TO WHAT EXTENT MBA DEGREE MOTIVATES PEOPLE TO BECOME AN ENTREPRENEUR Essay

TO WHAT EXTENT MBA DEGREE MOTIVATES PEOPLE TO BECOME AN ENTREPRENEUR - Essay Example Professional courses in management and administration provide the requisite knowledge based curricula that are intended to meet the challenges of the changing times. MBA or masters in business administration is the professional course that imparts and helps to develop and understand the pros and cons of the business so that people pursuing this course are able to manage it with more proficiency and creativity. With the whole range of modules, covering the various core areas of business, the highly demanding professional degree is designed to motivate the professionals to be creative and improvise and improve the business processes to compete effectively with the changing business trends. Therefore, it is important to know whether the MBA degree, provided by the different universities are indeed able to meet with their pre-meditated goals of equipping the students with the requisite skill and knowledge that would meet the wider implications of the business acumen needed to meet the challenges of the rapidly changing times? The purpose of the study is to gauge the impact of the professional course on the creative inputs of the students in the real life situations and evaluate the extent of motivating factors which would influence his business decisions. In the era of globalization, the emerging trends in business are crucial to understand and therefore, it becomes imperative to know whether MBA produces the professionals who are not only good administrators but also develop the traits of entrepreneur and intrapreneurs who are equipped to improve and improvise the business processes to optimise the intended output, within the parameters of organizational goals and objectives. It is also important to know whether the graduates of the MBA are able to meet the criteria within the defined parameters or are sufficiently motivated to exploit their entrepreneurial skills to further improve their aims and objectives. The universities facilitate higher studies in the

Hydraulic Fracturing Essay Example for Free

Hydraulic Fracturing Essay Over the past few decades, the United States has become heavily reliant on using nonrenewable resources. The excessive uses of these resources, such as coal, are extremely harmful to the environment and can be considered responsible for global climate change and the destruction of a once healthy atmosphere. Some companies have claimed to find a â€Å"clean† source of energy called natural gas, found deep within the Earth’s crust. Commercials created by these companies state that natural gas is easy retrieve, cheap and clean burning. However, these commercials fail to explain that one of the processes of retrieving natural gas, or hydraulic fracturing, is extremely harmful to the environment. Hydraulic fracturing, or â€Å"fracking†, is the process of injecting millions of gallons of water into the ground to crack shale rock around a gas well. When the shale rocks around the wells are cracked, it allows natural gas, specifically methane, to flow into the wells. To fracture the shale rock, the water injected into the ground has to be at a very high pressure and is loaded with sand and about 40,000 gallons of 600 different dangerous chemicals. Once the natural gas has flown into the underground well, it can be extracted and stored in tanks above ground to later be used as an energy source. Fracking for a source of energy is occurring all over the United States. Several masses of shale rock are all over the county, such as the Mancos shale in Utah and Colorado; the New Albany shale in Illinois and Kentucky; and the largest shale in the country, the Marcellus Shale. The Marcellus Shale stretches over Pennsylvania, Ohio, New York, West Virginia, Kentucky and Virginia. Large portions of the Marcellus Shale are in New York and Pennsylvania, and the shale rock in these areas have started to be fractured to allow natural gas to flow into freshly drilled wells. These sites have had an extremely negative effect on the biosphere in these surrounding areas. People living near these fracturing sites have been experiencing several grievances and have been having severe problems with their well water. Many adults have been suffering from terrible headaches, a loss of smell, and have lost their ability to taste foods or drinks. Some children living near fracturing sites have even developed asthma, and can barely go outside without getting ill or struggling to breathe due to air pollution. Some people living near fracturing sites have been forced to buy bottled water or water by the gallon because their well water has become so contaminated. Water coming out of the sink is often tinted brown or yellow colors, and can even be lit on fire. Farm animals and pets drinking this water have been getting sick and have suffered hair loss. The harms that are occurring in the biosphere are due to the problems fracking has caused in the lithosphere, hydrosphere, and atmosphere. The lithosphere, or the Earth’s crust, has been significantly impacted by fracking. Once a fracturing job is completed, retainment ponds are dug and the contaminated water is poured into them. Often times, the toxic water in these bases are able to seep into the ground due to a lack of proper lining. Horizontal drilling in the ground to build wells leaves giant holes in the Earth’s surface, which have to be filled once a project is completed. Very specific instructions are given to workers so that the holes can be filled properly, but often only surface is covered. These giant, unfilled holes create unnatural fractures thousands of feet in the ground, allowing toxic fluids to rise up into the surface into aquifers or even distances up to a mile away from the well. Because of the retainment ponds and the unnatural fractures in the ground, the hydrosphere (or water sources) can become contaminated. These contaminated water sources harm the plants, animals and people that relied on it while it was still clean. Not only does fracking have a negative impact on the lithosphere and hydrosphere, but it also has a negative impact on the atmosphere. A common natural gas that is extracted from the ground is methane, which is often emitted into the atmosphere from the wells or from piping leaks. Also, high temperatures cause contaminated water to evaporate and disperse into the atmosphere. The chemicals released into the atmosphere hurt the animals and plants that are breathing in all of the toxins, causing illnesses such as asthma or problems such as headaches. Despite all the issues that fracking inflicts on the environment, companies are quick to say that the use of natural gas is both economically and environmentally friendly. Companies such as ConocoPhillips claim that the  use of natural gas will stimulate the US economy and help to meet the energy needs of our growing population. In some ways, these companies are correct. Hydraulic fracturing can help the US economy because it allows the US to rely on its own resources, rather than resources from other countries, such as oil in the Middle East. Also, several workers and truck drivers are needed to carry out fracking projects, creating job opportunities for people who were previously unemployed. Also, companies state that fracking and horizontal drilling combined create a relatively cheap and productive way of retrieving shale resources. An apparent environmental benefit to fracking is that it â€Å"burns cleaner† than other natural resources such as coal. Coal is used for 44% of the United States’ electricity, and it is the main cause of air pollution in the US. When coal is burned, it emits toxic materials into the air. These toxic materials contribute to global warming, and cause acid rain and smog. The natural gases that are commonly retrieved from fracking and horizontal drilling burn much cleaner than coal, but the process of retrieving natural gas is very environmentally unfriendly. The water contamination and the methane that is emitted into the atmosphere due to fracking make it equally as harmful as coal burning. Companies have also been claiming that there is an abundance of natural gases available in the masses of shale rock across the country. Although there may be an abundance of this resource, these companies have not been using natural gases sustainably. If the United States continues to use natural gases at the rate that it does now, every recoverable source of natural gas will have been used up within the next 80 years. Some even believe that the amount of natural gas the US has right now is only enough to last for 10 years, because there are only about 237,746 billion cubic feet of â€Å"proved reserves†. Proved reserves are areas that guarantee that natural gases will be retrieved if that area is drilled. The 80 year theory is much more optimistic, stating that there are other sources of natural gases readily available other than just the â€Å"proved reserves†. Although natural gas may be another nonrenewable resource that is available, it takes away from the drive that people have to find a renewable resource. Many may think that they can feel comfortable with the amount of energy that they have now, and are not concerned that the nonrenewable resources available at  the moment will run out. It is important to search for a renewable resource now, because the nonrenewable resources are not being used sustainably and will eventually run out. If we continue to expand fracking operations, the conditions in the environment will continue to worsen. Water contamination will most likely spread beyond just where the fracking is occurring, because of the unnatural fracturing in the ground and retainable basins. The conditions of the atmosphere will also continue to worsen because toxins will continue to disperse into the air, and methane will continue to leak from pipes and the wells. Many people who live near fracking sites may be forced to leave their homes on account of high levels of water and air contamination. Also, the masses of shale that are currently being used could eventually run out of natural gas, so companies will be forced to move onto another shale, creating more health hazards in other areas. As the number of fracking sites that are developed and abandoned increases, the aesthetic value of rural areas will decrease. Rather than views of trees, rivers and countrysides, there will be views of abandoned wells and trucks transporting massive amounts of chemicals. Hydraulic fracturing is undeniably a Tragedy of the Commons. It is practically impossible for the Environmental Protection Agency to place any kind of regulation on fracking. In 1975, industries managed to prevent the EPA from regulating or testing 70,000 different chemicals, including many of the chemicals that are used for fracking. For large industries, keeping the public’s health in mind is a burden and it minimizes the potential to make massive profits. Industries are able to move onto land near people’s homes and contaminate their air and water without any regulations whatsoever. In Pennsylvania, unregulated fracking is running rampant. The Pennsylvania Department of Environmental Protection has done nothing with the evidence of illnesses caused by fracking, leaving the industries able to contaminate clean sources with any chemical they need. Politics are leaning towards supporting the industries rather than the public’s health because they are much more interested in stimulating the economy than they are in protecting public safety. Hydraulic fracturing is presented as an environmentally friendly way to retrieve energy, but it is has been causing contamination in previously clean air and water. Hydraulic Fracturing is even more dangerous because the EPA can’t place regulations on it, leaving innocent people at the expense of the dangerous chemicals. Overall, the negative effects that fracking has on the environment are extremely significant, and it either needs to be stopped or heavily regulated.

Nihilsmo, Fin de la Metafisica y Secularizacion en el Pensamiento de Nietzsche, Heidegger y Vattimo :: Spanish Essays

Nihilsmo, Fin de la Metafisica y Secularizacion en el Pensamiento de Nietzsche, Heidegger y Vattimo ABSTRACT: The purpose of this article is to articulate Nietzsche's criticism of morality which is centered in his experience of the death of God and the end of the subject of Modernity. Nietzsche considers nihilism as a nihilism of morality, not of metaphysics: it is morality and its history that has given rise to nihilism in the Occident. That is why Nietzsche separates himself from metaphysics as well as from morality and science, which differs from Heidegger's reasons. According to Heidegger, Nietzsche places himself in a primal position in the history of metaphysics, by which he means the consummation (Vollendung) of metaphysics' nihilism, which Heidegger tries to transcend. On the one hand, Heidegger shows us how Nietzsche consummates the Platonic philosophy by inverting its principles. On the other, Nietzsche consummates the metaphysics of subjectivity. Consequently he conceives the thought of the will of power and of the eternal recurrence as the two last forms of the metaphys ical categories of essence and existence respectively. On this ground it is possible to understand Nietzsche's and Heidegger's thought as the necessary first stage in the transition to Vattimo's postmodern philosophy and his notion of secularization. Si bien la discusià ³n en torno al nihilismo se remonta a la à ©poca del del idealismo alemà ¡n, tal como lo seà ±alara Otto Pà ¶ggeler oportunamente, el "nihilismo" es la nocià ³n fundamental sobre la que gira la meditacià ³n nietzscheana, asà ­ como el problema de su superacià ³n. (1) La conviccià ³n de la magnitud de tal tarea llamada en Ecce homo una "autoreflexià ³n de la humanidad" (Selbstbesinnung), se presenta como un "destino" dentro de la historia de la filosofà ­a occidental. (2) En noviembre de 1887 escribà ­a Nietzsche: "Lo que cuento, es la historia de los prà ³ximos dos siglos. Describo lo que viene, lo que no puede venir de otra manera: la llegada del nihilismo". (3) La llegada del nihilismo es "necesaria" porque: "son nuestros mismos valores habidos hasta ahora, los que conducen a à ©l, porque el nihilismo es la là ³gica llevada hasta el fin de nuestros mà ¡s grandes valores e ideales." (4) Por eso, el nihilismo es pensado desde Nietzsche, como nihilismo de la moral principalmente y no como nihilismo de la metafà ­sica, tal como postularà ­a Heidegger posteriormente. Por el contrario en Nietzsche el centro de la reflexià ³n lo ocupa la moral: "La moral, lo he dicho una vez, fue hasta ahora la Circe de los filà ³sofos.

Theatre in the Community Essay examples -- Drama

Theatre in the Community Britain in 1979 was a place of great change and division. Although the country had united in the election of Margaret Thatcher as the first Conservative woman Prime minister by the early 1980’s one could say that the country was spiralling into a state of decline. This was largely due to the disarray of the previous Labour government and the implementation of the Conservative government’s robust style of economic management. All spheres of social and cultural life were to be judged on their economic terms and values. This is particularly true within the Arts. In ‘Politics of Performance’ Baz Kershaw describes how, â€Å"Private enterprise was to replace public dependency, so cuts in government, expenditure, including that on the arts, were inevitable.† This stems back largely to the ideological principals of conservatism. Conservatism believes in the self reliant role of the individual. It strongly allows for the expansion of public enterprise and thus frowns upon state intervention and avoids assistance towards public dependency. Therefore, where it was seen that some areas of public life, such as the arts, were â€Å"financially draining†, cuts were made where necessary to ensure that funds were spent more wisely, largely towards benefiting enterprise. A culmination of activities throughout the 1980’s meant that the arts were one of the key areas of public life that were disregarded in favour of prioritised events. This is effectively where the arts began to suffer. Although some mainstream theatre was funded by the GLC (Greater London Council), many alternative theatre groups were seen as unnecessary and as they often highlighted social issues, such as homosexuality, that were seen as taboo, they were generally avoided when it came to the distribution of funding. This can clearly be seen in Kershaw’s, ‘Politics of Performance’, where Kershaw states, â€Å"The divisions in British society were also reflected in the growing distance between the top and bottom of the theatrical pyramid during the 1980’s. In 1982 the Royal Shakespeare Company had moved into the huge concrete edifice of the Barbican in the City of London. The following year, a government- ordered investigation into the RSC (the Pristley report) concluded that counter to government suspicions- the company was efficient but under funded to the ... ...iece was heavily influenced by the needs of a local disability group. Community theatres range in size from small groups led by single individuals performing in borrowed spaces, to large year round companies with elaborate well equipped theatres of their own. Many community theatres are successful non-profit businesses with a large active membership and, in some cases, a full time professional staff. As the performers and other artists are also involved in other aspects of their community, non-professional theatre can develop a broad base of support and attendance among those who might not normally support the professional arts. Community theatre is in fact well documented as being the most widely attended venue for theatre in America and Australia. Community theatre is often seen as adding to the social capital of a community, in that it develops skills and community spirit for those involved. Furthermore, it can also create a place for debate, self-expression and interactivity that is important for the health of a community. When this can involve people with learning disabilities, for example, it can disarm prejudices that people encounter on a daily basis. Theatre in the Community Essay examples -- Drama Theatre in the Community Britain in 1979 was a place of great change and division. Although the country had united in the election of Margaret Thatcher as the first Conservative woman Prime minister by the early 1980’s one could say that the country was spiralling into a state of decline. This was largely due to the disarray of the previous Labour government and the implementation of the Conservative government’s robust style of economic management. All spheres of social and cultural life were to be judged on their economic terms and values. This is particularly true within the Arts. In ‘Politics of Performance’ Baz Kershaw describes how, â€Å"Private enterprise was to replace public dependency, so cuts in government, expenditure, including that on the arts, were inevitable.† This stems back largely to the ideological principals of conservatism. Conservatism believes in the self reliant role of the individual. It strongly allows for the expansion of public enterprise and thus frowns upon state intervention and avoids assistance towards public dependency. Therefore, where it was seen that some areas of public life, such as the arts, were â€Å"financially draining†, cuts were made where necessary to ensure that funds were spent more wisely, largely towards benefiting enterprise. A culmination of activities throughout the 1980’s meant that the arts were one of the key areas of public life that were disregarded in favour of prioritised events. This is effectively where the arts began to suffer. Although some mainstream theatre was funded by the GLC (Greater London Council), many alternative theatre groups were seen as unnecessary and as they often highlighted social issues, such as homosexuality, that were seen as taboo, they were generally avoided when it came to the distribution of funding. This can clearly be seen in Kershaw’s, ‘Politics of Performance’, where Kershaw states, â€Å"The divisions in British society were also reflected in the growing distance between the top and bottom of the theatrical pyramid during the 1980’s. In 1982 the Royal Shakespeare Company had moved into the huge concrete edifice of the Barbican in the City of London. The following year, a government- ordered investigation into the RSC (the Pristley report) concluded that counter to government suspicions- the company was efficient but under funded to the ... ...iece was heavily influenced by the needs of a local disability group. Community theatres range in size from small groups led by single individuals performing in borrowed spaces, to large year round companies with elaborate well equipped theatres of their own. Many community theatres are successful non-profit businesses with a large active membership and, in some cases, a full time professional staff. As the performers and other artists are also involved in other aspects of their community, non-professional theatre can develop a broad base of support and attendance among those who might not normally support the professional arts. Community theatre is in fact well documented as being the most widely attended venue for theatre in America and Australia. Community theatre is often seen as adding to the social capital of a community, in that it develops skills and community spirit for those involved. Furthermore, it can also create a place for debate, self-expression and interactivity that is important for the health of a community. When this can involve people with learning disabilities, for example, it can disarm prejudices that people encounter on a daily basis.

Why I Should Be Chosen

There are many reasons I would like to go on the field trip to Hawaii. The first reason is I love to travel and see new things. This trip would be a dream vacation come true for anyone! The first six days look amazing with seven things on the list that I have never done before. Then the camping for six days sounds wonderful with farming, horseback riding, and snorkeling, I have only gone horseback riding once and it was fun, plus my family is involved with horses so I know a lot about them! Every summer my family and I go to Cliff Island, Maine, which is really fun and I love the ocean. I think it would be really cool to see what the Pacific Ocean looks and feels like compared to the Atlantic Ocean. I really want to snorkel, I have never done that, and being a good swimmer, I believe that I would really enjoy it. It sounds fun to snorkel at night too, I wonder if its spooky in the dark water? I also wonder how it would feel to swim in the warm water of the Pacific Ocean compared to the freezing Atlantic Ocean. The whale watch sounds like a lot of fun, we almost went one time in Boston, but then my brother was too scared. It would be nice to have an opportunity to see a whale or a few whales, I have always been interested in learning more about whales because they are such an enormous creature. I am interested in the deep sea fishing, also. I have heard lots of stories from my Uncle about deep sea fishing and have always wanted to go, but have not had a chance too; I have barely gone fishing in the lakes around here so it would be a wonderful experience. Mr. Klein showed the class pictures of the trip this year and I don’t know if there will be the sugar cane adventure, but I would really like to experience and learn about it myself. The plant life in Hawaii is very different from what we have in Vermont and I have never been anywhere warm or where the vegetation is different than what we have here. Imagine how nice it would be to sit under a coconut tree on a nice white sandy beach or to be swinging in a hammock between two trees, or just the thought of being on a seaweed free beach (unlike Casco bay in Maine), sounds really good right about now. I hope we get to do some of these things while we are camping out for the first week. I wonder if we will even need tents or if we will just be able to sleep under the stars on a warm sandy beach. I would like to experience what other places around our country are like and this is a great opportunity to do so. I always thought that Hawaii was much smaller than it really is and was always worried about Tsunamis clearing it off. But after researching the Islands I realize that Hawaii is much larger than I thought. In fact, while I was researching Hawaii I found that from east to west Hawaii is the widest state, which is very cool to look at it like that because it is an island. Another reason I would like to go is I would really like to see a volcano. What better place to explore and learn about volcano`s than Hawaii? I think it would be exciting to see the hardened black lava fields and even hot lava spilling out of an active volcano into the ocean. I have always seen on television the volcanoes in Hawaii and would like to learn first-hand how the islands were created by volcanoes and why they continue to grow. I looked up The City of Refuge on Google and I`ve always wanted to see the giant Tiki`s that are there. I would like to learn more about the City of Refuge, what happened to it, and what it was used for. I wonder how they carved the Tiki`s, it must have been a long process. I wonder how they make the Tiki`s today. I am very curious about the farms on Hawaii. I wonder what they grow for fruits and vegetables. Will it be like what we grow in Vermont, probably not, I imagine it to be very different than what we have here in Vermont. I hope that we can to try some of the fresh fruits and vegetables that they grow on the organic and traditional farms. I wonder if the produce will taste different between the two farms and how different it will taste to what I am used to at home. I love gardening at home with my family. Sometimes I will plant a little garden of my own and tend to it on my own or with my little sister. I think I would really enjoy that part of the trip since I really enjoy it at home. In conclusion, I think this would be a really good learning experience for me if I was to go on this trip. It would be like traveling to a new country but still in the United States. Learning the culture of the Hawaiian people and seeing how they live would be really cool. I think that if I were to go it would not only be a learning experience for me, but one for my family as well, because I would come back and share with them everything I learned and share my experience. This would be something I would remember for the rest of my life and be able to share with my children and maybe even some day take them to Hawaii with me to show them what I did as a teenager. Therefore, if I was to be chosen for this field trip I would work my hardest and be open to learning new and exciting experiences that I have never experienced before.

Twig Anatomy for Tree Identification

Twig Anatomy for Tree Identification To use a tree twig key means learning a twigs botanical parts. A key can help you identify a tree to the specific species by asking two question where you can affirm one and eliminate the other. This is called a dichotomous key. Here  is one of the best online twig keys. Terms You Must Know Opposite or Alternate Twigs: Most tree twig keys start with the arrangement of leaf, limb, and buds. It is the primary first separation of the most common tree species. You can eliminate major blocks of trees just by observing its leaf and twig arrangement. Alternate leaf attachments have one unique leaf at each leaf node and typically alternate direction along the stem. Opposite leaf attachments pair leaves at each node. Whorled leaf attachment is where three or more leaves attach at each point or node on the stem. The opposites are maple, ash, dogwood, paulownia buckeye and boxelder (which is really a maple). The alternates are oak, hickory, yellow poplar, birch, beech, elm, cherry, sweetgum, and sycamore. The Terminal Bud: There is a bud on the tip of every twig where growth occurs. It is often larger than the lateral buds and some can be absent. Trees easily identified by their terminal buds are yellow poplar (mitten or duckbilled shaped), dogwood (clove-shaped flower bud) and oak (clustered bud ends). The Lateral Buds: These are buds on each side of the branch. The trees easily identified by a lateral bud is beech (long, pointed scaled bud) and elm (buds off center over leaf scar). The Leaf Scar: This is a scar of leaf attachment. When the leaf drops, a scar is left just under the bud and it can be unique. The trees easily identified by its leaf scars are hickory (3-lobed), ash (shield-shaped)and dogwood (leaf scar encircles the twig). The Lenticel: There are cork-filled pores on most trees that permit the living inner bark to breathe. I use the narrow, long and light lenticels to partly identify just one species that can be tricky - black cherry. The Bundle Scar: You can see scars within the leaf scar that are a big help in identification. These visible dots or lines are cork filled ends of tubes that supply the leaf with water. The trees easily identified by its bundle or vein scars are ash (continuous bundle scars), maple (three bundle scars), and oaks (numerous scattered bundle scars) The Stipule Scar: This is the scar of a leaf-like attachment just off the leaf stem. Since all trees do not have stipules the presence or absence of stipule scars is often helpful in identifying a winter twig. The trees easily identified by its stipule scar is magnolia and yellow poplar. The Pith: The pith is the soft inner core of the twig. The trees easily identified by its pith are black walnut and butternut (both with chambered pith) and hickory (tan, 5-sided pith). One bit of caution when using the above markers. You need to observe an average-looking and maturing tree and stay away from root sprouts, seedlings, suckers and juvenile growth. Rapidly growing young growth can (but not always) have atypical markers that will confuse the beginning identifier.

The Great Depression crisis

The Great Depression crisis Introduction The year 1929 to 1939 marked the period when the western world was almost brought on its knees. Never in the history of civilization had the Western world experienced such a severe and prolonged period of depression. Advertising We will write a custom research paper sample on The Great Depression crisis specifically for you for only $16.05 $11/page Learn More The depression effects spread from United States to the rest of the world. Generally, there were spiraling rates of unemployment, reduced output and high levels of deflation across the globe. The economic and cultural crisis occurring as a result of the depression almost paralleled what was experienced during the Civil War. Economic History The effects of depression were felt at different times in different parts of the world. Europe and the United States were most affected. On the other hand, countries like Japan and those in Latin America were the least affected. The depression was trigg ered by several factors such as inappropriate economic policies in United States that led to a decline of output, a fall in consumer demand and widespread financial panic (Duiker, 2007). The downturn was transferred to other parts of the world more conveniently due to the gold standard that was used by all countries to facilitate exchange of currency. In retrospect, the great depression was brought to an end when the countries unanimously agreed to do away with the gold standard. Instead, a consensus of expanding the monetary policy was reached to reduce the likelihood of such an occurrence. New economic theories were adapted, new global economic institutions built and new microeconomic policies enacted and implemented (Romer, 1992). The economic downturn began in the summer of 1929. The great depression was to wreck havoc from this period up to early 1933. Prices and output fell sharply. The United States experienced a 47% decline in industrial production and its GDP fell by 30%. Deflation which is the measure of a fall in wholesale price index had fallen by 33%. Unemployment is said to have gone up by 20% according to statistical reports (Keylor, 2001). A person can understand best the severity of this depression when the foregoing statistical results are compared to the recession occurring from 1981 to 1982 in the United States. In between this period, GDP plummeted by 2%, unemployment had gone up by 10% and the prices increased dramatically though they suddenly started declining. The condition of gradual decline in prices after previously rising sharply is called disinflation.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A country like Great Britain had to endure prolonged periods of depression especially during the 20’s after having decided to revert to gold standard system with an overvalued currency (Crossley et al., 2009). However , the situation was less serious in Britain compared to United States if statistical evidence is anything to go by. Statistics indicate that decline in industrial production in UK was a third that of the US. Though the effects of great depression were slightly felt in France, this country had difficulties recovering from slowed economic growth in 1932. This led to a substantial decline in prices and production from 1933 all the way to 1936. Some countries in the Latin America were not spared from the effects of the great depression which occurred much earlier in comparison to United States i.e. in 1928 and 1929. Argentina and Brazil were least affected. In Japan, the downturn occurred a little bit late i.e. in early 1930 and was not severe in comparison to United States and other parts of the globe. In every country that was affected, deflation of prices became similar to what was being experienced in United States. Wholesale prices plummeted by a margin of 30% in all developed co untries from 1929 to 1933. The reason why Japan was least affected was due to the flexibility of its price structure. This is what led to the occurrence of a rapid deflation from 1930 to 1931. It was this occurrence that prevented production in Japan from remaining low for a long period of time. Much of the prices of primary products such as cotton, rubber and others were sliced by half from 1929 to 1930(Keylor, 2001). This led to a decline in terms of trade for anyone who dealt with products of such nature. Things began looking brighter in the mid 1930’s. Output had begun rebounding and in the spring of 1933, recovery began to be experienced everywhere. In between 1933 and 1937, United Sates GDP is recorded to have grown at a steady rate of 9% annually. However, things worsened in between 1937 and 1938 but this condition did not last for long since it was replaced by a period of increased prosperity at the end of 1938. The increase in output had stabilized by the end of 19 42. The economy of Great Britain began improving a couple of years later after abandoning the gold standard in late 1931(Keylor, 2001). The same applied for most economies in Latin American which attained full recovery at the beginning of 1932. Advertising We will write a custom research paper sample on The Great Depression crisis specifically for you for only $16.05 $11/page Learn More In the fall of the same year, the economy of Japan and Germany had begun rebounding. Most European countries and Canada had their recovery go hand in hand with that of the United States that began in early 1933 (Crossley et al., 2009). Some developed countries and France in particular took longer to recover. This is because this country experienced depression much later and recovery began taking place at the fall of 1938. Principle Causes of the Great Depression The great depression was triggered primarily by a reduction in spending or aggregate demand. This forced manufactu rers to shrink production after speculating a possible rise in inventories. Other causes that led to a reduction in aggregate demand followed throughout the depression period and the effects were transmitted from the United States which was in essence the ‘epicenter’ of the depression to the rest of the world courtesy of the gold standard system. Other countries had unique factors that contributed to the escalation of depression. The Crash of the Stock Market Too much speculation in the stock market led the United States government to act by tightening its monetary policy. This move sparked a decline in output immediately after it was enacted in 1929. The economy was performing fairly well prior to the tightening of the monetary policy. Mild recessions occurring in between 1924 and 1927 notwithstanding, the wholesale prices of goods continued to be stable for a whole decade. However, there were excesses in the stock market in that the prices of stocks were four times more at the end of the decade. In other words the stock prices were rising at an astronomical rate up from a low in 1921 and onto the peak that was reached by the close of 1929 (Findly Rothney, 2006). The Federal Reserve wanted to contain the spiraling stock prices and the stakeholders thought the best way to reach this end was to tighten monetary policy. This was in form of raising interest rates to a level that would make speculation to be difficult. The result was that sectors that were sensitive to interest rates drastically reduced their spending (borrowing). These sectors included real estate, automobile and construction industry. This led to a decline in production. According to Crossley et al., (2009) a boom in housing construction may have also led to excessive supply of housing that consequently led to a decline in construction by the close of 1929.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The foregoing events made it almost impossible to gauge stock prices against anticipations of future earnings. Thus, when a minor event triggered a gradual reduction of prices by the fall of 1929, investors were no longer willing to take any risk. This happened in October 1929 and the stock market bubble finally burst due to pressure exerted by the monetary policy. Investors due to panic began selling their stock at very low prices. This was sad mainly because most of the stock traded was bought using loans. The decline in stock prices was made worse by the fact that most investors were forced to liquidate their holdings (Findly Rothney, 2006). On what is commonly called black Thursday on October 24, 1929, the prices had fallen by a record margin of 33% on the Cowles Index. The magnitude of the decline was so huge that the event taking place on this particular day was given the name of the Great 1929 Crash (Duiker, 2007). American consumers were no longer capable of investing and in buying durable goods. The combined lack of spending by firms and individuals led to a sharp decline of output. Indeed, it was the great crash and the great depression combined with reduction of stock prices that led to unprecedented increase in unemployment and reduced output during this period (Keylor, 2001). The Run on the Bank and Monetary Policy By the close of 1930, great fear fell on all investors holding their money with the banks across the United States. The depositors due to widespread fear demanded their investments with the bank in the form of cash. Banks normally hold a small fraction of deposits in form of cash. Thus, when faced with a situation where all depositors want their money immediately, banks are left with no choice but to initiate a process of quick liquidation of loans. This kind of action is very harmful in that even the strongest of the banks can end up closing. There was a run on many banks across the United States from 1930 to 1932. The situation w as so severe that President Roosevelt decided to close all banks on the 6th of March 1933 (Adas, 2006). A bank would only be allowed to open after a rigorous process of vetting to ascertain its solvency. By the end of 1933, a third of the Banks in the United States had their doors closed permanently, never to open again. The United States Federal Reserve failed to act promptly in order to contain the run on the bank. Consequently, people held more money than what they had as bank deposits. This led to a 33% shortage of money supply in US from 1929 to 1933. The situation was aggravated by the Federal Reserves decision to contract money supply. Moreover, the Federal Reserve also raised interest rates thereby forcing most European countries including Britain to abandon the gold standard for the fear that the Dollar would as well be devalued. This led to a further reduction of money supply which in turn led to reduced output. The Gold Standard According to Adas (2006) the motive behind the contraction of money supply by the Federal Reserve was to try and preserve the gold standard system. This standard allowed individual countries to back their money in terms of gold. Under the system, an increase in demand of US products especially of stocks and bonds by foreign countries led to increased inflows of gold into the United States and vice versa. The contraction meant that there would be large amounts of gold flowing from foreign countries and into the US. This is true because Americans found it difficult to purchase foreign goods and the deflation experienced throughout the country provided foreigners with an opportunity to purchase US goods. Foreign countries reacted by raising their interest rates to counter possible US trade surplus and minimize the chances of weakening foreign currencies against the dollar. Thus, every other country that was privy to the gold standard systems was forced to reduce its money supply. Recovery To contain the ill effects of the gr eat depression, governments across the globe were forced to devalue their currencies and expand their monetary policies. Countries that were quick to devalue their currencies and quick to abandon the gold standard recovered relatively fast. Devaluation allowed countries to increase their money supplies with little regard to effects due to the exchange rates and the gold standard (Romer, 1992). However, recovery as a result of this action was quite slow in comparison to abandonment of the gold standard. The Federal Reserve relaxed its monetary policy by increasing money supply between the periods of 1933 to 1937 by a margin of 42% (Findly Rothney, 2006). This was possible because so much gold had found its way into the United States especially due to widespread instability that rocked Europe and that eventually led to the start of the Second World War. Similarly, other governments across the globe followed suit and increased their money supply. This was made possible by lowering i nterest rates to encourage borrowing and investments so as to stimulate the economy by increasing output. Countries like Japan and Germany used Fiscal policies to stimulate economic recovery. However, this did not work well with the United Sates. Spending due to military activities increased the supply of money in most countries that went to war. After the recovery, crucial measures were undertaken to cushion the depositor from losses in case a downturn of such a magnitude was to occur again in future. Banks were no longer allowed to trade in securities (Yetman, 2003). Furthermore, legislation was passed that allowed for the regulation of stock markets and banks were forthwith required to insure depositors’ money. The depositor insurance policy received global acceptance and it led to increased depositor confidence. Moreover, governments around the globe resolved to increase government spending to impede any possible depression (Eichengreen Sachs, 2008). Other measures such as reduction of taxes from time to time and monetary expansion would be used to curtail future deflationary effects. References Adas, M. (2006). Turbulent Passage: A Global History of the Twentieth Century. New York, NY: Longman. Crossley, P. K., Lees, L. H., Servos, J. W. (2009). Global Society: The World since 1900. Boston, MA: Houghton Mifflin. Duiker, W. J., (2007). Contemporary World History. Boston, MA: Wadsworth. Eichengreen, B., Sachs, J. (2008). Exchange Rates and Economic Recovery in the 1930s. Journal of Economic History 4 (5), 925-946. Findly, C. V., Rothney, J. A. M. (2006). The Great Depression and the Second World War. Boston, MA: Wadsworth. Keylor, R. (2001).The Twentieth-Century World, 4th ed. Ardsley, NY: Transnational Publishers. Romer, D. (1992). What Ended the Great Depression? Journal of Economic History. 52 (10), 757-784. Yetman, J. (2003). The credibility of the monetary policy. Philadelphia, PA: University of Pennsylvania Press.