Analysis of the American Reality, Possibility, and Dream found in “Nickel and Dimed” and “The Outsiders”

Analysis of the American Reality, Possibility, and Dream found in â€Å"Nickel and Dimed† and â€Å"The Outsiders† Every American is familiar with the concept of the American Dream. It is the social myth at the very core of the nation’s identity. Unlike other countries, the United States is not rooted in a shared ancestry, history, or language. Instead, Americans find their unity in a common aspiration—the hope of a better future for themselves and their children in the Land of Opportunity. This is the vision that drove the Puritans to brave the sea, inspired the founding fathers to sign the Declaration of Independence, and continues to bring immigrants teeming into the country. The American Dream is deeply rooted in the culture and psyche of the United States and its citizens. It is a common theme in literature as American authors struggle to interpret the social myth in light of reality. One of the most beloved discussions and deconstructions of the American Dream is a novel written by Susan Eloise Hinton when she was only sixteen. The Outsiders chronicles the story of seven boys and their struggle to overcome the stereotypes forced on them by their community. Through the eyes of adolescence, Hinton analyzes the American Dream by addressing the gulfs that separate the Dream from reality, and the reality from the possibility of achieving the Dream. Another book with a similar purpose is Barbara Ehrenreich’s Nickel and Dimed: On (Not) Getting by in America. Unlike The Outsiders, Nickel and Dimed is a nonfictional account of Ehrenreich’s experiences as she attempts to support herself by working various blue collar jobs. Ehrenreich accuses America of abandoning the working poor who, she argues, are unable to support themselves on current minimum wage salaries. Furthermore, her expos? shows an economic system that encourages the abuse and dehumanization of its low-income workers. Even while she stresses the importance of financial stability to the fulfillment of the American Dream, Ehrenreich spends a large portion of the book illustrating how a lack of humanity, in the system and between the classes, is the root cause of the large gap between rich and poor. While Hinton and Ehrenreich approach the American Dream from two very different perspectives, both conclude that a mutual respect and understanding between all pe ople, regardless of class, is essential to fully restore the Dream for all Americans. The United States of America was founded on the notion that â€Å"life, liberty and the pursuit of happiness† should be available to every citizen. The belief that these rights are available to every citizen is a great American myth. In his book The American Dream: The Short History of an Idea that Shaped a Nation, Jim Cullen calls this â€Å"idea that individuals have control over the course of their lives†¦ the very core of the American Dream, the bedrock premise upon which all else depends† (10). Hinton and Ehrenreich both attack the validity of the myth that equal opportunity is a reality in America and identify it as a source of prejudice and misunderstanding between the classes. Ehrenreich’s opinions about poverty, before she began her undercover journalism research, correspond strongly with the way average middle and upper class Americans think. She describes how she â€Å"grew up hearing over and over, to the point of tedium, that ‘hard work’ was the secret of success† (Ehrenreich 220). When she attempts to support herself as a blue collar worker, however, she finds that â€Å"you [can] work hard—harder even than you ever thought possible—and still find yourself sinking ever deeper into poverty and debt† (Ehrenreich 220). In his book, Beyond the American Dream, Charles Hayes describes how the disconnection between the myth and reality stigmatizes the poor: The higher the level of social position reached†¦ the more the people on that level seem blinded by the relative advantage of their position. For example, the middle class expects the bottom level to simply go out and get a job, failing to see the dist inct advantage they themselves maintain through quality education and social connections. The typical middle-class businessman†¦ sees himself as deserving while he sees those at lower economic levels as being lazy and undeserving. (18-19) During her experience as a temporary member of working class America, Ehrenreich found the work exhausting, both physically and emotionally. Working as a maid, she describes the â€Å"exercise† as â€Å"totally asymmetrical, brutally repetitive, and as likely to destroy the musculoskeletal structure as to strengthen it† (Ehrenreich 90). Many of her coworkers work through pain, malnutrition, or pregnancy in order to keep their jobs and because they can’t afford to take unpaid days off. Several of the maids have injuries, treated and untreated, due to their work. Despite the prevalent idea that the poor can break free from poverty simply by working hard, Ehrenreich’s coworkers endure body-breaking work without having the opportunity to save enough to change their situation or seek out a different job. Like Ehrenreich, Hinton also argues that equal opportunity is a myth that contributes to prejudice. In The Outsiders, Ponyboy, the narrator, lives in a world divided by social class. The poor kids living on the East side, labeled â€Å"greasers† by the rest of the community, endure a multitude of stereotypes and stigmas. Ponyboy, and the other boys who make up his adopted family, or gang, know the labels well. On their way to a fight, they â€Å"embrace the stereotypes† (Inderbitzen 360), chanting: â€Å"‘I am a greaser†¦, I am a JD and a hood. I blacken the name of our fair city. I beat up people. I rob gas stations. I am a menace to society. Man, do I have fun O victim of environment, underprivileged, rotten, no-count hood!’† (Hinton 144). Despite their willingness to unite under these stereotypes, however, Ponyboy’s account of events brings the reader to a different understanding of the greasers. One member of the gang, in particular, allows the reader a fresh perspective on these dehumanizing stereotypes. Dally, who has â€Å"spent three years on the wild side of New York and had been arrested at the age of ten,† is the hardest kid of the group: â€Å"tougher, colder, meaner† (Hinton 19). Even Ponyboy, though he respects Dally, doesn’t like him. The tough fa?ade rapidly crumbles, however, when Johnny, Dally’s friend, dies from injuries sustained while rescuing children from a burning building. â€Å"‘That’s what you get for tryin’ to help people, you little punk,’ Dally blurts at Johnny’s body, ‘that’s what you get†¦Ã¢â‚¬â„¢Ã¢â‚¬  (Hinton 157). Dally’s own life circumstances have taught him that selflessness, such as Johnny’s heroic efforts, results only in personal disaster and pain. Since his childhood, Dally has learned to meet the world with a cold detachment in order to survive the harsh, inner-city streets. Whe n he loses the only person who had slipped past his defenses and grown close to him, the pain overwhelms Dally. He pulls an unloaded gun on the police, forcing them to shoot him. Though Dally embodied many of the stereotypes forced onto all greasers, ultimately he was just a child trying to protect himself in a world where no parent had ever cared for him. The great tragedy of his death is that Dally still had the potential to be an extraordinary person. In him, Johnny saw a strong, â€Å"gallant† hero (Hinton 84), someone to look up to. Dally’s efforts to save Johnny from the fire at the risk of his own life provide a glimpse into the person he might have become had the circumstances been different. Unlike the labels suggest, Dally was not ruined beyond repair or redemption by his environment. He was still a human being, and, as such, he still had the ability to choose who he might have become. The myth, therefore, perpetuates stereotypes that prevent empathy and guid ance from being given to kids because they are viewed as already beyond help. Despite the myth of equal opportunity, the American Dream is still carried in the hearts of poor and rich Americans alike. Ehrenreich and Hinton each comment on what the Dream looks like through the eyes of the poor and compare it to the Dream as interpreted by the middle and upper classes. After examining the Dream of each class, both authors conclude that the Dreams are complimentary, not antagonistic. In Nickel and Dimed, the viewpoints of those struggling with poverty come in the form of interviews with Ehrenreich’s coworkers. Near the end of her job as a maid, Ehrenreich asks the women who she was working with how they felt about the owners of the houses they clean, â€Å"who have so much while others, like themselves, barely get by† (118). Answers two of the women give shed light on a commonality in the Dream held by each person struggling with poverty. Lori responds, â€Å"All I can think of is like, wow, I’d like to have this stuff someday. It motivates me and I don’t feel the slightest resentment because, you know, it’s my goal to get to where they are† (Ehrenreich 118). Colleen’s answer is somewhat different: â€Å"I don’t mind, really, because I guess I’m a simple person, and I don’t want what they have. I mean, it’s nothing to me. But what I would like is to be able to take a day off now and then†¦ if I had to†¦ and still be able to buy groceries the next day† (Ehrenreich 119). Though Lori and Colleen have different Dreams, the need for economic security is common to both. Without enough income to begin saving, the poor are trapped in their current situation without hope of escape. Even the ability to find a higher paying job is severely limited by lack of time, energy, and transportation. The smallest disaster could push their delicately balanced lives over the edge and leave them without either a job or money. The Dream of the rich, as expressed in Nickel and Dimed, comes from the author’s own perspective. Both Ehrenreich’s desire to research and write the book, as well as comments she makes about her own state of mind, reveal her own, middle-class Dream. Reflecting upon her â€Å"savior complex,† Ehrenreich admits, â€Å"Even my motives seem murky at the moment. Yes, I want to help Holly and everyone else in need, on a worldwide basis if possible. I am a ‘good person,’†¦, but maybe I’m also just sick of my suddenly acquired insignificance. Maybe I want to ‘be somebody,’†¦, somebody generous, competent, brave, and perhaps, above all, noticeable† (Ehrenreich 99). The need to matter is one she constantly wrestles with while preforming the menial tasks required of her from the various blue collar jobs she works. In order to cope with each of her jobs, Ehrenreich either finds meaning in it or creates meaning from pure fanta sy. In what she calls a â€Å"psychic flotation device† (108), Ehrenreich pretends, â€Å"I am not working for a maid service; rather, I have joined a mystic order dedicated to performing the most despised of tasks, cheerfully and virtually for free—grateful, in fact, for this chance to earn grace through submission and toil† (108). Unlike those who risk going hungry day by day, with no foreseeable route of escape, Ehrenreich is not really in any danger of starvation. Her basic needs are met and her current situation is only a charade. Her Dream focuses much more heavily on the upper levels of Maslow’s hierarchy: belonging, esteem, and self-actualization (â€Å"Need-Hierarchy Theory†). It is, in fact, these needs that have driven her to spend time living as one of America’s working poor. By temporarily giving up her privileged position, Ehrenreich is fulfilling her own Dream of doing meaningful work and being somebody who matters. In The Outsiders, the Dream of the lower class is expressed through the narrator. Like Ehrenreich, Ponyboy also shares with the reader his own fantasy: I loved the country. I wanted to be out of towns and away from excitement. I only wanted to lie on my back under a tree and read a book or draw a picture, and not worry about being jumped or carrying a blade The gang could come out on weekends, and maybe Dallas would see that there was some good in the world after all, and Mom would talk to him and make him grin in spite of himself†¦ She could talk to Dallas and keep him from getting into a lot of trouble. (Hinton 56) Like Colleen and Lori, Ponyboy also desires a certain amount of economic stability and freedom, but his Dream goes much deeper than that; he also wants peace. In his neighborhood, torn apart by social class, the greasers cannot even walk alone without fear of being jumped by the socs, kids from wealthy families who â€Å"had so much spare time and money that they jumped [greasers] and each other for kicks, had beer blasts and river-bottom parties because they didn’t know what else to do† (Hinton 51). Ponyboy’s idyllic version of the country represents his Dream for the world: a place where nobody has so little money that they are â€Å"hardened beyond caring† (Hinton 67) like Dally or so much money that they have nothing left to work for, like the socs. In his Dream, he is once again cared for by his parents. He is allowed to enjoy his childhood rather than wrestling with adult problems in an adult-less world. The Dream of the upper class is related by the soc Cherry Valence who confides in Ponyboy, telling him that being rich isn’t all it’s made out to be: ‘We’re sophisticated—cool to the point of not feeling anything. Nothing is for real with us. You know, sometimes I’ll catch myself talking to a girl-friend, and realize I don’t mean half of what I’m saying †¦ Rat race is a perfect name for it,’ she said. ‘We’re always going and going and going, and never asking where. Did you ever hear of having more than you wanted? So that you couldn’t want anything else and then started looking for something else to want? It seems like we’re always searching for something to satisfy us, and never finding it. Maybe if we could lose our cool we could.’ (Hinton 46) Cherry’s Dream, ironically, is to have a Dream—something to strive for. Like Ponyboy, she lives in a world consumed by money, only, rather than having too little, she has too much. The class culture she grew up in demands she meet social expectations, never letting her true self shine through. In talking to Ponyboy, she is able to make a genuine connection with another human being because she does not have to worry about keeping up appearances or fitting into cultural stereotypes. Just as Ehrenreich was able to fulfill her Dream of bettering the world and doing something meaningful by entering into the world of the working class poor, Cherry also found her Dream fulfilled when she stepped outside of her own social class and befriended a greaser. For both Hinton and Ehrenreich, the only way to restore equal opportunity to America and allow each individual the possibility of living the American Dream is through mutual friendship and respect between social classes. Works Cited Cullen, Jim. The American Dream: A Short History of an Idea That Shaped a Nation. New York: Oxford, 2003. Print. Ehrenreich, Barbara. Nickel and Dimed: On (Not) Getting By in America. New York: Henry Holt, 2002. Print. Hayes, Charles, D. Beyond the American Dream: Lifelong Learning and the Search for Meaning in a Postmodern World. Wasilla, AK: Autodidactic Press, 1998. Print. Hinton, S. E. The Outsiders. New York: The Viking Press, 1967. Print. Inderbitzin, Michelle. â€Å"Outsiders and Justice Consciousness.† Contemporary Justice Review. 6.4 (2003): 357-352. Web. 29 Dec. 2011. Need-Hierarchy Theory.A Dictionary of Psychology. Oxford Reference Online. Web. 25 Jan. 2012.

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

Strategic Management - Research Paper Example Lately the services it offers to its customers have also been widely differentiated from those of its competitor, Disney. Thus, conflict of interests has been avoided and also the cut throat competition that previously existed has been brought under control. From the internal environment, Ocean Park has undergone a lot of innovations and improvements which help it to keep up with the competitive environment. With the innovation of Dolphin shows and the Cable Car, the place is able to attract a large number of people from different corners of the world. The managing director of Ocean Park also stated that unlike Disney which was all about fantasy, Ocean Park was about reality of nature and real animals. In Singapore, the main attraction currently is the Universal Studios Singapore. The theme park has paved a way for Asia’s success in tourism since it has already attracted more than two million tourists since its opening. The success of the park has mainly been attributed to its unique attractions of blockbuster movies and television shows. Its spectacular hotels and shopping malls also contribute significantly to its quality and attractiveness. General Environment in Hong Kong and Singapore The environment in Hong Kong is generally characterized by businesses, industry and work. Most of the businesses are operated in a laissez faire world where there is very minimal control by the government. The place is also composed of industries such as manufacturing and electronic industries (Lee, 2001, P. 110). Although the city is known to be poor in the financial and commercial sector, it is known for its success in domestic tourism. Lately however, it has specialized in eco-tourism considering its magnificent nature (Singh, 2012, P. 10). The politics in the area are not so outstanding but are carried out in a peaceful manner. Such factors have promoted a favorable environment for the park to undertake its developments. Political stability in Hong Kong also create s a favorable environment for the tourism industry. This is supported by the fact that tourists would not be willing to visit a place where there are wars and political violence. Travel and accommodation industry in Hong Kong and Singapore Following the recent release of Global Financial Centers Index 2011, Hong Kong was ranked at a higher position than Singapore and third after London and New York. This has mainly been attributed to its wide hotel and tourism industry. The catering and hotel industry in Hong Kong provides highest level of visitor experience and satisfaction to the visitors thus ensuring that there is a flow of tourists all the time. The travel industry is also favored by the employment of staffs that are fluent in Mandarin so as to promote communication with the tourists. Most of the tourists to Hong Kong are from mainland China. Other, whose main aim is leisure, recreation and holidays come from other parts of the world, including America, Thailand and Singapore ( Zhang, Pine, and Lam, 2005, P. 83). Due to the continued political and economic stability in Hong Kong, the tourism industry continues to grow as more and more people find their way to the city. With growth in the tourism industry, it implies that the number of visitors on Ocean Park will also increase. Take for example in the year 2011 when china as a whole registered a large number of tourists, Ocean Park reported a total of 900,

Gerontological Project Research Paper Example | Topics and Well Written Essays - 250 words

Gerontological Project - Research Paper Example Tertiary prevention goal involves creating realistic short and long-term goals for healthy weight loss with the active participation from the patient. For this patient, pain is an issue that will prevent her from engaging in any exercise regimen and thus it has to be dealt with first. Chronic pain occurs in 25 to 86% of the elderly population and leads to â€Å"falls, deconditioning, malnutrition, gait disturbances, and overall slow rehabilitation† (Herr, 2002). Managing pain is a multi-dimensional process that involves pharmacological and non-pharmacological management (Herr, 2002). According to Messier et. al (2004), a combination of exercise and weight loss resulted in improved physical activity and reduced pain in overweight elderly with knee osteoarthritis. The exercise program that this patient can safely participate in could involve exercise three days per week, which consists of â€Å"an aerobic phase (15 minutes), a resistance-training phase (15 minutes), a second ae robic phase (15 minutes), and a cool-down phase (15 minutes)† (Messier et. al, 2004). Motivation and a desire to change are key components in the initiation of and continuity in an exercise program.

Algae :: Sea weed

Recently, I interviewed someone from the Island of Orkney, off the northern shore of Scotland. He described the seas as being nutrient rich and crystal clear. Traditionally, sea weed, (called sea vegetables in Scotland) has been used for herbal remedies, food products, animal food, cosmetics, and fertilizers. Two of the major species I was informed of were Laminaria, and Carrageen Chondrus crispus (Irish moss). Laminaria, (commonly called "kelp") has it has the ability to re-growth extremely fast, making it an almost infinitely sustainable crop. Auxins, gibberellins and cytokinins exist in large amounts, which are used for animal food supplements. Laminaria is the main seaweed used in Scotland, but Red-weed, green-weed, purple-weed, and pinkweed each with its own unique benefits. The various species are used for health products, cosmetics and natural fertilizers for gardens. The seaweed is currently used for animal and human consumption. Red seaweed gel is used for respiratory problems in animals, (particularly horses), and green seaweed gel, is used as an animal food supplement for growth and minerals. For human consumption, Red seaweed extract is used as a general tonic and Red seaweed beautifying cream and a seaweed skin rub for sports people. An interesting fact is that Orkney Gold's Seaweed Supreme won The Scottish Food Award in 1995 and 1996. It is made of different flavored kelp dips which can be substituted for tartar sauce, horse radish, mint sauce, dips for French fries, spread for sandwiches and salad dressings. The old Norse word for seaweed is ‘tang’ and ‘gathering ther tangs’, as it used to wash up on the beaches after each winter storm. It was also the only form of land nutrition available to the crofters and early farmers.

How is globalization affecting marketplaces in remote areas of the world? Essay

Quality of life for the poor is increased at an accelerated rate. The poor are better able to earn money and afford to buy the things they need. The International Monetary Fund talks about a study of the subject that was carried out by World Bank economists David Dollar and Aart Kraay: They concluded that since 1980, globalization has contributed to a reduction in poverty as well as a reduction in global income inequality. They found that in â€Å"globalizing† countries in the developing world, income per person grew three-and-a-half times faster than in â€Å"non-globalizing† countries, during the 1990s. In general, they noted, â€Å"higher growth rates in globalizing developing countries have translated into higher incomes for the poor.† Dollar and Kraay also found that in virtually all events in which a country experienced growth at a rate of two percent or more, the income of the poor rose. (IMF Staff, 2008) Information sharing capabilities are provided through the introduction of technology infrastructure introduced into remote areas. Farmers are able to research and share best practice techniques. Crop yields would likely rise. A paper by Dr. Alka Dhameja and Dr. Uma Medury discusses the Warna Wired Village Project in India: The primary objective of this project is to demonstrate the use of Information and Communication Technology (ICT) infrastructure in the accelerated socio-economic development of villages around Warna Nagar in the Kolhapur and Sangli districts of the state of Maharashtra. The project area has a cluster of 70 villages, consisting of 46 villages from Kolhapur and 24 villages from Sangli district. It has been jointly implemented by the Government of India through the National Informatics Centre (NIC), the Government of Maharashtra, and the Warna Cooperative Society. This project was initiated to serve the information needs of the farmers for different crop cultivation practices of major crops such as sugarcane, pest and disease control; marketing and processing information etc., right up to the village level through networked facilitation booths in the villages. The  existing cooperative structure has been used along with the state of the art infrastructure to allow Internet access to the existing cooperative societies. Issues in remote areas have opened new markets for some companies. Blandine Laperche and Gilliane Lefebvre describe the â€Å"reverse innovation† approach by GE HealthCare who locates the research design centers for products in the developing country itself: The first ultra-portable electrocardiogram (ECG) was fully designed, worked out and produced in India to meet the needs of a large number of remote rural inhabitants who had to be visited by fully equipped doctors. To face the frequent mains failures that occurred in many Indian regions as well as a serious shortage of healthcare professionals, the Mac i had batteries and was designed for an easy use. It was portable and light so that doctors could get to the patients who lived in remote areas. GE HealthCare brought some of the technological advantages of developed countries to remote areas of the globe. One of the greatest things about it was that even though the performance features may be half of the original product, the cost for the new portable units were 85 percent lower.(Laperche & Lefebvre, 2012) References Dhameja, D., & Medury, D. (n.d.). Information and Communication Technology in the Globalization Era: The Socio-economic Concerns. Retrieved January 16, 2015, from http://unpan1.un.org/intradoc/groups/public/documents/eropa/unpan014261.pdf IMF Staff. (2008, May 2). Issues Brief – Globalization: A Brief Overview. Retrieved January 16, 2015, from https://www.imf.org/external/np/exr/ib/2008/053008.htm Laperche, B., & Lefebvre, G. (2012). The globalization of Research & Development in industrial corporations: Towards â€Å"reverse innovation†? Retrieved January 17, 2015, from http://www.cairn.info/zen.php?ID_ARTICLE=JIE_010_0053

Research Paper on Britain in the Global Economy

Research Paper on Britain in the Global Economy Introduction The success of a given economy in international trade greatly depends on the status of its currency as well as the decisions or rather policies that are put into place as far this issue is concerned. The United Kingdom is one of the countries or rather economies that has been said to be successive in international market, despite of the recent economic crisis that has been experienced worldwide in general and specifically, in America and Europe. The success of UK in the global economy is evident from the gradual increase of the number of exporters in the country. It is a fact that, due to the recent economic crisis, the sterling pound as been significantly affected. To be more precise, the sterling pound has been weakened considerably during this crisis. From the economic point of view, a weak currency can be an opportunity for an economy to penetrate into the global economy, (Ellen, Hermerijck Knapen, 2009). However, it can also be a great challenge of venturing into the global mar ket. Thus, the success or failure of an economy experiencing a weakening currency in benefiting from the global economy, depends on the decisions that strategic decisions that are made. In most cases, these decisions are concerned with opportunity cost to allocation of resource, the impact of the policies that are enacted by the government through its agencies and business environment on the long term planning of organizations as far as economic issues are concerned. The main objective of this report is to examine the reasons why Britain has always been successful in the global market despite the weakening sterling pound and the threats that might be associated with this issue. This will be analyzed as under the following sub-headings, (Connolly, 2010). Reasons why exporters in Britain are increasing with weakening of the sterling Studies indicate that, the number of exporters are increasing despite the fact the sterling pound is becoming weaker given the recent global economic crisis. Various economists and business scholars have come up with various explanations of this trend. Unquestionably, Britain is one the few countries which has benefited from its former colonies as far as trade is concerned. Indeed, the aftermath of the Second World War was the close relationship of Britain and these colonies. To date, these colonies are the leading consumers of the products of Britain, (Charlton Stiglitz, 2005). Besides, these former colonies act as the source of the major raw materials that are used in production of goods. In fact, this is one of the reasons why several multinational corporations are based in several parts of the world, more especially in the developing countries. Consequently, there is a wide market for Britain’s exports, significantly contributing to the ever increasing number of exporters from this country, despite of the prevailing difficult financial challenges all over the world. Moreover, Britain has a comparative advantage in the manufacturing industry as well as service industry. After the end of colonization objectives of Britain more especially beginning from the end of the Second World War, Britain shifted from agricultural production to manufacturing and service production industries. This was enhanced by the fact that, the country was already developed technologically during this period as compared to other countries in the world. Since then, the two industries has been evolving and becoming the major contributors to the GDP of Britain, (Pugel, 2007). Therefore, due to this kind specialization, Britain has come has a comparative advantage in the global economy in this two sectors as compared to the other their competitors. The comparative advantage can be determined or rather measured in various ways. One of these ways is the determination of the opportunity cost of production of manufactured goods in Britain in comparison to other countries more especially those that are still developing. Studies have shown that, the opportunity cost of manufacturing products in other countries is higher in comparison to the opportunity cost of manufacturing the same products in Britain. In this case, productivity of manufacturing and service industries has been growing at a higher rate as compared to other parts of the world, (Connolly, 2010). Based on the comparative advantage argument, it is clear that exporters in Britain will continue to increase, no matter how the sterling pound is performing in the global market. Why the Sterling Pound has been weakened It is not only in Britain that performance in the global economy has declined, but also in most parts of the world more especially, in European economies and America. The main reason of this decline is attributed to the recent economic crisis. Due to this crisis, Britain’s exports have reduced considerably since 2008. This has led a reduction of capital flows that is being witnessed, (Chang, 2008). Consequently, the value of the sterling pound has been decreasing gradually in the international market. The weakening of the sterling pound can be seen to be both an advantage and a disadvantage as far as the British exports are concerned. It is an advantage because, exports from the country becomes more attractive in terms of price which contribute to an increase of the exports. This is based on the assumption from the economics point of view that, the lower the price the higher the demand. Resource allocation decisions based on opportunity cost Resource allocation is very critical for the survival of an economy in the global market. Allocations of resources depend on the state and the size of the economy. Notably, Britain is a small open economy country as compared to the leading economies in the global market. Therefore, the function of exchange rate in Britain is twofold: allocation of resources between the overseas sector and the domestic sector; and it acts as the chief diffusion mechanism between domestic and global inflation. The profitability of Britain’s exports depends greatly on the exchange rate as it is said to be the relative price, (Saleh, 2010). Consequently, from the economics point of view, it can be argued that Britain will be more competitive in the global market when there is lower exchange rate. Thus, ceteris paribus, more resources will be allocated to the trade sector. This explains the reasons why the Governor asserted that, the weakening of the Sterling Pound since the beginning of the recent ly experienced economic crisis is an opportunity for Britain to rebalance its allocation process so as to promote long-term health of the economy of the country, (E Y, 2011). Arguably, Britain is one of the countries in the world that has invested a lot in foreign countries. This is usually undertaken through multinational corporations. Therefore, in order to survive in the global economy with a weakening Sterling Pound, more resources have been allocated to the overseas sector as compared to the domestic sector. According to a survey that was carried out 2010 of firms which exported their products, about forty percent indicated that they will attempt to increase their exports if the sterling pound remained at the same status or fell further, (Pugel, 2007). Thus, even though the performance of the sterling pound is not doing well internationally, the profits that are gained from overseas investments plays a significant role in balancing the local prices. For instance, most multinational corporations from Britain are found in the developing countries. During the economic crisis more resources were allocated to these corporations. The proceeds gained from these investments will have a higher value that they could have been if investment would have been made locally. Moreover, by allocating more resources to overseas investment, the locals will be motivated to invest internationally which bring a significant impact on Britain’s exports, (Chang, 2008). Thus, the opportunity cost of investing locally with the weakening of the Sterling Pound is less as compared to that of investing overseas. Hence, the decision to allocate more resources to overseas investment as played a considerable role for the survival of the country in the global market or rather economy, as compared to the other countries whose currencies are weakening. As mentioned previously, Britain has a comparative advantage in the production of manufactured goods as well as in the service industry. Based on this argument, the opportunity cost of investing in the two industries is higher as compared to investing in other sectors. Thus, it could be more beneficial or rather profitable to allocate more resources to the two sectors in comparison to the other sectors. This is one of the many reasons why more attention is given to the two sectors than any other sectors within the economy of this country, (Saleh, 2010). Government policies Undeniably, trade is very valuable to Britain as well as other to other countries. As a matter of fact, the government significantly determines the economic status in any country through the policies that it puts in place. It is also important to note that government policies change from time to time depending on the course that its economy is undertaking as well as the status of the global economy. As mentioned above, Britain is a small open economy which can be greatly affected by the global economy, (E Y, 2011). Therefore, various government policies have been introduced in order to support the survival of the country in the global market. These policies fall into various categories; as outlined below. Export and Import policies Britain government has tried considerably to promote its exports. This has been done through putting in place economic policies that that favor an increase of the exports. For instance, the government has implemented a reduction of tariffs on exports policy. This was aimed at encouraging the exporters to produce more goods for the international market. Moreover, to some degree it leads to a reduction of production costs for the exporters. This in turn reduces the prices of these products, thus increasing their demand as compared to the same goods from other countries, (E Y, 2011). It is also true from an economic point of view that, when the currency of a given country becomes weak, its exports become relatives cheaper in the international market arena. Precisely, it will cost the foreigners less if they consume goods from such country due to the fact that, they need less of their local currency to buy the foreign currency, in this case the sterling pound. On the same note, although Britain is an open economy, the government has also tried its best to regulate the amount of imported products. The major objective of this policy is to reduce the amount of sterling pounds that are being exchanged for foreign currencies. Precisely, this is aimed at preserving the sterling pound. A good, example of import restriction policy is the implementation of import quotas, (Saleh, 2010). This is the restriction of the quantity of a given product that is imported into a given country from foreign countries. These quotas are usually implemented on goods that are considered to be less important in the local economy, more especially those with substitutions. Through import restrictions, the government promotes or rather raises the consumption of given products which are produced locally. Through these policies, the government has been able to control the outflow of local currencies. Arguably, both the import and export policies influence the balance of payment as well as balance of trade of a country. Through, these policies, Britain has had a relatively stable balance of payment as well as balance of trade, despite the fact that, its sterling pound has been considerably weakened, (E Y, 2011). Thus, the country has been able to maintain its competitiveness in the weak global economy. Manufacturing industry policies Manufacturing is one of the leading industry foreigner earners for Britain. This industry comprises the manufacturing of motors, mobile phones as well as other electronics. In order to enhance the competitiveness of Britain manufactured goods in the international market, more especially during this sterling pound weakening period, the government has come up with policies that will enable the local industries to produce better and quality goods for the global economy. Availability of advanced technology in the country also contributes to production of quality and quantity export products, (Belli, 2007). For example, in order not to compromise on the quality of Britain’s exported products, the government has reduced prices on crucial raw materials in order to discourage manufacturers for going after cheaper raw materials which might compromise the quality of the goods that they produce. Additionally, tariffs on imported raw materials used in the manufacturing industry have been reduced for a certain percentage. Through, these policies, Britain’s products have a competitive advantage in global market as compared to other countries. Monetary and fiscal policies As a matter of fact, Britain is one of the many countries in the globe that practice flexible exchange regime. As such, this means that the value of the sterling pound generally depends on the forces of demand and supply. However, in order to counter the impacts of the weakening sterling pound as a result of the global economic crisis, the government has changed some of its policies that will influence the cash inflows and outflows. It is assumed that when the interest rates increases in a country, foreign cash inflows will increase in the country in question and in this particular case, in Britain, (Lieberman Hall, 2008). This will be an advantage to Britain because it when earn more foreign exchange as well as its currency will become stronger. However, in this case, the government has implemented some monetary and fiscal policies that will regulate an increase in the interest or rather to reduce fluctuations of interest rates. Based on the fact that almost all of the potential in vestors have been affected by the global economic crisis, it will be very difficult for cash inflows to increase due to an increase in the interest rates in Britain, (Saleh, 2010). This is one of the reasons why the government decided to implement monetary policies to monitor or rather to regulate the rise of interest rate. The regulation of interest rates also impacts the export industry, in the sense that, local producers will not increase prices of their products at international market basically because the cost of production is relatively lower as compared to other parts of the world. A good example a monetary policy that was implemented in the recent past is an historic tax-cut to as low as 1.0% during the physical year 2009-2010 by the Bank of England, which controls the banking and financial institutions in Britain. The bank was also expected to bump more money into the economy by more printings, by the end of 2009. According to the Golden Rule and the Sustainable Investment Rule, the UK government should only borrow from the central bank for investment purposes and also to maintain the national debt below 40% of the GDP. However, the Sustainable Investment Rule that was not adhered when public debt rose to more than the set limit by the end of 2010. This can be explained by the fact that the economic crisis needed application of Keynesian stimulus to reverse the situation. Business environment in the global economy Generally, business environment has a remarkable impact on the performance of any economy. With globalization, many business environments have become more challenging for most countries, including Britain. For instance, globalization is one of the reasons for the increase of competition in the global market. This is mainly because almost all the countries have opened their economies; thus, participating in the global market, (Chang, 2008). Additionally, advancement of technology in various countries more especially the developed countries has further complicated operations in international market. Therefore, unlike before, it has become more challenging for countries to prosper economically by depending on international trade. It also means that, both the quality and quantity of goods that are supplied in the global market has to change to conform to certain standards in order for a country to remain competitive. Impact of government and business environment on long-term planning of organizations For organizations to survive in the or rather remain competitive in the market, planning is mandatory rather than an option. Various factors are taken into consideration during the long-term planning process. The two major factors are government policies and business environment. Organizations have to factor in government policies during the planning process. For example, there are some policies that have been set by the government in Britain to ensure that there is efficiency in the service and manufacturing industries, (Chang, 2008). These policies are aimed at regulating these industries so as to ensure that exported products are capable of positioning the country at a competitive level in the global economy. On the other hand, for the organizations to be successive, they will also need to scrutinize the impacts of the business environment as far as their profitability is concerned. There are some set standards and procedures that are supposed to be followed in the global market, (Ellen, Hermerijck Knapen, 2009). Therefore, organizations have to undertake wide research on what is required by the government based on its policies as well as the survival tactics in the dynamic business environment; during their long-term planning. Threats of Britain in the global economy As mentioned early, Britain mainly depends on the manufacturing and service industries in the international market arena. Notably, both industries are based on the better technological advancements that have been made in Britain. However, through extensive research, other counties have made big steps as far as advancement of technology is concerned. Therefore, Britain is experiencing high competition in the manufacturing as well as service industries, (Joshi, 2005.). Thus, the comparative advantages that the country was experiencing are now gradually declining, based on the fact that manufacturing of certain products are as cheaper as they are in Britain. With situation has been worsened by the impacts of globalization in the world market. Conclusion It is evident that exchange rates are significant determinants of the performance of an economy in the global market. Thus, the government has to take the initiative of ensuring that the exchange rates are favorable for the economy to remain competitive in the global market. From this analysis, it has been observed that, the number of exporters in Britain is always increasing and that, Britain remains fairly competitive in the global market despite of the weakening sterling pound. This has been attributed to the various government policies as well as the comparative advantage that Britain enjoys in the manufacturing as well as the service production industries. This explains why it is important for organization in Britain to take into consideration government policies as well as business environment situations in their long-term planning. Bibliography Belli, P. 2007. â€Å"The Comparative Advantage of Government: A Review, Policy Research† Working Paper 1834, World Bank, Washington DC Chang, H. 2008. Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, Bloomsbury Press. Ellen, Hermerijck, A, Knapen, B. 2009. Aftershocks: Economic Crisis and Institutional Choice.Amsterdam: Amsterdam University Press Connolly, J. 2010. â€Å"Economic Review: Will the Sterling Boost Ever Arrive?†Second Quarter 2010,Deloitte E Y. 2011, The Outlook for UK exports: ITEM Club Special Report.ITEM Lieberman, M Hall, R., 2008, Macroeconomics: principles and applications. Mason, OH: Thomson/South-Western. Charlton, A. Stiglitz, J. E. 2005. Fair Trade For All: How Trade Can Promote Development. Oxford University Press Joshi, R. M, 2005. International Marketing, Oxford University Press, New Delhi and New York Pugel, T. A. 2007. International Economics, 13th edition. New York: McGraw-Hill Irwin Saleh, N. 2010. An Anatomy of the Financial Crisis 2007-2010: Blowing Tumbleweed. London: Anthem Press

Essay on First Union Case Study - 1750 Words

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