Global & International Business

Question: Discuss about theGlobal International Business. Answer: Introduction The phrase tourism is come from the Anglo French word Tour. The basic meaning of the tourism is the movement of the individuals from one place to another place for spending some time with leisure, meeting, expedition, sports, study etc. Time changes and accordingly the tourism industry have been changed in the modern times(Mohotti, (Chandi) Jayawardena, Teare, 2013). Every organisation has its different technique of tourism management in their business operation. To maintain the effective growth in the competitive world different organisation related to the tourism sector in the world have been drastically changed their marketing strategy. In this report the researcher will analyse the effective of the tourism industry of Sri Lanka. To analyse the importance of the Sri Lankan tourism industry the researcher has researched on the well renowned travel company in Sri Lanka namely Tangerine Tours (PVT) Ltd.Tangerine Tours (PVT) Ltdis one of the well known travel organisation which is ba sed on Sri Lanka. To operate their business all over the world the organisation and the management of the organisation spends some marketing research from the different corner of the world and analyse effective places to provide services for the individuals (Robinson Jarvie, 2008). To make the business more competitive in the market place the organisation evaluates different strategies and methods in their business(Arachchi, 2014). To find the attractiveness of the Sri Lankan Tourism Industry the researcher has obtained Porters National Diamond Analysis in this research process. With the help of this model analyse the researcher can find the overall competitiveand investment attractiveness of the Sri Lankan Tourism Industry. Porters National Diamond Analysis Tourism is measured to the major industry in the earth which is openly manipulated directly by authenticnot reusable personal earnings;cost of overseas travel services, advertising, price and amenities of denotes of shipping, travellerdesirabilitylike as mountain resorts, sea resorts and different places ofchronological or natural curiosity for the people.To provide effective strategies in their business and to grab more individuals in the business process the organisation Tangerine Tours (PVT) Ltd depends upon the Porters National Diamond analysis in the market. By the help of this model the researcher can effectively understand the organisational strategy and the structure of the organisation, the competitive market for the organisation, market demand of the tourism industry in Sri Lanka, related different supporting industries and different conditioning factors in the market(Bashiri, Baziyar, Balakshahi, 2013). To make the comparative advantages for the organisation this model has been formed by Michael E. Porter.Prof Michael Porter first bring in Diamond model is to give details the different factors of nationalbenefits of the states. The Diamond model has basically four features as firm strategy, structure and rivalry, factor conditions, demand conditions, related and supportive industry(Pforr Hosie, 2009). The factors, independentlyand as a arrangement, make the situation in which a states ready for actionbenefits. With this model analysis the researcher can effectively understand different comparative advantages in their business process like Organisationalresources availability in the market and their skills Different information collection from the market to obtain the proper opportunities for the organisation Individual aims and objectives for the organisation Innovation capabilities and the investment pressure of the organisation These four determinants are the basic determinates of the Porters National Diamond model and to extend this model the theorist added two factors also in this model, those are Chances or the opportunities of the tourism sector in Sri Lanka and Governmental act of Sri Lanka in their Tourism Industry(Bennett, 1998). To get better understanding about the tourism sector in Sri Lanka this extended model will help the researcher effectively to analyse their competitive advantages and benefits for the organisation like Tangerine Tours (PVT) Ltd. Chance To analyse the chances of the organisation to penetrate their business regarding the Sri Lankan Tourism industry it is very much vital task for the marketers to go through the proper market analyse and collect proper data about the opportunities and the market condition. Positive factors Sri Lankan Tourism Industry is growing in a rapid speed and according to the market research it can be analyse that within the 2.2 million people which is slightly up from the 2015 scenario. The another main advantages of this industry is different hotel sectors from the all over the world trying to invest their money in the nation for developing better hotels and services for the traveller. Due to the large number of visitors came from the different corner of the world, the airlines services and transportation services rapidly increases and it adds up more flight services from the western countries(Bulcke, Verbeke, Yuan, 2009). On the other hand due to the low cost accommodation facilities and combination of forest, mountain and sea within short distances different organisation attracted by this tourist sports and it also attracts more travellers in their business (Berg et.al, 1998). Biodiversity is one of the vital factors in the Sri Lankan tourism industry to attract more travellers and investors in their business process. This nation is one of the most exciting biodiversity hotspot among the world and it is ranked 25th in the world. Historical and cultural diversity is one of the main strength for attracting the different hospitality industry all over the world(Cavusgil, Knight, Riesenberger, Rammal, Rose, n.d.). Negative Factors The negative media coverage is one of the main negative factors in the Sri Lankan tourism industry. The security situation and the terror attack is another vital reason for demotivates the travellers to come in the nation for visit. Communication is one of the main problems for the Tourism Industry of Sri Lanka(Riasi, 2015). In most of the places the individuals communicate with the travellers with their local language which is quite problematic for the different nation people mainly for the western countries people to communicate with them(Porter, 1980). By the help of enhancing the public awareness the tourism industry of Sri Lanka can get their effective outcomes to attract more tourist in their account and it will also benefited for the organisation like Tangerine Tours (PVT) Ltd to plan more tour program in the Sri Lanka to guide the people better about the places. Factor Condition To make the industry more popular and attractive towards the tourists and investors for Sri Lankan Tourism the management needs to focus on the factors which may affect the whole business(Greenstein Mazzeo, 2003). In this factor condition the tourism industry needs to aware about their natural resources and capital resources in the business process. Positive factors The climate and the historical resources are the main advantages for the Sri Lankan Tourism industry to attract more visitors in the nation. The Morphology is one of the best parts for this nation. Due to the different culture and Culture belongings with Buddha is one of the great attraction for the all over the place(Chan, 2002). The nation has both sea and hills for the tourist to attract in their business which is another biggest strength for the tourism industry to grab more customers and investors in their account. Different homemade art work is one of the finest things in the Sri Lanka to attract travellers in their business. Negative Factors The main negative factor for the Sri Lankan tourism is this is one of the developing countries. The specialized and skilled labour shortage is observed in the country to produce an effective result in the tourism sector (Buultjens et.al, 2005). Due to lack of promotion about the market the tourism industry of Sri Lanka has several unsighted tourist places for the visitors(Rugman Verbeke, 2005). Due to the attractive tourism sites of Sri Lanka are unseen it becomes less popular towards the travellers. Infrastructure of the tourism industry is not so much developed for the Sri Lanka. This is a developing country for that reason it did not have sufficient labour, transportation services and hotels in their different attractive tourist spots which may harm the overall competitive advantages for this tourism industry(Rugman, Broeck, Verbeke, 1995). Sea transportation is available but roadways and airlines transportation is not very much upgraded which leads more time consuming factor for the travellers. Demand Condition Demand Condition is one of the major factor in the Porters national Diamond analysis model, Sri Lankan demand conditions are not pretty muchconstructive for the tourism sectors additionalprogress. Sri Lankans, once travelling within the nation, the individuals supportsautonomous travelling method to package vacations. yet the packages expanded by Sri Lankan travel companies are quite a few times for positions not favoured by the international travellers(Samarasuriya, 1982). New outlines of tourism industry are moreoversluggish to expand in Sri Lanka and Sri Lankans travellers do not appear to support the people. Trade and meeting tourism is not also extremelyexpanded, as most Sri Lankans travel for vacationsreasons or to trip with family and friends (Sharpley, 2005). Positive Factors Demand conditions give the impression to have accessible the business some spirited benefits in their business process. Previous demand throughSri Lankan travellers, particularly for spots that would then turn out to bewell liked for overseastourists, was active in the business and earlydevelopment of the business. This early high developmentprototypetogether with the importance of Sri Lanka demand on the similarcharacteristic, time phases and, to a smalleramount, places as overseas demand has becomesignificantall the way through the businessgrowth. Negative Factors In the demand condition Sri Lankan tourism industry faces several issues. Due to the lack of innovation strategies in their business process the organisation cannot attract more travellers in their business. A promotional activity is very much essential in the tourism industry to gain more travellers from the different corner of the world(De Kluyver Pearce, 2009). The management of the tourism industry in Sri Lanka needs to focus on the transportation and special train facilities on the different occasion and pick time of the travellers. Promotion of the tea tourism is very less effective and not sufficient(Jolliffe, 2007). Promotion of the tourism industry is less effective via different websites and educational programme. Identification of the different region marketing strategy is less effective. Firm Strategy, Structure and Rivalry Situations based in the lead of firm strategy, structure and rivalry were studied and are highlighted in this part. The situations were studied on the source of every firms jointly, on the foundation of the figure of days the firms had been operated in Sri Lanka tourism industry, the dimension of the employees of the organisations, and the kind of trade the organisationsfunctioning in their business. To assess the proper strategy, structure and the rivalry of the firm this model is quite effective for the tourism industry in Sri Lanka. Positive Factor The tourism industry of Sri Lanka is small sized but an environmental and cultural impact attracts travellers more and more towards their business. Due to the destination marketing the tourism industry can build an effective business procedure in their business. Biodiversity is one of the vital factors in the Sri Lankan tourism industry to attract more travellers and investors in their business process. But apart from the different strategy implementation the business of tourism industry faces several losses due to the vast competitive market in the market. Negative Factors For small scale industry the firms have less vision and clear strategy in their business process. Due to the lack of effective business strategy the management of the organisation cannot provide an effective future scope and grab more opportunities in the tourism industry. For an entrepreneur tourism industry is one of the most effective and less investment sector in the market. Most of Sri Lankan Tourism Company has lack of experiences in the tourism sector and due to that they often take less risk in the business which can be harmful for the GDP growth of the nation. The tourism industry has less innovation in their strategy making so often the management cannot innovate their services in the tourism sector(Schott, 2010). Rivalry becomes the most created monopoly in the business process for the tourism industry. Related and Supporting Industries Apart from the tourism industry other different industry and supporting business sectors are also important. To enhance the value of the tourism industry different industry like food, retail and shipping industry are co related with each other. Positive Factors The extremely competitive Sri Lankan bunch of Food and drinks has been a keydealer of a variety ofdivisions of the Sri Lankan tourism business. The global competitiveness of different food and drinks businesses has added to the tourism sectors achievement by givingsuperior quality service and products at realisticcosts; particularly those regard as thehale and hearty productssuch as vegetables, fruits and oil. These contributions were also distinguishedas of those of a lot of other states, supporting to make an exceptionalreflection for Sri Lankan food, as well as for several of the drinks also and pressure the well recognizedSri Lankancookingindividuality(Porter, 1980). The shipping industry also plays a pivotal role as a supporting industry for the tourism industry. Due to the lack of development in roadways services the shipping industry is growing rapidly and to export or import the product to the western countries this is the only way for the Sri Lankan government to focus on. Accordingly due to the effective growth and development in the tourism industry the construction industry also developed rapidly due to the large amount of investment from the foreign hotel company. Negative Factors Regional related and supported organisations or industries are very much limited in their business procedure. Due to the lack of knowledge in the tourism education and lack of interest in the other activities like hiking, golf, biking different entrepreneur not getting much interest in the investment. From the market analysis it can be observed that Sri Lankan government didnot focuses on the developing various shopping malls or medical and health care sector which is comparably an effective sign of the development procedure. Government In this diamond model government play very significant role for the tourism industry in Sri Lanka. By the help of governmental support the tourism industry can grow rapidly within the nation. For developing and building new legal policies and documents government is very essential part. Positive Factors To attract more investors in the tourism industry effective foreign direct investment is relies on the effective governmental policy making procedure. Sri Lankan government is very much supportive for their growth and development. The governments responsibility in the business has been variable over the time. At the time, it is accurate that a lot of its attempts have been helpful to the business;faults and depriveddevelopment are liable for several of the currenttroubles in the tourism industry of Sri Lanka. Negative Factor After the natural calamities like Tsunami the government has changed some policies to protect environment which can create some difficulties for the foreign travellers to feel the comfort of the natural beauty in the seas. Other supportive industries lack of growth sluggish the development of the tourism industry(Porter, 1980). Language barriers are one of the most harmful effects in the tourism industry for their growth. The government have ruled that, Sinhala text to succeed in case of discrepancy which could be difficult for the foreigners to communicate with the local people. Market Entry Strategy Market entry strategy is very much essential for any organisation to expand their market in the competitive market. As an employee of Tangerine Tours (PVT) Ltd organisation the individual needs to analyses proper marketing strategies with the help of Foreign Direct Investment approach to make an entry in the Sri Lankan industry.The foreign direct investment is defined as an activity by which the foreign people came to another nation to operate new hotel, business, firms etc (Pfaffenberger, 1983). The organisation Tangerine Tours (PVT) Ltd organisationneeds to adopt this strategy as an entry strategy in the Sri Lankan Market(Kamau, 2014). The FDI is mainly contrasted with the portfolio investment process. According to the operation base the FDI has three types Equity acquisition Profit reinvestment Loans from a parent organisation Expansion of a tourism industry needs proper investment in whole infrastructure, including transportation, telecommunications and utilities(Green McNaughton, 1995). Developingnations like Sri Lanka faces lack of necessaryassets, knowledge or information, technology, so FDI is considered as a means of satisfying those gaps. Before the investment plan the organisation needs to aware about the local destination assessment(Barclay, 2000). By relating FDI the purpose increases additional access to international markets. The businessdesires to assess their line of services and global branding perspective in their business. FDI in tourism is intense in performancelike as hotel place, eating place and carleasing. On the other hand, there is small FDI in tour process, travel agencies, reservation systems orairlines as these are inclined to be offered by the host nation(Ramamurti Hashai, 2011). For instance, the airline sectorseven thoughworldwide in its performance does not unavoidably take positionfrom side to side FDI but in the course of strategic association. Recommendation Sri Lankas recently established leaders appears to be leaving all out to encourageglobalassociates, with the Head of State constructive a milestone visit to India in the mid of February, at the time, the Minister of Foreign Affairs has furthermoreoccupied in numerousabroadtours,possibly to presentdeclarations to theinternationalsupporterin bothcurrent and conventional(Crane Larrabee, 2007).The organisation Tangerine Tours (PVT) Ltd needs to expand their services through the FDI marketing strategy with the help of promoting more branding and investment in the hotels and transportation. To grab more people in the business model sustainability is the prime concern for the organisation to reach out their business in the Sri Lanka. Contemporary Management Issues From the above report it can be analyse that within the tourism industry of Sri Lanka the authority faces several contemporary issues regarding their expansive use of resources and skilled labour force problems in the whole industry(Jones George, 2006). Being a country of Asia the tourism industry of Sri Lanka faces several terror threats which lead the harmful business process for the industry. Supportive industry development issues are another major problem for the tourism industry(Hampton, 1977). Due to the developing country there are several areas where the government needs to focus their mind to develop their tourism industry towards the world. Establishing Sri Lanka as one of the mainfavoured tourist spots in the globe and accomplishingnoteworthyinput for reaching the dream ofsocio-economic alteration, social impartiality and speedyfinancialexpansion and wealth in the nationby the help of tourism is anintimidating task in face of the management, concerned stakeholders, to the government, and the individuals (Jolliffe Aslam, 2009). Focusing of the Innovation and Creativity To extend the tourism industry in front of the world the tourism sector needs to aware about the proper creative idea and innovation strategies in their business(Jones George, 2008). By making effective transportation facilities and getting investment from the foreign investors could not support the whole business process to enhance; it requires proper skilled and educated staffs in the tourism industry to expand this more towards the traveller(Jones George, 2014). To make the business more competitiveness the industry needs to produce more innovative product and services. Management culture is not helpful, possessions are lacking and principles and approaches are not matching is the major problem for the tourism industry of Sri Lanka(Jain, n.d.). Policy Issues Policy carrying out has foreverstayed a prime issue for approximately all the civicguidelines in Sri Lanka and the tourism industry is not an exclusionof it. In all purpose, be short of institutional ability is endorsed as the sole most significantissue to such deprived policy functioning(Rangana Sri Shalika Wadippuli Arachchi, et al, 2015). On the other hand, a lot ofcivic policies are poorly executedturn out to be, these are not well prearranged and the substanceis short of consistency and wholeness. This grips fact in the point of tourism course of action in Sri Lanka. Conclusion From the above report it can be concluded that, the overall tourism industry of Sri Lanka is depending upon several factors. To make an effective growth and development of the industry the government and the management of the tourism industry needs to focus on various factors which have been highlighted throughout the report. In this report, by the help of Porters National Diamond Analysis the research can analyse the overall competitiveness and investment attractiveness of the Sri Lankan tourism industry. To enhance the attractiveness and the competitiveness in the market to grab more touriststhe researcher has recommended few points in this study. By mitigating several contemporary issues the tourism industry of Sri Lanka can grow effectively. References Arachchi, R. (2014). Perception of the eco tourism concepts and its practices in the hotel industry: the case in eco resorts in Sri Lanka. Wayamba J Mgt, 3(2). https://dx.doi.org/10.4038/wjm.v3i2.7442 Barclay, L. (2000). Foreign direct investment in emerging economies. London: Routledge. Bashiri, M., Baziyar, M., Balakshahi, A. (2013). Analysis of Various Aspects of Olive Exports Based on Porter's Diamond Model Singaporean Journal of Business, Economics and Management Studies .- 2013, Vol. 1, No. 6, pp. 103-111. Singapore: National Library Singapore. Bennett, R. (1998). International marketing. London: Kogan Page. Bulcke, D., Verbeke, A., Yuan, W. (2009). Handbook on small nations in the global economy. Cheltenham, UK: Edward Elgar. Cavusgil, S., Knight, G., Riesenberger, J., Rammal, H., Rose, E. International business. Chan, M. (2002). Institutional perspective of foreign direct investment strategy. Crane, K. Larrabee, F. (2007). Encouraging trade and foreign direct investment in Ukraine. Santa Monica, CA: RAND/National Security Research Division. De Kluyver, C. Pearce, J. (2009). Strategy. Upper Saddle River, N.J.: Pearson/Prentice Hall. Green, M. McNaughton, R. (1995). The location of foreign direct investment. Aldershot: Avebury. Greenstein, S. Mazzeo, M. (2003). Differentiation strategy and market deregulation. Cambridge, Mass.: National Bureau of Economic Research. Hampton, D. (1977). Contemporary management. New York: McGraw-Hill. Jain, T. Features of Leasing Industry in Sri Lanka. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.2125800 Jolliffe, L. (2007). Tea and tourism. Clevedon, UK: Channel View Publications. Jones, G. George, J. (2006). Contemporary management. Boston: McGraw-Hill/Irwin. Jones, G. George, J. (2008). Contemporary management. Boston: McGraw-Hill/Irwin. Jones, G. George, J. (2014). Contemporary management. New York, NY: McGraw-Hill/Irwin. Kamau, A. (2014). Market entry strategy. [Place of publication not identified]: Grin Verlag Gmbh. Mohotti, C., (Chandi) Jayawardena, C., Teare, R. (2013). Responding to the tourism industry training and human resource challenges in Sri Lanka. WW Hospitality Tourism Themes, 5(5), 456-463. https://dx.doi.org/10.1108/whatt-05-2013-0028 Pforr, C. Hosie, P. (2009). Crisis management in the tourism industry. Farnham, England: Ashgate. Porter, M. (1980). Competitive strategy. New York: Free Press. Ramamurti, R. Hashai, N. (2011). The future of foreign direct investment and the multinational enterprise. Bingley, U.K.: Emerald. Rangana Sri Shalika Wadippuli Arachchi, Mohd Shukri Ab. Yajid, Ali Khatibi,. (2015). Ecotourism Practices in Sri Lankan Eco Resorts: A Supplier Perspective Analysis. JTHM, 3(5). https://dx.doi.org/10.17265/2328-2169/2015.10.001 Riasi, A. (2015). Competitive Advantages of Shadow Banking Industry: An Analysis Using Porter Diamond Model. BMS, 6(2), 15. https://dx.doi.org/10.5296/bms.v6i2.8334 Rugman, A. Verbeke, A. (2005). Analysis of multinational strategic management. Cheltenham, UK: Edward Elgar. Rugman, A., Broeck, J., Verbeke, A. (1995). Beyond the diamond. Bingley, U.K.: Emerald. Samarasuriya, S. (1982). Who needs tourism?. Leiden: [State University of Leiden]. Schott, C. (2010). Tourism and the implications of climate change. Bingley, U.K.: Emerald. Robinson, L., Jarvie, J. K. (2008). Postà ¢Ã¢â€š ¬Ã‚ disaster community tourism recovery: the tsunami and Arugam Bay, Sri Lanka. Disasters, 32(4), 631-645. Berg, H., hman, M. C., Trong, S., Lindn, O. (1998). Environmental economics of coral reef destruction in Sri Lanka. Ambio, 627-634. Buultjens, J., Ratnayake, I., Gnanapala, A., Aslam, M. (2005). Tourism and its implications for management in Ruhuna National Park (Yala), Sri Lanka. Tourism Management, 26(5), 733-742. Pfaffenberger, B. (1983). Serious pilgrims and frivolous tourists the chimera of tourism in the pilgrimages of Sri Lanka. Annals of Tourism Research, 10(1), 57-74. Jolliffe, L., Aslam, M. S. (2009). Tea heritage tourism: evidence from Sri Lanka. Journal of Heritage Tourism, 4(4), 331-344. Sharpley, R. (2005). The tsunami and tourism: A comment. Current Issues in Tourism, 8(4), 344-349.

Global Financial Crisis Causes and Impacts

Table of Contents Introduction Global governance Banks Investors Real linkages Conclusion References List Introduction Global financial crisis is described as the extensive economic disaster that started in the United States in 2007. Starting with the collapse of the American financial system, the economic emergency rapidly spread to other countries in the world. Interrelated markets of the current global trading systems were the major cause of the rapid spread of the financial crisis.Advertising We will write a custom essay sample on Global Financial Crisis Causes and Impacts specifically for you for only $16.05 $11/page Learn More After a number of years since the first occurrence of the crisis, it is still not possible to explain fully the impact of the global financial crisis because the economic emergency keeps on hindering and destroying global markets (Gelos, 2009, p. 15). A number of factors caused the concurrent crush of the housing system, financial markets, and the banking industry in America. Even though the causes of the crisis are still debated, this occurrence spread out almost immediately into the international market. Usually, the United States plays an influential role in global financial industries and stock trading. This means that the crush caused a destructive impact both within America and in countries all over the world. The extensive effects of the economic crisis began late in 2007 at the time when prices of fuel and food started increasing globally. Factors that some years before seemed minor like increases in prices of fertilizers started to destroy crop industries and the importation of food in developing economies (Gelos, 2009, p. 17). In 2008 as the financial crisis in America intensified, financial institutions like banks strove to decrease their spending mainly in foreign investments. This deepened the worldwide emergency because many countries depended a lot on the foreign investment of the Uni ted States for the survival of their economies. Global governance The outstanding increase in global integration recently has largely overwhelmed the ability of global governance. The deepening of globalization has led to an increase in insufficiency of organizations and policies responsible for global governance. This was evident in the global financial crisis and its harsh effects which are still ongoing. The speed and frequency with which economic emergencies from one nation and spread to other countries shows the significance of sufficiently strengthening financial organizations to make sure that they are able to take fast, remedial and effective measures.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Improvement in global economic governance is the main factor in renewing the prevailing dialogue in global political economy (Crotty, 2009, p. 563). Many national economic policies which are cost effective work partly because they benefit other nations but a majority of the policies are only possible if they are also adopted by other nations. The IMF has argued that the main cause of the global financial crisis was inadequate regulation of the financial system combined with lack of market discipline. Global imbalances alone could not have led to the crisis without the capability of financial organizations to create new tools and mechanisms to take care of the demand for higher incomes by investors. The tools eventually became more risky than excepted (Crotty, 2009, p. 564). However, many of the investors relied on the analysis on credits by various agencies thus failing to conduct prior examination of the assets despite their optimism in the increased prices. This was considered one of the major causes of the economic crisis. The biggest role in the crisis was however, played by flawed and ineffective financial regulation which is also called the shadow banking sys tem. The highly interconnected but loosely regulated network of hedge funds, investment banks and mortgage sector was not subjected to prudential regulation. They were not regulated because they were never seen as systematically significant like banks (Crotty, 2009, p. 565). Their lack of regulation made it further attractive for banks to elude capital investments by making these entities take all the risk. Over time, this institution network became very large and became systematically vital. By the end of 2007, the assets of bank-like organizations in the United States that were not prudentially regulated were estimated$10 trillion, almost equal to the assets of the regulated banking system of America (Crotty, 2009, p. 566). Financial problems that began in the United States in 2007 rapidly spilled over to other countries around the globe to cause the harshest global financial crisis and collapse from the time of the Great Depression. The global implications of the crisis were tota lly unpredicted and have forced a reconsideration of global financial connections. Even though global exposure could have offered a bit of insurance by way of constructive wealth transmission for some economies at the time of the crisis, global exposure played a destructive role by enabling the crisis to rapidly spread from the American housing market to the larger American economy and then to other countries (Porter, 2011, p. 9).Advertising We will write a custom essay sample on Global Financial Crisis Causes and Impacts specifically for you for only $16.05 $11/page Learn More These economic shortcomings may have been prevented by extensive regulation of the financial sector. Because financiers will always find a way of evading regulations proposed, global governance could have implemented its proposed regulations and action taken against market players who go against the regulations. Banks The world quickly moved from the global savings glut to an abr upt contraction in international liquidity. Shocks are enlarged and spread faster when leverage exists. In early 2000s, there was a considerable build up in leverage of big American commercial banks and global investment banks (Shin, 2009, p. 101). Although commercial banks may not seem to have problems with leverage levels before the financial crisis began, when the crisis started, internationally active banks played a very crucial role in the spread of shocks globally. A channel of this connection is the way in which these banks control liquidity throughout the whole banking association. Banks can transmit shocks globally by managing their liquidity throughout foreign linkages, dealings with international banking linkages, and through the global lending decisions. Banking crises and recessions have adverse impact on the creation of new relations however; all banks or all nations do not experience the same effects. The 2007 crisis showed this pattern and had huge negative effect on the creation of new connections in the international network of banks. The financial crisis made banks very cautious when lending and this meant that new relationships were not made. Banks helped in the rapid spreading of the crisis through reduced lending (Shin, 2009, p. 104). This had the impact of lessening international liquidity and also with the vital role played by banks in the United States to supply dollars, reduced lending led to an international shortage of dollar liquidity. The Federal Reserve in collaboration with other central banks injected dollars to respond to the crisis. Investors As banks limited lending and liquidity throughout borders, at the same time investors cut their capital flows in foreign markets. During the financial crisis, changes in international liquidity, crisis occurrences, and risk had a large impact on capital flows during the crisis. These effects were very varied in all nations but with a big part of this variation described by disparities in the strength of macro-economic fundamentals, country risk, and quality of home organizations. Fund managers and fund investors also played a role in the spreading of the crisis across countries. The volatility of mutual fund investments is motivated by fund managers and investors through which injections into each fund and changes in management in national cash and weights (Rogoff, 2008, p. 2).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Managers as well as investors react to national crises, returns and change their investments significantly in reaction to the economic occurrences like the global financial crisis. The behavior of both managers and investors is somewhat cyclical because they pull out of countries in undesirable times and increase their exposures in the countries when economic conditions improve. This means that investors in mutual funds are a vessel through which financial crisis of 2007 spread rapidly across nations in their portfolio leading to a global financial crisis (Rogoff, 2008, p. 3). Real linkages These could also be the channel through which the financial crisis rapidly spread globally. For instance, majority of Asian countries were not exposed to the subprime and housing markets of the United States and therefore, such economies had weaker connections with America through investment and direct bank relationships (Fidrmuc, 2010, p. 293). These Asian economies however still suffered harsh reduction of output in 2008 and 2009. The financial crisis had a larger undesirable effect on companies with larger sensitivity to trade and demand especially in economies that are more open to trade. Financial openness however, appeared to have made a minimal difference. This indicates that real channels of transfer through the impact of aggregate demand and trade flows played a significant role in spreading the global financial crisis. Conclusion The financial crisis may act as medium for transformation in global governance and may signify a change from the traditional economic system. The global financial crisis has helped in revealing the big gap between international economic order and structures of governance in modern times (Helleiner, 2009, p. 17). Many emerging economies such as China have been attaining rising political and economic significance but are not equally represented in crucial institutions. Even though the reaction to the crisis has largely been on the financial system, more attention needs to be paid to monetary issues as well as the world trade. A debate has been ongoing about whether informal institutions such as the G20 or the G8 should really play a role in transforming the authority and governance of global financial organizations. G20 may not be fully justifiable in its present embodiment to succeed in this duty; in fact by just growing present IFI and doing nothing to change them poses a risk of dependency and the maintenance of business as usual. Global governance is very important in a situation where trade exists. The development of trade administration will have to take into consideration the present stresses placed upon it by economic growth and sustainability questions brought about by the financial crisis. Global governance needs to reform if it aims at meeting global economic objectives and react to challenges (Helleiner, 2009, p. 16). The main role of global governance is managing the international economy by considering t he views and interests of all players and not just the G7 views. References List Crotty, J 2009 ‘Structural causes of the global financial crisis’, Cambridge journal of economics, vol. 33 p. no. 4, pp. 563-566. Gelos, G 2009 ‘The global crisis: explaining cross-country differences in output impact’, Social science research network, vol. 23 no. 4, pp. 15-17. Helleiner, E 2009 ‘Regulation and fragmentation in internal financial government special forum: crisis and the future of global financial governance’, Global governance, vol. 15 no. 1, pp. 16-21. Porter, M 2011 ‘Managing in the new global economy’, Harvard business school, vol. 2 no. 2, pp. 7 – 12. Rogoff, K 2008 ‘Is the 2007 U.S subprime financial crisis so different’, The national bureau of economic research, vol. 2 no. 1, pp. 2-3. Shin, H 2009 ‘Reflection of the northern rock: the bank run that heralded the global financial crisis’, Journal of economic perspectives, vol. 23 no. 1, pp. 101-104. Fidrmuc, J (2010) ‘The impact of the global financial crisis on business cycles in Asian emerging economies’, journal of Asian economics, vol. 21 no. 3, pp. 293 – 312. This essay on Global Financial Crisis Causes and Impacts was written and submitted by user Cannon Ortega to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Culture Clashes in Early America essays

Culture Clashes in Early America essays Diversity is a subject that has brought much education to America and is accepted nearly everywhere today. In early colonization, however, diversity was something to be purged. Many prejudiced beliefs separated the colonists and their colonies by race, religion, and even sexes. Political power was singled out to those who had the correct genes, but not necessarily the right mind. Many avoidable, but devastating mistakes were made. Although some people still believe that the culture clashes were the Indians or the Europeans fault, the fault belonged to all involved. These cultural clashes were the result of several centuries of prejudiced criticism due to self-image, religious beliefs and views about land ownership. Self-image was an important factor in the culture clashes of early America. The Native Americans, for the most part, saw themselves as innocent victims. According to Wahunsonacock, Powhatan Confederacy, the Indians were unarmed and harmless, and freely willing to give whatever the Europeans wanted. The Europeans took advantage of this submission and overpowered the Indians as much as they possibly could. The Spaniards believed in their superiority over other cultures, considering theirs a civilized society. Almost all the Europeans tried to suppress those who were willing, thinking that the Indians were the inferior race. Spanish missions were placed in Florida, the Southwest, and California to convert and work the Indians. Religion also played a major impact on the self-image of the early colonists. The Europeans religions were similar and yet they were ready to fight to the death about minor details. They couldnt look past the differences to see that everyone is human, no matter how different they look or act. Difference in religion is one of the broadest categories responsible for the culture clashes. The main reason is that most Europeans were unable to even consider th ...

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Transcultural Nursing Reflective Essay

Transcultural Nursing Reflective Essay Rose Bonanno ‘Transcultural nursing is a comparative study of cultures to understand similarities (culture universal) and difference (culture-specific) across human groups’ (Leininger, 1991). Introduction Transcultural Nursing is an area in nursing practice that focuses on how the ideals and principals of particular groups influence their behaviour when they are sick. Diverse cultures may express dissimilar kinds of needs when they are ill, (Gulbu, 2006). Clients will be more willing to accept their treatment when the health care professional can understand their cultural rules, (Pagliuca, Rodrigues, 2012). Being cultural competent is having the approach, awareness and ability to provide appropriate care to different populations, (Loftin et al., 2013). A patient’s perspective has to be seen within the whole context. Community dynamics such as social status and knowledge, distinguish individuals within racial groups, (Weiner et al., 2013). Whether we are French or Canadian, African or Norwegian, straight or gay, Catholic or Muslim, we are a mixture of cultures. Nursing students need to cultivate social skills to care for patients in a multi-cultural world, (Torsvik, Hedlund, 200 8). Both the views of others and ourselves are equally essential in the understanding of illness (Simon et al., 2010). Incident Since I was a very young child I have always been aware that there are ‘different’ people. This was due to the fact that I always remember the British soldiers that used to roam the street and I could always realise that they spoke a language which at the time I did not understand, they wore shoes and clothes which were much different than the few that me or my family had. However in my child’s mind I always associated them with the good things, because although they were different they were of the same skin colour that I was and so it was no big deal if they stopped to talk to me or one of my friends. My parents would not mind when they would stop to say hello or to offer us sweets. As I grew older I realised that although there were differences between the way that we spoke and behaved there were also a lot of similarities. But seeing a coloured soldier was all too different. I would not even lift my eyes to talk to them let alone smile at them. This was due to the fact that my parents used to tell us dramatic stories where the bad guy was always black and so this implanted in me a certain fear of black people. Growing up and travelling around made me aware of the different races that inhabit our world. In time I became used to seeing different coloured people, different races. However they were just a part of the world around me and I would never give it much thought until the first boat of immigrants started to come to our shores. Since most of them came from African countries, they were mostly dark coloured and ‘different’. And then the unthinkable happened. I had to nurse a ‘black’ patient. The first time that I walked on the ward and saw this black person, sitting in bed, between two white sheets, the first thing that comes to mind is the contrast. And then the problems start coming to mind. He must be dirty, he must carry a lot of infectious diseases, and he must smell. Secondly come the more rational questions. How am I going to communicate? How is he going to communicate back? How can we understand each other? So I did my best to ignore him all day. Luckily I was allocated duties in another part of the ward and so I could continue working without any bother. But my ‘luck’ ran out when one of my colleagues needed to go home early. And so it was now my turn to care for the patient. At some point he needed some water and since he had nothing on his bedside table he had to ring the nurse call. I remember walking up to him a little cautiously as if he might jump on me. I still remember that feeling of adrenaline rush that causes the fight-or-flight reaction after all these years. And then I arrived at his bedside and in low quiet voice, without raising his eyes, he asked for some water. Although I tried not to show it I was surprised. He had spoken to me in English!! That was the first surprise that I had from this thin-looking dark-coloured man. In return I voiced my surprise and asked him where he had come from. He told me that he was from Ethiopia. Although I had met the country in my geography lessons, way back when I was still at school, I hardly knew anything about the country. All that I knew was there somehow there was always a war there and that its capital was called Addis Ababa. I remember recalling Addis Ababa when he told me that his name was Addis. Addis was a quiet man, softly spoken and of course by himself most of the time. He did not eat me, he did not kill me, and he did not smell foul. Seeing that we could communicate in English, I asked him about his story. He told me that he had run away from his country and that he had left a wife and two sons behind him. He said that he intended to find some work so that he could send money back to his family. He said that he was Orthodox Catholic, which again was another surprise for me. He always bowed his head when I would approach him and I thought that this was because he was shy. Another surprise was that he never ate meat on Wednesday, (and on Fridays as well, I got to know later). I was curious to know whether he missed his family and of course he did. He said that he usually phones them once every month, which again was a surprise to me, and he started telling me the how his wife travels a long distance to go to the city so that he can talk to her. Reflection Encouraging logical reflective thinking is stressed in studies emphasising the benefits of using nursing stories in the course of learning (Torsvik, Hedlund, 2008). The first experiences that I had with this patient made me stop and think. Why do we think that being somehow different in colour, beliefs or behaviour makes us superior? All in all if we think about people, no-one is really as different from one another as we make out to be. The trend for people to classify others on the basis of their ethnic group, or perceived physical appearance, and then assign social or educational importance to them – whether they are of high class or sub-standard status- is a fact that is well known in the Western culture,(Naylor, 1997). All people have feelings and families who they love. We all bleed when we are hurt, and no matter what colour we are, black or white, yellow or blue, our blood is always red. The idea that had been installed in me when I was young was very wrong and it is alright to accept diversity. Diversity makes the world a more colourful, richer place. However I remember vividly that I did notice at the time that I had never been taught anything about other cultures. The subject was sort of taboo. I feel that we are not prepared about different cultures and different religions. It is very important to know about these different cultures so that we become aware of how we can see to their needs if ever we are nursing them. I used to feel embarrassed when Addis used to bow his head to me. I thought that it was funny; I never knew at the time that it was a sign of respect. When we used to play and pretend that we are the queen did we not bow our head? Adding everything up now, it does make sense. Just like we bow to the queen, Addis was showing me a sense of great respect. Analysis I feel that we are not prepared about different cultures and different religions. Studies show that although transcultural nursing studies and knowledge has been increasing, there still remains an absence of proper schooling methods in regards to this subject,(Mixer, 2008). It is very important to know about these different cultures so that we become aware of how we can see to their needs whenever we are nursing them. I used to feel embarrassed when Addis used to bow his head to me. I thought that it was funny; I never knew at the time that it was a sign of respect. When we used to play and pretend that we are the queen did we not bow our head? Adding everything up now, it does make sense. Just like we bow to the queen, Addis was showing me a sense of great respect. Some sort of national background can help evade misinterpretations and assist help-care professionals to deliver improved care, (Galanti, 2000). Action plan. In my opinion there is a need for a Cultural Consultancy Committee. Members would constitute a representative of the ethnic groups which are mainly found on the island. This committee would meet and discuss issues pertaining to their groups. They could also set up policies regarding the issues of communication and other problems that may arise whenever a person from their group is in hospital. The committee might also be able to organise an annual conference in which information, maybe even in the form of leaflets in given to stakeholders. They could also create a strategy, to have faith and community centred voluntary groups to whom a person can turn to in case of difficulty. In its Action Plan to Reduce Health Disparities, (2010), the American Department of Health and Human Services, (DHHS) suggested that ‘activities may include language services, community outreach, cultural competency training, health education, wellness promotion, and evidence-based approaches to manage chronic conditions’. Conclusion ‘Racial and ethnic minorities often receive poorer quality of care and face more barriers to seeking care, (DHHS, 2010). Language and lack of education could be a strong barrier to communication. Perception and generalisation might also be tough obstacles. Respect and concern for people who are diverse from us will only be likely when people cultivate a better consciousness, compassion and empathy to others who are unlike us (Nayler, 1997). In a world where working with so many different people is no longer something out of the ordinary, it helps to have an ability to perceive the difference in cultures. Stimulating one’s awareness about gesticulating, the meaning of touch and private space, especially between different sexes and individuals with diverse beliefs, conceding that the quality of voice tone and facial expressions can either scare or comfort a person, will have a positive healing effect on people who are culturally different,( Papadopoulos,2012). Diversity can also be beneficial. It is a store for different ideas on how things are done and a chance to meet people with different thoug hts and answers. Culturally experienced health care professionals guarantee patients fulfilment and optimistic outcomes, (Maier-Lorentz, 2008). For health care providers and specifically nurses, the necessity to make suitable and expert care available is acknowledged as vital l in view of the increasing variety among persons that they care for, (Loftin et al.,2013}. References; American Department of Health and Human Services ; A Nation Free of Disparities in Health and Health Care, 2010, PG 17, http://minorityhealth.hhs.gov/npa/files/Plans/HHS/HHS_Plan_complete.pdf Galanti, G.A., 2000, An introduction to Cultural Differences, West J. Med; 172(5): 335-336, Retrieved June 18thfrom; http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1070887/ Gulbu,T., 2006, The implications of Transcultural Nursing Models in the Provision of Culturally Competent Care, Icus Nurs Journal, Issue 25, Jan.- Apr, 2006, Pg 1 Leininger, M. Culture care diversity and universality: A theory of nursing. New York: National League for Nursing Pres; 1991. Loftin, C., Hartin, V., Branson, M., and Reyes, H., â€Å"Measures of Cultural Competence in Nurses: An Integrative Review,† The Scientific World Journal, vol. 2013, Article ID 289101, 10 pages, 2013. doi:10.1155/2013/289101 Loftin, C., Hartin, V., Branson,M., Reyes,H., Measures of Cultural Competence in Nurses: An Integrative Review, Scientific World Journal Volume 2013 (2013), Article ID 289101, 10 pages ,http://dx.doi.org/10.1155/2013/289101 Maier-Lorentz, M. (2008). Transcultural nursing: its importance in nursing practice. Journal Of Cultural Diversity, 15(1), 37-43. Mixer, S. (2008). Use of the culture care theory and ethnonursing method to discover how nursing faculty teach culture care. Contemporary Nurse: A Journal For The Australian Nursing Profession, 28(1-2), 23-36. doi:10.5172/conu.673.28.1-2.23 Naylor, L., 1997, Cultural Diversity in the United States., Chapter 11, Race, Ethnicity and Culture, Pg 49., Publishers, Bergin and Garvey, Westport, CT., http://www.questia.com/read/15586236/cultural-diversity-in-the-united-states Naylor, L., 1997, Cultural Diversity in the United States., Chapter 11, Race, Ethnicity and Culture, Pg 25., Publishers, Bergin and Garvey, Westport, CT., http://www.questia.com/read/15586212/cultural-diversity-in-the-united-states Pagliuca, L. M. F., , Rodrigues, M. E., (2012). Competency to provide cross-cultural nursing care for people with disability: a self-assessment instrument. Revista Brasileira de Enfermagem, 65(5), 849-855. Retrieved June 19, 2014, from http://www.scielo.br/scielo.php?script=sci_arttextpid=S0034-71672012000500020lng=entlng=en. 10.1590/S0034-71672012000500020. Papadopoulos, I. (2012). Transcultural nursing. British Journal Of Nursing, 21(14), 838. Simon, M., Chang, E., Dong, X. (2010). Partnership, reflection and patient focus: advancing cultural competency training relevance. Medical Education, 44(6), 540-542. doi:10.1111/j.1365-2923.2010.03714.x Torsvik, M. Hedlund, M. (2008) Cultural encounters in reà ¯Ã‚ ¬Ã¢â‚¬Å¡ective dialogue about nursing care: a qualitative study. Journal of Advanced Nursing 63(4), 389–396 doi: 10.1111/j.1365-2648.2008.04723.x Weiner,L., Grady McConnell, D., Latella,L., Ludi, E., 2013, Cultural and religious considerations in pediatric palliative care, Palliat Support Care. 2013 February ; 11(1): 47–67. doi:10.1017/S1478951511001027.