Vermeers The Music Lesson and Rubens The Three Graces Essay

Vermeers The Music Lesson and Rubens The Three Graces - Essay Example The essay "Vermeer’s The Music Lesson and Ruben’s The Three Graces" discovers Baroque Painting in Relationship to Renaissance Aesthetics. The focus is on the Vermeer’s The Music Lesson and Ruben’s The Three Graces. The way in which light and colour were used emphasized the drama that was sought after during this time. In comparing the work of the Baroque period to the work of the Renaissance, one can see a heavier and richer use of colour, while sharper uses of light and shadow combine to emphasize a climactic point of drama. In order to examine the differences between the works that was done in the Renaissance in comparison to the work done in the Baroque period, pieces with the same theme allow for clear contrasts. The Three Graces by Peter Paul Rubens reveals that the fascination with mythological subjects that was observed during the Renaissance still provided subject matter for the painters of the Baroque period. Rubens’ work allows one to obse rve that there is an emphasis on the curves of the body, the heaviness of the form accentuated with more extreme chiaroscuro. The light and dark of the painting creates a more dramatic look to the work. As well, the tones that are used provide a higher level of drama to the moment of the embrace between the three deities. When you compare the work of Rubens to the earlier works of Botticelliand Raphael, there is a distinct difference in the tension within the composition. In the works of Botticelli and Raphael, the figures are light.... Botticelli, Primavera (1485-1487) interaction creates a higher level of drama in the Rubens work from the Baroque period than in the paintings from the Renaissance period. The Baroque period provided for a more painterly approach to the artwork that was generated. The dynamism of the work was created through a less controlled performance of the act of painting, while the Renaissance had work that was done in a more linear format. According to Beardsley, the linear work of the Renaissance in comparison to the more painterly work of the Baroque â€Å"is comparable to the shift of emphasis from rhythm to harmony† (218). Where linear painting is defined by carefully rendered images that are three dimensional due to the use of carefully controlled perspective, painterly work has an element of randomness that is Figure 3. Raphael, The Three Graces (1504-1505) created through the emotions of the act of painting. According to Staiger, â€Å"Linear perspective uses the artist’s viewpoint to figure out angles of things that recede into the distance† (104). In painterly work, however, the brush strokes are applied where they feel right, rather than through a perspective that is relevant to the position of the artist. The paint strokes are more visible and have a textural effect that is not present in a more linear work of art. Johannes Vermeer did work that embraced the aesthetics of light and shadow in combination with rich toned hues. He was greatly influenced by the changes that were being made away from the aesthetics of the Renaissance period. According to Gowing, â€Å"The baroque provided the example which dominated Vermeer’s beginnings. And while other Dutch painters could carry its rhythm as a

Intermediate accounting Essay Example for Free

Intermediate accounting Essay 1. Distinguish between perpetual and periodic inventory system. Why conduct physical inventory? When should, if any a physical inventory count occur? Perpetual inventory system is a system for determining the cost of goods sold by keeping continuous records of the physical inventory as goods are bought and sold. In other words, under the perpetual inventory system – records are kept of the quantity and usually the cost of individual items of inventory throughout the year, as items are bought and sold. The cost of goods sold is recorded as goods are transferred to customers, and the inventory balance is kept current throughout the year, as items are bought and sold. The physical inventory is important because it is an actual amount of all merchandise on hand at the end of an accounting period. The actual physical count of the product must occur after the Pre-Physical Inventory update is run.   It means that no movements of the product can occur until after the actual count is done.   In other words the product is frozen until a physical count is done on the item.   After the actual count the movement of the individual item within the product group can resume while other products are being count. In periodic inventory system, it is a system for determining the cost of goods sold by deducting the ending inventory (based on a physical count of the inventory) from the beginning inventory plus total purchases over the period. 2. Intangible assets have two main characteristics. They lack physical existence and they are not financial instruments. Costs incurred internally to create intangibles are generally expensed as incurred. Explain the procedure for amortizing intangible assets. Intangible assets are a long-term assets that have no physical substance but have a value based on rights or privileges that accrue to the owner. Intangible assets  dont have the obvious physical value of a  factory or equipment; they can prove very valuable for a firm and can be critical to its long-term success or failure. For example, a company such as Coca-Cola wouldn’t be nearly as  successful was it not for the high value obtained through its brand-name recognition. Although brand recognition is not a physical asset you can see or touch, its positive effects on bottom-line profits can prove extremely valuable to firms such as Coca-Cola, whose brand strength drives global sales year after year. In FASB STATEMENT NO. 142, the useful life of certain intangible assets is difficult to judge, particularly assets that involve contracted or other legally set terms. Companies use the useful life of assets to guide their decisions on whether or not to amortize them on their financial statements. The key factor in determining whether to amortize an â€Å"other† intangible asset is its useful life. If it is indefinite, the asset is not amortized. Although the question of whether an asset’s useful life is definite or indefinite may seem straightforward, certain intangibles—particularly those that are a result of contracted or other legally set terms—are difficult to judge. Prior to the issuance of FASB Statement no. 142, the maximum useful life of an intangible asset was 40 years. Could an asset a company was amortizing over a useful life of less than 40 years now have an indefinite life under Statement no. 142? The answer is â€Å"maybe.† Prior to its implementation companies may not have taken all of the three criteria in Statement no. 142—renewability, costs and modifications—into account in making amortization decisions. Further, it was not an option for an asset to have an indefinite useful life, regardless of how a company evaluated the criteria before Statement no. 142. The limit was 40 years. The bottom line? Even those intangibles that weren’t assigned the full 40-year useful life prior to Statement no. 142 should be evaluated against the statement’s criteria. They may have indefinite useful lives as well. References http://www.sdc.on.ca/sdc6/help/Physical%20Inventory%20Process.htm Jennefer M. Mueller. Journal of Accountancy: Amortization of Certain Intangible Assets. DECEMBER 2004 / Volume 198, Number 6.

Western Religions - Judaism, Christianity, and Islam :: Religion Theology

My research paper studies the three most significant and commonly known Western Religions: Judaism, Christianity, and Islam in terms of their religious beliefs regarding the place and the role of women in society. Religion is the cardinal force that binds a race or a religious group together, and it equips it with a sense of identity. It does this by providing a code of life, governing all aspects of life, and determining convictions of its followers One such category is popularly referred to as "western religions", thereby differentiating the religions constituting it from "eastern religions." Islam, Judaism, and Christianity are of the three most popular religions that rest on the foundation of a single creator belief and are therefore called western religions. As these religions have the core conviction in common; the religious belief that this universe came into existence, as well as controlled and governed by one God.The significance and popularity of western religions can be determined from the fact that "Judaism, Christianity, and Islam are monotheistic faiths practiced by about half of the world's population Believers in Judaism, Christianity, and Islam are found on every continent, but tend to be concentrated in North and South America, Europe, Australia, Western Asia and North Africa. Christianity and Islam are growing influences in sub-Saharan Africa, often replacing indigenous faiths. By studying the teachings of the western religions, we can comprehend the respectable position of women in the society and the urgent need to remove all social and gender barriers In addition, studying the place of women in the light of spiritual teachings of the western religions, we can convince other women and people around in bringing about a positive change in the modern global village. Studying various religious beliefs and their in-depth analysis proves that there is a fundamental teaching and principle of all spiritual forms that humanity is to be treated as one concrete unit wherein all men and women share similar relationship and identical position in the eyes of the Almighty. The unjust oppression of women is based on false assumptions and preconceived notions by the male-dominating world, has been obvious and responsible for paving the way for serious gender issues to emerge. This caused religious conflicts among the masses. Confined to narrow realms of activity in society, deprived from the essential human rights, restricted to confined educations scope, open to unhealthy criticism and mental and physical abuse, this society has not permitted wom en to become what they potentially are.

Bladerunner - Humanity And Nature Essays -- essays research papers

The central theme of Bladerunner is the relationship between humanity and nature. More specifically it has a purpose in showing how science can negatively influence this fragile relationship. Set in Los Angeles of 2019 we see the decadence of western society into an inhumane harsh impersonal, technology-dominated realm. The inhabitants who fight for their daily survival are in desperate want for nature, contact with which is denied to them by the unrestricted scientific progress and the consequent exploitation of the natural world conducted for the sole purpose of profit. Humanity is also losing touch with it’s own nature. The compassion, the empathy, the love and the emotion are all rare or absent. This ailing relationship between humanity and nature is conveyed through the means of scene setting, dialogue, plot, camera techniques and other film features. All these elements of cinematography synthesise to create an effective portrayal of the unifying theme. In Bladerunner the most prominent element of cinematography is mise en scà ©ne. It generates a context for the film and therefore makes the plot and themes acceptable. To set an appropriate scene different variables need to be controlled. These variables include location, props, lighting and colour. In general the location of the plot is in the vast urban canyons of 2019 LA. The imposing dark buildings, the dirty fog, perpetual rain and the crowded dark streets devoid of vegetation make up the backdrop of most scenes. All this is filmed in dark lighting, which complements the effect produced by the fog in obscuring the living details. From this the responder acknowledges the deterioration of society, the harsh conditions that the humans are subjected to and the way the human spirit itself is progressively destroyed under such conditions. Filming such a location at night provides the director with the opportunity to use chiaroscuro (a technique of strong contrast) to further convey the dominance of technology over humanity. For example in outdoor scenes the garish flickering neons are obtrusively visible but they fail to illuminate the obscure, dark, fogged surroundings, including the multitudes of faceless people. The prominent visibility of artificial things over human presence together with the qualities of the location indicates the degradation of human life under the rule of science. The clothing w... ...he development of characters and their response to the events of the plot, Ridley Scott and the actors communicate the way relationship between humanity and nature has evolved (deteriorated) into the world of 2019 LA. In effect all the techniques mentioned above portray a society of individuals who are weary of the world they live in. They are rejects who lead a pitiful existence in a wasteland called earth because they are not fit enough to go the out-world colonies. Suppressing their own natural instincts for the sake of physically surviving they really the walking dead. Scientific progress conducted not for the best interests of humanity but for the best interests of business has effectively brought about the progressive degradation of society. By exploiting and destroying the natural world human can no more find solace or beauty so as to recuperate their weary minds and rekindle their dying spirits. In summary the techniques that are unique to film such as camera, lighting, costuming, colour and location works in conjunction with common literary techniques such as visual symbolism, irony and characterisation to effectively convey the relationship between humanity and nature.

Nike History Essay

1. HISTORY 1960s Bill Bowerman and Phil Knight founded Nike Inc. as Blue Ribbon Sports with a handshake and only $1,000 in capital in 1964. The partners first began their relationship at the University of Oregon where Bowerman was Knight’s track and field coach. While attending Stanford University, Knight wrote a paper about breaking Germany’s domination of the U.S. domestic athletic shoe industry by distributing low-cost, high-quality Japanese athletic shoes to American consumers. In an attempt to realize his theory, Knight visited Japan and built an agreement with the Onitsuka Tiger company, a manufacturer of quality athletic shoes, to sell Tiger shoes in the United States. Since Bowerman and Knight each had full-time jobs, they needed someone to manage the growing requirements of Blue Ribbon Sports. Jeff Johnson, a runner himself, became the first full-time employee of Blue Ribbon Sports in 1965, and quickly became an indispensable man for the start-up company. Knight sold Tiger’s shoes at local track meets grossing $8,000 of sales in their first year. In 1966, Bowerman, who had designed shoes for his university athletes in the past, worked with Tiger and designed the Cortez running shoe. The shoe was a worldwide success for the Onitsuka Tiger Company and was sold at the first Blue Ribbon Sports store. The company’s profits grew quickly. During the same year, BRS (Blue Ribbon Sports) also opened its first retail store, located on Pico Boulevard in Santa Monica, California. 1970s In 1971, BRS, with some creditor’s support, started manufacturing its own line of shoes, and therefore its relationship with Onitsuka Tiger started to fall apart. Knight and Bowerman were ready to make the jump from being a footwear distributor to designing and manufacturing their own brand of athletic shoes. The first BRS’ shoe was a soccer shoe that bore the Nike brand name, referring to the Greek Goddess of Victory, and the Swoosh trademark, which was designed by a student at Portland University for a fee of only $35. 1972 marked the definite breakup of the BRS/Tiger relationship. BRS soon changed its name to Nike, Inc. and debuted itself at the Olympic trials, which were about to be held in the same year. In 1973, Steve  Prefontaine was the first prominent track star to wear Nike shoes. The late 70’s and early 80’s also saw other important athletes such as John McEnroe, Carl Lewis, and Joan Benoit sporting Nike shoes. Nike popularity grew so much that in 1979 they claimed 50% of the U.S. market and the company went public in December of that year with 2,700 employees and by selling 2 million shares on the New York Stock Exchange. 1980s The 1980’s were marked by revenues of more than $1 billion, the formation of Nike International Ltd., and the â€Å"Just Do It† campaign (1988), which was chosen by Advertising Age as one of the top five ad slogans of the 20th century. The series of this campaign included three advertisements with a young athlete named Bo Jackson, who espoused the benefits of a new cross-training shoe. By the mid-1980s, Nike slipped from its position as industry leader, partly because the company had miscalculated on the industry boom, giving new competitors an almost completely open field to develop the business. Fortunately though, the debut of the new signature shoe for an NBA recruit by the name of Michael Jordan in 1985 helped strenghten Nike’s bottom line. In 1989, Nike’s business exploded, thanks in part to the incredibly popular â€Å"Bo Knows† advertiement campaign. Nike also expanded its product line by including specialty apparel for a variety of sports. By the end of the decade, Nike had regained its position as the industry leader. This was the only time a company in the athletic footwear/apparel industry had accomplished such a challenge. Nike has been in that position ever since. 1990s In 1990, Nike surpassed the $2 billion mark in revenue with 5,300 employees worldwide. In November of the same year, Portland became the first home to a new retail experience called Niketown, which would earn numerous architectural design and retail awards and produce several other Niketown locations both around the USA and internationally. Throughout the 90’s, Nike’s revenues kept increasing and reached $8.8 billion in 1999. These revenues grew because of several improvements in shoe technology and excellent marketing campaigns. In 1992 international revenues reached $1 billion for the first time and accounted for over one-third of our total revenues. Such growth continued throughout the 1990’s as Nike kept focusing  our on major sporting events like the World Cup, and the next generation of celebrity athletes, such as Tiger Woods, Lance Armstrong, and the women playing women’s professional basketball (WNBA). At the end of the 90’s, Nike’s goal, is to become a truly global brand. 2000s At the beginning of the 2000s, Nike introduced a new footwear cushioning system called Nike Shox, which debuted during Sydney in 2000. Just as Nike’s products have evolved, so has Nike’s approach to marketing. The 2002 â€Å"Secret Tournament† campaign, by being Nike’s first truly integrated, global marketing effort, was a multi-faced consumer experience in support of the World Cup, quite different from the traditional â€Å"big athlete, big ad, big product† formula. â€Å"Secret Tournament† incorporated advertising, the Internet, public relations, retail and consumer events to create excitement for Nike’s soccer products and athletes in a way no single ad could ever achieve. This new integrated approach has become the founding element for Nike marketing and communications. Today, Nike continues to seek new and innovative ways to develop superior athletic products, and creative methods to communicate directly with consumers (Nike Free, Nike+ and Nike Sphere are some examples of this technique); in fact, over 40% of Nike Inc.’s sales come from athletic apparel, sports equipment, and subsidiary ventures. Nike Inc. has been able to attain this premier position through â€Å"quality production, innovative products, and aggressive marketing.† Acquisitions As of November 2008, Nike, Inc. owns four key subsidiaries: Cole Haan (1988), Hurley International (2002), Converse Inc. (2003), Umbro (2008), and Nike GOLF (2009).

Personality Assessment Inventory Essays

Personality Assessment Inventory Essays Personality Assessment Inventory Paper Personality Assessment Inventory Paper Psychological personality assessments have been performed and studied upon the human personality for many years. These theories assessments have been formed as to explain the development of the human personality. With the help of personality assessment instruments that have been designed, it helps to establish solid research as well as the validity of each personality theory. Assessments of personality are conducted through several means: questionnaires, observations, and projective tests. The science of management has had many studies prepared on the topic, however, now studies have been underway on leadership roles. The Meyers-Briggs Type Indicator (MBTI(r)) can determine if certain personalities are better equipped to serve in a project leadership roll because of certain core set of traits or competencies (Gehring, 2007). MBTI tool sorts for preferences and does not take into account trait, ability, or character. MBTI is different from other psychological instruments and along with that different from other personality test (The Meyers Briggs Foundation, n. d. ). Assessment Inventory The Myers-Briggs Type Indicator (MBTI(r)) measures an individuals choices for certain tasks. This theory was based off of psychologist Carl Jungs work on archetypes. His theory stated there are differences of temperament guide behavior on four dimensions. Myers-Briggs Type Indicators purpose is helping people understand psychological types. The core of this theory is that random behavior in people is actually very orderly and consistent, this is because of the critical differences people use their judgment and insight. Characteristics over the four dimensions are: Favorite World does the persons attention on the outer world or inner world? This is called Extraversion (E) or Introversion (I). Information does the person take in basic information or do they interpret it and more to it? This is called Sensing (S) or Intuition (N). Decisions does the person make decisions at first look on logic and consistency or at people and circumstances? This is called Thinking (T) or Feeling (F). Structure does the person dealing with the world outside like to get decisions made or like to keep an open mind that new information or special circumstances might appear? This is called Judging (J) or Perceiving (P) (The Meyers Briggs Foundation, n.d. ). The uses of MBTI in an engineering or project manager type of field can help determine what fields of engineering is most suitable for a person. MBTI has shown different work environments attract a certain type of engineer. MBTI has also shown when given to those specific people that those engineers that score high on Feeling and Perceiving are predisposed to leave consulting engineering earlier then those that scored high as a Thinker and Judger. Feeling and Perceiving personalities will join academia, public agencies, regulatory agencies, or research organizations. MBTI has shown individuals Feelings and Extraversion preferences in the engineering field within two years transfer to other fields outside engineering curricula (Culp Smith, 2009). By being able to administer MBTI can cut down on high turn over rates in a work place. It cost time and money to run ads for employment, job training, and paperwork. The purpose of choosing MBTI is individuals are geared differently at perceiving information and how they use the information they receive (Chae et. , al. ,2003). With keeping this in mind it takes certain type of personalities to work in the field of engineering and/or being a project manager. Assessing this information gives a better understanding of the person from whom you will be or might be hiring. Analyze Selected Assessment with Personality Theories Carl Rogers was a significant America psychologist and one of the originators of the concern for people method to psychology. Rogers used a nondirective method of helping the individual. He did not ask questions, he just listened to what the individual had to say. He accepted the individual for who he or she was (Kirschenbaum, 2004). Even though MBTI is a questionnaire there is no administrator asking the questions. Only an administrator who scores the questionnaire; the individual is accepted no matter the final scoring of the questionnaire. Carl Rogers approach and the MBTI both help individuals see who they are and possible areas of improvement. Research Findings The Myers-Briggs Type Indicator (MBTI(r)) assessment is a science of psychological measurement questionnaire designed to measure preferences in how individuals perceive and make decisions. Myers and Briggs preferences were infer from Carl Gustav Jungs typological theories published in his 1921 book called Psychological Types (The Meyers Briggs Foundation, n. d. ). Myers and Briggs started constructing the indicator during World War II. It was Myers and Briggs belief, knowledge of personality preferences would help woman entering the industrial workforce for the first time. This assessment would indicate what type of job(s) women would feel most comfortable and successful in. This questionnaire grew into what is now known as the Myers-Briggs Type Indicator. The MBTI concentrates on standard populations and accentuates the significance of naturally taking place distinctions (The Meyers Briggs Foundation, n. d. ). This assessment performs greatly since it can be taken by any individual from any background and come up with a career field more in tune with the individuals personality style. It executes completely in terms of the personality assessment of target population. In regards to target population the MBTI it used frequently in areas of career counseling, team building, group dynamics, professional development, leadership training, engineering, and project management. As in project management, results clearly indicate that there is a set of leadership traits that, if the individual possesses there is greater probability for the project to be a success. Furthermore, MBTI has an instrument that can be used in selecting project leaders who naturally possess project leader traits (Gehring, 2007).

Human Rights Analysis of Ludlow Massacre and the Valour and the Horror

Human Rights Analysis of Ludlow Massacre and the Valour and the Horror Introduction Human rights movement and activists rely on historical information in finding the nature and extent of historical injustices in the society. The future of the society depends on their clear reflection and view of the historical background as the society tries to navigate the daily challenges.Advertising We will write a custom essay sample on Human Rights: Analysis of Ludlow Massacre and the â€Å"Valour and the Horror† specifically for you for only $16.05 $11/page Learn More The contemporary society is the product of the history hence historical events and injustices are integral factor that determines the bearing of the society. The importance of historical information begs a question of how valid is the historical information and how credible are the historians. According to Zinn, â€Å"everyone is biased, whether they know it or not, in possessing fundamental goals, purposes, and ends (48). Due to inherent biasness and partially in hi storical information, Zinn is caution us not to rely on historians and journalist but be flexible to consider omissions and de-emphasis of vital information before making any conclusion on a historical event (49). Zinn conclusively argue that, â€Å"All written history is partial in two senses. It is partial in that it is only a tiny part of what really happened it is partial in that it inevitably takes sides, by what it includes or omits, what it emphasizes or deemphasizes† (49). This essay is going to describe Zinn’s argument in detail and evaluate its validity using two major historical events: Ludlow massacre and the â€Å"Valour and the Horror† documentary. The Ludlow Massacre The events that lead to the Ludlow massacre were the series of coal workers strikes at the Colorado mines under Rockefeller’s Corporation. The workers were under strict watch by the police not to form any labor union to champion their rights and the Rockefeller Corporation dete ctives shoot dead the labor organizer Gerry Lippiatt. His death enraged coal workers in the Trinidad, they held meeting to condemn his killing, and they vow to continue to fight for the rights. The organizer of the United Mine Workers, Mary Jones addressed them saying, â€Å"What would the coal in these mines and in these hills be worth. Unless you put your strength and muscle in to bring them†¦.You have collected more wealth, created more wealth than they in a thousand years of the Roman Republic, and yet you have not any† (Zinn 52). The workers resolved to strike and were evicted from the Rockefeller company houses and they moved to the tents at the United Mine Workers where they were they were threatened by the gunfires at their tents so that they can end their strikes but they persisted. The workers were lured into the massacre after a series of fights with the detectives that made the mine owners to resort to massacre, by brutally attacking and killing innocent chil dren, women and men because they demanded their rights (Zinn 54).Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Zinn, the reason why this historical massacre was not in the historical books nor taught in the class is that, politically, the Rockefeller Corporation was a more important industry than workers rights and industrialization was everything no matter the bloody cost on the lives of the workers. To harmonize the view of historians and industrialists, Zinn concluded that, there is â€Å"a certain unspoken understanding lay beneath the writing of textbooks and the teaching of history: that it would be considered bold, radical, perhaps even â€Å"communist† to emphasize class struggle in the United States† (58). Hence, there is a culture or ideology of focusing only on economic achievement rather than social impacts of the industrialization because the objecti ve a high school book entitled Legacy of Freedom is to â€Å"aid the student in understanding the economic growth and development of our country† (Zinn 59). So here, legacy of freedom is not human right but it is an economic growth and development, which is a partial and biased objective of the freedom legacy. The Ludlow massacre is an example of a historical event that was omitted by the historians since the source of the story did not come from the historical books but from the song artist and English literature. The story is about labor struggles of the Colorado coal miners that eventually lead to the massacre. The important historical event that shows how the Americans suffered and endured hardships during their labor conflict struggles. I wonder why such an important historical event that depicts the labor conflicts and the cost of the lives of the Americans was not part of the college history curriculum. I think is due to political and historian deliberate deception not to reveal how the government blundered in the brutal killings of innocent workers instead of championing their rights. The valour and the Horror The valour and the horror is a documentary showing Canadian involvement in the World War II. The documentary aimed at provoking the society to ask â€Å"hard and critical questions† about Canadian involvement in World War II where together with the Britain they bombed German civilians. The documentary summed up that, â€Å"Let us celebrate the valour, but speak the evil and the horror† (Dick 254). The historical documentary has stirred differing views of interpretation from journalists, politicians and the public depending on their values and interests.Advertising We will write a custom essay sample on Human Rights: Analysis of Ludlow Massacre and the â€Å"Valour and the Horror† specifically for you for only $16.05 $11/page Learn More The documentary received great reception in the media and public arena but great resistance from political arena. The controversy ensued over the historical interpretation of the World War II participation by the Canada. The critics of the documentary argued that, â€Å"the series was unfair and inaccurate and denigrated their role in World War† (Dick 253) and they launch a strong campaign against the broadcast and the documentary. This controversy evokes lot of questions as to why and how can a historical fact be subjective to many interpretations. The broadcast protested about the Senate subcommittee decision to investigate the controversial documentary arguing that, â€Å"we believe it will be difficult for fair-minded people to take any notice of findings arrived at in such an obviously biased process and we regret that the Senate has chosen to proceed in this fashion (Dick 255). With much pressure, they were compelled to review the documentary to reflect â€Å"greater journalistic balance† (Dick 256). The radio and tele vision commission carried out their review and concluded that, â€Å"history cannot be considered as a single immutable truth† (Dick 256). The historians were ironical in that they have been actively criticizing Canadian military involvement in the World War II in their own books and articles but this time round, they have strongly protested against the documentary (Dick 265). The controversy over a factual historical event, even by historians themselves has clearly proved beyond reasonable doubt that historians and their records are partial and biased in their entire objectives and can never be relied upon. Conclusion Basing on the two historical events, historians and historical records are biased. The reporting and analysis of an historical event depends on the historian interest and the overriding political interest. The Ludlow massacre was neither found in the historical books, nor taught in colleges, because the American political ideology was at that time focusing main ly on economic development, nobody had much concern about the civil rights, and champion for the interest of workers. In the â€Å"Valour and Horror† documentary, the political interest overrides the public interests in the quest of the truth about historical injustices that led to bombing of innocent German civilians in World War II. Hence, the validity of any historical information is subject to powerful political figures and biased historians who would otherwise change history to suite their ends. The great controversy that ensued in the documentation of the military involvement attracted more political interest and public to the extent of recommending the regulation of media. History deals with factual events but the problem lies in the subjectivity of the interpretation and documentation of important historical events.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More Dick, Ernest. The Valour and the Horror Continued: Do We Still Want Our History on Television. Archivaria, 1992. Web. https://archivaria.ca/index.php/archivaria/article/view/11901/12854 Zinn, Howard. Declarations of Independence: Use and Abuse of History. Harper  Collins, (1976): 48-66.

Geography of the Rocky Mountains

Geography of the Rocky Mountains The Rocky Mountains are a large mountain range located in the western part of North America in the United States and Canada. The Rockies as they are also known, pass through northern New Mexico and into Colorado, Wyoming, Idaho, and Montana. In Canada, the range stretches along the border of Alberta and British Columbia. In total, the Rockies stretch for over 3,000 miles (4,830 km) and form the Continental Divide of North America. Additionally, because of their large presence in North America, water from the Rockies supplies about  ¼ of the United States. Most of the Rocky Mountains are undeveloped and is protected by national parks like the Rocky Mountain National Park in the U.S. and local parks like the Banff National Park in Alberta. Despite their rugged nature though, the Rockies are a popular tourist destination for outdoor activities such as hiking, camping skiing, fishing, ​and snowboarding. In addition, the high peaks of the range make it popular for mountain climbing. The highest peak in the Rocky Mountains is Mount Elbert at 14,400 feet (4,401 m) and is located in Colorado. Geology of the Rocky Mountains The geologic age of the Rocky Mountains varies based on location. For example, the youngest parts were uplifted 100 million to 65 million years ago, whereas the older parts rose 3,980 million to 600 million years ago. The rock structure of the Rockies consists of igneous rock as well as sedimentary rock along its margins and volcanic rock in localized areas. Like most mountain ranges, the Rocky Mountains have also been affected by severe erosion which has caused the development of deep river canyons as well as intermountain basins such as the Wyoming Basin. In addition, the last glaciation which occurred during the Pleistocene Epoch and lasted from about 110,000 years ago until 12,500 years ago also caused erosion and the formation of glacial U-shaped valleys and other features such as Moraine Lake in Alberta, throughout the range. Human History of the Rocky Mountains The Rocky Mountains have been home to various Paleo-Indian tribes and more modern Native American tribes for thousands of years. For example, there is evidence that Paleo-Indians may have hunted in the region as far back as 5,400 to 5,800 years ago based on rock walls they constructed to trap game like the now-extinct mammoth. European exploration of the Rockies did not begin until the 1500s when the Spanish explorer Francisco Vasquez de Coronado entered the region and changed the Native American cultures there with the introduction of horses, tools, and diseases. In the 1700s and into the 1800s, exploration of the Rocky Mountains was mainly focused on fur trapping and trading. In 1739, a group of French fur traders encountered a Native American tribe that called the mountains the Rockies and after that, the area became known by that name. In 1793, Sir Alexander MacKenzie became the first European to cross the Rocky Mountains and from 1804 to 1806, the Lewis and Clark Expedition was the first scientific exploration of the mountains. Settlement of the Rocky Mountain region then began in the mid-1800s when Mormons began to settle near the Great Salt Lake in 1847, and from 1859 to 1864, there were several gold rushes in Colorado, Idaho, Montana, and British Columbia. Today, the Rockies are mostly undeveloped but tourism national parks and small mountain towns are popular, and agriculture and forestry are major industries. In addition, the Rockies are abundant in natural resources like copper, gold, natural gas, and coal. Geography and Climate of the Rocky Mountains Most accounts say that the Rocky Mountains stretch from the Laird River in British Columbia to the Rio Grande in New Mexico. In the U.S., the eastern edge of the Rockies forms a sharp divide as they rise abruptly out of the interior plains. The western edge is less abrupt as several sub-ranges like the Wasatch Range in Utah and the Bitterroots in Montana and Idaho lead up to the Rockies. The Rockies are significant to the North American continent as a whole because the Continental Divide (the line which determines whether water will flow to the Pacific or the Atlantic Ocean) is in the range. The general climate for the Rocky Mountains is considered highland. Summers are usually warm and dry but mountain rain and thunderstorms can occur, while winters are wet and very cold. At high elevations, precipitation falls as heavy snow in the winter. Flora and Fauna of the Rocky Mountains The Rocky Mountains are very biodiverse and has various types of ecosystems. However, throughout the mountains, there are more than 1,000 types of flowering plants as well as trees like the Douglas Fir. The highest elevations, however, are above the tree line and thus have lower vegetation like shrubs. The animals of the Rockies the elk, moose, bighorn sheep, mountain lion, bobcat and black bears among many others. For example, in Rocky Mountain National Park alone is populated by about 1,000 head of elk. At the highest elevations, there are populations of ptarmigan, marmot, and pika. References National Park Service. (29 June 2010). Rocky Mountain National Park - Nature and Science (U.S. National Park Service). Retrieved from: https://www.nps.gov/romo/learn/nature/index.htm Wikipedia. (4 July 2010). Rocky Mountains - Wikipedia, the Free Encyclopedia. Retrieved from: https://en.wikipedia.org/wiki/Rocky_Mountains

Heart of Change Research Paper Example | Topics and Well Written Essays - 750 words

Heart of Change - Research Paper Example All these transformations often require change in order to serve the customers in the most efficient manner. From American Competitiveness (2012), change is not easy to accomplish by managers in the organizations, as most companies believe that change is making people think differently. They more often base their ideas on idealistic, unseen promises of reward that makes it difficult in moving people into action. People often resist change because the risk of change might be seen to be greater than the risk to remain in the same position they were as before. Making people change requires them to have faith that enables them to believe in unseen promises or developments in the company. Moreover, other people resist change because they often want to be associated with people and companies who are identified with the old way. Humans live as social species and always wish to be connected with the people or companies they are familiar with. In addition to the above the employees of compani es fear change because reformers might have hidden agendas that may make them lose their jobs (Schuler 2003). Therefore, change requires competent managers who have to make people feel differently than changing their thoughts. Change therefore would be effective if it makes those to be changed see and feel the change. Companies should be heart centered rather than being mind when effecting change. Thus, winning people’s commitment to change requires managers to engage people emotionally and rationally. Companies do not well understand that emotional change goes a long way to making their workers accept the new ways of doing things in their offices. However, failure to listen to and respond to workers’ rational objections and their beliefs by organizations is a show of disrespect to them and making assumptions that the workers will be aware the importance innovative change would have to them (Costello 2012). By following the right procedure in effecting changes in an or ganization often boosts the morale of employees who feel that their culture is also taken care of. Forcing people to adopt certain changes is a show of lack of respect and the company would not achieve her goals by so doing. He continues to assert that managers and organizations often make mistakes in attempting to make changes. It is true that a few only companies manage in effecting change successfully unlike what happens in other organizations. Poor knowledge of how change should be done often leads to the loss of big sums of money by organizations may cause lots of pain and headache in trying to make workers believe the effectiveness of the change. With regard to this, there are steps that must be followed in trying to effect change. The first is the establishment of the need for change in the organization. As one who is articulating for reforms, the need to make the management and organization trust the need for any change is vital. Through this, the reformer gains enough coope ration. Should this be impossible, the team players would be dissatisfied and would lack a feeling of contentment for the change process. Knowing what complacency implies and coming up with proper strategies to overcoming complacency go hand in hand in establishing a sense of urgency amongst the team players. Next is the establishment of the right members in the team. Members who understand what it takes to bring about change. The members must have the

Advances in accounting Essay Example | Topics and Well Written Essays - 1000 words

Advances in accounting - Essay Example This research seeks to determine the relevance of OBA in an environment with high competition and the lack of cooperation between the suppliers and consumers. Most companies after exploiting most of the cost reduction methods have resorted to forming supply chains to be competitive in the market. With this, OBA was found to be necessary for reducing cost and thus raised productivity. For OBA to be successful, it requires cooperation and mutual trust between the suppliers and consumers. The researchers have noted that most companies are not willing to share important information with the buyers. This paper is important since it seeks to address the importance and challenges facing the application of OBA technique in inter-organizational cost management. Despite the challenging circumstances under which OBA is applied, the paper addresses how it can be used for the good of the parties involved and also give recommendations on how to counter the challenges involved. The paper is interesting since it involves interacting with people in the real market situation, and the findings thereof are a true reflection of what is happening in the field. The key reference literatures for this research are vi. Sharing Sensitive Information in Supply Relationships: The Flaws in One-way Open-book Negotiation and the Need for Transparency, European Management Journal by Lamming, Richard, Nigel D. Caldwell, Wendy E. Phillips, and Deborah A. Harrison (2005) The above books describe the relevance of OBA to cost reduction and the conditions for the success of the tool to cost management in IOCM. These books seek to describe the challenges facing the implementation of OBA in inter-organization cost management. The research method chosen for the study is interview. This involved interviewing purchasing experts in the first and second phases and afterward interviewed sales experts. These interviews were done using questionnaires, whereby the questionnaires were sent to

Selective Abortion Of Female Fetuses In India Creating Gender Essay

Selective Abortion Of Female Fetuses In India Creating Gender Imbalance Crisis - Essay Example Indian activists estimate that as many as 8 million unborn females were aborted over the past decade due to pressurization of mothers to produce only boys. Amendments in the present law seek to make families equally liable for selective abortion of female fetuses since they go to clinics performing sex-selection tests initiating the process of sex selection and female feticide. Although the overall abortion rate in India is lower than that seen in many other countries, selective abortion of girls is higher and on the rise since girls die at twice the rate of boys before they reach the age of five. In some Indian families, girls are seen as economic burdens for the family whereas boys can become earners and care for their parents when they become elderly. The high abortion rate of female fetuses has rendered a dramatic gender imbalance in India. A woman is blamed for producing a female child since she's not keeping the family name. She then faces desertion, discrimination and violence . If the mother go for abortion, she will too be threatened by her family and husband hence difficulties by the Indian government of whom to criminalize for the abortion. The fundamentals of female empowerment will be absolutely tampered with. Gender imbalance as a result of the abortions of female fetuses is also a menace in China. In India, there are 7.1 million fewer girls than boys up to the age of six while in China; boys are also more than girls by 32 million under the age of 20. This gender imbalance will lead to millions of men unable to get wives especially the poor. Indian government must therefore increase the value of women and girls in society in order to reduce selective abortion as stated by Dr. Raj. Selective abortion of female fetuses in India dates to the tradition of male preference. ... Male preference often focuses on economics whereby girls are viewed as economic burdens for their families whereas boys can become earners and provide for their respective families. Traditionally, boys are a source of protection and care to their parents when they become elderly whereas girls will care for the families of those they marry. A girl is often viewed as a financial burden in some Indian families because when a girl is married off, the families of the groom demand a dowry payment which is illegal in India but still widely practiced (Seguino 1228). As a result, this take of girl child in India has led to creation of gender imbalance due to selective abortion of female fetuses. According to reports of the Daily Telegraph newspaper of Britain, Indian activists estimate that as many as 8 million unborn females were aborted over the past decade due to the pressurization of mothers to produce only boys. A mother is therefore blamed for producing a female child and faces desertio n, discrimination and even violence to some extent for punishing the family. Census reports in India also show that over the 50 year period from 1961 to 2011, the number of girls born per 1000 boys dropped from 976 to 914 creating a dramatic gender imbalance (Seguino 1221-2). Since Indian men already outnumber women by almost 10 million, there is demand to abolish abortions which occur every day as stated by Uttar Pradesh. Indian government and authorities have launched the fight against selective abortion of female fetuses. Entire families who pressure their female relatives into aborting female fetuses may be imprisoned together with the medical professionals who perform ultrasound tests to determine a

Modern Risk Analysis Based on PRA Essay Example | Topics and Well Written Essays - 1500 words

Modern Risk Analysis Based on PRA - Essay Example This risk assessment leads to an output of ranging risks prior to the experiences of the receptors. Proper probabilistic risk assessments require adequate description of the input parameters. For this to happen, it requires that distributional data be available and further be adequate in describing the already identified input parameters. PRA purely employs probability and probability distributions in the characteristic analysis. Probability denotes the chances of occurrence of an uncertain phenomenon. The uncertainty constitutes occurrence of risk. Through PRA, risk assessments can be carried out and the levels of risk therein identified. Use of probability in the assessments of risk can be used in the understanding, quantifying and management of risk. Such a process can further be analysed in relation to the limitations of quantifying risk using probability. Reasons why probability is chosen as opposed to other measures of uncertainty Probability quantifies the description of level s of risk, characterized by the aspect of uncertainty or variability associated with risk estimates. Risk therefore becomes comprehensively characterized by using probability, which would not be the case when point estimate measure of risk is used (UKOOA, 2006, pg. 134). This feature therefore makes probability a better measure of risk than the point estimate method. Quantitative analysis of risk allows for diverse treatment of uncertainty variables used in the determination of underlying risks prior to the probability of occurrence of the identified risks. Risk management requires the use of flexible tools of analysis as well as availability of vast information in regard to what is being accounted for. In this regard, probability becomes the best measure of uncertainty. Uncertainty constitutes risks, and it is the risks that risk managers ought to address. Probability allows for flexibility in the analysis and treatment of variables in the probability equation (U.S. Environmental P rotection Agency, 2005, pg. 78-79). Following this, a large volume of information can be derived, thereby allowing risk managers to make choices among alternatives. Other measures of uncertainty do not provide for flexibility and variant information, making risk managers fixed to the choices they make or to the scope that they can manage risks using such measures as a baseline. Managers need to assess and evaluate high-end risks, and the best gateway to succeeding in that is using probability in measuring levels of risk. Limitations of quantitative approach to risk The quantitative approach to risk is time consuming. It is procedural and treatment and analysis of variables require adequate time. Step by step consideration of variables is necessary in order to ensure that each and every aspect that constitutes risks is identified and accounted for (Stern and Fineberg, 1996, pg. 157). This process is characterized by huge requirement of resources. Adequate resources need to be pulled into place. Finances are required at every step of the quantification process. Gathering data and information is expensive. The management should be aware of these requirements before such an approach to risk is adopted. In order to come to a critical and fundamental understanding of the risks through the quantification approach all required information should first be in place. Data collection, cleaning, editing, analysis and reporting require that enough resources be allocated for the purposes.

Personal reflection paper on servant leadership Research

Personal reflection on servant leadership - Research Paper Example On the contrary servant leadership style is the answer to all our leadership dilemmas, it teaches us to give priorities to our followers and not have the arrogance and pride of modern day leaders. It is about understanding human beings and keeping relation prior to money, power or fame. It connects our worldly desires with the eternal life and through the best example of Jesus Christ; it teaches us compassion, sacrifice and devotion to a noble cause. The balancing act between religious teachings and conducting our business is best described by this approach ensuring us success in both worlds, helping others that gives us incomparable peace and harmony eventually a feeling of self actualization. A literary analysis of servant leadership taught me a lot about this leadership style, it was an enriching experience learning about something that has real meaning of life. The Servant leadership phenomena basically reflected the idea of alleviating other’s lives and helping them in their development and achieve progress in their lives. While reading Spiritual Leadership by Darrell SC Peregrym I understood that basis of every religion mainly Christianity is humble nature of the leaders and prophets, intended to bring peace and salvation to those who are in suffering. Another lesson learnt through this concept was demarcation between state and church which acts as the basis of political system in western world now. Earlier teachings of Christianity equated money and worldly pleasures with evil however segregation between Church and governing bodies of civil society helped in establishing role of Church and its representatives as a servant leader (Peregrym, 2011e). Hence, it i s Church’s responsibility to provide guidance to people without seeking anything in return. Furthermore, servant leadership cannot rest only with today’s managers and senior

Modern Risk Analysis Based on PRA Essay Example | Topics and Well Written Essays - 1500 words

Modern Risk Analysis Based on PRA - Essay Example This risk assessment leads to an output of ranging risks prior to the experiences of the receptors. Proper probabilistic risk assessments require adequate description of the input parameters. For this to happen, it requires that distributional data be available and further be adequate in describing the already identified input parameters. PRA purely employs probability and probability distributions in the characteristic analysis. Probability denotes the chances of occurrence of an uncertain phenomenon. The uncertainty constitutes occurrence of risk. Through PRA, risk assessments can be carried out and the levels of risk therein identified. Use of probability in the assessments of risk can be used in the understanding, quantifying and management of risk. Such a process can further be analysed in relation to the limitations of quantifying risk using probability. Reasons why probability is chosen as opposed to other measures of uncertainty Probability quantifies the description of level s of risk, characterized by the aspect of uncertainty or variability associated with risk estimates. Risk therefore becomes comprehensively characterized by using probability, which would not be the case when point estimate measure of risk is used (UKOOA, 2006, pg. 134). This feature therefore makes probability a better measure of risk than the point estimate method. Quantitative analysis of risk allows for diverse treatment of uncertainty variables used in the determination of underlying risks prior to the probability of occurrence of the identified risks. Risk management requires the use of flexible tools of analysis as well as availability of vast information in regard to what is being accounted for. In this regard, probability becomes the best measure of uncertainty. Uncertainty constitutes risks, and it is the risks that risk managers ought to address. Probability allows for flexibility in the analysis and treatment of variables in the probability equation (U.S. Environmental P rotection Agency, 2005, pg. 78-79). Following this, a large volume of information can be derived, thereby allowing risk managers to make choices among alternatives. Other measures of uncertainty do not provide for flexibility and variant information, making risk managers fixed to the choices they make or to the scope that they can manage risks using such measures as a baseline. Managers need to assess and evaluate high-end risks, and the best gateway to succeeding in that is using probability in measuring levels of risk. Limitations of quantitative approach to risk The quantitative approach to risk is time consuming. It is procedural and treatment and analysis of variables require adequate time. Step by step consideration of variables is necessary in order to ensure that each and every aspect that constitutes risks is identified and accounted for (Stern and Fineberg, 1996, pg. 157). This process is characterized by huge requirement of resources. Adequate resources need to be pulled into place. Finances are required at every step of the quantification process. Gathering data and information is expensive. The management should be aware of these requirements before such an approach to risk is adopted. In order to come to a critical and fundamental understanding of the risks through the quantification approach all required information should first be in place. Data collection, cleaning, editing, analysis and reporting require that enough resources be allocated for the purposes.

Managing Entrepreneurial Enterprises' Individual Entrepreneurship Essay

Managing Entrepreneurial Enterprises' Individual Entrepreneurship Interview - Essay Example I always like seeing things being done the right way and thus, I prefer employing myself in order to control my business my own way. In my business, I can make my own rules without consulting any person except my employees Charantimath, 2006, 23). Secondly, I like being independent with my own goals and objectives that I have set to achieve. Individuality is a characteristic that enables me to be to stand even when faced with challenges without expecting help form any person. Therefore, as an entrepreneur I can be totally independent without sharing profits or losses with anyone. How do you security in your business? I am a goal oriented person. Setting goals gives a person assurance and security at work since, when the goals are accomplished; it implies that it cannot fail at given time. An entrepreneur has to be focused at achieving his or her goals since; a business is driven by the goals (Eric, 2012, 12). Without goals, the employment security of the employer is at stake and can fail anytime. How do you manage to succeed in your business? First I am a disciplined person. I do not waste time on issues that might lead to failure of my business. I am also punctual in my work. I ensure that all my projects are completed within the speculated time. Discipline also helps me to keep deadlines and be serious with every part of the business (Bridge, 2010, 35). It is also a factor that helps me to ensure that there is no wastage of resources in the business. Therefore, as an entrepreneur, I have managed to succeed through ensuring that every line of work is well coordinated without taking any part for granted. How do you manage to keep your business running despite the stiff competition in the technology industry? The main strategy that I use is creativity and innovativeness. Entrepreneurship is all about generating of new and unique ideas in order to challenge those of competitors. For instance, in the technology industry I have to ensure that I am updated on all th e updated technology such as new brands of computers and laptops. I also have to innovate new ways of repairing different parts of the instruments. This helps me to attract new customers and provide them with quality services (Under30CEO, 2010, 65). One character trait that also helps me manage the competition is being a risk taker. As a risk taker, I can take advantage of different opportunities in life without fearing the possible losses. This way I can come up with quality features that can be used in building my business. For instance, purchasing laptops in bulk from foreign countries is extremely risky since; one is never certain if the laptops will be purchased by customers. However, as an entrepreneur, I have to take the risk since; that way I will increase my profits. This character is also supported by the fact that I am an opportunistic person. How do you ensure that, as an entrepreneur, opportunities do not pass you by? I take advantage of the different opportunities that my competitors may be ignoring. This way, my business can thrive above others since I will be equipped with unique ideas (Rex Bookstore, 2012, 45). I am also a thinker; I find my way out of the hard parts of the business that I may face. For instance, if a laptop has been repaired and it is not yet working, as an entrepreneur I have to think of the probable cause of the problem. Therefore, as an entrepreneur I cannot afford to run out of ideas at any one point in time. This has also helped to be above my competitors since; while other companies might tell

Atlantic Slave Trade Essay Example for Free

Atlantic Slave Trade Essay A slave can be defined as a person who is the property of and wholly subject to another, a bond servant or a person entirely under the domination of some influence or person. Slavery was well recognized in many early civilizations. Ancient Egypt, Ancient China, the Akkad Ian Empire, Assyria, Ancient India, Ancient Greece, the Roman Empire, the Islamic Caliphate, the Hebrews in Palestine, and the pre-Columbian civilizations of the Americas all had either a form of debt-slavery, punishment for crime, enslavement of prisoners of war, child abandonment or birth of slave children to slaves. However, as the sixteenth century approached, so did the change in the way slavery would be looked at, for years to come. The Atlantic slave trade became the name of the three part economic cycle that involved four continents for four centuries and millions of people. The Atlantic slave trade or the middle passage, triangular trade and slavery affected the economy of Europe, Africa and the Americas in both negative and positive aspects. Starting in the 1430’s Portuguese were the first to sail down the coast of Africa to search for gold and jewels. The Portuguese had to extend their power across the co+ast because Sub-Saharan Africa’s trade routes were controlled by the Islamic Empire. By 1445, The Portuguese conquered three African countries and created trading posts. This allowed them access to Europe across the Sahara. Initially, the Portuguese traded copperware, cloth, tools, wine and horses for pepper, ivory and most importantly gold. The first slave purchase is said to have taken place in 1441 when the Portuguese caught two African males while they were along the coast. The Africans in the nearby village paid them in gold for their return. Eventually, they developed the idea that they could get more gold by transporting slaves along Africa’s coast. The Muslims were enticed by the idea of slavery as they used them as porters and for profit. Portugal had a monopoly on the export of slaves in Africa for more than two hundred years. This encounter is the beginning of one of the most tragic events in history, the Atlantic triangular trade (Thomas 1997). A triangular trade evolves when a region has export commodities that aren’t required in the region which its major imports come and provides a method for trade imbalances. The triangular trade is named for the rough shape it makes on a map. It worked like a triangle between all the colonies that were involved. For centuries the world was took part in its most successful trading system. There where nearly fifteen million Africans were shipped to both North and South America for more than three-hundred. Slaves, cash crops and manufactured goods were the most traded between the Americas, Europe and Africa. The Europeans controlled the first stage of the trade by carrying supplies for sale and trade such as, cloth, spirit, tobacco, beads, shells, metal goods and guns. This was their method of which were used to help expand empires and capture more slaves. These goods were exchanged for purchased and kidnapped African slaves (www. nmm. ac. uk/freedom/viewTheme. cfm/theme/triangular). African kings and merchants would capture the slaves or organize campaigns ran by the Europeans. The motives of the Europeans were based on one thing; they lacked a major source, a work force. It was stated that the Indigenes people were unreliable and Europeans were unsuited to the climate. However, Africans had experience in agriculture, keeping cattle, content with the climate. Africa soon became reliant on the slavery of their people and the profits that came along with it. The next stage involved the slaves being transported by voyage to the Americas and Caribbean, the middle passage (PBS. â€Å"The African Slave Trade and the Middle Passage. † http://www. pbs. org/wgbh/aia/part1/1narr4. html). The middle passage was a perilous, horrendous journey slaves made across the Atlantic Ocean to the Americas. The final stage of the Atlantic slave trade was the return to Europe from the Americas with the produce from the slave-labor plantations. Most regions of North and South America were used to provide these raw materials to Europe for manufacturing. This wasn’t the first or only slave trade, but it was the cruelest. What began as a quest for gold ended as a quest for slaves, leaving a major stamp on African and American history (Thomas 1997). Before undergoing the middle passage, slaves faced human misery and suffering. Kidnapped slaves were forced to walk shackled in slave caravans to European coastal forts. Due to the lack of food and energy, half of the slaves became sick and were killed or left to die. Some had the strength to make it so they were left in underground dungeons. For years, Africans were stranded in these dungeons across the coast of Africa.. There, they wait on the embarked horrid encounter of the entire slave trade, the middle passage. None of the previous passengers returned to their homeland so none of the Africans knew what they were about to endure. The voyages were generally organized by companies and investors because they were a huge financial burden(â€Å"The African Slave Trade and the Middle Passage). Two theories show the packing of slaves in the European ships; loose and tight packing. Loose packing carried less slaves with the hopes of more room and more slaves making it to the Americas alive and in fair condition. This was exchanged for tight packing. Captains believed despite more casualties, this would yield a greater profit. On occasion, veterinarians inspected the slaves before the voyage to determine which slaves could make it across the Atlantic Ocean. The enslaved Africans were chained together by hand and foot, not even being able to lie on one’s side. They ate, slept, urinated, defecated, gave birth and died all in that one spot. There was overcrowding, inadequate ventilation and little to no sanitation. Twenty percent of every hundred died along the way from either suffocation, starvation, amoebic dysentery, scurvy or a disease such as small pox. The slaves that died were thrown overboard as well as the slaves that showed illness. Some threw their self-overboard risking their life rather than deal with these horrific measures. Approximately fifteen million captured Africans were sent to the Americas. The middle passage was the longest, most dangerous part of the Atlantic slave trade (â€Å"The Middle Passage Experience†). From the seventeenth century on, slaves became the focus of trade between Europe and Africa. Europe had already colonized North and South America as well as the Caribbean islands from the fifteenth century onward. This created an insatiable demand for African laborers, who were deemed â€Å"more fit† to work in the tropical conditions of the New World. The numbers of slaves imported across the Atlantic Ocean steadily increased, from approximately 5,000 slaves a year in the sixteenth century to over 100,000 slaves a year by the end of the eighteenth century (www. mariner. org/captivepassage). Upon their arrival to the Americas, the slaves were washed, greased and placed inside dungeons. The grease added a more appealing look making the slaves appear healthier so the profit would be much higher. European slave traders made sure all of their potential properties were in well condition before bidding. They were branded with a hot iron to keep their identity as a slave. There were two main types of slave auctions; highest bidder or grab and go auctions. Highest bidder was a bidding process which the buyer with the highest bid would get the slave. Grab and go auctions was the process in which the buyer would give the trader an agreed amount of money in exchange for a ticket. This process was where the slaves were released from their dungeon and the buyers would rush and grab the slave they wanted, Each slave would be sold to an owner who owned a great deal of land and worked on either a plantation or mine and there, the living conditions were still only barely better (Curtin 1969) A prominent African, author and a major influence on the enactment of the Slave Trade Act of 1807, Olaudah Equiano was well aware and very familiar with the Atlantic slave trade. At the age of eleven, Equiano and his sister were kidnapped from his village in Nigeria. He survived the middle passage, and taken to the West Indies. He tells how he was bought by Captain Pascal, a British naval Officer as a â€Å"present† for a cousin. He tells how was enslaved in North America for ten years, working as a seaman. In 1766, he bought his freedom and wrote an autobiography, â€Å"The Interesting Narrative of the Life of Olaudah Equiano,† Equiano gave a firsthand look of the conditions enslaved Africans were forced to live. This document was one of the first documents that explained, thoroughly, the terrible human cruelty of the Atlantic slave trade (Wright et al. 001). Although many lives were taken or at risk, The Atlantic slave trade fulfilled its major goal, profit and change the three continents. Europe, America and Africa’s economy were all affected by the slave trade. Europe’s economy was suffering before the slave trade. The Atlantic slave trade was during the time of recovery for Europe and completely recovered their economy. Because of the success of the trade, they needed more people to manufacture raw materials and export them to Africa. The great supply of jobs created many exports and the income to buy imports. By the end of the slave trade, Europe’s economy was in well standings as one of the wealthiest continents in the world. The America’s economies rose too. They were honored with a free workforce that provided many resources from sugar to cotton. The free labor allotted for them to received one hundred percent of the profit. They were importing more slaves and exporting the goods made by them to gaining wealth. America’s economy became agriculturally stable and soon industrialized. Europe and the Americas economies were affected in a positive way. However, Africa’s economy received a negative effect. Many, for years lived in fear due to slavery. African villages became small and poor. All of the kingdoms that were strong at one time, collapsed and were conquered. They received raw material goods from the slave trade but with nothing shown. The African kings prospered only because they were heavily involved in the slave trade. As the kings’ wealth grew, their economy was at a standstill and eventually failed. The Atlantic slave trade, human cruelty and evil at its finest, had a substantial effect on Europe, the Americas and Africa (www. understandingslavery. com).

Impact of Internationalization on Company Performance

Impact of Internationalization on Company Performance Increased deregulation, cross-border activities of non-financial companies and improved information communications technology led to an increased consolidation of financial institutions across borders. Commercial banking sector in particular, have witnessed tremendous amount of cross-border bank merger and acquisitions (MAs) deals throughout the recent years. While globalization has accelerated cross-border merger activities around the world, another global force recently has been creating a counterweight to cross-border deals. Concerns over nationalism, feelings of national security and protectionism have delayed several cross-border banking deals. Basically, MAs of these institutions results in Consolidation, Internationalization or Conglomeration. In this context, Consolidation: It is a result of more concentrated banking systems, smaller number of larger firms. Ex: Consolidation of Bank of New York and hMellon in 2007 in USA. Internationalization: It is evidenced by increasing number of banking and other financial institutions that operate across national borders. Ex: Citi Bank, HSBC etc., operating worldwide. Conglomeration: Larger number of financial groups whose activities combine those of bank and non-bank financial firms. Ex: State Bank of India combining other State Banks for various activities in its umbrella in India. Objective and Scope of the Project The objective of this project is to understand the concept of internationalization and observe strategic patterns undertaken by various banks and evaluate the way it affected the performance of the organization. In this process, we consider exploring the following areas with a case study of a Canadian or US bank along with our study. Introduction to Internationalization After a relatively quiet period in 2001/2002, international mergers and acquisitions have picked up again. Since the 2003 mergers between Bank of America and FleetBoston, and JP Morgan Chases acquisition of Bank One, speculations were fueled about comparable cross-border deals in the European banking market. JP Morgan Chase announced its purchase of London based Cazenove in October 2004, while Spanish Banco Santander bought British mortgage bank Abbey National for 12.5 billion euro in august 2004, the largest cross border acquisition since HSBC bought French CCF in 2001. On the other hand, restructuring also took place. Credit Suisse announced in December 2004 that it would absorb First Boston, its global investment bank, into the parent organization to revive profits. After barely four years, ING sold the largest part of its German bank BHF to Sal Oppenheim while expanding its Internet banking activities. These examples reflect the increased internationalized nature of banking competitions in three respects (Llewellyn, 1999). Customers that have global financing opportunities are able to arbitrage between domestic, foreign banks and capital markets. Banks are not restricted to business in their own country. Regulatory entry barriers have lowered, making it easier for banks to locate in other countries. In other words, many of the largest banks in the world have been struggling toward a new organizational model where terms as home market seem to become a by-product in a broader strategic vision. Swiss bank UBS, the fifth largest bank in the world measured by assets in 2000, has more than 80% of its assets outside Switzerland. Netherlands based bank ABN Amro owns a retail branch network in Brazil, 9,500 km from Amsterdam which constituted 15% of total profits in 2000. In 2003 the 30 largest banks held more than USD 7,586bn, or 39% of their assets, outside their home country. Successes in international banking are few, failures have been common. One of the more spectacular failures was the acquisition of American Crocker Bank by British Midland Bank in 1981, costing the bank USD 1bn over the next five years and forcing its strategy to retreat on the British retail banking market. Midland was acquired by Hong Kong based bank HSBC in 1992, a bank who subsequently showed that internationalization can be a profitable activity. Degree of Internationalization (DOI): The extent to which a Bank exists and operates in the international markets away from its home market can be measured by a metric called ‘Degree of Internationalization (DOI). Generally, it is measured in terms of the share of assets, revenues, profits, or employment that locates abroad. Literature Review The hypothesized positive relationship between performance and DOI goes back at least to Vernon (1971); many studies have followed. It is generally hypothesized that internationalization is good for firms and leads to better performance, for several reasons (Contractor, Kundu, and Hsu 2003; Dunning 1977, 1981). Going international implies that firms can spread fixed costs, such as operating overhead and research and development (RD) expenditures, through a greater scale and scope (Markusen 1984; Kobrin 1991). Internationalization allows firms to learn about domestic markets from their international market experience, thus improving performance (Kobrin 1991). Operating in foreign jurisdictions allows firms to access factors at lower cost (Helpmann 1984; Porter 1990; Jung 1991). This is particularly true for instances of FDI and other modes of direct involvement in foreign markets. Internationalization allows firms to cross-subsidize their domestic operations and provides greater opportunities for price discrimination and tax and price arbitrage. Although theory implies a positive relationship, the empirical evidence of the effects of DOI on performance is mixed (Hsu and Boggs 2003). For example, Sullivan (1994) lists 17 studies that test the relationship between DOI and financial performance, six of which find a positive relationship and five negative. The remaining six find no relationship. This reflects the consensus in the literature that the empirical results are highly dependent on the sample, the measures of DOI, and the measures of performance used. In addition to testing this link, the literature has moved in two distinct directions. First, to address a measurement issue, Sullivan (1994) attempts to more reliably measure the DOI of a firm by developing a novel index measure of internationalization that captures three of its attributes: Structural, Performance, and Attitudinal. As Ramaswamy, Kroeck, and Renforth (1996) show, there are several limitations to the empirical and theoretical underpinnings of Sullivans work as the DOI is measured in uni-dimensional method. There is also a growing literature focus on the shape of the relationship between DOI and performance. Contractor, Kundu, and Hsu (2003) list 15 studies that find the relationship between performance and DOI is linear: seven of the studies find a positive relationship, four a negative relationship and four no relationship. Two studies listed find a U-shaped relationship, and eight find an inverted U-shaped relationship. Contractor, Kundu, and Hsu (2003) and Lu and Beamish (2004) provide theoretical models for curvilinear relationships between DOI and performance. By analyzing data for 125 multinationals, Kim, Hwang, and Burgers (1993) document the importance of global market diversification in the joint management of risk and return. The measures of global diversification capture the number of foreign markets being operated in, as well as the pattern of a firms industries across those countries. A small literature investigates the performance of Canadian banks. DSouza and Lai (2004) estimate the effects of scope, scale, and concentration on Canadas six largest banks. They find that banks with greater concentration in their business lines are less efficient. Interestingly, for some model specifications, the effect of size on performance (as measured by return on equity) is negative. Using a different methodology, Allen and Liu (2005) estimate cost functions for Canadian banks and find that larger banks are more efficient. Neither study considers the impact of DOI on performance. Walid Hejazi and Eric Santor tried to address this DOI Performance realtionship by verifying the direction. i.e., weather DOI is driving superior performance or it is otherwise around. They also brought the risk factor of the country (in which the bank is venturing) into the equation and found that there is a weak but significant positive relationship between DOI Performance. Measuring the Degree of Internalization There are different approaches to measure a banks degree of internationalization, and estimating the degree of internationalization of a firm or bank is to some extent vague and a random process. An initial approach could be to construct a single item indicator or one-dimensional measurement as indicated above in the literature review; Sullivan (1994) reviewed 17 studies which all applied a single item indicator to measure the degree of internationalization, i.e. the ratio of foreign sales to total sales as degree of internationalization. However as indicated by many researchers and as identified in the literature review above from the work of Ramaswamy, Kroeck, and Renforth in 1996, the use of a single item indicator increases the potential error of measurement, because a single parameter is always more prone to external shocks which may or may not indicate the performance. An alternate approach is to combine several indicators into one index. Depending on the choice of indicators, this might provide a better approximation of the degree of internationalization, but the choice of indicators may be restricted on data availability rather than theoretical induction (Sullivan, 1994). We will follow the method that is most cited and adopted by the researchers in UN conference of Trade and Development. This method applies three single item indicators, which are combined in a composite index to analyze the degree of internationalization of a bank, the Transnationality Index (TNI). The TNI is one of the most cited indicators for internationalization (cf. United Nations Conference on Trade and Development, 1998, van Tulder, van den Berghe, Muller, 2001). The index is expressed as a percentage and calculated as an weighted average of Foreign assets to total assets ratio, Foreign gross income to total gross income ratio and Foreign employment to total employment ratio[1]. The percentage term of the TNI is that the degree of internationalization is presented in one scale, which by definition moves between 0 and 100. Also an internationalization index that incorporates income, staff and assets captures a richer picture of the banks foreign activities than that which would be captured by income, staff and assets separately (cf. Sullivan, 1994). Another attractive characteristic is that the TNI dampens the effect of finance companies or off shore funding constructions if a ratio were only based on foreign assets relative to total assets. A substantial amount of assets can obviously be expected to be located in tax havens or countries with lenient fiscal regimes. Such reported assets would be accompanied by low number of employees. Combining both employees and assets in the TNI would then create a more balanced view. The same argument also applies to investment banking activities that are concentrated in financial centers outside the home country; these ac tivities tend to generate a relatively high degree of income with fewer employees. Demonstration of Measuring DOI through TNI method There is also a flip side for this TNI. It cant take into account the recent technological changes, geographic boundaries, and we cant guarantee every bit of data to be same and uniform in all countries. Technological change: A disadvantage of the TNI might be that the construction of such an index cannot take account of the effects of technological change. Changes in technology can for example raise productivity and increase the assets or income per employee; if these changes are distributed evenly over the total bank organization then its effect on the TNI is probably limited. If the ratio of foreign assets per foreign employee increases in the same amount as the ratio of domestic assets per domestic employee, then technological change has no effect on the TNI. From the mid 1990s however technological advances have had other geographic distribution effects. For example, the development of â€Å"Internet† banks like ING Direct implies that the share of foreign assets and foreign income increases while staff and operations working for the Internet bank basically remain at home. This might potentially depress the true extent of internationalization measured by the TNI. Geographical boundaries: For Banks like Fortis, Belgian/Dutch corporate structure creates a problem to determine what region is home or foreign. This is solved in the database by denoting Benelux as home. Similarly, HSBC is the only bank that is not disclosing information for the home country, instead it is reporting Europe as ‘home region. Data availability: Not all banks have consistently reported detailed information on foreign assets, staff, income or profitability. Banks like SBC, UBS or Deutsche Bank did not report this information although they progressed significantly with their internationalization activities. A general remark is usually found in the financial report stating something like â€Å"due to the integrated nature of our activities worldwide a geographical breakdown does not provide additional information†; the information provided by British and American banks in the 1980s proves otherwise. Data collection from other sources provided valuable information. For example, foreign banks in the United States have to report their balance sheets to the Federal Reserve. Internationalization Patterns Internationalization for banks has progressed at different paces, with different purposes. Here we try to identify these internationalization patterns. As several motives are grounded in history, we start with a brief historic overview of internationalization, after that we shall discuss about various activities that the banks pursued as a part of Internationalization. Historic Overview Internationalization of banks is not a new phenomenon. In 1913 there were approximately 2,600 branches of foreign banks worldwide. The dominating factor at that time was colonization, over 80% of those branches belonged to British banks. The share of foreign banks accounted for one third of banking assets in Latin America and over one half in countries like South Africa, Turkey or China (Goldsmith, 1969). The financial empire of J.P. Morgan started out as a partnership financing American civil war loans from England (Chernow, 1990). International banking has in some respects not changed that much. Over time, innovations in financial instruments, telecommunication, information technology, organization innovation and the growing sophistication of customers have meant a dramatic transformation in the conduct of banking business and client relationships in international banking. The sheer size of international involvement of the present day internationalized banks has increased dramatically (cf. De Nicolà ³, Bartholomew, Zaman, Zephirin, 2004). Foreign assets of the thirty largest banks as a percentage of total assets have changed from 35% in 1980 to over 38% in 2003. However, the absolute size of foreign assets of the thirty largest banks has raised eleven fold from USD 650bn in 1990 to USD 7,571bn in 2000. The increasing importance of foreign activities has affected profitability and stability of internationalizing banks in their home country; it can also have serious effects positive as well as negative on the host economies. The intensity with which banks have pursued internationalization strategies also encouraged us to have a study on them. The dissolution of the British Empire meant that British banks represented the old internationalization of banking. American banks on the other hand have been on the rise since the Second World War. American financial aid, exports of American firms and the export of American ideology such as freeing of competition or creation of uniform markets were feeding ground for internationalization activities of American banks. From the 1960s onwards income in Western economies rose and banks developed more financial products to cater households and businesses as increasing scale of firms raised transaction volumes in corporate finance. American banks formed an apparent threat, seeking out the more profitable activities in investment banking in Europe, being equipped with better staff, more financial resources and more experience. The creation of off shore markets to circumvent (American) regulation and the political potential of seizure of capital belonging to communist states induced the first series of international activities, later propelled by the inflation of capital markets when oil producing countries forced serious wealth transfers. European banks either tried to work together in consortium banks to participate in these activities (Roberts Arnander, 2001) which in the beginning was a cost saving and knowledge rewarding construction or set up foreign activities themselves. Redistribution of the surpluses of oil producing countries found their way to emerging markets, with American banks leading the way. The growing volume of loans masked growing economic imbalances, brought to light from 1981 onwards when Latin American countries defaulted in their loans. Internationalization of banks became a worldwide event (United Nations Centre on Transnational Corporations, 1991). Institutions like the IMF aided governments with restructuring loans, dealing with severed banks and capital markets in distress. Governments of the lender banks, especially the United States, faced potential crisis at home when the losses in emerging markets were transferred by the large banks to their home country. A consequence of this restructuring period was that in the 1980s capital strength and adequate supervision of internationally operating banks were major issues for bank regulators. A major coordination initiative took place in the Basle Accord of 1988, creating more transparency and uniformity among regulatory policies for internationally active banks. Among others, the Basle Accord became one of the drivers for the Japanese banks to retreat from the international arena. Japanese banks increased international activities sharply from the early 1980s fuelled by strong domestic economic growth, a fast pace of deregulation and large flows of foreign direct investment by Japanese industrial firms. The Japanese stock market decline from 1989 showed that (international) banking strategies had not been based on sound banking practices, affecting bank capital and loan quality at the same time (Canals, 1997). Japanese banks found ways to stave off restructuring of their bad loans for almost a decade, contributing substantially to the prolongation of economic recession, and steadily relinquishing their importance in international banking. A general trend fuelling international activities was the ongoing process of disintermediation from mid-1960: large firms found it more profitable to arrange loans directly with institutional investors, thereby bypassing the role of banks as financial intermediaries. Additionally, stricter monetary policies introduced from the late 1970s onwards eventually led to a steady decrease of interest rates consequently lowering income from the core business of banks. These trends forced banks to reconsider their strategic business portfolios. Non-interest income, especially the high margins of fees and commissions in investment banking, became a promising route. The liberalization of British securities markets in 1984 was followed by an unprecedented wave of acquisitions by host banks. By the end of the 1990s British owned investment banks or securities houses in London were few in number; London as an important financial center had become a manifest of internationalization activities of ban ks. Internationalization of banks was also a response to further regional integration and deregulation (cf. Group of Ten, 2001, January). In Europe especially, banks were aware that the competition for larger clients extended over the geographic borders, but the competition for retail clients remained a domestic issue. By the mid-1980s, European integration created momentum in Europe, redefining markets for banking activities on a multinational scale. Mergers and acquisitions became an important strategic tool for banks. They generally took place in two phases: domestic consolidation and then, international expansion; the creation of higher domestic concentration in order to more effectively compete internationally. Opportunity was provided by the capital markets (lower interest rates and higher stock market prices) and the regulators, privatizing banks or not opposing the takeovers. The close of the decade shows the financial might of just a handful of banks: the top 25 banks in 1980 ha d total assets of USD 1,858bn, equal to 30% of GDP. In 2000 this had risen to 64% of GDP, a combined total of USD 12,781bn. Of this amount, 41% are assets outside the home country. In fact, foreign banks practically control the banking sectors in many Eastern European countries; for some observers the â€Å"Single global banking space is almost a reality† (Mullineux Murinde, 2003). The foreign owned assets of the largest banks exhibit uneven geographic patterns, â€Å"Regions and/or countries of the developed world currently represent the most interconnected cluster of national banking systems† (De Nicolà ³, Bartholomew, Zaman, Zephirin, 2004). Internationalization pattern of Banks Starting in the 1970s, bank internationalization originally consisted of setting up banking activities in financial centers and economic centers. Part of this was related to incentives such as â€Å"follow-the-client† or aimed at increasing overall profitability. Additionally, restructuring and expansion in the domestic markets might have been cumbersome for some and impossible for other banks, further stimulating internationalization. Regulatory idiosyncrasies in the home market might be one explanation for this, but also the existence of a home bias ‘inertia: restructuring the domestic retail networks in the early 1980s might have been more difficult with vested interests in the home country such as labor unions. In particular, banks in smaller countries had to expand abroad for fear of anti-trust regulation at home. For most banks during the 1980s, international expansion supported their domestic strategies and was relatively small compared to the home country. So banks did not have to attract additional capital. When banks initiated larger acquisitions in the late 1980s and 1990s, external capital became more important as a source of financing. (Domestic and foreign) shareholders not only provided additional capital to expand. They also followed management more closely, and pressed for changes when expected results were not delivered. An increasing shareholder role and foreign profitability that was below expectations, led bank managers to change objectives in the mid 1990s: profitability should be internally generated, the domestic base strengthened and foreign activities divested if they did not contribute satisfactorily to total profitability. Banks can offer in principle five product categories: credit, securities, asset management, financial services and insurance. Also, five client types can be distinguished that banks can target: Governmental clients (nation states, supra national institutions), Corporate clients, Institutional clients (other banks, asset managers and insurers), Retail clients and Private clients. The case studies show that banks which entered new market activities actively serviced and targeted a wide range of clients and products. Two specific patterns have been identified: Ø Capital market activities, and Ø Foreign retail banking Capital Market Activities For capital market activities banks offer credit, securities, asset management, and financial advice to governmental, institutional and corporate clients. The majority of the banks had set up such operations by 1980: they participated in the Euromarkets, issued bonds to finance their own activities, and took advantage of the financial deregulation in the financial centers. Expanding capital market activities was spurred in the mid-1980s with the financial liberalization in the United Kingdom, and in the mid-1990s with the prospect of restructuring in the European Union. For several banks, the decision to participate in the capital markets heavily influenced their overall strategy. Paribas and J.P. Morgan decreased their commercial banking activities and transformed themselves into investment banks. Both banks however did not have the scale by the end of the 1990s to remain a major market participant in investment banking and sustain the increasing IT investments: J.P. Morgan was subsequently acquired by Chase Manhattan in 2000 and Paribas by BNP in 1998. Most of the acquisitions of UBS, SBC, Credit Suisse and Deutsche Bank in the 1990s were capital market related, steadily increasing their reliance on fee income instead of net interest income. The composition of the fee income changed: more lucrative (but volatile) fee income from financial advice and securities re-distributions on mergers and acquisitions was combined with more stable income from asset management activities. Period 1970s 1980s 1990s Reason Growth Eurocurrency markets (London, Paris, Zurich) Financial liberalization of American stock market Financial liberalization European capital markets (London, Paris, Amsterdam) Financial liberalization of Japanese capital markets Catch up new entrants to profit from current bull market, consolidation existing players Example Chase, Citicorp Deutsche Bank, ABN Amro, Societe Generale Credit suisse, Deutsche Bank, JP Morgan Table 2: Development of Capital Market Activities Retail Banking International retail banking has been the domain of a selected number of banks. Chase and Citicorp set out to expand a retail network in Belgium, The Netherlands, Germany and the United Kingdom in the 1950s and 1960s. European banks in the 1970s and 1980s on the other hand did not expand in retail banking in Europe, but expanded in the United States, especially in California where British and Japanese banks bought retail banks helped by lenient regulation. For most Californian banks, their sale was either instigated by regulation (banks that cannot be bought by domestic competitors due to an increase in market share or banks that need outside capital) or poor performance. By the early 1990s a large number of banks exited from the United States market: they found it difficult to transform these banking operations into profitable ones, and their exit was speeded by the deregulation of interstate banking (cf. Tschoegl, 1987). The general expectation was that this would raise the minimum scale of operations to compete effectively, requiring large amounts of additional investments. Banks that remained were for example HSBC and ABN Amro. Eight foreign banks, including all of the British banks, held retail networks in the United States in the early 1980s; by the late 1980s five had opted out. For European banks, the growth of foreign commercial bank networks took place from the mid-1980s. A limited number of banks (HSBC, ABN and Citicorp) have maintained these foreign networks throughout the period. From the 1990s, the following banks pursued retail banking strategies: Ø Santander in Argentina, Mexico, Chile Ø BBVA in Argentina, Chile, Mexico Ø ABN Amro in Brazil and the United States Ø ING in Belgium Ø HSBC in Mexico, Brazil, the United States/Canada and Hong Kong Ø Citibank in Germany Two groups of banks did not enter foreign retail banking, or only to a limited extent: Swiss banks and Japanese banks. Swiss banks had retail banking activities in their domestic market, but not outside Switzerland. Switzerland was a major financial center and as an economy ran a capital surplus; an explanation might be that setting up foreign capital market activities was a more logical foreign extension of activities then setting up or acquiring foreign retail banks. Japanese banks also entered foreign retail banking to a limited extent. Their activities were mainly concentrated in California, where the banks initially had some links with Japanese immigrants. More important, lenient regulators allowed takeover of Californian banks by foreign competitors. The existence of an opportunity set the ability to buy compared to other more regulated banking markets has probably been the main incentive. Organizational form Banks which decided to enter new markets or to strengthen their market position have had a wide range of options available to them as to how they could proceed in implementing their foreign banking activities. Looking back at activities, there has been a strong rise in the number of each of the approaches used. Three specific developments in organizational form have been identified: Branch Networks Alliances and Joint Ventures Internet Banks Branch Network In general, the objective to build a branch network has been to assist foreign clients, finance activities more cheaply or to evade home country regulation. Activities in financial centers were set up, usually starting with London, New York and Singapore or Hong Kong. This was then expanded to second tier financial centers and economic centers in Europe, the United States, Asia and Latin America. Period 1970s 1980s 1990s Incentive Break down consortium Trade relates service existing clients Increase in trade and exports Liberalization of Capital markets Open up markets (Spain) Growth in Asian Capital Markets Opening of Eastern European markets Increase volume of securities market Example Citicorp, Bank of America, Lloyds, Barclays, ABN Amro, NMB, WestLB Deutsche Bank, Dresdner Bank Table 3: Development of Branch Networks Alliances and Consortium banks Consortium banks were mainly a feature of the late 1960s and 1970s. With these joint ventures, banks tried to create a platform to service foreign clients and undertake corporate finance activities, while sharing the costs of building such an activity independently. In the beginning of the 1980s, there were a number of banks who relied on the consortium banks to provide an alternative for a foreign branch network. These were Amro and Midland. Subsequently, a number of banks built their foreign networks by buying out the other shareholders in the consortium banks. During these alliances banks probably also acquired detailed information of the partner banks. This could be concluded from the observation that ING unsuccessfully acquired former InterAlpha partners from the mid-1990s for its expansion in Europe. From the 1990s, alliances between banks either had to develop specific skills neither bank could achieve alone, or serve as a defensive move in wake of expected restructuring in the European banking market. This usually was accompanied by share exchanges. Alliances to acquire or share specific skills Alliances to ensure future market position Ø Royal Bank of Scotland Santandar (1990) Ø BNP Dresdner (1988-2000) Ø Socià ©tà © Gà ©nà ©rale — BSCH (2000) Ø BBVA UniCredi