On the 2nd of July 1997, Asia was hit by one of the most devastating financial crises it has ever seen. Of all the financial crisis that have taken place, this was one of the most distressing in that it was totally unexpected. The purpose of this paper is to show that particular developmental strategies employed by these economies eventually led to their downfall. It will attempt to find out where the origins of the crisis lie, and what events started the cycle that eventuated with this disaster. In order to trace the events that led to the eventual collapse of the Asian economies, one must venture across the ocean to the United States. The issue of liberalisation first gained attention in the US during the Regan Administration. However, it was during the Clinton era that liberalisation became a top priority. Whereas previous governments had pushed for the liberalisation of Japan, one of Clinton’s main foreign policy objectives was the liberalisation of the Asian economies. This process was pushed forth in Asia with such vehemence because the region held a lot of investment opportunities for American Banks, Brokerages, and other financial sector businesses. Unfortunately, Asia’s economies were not structurally ready to deal with the influx of capital that was headed their way. They had weak banking and legal systems that were unable, or unwilling, to regulate the flow of foreign capital in the country. The Americans eventually persuaded Korea to relax its capital flow regulations by giving it the option of joining the Organisation for Economic Co-operation and Development. Even then, Korea was concerned that its financial institutions may not be able to deal with an influx of foreign capital. One fatal mistake that Korea, as well as other Southeast Asian countries made, was that they opened their capital markets in the wrong way. They did not allow long term investments in Korean companies, but rather, only short-term investments that could be removed easily. One example of the sort of quick investments that were being made in Asia can be seen in the Japanese. In Japan the interest rates were very low, so investors would borrow at 2 percent and then convert their currency into Thai baht. Due to the interest rate differential, they were able to make a lot of money off simple currency conversion. Other Asian economies were quick to follow suit, and soon there was a movement of huge amounts of capital into the region.
September 5, 1972: Violence in the Village. A Day That Changed Sports and Its Story in The New York Times "9 Israelis on Olympic Team Killed With 4 Arab Captors As Police Fight Band That Disrupted Munich Games," screamed the headline of the front page of The New York Times. The attack occurred during the wee hours of September 5, 1972, but news of the crisis, although widespread on television sets across the world, would not reach The New York Times until September 6. When it did reach the papers, it was clear that something had gone wrong.
American Psycho is a savage account of a wealthy investment banker in the late 80s that commits heinous acts of murder, rape, and torture. Although on the surface, American Psycho seems as though it is just another horror story, it actually has a much deeper message. This story is a harsh critique of a superficial Wall Street society in the late 80s that was rampant with materialism and greed. This is the society in which the main character Patrick Bateman lives–where appearance, material possessions, and status define a person. This superficial existence leaves him hollow and dead inside and turns him into a psychopathic killer. A society such as this, devoid of any morality, inevitably creates psychopaths such as Bateman. The film shows an excellent portrayal of a vacant, nihilistic killer with no feelings or emotions. However, there is something more to the story that the film did not quite capture. The book seems to not only be a satirical take on this society, but a tragedy as well. Recreating the dinner scene with his secretary Jean shows that underneath the surface Patrick Bateman is, indeed, a human being with real feelings and emotions, and that it is a great tragedy that this superficial society has turned him into a monster.
The Oka Crisis is a historical violent event that occurred in 1990 between the first nations and the Canadian government. It all began on July 11,1990 when the decision of the expansion of a golf course on land that the Mohawk of the Kanesatake had claimed fir years was announced by the mayor of Oka, Quebec (Robinson, 2017). This led to a 78-day standoff between the Mohawk protestors and officials of Oka, later involving the Royal Canadian Mounted Police (RCMP). The protestors had built a barricade to show their ownership of the land, but the police continued to attack with tear gas and concussion grenades (Robinson, 2017). The issue relating to the criminal code is the death of “Cpl. Marcel Lemay, who died during a bungled police raid on a
World War 2 drew a hard blow and left a serious and lasting effect to many Asian countries. This however, did not hamper the growth of countries such as China, Japan and Vietnam as their governments were taking serious steps to recover economically. Thus, the global market cannot deny a place for these 'Asian Dragons', because these countries are growing at a tremendous pace to the extent of being capable in emerging as global market leaders.
The Oka Crisis was a land dispute in Canada between the town of Oka, Quebec and the Mohawk community of Kanesatake. In 1989, the mayor of Oka, Jean Ouellette, had announced that the remainder of pine trees near Kanesatake would be removed to add an additional nine holes onto a private, members-only golf course club and the development of sixty condominiums. Three years earlier, the Mohawk people filed a land claim for that area, but had been rejected because it failed to meet key criteria. The development plan was the start of the crisis because that land is a sacred grove and burial ground to the Mohawk people. This resulted in a protest by the Mohawks against the court decision to allow the start of the golf course construction.
Critical incident responses affect people in many different ways. No one person can have the same emotional and physical stressors as the other. In my position as a law enforcement officer I deal with many stressful situations on a day-to-day basis. Calls that involve driving with lights and sirens tend to stress me out. The entire time my body is reacting to the sirens, lights, radio, and the computer. Trying to listen to critical information given over the air as well as reading the call notes on the computer as they are being updated, all while trying to safely arrive at the call in one piece. One particular incident that I felt stressed was a domestic violence assault that had a lot of revolving parts to it. I was physically and emotional
Reflection has its importance in clinical practice; we always seek to be successful and that can be achieved by learning every day of our life through experiences we encounter. In that way we can reconsider and rethink our previous knowledge and add new learning to our knowledge base so as to inform our practice. Learning new skills does not stop upon qualifying; this should become second nature to thinking professionals as they continue their professional development throughout their careers (Jasper, 2006). According to Rolfe et al. (2001), reflection does not merely add to our knowledge, it also challenges the concepts and theories by which we try to make sense of that knowledge. Acquiring knowledge through reflection is modern way of learning from practice that can be traced back at least to the 1930s and the work of John Dewey, an American philosopher and educator who was the instigator of what might be called ''discovery learning'' or learning from experience. He claimed that we learn by doing and that appreciating what results from what we do leads to a process of developing knowledge, the nature and importance of which then we must seek to interpret (Rolfe et al., 2001).
After the Second World War, Japan experienced an amazing and thriving economy. The United States’ Marshall Plan helped rebuild the Japanese economy and “created an opportunity for Japan to export manufactured products to the increasingly affluent United States” (Colombo). Japan, which was at the time comprised of “zaibatsu,” or financial conglomerates, began competing globally by mastering Western goods, and “selling them back to the West for cheaper prices” (Colombo). By the 1970s and 1980s, Japan had become the global leader in revolutionary electronics, which created an international trend “similar to the Apple iPod and iPhone craze of recent years” (Colombo). During this post World War Two period, “Japan experienced attractive economic growth to place itself as an economic powerhouse” (Tolia). Eventually, this economic miracle would come to an end and create a miserably failing economy for the Japanese. What had happened was that the seemingly perfect economy had secretly been “bubble-forming.” At the end of the flourishing period, the bubble collapsed and caused an economic catastrophe in the housing market, stock market, and financial market in general. In this essay, I will analyze some major causes of the bubble’s formation, and its demise. I will also analyze the Japanese government’s attempt to recover from the catastrophe. Overall, The Plaza Accord, Japan’s economic law, and its corporate structure led to the formation of the bubble, while the government’s attempt of financial deregulation halted the nation from recovery after the bubble’s collapse.
Takagi, S. (2010) ‘Applying the Lessons of Asia: The IMF’s Crisis Management Strategy in 2008’, ADBI Working Paper 206. Tokyo: Asian Development Bank Institute. Available from: http://www.adbi.org/workingpaper/2010/03/16/3638.imf.crisis.management.strategy.2008/ [Accessed 10 November 2013]
To what extent is love Presented as destructive in Graham Greene’s ‘The End of the Affair’. With reference to Scott Fitzgerald’s, ‘The Great Gatsby’.
In Chris Lewis and Layla Zaidane’s Here’s Your Crisis: Student Loan Debt Isn’t a Myth, it is argued that student debt in America is a problem. By the time I graduate college I will be 20 thousand dollars in debt.
There is a system that can pre-determine the human behaviour and their place in society, but there are those who provide argument that this method of assessing the human nature of any individual is not correct. The characters from the actual squad in the film Suicide Squad (2016) are described as criminals because of biological determinism, regardless of the external factors. However, this is not an entirely correct way of labelling these people because biological determinism can also classify others in a way that creates inequality, but several scientific research has favoured biological determinism. This is because certain environmental circumstances can affect groups of individuals, which would be unfair because this would establish a view
Financialization is a complex process that labels global finance as the dominant force that drives all economic and political bearings. In order to understand this concept and the process of how financialization works, this essay will evaluate and assess how the collapse of the housing market led to the fiancial crisis in 2008. According to Economic Geography a contemporary introduction, financialization “is when all sorts of things are transformed into financial instruments for trading among individuals and firms in the international capital markets. Through financialization, fixed properties such as housing are financialized into structured investment vehicles such as mortgages—back securities that can be easily traded among global investors through a variety of financial institutions” (Coe, Kelly, and Yeung, 2013). Trading mortgages, or shares at the global level proved to be a financial disaster for many involved. Ultimately the collateralized debt obligation market collapsed and thus dragged down the entire global financial market.
The World Bank, 1993, ‘The East Asian Miracle Economic Growth and Public Policy’, New York: Oxford University Press. p.1.
During the twentieth century, the world began to develop the idea of economic trade. Beginning in the 1960’s, the four Asian Tigers, Hong Kong, Singapore, South Korea and Taiwan, demonstrated that a global economy, which was fueled by an import and export system with other countries, allowed the economy of the home country itself to flourish. Th...