Become an Adjunct Professor

Become an Adjunct Professor In the scholarly world, there are a few sorts of teachers. As a rule, an extra teacher is low maintenance educator. Rather than being employed on a full-time, long haul premise, aide educators are recruited dependent on the quantity of classes required and by the semester. For the most part, they are not ensured work past the current semester and are not given advantages. While they might be held again and again, being an extra is to a greater degree an impermanent job when all is said in done. Subordinate Professors Contracts Subordinate educators work by contract, so their duties are constrained to training the course they have been employed to instruct. They are not required to lead exploration or administration exercises at the school, as a regular teacher would take part in. All in all, extra educators are paid $2,000 to $4,000 per class, contingent upon the college or school at which they instruct. Numerous subordinate educators hold all day employments and instruct to enhance their salary or to extend their systems administration capacities. Some educate essentially in light of the fact that they appreciate it. Other extra educators show a few classes at a few organizations every semester so as to win a living from instructing. A few scholastics contend that aide teachers are exploited in light of the fact that numerous so want to keep a foot in the scholarly community regardless of overwhelming outstanding burdens and poor compensation, however it despite everything bodes well for various experts and foundations. Upsides and downsides of Adjunct Teaching There are favorable circumstances and detriments to turning into a subordinate. One advantage is that it can reinforce your picture and assist you with building up an expert stage; another is that you won't need to engage in authoritative governmental issues that plague numerous establishments. The compensation is a lot of lower than an ordinary teacher, however, so you may feel like you are doing likewise measure of work as associates and getting saved money. Its imperative to consider your inspirations and objectives while thinking about a vocation or occupation as an extra educator; for some individuals, its an enhancement to their profession or salary rather than a full-time profession. For other people, it can assist them with getting their foot in the entryway to turning into a tenured teacher. The most effective method to Become an Adjunct Professor To be an assistant teacher, you should hold an experts degree in any event. Numerous assistant teachers are really busy acquiring a degree. Some have Ph.D. degrees. Others simply have a ton of involvement with their separate fields. Is it accurate to say that you are a current master's level college understudy? System in your specialization to check whether there are any possible openings. Additionally, ask locally at junior colleges to break in and get some understanding.

EU’s Fifth Action Programme Essay Example for Free

EU’s Fifth Action Program Essay The presentation of European Union’s Fifth Action Program into the mainland contamination control instrument has wide range benefits, a few of which will be examined in ensuing areas of this paper. Without a doubt, the utilization of the program will totally change how individuals in the mainland manage contamination issues. One explanation behind this change is actuality that the greater part of contamination control measures would be done at the grassroots level instead of the customary model of having measures create and actualized at national and mainland level. In clarifying advantages of the program, the paper is partitioned into five segments, every one of which tends to a particular advantage. I. Production of Responsibility Culture Decentralization of answer for contamination issues in EU will prompt circumstance where people at the nearby level assume liability for contamination issues in their particular regions. In such manner, it is conceivable to create estimates that in accordance with nearby requests. This is on the grounds that individuals from neighborhood network comprehend wagers what could be debilitated their condition. Furthermore, having an understanding that there’ll never be outside assist will with making a culture of obligation among local people. This could be accomplished through protection measures guaranteeing that contamination is stayed away from in any case, or even limit impacts insignificant contamination that may happen. Singular people group and family units will that begin contingent upon themselves in issue relating to controlling contaminations. This is on the grounds that they will comprehend that arrangements would just originate from nearby endeavors. This factor has the advantage of developing rivalry between networks, since they would have been adjusted under the program. Such rivalry has the capability of prompting less contamination as networks attempt to out do each other on the ones that are increasingly prosperous as far as being sans contamination. This would prompt progressively contamination free networks encouraged by occupants themselves. By actualizing the program, singular networks and nations would not have anybody to fault for the status of their environment’s contamination levels. The contribution of individuals will be an aid to partner activities coordinated at decreasing contamination. This is on the grounds that individuals and gatherings will feel more liberated in managing issues that have for a long time been jam of administrative associations. What's more, partner bunches that have been pushing for singular endeavors in the insurance of condition in areas will presently begin getting dynamic. It must be comprehended that restricted partner bunches help people in social orders to meet up to create activities that lead to better networks. Certainty that the EU Fifth Action Program will give them a voice is in reality vital. What's more, people that are not in a situation to take an interest in partner gatherings will be allowed to build up their own systems to control contamination in their own neighborhoods. This can even be doe at the family level, where individuals from a similar family hold delivers shielding their little condition from contamination. Doing this in a few private properties empower the formation of contamination free neighborhoods. Actuality that this would be done through activities created at nearby levels is something to be wanted, on the grounds that, as talked about later in the paper, policymakers at national and territorial level would have the option to focus on other squeezing matters. Other than prompting efficiency in the security of ensuring condition at nearby level, the program is likewise an indispensable device of instruction individual from open that it is conceivable to make changes in their networks without relying a lot upon the European Union. Individuals in the area will additionally comprehend that they have capacity to make changes. Toward the end, the attitude that fruitful measures must be accomplished through mediation of national and territorial specialists will be obliterated totally. This will prompt the beginning if self reliance in tackling squeezing issues at neighborhood levels without racing to experts for help. II. End Paternalism Application of the program in contamination control will likewise help individuals from open comprehend the job of European Union in their everyday lives. At it at present occurs, individuals from people in general in the district may will in general imagine that EU exists to take care of issues like contamination. In such manner, the individuals should comprehend that EU’s natural systems are created to help part nations fit their structures. At the end of the day, part nations meet up and help grow best systems to manage ecological issues; it is up to the nations and their residents actualize these instruments and guarantee of they are working. Actuality that paternalism has gotten well known in most European nations could be prompting attitude that EU exists to improve lives of part nation residents. The application this program may help during the time spent spreading that attitude totally. In such manner, individuals will quit searching for start to finish arrangements in their issues and subsequently creating base to top arrangements. Moreover, pioneers at the nearby level would feel engaged to lead their gathering in manners that would legitimately profit the neighborhood network. This new procedure of arrangement finding would be acceptable in light of the fact that it has the abilities of creating protection gauges in any case. The localisation of dynamic procedures would likewise assist networks with adjusting to changes that get affected in the process executing strategy changes. This is an incredible move from the customary systems that has entrusted national governments with duties of helping network individuals at the most reduced level adjust to approach changes. In the new model, it will be up to nearby pioneers and specialists to support the network. This has constructive additions since individuals have simple access to initiative that would help them all the while. Having the pioneers being found near the individuals will likewise improve section of data among partners, and with it convey the ideal message to the individuals. As referenced before, the localisation of dynamic and approach execution would prompt rivalry between networks has the upside of coming about to more prominent proficiency. The examination of execution between networks would help in seeing prescribed procedures in the territories would help the regions performing ineffectively to duplicate from best entertainers. This replicating from the best would help in the usage of contamination approaches, in light of the fact that every region would take best practices and tailor them in understanding to neighborhood requests, which would be a move from the conventional model of having one size fits all instruments created at provincial and national levels.

The USA Involvement in Mali Conflict Research Paper

The USA Involvement in Mali Conflict - Research Paper Example The explanation that could bolster the USA contribution in the Malian clash is the way that Mali has been distinguished as a rising new center point for fear based oppression (Teichmann, 2013). Reports have demonstrated that the al-Qaeda wing that is working in Mali was liable for the Algerian assaults, which enormously affected on the nation, and caused it a lot of shakiness. The impact of the war in Mali, civility of the Jihadist and other aggressor renegades would already be able to be felt, to a noteworthy level. The United Nations office that handles evacuees has been requiring a worldwide network commitment in settling the contention, refering to the Humanitarian emergency that has been knowledgeable about the nation since the war started. As per UNHCR, a huge number of the Malian populace in the northern district have been dislodged, while numerous others have been murdered in the contention but then more others manhandled (Watt and Harding, 2013). This worry raises the requir ement for the USA to think about taking part in the Malian clash, just to help carry the war to a quick end, and in this manner help to save a large number of the Malian regular folks who are enduring in the hands of the aggressors, just as those being dislodged and resolved to endure as displaced people in the neighboring nations. As indicated by the UNHCR measurements, in excess of 150,000 individuals have been compelled to escape out of Mali, while another 230,000 are presently living as inside uprooted people inside the nation (Perry, 2013). This pattern is disturbing, after the thought that it is the worldwide network that is liable for offering help to such individuals, through the global compassionate offices, for example, the UNHCR. The rebels and the radical activists have likewise given the USA more motivations to participate in the Malian clash. The Jihadists and the Rebels have been associated with taking prisoners the greater part of the individuals from the western f orces living or serving in Mali, as the guides collaborators to the individuals who are influenced by the war (Huff Post, 2013).

Writing Odysseus Essay Topics

Writing Odysseus Essay TopicsThere are many great essays that you can write to honor your favorite Greek hero, Odysseus. Just as the character from Homer's Odyssey had to balance an endless voyage with a maturing love for his beloved Penelope, you too will have to come to terms with the moral complexity of the situation in a variety of essays.Odysseus was a demigod, an extremely gifted person who embodied the traits of the Greek Gods. In the Odyssey, Odysseus came to be known as the God of the Sun. Being in such a unique position in life, he would need to be set in an intellectual stance when writing for the assignment of a shorter essay.There are two types of high quality essay topics to choose from. You can choose poetry and prose. You can choose one of these or create a combination of both. The poem only works best if it goes into a large body of writing.The poem provides a similar theme to the short essay topics. It also can be a clever literary joke that gets your point across e ffectively. However, the poem should be done with an eye toward finding a pleasing effect on the reader. If the poem or story is humorous, it can be hilarious, but that doesn't mean that you are hamming it up.The poems on the other hand have to be varied. They should have different subjects. In this case, the poem does not have to be exactly like the essay topic, it just has to be different.One of the great exercises to help you prepare for your Odysseus essay topics is to make a list of all the things that are great about the hero. You can call this your historyof Odysseus. Use this information to challenge you on which things of all the Greek gods he can truly be called 'Odysseus' as opposed to what he is or what he did.These are the two main essay topics to be used in literary essays. The poem is a fine way to establish the hero's character and personality, but it will have to be done in a different context.

Analysing the various financial risks to companies - Free Essay Example

Sample details Pages: 9 Words: 2832 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Derivatives It is a kind of financial Security whose price is derived from or dependent upon one or more underlying assets.  The derivative itself is simply a contract between two or more parties. Its  value is determined  by variations  in the underlying asset.  Some common underlying assets include  stocks, bonds,  commodities,  currencies and interest rates. Derivatives are mostly characterized by high leverage.  Forward contracts, Future contracts, swaps and options  are the most common types of derivatives. Derivatives are generally used as a mechanism to hedge  risk, but can also be used for  speculative purposes. For example, an American investor buying shares of a European company  of a European exchange (using Euros to do so) would be exposed to exchange-rate risk while holding that stock. To hedge this risk, the investor could buy currency futures to lock in a specified exchange rate for  the future stock sale and currency conversion back into US Dollars. Don’t waste time! Our writers will create an original "Analysing the various financial risks to companies" essay for you Create order Hedging is the process of taking a short-term position in the futures market that is equal to, yet opposite, ones position in the cash market in order to prevent that cash position against loss due to adverse price fluctuations. This form of risk management can be achieved through various types of futures and options contracts traded on a several exchanges, and are usually used by corporations, money managers the ability to hedge means that industry can decide on the amount of risk it is prepared to accept. It may wish to eliminate the risk entirely and can generally do so quickly and easily using the Mismanaging price risk means achieving greater control of either the cost of inputs, or revenues from sales, or both; planning for the future based on assured costs and revenues; and eliminating concerns that a sharply adverse move in a metals price could turn an otherwise flourishing and efficient business into a loss maker. Hedging is the opposite of speculation and is basically under taken in order to reduce an existing physical price risk, by taking a compensating position in the futures market. Speculators come to the futures market with no initial risk. They assume risk by taking futures positions. Hedgers reduce or eliminate the chance of further losses or profits, while the speculators risk losses in order to make profits. Speculation Speculation  is an action that does not promise safety of the initial investment along with the return on the principal sum. Speculation typically involves the purchase of  equity or lending of money,  assets  or  debt  but in a way that has not been given thorough analysis or is thought to have low  margin of safety  or a significant risk of the loss of the principal investment. Speculators may rely on an asset appreciating in price because of number of factors that cannot be well enough understood by the speculator to make an investment-quality decision. Some such factors are shifting consumer tastes, buyers changing perceptions of the worth of a stock  security, fluctuating economic conditions, economic factors associated with  market timing, the factors associated with solely chart-based analysis, and the many influences over the short-term movement of securities. There are also some financial vehicles that can be classified as speculation. For example, trading  commodity futures contracts, such as for oil and gold, is, by definition, speculation. Short selling is also, by definition, speculative. Financial speculation can involve the  buying, selling, holding, and  short-selling  of  stocks, commodities,  bonds,  currencies,  collectibles,  real estate, derivatives, or any valuable  financial instrument  to profit from fluctuations in its price, irrespective of its underlying value. Arbitrage An  arbitrage  is a type of transaction or portfolio. Actually, the term is used in two different ways, so it refers to either of two very different types of transactions or portfolios. People also speak of arbitrage as an activity the activity of seeking out and implementing either of the two types of arbitrage transactions or portfolios. An  arbitrageur  is an individual or institution who engages in such arbitrage. An arbitrage is a portfolio or transaction that makes a profit without any  risk. For example if a  futures contract trades on two different exchanges. If, at one point in time, the contract is bid at  USD  45.02 on one exchange and offered at USD 45.00 on the other, a trader could buy the contract at one price and sell it at the other to make a risk-free profit of a USD 0.02. Such arbitrage opportunities reflect minor pricing differences between markets or related instruments. Profits per transaction tend to be small, and they can be consumed entirely by  transaction costs. Accordingly, most arbitrage is done by institutions that have very low transaction costs and can make up for small profit margins by doing a large volume of transactions. Option Strategies   Option strategy  is the buying and/or selling of one or range of  option positions and possibly an  underlying  position. Options strategies can support movements in the underlying that are bullish, bearish or neutral. In the case of neutral strategies, they can be further divided into those that are bullish on volatility and those that are bearish on volatility. The option positions taken can be  long  and/or short  positions in  calls  and/or  puts  at various strikes. Before you purchase or sell options you need a strategy, and before you choose an options strategy, you need to be aware of how you want options to work in your portfolio. A particular strategy is victorious only if it performs in a way that helps you meet your investment goals. If you expect to increase the income you receive from your stocks, for example, youll choose a diverse strategy from an investor who wants to lock in a purchase price for a stock shed like to own. One of the advantages of options is the flexibility they offer; they can complement portfolios in many different ways. So its worth taking the time to recognize a goal that suits you and your financial plan. Forwards A forward  is a non-standardized contract between two parties to purchase or sell an asset at a specified future time at a price agreed today.   It costs nothing to enter a forward contract. The party agreeing to purchase the underlying asset in the future assumes a  long position, and the party agreeing to sell the asset in the future assumes a  short position. The price which is agreed upon at the inception of the contract is called the  delivery price, which is equal to the  forward price  at the time the contract is entered into. The price pertaining to underlying instrument, in whatever form, is paid before control of the instrument changes. This is one of the many forms of purchase/sell orders where the time of trade is not the time where the  securities themselves are exchanged. Futures A standardized exchange-traded contract that requires delivery of a commodity, currency, bond or stock index, at a specified price, on a specified future date. Unlike options, futures require an obligation to buy. The risk to the holder is infinite, and because the pay off pattern is symmetrical, the risk to the seller is unlimited as well. Money lost and gained by each party are equal and opposite in a future contract. In other words, futures trading is a zero-sum game. Futures contracts are forward contracts, meaning they represent a promise to fulfill a certain transaction at a future date. The exchange of assets occurs on the date mentioned in the contract. Futures are different from generic forward contracts in that they contain standardized terms, trade on a formal exchange, are regulated by overseeing agencies, and are guaranteed by clearinghouses. In order to make sure that payment will occur, futures have a margin requirement that must be settled daily. Currency Risk Many Corporations use derivatives for hedging foreign-currency risk, or foreign-exchange risk, which is the risk that a change in currency exchange rates will  adversely impact business results.   Lets consider an example of foreign-currency risk with XYZ Corporation, a hypothetical U.S.-based company that sells widgets in Germany. During the year, XYZ Corp sells 100 widgets, each priced at 10 euros. Therefore, our constant assumption is that XYZ sells 1,000 euros worth of widgets:   When the dollar-per-euro exchange rate increases from $1.33 to $1.50 to $1.75, it takes more dollars to purchase one euro, or one euro translates into more dollars, meaning the dollar is weakening or depreciating. As the dollar weakens, the same number of widgets sold translates into greater sales in  dollar terms. This shows how a weakening dollar is not all bad: it can boost export sales of U.S. companies.    The above example shows the good news event that can occur when the dollar depreciates, but a bad news event happens if the dollar appreciates and export sales end up being less. In the above example, we made two very important simplifying assumptions that affect whether the dollar depreciation is a good or bad event:   (1) we assumed that XYZ Corp. manufactures its product in the U.S. and therefore its inventory or production costs is in  dollars. If instead XYZ manufactured its German widgets in Germany, production costs would be incurred in euros. So even if  dollar sales increase due to weakening of the dollar, production costs will go up too! This effect on both sales and costs is called a  natural hedge: the economics of the business provide their own hedge mechanism. In such a case, the higher export sales are likely to be mitigated by higher production costs.   (2)  Ãƒâ€šÃ‚   We also assumed that all other things are identical, and often they are not. For example, we ignored any secondary effects like whether XYZ can adjust its prices and effects of inflation. Most multinational corporations are faced with some form of foreign-currency risk even after natural hedges and secondary effects.   Now lets illustrate a simple hedge that a company like XYZ might use. To minimize the effects of any USD/EUR exchange rates, XYZ purchases 800 foreign-exchange futures contracts against the USD/EUR exchange rate. The gain in each futures contract has a value equal to above the $1.33 USD/EUR rate. (Only because XYZ took this side of the futures position, somebody   the counter-party will take the opposite position):   If the dollar were to depreciate instead, then the increased export sales are mitigated (partially offset) by losses on the futures contracts. Hedging Interest-Rate Risk   Companies can hedge  interest-rate risk  in various ways. Consider a company that wants to sell a division in one year and at that time to receive a cash windfall that it wants to park in a good risk-free investment. If the company believes that interest rates will drop between now and then, it could buy (take a long position on) a  Treasury  futures contract. The company is effectively locking in the future interest rate.  Here is an example of a perfect interest-rate hedge used by XYZ Corporation. The Company had two interest rate swaps outstanding at September 30, 2004,  designated as a hedge of the fair value of a portion of fixed-rate bond. The change in fair value of the swaps exactly offsets the change in fair value of the hedged debt, with no net impact on earnings.   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   XYZ is using an  interest rate swap. Before it entered into the swap,  the company was  paying a  floating interest rate  on some of  its bonds. For example, a common scenario would be to pay  LIBOR  plus something and to reset the rate every six months. We can illustrate these floating rate payments with a down-bar chart:  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚   Now lets look at the impact of the swap, illustrated below. While receiving floating-rate payments the swap arrangement requires XYZ to pay fixed rate of interest. The received floating-rate payments as shown in the upper half of the chart below are used to pay the pre-existing floating-rate debt.   XYZ is then left only with the floating-rate debt, and has therefore managed to convert a variable-rate obligation into a fixed-rate obligation with the addition of a derivative. The variable-rate coupons that XYZ received exactly compensates for the companys variable-rate obligations. Commodity or Product Input Hedge   Companies that depend on raw-material inputs or commodities are sensitive, sometimes significantly, to the price change of the inputs. Airlines, for example, consume lots of jet fuel. In the past, most airlines have given a great deal of consideration to hedging against crude-oil price increases. For example XYZ ltd produces agricultural products, herbicides and biotech-related products.  It uses futures contracts to hedge against the price increase of olive and corn inventory. XYZ ltd uses futures contracts to prevent itself against commodity price increases; these contracts hedge the committed or future purchases of, and the carrying value of payables to growers for  olive and corn inventories. Pension funds Many pension funds are starting to like the idea of derivatives. As funds and their sponsors search for more effective ways to manage risk, they are realizing that derivatives can alter the nature of that risk in ways that are not possible in the cash markets. Pension funds are exposed to many risks, some of which they take actively while others they may be taking passively. Funds actively take equity and credit risk, for example, because they feel they are being adequately rewarded. Passive risks include movements in the present value of their liabilities due to changes in interest and inflation rates. Many funds do not believe they are being adequately compensated for these risks. The importance of derivatives is that they can be used to improve the return profile of their active risks, and to neutralize unwanted passive risks. These passive risks are usually created by a mismatch between a funds assets and its liabilities. A pension fund can use interest rate swaps, for example, to remove the risk that a change in interest rates will have an impact on its funding level. Or it can enter into an inflation-linked swap so that it is no longer exposed to changes in the experienced rate of inflation. The up-front costs of neutralizing these risks can be low. But as with any investment strategy, there is a downside as well as an upside. A pension fund that enters into an interest rate swap is no longer vulnerable to a fall in interest rates but neither will it benefit from a rise. Similarly, if a fund uses inflation swaps to protect itself against a rise in inflation it will no longer benefit from a fall. Another passive risk pension funds face is that of corporate sponsor default. An interesting possibility for some funds would be to neutralize this risk by buying protection for any funding deficit in the credit default swap (CDS) market. This strategy would entail paying an annual premium to counterparty, and receiving a pre-agreed sum of money that would cover the deficit if the sponsor defaulted. The size of the premium would depend on the credit quality of the sponsor. Hedge funds A  hedge fund  is not highly regulated  investment fund  that is typically open to a limited range of investors who pay a  performance fee  to the funds  investment manager. Every hedge fund has its own investment strategy that basically determines the type of investments it undertakes and these strategies are highly individual. As a class, hedge funds embark on a wider range of investment and trading activities than traditional  long-only investment funds, and invest in a broader range of assets including  long  and  short  positions in  shares,  bonds  and  commodities. Hedge funds often try to  hedge  some of the risks inherent in their investments using a variety of methods, notably  short selling  and  derivatives. Hedge funds dominate certain specialty markets such as distressed debt and trading within derivatives with high-yield ratings. Modern portfolio theory segregates the return on an investment portfolio into market related component multiplied by beta, a measure of volatility, and alpha, the specific return associated with portfolio that is independent of the market. Alpha measures a Hedge fund managers skill in creating excess return over the market benchmark. Alpha does involve leverage, but the risk can be mitigated with the cash freed up by the use of derivatives is invested in assets that have no correlation with the passive part of the alpha. A market neutral hedge fund, for example, should offer an Alpha return with no correlation to the stock market. Advantages of Hedge Fund Investing Mostly hedge funds bank on the prosperity of only one investment and are not overly diversified investments. Aggressive investment strategies such as short-selling or borrowing money to purchase more assets (leverage buying) can legally be utilized Extremely huge gains in the millions are the potential reward for investing in hedge funds Disadvantages of Hedge Fund Investing Hedge funds are extremely risky and huge sums of money can be lost in the blink of an eye The performance fee for the hedge fund manager may encourage them to take bigger risks with investors money which may result in large losses There are very few government regulations regulating hedge fund investments

Amish Culture - Essay 2 - 1549 Words

Rebels of society are often times considered deviate and choose not to adhere to society’s customs and norms. However, would one consider the Amish communities as rebellious? The Amish are a unique subculture of the United States that do not adopt customs, norms, and lifestyles of the broader society (Sternheimer, 2012). Just because they set themselves apart from social norms, does not make them deviate. The Amish is an old religious group that originated in Europe. In the sixteenth century, Jakob Ammann and other devoted followers broke away from the Anabaptists and establish themselves as the Amish. Due to a disagreement with the laws and order set by the Anabaptist, the Amish felt the need to set themselves apart. Largely, order of†¦show more content†¦On the other hand, the husbands are known as the financial provider. Just as other cultures, these generalizations do not apply to all. Some cases, wives own business and is considered the bread winner and the husba nd works at home (Kraybill, Nolt, and Johnson-Weiner, 2012). The roles of women can be very complex. Some women manage at home stores, but they almost never obtain a full time job—especially those with young children. Single women and women with adult children; however, may have a career in entrepreneurship. Mothers are active in nurturing the spiritual life of children and make decisions in child discipline. Whereas the father is responsible for religious matters related to church and the world outside of the Amish community. Just as many other communities, men and women participate in different leisure. In main stream society, boys typically play football or baseball for fun, and girls typically play with doll and other domestic toys. Amish communities are very similar. The men tend to participate in hunting, fishing, archery, and mountain climbing. The women tend to enjoy singing and attending social events (Kraybill, Nolt, and Johnson-Weiner, 2012). In regards to the Amish beliefs and customs, they live faithfully by the Bible. Evident from the previous information given, their religion conducts every act of their life. â€Å"A strong sense of community regulates the rhythms of Amish life. One of the tenets of Amish faith is care andShow MoreRelatedTo What Extent Does Education Liberate People Within The Social Classes2662 Words   |  11 PagesThis essay will discuss to what extent does education liberate people within the social classes. It will also discuss how Paulo Freire’s theory on how education can liberate people, furthermore considering how the Amish community may fail to be liberated through education. The definition of education is ‘the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually for mature life’. 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Isolation And Characterization Of DNA From Onion Biology Essay Example For Students

Isolation And Characterization Of DNA From Onion Biology Essay The experiment was about the isolation and word picture of DNA. The Deoxyribonucleic acid was isolated from the onion. The mass of the stray DNA was 15.11 g. The pureness of stray DNA was estimated by ciphering the ratio based from the optical density at 260nm and 280nm resulted to 0.671 intending more protein was absorbed. Meanwhile in denaturation of DNA, the initial optical density at 260 nanometer was 1.304 higher than the optical density at 260 nanometers after heating which was 1.095. Outline1 Introduction2 MATERIALS AND METHODS3 Isolation of Deoxyribonucleic acid from Onion4 Word picture of DNA.5 RESULTS AND DISCUSSIONS6 Calculation 1. Solution for Percentage Yield Determination7 Figure 1. Optical density at 700 nanometers Introduction Deoxyribonucleic acid ( DNA ) is the familial stuff in worlds and all other beings. DNA isolation is the remotion of Deoxyribonucleic acid from the cell which it usually resides. Isolation is the remotion of Deoxyribonucleic acid from the cell in which it usually inhabits. ( 1 ) Onions are used since it contains small sum of amylum which allows the Deoxyribonucleic acid to be more seeable. The filtrate is made up of onions treated with salt, distilled H2O and detergent jointly called as lysis solution. DNA purification is done by enzymatic debasement of polluting proteins with ethyl alcohol. A spectrophotometer is used in finding the concentration and pureness of the proteins. ( 2 ) MATERIALS AND METHODS Isolation of Deoxyribonucleic acid from Onion The bare-assed onion bulb was chopped and measured homogenized. The sample was placed in a liquidizer added with an ice-cold lysis solution so for 45 seconds at low velocity. Meanwhile, the lysis solution used was prepared beforehand by blending 5.00 milliliter of liquid detergent, 5.00 milliliter of 0.500M EDTA, 10.0 milliliter of 50 % Na Cl solution, and 80 milliliter of distilled H2O and placed in an ice bath. After homogenising, the sample was filtered through the cheesecloth and the gathered filtrate was placed in a 250-ml beaker. A 10.0 milliliter of 5 % pepsin solution was added to the filtrate and placed on an ice bath for 10 proceedingss with occasional stirring. Ice cold 30.0 milliliter of 95 % ethyl alcohol was pipette to the side of the beaker incorporating the sample and base for 10 proceedingss on ice bath. Once the Deoxyribonucleic acid precipitates appeared at the interface of the solution, the Deoxyribonucleic acid was already ready for isolation. The spooled Deoxyri bonucleic acid was transferred instantly to a pre-weighed 100-ml beaker to find the mass and percent output of the sample. The stray DNA was added with 10.0 milliliters of 95 % ethyl alcohol so covered with aluminium foil and refrigerated in readying for the following research lab process. Word picture of DNA. Small sum of DNA sample was placed in a trial tubing added with 1.00 milliliters of 20 % TCA followed by heating the sample for 10 proceedingss in H2O bath with 1.00 milliliters distilled H2O. A 2.00 milliliter of diphenylamine solution was added so heat once more in a H2O bath for 10 proceedingss. The colour alteration was observed and the optical density of the sample from 400 nanometers to 700 nanometer was scanned to find the wavelength of maximal soaking up. Mean while, small sum of the DNA sample was placed in a separate trial tubing filled with 5.00 milliliters distilled H2O and scanned to read the optical density at 260 nm so at 280 nanometer. After finding the A260/A280 value, the sample was heated to boil for 5 proceedingss and read the optical density adain at 260 nanometers. RESULTS AND DISCUSSIONS The mass of the natural sample gathered from onion is 30.4 g. After homogenisation and adding of pepsin solution and ethyl alcohol, DNA precipitates were became seeable and transferred to another beaker. The stray DNA measures 23 g. .ucb6bd25696e569409fa7fd76553b308b , .ucb6bd25696e569409fa7fd76553b308b .postImageUrl , .ucb6bd25696e569409fa7fd76553b308b .centered-text-area { min-height: 80px; position: relative; } .ucb6bd25696e569409fa7fd76553b308b , .ucb6bd25696e569409fa7fd76553b308b:hover , .ucb6bd25696e569409fa7fd76553b308b:visited , .ucb6bd25696e569409fa7fd76553b308b:active { border:0!important; } .ucb6bd25696e569409fa7fd76553b308b .clearfix:after { content: ""; display: table; clear: both; } .ucb6bd25696e569409fa7fd76553b308b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ucb6bd25696e569409fa7fd76553b308b:active , .ucb6bd25696e569409fa7fd76553b308b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ucb6bd25696e569409fa7fd76553b308b .centered-text-area { width: 100%; position: relative ; } .ucb6bd25696e569409fa7fd76553b308b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ucb6bd25696e569409fa7fd76553b308b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ucb6bd25696e569409fa7fd76553b308b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ucb6bd25696e569409fa7fd76553b308b:hover .ctaButton { background-color: #34495E!important; } .ucb6bd25696e569409fa7fd76553b308b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ucb6bd25696e569409fa7fd76553b308b .ucb6bd25696e569409fa7fd76553b308b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ucb6bd25696e569409fa7fd76553b308b:after { content: ""; display: block; clear: both; } READ: Thomas Edison , A Great Inventor In 20Th Century EssayPercentage Recovery Mass or natural sample: 30.4 g Mass of stray Deoxyribonucleic acid: 15. 11 g Percent Output: 49.70 % Word picture of Deoxyribonucleic acid Chemical reaction with Diphenylamine Color of formed solution: green Experimental A ; Ucirc ; ?max: Theoretical A ; Ucirc ; ? soap: Percentage mistake: Purity Determination Optical density at 250 nanometers: 1.304 Optical density at 280 nanometers: 1.942 A260/ A280 value: 0.671 Denaturation of Deoxyribonucleic acid Initial optical density at 260 nanometers: 1.304 Optical density at 260 nanometers after warming: 1.095 Percent addition in optical density: 8 % Calculation 1. Solution for Percentage Yield Determination The deliberate per centum output was rather high. However, still some beginnings of mistake was done while carry oning the experiment, the sample with DNA precipitates was disturbed while reassigning the Deoxyribonucleic acid. The accrued DNA precipitates is adequate for the following process which is word picture. Figure 1. Optical density at 700 nanometers Heat denaturation of DNA, causes the dual spiral construction to wind off and organize individual stranded Deoxyribonucleic acid. Therefore, the bases unstacked and can absorb more light doing an addition after denaturation. But based on the consequences gathered, the initial optical density at 260 nanometer was 1.304 so was decreased after heating which was 1.095. The deliberate per centum addition in optical density was 8 % . This mistake is possibly, due to the warming procedure. The Deoxyribonucleic acid acquired was rather greater and was non wholly het afterwards doing dual spiral construction non to wind off and organize a individual isolated Deoxyribonucleic acid. The filtrate gathered from this experiment was made of onions and lysis solution. Onion was used in this survey due to low amylum content, leting the Deoxyribonucleic acid to be more seeable sing the onion as one of the best beginning of DNA. ( 4 ) The used of lysis solution was to divide the Deoxyribonucleic acid from excess cell constituents and to maintain the location in which the Deoxyribonucleic acid will non be tainted. The NaCL provides NA+ ions that will blockade the negative charge as of phosphate terminals of DNA. Permiting these terminals to come nigher so they can precipitate out of a cold solution. The detergent causes the interrupting down of the cell membrane by emulsifying the cell proteins and lipoids. Besides, interrupting the polar connexions that jointly holds the cell membrane. The composites formed with these lipoids and proteins causes the precipitate out of solution. Meanwhile, the intent of EDTA is to chelates metal ions. ( 5 ) A Pepsin solution was used for purification via enzymatic debasement. Deoxyribonucleic acid is polar due to its highly charged phosphate anchor which makes it soluble in H2O. Thus DNA is indissoluble in ice cold ethyl alcohol, as a consequence when the cold ethyl alcohol was added, it causes stable ionic bonds to organize and precipitate the Deoxyribonucleic acid. Heating the sample is the 1 responsible for the formation of the ascertained colour of Deoxyribonucleic acid with diphenylamine. When the Deoxyribonucleic acid is heated with acid, the 2-deoxyribose is converted to w-hydroxylaevulinic aldehyde, which reacts with the compound diphenylamine. Through this, a blue-colored compound supposed to bring forth. In our sample the colour observed was green perchance because of the DNA concentration. The ratio of soaking ups at 260 nm V 280 nanometer is often used to measure DNA taint of protein solutions. The nucleic acids, DNA and RNA, absorbs at 260 nanometers and proteins absorb at 280 nanometer. Based on the consequences, the rate ratio of soaking ups at 260 nm V 280 nanometer is 0.671. Since proteins absorb visible radiation at 280 nanometer, the ratio is low intending there is a batch of protein absorbed at 280nm.

The Culture of Fear and Its Effects on Society free essay sample

The Culture of Fear and its Effects on Society Min Kim Fear and the marketing of paranoia and uncertainty have become daily staples in today’s culture. Every day there arise new threats to national security manufactured by politicians and fuelled by the public’s demand to be protected from these imaginary bogeymen. With the vast increases in technology our society has experienced in the past forty years the news media have become an especially effective orator of impending doom, the daily exposes about the â€Å"silent killer† that lurks in your kitchen cabinet; bombard our society daily with dozens of urgent reminders of the real and imagined dangers that lurk in and outside our homes. The consumption of fear has become a diet our society will soon choke on if something isn’t done to introduce common sense back into our collective psyches. History has shown that living in a culture dominated by fear and ignorance can have catastrophic consequences if it is leveraged by the right people, the Holocaust and World War II was only allowed to occur due to Hitler exploiting the fears of everyday Germans that their country was slowly being dismantled from within by the Jews and without by the international community. We will write a custom essay sample on The Culture of Fear and Its Effects on Society or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Paul McCarthy and his manufactured Red Scare would never have gained enough traction to destroy the lives and reputations of countless people without a society frightened enough to allow him free reign in the name of national security, the passing of the Patriot Act, Gun Control Act of 1968 and even Executive Order 9066 which paved the way for Japanese American internment during World War II were all the products of media hysteria and public ignorance and each one subsequently led to further legislation being enacted that somehow reigned in the rights of the people. Little by little the society we live in has gone from one that lived in relative ignorant bliss to a â€Å"risk society†, which is described by Ericsson and Haggerty as â€Å"A society organized around communication oriented to policing, control and prevention of risks. † (Policing the Risk Society, 1997). An increase in the public’s perception of danger invariably increases the power governing bodies have in further regulating and controlling a population. In conjunction with the media, fear mongering is quickly warping our society into one that only harbors fear and paranoia towards each other (Perceptions of crime and anti-social behaviour: Findings from the 2008/09 British Crime Survey). As instances of violent crime decline the media has ramped up reporting instances of violent or disturbing crimes, according to a recent Gallup poll they approximated that about half of Americans are now more concerned about crime since 2004 (Perceptions of Crime Problem Remain Curiously Negative, 2007) even though crime has been shown to be in decline since 1993(Reflections on the Crime Decline? Lessons for the Future? , 2002) during this time media reporting on crime nearly quadrupled (Do You Believe What Newspeople Tell you? Arlington, VA: Newseum and The Roper Group 1997). The hysteria in the aftermath of the Columbine shootings and Michael Moore’s exploitative documentary there was an uproar across the entire nation about the prevalence of easily accessible firearms, the effects of violent entertainment on youth and security in schools. The response to these fear fuelled flames was to enact draconian zero tolerance policies in public schools across the country that have forced teachers and administrators to suspend or even expel students outright when before they were allowed greater discretion instead of indiscriminately punishing students for seemingly minor infractions (American Psychologist, 2008), the transformation of schools to institutions that are run more like prisons than places of learning and has sparked renewed movements by lobbyists to further restrict the purchase of firearms and violent video games. Time and time again history has shown that culturally and possibly on an even deeper level Americans are prone to knee jerk reactions to fear that are seldom rational or effective. This media saturation of violent crime stories and their strict adherence the age old adage of â€Å"If it bleeds, it leads† has led to greater social paranoia of the people around us in our communities and neighborhoods and has weakened the cohesion many societies had as a result of being able to openly and comfortably communicate with one another.

The History and Domestication of Bananas

The History and Domestication of Bananas Bananas (Musa spp) are a tropical crop, and a staple in the wet tropic areas of Africa, the Americas, mainland and island Southeast Asia, South Asia, Melanesia and the Pacific islands. Perhaps 87% of the total bananas consumed worldwide today are locally consumed; the rest is distributed outside of the wet tropical regions in which they are grown. Today there are hundreds of fully domesticated banana varieties, and an uncertain number are still in various stages of domestication: that is to say, they still are inter-fertile with wild populations. Bananas are basically giant herbs, rather than trees, and there are approximately 50 species in the Musa genus, which includes the edible forms of bananas and plantains. The genus is split into four or five sections, based on the number of chromosomes in the plant, and the region where they are found. Furthermore, over a thousand different types of cultivars of bananas and plantains are recognized today. The different varieties are characterized by wide differences in peel color and thickness, flavor, fruit size, and resistance to disease. The bright yellow one found most frequently in western markets is called the Cavendish. Cultivating Bananas Bananas produce vegetative suckers at the base of the plant which can be removed and planted separately. Bananas are planted at a typical density of between 1500-2500 plants per square hectare. Between 9-14 months after planting, each plant produces some 20-40 kilograms of fruit. After the harvest, the plant is cut down, and one sucker is allowed to grow up to produce the next crop. Banana Phytoliths The evolution of bananas are difficult to study archaeologically, and so the domestication history was unknowable until recently. Banana pollen, seeds, and pseudostem impressions are quite rare or absent at archaeological sites, and much of the recent research has been focused on the relatively new technologies associated with opal phytoliths- basically silicon copies of cells created by the plant itself. Banana phytoliths are uniquely shaped: they are volcaniform, shaped like little volcanoes with a flat crater at the top. There are differences in the phytoliths between varieties of bananas, but variations between wild and domesticated versions are not as yet definitive, so additional forms of research need to be used to fully understand banana domestication. Genetics and Linguistics Genetics and linguistic studies also help in understanding banana history. Diploid and triploid forms of bananas have been identified, and their distribution throughout the world is a key piece of evidence. In addition, linguistic studies of local terms for bananas support the notion of the spread of the banana away from its point of origin: island southeast Asia. Exploitation of early wild forms of bananas has been noted at the Beli-Lena site of Sri Lanka by c 11,500-13,500 BP, Gua Chwawas in Malaysia by 10,700 BP, and Poyang Lake, China by 11,500 BP. Kuk Swamp, in Papua New Guinea, so far the earliest unequivocal evidence for banana cultivation, had wild bananas there throughout the Holocene, and banana phytoliths are associated with the earliest human occupations at Kuk Swamp, between ~10,220-9910 cal BP. Todays Hybridized Bananas Bananas have been cultivated and hybridized a number of times over several thousand years, so well concentrate on the original domestication, and leave the hybridization to botanists. All edible bananas today are hybridized from  Musa acuminata  (diploid) or  M. acuminata  crossed with  M. balbisiana  (triploid). Today,  M. acuminata  is found throughout mainland and island southeast Asia including the eastern half of the Indian subcontinent;  M. balbisiana  is mostly found in mainland Southeast Asia. Genetic changes from  M. acuminata  created by the domestication process include the suppression of seeds and the development of parthenocarpy: the ability of humans to create a new crop without the need for fertilization. Bananas Across the World Archaeological evidence from the  Kuk Swamp  of the highlands of New Guinea indicates that bananas were deliberately planted by at least as long ago as 5000-4490 BC (6950-6440 cal BP). Additional evidence indicates that  Musa acuminata  ssp  banksii  F. Muell was dispersed out of New Guinea and introduced into eastern Africa by ~3000 BC (Munsa and Nkang), and into South Asia (the Harappan site of Kot Diji) by 2500 cal BC, and probably earlier. The earliest banana evidence found in Africa is from  Munsa, a site in Uganda dated to 3220 cal BC, although there are problems with the stratigraphy and chronology. The earliest well-supported evidence is at Nkang, a site located in southern Cameroon, which contained banana phytoliths dated between 2,750 to 2,100 BP. Like  coconuts, bananas were most widely spread as a result of the sea exploration of the Pacific by Lapita peoples ca 3000 BP, of extensive trade voyages throughout the Indian Ocean by Arab traders, and of exploration of the Americas by Europeans. Sources Ball T, Vrydaghs L, Van Den Hauwe I, Manwaring J, and De Langhe E. 2006.  Differentiating banana phytoliths: wild and edible Musa acuminata and Musa Journal of Archaeological Science 33(9):1228-1236.balbisiana.   De Langhe E, Vrydaghs L, de Maret P, Perrier X, and Denham T. 2009. Why Bananas Matter: An introduction to the history of banana domestication.  Ethnobotany Research Applications  7:165-177. Open Access Denham T, Fullagar R, and Head L. 2009.  Plant exploitation on Sahul: From   Quaternary International  202(1-2):29-40.colonisation to the emergence of regional specialisation during the Holocene. Denham TP, Harberle SG, Lentfer C, Fullagar R, Field J, Therin M, Porch N, and Winsborough B. 2003.  Origins of Agriculture at Kuk Swamp in the Highlands of New Guinea.  Science  301(5630):189-193. Donohue M, and Denham T. 2009.  Banana (Musa spp.) Domestication in the Asia-Pacific Region: Linguistic and archaeobotanical perspectives.  Ethnobotany Research Applications  7:293-332. Open Access Heslop-Harrison JS, and Schwarzacher T. 2007.  Domestication, Genomics and the Future for Banana.  Annals of Botany  100(5):1073-1084. Lejju BJ, Robertshaw P, and Taylor D. 2006.  Africas earliest bananas?  Journal of Archaeological Science  33(1):102-113. Pearsall DM. 2008.  Plant . In: Pearsall DM, editor.  Encyclopedia of Archaeology. London: Elsevier Inc. p 1822-1842.domestication Perrier X, De Langhe E, Donohue M, Lentfer C, Vrydaghs L, Bakry F, Carreel F, Hippolyte I, Horry J-P, Jenny C et al. 2011.  Multidisciplinary perspectives on banana (Musa spp.) domestication.  Proceedings of the National Academy of Sciences  Early Edition.

Catalan Literature Essay Example | Topics and Well Written Essays - 2000 words - 1

Catalan Literature - Essay Example Roig’s identification of the female as both carrier and purveyor of Catalonian language, traditions, myths, history and nationalism was circumstantially predetermined by the experiences of this quasi-national community during the Franco years. To understand Roig’s works as something other than a feminist treatise and to fully appreciate their complexity, an understanding of the politically history which informed and incited them, is necessary. In brief, throughout the four decades of General Franco’s dictatorship, the Catalan community, as were the Andalusia, Basque and Castilian, was oppressed through the government’s determined efforts to forcibly impose the Spanish culture and language upon all. The Catalan language and culture were outlawed, with the hope being that their de-legitimisation would, over the generations and years, lead to their obliteration. Both, however, were kept alive within the private and feminine space of the home and, both were ke pt alive through the efforts of Catalan’s women. It was, thus, that Catalonian women played a fundamental role, not only in the rescuing of the national culture and historical memory but, in the survival of Catalonia herself. Within the socio-political history which informs Montserrat Roig’s works lays the key to the understanding of her literary productions. Binary oppositions assume political significance, with the private representing the national space and the public symbolising the oppressive dominance of Franco’s Spain; with the private and the feminine representing oppressed and the public and the male symbolising the oppressor. Indeed, as one who lived during Catalonia’s traumatic linguistic and cultural experiences under Franco, Roig’s works can only be fully understood from this perspective and can only be fully appreciated as a product of a literary mind which, itself, had

Risk Management Research Paper Example | Topics and Well Written Essays - 1000 words

Risk Management - Research Paper Example Having seen the danger posed by this kind of storing cash within a business, strategists came up with a number of ways to prevent cash theft by employees (Fennelly 39). One of the most fundamental ways of preventing employee theft while operating a cash drawer is to employ honest and trustworthy personnel. Another crucial method of preventing employee theft while operating a cash drawer is to always be aware of the cash in the inventory, store, security, and staff behaviors at all times. In this way, an employer is able to prevent any sort of losses through employee theft since security is intensive (Fennelly 50). Thirdly, an employer can prevent employee theft by monitoring their access. Generally, managers should find it necessary to always be informed of what is happening in the business’ cash drawer. In this way, the managers are able to know which employees have codes and keys to the cash drawer; therefore, in case of any loss they know who is accountable. Fourthly, havin g cash handling processes that does not give room for mistakes can aid in preventing employee theft cases (Ramsey and Ramsey 57). Fifthly, being always present and available for the team is very substantial in preventing employee theft. ... Apart from that, maintaining employee monitoring after undergoing an intensive training is very important when it comes to preventing shoplifting when using a cash drawer. Immediately after the newly employed staff concludes its training, setting up measures that will see proper monitoring of the staff is a sure way of preventing any sort of shoplifting, especially at times when the store is using a cash drawer system. There is also the method of establishing single or simply individual cash drawers for every employee, which have similar balancing procedure at the end of every single day (Wallace and Larry 55). Moreover, initiating a management sign offs in each refund, void, and refund deposit in a store that employs the cash drawer system of storing money is relevant and can help prevent shoplifting. Such strategies are suitable for preventing large-scale losses that may result from possible â€Å"pay outs† (Fennelly 77). In addition to that, a manager can help prevent shopl ifting in a store that uses a cash drawer by putting into place a regular inspection program that goes through register journal tapes and finds out if there are any irregularities. Piecing together a system that allows advent and regular inspection of largely what goes around the store facilitates security and prevents shoplifting in places where they use cash drawers (Ramsey and Ramsey 68). Disaster and recovery plan Commonly, a disaster and recovery plan is planning of a business that seeks to ensure its continuity even after the occurrence of disruptive event that may be in the form of a hurricane, snow, and/or even a simple power outage that may occur anywhere next or close to the business. In a disaster and

Financial Crisis Recovery Essay Example for Free

Financial Crisis Recovery Essay 1997-1998 Financial Crisis The weaknesses in Asian financial systems were at the root of the crisis that caused largely by the lack of incentives for effective risk management created by implicit or explicit government guarantees against failure. The weaknesses of the financial sector also were masked by rapid growth and accentuated by large capital inflows, which were partly encouraged by pegged exchange rates. In the mid-1990s, a series of external shocks began to change the economic environment the devaluation of the Chinese Renminbi and the Japanese Yen, rising of U. S. interest rates which led to a strong U.S. dollar, the sharp decline in semiconductor prices; adversely affected their growth. The crisis began in Thailand when the Thai baht collapse of in July 1997 with a series of speculative attacks on the baht extended after quite a few decades of outstanding economic performance in Asia. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation. This made the U.S. a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At the same time, Southeast Asias export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. Impacts of the crisis to the South East Asia Most of Southeast Asia and Japan having currency depreciation, devalued stock markets and other asset prices, and a precipitous rise in private debt. It were resulting large quantities of credit became available generated a highly leveraged economic climate, and pushed up asset prices to an unsustainable level. These asset prices eventually began to collapse, causing individuals, financial institutions and corporations in the affected countries were bankrupt. A change in market sentiment could and did lead into a violent of currency depreciation, insolvency, and capital outflows, which was difficult to stop. In the year after collapse of the baht peg, the value of the most affected East Asian currencies fell 35-83% against the U.S. dollar (measured in dollars per unit of the Asian currency), and the most serious stock declines were as great as 40-60%. Lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. Foreign investors attempted to withdraw their money; the exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. As a result, short-term economic activity has slowed or contracted severely in the most affected economies like inflation and rising in unemployment. It impossible that the government doing nothing when the crisis happened to their country. To prevent currency values collapsing, countries governments raised fiscal spending in domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and to intervene in the exchange market, buying up any excess domestic currency at the fixed exchange rate with foreign reserves. But when interest rates were very high, it can be extremely damaging to an economy that is healthy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. As a strategy to maintain competitiveness, policies to strengthen the country’s balance-of-payments account were pursued. For example, exports were encouraged and imports were discouraged, the latter through an increase in import taxes on certain goods and services. Measures to increase exports for providing handouts directly to people affected included reducing the cost of doing business through such means as tax incentives to boost the manufacturing, agriculture, and services sectors. In the case Malaysia for example, there are policies regarding 1997 crisis: Denial and hesitation, the Malaysian government denied that there was a crisis in the first place; Tight fiscal and monetary policies, and restructuring the banking system; Government proposed to use regional currencies instead of the US dollars in inter-ASEAN bilateral trade; and Financing the recovery programs with the total cost of all measures was RM62 billion. While in the case of Indonesia, the government providing assistance to the poor like efforts to shield poor and vulnerable sections of society from the worst of the crisis, by deepening and widening social safety nets and devoting substantial budgetary resources to increasing subsidies on basic commodities such as rice; measures to increase transparency in the financial, corporate, and government sectors; and steps to improve the efficiency of markets and increase competition. Another example of helping the poor and needy, government must be fair and redistribute the wealth equally to them according their basic necessities of life. In Malaysia, the practicing of zakat system and waqaf contribution to help the poor and needy indirectly will benefit the society. Moreover, Bank Rakyat and ar-rahnu market on Islamic pawn-broking will help the small and medium enterprise to expend their business. Government also must allocate the budget expenditure for subsidizing mainly on education, healthcare and housing for the people. The International Monetary Fund (IMF) is an international organization that provides financial assistance and advice to member countries. It was created out of a need to prevent economic crises like the Great Depression. With its sister organization, the World Bank, the IMF is the largest public lender of funds in the world. It is a specialized agency of the United Nations and is run by its 186 member countries. Membership is open to any country that conducts foreign policy and accepts the organizations statutes. The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. A core responsibility of the IMF is to provide loans to member countries experiencing actual or potential balance of payments problems. This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth, while undertaking policies to correct underlying problems. Unlike development banks, the IMF does not lend for specific projects. It thus strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global economic trade. To achieve these goals, the IMF focuses and advises on the macroeconomic policies of a country, which affect its exchange rate and its governments budget, money and credit management. The IMF will also appraise a countrys financial sector and its regulatory policies, as well as structural policies within the macroeconomic that relate to the labor market and employment. In addition, as a fund, it may offer financial assistance to nations in need of correcting balance of payments discrepancies. The IMF is thus entrusted with nurturing economic growth and maintaining high levels of employment within countries. The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. The IMF’s role in providing financial assistance to its members in overcoming short-term balance-of-payment difficulties generally has been evident. Advantages and disadvantages of IMF The IMF offers its assistance which it conducts on a yearly basis for individual countries, regions and the global economy as a whole. However, a country may ask for financial assistance if it finds itself in an economic crisis, whether caused by a sudden shock to its economy or poor macroeconomic planning. A financial crisis will result in severe devaluation of the countrys currency or a major depletion of the nations foreign reserves. In return for the IMFs help, a country is usually required to embark on an IMF-monitored economic reform program, otherwise known as Structural Adjustment Policies (SAPs). An IMF loan provides a cushion that eases the adjustment policies and reforms that a country must make to correct its balance of payments problem and restore conditions for strong economic growth. Supporters argue that the IMF can also impose necessary reforms on an economy. Reforms such as privatization, fiscal responsibility, control of Money supply, and attacking corruption. These policies may cause short term pain, but, are essential for preventing future crisis and long term development. Substantial financial advantages are attached to IMF credits because debtor countries benefit from lower debt service costs. Moreover, commercial banks often demand agreement with the IMF before lending is resumed and generally will charge lower interest rates to countries with an IMF program. The benefits attached to the IMF loan can be regarded as a compensation for the policy adjustments which the debtor countries carry through. At the same time, thanks to the unique role the IMF can play, the costs involved for the creditor countries seem to be rather limited, as the opportunity costs of forgoing the proceeds of alternative investments are relatively small. By temporarily providing finance and at the same time fostering adjustment, member countries could overcome external problems without overly detrimental measures either for their own population or for other countries. The interest rates charged by the IMF in normal circumstances can be relatively low, because the special role of the IMF in the international financial system reduces the risks for the IMF itself as well as for the creditor countries which have provided the resources. Because of its special position the IMF can mitigate the risks attached to its loans. Helped by its low funding costs, the IMF can charge debtor countries lower interest rates than private sector participants which have to charge high spreads because of the sovereign risks involved. Over time, the IMF has been subject to a range of criticisms, generally focused on the conditions of its loans. The IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights record. On giving loans to countries, the IMF makes the loan conditional on the implementation of certain economic policies. These policies tend to involve: * Reducing government borrowing Higher taxes and lower spending * Higher interest rates to stabilize the currency. * Allow failing firms to go bankrupt. * Structural adjustment. Privatizations deregulation, reducing corruption and bureaucracy. The problem is that these policies of structural adjustment and macroeconomic intervention make the situation worse. For example, in the Asian crisis of 1997, many countries such as Indonesia, Korea and Thailand were required by IMF to pursue tight monetary policy (higher interest rates) and tight fiscal policy to reduce the budget deficit and strengthen exchange rates. However, these policies caused a minor slowdown to turn into a serious recession with mass unemployment. The IMF have been criticized for imposing policy with little or no consultation with affected countries. Jeffrey Sachs, the head of the Harvard Institute for International Development said: In Korea the IMF insisted that all presidential candidates immediately endorse an agreement which they had no part in drafting or negotiating, and no time to understand. The situation is out of hand. It defies logic to believe the small group of 1,000 economists on 19th Street in Washington should dictate the economic conditions of life to 75 developing countries with around 1.4 billion people. Because the IMF lends its money with strings attached in the form of its SAPs, many people and organizations are vehemently opposed to its activities. Opposition groups claim that structural adjustment is an undemocratic and inhumane means of loaning funds to countries facing economic failure. Debtor countries to the IMF are often faced with having to put financial concerns ahead of social ones. Thus, by being required to open up their economies to foreign investment, to privatize public enterprises, and to cut government spending, these countries suffer an inability to properly fund their education and health programs. Moreover, foreign corporations often exploit the situation by taking advantage of local cheap labor while showing no regard for the environment. The oppositional groups say that locally cultivated programs, with a more grassroots approach towards development, would provide greater relief to these economies. Critics of the IMF say that, as it stands now, the IMF is only deepening the rift between the wealthy and the poor nations of the world. Indeed, it seems that many countries cannot end the spiral of debt and devaluation. The relatively low interest rates charged by the IMF can lead to moral hazard behavior on the part of the debtor countries. This is largely reduced through the tough policy measures which the IMF imposes as a condition for its programmers. In practice, most countries do not turn to the IMF if not forced by adverse circumstances. Decisions about which countries may borrow money are made by rich countries. Poor countries have little say about loans and the conditions attached to them. The IMF will only lend money to countries if they agree to certain conditions. These conditions increase poverty. The livelihoods of people in poorer countries are destroyed by unfair competition from foreign goods and services. The IMF does not give good financial advice. Countries have suffered by following it. IMF East Asia Case The IMF was involved in one of the worst East-Asian economic crises thus far. Everything started when Thailand was experiencing difficulties in meeting foreign liability obligations so the IMF intervened by suggested to devalue the Baht. The same suggestion was made to Indonesia, Korea and the Philippine. Soon, South Korea and Taiwan jumped in the trend and Hong Kong and Singapore dollars faced speculative attack. The crisis spread all the way to South America where Brazil and Argentina currency came under attack, but they both stood their grounds and refused to devalue which might have prevented a global financial crisis. Other aspects of the handling of the case that were looked down upon were the issue of the bail-out and the political situation of the borrowing country had once again been ignored. Thailand had already borrowed from the IMF and they were bailed-out very publicly which gave an incentive for surrounding countries to follow very risky projects or decisions, believing that the IMF would be a safety net as opposed to a lender of last resort. This is what happened in South Korea when large, unprofitable investment projects were undertaken, largely due in part to the conglomerates of businesses that are close to the bureaucracy but more importantly, sponsored by the IMF. Likewise, Fund officials protested that many East-Asian countries needed a reform in the banking system and governance, where bad banking, nepotism and corruption do not help create stable and efficient economies. During August December 1997, the International Monetary Fund signed three emergency lending agreements with Thailand (August), Indonesia (November), and Korea (December). These programs established packages of international financial support at an unprecedented cumulative sum of approximately $110 billion, based on the financing commitments. During the period August to December, the IMF programs failed dramatically to meet the objective of restoring market confidence. In all three countries, the exchange rate was expected to stabilize, but in fact quickly depreciated far below the targets set in the program, and this despite a very sharp increase in interest rates. Foreign investors remained unconvinced about the debt servicing capacity of the private debtors despite the announced availability of IMF loans, and continued to demand the repayment of short-term loans as they fell due. The IMF programs failed to achieve their goal of maintaining moderate economic growth in the Asian countries. The programs also failed on several intermediate goals, including the preservation of creditworthiness, the continuation of debt payments, and the stabilization of the exchange rate at levels that prevailed upon the signing of the original lending agreements Indonesia was deeply affected by the 1997–1998 crises, more so than its East Asian neighbors. Its economic contraction was deeper and more prolonged. It was the only one to experience a (temporary) loss of macroeconomic control. Eight years have passed since the collapse of Suharto’s New Order regime on the heels of the economic crisis of 1997–1998. During that time, Indonesia’s economy contracted by over 13% in 1998 alone. This followed three decades of virtually uninterrupted rapid economic growth and led to deep social and political crises. Although countries such as South Korea and Thailand were able to overcome their economic crises in a few years, Indonesia’s crisis resolution has been complicated by political instability, at least until 2004, and by a slower recovery. Indonesia was formally under International Monetary Fund management from 1997 to the end of 2003. But the presence of the IMF actually increased the severity of the Indonesian economy, not more than one year after that; there were capital flight out of the country that led to massive unemployment, compounded by the drastic decline in the exchange rate. At the end of 1998 more than 50% of Indonesias population lives below the poverty line. One of the IMFs policy prescriptions is to close 16 banks and it caused the anger of people and withdraws their money in national banks and some foreign banks. In May 1998, due to an agreement between the IMF and Suharto, the government revoked subsidies for food, and raises the price of oil and electricity. This policy had a strong opposition from the people and not long after that, Suharto regime fell. During Megawati regime, in August 2003 the government finally decided not to continue the IMF program and choose to enter the post-program monitoring. The government option raises the consequences that are not much different. IMF can still continue to dictate economic policy in Indonesia because the government still had to consult every economic policy that will be taken with IMF. The Indonesian government announced that they would pay the remaining debt to the IMF, totaling U.S. $ 7.8 billion, within 2 years. It seems to be the correct political decision to break away from the economic policy interventions that has continued since the crisis in 1997. 2008 Financial Crisis Triggered by events in The US and EU The cause or trigger of the 2008 global financial crisis was the boom of the United States housing bubble which peaked in approximately 2005–2006. Since banks began to give out more loans to potential home owners, housing prices began to increase. The increase in house price and improvement of construction activity started around 1992. At that time the Federal Reserve was holding its policy interest rate at an unusually low level by the standards of the past few decades. The good times lasted until 2005, when monetary policy was tightening after another spell of low interest rates. Over that period, construction activity contributed 1/5 percentage points annually to the growth rate of real GDP, and the share of employment in construction and finance, out of the total workforce, rose from 10 ¼ percent to 11 ¾ percent. That is, over this period, of the 27.4 million people added to work rolls (which ended 2006 with a total of 136 million), 4.8 million were directly related to construction and fifi nance. Finally, the nation was left with an excess stock of housing. A contraction in construction transpired to wind down the inventory overhang, which is often a feature of economic slowdowns and recessions. In addition to that, easy lending standards also contributed to the Real estate bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain. As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. That kind of financial innovation attracted institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses. While the housing and credit bubbles were expanding, US Government was going a process called financialization. US Government policy from the 1970s onward has emphasized deregulation to encourage business, which resulted in less oversight of activities and less disclosure of information about new activities undertaken by banks and other evolving financial institutions. Thus, policymakers did not immediately recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. These institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financial institutions to lend, slowing economic activity. The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that the crisis was avoidable and was caused by: 1. Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; 2. Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; 3. An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; 4. Key policy makers ill prepared for the crisis, 5. Lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.[35][36] Table 1 The Causes and Impacts of Global Financial Crisis Taken from Takatoshi Ito â€Å"Comparison of the Financial Crises: Japan and Asia in 1997-1998 vs. U.S. 2008-09† The Collapse of World Trade Although the crisis is originally from financial sector, trade had great implication that hit countries around the world. Exports collapsed in nearly every major trading country, and total world trade fell faster than it did during the Great Depression. From a peak in July 2008 to the low in February 2009, the nominal value of world goods exports fell 36 percent; the nominal value of U.S. goods exports fell 28 percent (imports fell 38 percent) over the same period. Even a country such as Germany, which did not experience their own housing bubble, experienced substantial trade contractions, which helped spread the crisis. The collapse in net export in Germany contributed to the decline in their GDP which put the country into recession. In the fourth quarter of 2008, Germany’s drop in net exports contributed 8.1 percentage points to a 9.4 percent decline in GDP (at an annual rate); Japan’s net exports contributed 9.0 percentage points to a 10.2 percent GDP decline. Real exports fell even faster in the first quarter of 2009. The Decline in Output Around the Globe The financial crisis was rapidly transmitted to the real economy. The financial disruption was so strong and swift in most countries so that their confidence level in economy fell as well. Confidence levels are measured in different ways across countries, but they were generally falling throughout 2008 and reached recent lows in the fall of 2008 and winter of 2009. As noted, world GDP is estimated to have fallen roughly 1.1 percent in 2009 from the year before. In advanced economies, the crisis was even deeper; the IMF expects GDP to have contracted 3.4 percent in advanced economies for all of 2009. For OECD member countries, GDP fell at an annual rate of 7.2 percent in the fourth quarter of 2008 and 8.4 percent in the first quarter of 2009. Despite the historic nature of its collapse, the U.S. economy actually fared better than about half of OECD economies during those quarters. The decline in industrial production across major economies, each of these economies in January 2009 was more than 10 percent below its January 2008 level, and Japan faring far worse relative to the other major economies. Impact on Developing Countries The impact of the crisis on developing countries will affect different types of international resource flows: private capital flows such as Foreign Direct Investment (FDI), portfolio flows and international lending; official flows such as development finance institutions; and capital and current transfers such as official development assistance and remittances. The World Association of Investment Promotion Agencies foresees a 15% drop in FDI 2009. FDI to Turkey has already fallen 40% over the last year and FDI to India dropped by 40% in the first six months of 2008. FDI to China was $6.6 billion in September 2008, 20% down from the monthly average in year 2008 so far, and mining investments in South Africa and Zambia have been put on hold. The crisis has led to a drop in bond and equity issuances and the sell-off of risky assets in developing countries. The average volume of bond issuances by developing countries was only $6 billion between July 2007 and March 2008, down from $ 15 billion over the same period in 2006. Between January and March 2008, equity issuance by developing countries stood at $5 billion, its lowest level in five years. As a result, World Bank research suggests some 91 International Public Offerings have been withdrawn or postponed in 2008. However, not all developing countries were effected tremendously by 2008 financial crisis. In South East Asia we may take a look Indonesia performance towards the 2008 financial crisis. Indonesia experienced a significant macroeconomic shock at the end of 2008. But, of course, Indonesia was not on its own. Indeed, Indonesia was one of the least affected countries in South East Asia. Although GDP growth slowed markedly to 4.4% in the first quarter of 2009, it did not experience the collapse in growth experienced by countries such a Korea, Thailand and Malaysia. Indonesia’s growth in recent years has been driven predominantly by non-tradeables rather than tradeables, and, although the crisis reduced growth across the board, sectors such as transport and communications, and utilities have continued to grow in double digits. At the same time, the tradeable sector which has performed best is agriculture, which, at 4.8%, has experienced its strongest growth since the East Asian crisis, helping to compensate for the effects of the crisis. Indonesia has learnt from 1997 crisis so that they can manage 2008 financial crisis well. The Role of International Institutions of The G-20 The G-20, which includes 19 nations plus the European Union, is the the main nations of much of the coordination on trade policy, financial policy, and crisis response. Its membership is composed of most of the world’s largest economies and makes up nearly 90 percent of world gross national product. The first G-20 leaders’ summit was held at the peak of the crisis in November 2008. At that point, G-20 countries committed to keep their markets open, adopt policies to support the global economy, and stabilize the financial sector. The second G-20 leaders’ summit took place in April 2009 at the height of concern about rapid falls in GDP and trade. Leaders of the world’s largest economies pledged to â€Å"do everything necessary to ensure recovery, to repair our financial systems and to maintain the global flow of capital.† Furthermore, they committed to work together on tax and financial policies. Perhaps the most notable act of world coordination was the decision to provide substantial new funding to the IMF. U.S. leadership helped secure a commitment by the G-20 leaders to provide over $800 billion to fund multilateral banks broadly, with over $500 billion of those funds allocated to the IMF in particular. In September 2009, the G-20 leaders met in Pittsburgh. They noted that international cooperation and national action had been critical in arresting the crisis and putting the world’s economies on the path toward recovery. They also recognized that continued action was necessary, pledged to â€Å"sustain our strong policy response until a durable recovery is secured,† and committed to avoid premature withdrawal of stimulus. They launched a new Framework for Strong, Sustainable, and Balanced Growth that committed the G-20 countries to work together to assess how their policies fit together and evaluate whether they were â€Å"collectively consistent with more sustainable and balanced growth.† Further, the leaders committed to act together to improve the global financial system through financial regulatory reforms and actions to increase capital in the system. It set up emergency lines of credit (called Flexible Credit Lines) with Colombia, Mexico, and Poland, which in total are worth over $80 billion. These lines were intended to provide immediate liquidity in the event of a run by investors, but also to signal to the markets that funds were available, making a run less likely. In each of these countries, markets responded positively to the announcement of the credit lines, with the cost of insuring the countries’ bonds narrowing (International Monetary Fund 2009b). The IMF also negotiated a set of standby agreements with 15 countries, committing a total of $75 billion to help them survive the economic crisis by smoothing current account adjustments and mitigating liquidity pressures. IMF analysis suggests that this program discouraged large exchange-rate f in fluctuate in these countries (International Monetary Fund 2009). These actions as well as the very existence of a better-funded global lender may have helped to keep the contraction short and to prevent sustained currency crises in many emerging nations. The Government Responses The U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009. The U.S. Federal Reserves new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity. United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. The response of the Federal Reserve, the European Central Bank, and other central banks was taken shortly and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600,000,000,000 and inserting this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal. The goal of these bailouts from the perspective of the largest financial institution is billions of dollars in taxpayer money allowed institutions that were on the brink of collapse not only to survive but even to flourish. The legislation that created TARP, the Emergency Economic Stabilization Act, had far broader goals, including protecting home values and preserving homeownership. Congress was told that TARP would be used to purchase up to $700 billion of mortgages and to obtain the necessary votes, Treasury promised that it would modify those mortgages to assist struggling homeowners. However, almost immediately, as permitted by the broad language of the act, Treasury’s plan for TARP shifted from the purchase of mortgages to the infusion of hundreds of billions of dollars into the nation’s largest financial institutions, a shift that came with the express promise that it would restore lending. Treasury, however, provided the money to banks with no effective policy or effort to force the extension of credit. There were no strings attached: no requirement or even incentive to increase lending to home buyers, and against our strong recommendation, not even a request that banks report how they used TARP funds. It raised the issues on accountability in providing the bailouts. Lesson Learnt from 2008 Crisis There are several lessons that can be learnt from 2008 financial crisis. Those lessons are stated below : 1. Aggregate volatility is part of market system. There is a need to have more depth study of aggregate volatility. 2. Long lived large firms (such as financial institutions) may not be fully trusted. We should rethink the role of reputation of firms in market transactions. In addition, we need to revisit the key elements of the economy of organization so that reputation should be derived from the behavior not merely from the asset. 3. Economic growth will only take place if there is real increase in the real commodities not financial commodities. 4. People mistakenly equated free markets with unregulated markets. 5. Policy makers should be flexible in their policies and guided by overall national objectives. 6. All trading countries should diversify both their exports composition as well as export destination. 7. World financial system is becoming fragile so that there is a need to reform the current financial system. Islamic based economy system has great opportunity to alter the existing financial system. Islamic perspective From Islamic perspective, the approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts. There were horrible gaps between the rich and the poor all over the world, which remained existent all the time, even after the fall of the planned economy. It goes without saying that the position in developing and under developed countries is even worse. This uneven and unjust system of distribution needs to be reformed on a conceptual basis. The entire world today is crying on the present financial crisis, but few people have realized that this is basically a crisis of rich people who were playing with loads of wealth, and all of a sudden, their income faced a steep fall. So far as poor people are concerned, they have been living in perpetual crisis all the times, but no one care for them, The present crisis should not be examined within the relatively narrow confines of debt; rather, it is fundamentally a question of social justi ce, a concept that is paramount in Islam. Social justice includes three aspects, namely a fair and equitable distribution of wealth; the provision of basic necessities of life to the poor and the needy; and protection of the weak against economic exploitation by the strong. The debt burden, however, is increasing inequality between rich and poor countries and is tantamount to exploitation. It also means that poor countries are often unable to provide the most basic services for their citizens. The huge debt that currently burdens poor countries has arisen from loans that have charged interest and have not shared risk between the lender and the borrower and have, therefore, contravened the two most fundamental principles of Islamic finance. Islamic commands to refrain from charging interest and to share financial risk seek to avoid the concentration of wealth and the economic exploitation of the weak and thereby prevent situations such as the current debt crisis from arising in the first place. The core belief in Islamic finance is that money should not in itself be an earning asset; therefore, Islam prohibits any and all forms of interest. There are also other systems which prevent an economic crisis of pandemic proportions to arise; contractual relationships in business, finance or trade must be based on trust and familiarity of networks of common experiences (takaful) which implies that debts cannot be repackaged and resold as assets globally to faceless investors while profit must be redistributed directly to the poor (zakat) in the Holy month of Ramadan to build and strengthen social safety nets through institutions of charity welfare and education. Over and above zakat, all Muslims pay zakat fitrah to the poor, during the month of Ramadan, either through state collection centers or direct contributions to the poor. There is a trend within rural areas to identify destitute families and the disabled within the underserved rural areas of the State where they reside. Over the last few years, increasing realization of a topic poverty during an economic crisis creating the new poor among the Muslim working classes and a bnormally high repayment rates through unlicensed loan-sharks and licensed money-lenders have made national banking institutions which serve the poorer rural communities shift their services to the Ar-Rahnu market or Islamic pawn-broking market. Currently four Islamic financial institutions, Bank Rakyat (The People’s Bank); the Yayasan Pembangunan Ekonomi Islam Malaysia (Islamic Foundation of Economic Development, Malaysia); Permodalan Kelantan Bhd (Kelantan Investment Co.); and the Agro bank offer such services to the rural and urban working classes. It has established an Ar-Rahnu X’Change Franchise Network, where it plans to provide an Ar-Rahnu franchise throughout the country, managed by reputable cooperatives of the working classes. Given the acute dependency of the working classes on ready cash in times of emergency and the high rates of interest in regular pawn-broking market, there seems to be few alternatives except to expand the Ar-Rahnu market among Muslims and non-Muslims and charge the poor for ‘safekeeping’ services, rather than interest. Despite the fact that loan disbursements of Bank Rakyat alone is among the services which have contributed to Bank Rakyat’s amazing rise as a successful national cooperative bank, giving out higher than normal dividends to its share holders, loan sharks are virtually setting up desks outside flats and apartment buildings of the Muslim poor in towns and cities to offer cash and carry’ facilities to the desperately poor. This lucrative market speaks volumes of the rise of atopic poverty among those on or below the poverty line, the inadequacy of zakat and disbursements of zakat, the high dependency on regular income earners among the middle classes for welfare driven services and products and unclear nature of the rising wealth of the Muslim and non-Muslim upper classes in Malaysia The Islamic finance can bring on significant gains in money released into public capital and infrastructure. The redistributive mechanisms of surplus are instituted into welfare based institutions such as free or subsidized education, health and child care, education, and even publicly directed employment. Its principles may differ from modern welfare economics except the gains at the far end of the redistributive machinery are similarly directed towards the poor. The policies of the New Economic Policy in Malaysia, state welfares in Brunei, or publicly instituted employment as in MENA countries are more Islamic than regul ar, except they are part of the post-colonial ‘reformist’ policies of Muslim states which preceded the modern up-beat drive towards Syaria’ah compliant finance. Islamic finance, however, has not demonstrated a clear connectivity with redistributive justice as in the post-colonial political economy except through instituted deductions of zakat from dividends of shareholders. Profits from credit or financial corporations are not necessarily redistributed through zakat. Furthermore, for borrowers, the appreciated value of assets and services as forecasted and built into systems and rates of repayments which compensate for the lack of interest and, in reality, repayment rates may even out with the regular—rates are generally fixed in advance unlike regular interest rates which are more flexible, varying according to market conditions. However, it does allow more capital to be released into projects immediately, allowing a more extensive amount of goods and services to be produced, without the worry of serving loans. One, however, has to be assured of significant productivity even in the early stages of the loan but payments of zakat accruing from successful investment, from the financier or production from the borrower are fixed at a low rate of 2.5%. It is also consensual rather than forced (as in income taxation) and Muslim countries in general pur sue income tax collections as the more important thrust of national revenue. There are generally two disparate systems at work in Muslim countries Islamic finance and post-colonial welfare instituted economics. The welfare inputs in Islamic countries which are operational today proceed whether or not there are institutions of Islamic finance in the country. In Malaysia, Brunei, and the MENA countries discussed in this paper, components of welfare economics in heavily subsidized education, health, housing, farming, and welfare for the poor, are part of a post-colonial legacy of social reform to institute economic parity across groups and classes. In these Muslim nations, the public sector has played an important role in employment for Muslim or indigenous citizens, often acting as a social safety net in times of economic crises. However, these welfare driven policies are subject to much criticism since they favour the poor, encourage low productivity, and a non-competitive public sector. As Islamic institutions of welfare catch on with progressive social educa tion through media and networks and become an alternative system of welfare for poorer Muslims through zakat and other contributions, welfare increasingly becomes a social responsibility of the Muslim middle classes. There is hardly any data on how the profits earned by larger corporations of Islamic finance actually become instituted into a system of welfare economics based in Islam. Private investment trusts of political elites or national trusts controlled by them. In a properly instituted system of redistribution, through wages, salaries, educational, and health subsidies and so on, there should be very little wealth differential between the owners of political Capital and citizens but economic disparities are significant in these Muslim countries and it has been shown how gains among the lowest 20% may be offset by higher or equivalent gains among the top 20% income earners of these nations. The production of stable professional middle classes in these nations has led to an enrichment of social capital and welfare driven redistributive institutions through social networks but Islamic conscientisation had sometimes moved this ‘spiritual gain’ as an objective reality. The belief i n ibadah or ‘to do good’ may outweigh the call for greater transparency in the use of national collections of zakat and so on. Many Muslims in Malaysia pay both income tax and zakat, rather than ask for exemption from income tax. They also maintain Islamic voluntary organizations with personal funds, donate to mosques and charities, and make endless food contributions to orphans and the poor. There is very little data gathered on the actual amounts paid privately or anonymously and state-directed contributions, although increasing, are not reflective of actual payments contributed by the middle classes towards Islamic charitable institutions. On the other hand, Muslim based banking and financial institutions are obscure in their social responsibility towards the poor, including their own clients who may be victims of topic poverty during times of economic crises. In conclusion, Islamic institutions of trusts which are state directed or privately administered by banking and credit agencies contain more humanistic principles of investment and redistribution of profits except that there is a missing component—between the principles of redistribution of surplus or profits in Islam finance and the actual mechanisms to provide welfare to the people who are not share-holders or stake-holders. In Malaysia, Brunei, and the MENA countries of the Middle East and North Africa, state agencies assume trusteeships over compulsory collections like the zakat but do not have any institutional mechanisms to enforce private corporations local or foreign to contribute towards the welfare of the poor. Conclusion The first Financial crisis was began in July 1997 when the Thai baht collapse with a series of speculative attacks on the baht extended after quite a few decades of outstanding economic performance in Asia and most of Southeast Asia and Japan having currency depreciation. There some approach to help financial recovery, It is impossible that the government doing nothing when the crisis happened to their country. To prevent currency values collapsing, governments raised fiscal spending in domestic interest rates to exceedingly high levels. And last approach Government providing handouts directly to people affected and providing assistance to the poor like efforts to shield poor and vulnerable sections of society from the worst of the crisis The International Monetary Fund (IMF) is an international organization that provides financial assistance and advice to member countries. It was created out of a need to prevent economic crises like the Great Depression. The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. However, IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights record Debtor countries to the IMF are often faced with having to put financial concerns ahead of social ones The cause or trigger of the 2008 global financial crisis was the boom of the United States housing bubble which peaked in approximately 2005–2006. The impact of the crisis on developing countries will affect different types of international resource flows: private capital flows such as Foreign Direct Investment (FDI). However, not all developing countries were effected tremendously by 2008 financial crisis, Indonesia was one of the least affected countries in South East Asia. The G-20, is the the main nations of much of the coordination on trade policy, financial policy, and crisis responses. The first G-20 leaders’ summit was held at the peak of the crisis in November 2008. The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal From Islamic perspective approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts the present crisis should not be examined within the relatively narrow confines of debt, rather it is fundamentally a question of social justice, a concept that is paramount in Islam. The practicing of zakat system and waqf contribution to help the poor and needy indirectly will benefit the society. And this is the best approach that government should do by providing help directly to the poor and people affected by financial contract namely firms and banks. If government reduced the amount tax to be paid, cost of production will decrease level of employment and production will increase. Meanwhile, banks will bail out to save company and people indirectly reduced the worry of public causing the level of borrowing and consumption raises. So, as a result, it can stimulate the capital investment of the economy to increase the economic growth and level of GPD. 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