qualitative study on an applied linguistic topic of their choice, or to further develop a study that is already under way. In order to meet both of these goals, particular emphasis will be given to the articulation of theory and methodology, i.e., the coherent transformation of theory into method. Students will get first-hand experience with practices of observation and interviewing, visual analysis, document analysis, and multimedia analysis. Course requirements will include reading and discussion of methodological texts, reviews of reports on qualitative studies, and practical activities. SLS 680P (1): Philosophy of Teaching. Crookes Participants will explore philosophical positions underlying S/FL teaching. We will address philosophical systems and procedures (including critical, moral and ethical thinking) in the contexts of S/FL teaching, and in respect to the decisions teachers are faced with daily, as well as long-term, as they shape their careers and their positions in society. Since all of the ideas about S/FL teaching and their philosophical dimensions have historical contexts, a historical perspective will be emphasized in the initial sessions. The concept of a philosophy of teaching can be set in practical terms because a philosophy of teaching statement is often called for in employment actions, such as job applications, contract renewals, and job interviews. It also falls into the area of professional development and personal growth, since it assists with that reflection without which efforts at a consciously constructed professional practice are not possible. SLS 680R (1). Narrative Analysis. Higgins This course introduces students to narrative analysis as an analytical framework for the exploration of research questions in sociolinguistics and applied linguistics. Most centrally, narrative analysis is used to explore questions of identity by examining how speakers construct their social worlds in and through telling stories. Narratives are also useful for examining ideologies on any number of topics. Because people tell narratives in their everyday interactions with others, researchers can also examine the role of stories in conversation and in various forms of institutional talk, including classrooms, courtrooms, clinics, and workplaces. This course will provide students with the foundation for analyzing narrative data by focusing on both ‘big stories,’ or, narratives which relate to speakers’ life histories, as well as ‘small stories,’ or narratives which take place in everyday settings. As the focus of the class is on the analysis of narrative s, students will be expected to contribute narrative data in the form of data workshops in class and to write a 20-page term paper on data they have collected. A final presentation will also be required. Required text: De Fina, Anna Georgakopoulou, Alexandra (2012). Analyzing narrative: Discourse and sociolinguistic perspectives. Cambridge University Press. Additional readings will be in the form of journal articles and book chapters, available on Laulima or through UH library. SLS 680R (2). Classroom Action Research. Gilliland This course is a companion to the summer SLS 690 Teaching Practicum in Ubon Ratchathani, Thailand. All students must have participated in the practicum during Summer 2014. Required text: Burns (2010) Doing Action Research in English Language Teaching: A Guide for Practitioners. Routledge. SLS 730 (1). Seminar in SL Pedagogy: Literature in the L2 Classroom. Day This seminar explores the use of literature in the second and foreign (L2) classroom. The primary goal is to help you develop a systematic and principled approach to using literature in your teaching. In addition to a focus on the major theoretical and research issues, the seminar explores how a literature component might be integrated into the L2 curriculum. Assignments provide opportunities to use and evaluate a variety of tasks and activities designed to incorporate literature into the L2 classroom. You will develop your own classroom materials and explore how those materials might be utilized in ways relevant to your own situations. The learning outcomes include being able to discuss the concerns and issues involved in using literature in L2 classrooms and to develop, adapt, and evaluate various literature genres and activities for the L2 classroom. SLS 750 (1). Ecological and Sociocultural Approaches to Second Language Learning. Zheng This seminar is designed to explore second language acquisition and language learning from perspectives that classical SLA does not usually take into consideration, namely ecological, sociocultural approaches. Topics regarding both epistemological and ontological orientations will be organized into the following modules: †¢ Learners: Are they truly individual beings cognizing or processing learning only in the brain, or are they only social beings who learn through socialization and interaction? Or are they ecological and dialogical beings who appropriate biological substrate, sociocultural values, semiotic resources for sense making? †¢ Environments/contexts: All research paradigms and pedagogical treatments consider the relationship between the learner and environments. Are environments considered as containers that function in the background? Are learners and environments reciprocally co-defining and co-changing? How are learners and environments connected? What are the roles of teacher, technology, community and personal biography in language development? †¢ Unit of analysis: Unit of analysis is the major entity that defines the ontological nature of your research and ultimately determines the values of finding in pedagogical practices and phenomenological discoveries. We will consider and compare a wide array of approaches on unit of analysis from different research paradigms, such as individuals, groups, tasks, t-units, turns, agent-environment coupling, communicative projects, etc. †¢ Methods and Analytical tools: technological prevalence and advancement pushes the envelope of human limitations on data management, such as data collection, analysis and report. We will examine readily available tools that can advance conducting research from ecological and sociocultural approaches. †¢ Pedagogical Implications: Synthesizing the first 4 topics, this module explores what an ecologically and socioculturally oriented classroom looks like. This includes such topics as action-based learning, place-based learning, pedagogy as multimodal design, studentteacher relationships that are beyond the segregation between teacher-centered and learner-centered dichotomies. This seminar is dedicated to the legacy of Leo van Lier’s work on The Ecology and Semiotics of Language Learning. Required texts:  van Lier, L., 2004. The Ecology and Semiotics of Language Learning: A Sociocultural Perspective. Kluwer Academic Publishers, Norwell, MA. Additional journal articles, book chapters/sections and website will be available in Laulima and course website. SLS 750 (2). Child L2 Acquisition. Schwartz The purpose of this seminar is to examine research on child L2 acquisition, with particular emphasis on syntax and morphology. Research into child L2 acquisition has the potential to inform our understanding of adult L2 acquisition as well as L1 acquisition. We will examine some of the very few studies that directly compare L2 (and L1) children and L2 adults in the acquisition of particular grammatical phenomena. Students will become familiar with the theoretical issues at stake as well as the empirical base of recent work. We start off by focusing on the critical period issue, or more neutrally, on age-dependent effects of L2 acquisition in terms of ultimate attainment. We next consider the issue of endstate (ultimate attainment) vs. development for L2 children and L2 adults. The third area is research on child L2 acquisition itself, where exposure to the nonnative language starts approximately between the ages of 4 and 7; this is likely to be the crucial age range, because it is after the native grammar has been (more or less) established and yet falls clearly within what is  traditionally considered to be the critical period for language acquisition. Of special interest here are three issues: (1) whether child L2 acquisition replicates L1 acquisition; (2) whether child L2 acquisition exhibits features of adult L2 acquisition, in particular L1 influence; and (3) whether there are characteristic differences between L2 child and L2 adult acquisition, especially with respect to different domains, specifically syntax vs. inflectional morphology. The course will be a combination of lectures and student presentations of readings. While familiarity with introductory syntax is highly desirable, time will be taken in class to ensure understanding of the necessa ry linguistic background. SLS 760 (1). Intercultural Communication. Higgins Within a sociocultural linguistics framework, this seminar focuses on how the constructs of ‘culture’ and ‘cultural difference’ are enacted by speakers of more than one language in conversational interactions. The course will pay equal attention to the ways that cultural difference is associated with miscommunication and the ways that culture can be used as a resource in interactions among multilingual speakers. The course will emphasize the perspective that culture and cultural difference are social constructs that cannot be presumed, but rather are the result of active processes in interaction among conversational participants, processes which sometimes  point to the relevance of cultural models, interpretive schemas, discourses, and ideologies. Students will examine seminal work in the field, starting with cross-cultural communication studies, followed by an examination of the developments in the field that have led to the reconceptualization of this ar ea of inquiry. Following a seminar format, students will regularly lead discussions of readings and present data for analysis in workshop format during the semester. A final term paper of 20-25 pages (with deadlines for proposal and first draft) will also be required for the course. SLS 760 (2). Language Ideologies, Policies and Practices: An Engaged Ethnographic Approach. Davis While language policy (LP) scholars increasingly explore policies as shaped by global sociopolitical and economic ideologies, LP and applied linguistics scholars are increasingly calling for on-the-ground language practices that resist, negotiate, and appropriate inequitable policies (Davis, 2009, 2014; Johnson, 2013; Wyman, McCarty, Nicholas, 2014). This course takes an  engaged ethnographic approach that is designed to draw teachers, students, community members, and others into dialogic exploration of language education policy as an interactive process; covert ideologies and policies as potentially marginalizing; and plurilingual policies as desirable, effective and possible (Davis, 2014; Phyak Bui, 2014). While challenging dominant neoliberal ideologies (Gegeo Watson-Gegeo, 2001; Tollefson, 2013; Warner, 2002), the course explores ways in which to support practices that meet local language, education, economic and human welfare needs. Thus, the course takes an interdisciplina ry approach in exploring societal and schooling issues such as multilingualism, translanguaging, and identities while considering the agency of individuals and communities as the epicenter of language policy reform (Davis, 2014; Pennycook, 2013). The course draws on the above theoretical perspectives in exploring engaged dialogic and participatory efforts to promote equitable education in both developed and developing countries. Through readings, course activities and discussion course participants will develop both ideological analytical and engaged ethnographic abilities that can guide current and future work in schools, communities, and with education administration. Course participants will further gain insight into engaged ethnographic research methods through designing research proposal and/or documenting engaged efforts with teachers, parents and/or concerned others in promoting equitable language education policy and practices. These efforts can focus on research and/or documentation in one or more of the following areas: 1) Conducting ideological analyses with parents, educators, and concerned others towards raising awareness of harmful neoliberal commodification and standardization language education policies; 2) Exploring and planning resistance and alternatives to marginalizing and ineffective national, state, and regional language ideologies and policies; 3) Developing community and school based language and education policies that are locally relevant, educationally forward-looking, and serve to provide models for wider change and 4) Developing relevant and engaging instructional practices through supporting teachers and building on local knowledge for schooling that is studentcentered and engaging. In sum, this course actively involves course participants in drawing on current theories and utilizing engaged  ethnographic methods towards promoting equitable policies and practices.

Politics Essays Charismatic Politics Leader

Politics Essays Charismatic Politics Leader Charismatic Politics Leader Charismatic Leadership and its Effect on Politics in History The role of charismatic leadership in modern political history can be considered a controversial topic. The subject has most recently come about in regards to Democratic Senator Barack Obama, and his campaign for the American Presidency, but can also been seen in smaller contexts globally. In some respects, charisma seems difficult to define or explain. In theory, it would seem that if one should implement the appropriate policy and make difficult decisions at the right time, they should succeed in politics. It appears that this is not always the case, and that charisma does play a vital role in politics. Robert A. Caro said in his biography of Lyndon Johnson, â€Å"You only have to look at the crucial moments in the history of our time to see how crucial it was to have a leader who could inspire, who could rally a nation to a standard, who could infuse a country with confidence†¦Ã¢â‚¬ . (Caro) It seems that charisma is an important aspect of being a political leader, yet defining and explaining exactly what makes the person so appealing, inspiring and trustworthy is not easily delineated. Early sociologist Max Weber defined charisma as one of the three â€Å"ideal types† of authority, and rested upon a kind of magical power and hero worship. This definition was considered unsuitable for modern times, and its use became metaphorical – ultimately becoming a synonym for heroic or popular (Zernike). This leads us to the questions examined in this paper; to what extent is charisma necessary in politics and what are the positive and negative effects of a leader holding charisma as a political figurehead? It is the belief of some that there is a high risk of charismatic leaders to be all talk and no real answers of substance. The charismatic leader seems to thrive in times of crisis or national hardship. Arthur M. Schlesinger referred to a â€Å"new mood in politics† in the 1960’s, in which there was dissatisfaction with official priorities and concerns with the character and objectives of the nation. It appears that this is the very same climate that supporters of Barack Obama feel now. It is here that the proposed negative effects of a charismatic leader come into play. Some feel that Obama’s messages of hope and change are only talk, and lack serious substance and real answers on policy changes that would be required to make said transformations. â€Å"He speaks loudly and clearly and crowds flock to him like bees to honey. Many blindly follow a man who will lead them to dangerous waters. They fall for his words and not the policies he is going to use to run the nation† (Woerner). Since charismatic leadership typically results in strong, unchallenged levels of obedience, there is also the risk of weak minded individual followers that do not employ their individual thought processes and are blindly agreeable (12-Manage). This can manifest into a more serious problem and can result in â€Å"group think†, especially in politics, where there is the need for constant re-evaluation and challenging of ideas. In politics, it is imperative to examine all angles constantly, as major decisions made for a country can be life or death and have an impact on the citizen’s lives directly. On a smaller scale, the recent provincial election in Alberta exhibited some key issues pertaining to charismatic leadership. Alberta has been a strong Progressive Conservative province, in which the party has held power uninterrupted since 1971. The most recent reign of leadership has been under Ralph Klein, who was Premier of Alberta from 1992 through 2006. The retirement of this long standing leader has brought about some issues pertaining to charisma and their place in politics. Ralph Klein was an outspoken leader, who eventually developed an overwhelming rapport with Albertans, his approval rating being 77% at the end of his run as Premier (Markusoff). The eventual devotion and loyalty of Albertans to Klein brings forth the issue of emotions and feelings of the voters towards the candidate superseding the importance of being informed about current issues and platforms being addressed by the candidate. Thomas Lukaszuk, Conservative MLA commented on this issue You know, strong feelings in politics are dangerous, You want rational voters to vote on policies and on merit, not whether they hate or love an individual in a party or a leader (Markusoff). This leads us to the question of whether the majority of voters are actually informed on current issues, or if they tend to cast their ballot based on their personal feelings of the candidate. The Progressive Conservative party, currently headed by Ed Stelmach, won by an impressively substantial amount in the recent election that occurred in Alberta on March 3, 2008. Many felt that the new candidate held little charisma or ground-breaking ideas compared to his predecessor, Klein. Dave Khalon said of Stelmach Everythings just formatted. I see him on TV, and he just reads off the script. But nobody else seems to stick out, either. Khalon admitted that he planned to vote Conservative in the election because of family tradition and his fondness of the party’s prior leader, Klein (Markusoff). This leads us to consider that it is a very real possibility that Ed Stelmach’s win had little to do with his abilities and ideas as a candidate, but the charisma of the prior leader and the lack of other inspirational candidates as alternatives. A major problem in current politics is voter apathy, which could be partly attributed to a lack of inspirational candidates. This said, too much emphasis on the charisma of candidates can be viewed as a downfall in politics, leading to uninformed voters. Some voters seem to be placing a great deal of weight on the personality of the candidate rather than the campaign platforms and plans, which, in theory, should be the backbone of the campaign. The largest risk is posed by what is sometimes referred to â€Å"the black hat of charisma†. What this essentially encompasses is the use of charismatic power for self-serving purposes. The more charisma a potentially dangerous leader possesses, the greater the risk to society. This is emphasized because the base for charisma is emotional rather than logical or rational (Daft). Jerry Wofford says of this risk â€Å"If a person’s values are destructive, insane, then the more charismatic the leader, the worse off you are† (Tenenbaum). Unfortunately, these types of leaders have existed throughout the history of politics and continue to exist in present day. Adolf Hitler’s reign as fuhrer of the German Reich is a prime example of what can happen when power is in the wrong hands, and the accelerated negative effects that can occur if that person exhibits any sort of charisma that has the potential to be used for the wrong purpose. As mentioned, charismatic leaders seem to come about in times of crisis, as was the case with Hitler. Germany’s economy was in a precarious position after World War I and Hitler â€Å"wooed† the German people with his charisma, promising to fix the problems and make everything better. Meanwhile, he had his own agenda, which was elimination of all people he didn’t think met the criteria of â€Å"ideal† (Shay). This turn of events ended up being one of the greatest tragedies in modern history. More recently, charismatic leadership was exhibited in Osama bin Laden and his terrorist group al-Qaeda. In this case, the group was considered more of a cult, where brainwashing tactics were used. Charismatic power was used at the forefront, during recruitment of members to the group. The recruits were usually young idealists, recruited under the facade of â€Å"liberation† and â€Å"Islamic beliefs†, initially unaware of the real commitments of the group. The underlying concept that is common of those falling under the category of cults, or alternately â€Å"the black hat of charisma† is when a charismatic leader increasingly becomes an object of worship as the general principles that may have originally sustained the group lose their power (Ross). This leaves the dangerous charismatic leader to their own agenda. The values that the people originally stood for become irrelevant and the situation becomes personality driven. Ultimately, it is a risk that will always be prevalent pertaining to charismatic individuals. This risk is driven even higher with an uninformed, easily influenced society of voters. The only possibility of mitigating this risk is for each individual to stay as informed as possible and look for the warning signs of a leader that possesses ulterior motives. Charisma can be seen as an ingredient in a recipe for disaster, based on the charismatic leaders that have been prevalent in recent history. The other side of this story starts with uninformed, uninspired citizens. It is the view of some that these individuals need a charismatic leader to light a fire under them and get them believing that the political process is not just a big waste of time. This is especially prevalent in America’s youth, in which approximately a quarter of the eligible population actually makes it out to vote (Dashek). Even if a candidate has a strong position and ideas, they may be viewed as the typical uninspiring politician if they do not have the charisma to bring their campaign and ideas to life and get the general public excited about the proposed changes. Barack Obama and rival democratic candidate Hillary Clinton have the similar stands on a large portion of their policies. Gabe Pressman says â€Å"She claims experience. He promises change. As the race for the Democratic nomination for president intensifies, the differences in policy between Hillary Clinton and Barack Obama seem less than the images they project and their shortcut slogans.† (Pressman) It seems then that it comes down to charisma as a deciding factor in what will set them apart, and the ability to reach and inspire those that most need inspiration. It is the belief of some that Barack Obama will be able to provide a balance of substance and inspiration to the American people. Tom Butcher, a sophomore at the University of St. Louis says â€Å"In contemporary politics, it is not enough to have merely style or substance alone. Mere substance will have no one caring about your policy (think Al Gore). Style alone leaves the vacuous impression of an incandescent bubble. Obama is in the unique position of offering the combination† (Butcher). From the views examined above, the conclusion can be reached that charisma is a necessary element in politics, but can be extremely dangerous in the hands of the wrong leader. It has been noted that the general public needs to be aware of the substance behind the charisma in order to cast an informed ballot. It is also crucial that voters separate their personal feelings of the candidate from the facts behind the policies in order to make an informed decision. Skepticism is actually an important quality for voters to bring into play to ensure the initial issues are being focused on, and that the leader is not shifting the focus to ulterior motives. Finally, it was noted that although charisma brings about many risks, it is necessary in a political figurehead in order to inspire the people. Encouraging the people to get involved and believe in something is the only way to avoid voter apathy in a political environment where democracy is undeniably underutilized. Works Cited 12-Manage. Charismatic Leadership (Weber). 3 March 2008 . Butcher, Tom. Charisma in Politics: Not an Empty Promise. Student Life 27 February 2008: 1. Caro, Robert A. The Path to Power. New York: Alfred A. Knopf Inc., 1982. Daft, Richard L. The Leadership Experience. Mason, OH: Thomson South-Western, 2005. Dashek, Ryan. Apathy is Unacceptable for American youth vote. The Daily Cardinal 18 February 2008: 1. Markusoff, Jason. Charisma Gap mires parties. Edmonton Journal 20 February 2008: 2. Pressman, Gabe. Gabes View: Will Charisma Carry the Day? WNBC 18 February 2008: 1. Ross, Rick. Cult Education and Recovery. November 2001. 9 March 2008 . Shay, Virginia. The Virtual Voice. 6 March 2008 . Tenenbaum, David. The Character of Charisma. 15 July 2004. 20 February 2008 . Woerner, Tom. Helium.com. 3 March 2008 . Zernike, Kate. The Charisma Mandate. The New York Times 17 February 2008: 2.

Implications of Chinese Capital Account Liberalisation

Implications of Chinese Capital Account Liberalisation If China does liberalise, few other events over the next decade are likely to have more impact on the shape of the global financial system. This also sets out a conceptual framework, identifying three separate factors which help explain why the scale of the subsequent movements in capital flows — both into and out of China — could be very large relative to the size of the world economy: (i) ‘Closing the openness gap’- There is a large gap between China’s current level of openness and that of advanced economies. Liberalisation will lead this gap to close, generating large flows in the process. (ii) ‘Catch-up growth’- China’s economic growth is expected to be relatively high over the next decade. So even if China’s capital flows do not increase relative to its own economy, they will relative to the world economy. (iii)‘Declining home bias’- Prior to the recent crisis, the global financial system became increasingly integrated. A resumption of these trends over coming decades would lead capital flows to increase both in China and globally. Summary chart Potential impact of capital account liberalisation on China’s international investment position Based on these three factors and some simple but plausible assumptions, the summary chart shows a hypothetical scenario for China’s global financial integration in 2025. It shows that China’s gross international investment position could increase from around 5% to over 30% of world GDP. The global financial integration of China has the potential to be a force for economic growth and financial stability not just in China but also globally. Global implications of Chinese capital account liberalisation The potential changes in both the magnitude and composition of capital flows outlined in the previous section would dramatically alter the financial landscape both in China and globally. In principle, capital account liberalisation in China could be a powerful force that enables the Chinese and global Implications for China For China, there are several potential benefits of liberalisation which can all be viewed through the broader lens of contributing to economic rebalancing. The Chinese economy is now starting to transition to a new model of growth, away from reliance on exports and investment as the key sources of demand. The new model of growth will therefore place a greater emphasis on consumption as a source of demand and an increase in the production of services relative to exportable manufactures. This is a challenging task and will require an ambitious agenda of structural reforms. Among these reforms, capital account liberalisation will play a key role. A removal of restrictions on outflows, for example, will allow Chinese companies and households to diversify their large pools of savings by investing in overseas assets. This should help to spread risk, reducing the need for precautionary saving and hence free up income for current spending. And it may also boost household income if returns earned on overseas assets are higher than on domestic assets (which is likely given that real deposit rates in China are currently negative due to  regulatory caps). China has the biggest banking system in the world by total assets but it is very domestically focused. If China’s banks were to diversify their balance sheets by expanding abroad — either directly through cross-border bank lending, or indirectly through lending to foreign affiliates — they may become more resilient to an adverse shock in their home market and so be better able to maintain lending to domestic companies and households in China. Allowing more channels for inflows, on the other hand, will help to deepen and diversify China’s financial system, providing alternative sources of capital for Chinese borrowers. Should liberalisation also lead to lower reserve accumulation, it could lead to an improvement in China’s fiscal balance since the return on its FX reserves is lower than the cost of sterilising those purchases. And if it were accompanied by a more flexible exchange rate regime (as was suggested by the Third Plenum), it could allow China to operate a more effective monetary policy, increasing its ability to respond to domestic shocks. All of these factors should promote China’s rebalancing and its transition towards a new model of growth. But there are also risks. There are several notable examples where capital account liberalisation has resulted in instability. The most recent, perhaps, was the Eastern European countries where large capital inflows contributed to unsustainably rapid cr edit growth that ultimately culminated in economic and financial crisis in 2008 (Bakker and Gulde (2010)). Chinese policymakers will need to ensure they have sufficient scope to set policy to offset shocks that could pose risks to economic and financial stability. It will be particularly important to sequence carefully external liberalisation with appropriate domestic macroprudential and microprudential policies to mitigate risks from excessive credit growth and asset price volatility. One concern is that by opening the financial gates, some banks and, ultimately, borrowers in the Chinese real economy may find themselves faced with a shortage of liquidity. China’s banking system is heavily reliant on domestic deposits for its funding, which account for around two thirds of total liabilities. A reallocation overseas of even a small share of these deposits could therefore cause funding difficulties. By  enabling higher real returns for Chinese domestic savers, however, domest ic interest rate liberalisation could help to reduce these risks. Another set of risks are related to inflows. In the short run, there could be indigestion in China’s asset markets, which are still small relative to potentially large inflows of capital. And over a longer time period, inflows could lead to an unsustainable build-up of maturity and currency mismatches in national balance sheets (for example, long-term domestic investment funded by short-term overseas FX-denominated borrowing). Large mismatches are susceptible to unwind in a disorderly way, as was the case for some Asian economies in 1997–98. Finally, the risks arising from a more flexible — and potentially more volatile — exchange rate would need to be effectively managed. Which of these outcomes — more sustainable growth or a rise in instability — would dominate will depend on the accompanying policy framework. The empirical evidence on the costs and benefits of financial openness tends to suggest that countries benefit most when certain threshold conditions — such as a well-developed and supervised financial sector and sound institutions and macroeconomic policies — are in place before opening up to large-scale flows of capital (Kose et al (2006)). This underscores the importance in China of careful sequencing of capital account liberalisation alongside other domestic reforms such as domestic interest rate liberalisation, development of effective hedging instruments and enhancing the microprudential and macroprudential regimes. Implications for the rest of the world From the perspective of policymakers outside of China, it is important to understand how capital account liberalisation might ‘spill over’ to affect other economies. Four such channels are discussed below, although there are undoubtedly others. Greater exposure to the Chinese financial system If liberalisation has a large impact on the Chinese economy or financial system, it is also likely to have a significant impact in other countries as well. Although China’s economy is already considered able to generate material spillovers onto other economies (International Monetary Fund (2011b)), the process of capital account liberalisation will likely increase its systemic importance even further, by magnifying existing transmission channels, while also creating new ones. Foreign households, businesses and financial institutions will increase the amount and the number of their claims on China, while those in China will do the same with respect to the outside world, thereb y deepening the complex web of financial interconnectedness. If China does hard-wire itself into the global financial system, it will bring important benefits in terms of risk-sharing. Households that purchase Chinese assets whose returns are not perfectly correlated with their own income would be better able to smooth consumption. And foreign banks that  expand in China would diversify their earnings base and potentially enhance their resilience. The flipside of increased interconnectedness, however, is that the global financial system will be more sensitive to shocks originating in China. Increased holdings of Chinese assets, for example, would imply greater exposure to fluctuations in their price. Greater reliance of global banks on Chinese banks for  funding, in turn, would bring about the possibility of a liquidity shortage if those banks were to repatriate funds in response to balance sheet pressures back home.(1) Increase in global liquidity If China’s financial walls are lifted, some of its vast pool of domestic savings will migrate into global capital markets, providing a significant boost to liquidity. The illustrative scenario in Chart 5 suggests that these flows could amount to a substantial share of world GDP. A new source of global liquidity from China could lead to several beneficial effects, particularly during a period where the world’s financial system is becoming increasingly fragmented and retreating into national borders (Carney (2013b)). As well as providing a new source of finance for borrowers, it could lead to a more diversified and more stable global investor base. At the same time, however, a rapid increase in liquidity from China could lead to absorption pressures in some asset markets in the short run, which could lead to a mispricing of risk with adverse consequences for financial stability. Increased global role of the renminbi Greater international use of the renminbi would add another dimension to the global impact of capital account liberalisation. Potential benefits include lower transaction costs and a reduced risk of currency mismatches. But it may also amplify the international transmission of Chinese policy and domestic shocks, of which policymakers around the world will need to take into account. Take the following hypothetical case: a country purchases a large proportion of its imports from China and its currency depreciates against the renminbi. If the prices of those imports are set and invoiced in the domestic currency of that country, the depreciation would not automatically lead to an increase in their price and hence no response in domestic monetary and fiscal policy would be needed.(2) If, however, the imports were invoiced in RMB, then their price would increase in line with the exchange rate depreciation, leading to domestic inflation. Moreover, a country that had no trade with China but whose imports were set and invoiced in RMB — such that the RMB would be a ‘vehicle currency’ — would need to respond to macroeconomic or policy fluctuations in China that affect the exchange rate and feed through into domestic prices of that country. There is a body of literature which finds evidence of these invoicing effects for the US dollar, as the world’s most international currency. Goldberg (2010) finds that for non-US economies, large use of the US dollar in reserves and in international transactions is typically associated with greater sensitivity of trade, inflation and asset values to movements in the value of the dollar relative to the domestic currency. However, as discussed above, it would likely take much longer than a decade for the renminbi to take on a similar role to that of the US dollar today. Global imbalances The literature on the causes and consequences of global imbalances is as vast as it is inconclusive. According to one influential perspective, the large imbalances in current account positions that accumulated over the past decade partly originated in high net saving rates in developing Asian countries (Bernanke (2005). If true, capital account liberalisation in China could potentially help to alleviate these imbalances to the extent that it leads to a reduction in China’s net savings and correspondingly its current account surplus (although clearly the impact of this on overall imbalances would depend on the corresponding adjustment in other countries). This may occur either because liberalisation lowers the incentives for precautionary saving or because it leads to a more flexible and higher exchange rate. But even if Chinese capital account liberalisation were to lead to no reduction in global imbalances, it could still help to lessen some of the adverse consequences relating to these imbalances. There is evidence that reserve accumulation by foreign governments can materially depress the risk-free interest rate in the United States (Warnock and Warnock (2009)) which, in turn, may encourage excessive risk-taking behaviour globally. So to the extent that Chinese capital account liberalisation were to result in a switch in the composition of outflows, away from reserve accumulation by the central bank and towards overseas investment in riskier assets by other Chinese residents, this may reduce some of the downward pressure on government bond yields and related rates i n the United States and globally. Of course, this would bring other challenges. But in the longer term, it could be beneficial for the stability of the international monetary and financial system as a whole. Conclusion If China continues to liberalize its capital account over the next decade or so, it is likely to be a force for development and constancy not just in China but also for the international monetary and financial system. While this process will be companied by new and important risks, it falls to international bodies and national authorities to monitor and take appropriate policy actions to mitigate such risks. This will not be a petty task. As we already know Chinese capital account liberalisation could lead to striking changes in the global financial landscape, policymakers will be facing uncharted territory. In order to succeed, policy cooperation between national authorities is necessary, both to increase understanding of the risks and to develop common policy approaches. Currently the Bank of England is working intimately with the People’s Bank of China regarding the development of offshore renminbi activity in the United Kingdom and will continue to seek other ways to suppo rt a successful integration of China into the global financial system.

Study Abroad :: College Admissions Essays

Learning about new cultures is my favorite thing to do. I interact well with others and enjoy networking with new people. I have found that my ability to meet new people is a trait that makes every visit I have taken to different countries an enjoyable visit. I wish to participate in this program because it has always been a goal of mine to study abroad. By participating in this program I hope to learn about another culture, make international contacts, and gain valuable international business skills. Within this program I assume that I will experience different points of views from the American professors who will be teaching. Along with these different points of views, the Italian culture and interacting with other American students will be experiences I could not otherwise have. Â  International business is becoming increasingly more important, and although I have received great education while in college, I am eager to participate in this program because the first-hand experiences I will have cannot be equaled here in America. As a sixth grader I participated in Children's International Summer Villages in Finland. While in Finland I stayed with a host family for a week and lived in a school with forty different delegates representing ten separate countries. It truly was the best time of my life.

Atco Ghost of the Southern New Jersey Piney Barrens Essay -- Urban Leg

Atco Ghost of the Southern New Jersey Piney Barrens The sparsely populated towns and countryside of the Pine Barrens of Southern New Jersey have often been the ideal setting of various ghost stories, including the infamous tale of the Jersey Devil, that are told in the more heavily populated Northern New Jersey and Philadelphia metropolitan regions. One of those â€Å"Piney† towns is home to a lesser-known, but equally interesting, tale of a street that is haunted by the ghost of a young boy. The story is set in the town of Atco, within Waterford Township, and is located approximately half-way between Philadelphia and Atlantic City, right in the heart of the Wharton State Forest section of the Pine Barrens National Reserve. The story was told to me by one of my high-school classmates, who is a resident of the town of Atco. The nineteen year old young man is currently a sophomore at Clemson University and describes himself as being a Roman Catholic of half Italian-American and half Irish-American decent. The young man also noted that he is normally very socially conservative and a staunch Republican. His father is employed as a general contractor and his mother runs her own catering company. He describes himself as a â€Å"self proclaimed expert of all things related to the Atco Ghost.† He cannot remember the specific date when he first heard the story, but stated that he can remember knowing most of the details to the story for most of his life. He also claims to have attempted to see the ghost on only one occasion and after what he saw, he refuses to ever go back to that area of town at night. The following is an almost word for word account, which he checked to ensure its accuracy, of the lengthy story as he retold it to me ... ...ker: American Urban Legends & Their Meanings. New York: W. W. Norton, 1981. Case Studies – Atco Ghost, Atco, NJ / Pleasant Mills Cemetery, Bastso, NJ. Accessed at http://www.sjpr.org/atcocem.html--A website from the South Jersey Paranormal Research group providing a detailed account of their experience in visiting the location of the Atco Ghost. Sceurman, Mark and Maron, Mark. Weird N.J.: Your Travel Guide to New Jersey’s Local Legends and Best Kept Secrets. New York: Barnes & Noble, 2003. Accessed at www.weirdnj.com--A magazine, with selected archives available online, that provides accounts of the various folklore and legends that comprise the New Jersey culture. www.theatcoghost.com--A site detailing directions on how to see the ghost with an accompanying message board in which individuals recount their own experiences of attempting to witness the ghost.

The Psychology of Inspiration in Prose Poems by Lynn Emanuel Essay

Portraits in Pain: The Psychology of Inspiration in Prose Poems by Lynn Emanuel Reconstructing notions such as potentiality and inspiration, Emanuel’s prose poems, whose thematic range spans from involvement with the paintings of her renowned father Akiba Emanuel (a model and ‘pupil’ of Matisse) to the ‘portraits’ of Gertrude Stein, illuminate the interrelationship between language and world, and the psychology of inhabiting both through inspiration. This paper will address the question of what fuels creativity when it is put to work through the involvement of other voices which are represented (in Emanuel’s case) as suffering from having their genius interrupted either by death, by lack of recognition, or by amnesia. In all Emanuel’s three collections of poems, and a couple of other chap books, inspiration plays an important role, yet Emanuel is not interested in inspiration in the traditional sense to mean divine connection with a higher power or a muse, and romantic transcendence. Inspiration for Emanuel is always triggered by an attempt at understanding what pain is. The pain of creation and composition, and the pain of reading and writing promote two different types of understanding: first, that there is something to create out of nothing, and second, that ‘nothing’ is always a beginning. Inspiration for Emanuel is therefore the beginning of nothing. But how does one begin nothing, a created nothing, that is, a nothing which can be rendered and read and which can explain both the pain of understanding such relations and the inspiration that befalls them? One of Emanuel’s answers seems to be given through her use of amnesia. It is through the theme of forgetfulness that a connection between the writer an... ... . Pittsburgh: University of Pittsburgh Press, 1999 Lethem, Jonathan, ed. â€Å"Introduction†. The Vintage Book of Amnesia: an anthology of Writing on the Subject of Memory Loss. New York: Vintage Books, 2000 Suà ¡rez Araà ºz, Nicomedes. â€Å"The Amnesis Manifesto†, 1984 [http://www.- smith.edu/calc/amnesia/manifesto.html] Zawinski, Andrena. â€Å"Poetry in Review†. In Posse Review. Osiduy. Issue 9. Vol. 1, year undisclosed [http://webdelsol.com/InPosse/zawinski9.htm] 9 1 Joyce 1992, 854 2 Domangue 1997, no pagination 3 Berman 1993, no pagination 4 Emanuel 1995, 42 5 Suà ¡rez-Araà ºz, 1984, no pagination 6 Joyce 1992, 854 7 Emanuel 1995, 57 8 Emanuel 1999, 7 9 Zawinski, no year; no pagination 10 Emanuel 1999, 27 11 Emanuel 1999, 28 12 Clark 1997, 10 13 Clark 1997, 119 14 Emanuel 1999, 29 15 Emanuel 1999, 30 16 Emanuel 1999, 34 17 Emanuel 1999, 34 18 Lethem 2000, xv

Working Capital Managment

Management Of Working Capital Introduction Working Capital-Definition Working Capital is the cash needed to pay for the day to day operation of the business. Along with long term investments , business also needs funds for short-term purposes to finance current operations. Investment in short term assets like cash, inventories, debtors etc. , is called ‘Short-term Funds’ or ‘Working Capital’. Hence, the management of Working Capital is very important for the smooth running of business. Calcution of Working CapitalWorking Capital of a company is the difference between the Current Assets and the Current Liabilities of the company. Working capital=Current Assets-Current Liabilities Current Assets: Assets of the business held in the form of cash(e. g cash at the bank) or that can be quickly turned into cash. Current Assests Stocks Cash Debtors Investments Current Liabilities: Money owed by a business organization which is to be paid within next 12 months Current Liabilities Trade Creditors DividendsTaxation Short term loans Circulating capital – working capital is also known as circulating capital or current capital. ’ â€Å"The use of the term circulating capital instead of working capital indicates that its flow is circular in nature. † Structure of Working Capital The different elements or components of current assets and current liabilities constitute the structure of working capital which can be illustrated in the shape of a chart as follows: Working Capital Cycle makes it clear that the amount of cash is obtained mainly from issue of shares, borrowing and operations.Cash funds are used to purchase fixed assets, raw materials and used to pay to creditors. The raw materials are processed; wages and overhead expenses are paid which in result produce finished goods for sale. Working Capital circulation is like the blood circulation in the human body as once it stops the whole business becomes lifeless. Classification of Working Capital Working Capital can be classified in various ways. Conceptual classification – There are two concept of working capital viz. , quantitative and qualitative.The quantitative concept takes into account as the current assets while the qualitative concept takes into account the excess of current assets over current liabilities. Deficit of working capital exists where the amount of current liabilities exceeds the amount of current assets. The above can be summarized as follows: (i) Gross Working Capital = Total Current Assets (ii) Net Working Capital = Excess of Current Assets over Current Liabilities (iii) Working Capital Deficit = Excess of Current Liabilities over Current Assets. Classification on the basis of financial reports – The nformation of working capital can be collected from Balance Sheet or Profit and Loss Account; as such the working capital may be classified as follows: (i) Cash Working Capital– This is calculated from the informat ion contained in profit and loss account. This concept of working capital has assumed a great significance in recent years as it shows the adequacy of cash flow in business. It is based on ‘Operating Cycle Concept’s (ii) Balance Sheet Working Capital– The data for Balance Sheet Working Capital is collected from the balance sheet. On this basis the Working Capital can also be divided in three more types, viz. gross Working Capital, net Working Capital and Working Capital deficit. Classification on the Basis of Variability – Gross Working Capital can be divided in two categories viz. ,(i) permanent or fixed working capital, and (ii) Temporary, Seasonal or variable working capital. Such type of classification is very important for hedging decisions. (i) Temporary Working Capital – Temporary Working Capital is also called as fluctuating or seasonal working capital. This represents additional investment needed during prosperity An favorable seasons. It i ncreases with the growth of the business. Temporary working capital is the additional assets required to meet the variations in sales above the permanent level. † This can be calculated as follows: Temporary Working Capital = Total Current Assets – permanent Current Assets (ii) Permanent Working Capital – It is a part of total current assets which is not changed due to variation in sales. There is always a minimum level of cash, inventories, and accounts receivables which is always maintained in the business even if sales are reduced to a minimum. Amount of such investment is called as permanent working capital. Permanent Working Capital is the amount of working capital that persists over time regardless of fluctuations in sales. † This is also called as regular working capital. Importance of Working Capital Management For smooth running an enterprise, adequate amount of working capital is very essential. Efficiency in this area can help, to utilize fixed a ssets gainfully, to assure the firm’s long- term success and to achieve the overall goal of maximization of the shareholders, fund. Shortage or bad management of cash may result in loss of cash discount and loss of reputation due to non-payment of obligation on due dates.Insufficient inventories may be the main cause of production held up and it may compel the enterprises to purchase raw materials at unfavorable rates. Like-wise facility of credit sale is also very essential for sales promotions. It is rightly observed that â€Å"many a times business failure takes place due to lack of working capital. Adequate working capital provides a cushion for bad days, a concern can pass its period of depression without much difficulty. The significance of adequate working capital is â€Å"to avoid interruption in the production schedule and maintain sales, a concern equires funds to finance inventories and receivables. † The adequacy of cash and current assets together with th eir efficient handling virtually determines the survival or demise of a concern. An enterprise should maintain adequate working capital for its smooth functioning. Both, excessive working capital and inadequate working capital will impair the profitability and general health of a concern. The danger of excessive working capital are as follows: Heavy investment in fixed assets –A concern may invest heavily in its fixed assets which is not justified by actual sales.This may create situation of over capitalization. Reckless purchase of materials- Inventory is purchased recklessly which results in dormant slow moving and obsolete inventory. At the same time it may increase the cost due to mishandling, waste, theft, etc. Speculative tendencies – Speculative tendencies may increase and if profit is increased dividend distribution will also increase. This will hamper the image of a concern in future when speculative loss may start. Liberal credit – Due to liberal credi t, size of accounts receivables will also increase.Liberal credit facility can increase bad debts and wrong practices will start, regarding delay in payments. Carelessness – Excessive working capital will lead to carelessness about costs which will adversely affect the profitability. Paucity of working capitalist also bad and has the following dangers: 1. Implementation of operating plans becomes difficult and a concern may not achieve its profit target. 2. It is difficult to pay dividend due to lack of funds. 3. Bargaining capacity is reduced in credit purchases and cash discount could not be availed. 4.An enterprise looses its reputation when it becomes difficult even to meet day-to- day commitments. 5. Operating inefficiencies may creep in when a concern cannot meet it financial promises. 6. Stagnates growth as the funds are not available for new projects. 7. A concern will have to borrow funds at an exorbitant rate of interest in case of need. 8. Sometimes, a concern may be bound to sale its product at a very reduced rates to collect funds which may harm its image. Meaning of Working Capital Management The management of current assets, current liabilities and inter-relationship between them is termed as working capital management. Working capital management is concerned with problems that arise in attempting to manage the current assets, the current liabilities and the inter-relationship that exist between them. † In practice, â€Å"There is usually a distinction made between the investment decisions concerning current assets and the financing of working capital. † From the above, the following two aspects of working capital management emerges: (1) To determine the magnitude of current assets or â€Å"level of working capital† and (2) To determine the mode of financing or â€Å"hedging decisions. Significance of Working Capital Management Funds are needed in every business for carrying on day-to-day operations. Working capital f unds are regarded as the life blood of a business firm. A firm can exist and survive without making profit but cannot survive without working capital funds. If a firm is not earning profit it may be termed as ‘sick’, but, not having working capital may cause its bankruptcy working capital in order to survive. The alternatives are not pleasant. Bankruptcy is one alternative. Being acquired on unfavorable term as another.Thus, each firm must decide how to balance the amount of working capital it holds, against the risk of failure. † Working capital has acquired a great significance and sound position in the recent past for the twin objects of profitability and liquidity. In period of rising capital costs and scare funds, the working capital is one of the most important areas requiring management review. It is rightly observed that, â€Å"Constant management review is required to maintain appropriate levels in the various working capital accounts. †Mainly the success of a concern depends upon proper management of working capital so â€Å"working capital management has been looked upon as the driving seat of financial manager. † It consumes a great deal of time to increase profitability as well as to maintain proper liquidity at minimum risk. There are many aspects of working capital management which make it an important function of the finance manager. In fact we need to know when to look for working capital funds, how to use them and how measure, plan and control them. A study of working capital management is very important for internal and external experts.Sales expansion, dividend declaration, plants expansion, new product line, increase in salaries and wages ,rising price level, etc. , put added strain on working capital maintenance. Failure of any enterprise is undoubtedly due to poor management and absence of management skill. Importance of working capital management stems from two reasons, viz. , (i) A substantial portion o f total investment is invested in current assets, and (ii) level of current assets and current liabilities will change quickly with the variation in sales.Though fixed assets investment and long-term borrowing will also response to the changes in sales, but its response will be weak. Conclusion Although some companies began the process of improving their working capital management five or even 10 years ago, many others were driven to focus on the issues by funding disruptions and cash shortages brought by the global crisis. The effects of the many challenges faced by large companies during that period are evident today in both operational practices and strategic priorities.