Sustainable Guest And Host Phenomenon In Hospitality Tourism Essay Example

Sustainable Guest And Host Phenomenon In Hospitality Tourism Essay The undermentioned essay will discourse the controversial relationship between clean H2O and worlds. Furthermore, it will lucubrate on the sustainable cordial reception experience between the H2O compound and worlds, placing who and why Acts of the Apostless as the host and who as the invitee in this alone affair. Introduction Demand for fresh H2O is increasing with every passing twenty-four hours and the H2O degrees across the Earth are coming down and there are marks of emphasis on all H2O resources. Water is one of our most valuable and cherished resources. Without it, we would decease. Learn the importance of a clean and healthy environment in the touristry industry and the effects of touristry on our physical environment. Any tourer attractive forces near to H2O will go contaminated with mundane waste such as plastic bottles, tins, serviettes, fictile negligees, etc. Tourist installations besides tend to blow H2O with both staff and invitees overdriving the H2O supply. Tourism and the environment both have a acute involvement in H2O. The H2O and touristry issue is non merely a affair of the H2O ingestion of nightlong hotel corsets and tourer installations. Water is besides a critical touristry resource upon which the attraction of a finish. Clean H2O contributes to the diversion and touristry industry worldwide by stressing beautiful beaches, white-water rivers, mountain lakes, and aquatic ecosystems such as coral reefs. Water has a powerful attractive force for people. When people decide to be after holidaies and travel for diversion, direction, and pleasance, many have a strong sensitivity to head to the H2O. ( Gleik, P.H and all 2002 ) . We will write a custom essay sample on Sustainable Guest And Host Phenomenon In Hospitality Tourism specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Sustainable Guest And Host Phenomenon In Hospitality Tourism specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Sustainable Guest And Host Phenomenon In Hospitality Tourism specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Hospitality has appeared to the readers and research workers in legion ways and signifiers. There are continuously new theories and comparings of the invitee and host relationship within the construct of cordial reception being written and spoken of. Extensive inventive and advanced relationships have been found to the cordial reception industry, throughout history it is vividly highlighted in assorted literature plants ( OGorman, 2006 ) , for case Homer often speaks about cordial reception in his work ( OGorman A ; Brooks, 2007 ) . Furthermore, OGorman and Brooks ( 2007 ) explain a recent illustration of a literature publication ; the Harry Potter aggregation, where hospitality permeates all the seven books to the extent that it about goes unnoticed . The invitee and host relationship has elaborated on to the extremes of unconditional cordial reception ( Derrida, 2000 ) , where the host gives everything and requires nil in return. Furthermore, it has been argued by Tefler ( 2000 ) that there is no unconditioned cordial reception, and discussed the motive behind cordial reception. Ritzer ( 2007 ) portrays cordial reception to be losing hospitableness and inquiries what will go on to the industry if its chief thought of cordial reception would be lost. The purpose of this paper is to research the phenomenon of cordial reception further, concentrating peculiarly on detecting a fresh invitee and host relationship construct ; exemplifying the direct cordial reception relationship between H2O and the human freedom experience. Primarily it will explicate what both worlds and the H2O compound have to offer each other in the instance of hospitableness. Further, it will explicate why H2O can be related to the topic within the cordial reception industry. Main organic structure Is there such thing as cordial reception between the human existences and H2O? Indeed there is nevertheless it has non been referred to in the context of a cordial reception relationship. Numerous studies and articles have been published by the United Nations Development Programme concentrating on the Human Development Reports refering H2O and its cleanliness. Further, they are increasing worlds consciousness that water is a shared duty ( United Nations Development Programme, 2006 ) , therefore informing people to increase and better their cordial reception towards H2O. The United Nations Human Development Programme is invariably bring forthing and developing programmes in action and in composing to increase the consciousness of worlds about clean H2O and how of import it is to continue it. Data collected by frogmans during International Cleanup Day is reported in the Ocean Conservancy s Marine Debris Index showing informations collected and tallied by voluntaries worldwide. Underw ater information is besides used in a particular study on Marine litter by the United Nations Environment Program, called Marine Litter: A Global Challenge , ( Keo, 2009 ) . Human development is first and foremost about leting people to take a life that they value and enabling them to recognize their possible as human existences ( DerviAY , 2006 ) . Furthermore, the United Nations find it of import to emphasize and convey it to public attending that clean H2O is scarce and should be looked after every bit good as protected and treated with regard. Over the past old ages they have created ends over and over once more to distribute the consciousness to as many people as possible, for case the Millennium Development Goals ( Watkins, 2006 ) . In add-on, literature authors mention hapless sanitation as a discourtesy to the human right for clean H2O, Victor Hugo ( 1862 ) in his celebrated novel Les Miserables wrote, the cloaca is the scruples of the metropolis . Furthermore, to foregr ound the importance of the touchable being of H2O as a demand for life among all populating things in the universe, the United Nations Human Development Programme explains its scarceness and true value, dire warnings have been posted indicating to the glooming arithmetic of lifting population and worsening H2O handiness. Is the universe running out of H2O? ( DerviAY , 2006 ) , irrespective of the fact that the Human Development programme dressed ores extremely on the fact that H2O is non distributed every bit in the universe and that the 3rd universe states suffer more because of the hapless sanitation, this issue affects all the people around the Earth, due to their irresponsibleness and carelessness towards the critical compound. Viewed at a planetary degree, there is more than adequate H2O to travel about and run into all of humanity s demands. So why is H2O scarceness a job? Partially because H2O, like wealth, is unevenly distributed between and within states, ( Watkins, 200 6 ) , so does this mean that H2O is bit by bit going more of import that oil? To go on, many faiths, civilizations and folks acknowledge H2O as a critical constituent for the lives of every populating thing on this planet, By means of H2O , says the Koran, we give life to everything. That simple instruction captures a deeper wisdom. Peoples need H2O every bit certainly as they need O: without it life could non be, reported by DerviAY ( 2006 ) in the Human Development Report. Ancient Egypt, Greek mythology refers to H2O as the component of life. However, if viewed from a different position, it may be argued that H2O takes a terrible toll in people itself ; as a message from God to penalize the worlds for their irresponsibleness, the great inundation that merely saved the necessary life animate beings and people to go on the race, I am traveling to convey floodwaters on the Earth to destruct all life under the celestial spheres, every animal that has the breath of life in it. Everything on Earth will die , ( Bible, Genesis 6:17, 1984 ) . Additionally, more r ecent natural catastrophes affecting H2O may be related to which wiped out big figure of people. Examples would include Hurricane Katrina in New Orleans on August 23rd, 2005 and the Tsunami that struck the touristry country of Thailand on 26th December, 2004. This may be referred to as the natural compound: H2O taking its retaliation on worlds ( planetary heating? ) in order to learn them a lesson and do them understand how of import their relationship with one another is and that one can profit greatly from the other. Knowledge is power, ( Bacon, 1567 ) nevertheless, even though necessary information on how to contend H2O catastrophes is available and circulated by organisations such as the authorities and the United Nations ; there is still deficiency of cognition and power about why these inundations and H2O related catastrophes occur. Therefore, despite the fact that there is a huge sum of information on what are hospitality and its dealingss, it is yet still deficient to find its precise relation to certain features of people and things, such as H2O. Apnea is a interlingual rendition from Ancient Greek that means without take a breathing , it is therefore apparent that free-diving is an ancient construct of the cordial reception relationship between worlds and H2O that is being researched in this paper. The oldest archeological findings that confirm plunging are dated back to 7000 10000 B.C. At the seashore of Baltic Sea there was a colony called the shellfish feeders and are thought to be the first civilisation to free-dive , ( AIDA, 2007 ) . Hospitality gathers together a broad scope of things, when looking at the relationship of the worlds and H2O, infinite resemblance may be found with the ordinary apprehension of cordial reception, nevertheless in a more typical manner picturing the positive and negative facets of the industry. Free-diving offers a new alone experience to the human organic structure and head. Scuba-diving offers the invitees: humans the chances non merely to comprehend the universe they are sing but of fer the chance to convey something back: cognition and experience something novel: freedom and lightness. Furthermore, H2O provides an abundant supply of occupations for people willing every bit good as qualified to work straight or indirectly with H2O, water-people advertises and invariably recruits persons interested in such employment. Finally, worlds covering with water straight or indirectly do offer something in return ; saving and grasp of the underwater universe which covers most of this planet. Many people perceive themselves as invitees and act non merely responsibly but besides show respect by forming cleaning undertakings and under H2O consciousness plans. Last twelvemonth 390,881 voluntaries from 110 states participated in Project AWARE s International Cleanup Day. For the more than a decennary PAF has teamed up with PADI frogmans ( Professional Association of Dive Instructors ) and the Ocean Conservancy to form a planetary International Cleanup Day of the universe s oceans and shorelines , ( Keo, 2009 ) . PADI is non merely an organisation which receives big net incomes for supplying submerged amusement and preparation for interested persons but besides is extremely involved in supplying businesss and in continuing the environment they are utilizing to research, learn and work in. The mission statement ; project AWARE Foundation conserves submerged environments through instruction, protagonism and action ( undertaking AWARE, 1992 ) has been runing for many old ages as portion of PADI, and is now presently running as a exclusive non-profit organisation, working on educating people how to continue the submerged environment every bit good as invariably advancement and take action in following their mission statement. It is of import component of instruction harmonizing Wood ( 2000 ) aqualung drivers and snorkelers are damaging coral reefs through repeated inordinate contact, every bit good as the locals who remove the corals to sell it as tourer keepsakes in a despairing effort to get away the utmost poorness accentuated by the tourer trade. With reassurance that H2O is H2O and it is something we come across in our day-to-day lives as we know it ; intending that it is something we swim in, something we drink every bit good as it is something that falls from the sky. These significances and understanding are developed socially and experientially. Therefore, when looking at the United Nations Human Development studies about their H2O conserving programme it is easy to understand the importance of their concerns and actions. Due to the fact that the bulk of the people are brought up with the apprehensions that clean H2O is indispensable for their being. Furthermore, PADI is an organisation which offers the obvious to its clients and the outside populace, submerged saving and cleansing. The grounds they keep posting this information is to remind worlds about these issues and their significance ; therefore foregrounding the ways a invitee should move in relationship to the host. This attack explains that who we are and how we understand the universe and what it provides is how we understand ourselves, others and the universe. This is important, in order to demo that if a individual is non responsible and is brought up in a hapless environment they will non believe twice about the saving of the submerged universe and frailty versa. Additionally, this has a direct relationship to clean sanitation ; if 3rd universe states people have a deficiency of clean H2O they will non see continuing it, since they are in despairing demand of it. Therefore, the invitee and host relationship between H2O and the human experience with the compound is comparative to the upbringing, personal perceptual experiences and apprehension of the person. This may be reversed to demo H2O as the invitee in our human universe ; nevertheless it will non be accurate, due to the fact that H2O is what it is and can non be anything else. It a touchable compound which provides to the host itself as a acquisition environment, in order for the worlds ( hosts ) to larn on how to populate with it and how to accommodate to it. Water can non be anything else other than what it is, it has no witting as the human existences, and therefore it is difficult to presume that the compound can be a invitee. Decision or Hospitality and Water In decision, it may be said with certainty that H2O Acts of the Apostless as a host in this cordial reception relationship. Furthermore, the textual analysis show that H2O is a strongly generous compound that has plentifulness to offer to the worlds around the universe. Doctors use H2O to assistance people with back jobs, Marine life scientists use H2O for educational intents every bit good as do plunging partisans, to boot H2O offers employment and energy commissariats, such as electricity. Due to most of the planet being covered by H2O, fresh and salty, deep and shallow, the instruction that the compound provides is greater than we think. Legends have been created, such as the Loch Ness Monster, and legion fabulous fables about Poseidon have been written, even by the greatest author in our history, like Homer. Showing touristry dependant of H2O. A big figure of tourers has frequently had negative effects for the sustainable usage of the available resources, which in bend has had an consequence on the unity of the ecosystems. In the popular tourer s finishs in developing counties the local populations are already sing H2O shortages on a day-to-day footing. In the hereafter, if the expected addition in tourer Numberss occurs, the force per unit area on the aquifer will correspondingly addition. It could be average that the touristry in the most finishs becomes unsustainable, which could hold an inauspicious consequence on the national economic system and besides on the local population and environment. Water is a strong and critical compound which has direct influence over people s lives. Free diving and scuba diving may be considered unsafe and utmost out-of-door H2O athleticss, nevertheless, the primary thing that teachers of these subjects say, if moving harmonizing to the regulations and ordinances written in educational publications every bit good as if demoing regard towards the universe below sea degree and recognizing that you are merely a invitee who uses the chance to see and larn something distinctively original ; the H2O will open its doors and act as a sort host. However, it is indispensable to maintain in head that like animate being, H2O can be unpredictable and accidents may happen. Mother Nature is mature and unprompted, if a natural catastrophe work stoppages or something that can non be influenced happens, merely like within any other invitee and host relationship, things do non ever travel as planned and may non be smooth ; worlds have to understand that it is l ike holding an unpleasant repast experience in a eating house, it is non knowing and it may non of happened on intent. Bad things happen to good people and that is a fact to be taken into consideration, H2O should non be blamed, but it should instead be perceived as a warning that it is non a compound to play with or disrespect. The negative impacts of touristry development can bit by bit destruct the environmental resources on which it depends. On the other manus, touristry has the possible to make good effects on the environment by lending to environmental protection and preservation. Turning of worlds demand on the universe s handiness fresh water supplies go oning. In the effort to pull off H2O to run into human demands, the demands of fresh water species and ecosystems have mostly been abandoned, and the ecological effects have been ruinous. Healthy fresh water ecosystems provide a wealth of goods and services for civilisation, but our business of fresh water flows must be bett er managed to run intoing the demands of the present without compromising the ability of future coevalss to run into their demands Brundtland ( 1987 ) To sum up, H2O as a host in the cordial reception relationship teaches us to be patient and passionate every bit good as a generous and sort host. In add-on, due to its olympian beauty and power over the invitee it shows clemency every bit good as genuinely echt cordial reception qualities. However, it may non be called unconditioned cordial reception ( Derrida, 2000 ) , since in return H2O expects the worlds to handle it with expected regard and self-respect. Therefore, following Ritzer s ( 2007 ) sentiment that cordial reception is vanishing may be argued, since there is a echt invitee and host relationship ; as Tefler ( 2000 ) explains, a invitee expects something in return, even if it is intangible, which is the instance in this cordial reception relationship. Overall, H2O Acts of the Apostless as a lector demoing the professionals within the cordial reception industry how to better and be a better host, in order to do the experience a more positive 1. It does this by offering it s hoarded wealth and unexpected wow factors underwater every bit good as an unpredictable environment every clip ; invention and alteration is the manner frontward in doing the experience one of its sort and therefore more floating and satisfying.

Free Essays on An Ethical Dilemna

An Ethical Dilemna Dilemma- Taken from: Business Ethics - Ethical Decision Making and Cases A Real Life Situation pages 62-63 By: O.C. Farrell Sandy was one of only a handful of women who had broken through the â€Å"glass ceiling† and made their way into management. She had proved to the men around her that she deserved the job, and she was now being toasted by assistant managers from other plants across the country John, her boss, had been her advocate with the company. He had personally lobbied upper management in her behalf. Unity Welding and Construction is a national firm with twenty fabrication plants, primarily in the South. The company does contract work for other companies that require welding or fabrication of metals into items used in the construction of aircraft, ships, bridges, and component parts for consumer durables. Each plant caters to specific industries. Sandy’s plant produces parts primarily for the automotive industry and is located in Arizona. Arizona is perfect f or Sandy because of her acute asthma problems. As a teenager, she once visited relatives in Atlanta and had to be hospitalized because of her reactions to the different plants and foliage. Sandy’s doctor told her at the time that she would have fewer problems with her asthma if she resided in one of the arid regions of the United States. Six months had passed since Sandy’s promotion, and her first performance rating from John was excellent. John told her that if she continued this type of performance, she would probably be a plant manager in three to six years. Sandy developed some innovative ways to increase productivity during her six months on the job. For example, she successfully implemented a â€Å"team concept,† which gave responsibility for certain proje... Free Essays on An Ethical Dilemna Free Essays on An Ethical Dilemna An Ethical Dilemna Dilemma- Taken from: Business Ethics - Ethical Decision Making and Cases A Real Life Situation pages 62-63 By: O.C. Farrell Sandy was one of only a handful of women who had broken through the â€Å"glass ceiling† and made their way into management. She had proved to the men around her that she deserved the job, and she was now being toasted by assistant managers from other plants across the country John, her boss, had been her advocate with the company. He had personally lobbied upper management in her behalf. Unity Welding and Construction is a national firm with twenty fabrication plants, primarily in the South. The company does contract work for other companies that require welding or fabrication of metals into items used in the construction of aircraft, ships, bridges, and component parts for consumer durables. Each plant caters to specific industries. Sandy’s plant produces parts primarily for the automotive industry and is located in Arizona. Arizona is perfect f or Sandy because of her acute asthma problems. As a teenager, she once visited relatives in Atlanta and had to be hospitalized because of her reactions to the different plants and foliage. Sandy’s doctor told her at the time that she would have fewer problems with her asthma if she resided in one of the arid regions of the United States. Six months had passed since Sandy’s promotion, and her first performance rating from John was excellent. John told her that if she continued this type of performance, she would probably be a plant manager in three to six years. Sandy developed some innovative ways to increase productivity during her six months on the job. For example, she successfully implemented a â€Å"team concept,† which gave responsibility for certain proje...

Art and Morality Movie Review Example | Topics and Well Written Essays - 1000 words

Art and Morality - Movie Review Example Artists are the ones who have to normally face the brunt of this censorship. Whether you consider the criminal obscenity charges against the rap group for the album 2 Live Crew in the 80s or the fatwa issued to kill Salman Rushdie for his book Satanic Verses – artists have always been persecuted for bringing out work which goes against ‘ethos’ of society. (Greenwood) This chant for censorship is not limited to Islamic countries or third world countries which are not considered ‘mature’ enough but extends to the self proclaimed champions of free speech – USA and the Western Europe. From the Comstock Law of 1873 to the 1996 Communications Decency Act; the developed world is full of laws which stifle artistic freedom. (Caso) The question which arises is this – should we allow censorship of controversial art which shows murder, explicit sexual scenes or offends religious sensibilities? The answer is a big NO. The reason is very simple. Censo rship is like a wild poisonous snake – you cannot control whom it will bite. Once power is given to the government to ban someone else; it may turn it head and ban something you like too. The most frequent target of censorship is sexually explicit art forms. Hundreds and thousands of books have been banned all across the world for their sexual content. Some books may be sexually explicit; however sexual content is usually an excuse for the ban. One example which comes to mind for such excuse is the ban of Grapes of Wrath. (Wartzman) Grapes of wrath is a much celebrated and controversial book which was releases in 1939. As a work of art; this book is exemplary which went on to win The National Book award, the Pulitzer Prize and the Nobel Prize in 1962.It is set during the Great depression and focuses’ on the hardships faced by families during the period. However the book was opposed vehemently by groups of big landowners who were opponents of organized labor. Explicit s exual content was used as an excuse to ban the book at that time from schools. The example of Grapes of Wrath is given here to show how sexuality can be used as an excuse to ban books whose main content is nowhere related to sexuality. Thus obscenity can easily be used as a vehicle by the government or powerful pressure groups to ban books or ideas to which they are opposed .Pornography and sexually explicit material is completely relative. What might be sexually offensive to one person may be normal for other person. We might find it amusing and childish that many Islamic countries ban films which show lip kissing but the same argument can be used for that art forms which majority of Americans find sexually explicit. These famous lines by Justice John Marshall sums up the futility of trying to define obscenity – â€Å"one man’s vulgarity is other’s lyrics!†Not only obscenity but even pornography has no legal definition. Some may consider a little skin sh ow as pornography where as others may consider it as the requirement of the film. In the absence of a formal definition we are left to the whims and fancies of certain individuals who are given the right to decide right and wrong. Laws are those which can be objectively applied, not something which requires subjective treatment. â€Å"Concerning the Gods I am not able to know either that they do exist or that they do not exist.†- The treaties of Protagoras. (Schiappa) Most of us this day will not find the above line offensive as atheists are now an acceptable part of the society. Some openly

Tikal Essay Example | Topics and Well Written Essays - 750 words

Tikal - Essay Example The temple pyramids were made of limestone blocks and lorded over other surrounding structures. Lattice of stone were also added in Maya roof comb to make it as a grand-looking edifice. Architects considered the Maya site in Tikal of Guatemala as the most extraordinary construction of buildings as a work of art. The site is imposed with temples of the Giant Jaguar (ca. A.D. 700), Masks (ca. A.D. 699), and the North Acropolis (Canadian Museum of Civilization, 2010a). It was believed that at the core of the Giant Jaguar temple is a high priest’s tomb with hundreds of vases and jade as offerings. A quiet sanctuary was also built intended for worshipper at the top of the nine-tiered pyramid (Canadian Museum of Civilization, 2010a; Totten, 1926). The rooms in these temples are accordingly narrow and design for ritual or ceremonial activities only. Some perceived that the design and alignment of these rooms are significant and imply a certain value to the inhabitants. Other eye-catching structures in the city are palaces in single-storey platforms with several rooms and with interior courtyards (Canadian Museum of Civilization, 2010b). The nunnery in Uxmal also looked like a palace (Canadian Museum of Civilization, 2010b). Rulers, elites and the noble families are presumed by archaeologists to have occupied these structures and those cell-like rooms in some structures were probably rooms of religious leaders in their communities e.g. priests, monks, and nuns (Ching, Jarzombek, & Prakash, 2011). They also had this structure known as Temple of the Sun at the Palenque and some sturdy edifice of a Great Gate at Labna (Ching, Jarzombek, & Prakash, 2011). This form of Architecture is considered quite expressive of sophisticated decoration of arts, carvings, and wall paintings of ancient symbols (Ching, Jarzombek, & Prakash, 2011). Those building are interconnected by roads made of stones, also known as causeways. Although experts criticized that Maya city was

Intelligence Case Essay Example for Free

Intelligence Case Essay In the traditional view of China, people think intelligence is a person with high IQ and could get high score at the intelligence test. However, this should be the biggest misunderstanding at all. A person who can get high grade at the test may just be good at the test, and it can never prove the person is intelligence in every field of life. Intelligence is a word to describe a person who is wise. According to my understanding, intelligence includes much more than smart. I think intelligence is a kind of ability or wisdom a person get as long as he/she grow older. Within the settling of time, people can learn more and more from life experience or other people. There are some natural born intelligence, but not all. According to Howard Gardner, â€Å"[intelligence] is an inborn attribute or faculty of the individual† (Howard, 109). Apparently, this quote give a clear explains of where intelligence came from. Gardner gave 7 different intelligences to improve his idea which I could not agree with him at all. Based on my own experience and growing environment, I should say intelligence is a kind of ability to learn, and we can become intelligence if we worked hard on those specific fields. When I was I young boy, I couldn’t speak clearly. It was an natural thing and the doctor from the hospital said that I will become mute within as time goes on. My mother was really sad about it and kept crying everyday about this. However, my father never gave up on me. He started training me after the doctor told the bad news when I was only 3 years old. At the beginning, it was really hard. I could not say even a single word as normal kids. My father forced me to bite a leaf over my tongue, and keep saying simple word like â€Å"a†, â€Å"yi† etc. I was wearing an earphone on my ear every day and could not take it off without my father’s permission. After about 3 years, at the age of elementary time, I could speak, even its still not clear enough. My father kept working hard with me, and I could speak like a normal person until I got 10. My experience told me that I may not have the linguistic talent as others, but I could speak Chinese, Japanese and English now. Intelligence can be trained as other skill. My father is my example of intelligence. When my father was graduated from high school, he was arranged to a bank by my grand-father. However, he had a slightly autism at the time. He was afraid of talking to others. But at that time, no one in China mentioned that and no one understand it’s a kind of psychological disease. My father was afraid of almost everything in the world, including my grandparents. Therefore, he never told my grandparents about it. He decided to work it out by himself. He had to speak to others and saved his job as a normal worker. He went to public place at spare time. It was really hard for him to talk to people at first. He could only stand around people and watching them doing their things. He’d ran away when somebody tried to talk to him. However, he just kept going there, he tried more and more, he practiced in front of the mirror and imagined he was talking to someone who he can make friends with. After 3 months of trying, he succeed. Another 3 years later, he met my mother and married her. And now, he ran one of the biggest hotel in my hometown and several other kinds of business. He had meetings with his employees every day and became a successful person at the interpersonal field. My father might not have the interpersonal talent, but he had the interpersonal intelligence for sure. Some intelligences were born naturally. However, people can be intelligence at the field they don’t have talent at by working hard on it. I’d love to be intelligence and I will keep trying to be intelligence at as much field as I can.

UK Interest Rates During the Financial Crash

UK Interest Rates During the Financial Crash Central banks always have responsibility to keep a stable economy which includes stable prices, low inflation rate and confidence in the local economy. The main tool used by central banks for these propose is monetary policy which will influence the interest rate, and the way of conduct it varies from country to country. This essay will look into the Bank of England and explain the transmission of monetary policy and how the policy affected by the credit crunch. The Bank of England gained its independent right to set up interest rate according to the target inflation rate since May 1997. The preferred target inflation rate in the United Kingdom is 2% and the Bank of England sets appropriate interest rate to ensure the real inflation rate is moving towards the target inflation rate in an acceptable time period. However, the fixed target inflation rate does not necessary mean a constant interest rate. An Overview of the change of interest rate in UK banks from 1973 to 2009, from which a fluctuate trend could be observed among the whole period and there was a sharply decrease from nearly 15% to 5% during 1989 to 1993 when the United Kingdom was experiencing an economy recession. After 1993, the interest rate was relatively stable until 2008. However, between 2008 and 2009 the interest rate deeply drops from 5.25% to 0.5% for the recent credit crunch. From the data from the Bank of Englands report, the interest rate decreased at a rate of 1% per month constantly from October 2008 to January 2009 after the Lehman Brothers bankrupt. It is well known that a low interest rate represents a loose monetary policy which is aim to increase the inflation rate and the economy. It may illustrate how the interest rate set by the Bank of England conduct the monetary policy. The official rate set by the Bank of England direct influence the market rates includes the repo rate, bond rate, inner bank borrowing rate and so on. Then the market rate sets the asset prices in the financial market which will in turn affects peoples expectations of the economy. Also, the official rates would give people the signal about how will the market moves. For instance, a decrease in official rate will shows a loose monetary policy to the public and people would expect a rise in the price level and then may increase their domestic consuming demand. In addition, the official rate change will affect the exchange rate directly for it alters the domestic investment rate.(Mishkin, 2006). At the second stage, the official rate indirectly affects the domestic demand and net external demand, which forms the total demand, via the market rates, asset prices, expectations and exchange rate. Then the total demand influences the domestic inflation rate. Finally, the domestic inflation and import prices decide the inflation. For example, as mentioned above, a decrease interest rate will increase the publics domestic demand and also would decrease the exchange rate against foreign currencies which may consequently increase the export demand for the goods will be cheaper for foreign consumers. As a result, the total demand will increase and may eventually raise the price level and lead to an increase in inflation rate. Timing effect is another factor that the Bank of England concerns for the monetary policy. That is to say, the effects of changing interest rate are not instantly but take time to fully function. Some channels may be more sensitive to the change while others may not. The Bank of England estimates that a monetary policy may takes up to 2 years to be fully influence the inflation rate. The past statistic data supports this view that the inflation rate was nearly 2.3% in 2007 and increased to 2.9% in March 2009 during which period a sharp decrease in interest rate could be observed. The reason for this sharp decline of interest rate from 2008 to 2009 is mainly accounts for the credit crunch recently. The credit crunch shows a strong shortage in capital supply and declining quality of borrowers financial health (Mizen, 2008). Also, the credit crunch gives very bad expectation to the public about the economy and the price of real estate was declining relatively. Consequently, investors are lack of motivation to invest for the low earnings due to the declining prices and a high risk for the credit crunch. On the other hand, for the householders may feel less wealth for the decreasing prices and lack of sense of the financial safety, they may reduce the consuming and prefer to deposit in the bank. Both phenomena are not preferable for a growing economy in that the Bank of England cut the rate sharply to increase the supply of capital and wish to encourage the amount of invest and consume to cease the recession. In fact, the GDP growth rate from 2008 to 2009 was only 0.7% and the growth rate from 2007 to 2008 was 3% (Fedec, 2009). The growth in the first quarter in 2009 was even worse, which was 4.1%, that may be the reason for the Bank of England cuts the rate to 0.5%, which was only one tenth compared to the same time last year. As the data shows the inflation rate rose in response to the loose monetary police, the GDP growth rate may not be very optimistic for the pessimistic among the public. References: Bank of England, 2008 â€Å"How Monetary Policy Works†, Bank of England, http://www.bankofengland.co.uk/monetarypolicy/how.htm Bank of England, 2009 â€Å"Base Rate†, Bank of England, http://www.bankofengland.co.uk/statistics/rates/baserate.pdf Bank of England, 2008 â€Å"Monetary Policy Framework†, Bank of England, http://www.bankofengland.co.uk/monetarypolicy/framework.htm Fedec A,2009, â€Å"No End Yet to British Resession†, TradingEconomics, http://www.tradingeconomics.com/Economics/GDP Growth.aspx?Symbol=GBP Mizen P, 2008, â€Å"The Credit Crunch of 2007 2008: A Discussion of the Back ground, Market Reactions, and Policy Responses†, Federal Reserve Bank of St. Louis Review, 90(5). pp.531 67 Mishkin, F.S., Eakins, S.G. 2006, Financial Markets and Institutions, Fifth Edition, Pearson International Edition, pp. 219 244. RateInflation, â€Å"UK Historic Inflation Rate†, RateInflation http://www.rateinflation.com/inflation rate/uk historical inflation rate.php?form=ukir Part B Securitization started from 1970s firstly in the US market and then also trivial in the Europe after the new rules was adopted. It is welcomed by most banks because it brings additional way for banks making profits and it is an off balance sheet activity. However, due to variety risks associated with securitization and the endless re securitization, it may lead to sever financial crises. In fact, this would be the main reason for the Northern Crisis and the recent credit crunch (Mizen, 2008). This essay will first introduce the process of securitization then explain the risks in the process with a special focus on mortgage backed securitization and discuss its effects in the credit crunch. The definition of securitization is quite straightforward: it is â€Å"the process of pooling and repackaging loans into securities that are then sold to investors† (Ergungor, 2003). There are many assets would be securitized such as: mortgages, home equity loans, manufactured housing loans, credit card receivables and so on. By securitization, banks are able to sell those illiquidity assets to different investors. Besides, banks would create derivates by pooling assets together. There are variety types of securitization depending on the backed asset or payment method. For instance, the most popular type of securitization is Mortgage Backed Securitization (MBS), and there are Asset Backed Securitization (ABS), and Collateralized Debt Obligation (CDO). Basically, the progress of mortgage backed securitization creates a mortgage pool and the agency sells shares of the pool to different investors according to their preferences. Then the cash flows from the mortgage passed along to investors (Van, 1998). Agencies usually pooled together mortgage and divide those payments into several parts and develop different cash flows to create different type of securities which may have different maturity or yields, and sell them to investors with different risk attitude. The total sum of cash parts will be equal to the whole. The progress of securitization brings considerable benefits to banks. First of all, as banks are regulated to meet the minimal capital requirement which may reduce profits banks would earn. As a result banks may prefer to engage in securitization which is off balance sheet so that do not require banks to meet the capital requirement and gives a more attractive opportunity for banks earning. On the other side, investors prefer less risky and higher return which could be fulfilled by buying the debts through securitization. It is less risky for it is backed by mortgage and has a higher rate than deposit. Besides, as the Great Depression and bank fails not very long before, investors no longer consider deposit in the bank as a safe heaven (Ergungor, 2003). In this procedure, agencies do not really have cost except transaction costs which will be induced from investors. In addition, if another investor buys a share, he may also securitize it and sell it to others. In that way, one mortgage would be re securitized many times. Consequently, if one mortgage fails to repay, many securities may face the risk of default which to some extend enlarge the risk to the whole financial system. In contrast to default risk, agencies also face repayment risk in the process. To be more specific, for example, if the borrower expects the interest rate would fall then he may repay the debt early to refinance in a lower cost, meanwhile, agency are suppose to produce constant repayment periodically to investors who buy the MBS. As a result, the agency have to reinvest the amount of money repaid early by borrowers and which forces them engage in a reinvestment risk in case the interest rate may fall. Mizen(2008) points out that the credit crunch started from 2007 is very complicated for now there are many financial innovations giving ways to packaging and reselling assets. Then he argues that the main reason for these financial crises is mispricing risk of the products which are mortgage backed securities. Historical events show that the beginning of this credit crunch was a serial of mortgage defaults. Then these defaults bring downgraded subprime related mortgage products which then lead to countrywide mortgage bank losses in the U.S. However, this trend did not stop; it soon spread to European banks which have tight relationship to the U.S. financial markets. It is acknowledged that the Credit crunch of 2007 2008 develops after this the full scale (Mizen, 2008). The amount in billions of dollars of household credit market debt outstanding from 1950 to 2009. It could be seen that the trend of growing was much shaper after 2000 and peaked in 2009 when the approximately $11 trillion is mortgage debt (Bubbles, 2008). It is not hard to imagine that 1% of the total amount of mortgage debt was securitized and only 1% of the securitized debt was re securitized when some of them default, how great the amount of dollars would be involved in. That was what happened in the Credit Crunch, for a trivial subprime mortgage market, financial institutions are tied in a line and the re securitization strength this tie and increase the risk and the price of default. Once one default, the whole will suffer, the globalization also enlarges the scale that will suffer. References: Bubble H,2008, â€Å"A Decade of Slow Growth: Why the United States will Face a Decade of Economic Stagnation and Face a L Shaped Recession. 10 Charts and Pictures as to Why This will Occur.†, http://www.doctorhousingbubble.com/a decade of slow growth why the united states will face a decade of economic stagnation and face a l shaped recession 10 charts and pictures as to why this will occur/ Ergungor E,2003, â€Å"Securitization†, Federal Reserve Bank of Cleveland, August 15, 2008 Mizen P, 2008, â€Å"The Credit Crunch of 2007 2008: A Discussion of the Back ground, Market Reactions, and Policy Responses†, Federal Reserve Bank of St. Louis Review, 90(5). pp.531 67 Van H, James C (1998), Financial Market Rates and Flows, Chapter 13, PP 119. Prentice Hall

Public vs Private Healthcare

As a first generation Canadian, due to the on-going debate about a possible public-private healthcare interface, I have become very familiar with the meaning of public vs private healthcare. In a socialist type government healthcare services are provided, funded and regulated by the government, which constitutes as a public healthcare system. On the other hand, entrepreneur-run (profit-based) clinics and hospitals that are privately owned would be considered part of a private healthcare sect.As a Canadian I have experienced the benefits of a relatively efficient public healthcare system. When comparing this to our neighbor’s healthcare system, statistics have shown that although the majority of services provided in the U. S. are through the private healthcare sect, the US seems to spend much more on maintaining this system per capita than Canada.Somehow indicating that a government regulated system might be run a little more efficiently. Furthermore, from personal experience I have learned that a public health care system also provides access to everyone.It eliminates discrimination according to an individual’s income and class, when you are a patient you are treated with the same level of care whether you live in a million-dollar condo or in government housing. This in my opinion promotes equality and unification amongst Canadian citizens.I believe that with the government spending at stake the health of Canadians is more closely monitored. For instance, statistics provide that smoking leads to many health issues that in the end cause the government quite a bit of spending, this intern has encouraged many campaigns against smoking.For example, in Australia (another country with a publicly run healthcare system) persons born after a certain year will not be legally allowed to purchase cigarettes. Although in the opinion of some people, this is against human rights, in my personal opinion I think it is for the greater good of the future health of A ustralians. Something that Canadians should consider implementing along with the graphic anti-smoking packaging and very direct television-ads that are currently being used.Although, there are many advantages to public healthcare, we must not ignore  the disadvantages to a completely publicly run health care system. Considering that healthcare spending is dependent on taxes and the allocation of funding is at the mercy of government officials, we are faced with issues such as ‘Cut Backs’.Recently, the Canadian government has decided to reduce healthcare funding to the provinces, this has been reflected in increased wait times (which are already unacceptably long) and increased the number of services not covered by provincial healthcare.This along with the comparison of much lower funding for innovation and cutting edge research that has been apparent in the U. S. due to private sect interest and investment, has been motivation enough to drive some of our striving and driven physicians to move down south to further advance their careers.With the options of private funding and investment, the quality of private clinics can be much higher than what we receive at publicly funded clinic. On the other hand, where funding is not sufficient the quality can be quite low which shows an inconsistent range that cannot be regulated.Despite this irregular pattern, another advantage to having a private healthcare option is provided and allowing those who would rather not wait and pay for their services to do so and keep this spending in Canada. Therefore, with these clear advantages and disadvantages of both a publicly and privately run healthcare system, there is room for debate.I believe that is the reason the Canadian government is considering a public-private healthcare interface to reap the possible benefits of both systems. This of course will bring along with it the problems that have to be considered before a transition is made.