Identity is the Complete Satisfaction of Oneself - 831 Words

Fluctuation Identity can be thought of as the complete satisfaction of ones self. The word identity can be defined in many different ways since everyone is different. Identity could be based on morals and how one maintains or neglects ones values and handles the different situations life may give. Often times, people do not make understanding their identity as one of their priorities therefore, identity would be left unnoticed. I claim that identity is both fluid and static throughout ones life, in addition one outweighs the other depending on the situation that is encountered. Identity fluctuates throughout life and I believe maturity and time have a major impact. Situations where one is a minor such as gender, religion, behavioral, and personal relationships are more static and less fluid, but as one undergoes puberty those identities become more fluid and less static and when one becomes a fully matured adult the identities can change again and become more static and less fluid. When we are born, the first identity is encountered when the doctor identifies our gender. Gender plays an important role as the first identity that is encountered and contributes to many other identities such as behavioral, cognitive, and personal relationships. For infants and minors, gender is more static than fluid because they are restricted from the outside world and have a lack of understanding. Because of this, infants and minors idolize their parents and would see their routineShow MoreRelatedThe Clinical And Social Implications Of Self Compassion1495 Words   |  6 Pagesself compassion: kindness towards oneself in spite of facing difficulties, perceiving oneself as part of the over all human experience, and regulating painful emotions. Additionally, Barnard and Curry (2011) suggest that the quality of self-compassion also entails allowing oneself to be mindful and aware of painful experiences and thoughts. Specifically the term, â€Å"self compassion†, involves practicing f orgiveness, patience and acceptance of all aspects of oneself and actions (). Common humanity,Read MoreBiological Characteristics of Organizational Behavior1217 Words   |  5 Pagesthat will result in job satisfaction or job performance, but females are more willing to conform to authority and show more aggressiveness toward the expectation of success. They are known to have more preference for work schedule and are willing to work part-time or flexible hours to ordained family emergencies. †¢ Women – part-time and flexible h * Race According to â€Å"Stephen Robbins and Judges† race can be defined as the biological heritage used to identify oneself. It is said that the contentiousRead MoreHumanistic Workplace Paper1659 Words   |  7 PagesHumanistic Workplace Paper ABSTRACT In todays workplace, Humanism would concentrate upon the development of the employees self-concept. If the employee feels good about him or herself then that is a positive start. Feeling good about oneself would involve an understanding of ones strengths and weaknesses, and a belief in ones ability to improve. Learning is not an end in itself; it is the means to progress towards the pinnacle of self-development, which Maslow terms Self-actualizationRead MoreAnalysis Of The Poem The Souk 962 Words   |  4 Pagesâ€Å"The souk selects her identity or particular social order —. Then — shuts the entryway —. To her divine lion s share —. Display no more —†. These lines present the souk similarly as those subject of the sonnet. Clearly, this souk will be feminine, as shown Eventually Tom s perusing the utilization of the expression â€Å"her. † Here, those souk may represent able the self, those individual, alternately those complex substance for constantly. This souk is also subjective; she is a animated liable asRead MoreProviding Quality Career Development And Leadership Programs1524 Words   |  7 PagesDescriptions Activities Self-explorations skills The ability to identify personal interests, skills, and values to better understand oneself and inform decisions †¢Complete learning style assessments to evaluate ones optimal approach for learning new information. †¢Complete self-reflection exercises and discuss personal strengths, challenges and preferences. †¢ Complete skills assessments to determine skills of interest and how these skills align to different careers options. Career exploration skillsRead MoreOedipus The King, The Culture, And The Gods1266 Words   |  6 Pageshurting anybody as making damage oneself or others would be viewed as a wrongdoing. Demonstrating that rising above Greek culture into Islamic culture can profit Oedipus identity by getting direction through the Holy Book, which accordingly, would keep his savage destruction. Essentially, sustaining the role of a King in Islam, it is obligatory for Oedipus’ character to be modest under all conditions. It is very critical in Islam that a Muslim leader has a delicate identity towards everyone, regardlessRead MoreA Story of Olenka, The Darling a Dependent Woman1576 Words   |  7 PagesA story of Olenka, The Darling A Dependent Woman The story The Darling by Anton Chekhov, illustrates a woman that is lonely, insecure, and lacking wholeness of oneself without a man in her life. This woman, Olenka, nicknamed Darling is compassionate, gentle and sentimental. Olenka is portrayed for being conventional, a woman who is reliant, diligent, and idea less. Although, this story portrays that this woman, known as the Darling needs some sort of male to be emotionally dependent Read More Analysis of The Darling, by Anton Chekhov Essay1551 Words   |  7 Pages The story â€Å"The Darling† by Anton Chekhov, illustrates a woman that is lonely, insecure, and lacking wholeness of oneself without a man in her life. This woman, Olenka, nicknamed â€Å"Darling† is compassionate, gentle and sentimental. Olenka is portrayed for being conventional, a woman who is reliant, diligent, and idea less. Although, this story portrays that this woman, known as the Darling needs some sort of male to be emotionally dependant upon, it is as if she is a black widow, she is ableRead MoreAristotle s Views On Happiness1394 Words   |  6 Pageshaving a purpose in their life often offers them a feeling of satisfaction for the moment until after their goal is complete. They sense that they were put on this planet for a reason. It is a different reason to each person, but having progress in life can make people feel happy for the moment being. Happiness is different to every person, but it also comes at a great cost if they were to chase after it blindly. The attitude is satisfaction with one’s life, â€Å"A man’s life is largely composed of whatRead MoreErik Erikson s Psychosocial Development Theory1518 Words   |  7 PagesPsychosexual Development Theory established the parameters of Erikson’s 8 stages of psychosocial development. On Sigmund Freud’s first stage of development infants are orally fixated. At this specific step of human development, the newborn will sick satisfaction and comfort through tasting the food from his or her mother. Following this order of ideas, Erikson states that infants will start experiencing different emotions result of their actions to seek pleasure. Emotions experienced by the newborns may

Marriage A Cover for the Reality Patriarchy - 1511 Words

To marry for money and not love is frowned upon as a social norm, but is also seen as an opportunity for women to rise in the social hierarchy. Though, love is to be the reason why bonds like marriage exist. Being a woman in the nineteenth century limits social advancement and makes it seem impossible without wealth, a background of family fortune, or matrimony to a man labeled high class. Emma Woodhouse, from the novel Emma written by Jane Austen, defines what it means to seek stature through marriage and how couples can aid in contexts such as social groups. Austen clearly covers social groups in her novel, but making the novels focal point circumvent around Emma. We look beyond how class enables opportunity for women and see just how†¦show more content†¦Woman with money in the nineteenth century was not a common facet in such a society. Those without monetary value were looked down upon and concluded that the only way to be respected was through a matrimonial bond. Jane Fairfax is a kindhearted woman forced to believe marriage is the only option to avoid a life of servitude. Though everyone only had nice things to say of Ms. Fairfax she is still not financially stable enough to be considered into the class of the wealthy. Mr. Knightly would even comment that she must marry soon to avoid being a simple governess, but Jane does not want to believe outside of marriage her life would inevitably be like her relative; â€Å"Miss Bates stood in the very worst predicament in the world for having much of the public favour; and she had no intellectual superiority to make atonement to herself, or frighten those who might hate her, into outward respect...It was her own universal good-will and contented temper which worked such wonders†(Austen pg. 22). This character description of Miss Bates describes the outcome of failing to meet societal standards. A younger Miss Bates did not properly educate herself, obtain financial security independently, or rece ive monetary gain through marriage. HerShow MoreRelatedDomestic Violence Should Not Be A Private Matter1478 Words   |  6 PagesHistorical background In the past, domestic violence was considered to be purely a private problem. The reason for this was that on marriage, the law considered husband and wife to be one person; this meant that it was acceptable for a wife to lose her own identity on marriage: it became incorporated into that of the husband s He provided protection and cover for her and he could also give her moderate correction , in the same way in which he would correct his servants and children. ThisRead MoreSocial Issues Within The Arena1360 Words   |  6 PagesProblem Arena With all of the recent success for marriage equality in twenty-nine states and Washington DC, the gay movement seems to be headed in the right direction. Increasing awareness about rights for gay people is more prevalent in urban communities, as Queer Theorists, LGBTQIA rights advocates, and allies of the Queer community address and advocate for issues that the Queer community must cope with in a heteronormative and patriarchal society. Marriage equality for same-sex couples has been an effortRead MoreAnalysis Of Fall On Your Knees 924 Words   |  4 PagesUsing Gender to Uncover the Truth in Fall On Your Knees Fall On Your Knees is a novel that covers many themes and concepts, such as forbidden love, racial tension and isolation. MacDonald writes in a way that leaves certain moments in the story up for interpretation and unresolved till the end. Most of the time she is not direct with what she is trying to portray and leaves both the readers and the characters with just the facts. While some stories capture strict gender roles and policies, Fall OnRead MorePuce Fairy Book Analysis730 Words   |  3 Pagesacquiescence to male power †¦make marriage not simply one ideal, but the only estate toward which women should aspire. The idealizations, which reflect culture’s approval, make the female’s choice of marriage and maternity seem commendable, indeed predestined. †¦Fairy tales are not just entertaining fantasies, but powerful transmitters of romantic myths which encourage women to internalize only aspirations deemed appropriate to our ‘real’ sexual functi ons within a patriarchy.† (Rowe 239). The author isRead MoreCompare and Contrast of Desdemona and Emilia1295 Words   |  6 Pagesexample, in the fight for her marriage, she showed the rebellious spirit of a new age woman who dared to challenge the patriarchal family. However, after getting married, even in the face of her husbands wrong, insult and murder, Desdemona’s behavior was very weak and passively obedient. The cause of this change was the lack of struggle from the judgments she faced based on societal norms. She was married and she saw no need to continually prove to the world that her marriage was proper. She didn’tRead MoreA Review Of Sheryl Sandberg s Lean And The Former Google Executive Essay1677 Words   |  7 Pagesâ€Å"women† struggling to be equal with men. In fact, the reality was and is that privileged white women often experience a greater sense of solidarity with men of their same class than with poor white women or women of colo r. Sandberg’s definition of feminism begins and ends with the notion that it’s all about gender equality within the existing social system. From this perspective, the structures of imperialist white supremacist capitalist patriarchy need not be challenged. And she makes it seem thatRead MoreThe, The Current Coo Of Facebook And The Former Google Executive Essay1681 Words   |  7 Pagesâ€Å"women† struggling to be equal with men. In fact, the reality was and is that privileged white women often experience a greater sense of solidarity with men of their same class than with poor white women or women of color. Sandberg’s definition of feminism begins and ends with the notion that it’s all about gender equality within the existing social system. From this perspective, the structures of imperialist white supremacist capitalist patriarchy need not be challenged. And she makes it seem thatRead MoreAnalysis Of February : Christmas Rolls843 Words   |  4 Pagestwo worlds: it blends the cultures of the Old World and the New World and creates the unique Latin American culture from this fusion. Its unique history is paralleled in a unique genre originating from it, namely magical realism, which clings to reality yet adds magical details (Carpentier 83). On the other hand, Latin American writers have widely included romance in their stories. These two genres are both present in â€Å"January: Christmas Rolls† by Laura Esquivel. The elements of magical realism characterizeRead MoreAnalysis Of Homer s The Odyssey1593 Words   |  7 Pagescommunity. However, Homer presents a way to remedy this inequality through the use of the motifs cunning and intellect. They are used by Clytemnestra, Penelope, and Nausicaa. These women utilize their guile and intelligence in order to transcend the patriarchy and play important roles within their homes and societies, thus giving them more power than women were expected to have. Clytemnestra is the first woman who displays her ability to deceive the men in her life. Upon her husband’s decision to goRead MoreWomen Are The Victims Of War1481 Words   |  6 Pagesalso demonstrate an urgent need to break down the power structures enabling patriarchy and to empower women to show their potential to the world. In short, To further expound, ISIS, Islamic State of Iraq and Syria, is a terrorist group based on the Koran’s message about jihad. They want to conquer the world and rule it according to their narrow interpretation of the Koran. Thus far, the media has managed to extensively cover the male journalists beheaded by â€Å"Jihadi John†. But what about the women

Impact Of Employee Training And Development on Organizational

Question: Discuss about the Impact Of Employee Training And Development. Answer: Introduction Transforming demographics and disruptive technologies are in todays business world redefining the workforce. Smart organizations are responding by reinventing workplace learning to make their programs more efficient and relevant. They also establish an organizational culture that encourages regular learning and develops innovative leaders at all sectors of the company (Dorman 2013, p.17). Global senior managements experience an environment that is more competitive than ever, one which can only be realized by possessing high-quality talent that is extremely engaged, motivated and capable. Successful organizations understand that to be triumphant means being able to strategically develop the skill needed to envision and carry out the business strategies that will ensure their future success. The introduction of the millennial workforce which is the tech-savvy generation considered to be the largest in American history, is establishing an increasing demand for more unofficial and innovative approaches to workplace learning (Reddy 2008, p.251). This means that workers no longer view their careers as the operation of one organization, but the peak of a determined set of development experiences they possess themselves. In the near future, workplace learning is expected to be about decentralized peer-to-peer learning, social collaboration, and team-oriented activities. Furthermore, learning is expected to be mobile where access will not only be instantaneous, but also quite regular. Workplace learning will be relationship-oriented and experiential, and organizations will not be able to standardize or control knowledge which will emerge from everywhere. Discussion The impact of employee training and development on organizational profits Organizations that understand the power of learning in todays business environment tend to think holistically about how learning takes place in the workplace. They also seek to establish settings where learning thrives. These organizations have realized that classroom training is no longer enough and that an efficient learning setting must incorporate performance support to provide continuous reinforcement, and collaborative communities that can tap the wisdom of the public (Noe 2008, p.168). Organizations can also enjoy the rewards of providing training and development programs for their workers because well trained employees assist in the increment of profits and productivity. Effective training and development saves labor by minimizing the time spent on problem-solving and in the end, saves money by producing a better workforce. Poor employee performance often comes about when workers do not know exactly what is expected of them, how to do their tasks or why they need to perform in a certain manner. Training and development helps solve such performance issues by clarifying the details of the tasks. In turn, it reduces duplication of effort in the workplace, the problem solving required adjusting bad performances, and the time spent correcting errors (Salas, Tannenbaum Smith-Jentsch 2012, p.99). What organizations today need to realize is that improved employee performance from training and development programs can actually minimize staff turnover, result in fewer customer complaints, and minimize maintenance costs through reduction of equipment breakdowns. Knowing that they are valued within the organization, employees will tend to put in more effort so as to reciprocate the favor. Hard work ultimately leads to more profits, especially in terms of profit margins and production (Noe, Clark Klein 2014, p.245). From what has been observed recently, a trained workforce is able to handle more duties than before given their newly acquired know-how which also improves their versatility. Proficiency in a given area might, to some extent, minimize chances of human error, thus reducing the costs incurred during repair. A happier workforce means better retention and productivity. The retention of the trained workers will minimize the high cost of recruiting new staff and have a constructive impact. Budgetary considerations in Human Resources, such as accommodating the need for employee training As indicated, the right employee training program is able to increase employee commitment, decrease the need for supervision, improve customer service, minimize absenteeism, increase productivity, retention, and boost sales (Aguinis Kraiger 2009, p.473). However, the cost of the training program is determined by the form of training required. Different types of training exist, each varying greatly in terms of cost. Some of the training options that an organization can consider include on-the-job mentoring and coaching, self-directed study, relative cost, job shadowing, video presentations, e-learning, college courses, seminars, group workshops, one-to-one tutoring, and in-house training (Illeris 2011, p.76). That is why it is important to choose the training activities that best suit the results and budget. Budgeting for employee training does not necessarily mean using excess money when it is available. Many large companies commit to investing between 2% and 5% of salary budgets back into employee training. However, individual organizations need to find a number that their budget can take in. Budgetary considerations with regards to accommodation of the need for employee training are quite significant in todays organizations. An organization might be tempted to utilize the least expensive training materials or trainers available. An alternative to this might be negotiating reduced-cost or free training from suppliers who will be willing to assist if it means their products will be triumphant (Dorman 2013, p.19). Managing employee training resources and budgets is no different from managing any other investment in an organization. It all comes down to how much resource, money and time is required to operate different programs and the advantages which are generated in return. Employee training budget is significant because it is seen as an investment in any given organization. Moreove r, training expenses have been constructively correlated with employee and customer retentions, overall profitability and sales (Reddy 2008, p.252). Most businesses may find it more efficient to outsource particular training needs to suppliers or gain from advances in learning technologies so as to minimize training costs. However, it is more important to ensure that the training budget satisfactorily covers the realistic costs linked with the training techniques an organization employs. Initially, businesses may need to spend cash on realizing or researching which talent deficit is blocking employee performance and productivity. The real training need may thus be overlooked if care is not taken to determine it (Noe 2008, p.170). An effective employee training budget is intended to address the real problems by spending cash on the business and employee needs. Propose changes for the future Workplace learning for employees should begin on the very first day on the job, and never stop. Keeping in mind the rate at which information transforms and the nature of peoples always on culture, workers must be proactive (Salas, Tannenbaum Smith-Jentsch 2012, p.100). They can no longer afford to wait to gain the knowledge and talents needed for a new job or a prolonged responsibility in the organization. A learning company tends to monitor the effectiveness of employee training programs by gauging the number of classes offered and the number of attendees. It is predicted that in future, organizations will no longer care how their workers get knowledge or obtain certain skills or abilities, but only that they can provide evidence of their proficiency. For employee training and development in todays organizations to be successful, it is necessary for the management to provide the kind of training necessary to meet the basic skills for the job. A good understanding of the talents, competences and knowledge that the organization will require in future should also be developed (Noe, Clark Klein 2014, p.247). It is important to look for learning opportunities in daily activities. Furthermore, management should support its staff when they identify learning activities that make them more valuable to the organization, both now and in future. Organizations need to work together to save on training costs. They should also choose a particular training structure so that some employees add to the already existing skills, rather than everyone training under similar conditions. Introducing a triumphant employee training program takes more than simply having a financial plan. Human resource department needs to emphasize training as a form of investment (Aguinis Kraiger 2009, p.474). It should also encourage a learning culture where employees are aware that the organization actually cares about the boosting of their talents and wants every employee to remain competitive within the skill set. As already indicated, employee training and development should be a continuous process. Organizations should not limit their training only to new workers, but instead make an effort of bringing in as many employees as possible and who would gain from extra training. Conclusion Effective employee training and development is determined by knowing what is required. Given the need for cost-effective solutions and limited budgets, todays organizations need to ensure that any resource invested in training programs are targeted at areas where employee training and development is needed and a constructive return on investment is assured. Organizations have realized that maintaining employees talents and improving their performance is important when looking to retain a competitive edge. For workers, training and development programs can greatly strengthen workplace skills and result to greater long lasting job security. Employers also know that having well trained workforce is vital to maintaining competitive performance and differentiating an organization from its competitors. As workers take on expanded duties, it has become more significant for organization in todays business world to offer specialized development so as to assist their teams keep up.Training pro grams enhances job satisfaction for workers by allowing them to build novel talents and take on more challenging responsibilities. References Aguinis, H Kraiger, K 2009, Benefits of training and development for individuals and teams, Annual Review of Organizational Psychology and Organizational Behavior, 1, pp. 245 275. Dorman, T 2013, Framework for reducing restrictive practices, Learning Disability Practice, 16(8), pp.10 20. Illeris, K 2011, The fundamentals of workplace learning: Understanding how people learn in working life, Routledge, 16(8), pp. 67 77. Noe, R 2008, Employee training and development, 1st Edition, Tata McGrawHill, New Dehli. 150 170 Noe, R, Clarke, ADM Klein, HJ 2014, Learning in the twenty-first century workplace, organizations, and society, Annual Review of Psychology, 60(1), pp. 451 474. Reddy, R 2008, Effective human resource training and development strategy, 3rd Edition, Himalaya Publishing House. 166 252 Salas, E, Tannenbaum, SI Smith-Jentsch, KA 2012, The science of training and development in organizations: What matters in practice, Psychological Science in the Public Interest, 13(2), pp. 74 101.

Little Women a Look Into Gender Roles in 1941 free essay sample

A look into gender roles in 1941 The photograph Little Girls with Their Dolls and Buggies (1941), taken by Russell Lee, is of two young girls pushing baby dolls in carriages along a sidewalk in Caldwell, Idaho. Its a bright, sunny day and the girls are walking alone, with no other people visible in the photograph. Both girls are smiling, and the girl pictured to the right is looking intently at the girl to the left. Behind the girls to the left we see a respectably sized house, and well maintained lawn. Behind them, the sidewalk endlessly continues to trees in the background. To the right of the picture there is a road which contains no cars. It appears to be in a middle to upper class, suburban neighborhood. They appear to be approximately the same age and are similarly dressed. It is an intriguing image that demonstrates traditionally accepted feminine gender roles during the mid 20th century. We will write a custom essay sample on Little Women: a Look Into Gender Roles in 1941 or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Gender roles can typically be defined as the behaviors and attitudes expected of male and female members of a society by that society. In 1941, women were typically expected to stay home and raise a family. They were also supposed to be social and they were Judged quite often on their appearance. These expectations of women were pushed upon them at a young age, as shown through the photograph. The girls appear to be about seven years old and they are already pushing around baby dolls and exploring their maternal roles. How identical the girls look is also a very revealing. The girls dont look to be related, but yet they appear as mirror images of one another. They both have short, groomed hair, pulled away from their face. They are both wearing dresses, and are pushing ractically identical carriages. They are shaped to look how a woman should and follow the same expected role of women during that time period. I think its also important to note the variety of social influences of gender roles. Influence and reinforcement of gender roles often comes from the toys children play with. Dolls are traditionally a toy for girls. Dolls tend to represent feminine traits and help to prepare young girls for the task of motherhood. Children tend to get most of their toys from a parent or family member, who often has the strongest influences on a ersons gender role. The young girls clothing also comes from their parents. This is yet another example of how their parents reinforce their perceived gender roles. Peers also play a role in shaping ones anticipated gender role. During this time especially, peers responded more and got along better with children who fit traditional gender roles. This again leads back to how similarly the girls are dressed in the photograph and the similar toys theyre playing with. The girls are being conditioned to follow society and their peers assumed ideas of the roles they are expected to play. The girls are also walking alone; their parents are not in visible in the photograph. Its like their parents are trying to let them be little adults. Theyre preparing their children for their expected future of raising a family. Imposed gender roles are often hard to escape. Especially during the 1940s, women had very specific assumed roles. While looking at Russells photo, you may see two young girls, message about traditional gender roles. Its a shame that these girls, at such a young age, were being shaped to a very limited role that society has deemed to be their future.

What Made Pericles an Outstanding Leader in Athens

Table of Contents Introduction Astute Leader and a Commander Courageous Leader Strong Oratory Skills Patriotism Self-trust Works Cited Introduction Pericles was an Athenian leader during the Peloponnesian war; he was the leader responsible for the reconstruction of Athens after the war. Pericles was killed by plague, which descended upon the city. Pericles was the General during the Peloponnesian war, and he was of the opinion that Athens should firmly remain in the war. He organized approximately 100 ships for that purpose.Advertising We will write a custom essay sample on What Made Pericles an Outstanding Leader in Athens specifically for you for only $16.05 $11/page Learn More When several soldiers died from the war and from plague, the people of Athens began blaming Pericles for having forced them to go to war, and they wanted him to be held responsible for all the calamities and the misfortunes that had befallen them. Pericles also felt bad abou t the situation, but he was prepared to tackle the outcome. The outstanding qualities of Pericles were espoused during the funeral oratory speech which he was asked to deliver as a routine and custom during funerals; in Athens, speeches were made as a way of honoring and praising the departed. During the burial of the people who had died during the Peloponnesian war, Pericles, the son of Xanthippus was chosen to deliver a speech in their praise, and it is in his speech that some of the outstanding qualities of Pericles were brought to fore (Thucydides 35). Astute Leader and a Commander Pericles was an astute leader and a commander. Despite the misfortunes that had befallen his people, he still managed to convince them that the course was justified and argued that it was for the benefit of the whole state and city. He defended himself by arguing that he knew he was doing what was to be done, and he described himself one who loved the city and could not be influenced by money or any f orm of bribery. From his words, he came out as a man of knowledge despite his limited power. His words and speeches depicted him as an authoritative leader. As a courageous and respected General, Pericles summoned the assembly of the city to instill into them some sense of courage and to rejuvenate their fighting spirit and to push fresh for a war with Sparta. According to him, the freedom of Athens could only be bought through war and work (Thucydides 44). He could not allow himself to be swayed by euphoria or people’s demands but instead he came out as a person who guided the people.Advertising Looking for essay on ancient history? Let's see if we can help you! Get your first paper with 15% OFF Learn More Courageous Leader Pericles also came out as a man who was willing to stand up for danger contrary to someone who could run away from the danger. He demonstrated this when he urged the people to be prepared for all the disasters. Pericles was willing to fight in order to preserve the dignity of Athens. He was a good fighter. Despite him having been defeated, he successfully convinced the people that they had won. He preferred to endure hatred and to be unpopular as long as his eyes were focused on the goal. He considered hatred and unpopularity as temporary and what mattered was the glory and the brilliance of the future that followed the success (Thucydides 60). He was considered as an individual who was willing to undergo suffering and hardships for the benefit of the city. He demonstrated courage in the face of the enemy due to his determination to defend his native land. Pericles was one of those people who fought evil with good and had the zeal to fight and more so do service to the people of Athens despite the dangers and harm it could do to their private lives. Strong Oratory Skills The oratorical skills of Pericles made him an outstanding leader; he had the courage to articulate, the charisma to lead and the ability to convince a nd manipulate the population. He demonstrated this character when the people vehemently complained about their misfortunes, and he gave them a speech that rejuvenated their courage, will and confidence to continue with the war. The oratorical skills enhanced his persuasive capability, which was largely due to his application of rationality, logic and knowledge. It is through his speeches and particularly the one he gave at the course of the war that fostered his capacity to effectively capture the minds of the people and allowed him to give reasons as to why the war with Spartans was justified. He was a demagogue and an aristocrat who had an effective voice. Pericles took advantage of his strong articulate nature, his eloquence and perfect speaking skills to achieve support for his plans and objectives. His poetic imagery silenced every friend and fore (Thucydides 34). Patriotism The patriotic character of Pericles made him an effective leader in Athens. According to him, the format ion or the establishment of the Athenian empire was a noble duty that the citizens ought to be willing to sacrifice for, even if it meant going to war. For him, the glory of Athens was paramount.Advertising We will write a custom essay sample on What Made Pericles an Outstanding Leader in Athens specifically for you for only $16.05 $11/page Learn More His actions indicated how dedicated he was to his city. In his funeral oration, Pericles espoused several qualities of the city of Athens, and he brought them strictly into the light. His speech centered on the principle that the Athenians should be willing to put their personal demands aside and strive hard for the benefit of the city. This line of argument was a clear demonstration of the patriotic nature of Pericles. He came out as a proud political ambassador; on several occasions, he stressed on the spirit of the people of Athens, in his argument that the defeat from the war was not anticipated and th at the people of Athens should not desert their houses, he came out as a popular and respected leader of the Athenian city. In his funeral oration speech, he hurled praises on the nature of Athenian morale and the way of life of the Athenian people while at the same time raising the spirits of the citizens. His patriotism was demonstrated clearly during the funeral oration speech when he praised the people of Athens, the city of Athens, the dead, the superiority of Athenian military training and the democratic ideals of the state of Athens. Consequently, his repetition of the phrase â€Å"the power of the city† in his speech and the arguments that the intelligence of the leaders of Athens and the zeal of its population was what fueled the power of the city was an indication of his strong passion for Athens and an appeal to the citizens of Athens to be patriotic to their city and to fight for the sake of the city (Thucydides 62). Self-trust Pericles also had trust in himself; he left success and failure in the hands of hope and when the reality of war dawned on him, he still trusted in his courage and efforts. He considered it more honorable to fight and to risk death and to maintain their position than to surrender and save their lives. Pericles was so daring that he did not fear to face the enemy that he rallied various people of the city of Athens because he wished for the greatness of the city that he had fallen in love with. He had a distaste for apathetic people. He pleaded with the people not to be angry with him, but instead he be given the opportunity to guide them away from their immediate suffering. He believed that there was strength in the city as a whole and not in an individual and at the end people began believing in him because Athens emerged victorious during the war (Thucydides 65).Advertising Looking for essay on ancient history? Let's see if we can help you! Get your first paper with 15% OFF Learn More Pericles was ashamed of falling below his or a certain standard. He displayed enthusiasm in fighting for the city, and he gave the best contribution that he could give to war. He sacrificed his life for the benefit of the city and other people of Athens. His blatant self-praise nature cemented his outstanding position in the society as an undisputed leader. His strong belief that he was bestowed with better qualities to lead the people of Athens relieved him of several complains from the people, his argument that he could not be charged with misconduct just by persuading the people to go to war brought out a sense of his modesty arrogance. He just wanted the people of Athens to believe and to accept the true condition they were in and directed them to follow his advice and go for war by declaring that he was above par in patriotism, knowledge and exposition skills. According to him, it was these three qualities that made the Athenians to allow themselves to get persuaded, and his de cisions and advice were unquestionable. His behavior of self-praise and that people should not blame him for the decisions that he was entrusted to make was aimed at eliciting some sense of collective responsibility. Consequently, Pericles maintained some sense of principled personal constancy when he asserted that he still held his previous opinion, which could not be changed until his plans were made or accomplished. In his arguments, he urged the citizens to imitate people like him (Thucydides 64). Works Cited Thucydides. History of the Peloponnesian war (book 2: 59-65). New York, NY: Penguin books, 1972. Print. Thucydides. History of the Peloponnesian war (book 2: 34-46). New York, NY: Penguin books, 1972. Print. This essay on What Made Pericles an Outstanding Leader in Athens was written and submitted by user Greyson R. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The 5 Best Schools to Earn a Human Resources Degree + What You Can Do With It

The 5 Best Schools to Earn a Human Resources Degree + What You Can Do With It SAT / ACT Prep Online Guides and Tips When you hear the term â€Å"human resources† or â€Å"HR,† what do you think of? You’ve probably heard it quite a few times, whether that’s from your business courses, the news, or even as you’ve researched potential majors. One of our favorite examples of someone who works in human resources is the character Toby fromThe Office. Toby’s job was to keep Michael Scott, Dunder Mifflin’s off-the-wall regional manager, in check. (If you’ve ever seen The Office, you know that was an impossible order!) And if you remember Toby, you’ll also recollect that he was also considered a wet blanket and no fun. But despite its portrayal in The Office, working in human resources is actually an excellent fit for anyone who enjoys working with people and shaping a company’s policies. This article will not only introduce you to the human resources degree, it will also give you a peek at the doors it can open for you. What Is Human Resources? So if human resources isn’t the snooze-fest that The Office makes it out to be, then what is human resources, exactly? Human resources is the department in a company or business that â€Å"is focused on activities relating to employees.† In other words, the human resources team’s whole job is to handle any organizational, policy, or staffing issue as it relates to the people who work at a company. That means that human resources is a vital part of any healthy business! The duties of a human resources department vary depending on the size and structure of a company, but in general, it handles all the personnel (or employee) issues for the business. This includes things like hiring employees, training new team members, implementing new employee-oriented programs, managing employee benefits, protecting employees’ legal rights, helping employees advance in their careers, keeping everyone motivated, and establishing/maintaining the company’s culture. It might make more sense if you think of a business like a car. If executives are the drivers and employees are the engine, then people who work in human resources are mechanics. They help make sure that the car is running as smoothly and efficiently as possible! What Does a Career in Human Resources Look Like? The human resources field is robust and offers people career opportunities in an incredible variety of sub-fields that range from personnel management to corporate training. Here are four human resource jobs that you might not have known existed! HR Specialist Median annual salary: $60,350 If you get a degree in human resources, you’re qualified to enter a company as an HR specialist. HR specialists handle a wide variety of human resources tasks, especially when it comes to recruiting, interviewing, and hiring employees. Because this isn’t an entry-level position, HR specialists often deal with more complex HR issues, like administering benefits, addressing internal problems, and developing company strategies, too. Training and Development Manager Median annual salary: $87,700 An HR Training and Development Manager is in charge of all the education, training, and career development for employees within a company. Often, they develop unique training sessions, classes, and workbooks specific to their company and its needs. People who excel as a training and development manager enjoy helping people learn and grow. Their job is to make sure that everyone has access to the materials and knowledge they need to have great careers! Executive Recruiter Average annual salary: $78,785 Executive recruiters are talent scouts for companies. Their job is to help large companies and corporations fill empty leadership positions with the best and brightest people. Executive recruiters have to be insightful and persuasivenot only do they need to understand what the hiring company needs, they have to convince executives to take a chance on a new role, too. (Many times, executive recruiters are courting people who already have jobs at other companies.) Additionally, some executive recruiters have the potential to earn financial bonuses for successful hires...so this job can be a lucrative one! Labor Relations Specialist Median annual salary: $83,298 A labor relations specialist serves as the intermediary between labor unions and a company. Not only do they negotiate with unions, they also help draft contracts, too. It’s important for a labor relations specialist to understand local, state, and federal labor laws. It’s also their job to make sure their company complies with all the important labor regulationsso this is a great position for anyone interested in working in a legal field! Operations Manager Median annual salary: $63,708 Becoming an operations manager isn’t strictly a human relations job, but it’s a common career path for people who start off in a human relations field. Operations managers’ job is to make sure all of the operational aspects of a company are running smoothly. This includes overseeing product development and manufacturing, making sure deliverables make it to clients on time, and working to keep projects on budget. In bigger companies, operations managers also serve as important members of the leadership team! This job is a fantastic fit for highly organized people who like jobs with lots of variety. What Is a Human Resources Degree? A human resources degree program is a specialized course of study that prepares you for a career as a human resources professional. It combines classes in general businesslike business management and strategywith others designed to help you manage the personnel issues a business might face. Unlike some fields, you can earn a human resources degree on four different tiers: the associate level, the bachelor level, and the master level, and the Ph.D. level. Associate’s Degree Some community colleges offer associate’s degrees in human resources. These are normally two-year degrees that you complete on a community college campus in your city or through a distance learning program associated with a community college in your state. People who have associate’s degrees in human resources are often considered generalists, meaning they don’t specialize in a specific field of human resources, like benefit management or training. That means their degree will qualify them for entry-level positions, like human resource clerk or assistant recruiter. Some companies offer people with associate’s degrees on-the-job training so they can advance into more specialized, higher-paying roles as they grow their career. So an associate’s degree in human resources is a great option for anyone who isn’t a good fit for a four-year degree but still wants to enter a job field with the potential for advancement! Bachelor’s Degree The bachelor’s degree is by far the most common human resources degree. Most large universities offer a human resources program, which is usually run through an institution’s business school. These four-year programs offer a comprehensive business education that includes overviews of business management, practices, and finance. But more importantly, bachelor’s programs provide a comprehensive education in the field of human resources, and they equip graduates to start their careers in a variety of different business environments ranging from small, local companies to national non-profits. Additionally, some bachelor’s programs allow students to specialize in a specific sub-field of human resources, like organizational development or human resources management. This allows students to find better, higher paying jobs right out of school (and qualify for general HR positions, too). Master’s Degree People who pursue master’s degrees in human resources have their sights set on leadership positions. Earning a Master’s of Business Administration (MBA) degree with an emphasis in human resources can lead to roles like directorships, or even becoming the vice president for human resources at a larger company. In general, an MBA in human resources takes two years to complete. The MBA in human resources is even more concentrated than the bachelor’s degree, meaning that students will take more rigorous, more in-depth courses about human resources and the future of the field. Consequently, that means there’s no standard course load for this type of degree. Each program is different, so you’ll want to do your research before committing to a specific university. PhDDegree A PhD is the highest degree you can earn in any field, and the PhD in human resources is no different. People who pursue a PhDare preparing themselves to enter academia (as a professor) or related research fields. Unlike other degree programs which focus on the practical application of human resources principles, PhD programs are designed with research in mind. Students work with faculty advisors to undertake new, unique research projects related to human resources. A PhD in human resources can take anywhere from four to seven years to complete. Online Degree As education has moved into the digital age, so have degree programs. Schools across the United States offer online-only human resources degree programs...which means you can earn an associate’s, bachelor’s, or even master’s degree from the comfort of your own home! Online degree programs have the added benefit of letting you learn at your own pace, so if you’re a working student, this could be an excellent option for you. One word of caution, though: the online education space is rife with potential scammers. Make sure that you’re signing up with an accredited, non-profit university! You should research both the program and school so that you know you’re participating in a legitimate program. A picture of Cornell University in Ithaca, New YorkMaeshima Hiroki/Wikimedia Top 5 Human Resources Programs in the United States If you want to get a human resources degree, you have lots of schools to choose from. We looked through programs from across the nation to put together our best-of-the-best list. #1: Cornell University Cornell takes the top spot on our list because a) it’s one of the best schools in the nation and b) it offers human resources degrees on the bachelor, master, and Ph.D. level. That means that Cornell boasts some of the best professors in the United States, so you’re guaranteed to get a great education. Additionally, Cornell’s ILR School offers a unique approach to the undergraduate degree. Not only does it offer state-of-the-art human resources education, it also boasts an interdisciplinary program that lets students stretch their studies into other related fields like law and social justice. This program is great for curious students who want to take their human resources career to new heights. #2: University of Nebraska The University of Nebraska offers a human resources management undergraduate degree, which is a great fit for anyone interested in moving into a management or director role during the course of their career. Because the program focuses on leadership, the College of Business offers students tons of networking opportunities through student organizations like Enactus and Alpha Kappa Psi. The school also gives students access to the Center for Entrepreneurship, which connects students to alumni and business partners around the state. This gives students who may want to start their own human resources businesses or consultancies a leg-up before they ever graduate. #3: Rutgers University Rutgers University snags the number three spot on our list because of its balance between degree offerings and course selection. The school offers bachelor’s and master’s degrees in human resource management, but it also offers an online program and minor programs, too. Students have lots of options, so they can choose the HR program that’s right for them. Additionally, the School of Management and Labor Relations takes an interdisciplinary approach to learning. Students studying human resources also learn about business strategy, psychology, economics, and sociology while engaging in cutting-edge research in the HR field, too. Students with HR degrees from Rutgers are ready to succeed in multiple business arenas as soon as they graduate. #4: Michigan State University Unlike some of the universities on this list that roll their human resources degrees into their business programs, Michigan State University has a whole school dedicated to studying human resources. The School of Human Resources and Labor Relations prides itself in making sure their students get a robust educational experience while preparing for the workforce. It’s one of the only HR-specific schools that also offers a study abroad program, which is great for anyone interested in entering the international human relations field. But more importantly, when you graduate with a degree in human resources from Michigan State, you’re practically guaranteed success. In fact, 98 to 100 percent of students land a paid internship while in school (at companies like Boeing and Microsoft!), and 98 percent of students will have a job by the time they graduate. #5: Purdue University Purdue is not only one of the top universities in the nation according to U.S. News and World Report, but it also has a top-tier human resources program, too. Students who decide to pursue a human resources degree will enter a rigorous program that fully integrates with the Society for Human Resource Management Certified Professional (SHRM-CP) exam, which is the industry-leading certification program for HR professionals. In addition to taking incredible classes, students also have the opportunity to gain experience in working with big data through Purdue’s state-of-the-art Analytics lab. The program even offers a combined minor in business management to prepare students for business leadership positions! What’s Next? If you’re reading this article, you might be struggling to pick a college major. And you’re not alone! The process is really hard, especially for people who are interested in lots of things. Here’s a guide that can make the process a little easier. If you really can’t narrow your choices down, you might be a good candidate for a double major. But what is a double major, exactly? Here’s an expert guide that tells you everything you need to know about double majors and the double majoring process. But the first step to majoring is getting into college. If you want to go to the school of your dreams, you need to get great test scores. You can learn what constitutes a good score on the SAT by clicking here. (More of an ACT person? We’ve got you covered, too.)

Consequences of Pragmatism Essay Example | Topics and Well Written Essays - 1250 words

Consequences of Pragmatism - Essay Example They understand the people but not their philosophy. Sometimes we continue to live our lives without realizing that our perspective has become stagnant. We consider our viewpoints to be true because the people around us accept it as the truth. When we went to war against Afghanistan, we saw them as the bad guys. But when we read about the horror that we inflicted upon them, we realize that we are the bad guys. The truth changes meaning for different people and different times. Therefore I argue against fact that there is something known as the absolute truth. Absolute truth changes with the viewpoint of the society. It changes with people, time, ideals, leader etc. For instance, the absolute truth changed for me when I came to America. Even as I interacted with the people in America, their viewpoints also changed and so did their absolute truth. Considering the fact that stereotypes guide our understanding of the people and world around us, is it possible for us to embrace the concep ts of the positivists. The positivists came as a reaction to the prevalent racism and nationalism that was hindering man’s search for the absolute truth. These positivists aimed for a universal language that could bring together people from different wakes of life. But when asks whether it is possible to develop that one universal language, the answer is not that simple. According to Wittgenstein, ‘It is only in language that one can mean something by something’ (Rotary).Therefore, in order for a word to mean something, there must be people giving meaning to the world. The people giving meaning to this word already have a lens on their eyes that makes their world from the other person who though has a lens but his is a little... The truth changes meaning for different people and different times. Therefore I argue against fact that there is something known as the absolute truth. Absolute truth changes with the viewpoint of the society. It changes with people, time, ideals, leader etc. For instance, the absolute truth changed for me when I came to America. Even as I interacted with the people in America, their viewpoints also changed and so did their absolute truth.Considering the fact that stereotypes guide our understanding of the people and world around us, is it possible for us to embrace the concepts of the positivists. The positivists came as a reaction to the prevalent racism and nationalism that was hindering man’s search for the absolute truth. These positivists aimed for a universal language that could bring together people from different wakes of life.But when asks whether it is possible to develop that one universal language, the answer is not that simple. According to Wittgenstein, ‘I t is only in language that one can mean something by something’ (Rotary).Therefore, in order for a word to mean something, there must be people giving meaning to the world. The people giving meaning to this word already have a lens on their eyes that makes their world from the other person who though has a lens but his is a little different according to his cultural and social background. The different lenses thus become a major impediment towards the development of a universal language.

Film review in mythic and propagandistic aspects Essay

Film review in mythic and propagandistic aspects - Essay Example This was a period of incertitude for the Russians, during which communism was still unstable and so was the new Russia, hence the profound motivation for the Russian government’s use of propaganda to instill its political ethos in the Russian population. The film’s director Eisenstein takes great liberty and makes significant alterations to this historical record of events thus controlling the narrative structure and pacing of the film (Severson). This was Eisenstein’s attempt to create an effective and well-structured film that is not bound to the nuances of the historical record, but his key shots and scenes are in fact actual depictions of what took place in the Potemkin mutiny. The titular Battleship Potemkin was a true Russian navy ship and its crew that rebelled against their tsarist captain siding with the Bolshevics was a real record of the prototypical communist struggle before its eventual triumph in 1917 (Yahner). The sailors, who were the proletariats , are portrayed as the heroic everyman of the movie while the captain and the Tsarist soldiers, who were bourgeois, are scorned as the villains of the film. The film leverages on its fiery rhetoric and violent scenes to evoke anti-capitalism feelings in the audiences, while glorifying the communism philosophy. The film establishes its strong communist ethos through the character of Vakulinchuk, an Ukranian sailor in the Russian Navy who prior to his death in 1905 had served on the Russian battleship Potemkin and witnessed the events that had occurred. Similarly, the director further embellishes the films’ ethos through masterful editing skills rather than shooting the movie in a single scene-by-scene fashion as was the norm in the 1920s; Eisenstein pioneered most of the modern film editing techniques by flashing several characters and settings across the screen despite the limitation of technology at his time (Oheir). The fourth chapter of the film, the Odessa Staircase, beca me Eisenstein’s

Funding a Business Venture Assignment Example | Topics and Well Written Essays - 500 words

Funding a Business Venture - Assignment Example h Parker’s funding comes with its pros and cons, Wolf found it as the preferred source, considering financing risks and possible help he could get for the promotion of tracker. Investment banking matches the needs of those who have money and those who need it (Wise, 2006). And investment bankers, such as Goldman Sachs, raise capital by underwriting securities or working as an agent to issue them. They also assist their clients with acquisitions and mergers as well as other ancillary services. Their significance lies in their ability to finance huge projects and help their clients with acquisitions and mergers. Stock market facilitates the buying and selling of shares (Fontanills & Gentile, 2001). Shares of those companies that are listed in stock exchanges, such as New York and London, are traded there. Stock market is one of the best sources of raising capital and spreading the company’s ownership widely. McLaney says risk is an important element of all financial decisions and must be considered (2009). Risk financing relates to managing funds for unexpected losses to the company. It is important to make provisions for weathering unexpected losses. Start-ups face more uncertainties than old ones about market, sales, competition, cost of production, and failure. Funding a start-up business is a major challenge. Gary Wolf, a former junior scientist with the General Electric (GE) with several minor but useful inventions under his belt, came to know about it when he wanted to start his own business, Tracker Co., to develop and sell a tracker. The tracker would help viewers to track and record television programs that met the pre-designated specifications, when the viewers were away from television. While recording, the device would skip too violent or sexually explicit scenes. After carefully considering all options, Wolf decided to get funding from a business angel. Wolf needed $50,000 to start. Out of this, $40,000 was necessary to set up a laboratory to

Reflection on the understanding of Wound Aetiology

Reflection on the understanding of Wound Aetiology Whilst on Community placement, an event occurred which enabled me to reflect on how important it is to understand the aetiology of wound care in order to practice holistically when delivering care to patients. In order to assist the reflection process the Gibbs (1988) Reflective Cycle will be used which encompasses 6 stages; description, thoughts and feelings, evaluation, analysis, conclusion and action plan which will help me to continually develop and improve my nursing skills and knowledge through evidence based learning whilst developing my self confidence in relation to caring for others (Siviter 2008). To maintain confidentiality and comply with the NMC Code of Conduct (2008) all names have been changed. Description My mentor and I had visited a patient, who will be known as Mary (NMC 2008) in her own home. Mary is an elderly lady, who lives alone and had been suffering with chronic leg ulcers for a number of months which had not shown any signs of improvements for a number of months. The purpose of the visit was to take down the existing dressings, assess any improvement or deterioration in the wounds and to treat and redress the wounds in accordance with the current care plan. As predicted there was no significant improvement in the wound. Therefore I debrided the wounds, applied an emolument and redressed with NA dressings, gauze and applied a 4 layer bandage which is recommended in the study by ( ) under the supervision of my mentor. After leaving a patients house my mentor and I discussed the visit and talked about the importance of not just treating the obvious problems but taking an holistic approach. During this discussion my mentor asked me to assess Marys nutritional status and if required talk to her about the importance of healthy eating and the positive implication it may have on wound healing during our next visit. Thoughts and feelings I have always been interested in the importance of nutrition in respect of health and was had a vague aware that it had an effect on wound healing. (DH 2010). As we visit a number of patients with chronic leg ulcers I thought it would be a great advantage if I understood the aetiology of wound healing and what effect nutrition had on the process, I also felt that if people could be empowered to improve their nutritional status and maximise to maximise their healthy outcomes then this would be a very powerful tool. Although there are many factors wound fail to heal and a holistic approach should be taken. This assignment will focus on wound healing and nutrition. Evaluation I felt empowered that I could affect peoples health in providing quite simplistic knowledge in terms of health promotion to people and was able to deliver holistic care to mary in accordance with the NMC code of professional conduct (2008). If Mary had been given information sooner on the effect good nutrition may have on her would healing then she may be in a position where her legs would have been improved sooner. Analysis There are many definitions of a chronic would with one of the simplest perhaps being described by as a skin defect persisting longer than 6 weeks or frequent recurrence of the defect. Wounds, especially chronic wounds are amongst the major unresolved medical problems which can affect quality of life and are a significant burden on health care costs (Thomas 2006). In the UK, there are around two hundred thousand suffering from chronic wounds at any one time. The healthcare cost for these patients is estimated to be  £2.3- £3.1 billion per year (Posnett and Franks 2008). Infection, poor nutrition and impaired organ function are the main reasons many wounds fail to heal (Johnson et al 2005). However to optimise effective wound healing a holistic approach should be taken and therefore these reasons should not be reviewed in isolation. The process of wound healing is a series of cellular and biochemical events which can be categorised into three stages of inflammatory, proliferative and maturation. The healing process is complex; these stages can often overlap and result in the healing process moving forwards and backwards in response to various factors (1). Whilst a wound is healing there is a significant increase in cell proliferation, protein synthesis and enzyme activity which demands energy which would normally be released from protein reserves and energy stores (1). The body mainly uses glucose to provide this energy during cellular activity such as protein synthesis, cell division and secretion (Bray et al 1999). When body tissue is damaged the hypothalamous responds by releasing the stresss hormone catecholamines which in turn increases the bodies glucose levels (Morrison et al 1999).   Evidence suggest that wounds can increase the bodys metabolism which, if not addressed will result in weight loss, a particular problem with elderly people (Lal et al 200- and DeSanti 2000). Clark 2002 also states that a lack of sufficient energy sources can inhibit wound healing resulting in body fat being broken down and used as a substitute for glucose to assist the healing process. Morrison et al (1999) also confirms that inadequate nutrition can reduce the effect of the systemic response and consequently delay the wound healing process. (1). Landsdown (2004) says that although wound healing is an individual process which varies from patient to patient due to factors such as age, sex, health status, socioeconomic, racial and geographical influences, correct identification and treatment of chronic wounds is paramount to successful would healing. What is agreed is by many that to promote the best possible wound healing opportunities the body will demand energy and requires nutrients for proliferation and maintenance (sev references). Nutrition is recognised as the cornerstone of good health by the World Health Organization (WHO) and The National Service Framework for Older People highlight nutrition as an important area for nurses to assess properly, observe for malnutrition and taking action, such as advice and support if nutritional requirements are inadequate ( DH 2001). There are many studies which have concluded that nutrition plays an important part in the process of wound healing. In particular many acknowledge the link between the inflammatory stage and nutrition (Sobotka and Meguid 2010). Many chronic wounds remain in the inflammatory stage. Casey (2003), states that the healing process can be prevented or significantly delayed when patients diet does not contain essential nutrients. Brown et al (2010) agrees with this and suggests that whilst nutritional requirements vary between patients a lack of adequate nutrients cause delayed wound healing. However, there is much research to show that nutrition is crucial in a holistic approach to wound healing(Todorovic 2002).  According to Bryant (2000) the importance of adequate nutrition for good wound healing should not be  underestimated. Williams and Leaper (2000) concur stating that whereas good nutrition facilitates healing, malnutrition delays, inhibits and complicates the process. If a patients nutritional status is compromised, and they are unlikely to meet their requirements for recovery (Collier, J., 2006) However Sobotka and Meguid (2010) point out there is still a lack of sound wound healing studies due to a number of reasons such as design and execution, and lack of full understanding of the pathphysiology of wound aetiology and understanding of the more complex wound healing issues. They also suggest there are many rituals and myths surrounding wound healing which delays the process and affects the advances and progress of wound healing therapies. Nutrition deficiencies have been found in some patients with wounds. However, evidence suggests nutrition is not an exact science in relation to wound healing and is relatively unexplored Protein, vitamins and some amino acids are all important factors in the effectiveness of wound healing. Proteins are the mainstay for tissue growth, cell renewal and repair. They have a significant impact many stages of the wound healing process. Continuous protein malnutrition compromises the immunity system and has a detrimental effect on the skin which becomes thinner and wrinkled (Brown et al 2010). In particular Vitamin B is found in meat, dairy, vegetables and fish and cereals. Vitamin b helps to promote cell proliferation, maintain health skin and muscle tone, support and increase metabolic rate and enhance immune and nervous system functions and therefore deficiencies in this vitamin can hinder wound healing (Landsdown 2004). Studies have shown that elderly patients with chronic wounds have consumed less than two-thirds of the recommended daily allowance for vitamin B. Paragraph on amino acids The elderly in particularly can become nutritionally vulnerable. 30% are at a high risk of being malnourished in the UK and a further 70% at moderate risk. Malnutrition is a major cause for concern in elderly people, whether they are hospitalised or live in the community. It is important for nurses to be aware that sub-optimal nutrition has a detrimental effect on the bodys ability to heal wounds. Nutritional deficiency also impacts on a persons well being such as muscle function, immune response, respiratory function, rehabilitation and mental status (Kirshbaum 2009). There are many reasons older people suffer with malnutrition which include decreases appetite, psychosocial factors such as isolation and depression, impaired cognition, teeth and chewing problems, help with eating, poor positioning and acute illnesses which effect gastrointestinal absorption and requires higher nutritional input (Harris 2004). During short periods of starvation the body can lose 60-70 grams of protein. However severe trauma or sepsis can increase this loss to 150-250 grams per day (Wild et al 2010). To compensate for this loss, in addition to regular food intake, nutritional supplements containing protein and energy are often prescribed which would seem a logical way to replenish nutrients and supply additional nutrients to aid wound repair(Wild et al 2010) (Schols J et al 2009). However Brown et al (2010) states nutritional supplements in the context of wound healing is a relatively unexplored area suggesting this may be because nutrition is not an exact science. To further add to this argument Krishbaum (2009) says that detailed information on supplements and their ability to help with wound healing is not available. Williams and Barbul (2003) confirms that controversy surrounds the area of wound care and nutritional supplements. A patients nutritional requirements are a fundamental aspect in the provision of holistic care and it is important for nurses to consider this when carrying out a nursing assessment to formulate a wound management plan. Together with other health professionals it is the nurses responsibility to gain knowledge in nutritional support to be able to offer help and advice and if necessary counsel undernourished patients in ways to improve their diet (Johnstone et al, 2005).. According to  (Hopkins, 2001)  nursing assessments, particularly of wounds, can be inclined to concentrate on physical aspects of wound management, for example the use of appropriate dressing and infection control. This was also evident from  observation and participation of practice nursing work experience. There is evidence that poor nutritional status adversely effects wound healing (Haydock and Hill, 1986), delays healing and increases the risk of wound dehiscence (Ruberg, 1984), and that dietary intervention can improve or accelerate wound healing. Conclusion Nutrition is important in wound healing although it is impractical to consider nutrients in isolation, several nutrients appear particularly important for wound healing. Proteins and amino acids are vital for tissue growth, renewal and repair after injury. Several studies have found deficiencies in various wound patients. Most studies have been small in size and of short duration. From the research many of the info has come from America and not so much been done in the UK. However, I still think that the importance of nutrition is still a vastly underestimated and ignored issue in primary care, not just my general practice. I at the beginning of this module knew little about nutrition and healing and feel that perhaps other health professionals could become better informed. On reflection incorporating teaching sessions for other healthcare staff may have addressed this concern. I intend to now keep myself informed of advances in nutrition and healing and continue to assist patients and colleagues understanding. From the perspective of a General Practice Nurse (GPN) it was considered that they may be ideally suited to act as facilitator to aid nutritional assessment and education of those in the practice population with wounds. Assessment Action Plan I am still going to visit this lady twice a week and am going to ask at each visit if she is still eating healthily and what she has had to eat and offer simple suggestions in ways to eat food which will promote her wound healing, which in turn should improve her lifestyle. And I am going to look for other opportunities to teach and promote health whilst clinically treating patients.

Recent Changes in Monetary Policy in Pakistan

{text:bookmark} {text:toc-mark-start} PAKISTAN ECONOMIC POLICY {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} DATED: *15TH* DECEMBER 2009 {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Submitted To: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Sir Ashraf Janjua {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Submitted By: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Nimra Anjum {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Rakana Payam {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} text:bookmark} {text:toc-mark-start} *Sheema H*asanat {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} ACKNOWLEDGEMENT {text:toc-mark-end} We would like to give our special thanks to our Pakistan Economic Policy teacher, Mr. Ashraf Janjua for giving us this opportunity to work and have an insight of the our country’s economy, also to let us interpret our learning in a real situation. We thank him for the assist ance through out this project. Table of Contents MONETARY POLICY Monetary policy is the regulation of volume of money supply, by the central bank in order to achieve relative price stability. If the economy is heating up then the Central bank can increase the bank rate or the reserve requirement. Whereas when there is recession, then the bank rate is reduced. Instruments for the Regulation of Money Supply Open market operations. Cash Reserve requirement Statutory Liquidity Ratio Credit Ceiling Open market operations: It is the buying and selling of government securities. If the M. S is high then the securities are sold so that people buy it and money goes to the SBP and if the M. S is low then you buy securities in this way Money supply increases. Cash Reserve Requirement: It is a requirement in which all the commercial bank have to keep a percentage of cash with the SBP. Currently, it is around 7%. Statutory Liquidity Ratio: It is a requirement in which each bank has to maintain a certain reserve requirement to strengthen their liquidity position. Credit Ceiling: It is the fixation of the upper limit; quotas are assigned to different banks. Components of Money text:bookmark} {text:toc-mark-start} Mo is the resource money and comprises of: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Currency in circulation {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Bank’s Reserve with the SBP {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Other deposits with the SBP {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Cash in the tills of the Bank {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} M1= Currency in circulation + Demand deposits with scheduled banks + other deposits with SBP. text:toc-mark-end} {text:bookmark} {text:toc-mark-start} M2=M1 + time deposits with the scheduled banks. Technically, M2 is called Monetary Assets & M1 is called Money Supply. {text:toc-mark-end} How is Money Created? {text:bookmark} {text:toc-mark-start} There are three sources of creating money: {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Net Credit creation by the central Bank (SBP): Credit extended during a period minus recoveries. {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} 1 and 2 are called net Bank credit. Credit is always on the Asset side of Banks. When this credit is used by issuing cheques end up with bank (either the same bank/or any other bank). These cheques are deposits, and are on the liability side of the banks. These deposits/liabilities become money/monetary Assets, and are equal to the credit created by the Banking System. {text:toc-mark-end} How Much Money can be Created? {text:bookmark} {text:toc-mark-start} The share of currency in circulation in Mo and, {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Level of cash in tills and commercial banks reserves with SBP as a % of Mo. text:toc-mark-end} {text:bookmark} {text:toc-mark-start} The higher the value of either of these amounts with respect to M2, the lower the Money Multiplier. {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} 1/c + r (1-c) {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} C= the ratio b/w CIC + other deposits with SBP and M2 {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} R= Cash assets of Scheduled banks: Ca sh in tills of commercial banks + reserves with SBP. {text:toc-mark-end} DOES MONETARY POLICY PLAY EFFECTIVE ROLE IN CONTROLLING INFLATION IN PAKISTAN? Introduction text:bookmark} {text:toc-mark-start} Inflation is politically costly for the government (Haque and {text:toc-mark-end} Salient Features of the Monetary Policy {draw:frame} {draw:frame} {draw:frame} Instruments of Monetary Policy {text:bookmark} {text:toc-mark-start} Cash Reserve Requirement {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} {draw:frame} {text:toc-mark-end} {text:bookmark} {text:toc-mark-start} Discount Rate {text:toc-mark-end} {draw:frame} INFLATION TREND IN PAKISTAN (2004-2009) According to the State Bank of Pakistan, the core inflation in the year (2005) was 8. per cent which has almost doubled since the last year (2004) in which the inflation rate was 3. 8 per cent. During this year the non-governmental borrowing increased by 30 per cent. The two main reasons for high inflation during this peri od were because of excessive government borrowings and the price of wheat. According to the State Bank of Pakistan, government estimated that the inflation rate in the next year would range between 7. 7 and 8. 3 per cent. During the year (2006) there was a decrease in the total inflation of the country (general and food) from 9. 3 to 7. 9 per cent and 12. 5 per cent to 6. per cent respectively. The government took several major steps to bring the inflation down during this year as well by tightening the monetary policy and augmenting the supply of essential commodities through liberalization of import regime. As a result the general inflation declined from 9. 3 per cent (2004-05) to 7. 9 per cent (2005-06) & the non-governmental borrowing in the year 2006 became 23 per cent. During 2007 the core inflation reduced from 7. 5 per cent to 5. 9 per cent, due to tight monetary policy. According to the SBP the food inflation increased from 6. 9 per cent (2006) to 10. per cent (2007) becaus e of supply side constraints in which the prices of some key food staples (including wheat, rice, vegetable, ghee etc,) were increased. Where as comparatively the non-food prices grew at a slower pace since last year and the general Inflation (CPI) declined from 7. 9 per cent to 7. 8 per cent. The inflationary trend in the food prices during the year (2008) increased to 17. 6 per cent as compared to the last year in which the food inflation was 10. 3 per cent, affecting people living standards of low and fixed income groups. The non-food inflation had the same increasing trend as in the year (2007), which was 6. per cent and during the year (2008) was 7. 9 per cent. Although the core inflation was reduced to 5. 9 per cent but during this year it went back to 8. 4 per cent because of the global increase in some commodity, higher utility tariff and by local supply and demand driven prices. Inflation during (2008) indicates that the prices of a few commodities (18) essential food items registered sharp increase particularly during the second half of the fiscal year (2008). Other significant contributors to (2008) upward inflationary trend included house rent, which is the index that measures the cost of construction in Pakistan, racing to 11. per cent by April (2008). The current fiscal year commenced with ease in headlines compared to the same month of previous fiscal year. The consumer price inflation annually was 11. 2 per cent during July (2009) as against 24. 3 per cent in July (2008) and 13. 1 per cent in the previous month. A major increase in the core inflation was witnessed in July (2009) of 17. 6 per cent as compared to July (2008) 8. 4 per cent. The food inflation increased by 6. 1 per cent during this fiscal year. The main reason for this high inflation was due to low export growth relative to import, high oil prices and inadequate foreign apital inflow. Conclusively, one can say that inflation adversely affects the overall economic growth, the financ ial sector development and exploit the vulnerable poor segments of the population. Inflation also decreases the real income and induces uncertainty. Considering such undesirable impacts of inflation on the economy, there's a consensus among the world leading central banks that the price stability is going to be the prime objective of monetary policy and the central banks are committed to lower the inflation in the economy. Hence the State bank of Pakistan should adopt inflation as their main focus of monetary policy, by targeting inflation explicitly or implicitly as and when required. EFFECTIVENESS OF MONETARY POLICY STATEMENT IN PAKISTAN Economic policies aim to increase the welfare of the general public and monetary policy supports this broad objective by focusing its efforts to promote price stability. Embedded in this objective is the belief that persistent inflation would compromise the long term economic prospects of the country. The objective of monetary policy in Pakistan, as laid down in the SBP Act of 1956, is to achieve the targets of inflation and growth set annually by the government. In pursuit of this mandate, SBP formulates the country's monetary policy that is consistent with these announced targets. In my remarks today, I plan to provide perspective on: First, why central banks focus on price stability? Second, how the monetary policy transmission mechanisms work? Third, what are the principal features of Pakistan's monetary policy framework? Fourth, selected thoughts on effectiveness of Pakistan's monetary policy framework Finally, what measures are needed to improve the effectiveness of the monetary policy framework in Pakistan? These questions have been a subject of much debate lately, as monetary tightening – an inevitable policy response for regaining macroeconomic stability – has aroused anxiety but better public understanding of this question will help them to appreciate central bank's monetary policy stance. Why Focus on Price Stability? Monetary Policy Transmission Mechanism The monetary transmission mechanism refers to a process through which monetary policy decisions affect the level of economic activity in the economy and the inflation rate. Understanding the transmission mechanism of monetary policy is crucial for appropriate design and efficient conduct of monetary policy. As monetary policy actions affect policy variables with a considerable lag and with high degree of variability and uncertainty, it is important to predict the possible impact and extent of monetary policy actions on the real variables. Thus, by its very nature, monetary policy tends to be forward-looking. It is also important to know which transmission channels are more effective in terms of transmitting changes in monetary policy actions to ultimate policy goals. Since various financial sector developments particularly regarding introduction of new financial products, technological changes, institutional strengthening, and expectations about future policy, etc can potentially change economic effects of the monetary policy measures, there is a need to regularly update, empirically test and reinterpret monetary policy transmission channels. The impact of monetary policy is perceived to transmit in to the real economic activity through five channels. †¢ The first channel and most widely studied and understood channel of monetary policy transmission relies on the link between changes in the short-term nominal interest rate (induced by changes in the policy rate) and the long-term real interest rate that ultimately affect components of aggregate demand such as consumption and investment in an economy. As such, it is the changes in the long-term real interest rates that have its impact on aggregate consumption, business investment and other components of aggregate demand. †¢ The second channel, known as the credit channel, involves changes in monetary policy that not only affects the ability of firms to borrow money (by affecting their net worth) but also affects the ability of banks to lend money. The strength of this channel depends on the degree to which the central bank has allowed banks to extend loans and the dependence of borrowers on bank loans. These factors are clearly influenced by the structure of the financial system and its regulation. †¢ The third channel of monetary policy transmission focuses on asset prices (other than the interest rate) such as the market value of securities (bonds and equities) and prices of real estate. A policy-induced change in the nominal interest rate affects the price of bonds and stocks that may change the market value of firms relative to the replacement cost of capital, affecting investment. Moreover, a change in the prices of securities entails a change in wealth which can affect the consumption of households. Fourth, a policy-induced change in the domestic interest rate also affects the exchange rate that in turn affects the foreign financial flows, net exports and thus aggregate demand. The strength of the exchange rate channel depends on the responsiveness of the exchange rate to monetary shocks, the degree of openness of the economy, sensitivity of foreign private inflows and n et exports to exchange rate variations, and the net worth of firms and thus their borrowing capacity if they have taken exposure to foreign currency. Moreover, exchange rate changes lead to changes in the domestic price of imported consumption goods and imported production inputs affecting inflation directly. †¢ Since expectations influence the inflation dynamics, there is a fifth channel that is based on the economic agents' expectations of the future prospects of the economy and likely stance of the monetary policy. According to this ‘expectations channel', most economic variables are determined in a forward-looking manner and are affected by the expected onetary policy actions. Thus, a consistent, credible, and transparent monetary policy can potentially affect the likely path of the economy by simply affecting expectations. Monetary Policy Framework in Pakistan Considering the economic and financial market structure in Pakistan, SBP has for sometime pursued a monetary targeting regime with broad money supply (M2) as a nominal anchor to achieve the objective of controlling inflation without any prejudice to growth. The process of monetary policy formulation usually begins at the start of the fiscal year when SBP sets a target of M2 growth in line with government's targets of inflation and growth (usually in the month of May) and an estimation of money demand in the economy. The basic idea is to keep the money supply close to its estimated demand level, as both a significant excess and a shortfall may lead to considerable deviations in actual outcomes of inflation and real GDP growth from their respective targets. Underlying this framework are two strong assumptions: first, there is a strong and reliable relationship between the goal variable (inflation or real GDP) and M2; and second, the SBP can control growth in M2. While containing the M2 growth close to its target level is the key consideration in the current monetary framework, the composition of the money supply does matter and at times requires policy actions even if these actions lead to a deviation in monetary growth from its target level. To understand this point, it is necessary to know the major components of money supply and their relative importance. Net foreign Assets (NFA) and Net Domestic Assets (NDA) of the banking system are the two major components of money supply. The NFA is the excess of foreign exchange inflows over outflows to the banking system, or in other terms it is a reflection of underlying trends in the country's external Balance of Payment (BoP) position. It is estimated by the projected values of all major external transactions such trade, workers' remittances; debt servicing, foreign investment, and debt flows etc. The NDA of the banking system, which primarily consists of credit to the government and the private sector, reflects changes in the fiscal and the real sectors of the economy, If is estimated as a residual of M2 and the NFA. Further break-up of NDA is estimated on the basis of projected credit needs of the government and the private sector. NOW coming to the importance of these components of the money supply, depletion in NFA is generally considered as an unhealthy development. Sharp NFA depletion reflects worsening BOP position and a pressure on exchange rate. In such a case, a higher NDA growth, though helps in expanding M2 to reach ifs target level, may further deteriorate external accounts, sharper depreciation of local currency, and higher depletion of country's foreign exchange reserves. Although since FY07, only the indicative M2 growth target is being announced, SBP also takes into consideration the causative factors for monetary expansion while pursing this target. Considering the changes in monetary aggregates and other economic variables, the changes in monetary policy are signaled through adjustments in the policy discount rate (3-day repo rate). Further, the changes in the policy rate are complemented by appropriate liquidity management mainly through Open Market Operations (OMOs) and if required changes in the Cash Reserve Requirement (CRR) and Statutory Liquid Reserve requirement (SLR) are also made. † Significance of various channels that transmit the monetary policy shocks in Pakistan to the real economy has been analyzed by few economists. Ahmad et al. (2005) found that credit channel is the most ‘important conduit for transmitting monetary policy actions to the real economic activity. Evidence confirms transmission through the active asset price channel and exchange rate channel. According to this study, monetary policy shocks impact real output after a lag of 7 to 11 months. Tasneem and Waheed (2006), on the other hand, investigated whether different sectors of the economy respond differently to monetary shocks. The presence of sector wise differences in the monetary transmission mechanism has profound implications for macroeconomic management as the central bank then has to weigh the varying consequences of its actions on different sectors. Investigating the transmission of changes in interest rate to seven sub sectors of the economy, the authors found evidence supporting sector-specific variation in the real effects of monetary policy. They found that the interest rate shock on manufacturing, wholesale and retail trade, and finance and insurance sectors transmit after a lag of 6 to 12 months. On the other hand, monetary policy shocks have negligible impact on agriculture, mining and quarrying, construction and ownership of dwelling sectors. Generally, historical evidence does reflect that Pakistan has been a high inflation and high interest economy given its inherent structural weaknesses. The role and effectiveness of monetary policy appears more visible in the 2000s when financial sector reforms started bearing fruits in terms of a more market based money and foreign exchange markets. Entering the 21sf century, the loose monetary policy stance in the face of low inflation, low growth and low twin deficits, along with structural measures to open up the economy and alleviate some first round constraints, triggered the economy on a long-term growth trajectory of above 7 percent. Monetary policy stance was however altered as the inflationary pressures started to build up in 2005. At the end of the fiscal year, the economy, which had been showing sustained steady growth since FY01, registered a historically high level of growth (9 percent), average inflation rose sharply (9. percent) and the external current account balance turned into deficit (-1. 4 percent of GDP) Coinciding with these developments, the fiscal module started to show signs of stress as the fiscal balance was converted into a deficit and the stock of external debt and liabilities, which had been declining since FY00 after the Paris Club rescheduling, began increasing. These indicators largely capture t he high and growing aggregate demand in the economy on account of sustained increase in peoples' income. With the emerging domestic and global price pressures, SBP tightened its monetary policy after a prolonged gap of a few years. The efforts to rein-in inflation, however, proved less effective due to a rebound in international commodity prices and a rise in domestic food prices later on. The rise in the international commodity prices, particularly oil, exacerbated the fight against inflation. The international oil prices (Arabian Light) rose from US$27. 1 at end 2004 to US$50. 9 at end 2006, whereas international food prices rose by 24, 24 and 21 percent during 2004, 2005 and 2006 respectively. Realizing the complications of monetary management and adverse global and domestic economic developments, the implementation of SBP monetary policy during FY06 varied significantly from the preceding fiscal years. In addition to the rise in the policy rate, the central bank focused on the short-end of the yield curve, draining excess liquidity from the interbank money market and pushing up short-tenor rates. Consequently, not only did the overnight rates remain close to the discount rate through most of the year, the volatility in these rates also declined. These tight monetary conditions along with the Government's administrative measures to control food inflation helped in scaling down average inflation from 9. 3 percent in FY05 to 7. 9 percent in FY06, within the 8. 0 percent annual target. This was certainly an encouraging development, particularly as if was achieved without affecting economic growth as the real GDP growth remained strong at 6. 6 percent in FY06. Further Strengthening of Tight Monetary Policy For FY07, the government set an inflation target of 6. 5 percent. To achieve this, a further moderation in aggregate demand during FY07 was required as the core inflation witnessed a relatively smaller decline in FY06, indicating that demand-side inflationary pressures were strong. In this perspective, SBP further tightened its monetary policy in July 2006 raising the CRR and SLR for the scheduled banks; and its policy rate by 50 basis points (bps) to 9. 5 percent. Moreover, proactive liquidity management helped in transmitting the monetary tightening signals to key interest rates in the economy. For instance, the Karachi Inter Bank Offer Rate (KIBOR) of 6 months tenor increased from 9. 6 percent in June 2006 to 10. 02 percent at end-June 2007 and the banks' weighted average lending and deposits rates (on outstanding amount) increased by 0. 93 percentage points and 1. 1 percentage points, respectively, during FY07. In retrospect, it appears evident that monetary tightening in FY07 did not put any adverse impact on economic growth, as not only was the real GDP growth target of 7. 0 percent for FY07 was met, the growth was quite broad based. At the same time, the impact of the monetary tightening was most evident in the continued deceleration in core inflation during FY07. One measure of core inflation, the non-food non-energy CPI, continued its downtrend from YoY high of 7. 8 percent in October 2005, to 6. 3 percent at end-FY06, and to 5. 1 percent by the end of FY07. However, much of the gains from the tight monetary policy on overall CPI inflation were offset by the unexpected rise in food inflation. On the downside, however, broad money supply (M2) grew by 19. 3 percent during FY07, exceeding the annual target by 5. percentage points. Slippages in money supply growth largely stemmed from an expansion in NFA due to the higher than expected foreign exchange inflows. Equally stressful was the impact of Government borrowings from the central bank during the course of the year. The pressure from the fiscal account was due to mismatch in its external budgetary inflows and expenditures. With the privatization inflows and th e receipts from a sovereign debt offering at end-FY07, the Government managed to end the year with retirement of central bank borrowings, on the margin. By end-FYO7, SBP holdings of government papers were still around Rs 452 billion, despite a net retirement of Rs 56. 0 billion during the year. Another major aberration in FY07 emanated from the high level of SBP refinancing extended, for both working capital and long-term investment, to exporters. Aside from monetary management complexities, these schemes have been distorting the incentive structure in the economy. FY08 and Beginning of FY09: More Challenging FY08 was an exceptionally difficult year. The domestic macroeconomic and political vulnerabilities coupled with a very challenging global environment caused slippages in macroeconomic targets by a wide margin. After a relatively long period of macroeconomic stability and prosperity, the global economy faced multifarious challenges: (i) hit by the sub prime mortgage crisis in U. S in 2007, the international financial markets had been in turmoil, the impact of which was felt across markets and continents; (ii) rising global commodity prices, with crude oil and food staples prices skyrocketing; and (iii) a gradual slide in the U. S dollar against major currencies. Combination of these events induced a degree of recessionary tendencies and inflationary pressures across developed and developing countries. Policy-makers were gripped with the dual challenge of slowdown in growth and unprecedented rising inflationary pressures. Central bankers faced a demanding task of weighing the trade-off between growth and price stability. With the exception of few developed countries, most central banks showed a strong bias towards addressing the risk of inflation and responded with tightening of monetary policies. On the domestic front, the external current account deficit and fiscal deficit widened considerably to unsustainable level (8. 4 and 7. 4 percent of GDP). The subsidy payments worth Rs 407 billion by Government, which account for almost half of the fiscal deficit, shielded domestic consumers from high international POL and commodity prices and distorted the natural demand adjustment mechanism. While the government passed on price increase to consumers, the rising international oil and other importable prices continued to take a toll on the economy. Rising demand has cost the country dearly in terms of foreign exchange spent on importing large volumes of these commodities. Rising fiscal deficit and lower than required financing flows resulted in exceptional recourse of the Government to the highly inflationary central bank borrowing for financing deficit. At the same time the surge in imports persisted. As a result, inflation accelerated and its expectations strengthened due to pass through of international oil prices to the domestic market, increases in the electricity tariff and the general sales tax, and rising exchange rate depreciation. These developments resulted in a further rise in headline as well as core inflation (20 percent weighted trimmed measure) to 25 percent and 21. 7 percent respectively in October 2008. Considering the size of macroeconomic imbalances and the emerging inflationary pressures, SBP remained committed to achieve price stability over the medium term and thus had to launch steeper monetary tightening to tame the demand pressures and restore macroeconomic stability in FY09. SBP thus increased the policy rate from 13. 5 to 15%. What Needs to be Done to Improve the Effectiveness of Monetary Policy? Apart from taking policy measures to address the emerging challenges, SBP also introduced structural changes in the process of monetary policy formulation and conduct to make the monetary policy formulation and implementation more transparent, efficient, and effective. Specifically, during the last couple of years, SBP focused on †¢ Institutionalizing the process of policy formulation and conduct †¢ Stepping up movement towards a more market based credit allocation mechanism Developing its analytical and operational capacity †¢ Improving its capabilities to assess future developments to act proactively and †¢ Improving upon the communication of policy stance to the general public. However, the following areas need attention and are keys or effective monetary management. 1. Effectiveness of monetary and fiscal co-ordination would be helpful. Section 9A and 9B of the SBP Act (amended in 1994) art iculates the institutional mechanism for economic policy making and co-ordination and defines the ground rules for both the process and the policy making. However, the track record of the Monetary and Fiscal Policies Co-ordination Board (MFPCB), established in February 1994 that requires quarterly meetings of the SBP and the government, has been less than satisfactory. Furthermore, the sequencing of economy-wide projections is done in isolation of the budget and monetary policy making process, and the budget making process has not respected the monetary compulsions. With rising spending and stagnating revenues, the budget assumes at the start of the year certain recourse to the central bank rather than treat it as mere ways and means advances. . For effective analysis of developments and policy making, timely and quality information is extremely important. However, due to weaknesses in the data collection and reporting mechanism of the various agencies of the country, information is not available with desired frequency and timeliness. Also there are concerns over the quality of data. Unlike many developed and developing countries, data on quarterly GDP, employment and wages, etc is not available in case of Pakistan. Moreover, the data on key macroeconomic variables (such as government expenditure and revenue, output of large-scale manufacturing, crop estimates, etc) is usually available with substantial lags. This constrains an in-depth analysis of the current economic situation and evolving trends, and hinders the ability of the SBP to develop a forward-looking policy stance. 3. Unlike many countries, both developed and developing, there is no prescribed limit on government borrowing from SBP defined in the SBP Act or the Fiscal Responsibility and Debt Limitation (FRDL) Act 2005. Besides being highly inflationary, government borrowing from SBP also complicates liquidity management. Borrowing from the central bank injects liquidity in the system through increased currency in circulation and deposits of the government with the banks. In both cases, the impact of tight monetary stance is diluted as this automatic creation of money increases money supply without any prior notice. Moreover, access to potentially unlimited borrowings from the SBP provides little incentives to the government to put the fiscal accounts in order. Therefore, the foremost task to improve the effectiveness of monetary policy is to prohibit the practice of government borrowings from the SBP. In this regard, appropriate provisions are required to cease or limit government recourse to central bank financing through amendments in the SBP Act and the FRDL Act 2005. 4. Another issue is to make a clear distinction between exchange rate management and monetary management. Currently, there is a general perception that the State Bank is bound to keep the exchange rate at some predefined level and any movement away from this level is then considered as an inefficiency of the SBP. There is a need to understand that for an open economy, it is impossible to pursue an independent monetary and exchange rate policy as well as allowing capital to move freely across the border. Since the SBP endeavors to achieve price stability through achieving monetary targets by changes in the policy rate, it is not possible to maintain exchange rates at some level with free capital mobility. This can only be achieved by putting complete restrictions on capital movements, which is not possible. SBP's responsibility is to ensure an environment where foreign exchange flows are driven by economic fundamental and are not misguided by rent seeking speculation. 5. Finally, based on experience particularly gained during the last two months is to differentiate between liquidity management and monetary policy stance. Recently, when the banking system experienced extraordinary stress due to shallow liquidity in the system, rumor mongering heightened the general public anxiety over few banks' sustainability. Consequently, the SBP had to intervene in the market by injecting ample liquidity through various measures. In some quarters, these changes were deemed as a change in the bank's tight monetary policy stance. However, this was not the case and the bank had to clearly and repeatedly communicate that the existing stance is being continued. Later on, the bank further tightened its monetary policy. It must be understood that quite often, liquidity management can drive the market interest rates away from the direction desired under the monetary policy stance. However, this has to be temporary and ‘the interest rates are bound to move in the policy stance direction. To resolve this issue, the SBP is studying various options, including the introduction of a â€Å"Standing Deposit Facility† to keep the interbank rate within a corridor. In conclusion, it is imperative that above steps be taken urgently. Over the period, however, this needs to be complemented with much deeper structural reforms to synchronize and reform the medium term planning for the budget and monetary policy formulation process Several studies and technical assistance have provided extensive guidance in this area, but the lack of capacities and short term compulsions have often withheld such reforms. What is important is to recognize that a medium term development strategy, independently worked out, would help minimize one agency interest which has often been a source of co-ordination difficulties. It would also help the budget making process more rule based than the incrementally driven process to satisfy conflicting demands. THE RECENT DEVELOPMENTS IN MONETARY POLICY (2007-2009) The SBP has kept its tight monetary policy stance in the period July 01, 2008-April 20, 2009. The policy rate was adjusted upward in November 2008 to shave-off some aggregate demand from the economy and kept constant in January 2009. However, noticing visible signs of demand compression enabled the SBP to reduce 100 basis points on April 20, 2009. During July 01, 2008-April 18, 2009, money supply (M2) expanded by 1. 6 percent against the target of expansion of 8. 0 percent for the year and last year expansion of 8. 1 percent in the comparable period of last year. The reserve money witnessed contraction of 2. 2 percent in this period as against expansion of 10. 3 percent in the comparable period of last year. Net domestic assets (NDA) have increased by Rs. 307 billion as compared to increase of Rs. 627. 5billion in last year. However, it is showing an increase of 7. 6 percent in stock during this period, whereas, last year the growth in stock was 20. 4 percent in the comparable period. Net foreign assets (NFA) have recorded a contraction of Rs. 263. 9 billion against the contraction of Rs. 356. 4 billion in the comparable of last year [See Table-6]. {draw:frame} Government borrowing for budgetary support has recorded an increase of Rs. 240. 5 billion as compared to Rs. 336. 0 billion in the comparable period of the last year. The government has over performed against freezing the net borrowing from SBP at Rs. 57 billion in 2008-09 and the SBP financing has shown a net increase of Rs. 103. 3 billion and financing from scheduled banks witnessed a net increase of Rs. 137. 2 billion during July 01, 2008-April 18, 2009. Credit to private sector witnessed a net increase of Rs. 55. 4 billion during July 01, 2008-April 18, 2009 as compared to Rs. 359. 7 billion in the comparable period of last year. The stocks st ill went up by 9. 1 percent. SBP undertook aggressive monetary tightening during the period, further increasing the policy rate by 300 bps in two rounds. On a cumulative basis, this means a 550 bps increase during the last 18 months up to March 2009. However, the policy rate was decreased by 100 bps on April 20, 2009. These policy measures were in response to carryover of macroeconomic stresses of the preceding year and increase in real aggregate demand. Monetary tightening has worked in the right direction. Weighted average lending rate have witnessed slight decline from 15. 5 percent in October 2008 to 14. 8 percent in February 2009. Weighted average deposit rate on the other hand has increased from 6. 2 percent in October 2008 to 7. percent in February 2009 which implies narrowing of the spread amidst intensive deposit mobilization efforts on the part of the banks. The weighted average yields on 6 months T-bill has declined by almost 250 basis points to 11. 5 percent in March 2009 as against 14 percent in November and December 2008 [See Fig-2]. {draw:frame} Recent Discount Rate in Pakistan (2007-2009) During 2007-08, the SBP contin ued with tight monetary policy stance, thrice raising the discount rate and increased the Cash Reserve requirement (CRR) and Statutory Liquidity Requirement (SLR). In the light of continued inflationary buildup and increasing pressures in the foreign exchange market, the SBP announced a package of monetary measures on May 21, 2008 that included;(i) an increase of 150 bps in discount rate to 12 percent; (ii) an increase of 100 bps in CRR and SLR to 9 percent and 19 percent, respectively for banking institutions (iii) introduction of a margin requirement for the opening of letter of credit for imports (excluding food and oil) of 35percent, and (iv) establishment of a floor of 5percent on the rate of return on profit and loss sharing and saving accounts. The year 2008-09 is characterized by a reduction in CRR by 2 percent in two equal phases to help the liquidity issues of the banking system. Later on, the SBP announced a 200 bps hike in discount rate to 15 per cent on November 12, 2008 in response to persistent hike in core inflation and current account deficit in a last ditch effort to demand compression. Following a slight reversal in the mounting inflationary and demand pressures, the SBP announced a downward adjustment of policy rate by 100 bps on April 20, 2009. SBP’s tight monetary policy and rationalization of fiscal subsidies and expenditure controls are the key factors that contributed a reasonable progress towards macroeconomic stability. The private consumption grew by 5. 2 percent in real term during 2008-09 which implies that notwithstanding substantial reduction in the fiscal and current account deficits, demand pressures are still confronting monetary management. {draw:frame}