Financial management Essay Example | Topics and Well Written Essays - 5000 words - 1

Financial management - Essay Example The analysis is conducting implying accounting theories and principles. Caterpillar Inc is a leading American heavy equipment and machinery manufacturer and distributor. The company is a subsidiary of Caterpillar (CAT). The company is recognized as the leading manufacturer of construction machinery, equipment, engines and turbines. According to the Fortune 500 listing the company ranks number one among 44 industries across the globe and is currently headquartered in Peroria, Illinois (Annual Report: Caterpillar Inc., 2014). The Company was initially established in 1925 under the name of Caterpillar Tractor Company that was then re-organized under the name of Caterpillar Inc in 1986 (Annual Report: Caterpillar Inc., 2014). The primary operations of the company compresses manufacturing and distribution, having manufacturing plant located in more than 110 facilities across the globe among that 51 plants are located in United States and others are located in the different countries worldwide. In addition, the company also provides financial services to its customers in order to provide financial alternatives for the customers to acquire Caterpillar Products. The company acquires assets of net worth, more than US$89 billion with an average revenue turnover of US$55.6 billion (Annual Report: Caterpillar Inc., 2014). The growth and expansion of the company are subjected to its effective financial management practice and performance. The outlook of the financial practices and policies of the company are analyzed to evaluate financial management practices of the company. Caterpillar has constantly expanded with the passage and sustained its financial performance in different economic conditions. The company has ensured its financial practices and policies anticipating its financial positioning in the global market. The section of the report

In-Licensing in Pharma Essay Example for Free

In-Licensing in Pharma Essay INTRODUCTION The process of bringing a new drug to market is an extremely expensive one, often costing above $200 million. This enormous cost can be explained by the fact that a very small fraction of molecules in research and development ultimately become pharmaceutical products. However, the rewards of a successful new product can be tremendous generating, depending on the therapeutic areas in which the product will be used and the disease it will directed to, from millions to billions of dollars of sales annually worldwide. Many pharmaceutical companies are facing a pipeline gap because of the increasing economic burden and uncertainty associated with internal research and development programs designed to develop new pharmaceutical products. The need for large pharmaceutical companies to constantly replenish the supply of potential blockbusters requires a consistent and dedicated approach to drug RD. However no longer is inhouse research expertise sufficient. To fill this pipeline gap, pharmaceutical companies are increasingly relying on in-licensing opportunities. Business development and licensing department identifies new pharmaceuticals that satisfy unmet needs and are a good strategic fit for the company, completes valuation models and forecasts, evaluates the ability of the company to develop and launch products, and pursues in-licensing agreements for pharmaceuticals that cannot be developed internally on a timely basis. The in-licensing process provides a source of new drugs to a given company to supplement internal laboratory research, to reach the company’s goal in term of present and future portfolio. As competition in the pharmaceutical market continues to grow, effective business development strategies become critical to maintain momentum and improve global market share for the leading pharma companies. An increasing proportion of revenues are expected to be generated from licensed products and as a result licensing will become an ever more important component of the overall business development mix (source: Wood Mackenzie’s Licensing insight Multi-Client study, April 2003) The in-licensing process might imply enormous effort by the company. It can be compared to the proverbial search for a needle in the haystack. First, the haystacks are large and require a massive amount of searching. Second, no one knows how many needs are in the haystack. There might be none, or multiple. Third, the search is conducted in public and multiple companies compete for innovative therapies, and resource allocation and financial aspect play a role in such competition. The key to pursing in-licensing opportunities is rapidly to identify individuals and companies with the intellectual property sought by the company. New business development teams maintain a business development customer relationship management information system. The information stored in this system has been gathered from personal networking contacts, industry available organization directories, membership directories, commercially PubMed, and online databases. The system contains the contact information, therapeutic interest areas, development stage information for products in development, and other relevant information needed to identify potential in-licensing partners, such as key clinical researchers, biotechnology companies, and small specialty pharmaceutical companies. A search of this system provides a list of potential inlicensing partners. To supplement this list, the new business development team begins a systematic marketing campaign in select industry trade publications and Web sites to promote the company’s desire for an in-licensing partner. The campaign highlights the company’s strengths in clinical development, manufacturing, and sales and marketing. Information regarding the type of product desired (therapeutic class, clinical development stage, and so forth) and the type of licensing agreement being sought is specified. From the list of potential in-licensing partners, the new business development team selects the most appropriate candidates and begins to evaluate the feasibility of in-licensing each potential partner’s product. Despite there is no standard formal process in in-licensing of pharmaceutical products, it is quite standard to utilize a stepwise approach, composed of go/no go gates, that can be summarised in the following stages: 1. evaluation of potential in-licensing opportunities 2. first pass review 3. product evaluation 4. due diligence 5. in-licensing contractual negotiation and deal closing. This stages are ordered following a timeline perspective, so to have a subsequent flow of actions. The approach includes examining opportunities from other pharmaceutical companies and from academic centers involved in research. Once the opportunity has been identified, the first pass review consist generally in the evaluation of information provided by the potential licenser, the medical and scientific literature, and specialised consultant if there is a in-house gap in specific knowledge. This initial step has often been based on a ‘’gut feeling’’ and the company overall strategy in term of therapeutic area focus. For those opportunities not rejected in the first pass review, a more detailed evaluation of the scientific, commercial and financial issues, are undertaken. Additional people with various area of expertise participate in this secondary evaluation. Only if the entire evaluation is positive the opportunity is taken to senior management, that finally approves the in-licensing after due diligence and a full negotiation on terms of the agreement. One aspect that is often underestimated in in-licensing opportunity is the in depth commercial assessment of the putative candidate, leaving the go/no-go decision mainly at strategic fit in terms of therapeutic area focus or financial aspect taken from capital budgeting calculations. In this regards, sales forecast plays a critical role in assessing the net present value of the in-licensing opportunity, but they need to be supported by a complete, although preliminary, full product evaluation. This evaluation has to include external analysis in the context of the future scenario, internal analysis of the given putative candidate, and a preliminary but clear product strategy. The scope of the development of a qualitative model for a full product evaluation in the context of an putative in-licensing opportunity is to define the key relevant steps within the full product evaluation related to commercial aspect that are critical for the precise and coherent definition of the sales potential of the product, that will used in the Capital Budgeting (e.g. Net Present Value) models to assess the financial aspect of the opportunity and set the basis for the full negotiation. Common financial analysis measures for valuation of an in-licensing opportunity Pay Back Period (PBP) Length of time required to recover the cost of an investment Discounted Cash Flow (DCF) Analyzes future free cash flow projections and discounts them using the after tax weighted average cost of capital to arrive at a present value (value in local currency at the time of analysis); DCF analysis estimates the money a company would receive from an investment and adjusts for the time value of money.

History of Genetic Engineering

History of Genetic Engineering Genetic engineering is a deliberate modification of the characteristics of an organism by manipulating its genetic material. This chapter describes how work carried out between 1970s and 1980s produced technologies that researchers now use to manipulate the genetic material of organisms. Key concepts covered: Recombinant-DNA technology is a technology in which genetic material from one organism is introduced into another organism and then replicated and expressed by that other organism. Gene sequencing is the process of determining the precise order of nucleotides within a DNA molecule. Recombinant-DNA technology has been used to make insulin and other human proteins for medicine. Recombinant DNA The prospect of recombinant DNA emerged from two advances in biochemistry: (1) Discoveries of restriction enzymes that act as scissors to cut molecules of DNA at specific nucleotide sequences; and (2) Discoveries of DNA ligases enzymes that forge molecular bonds. Creation of First Recombinant DNA (1972) In 1972, Paul Berg (1926- ), a biochemistry professor at Stanford University, created the first recombinant DNA molecule. He first isolated the DNA molecules from two different organisms, the SV40 monkey virus and a bacterial virus known as Lamdba bacteriophage (or phage ÃŽÂ »).   Using a cut-and-splice method, he created sticky ends in the DNA of both viruses. Then he joined them together with DNA ligase. Invention of Recombinant DNA (rDNA) Technology (1973) Recombinant-DNA technology is a technology in which a rDNA plasamid is introduced into bacteria and then replicated and expressed by that bacteria. It was invented through the work of Herbert W. Boyer (1936- ), Stanley N. Cohen (1935- ), Paul Berg, and Janet Mertz (1949- ). After Berg created the first recombinant DNA molecules in 1972, Boyer and Cohen took Bergs work a step further by introducing the rDNA plasmid to E. coli bacterial cells. A plasmid is DNA, found in bacteria, that is separate from and can replicate independently of the bacteriums chromosomal DNA. The phenomenon of transformation permits the rDNA plasmid to be introduced into and expressed by E. coli cells. The bacteria containing the rDNA plasmid grow on petri dishes to form tiny colonies. But in a typical procedure, only 1 in about 10,000 bacteria cells takes up the rDNA plasmid. The rDNA plasmid must contain a selectable gene so that they can be efficiently picked up   from the culture. This can be done by using a drug-resistance gene to make the rDNA plasmid resistant to antibiotics such as tetracycline.   Adding tetracycline to the culture will ensure that only the bacteria with the rDNA plasmids survive. In 1974, at the urge of Standford Universitys patent office, Boyer and Cohen filed a patent for recombinant DNA technology. Asilomar Conferences Potential dangers of recombinant genetic engineering emerged even before Berg published his landmark 1972 paper. Although the SV40 virus was thought to be harmless for human, Borg was concerned about the prospect of an altered form of the virus spreading through a common bacteria. So he deferred part of his research program, and did not insert the recombinant virus into bacterial cells as he originally planned. In 1973, Berg organized a small conference at Asilomar, California to address the growing concerns about gene-manipulation technology. In 1974 Berg published a widely discussed letter on the potential dangers of recombinant DNA research. Subsequently, a moratorium on research in 1975 (Asilomar II) provided time for regulations to be devised and put into effect in 1976. Gene Sequencing, Gene Splicing, and Reverse Transcription Gene Sequencing Gene sequencing is the process of determining the precise order of nucleotides within a DNA molecule. It includes any method that is used to determine the order of the four bases A, G, C, and T in a strand of DNA. Frederick Sanger (1918-2013), a biochemist in England, is a pioneer of sequencing. He has received two Nobel prizes: one for the sequencing of proteins (in 1958), the other for the sequencing of DNA (in 1980). In the early 1950s, Sanger had solved the sequencing of a protein using a sequence of degradation reactions. A protein is made up of a sequence of amino acids strung into a chain. To identify the sequence of a protein, Sanger would snap off one amino acid from the end of the chain, dissolve it in solvents, and identify it chemically. He would repeat the degradation and identification process until he reached the end of the protein. In the mid-1960s, Sanger switched his focus from protein to DNA. But his methods that had worked so well for proteins didnt work for DNA. Proteins are chemically structured such that amino acids can be serially snapped off the chain but with DNA, no such tools existed. In 1971, Sanger devised a gene-sequencing technique using the copying reaction of DNA polymerase. At first, the method was inefficient and error-prone because the copying reaction was too fast. In 1975, He made an ingenious modification. He doctored the copying reaction with a series of chemicals variants of A, C, G, and T -that were still recognized by DNA polymerase, but slowed down its copying ability. On February 24, 1977, Sanger used this technique to reveal the full sequence of   phi X 174 (or ÃŽÂ ¦X174) bacteriophage. Gene Splicing In 1977, scientists discovered that most animal (and animal virus) proteins were not encoded in long, continuous stretches of DNA. They were split into modules, interrupted by regions called introns that do not hold protein-encoding information. By splitting the genes into modules, a cell could generate more combination of messages out of a single gene. When a DNA with introns is used to build RNA the introns have to be removed from the RNA message. This phrase for the process is called gene splicing or RNA splicing. Reverse Transcription In 1970, David Baltimore (1938- ) and Howard Temin (1934-94), two virologists, discovered an enzyme that could build DNA from an RNA template. They called the enzyme reverse transcriptase. Using this enzyme, every RNA in a cell could be used as a template to build its corresponding DNA. The production of proteins from recombinant DNA represented a crucial transition in the history of medical technology. To understand the impact of this transition from genes to medicine we need to understand the nature of drugs. Nearly every drug works by binding to its target and enabling or disabling it turning molecular switches on or off. To be useful, a drug must bind to its switches but to only a selected set of switches. Most molecules can barely achieve this level of specificity but proteins have been designed explicitly for this purpose. Proteins are the enabler and disablers, the regulators, the gatekeepers, the operators, of cellular reactions. They are the switches that most drugs seek to turn on or off. Proteins are thus poised to be some of the most potent and most discriminating medicines in the pharmacological world. But to make a protein, one needs its gene and here recombinant DNA technology provided the crucial link. The cloning of human gens allowed scientists to manufacture proteins and the synthesis of proteins opened the possibility of targeting the millions of biochemical reactions in the human body. Proteins made it possible for chemists to intervene on previously impenetrable aspects of our physiology. The use of recombinant DNA to produce proteins thus marked a transition not just between one gene and one medicine, but between genes and anovel universe of drugs. Founding of Genetech (1975) In 1975, Robert Swanson (1947-99), a venture capitalist, approached Herb Boyer with a proposal to starting a company that would use gene-cloning techniques to make medicines. Boyer was fascinated. His own son had been diagnosed with a potential growth disorder, and Boyer had been gripped by the possibility of producing human growth hormone, a protein to treat such growth defects. Three hours after they met, Swanson and Boyer had reached a tentative agreement to start such a company with seed moneys from venture firms. Boyer called this company Genentech a condensation of Genetic Engineering Technology. Synthesis of Insulin (1978) Purified animal-sourced insulin was the only type of insulin available to diabetics until genetic advances occurred later with medical research. The amino acid structure of insulin was characterized in 1953 by Frederick Sanger. The protein was made up of two chains (A and B) one larger and one smaller, cross-linked by chemical bonds. Boyers plan for the synthesis of insulin was simple. He did not have the gene for human insulin at hand no one did but he would build it from scratch using DNA chemistry, nucleotide by nucleotide, triplet upon triplet. He would make one gene for the A chain, and another gene for the B chain. He would insert both the genes in bacteria and trick them to synthesizing the human proteins.. He would purify the two protein chains and then stitch them chemically to obtain the U-shaped molecule. But Boyer was cautious. He wanted an easier test case before lunging straight for insulin.   He focused on another protein somatostatin also a hormone, but with little commercial potential. To synthesize the somatostatin gene from scratch, Boyer recruited Keiichi Itakura and Art Riggs from the City of Hope in Los Angeles. Swanson was opposed to the whole plan. He wanted Boyer to move to insulin directly. Genentech was living in borrowed space on borrowed money. Still Boyer convinced Swanson to give somatostatin a chance. In the meantime, two teams of of geneticist had also entered the race to make insulin. One at Harvard and the other one at UCSF. By the fall of 1977, they succeeded in synthesizing somatostatin, and started focusing on insulin. At this time, the competition was fierce. The Harvard team had apparently cloned the native human gene out of human cells and were ready to make the protein. The UCSF team has synthesized a few micrograms of protein and were planning to inject the human hormone into patients. It was Asilomar that came to their rescue. Like most University laboratories with federal funding, the UCSF team was bounded by the Asilomar restrictions on recombinant DNA. In contrast, Boyers team had decided to use a chemically synthesized version of the insulin gene. A synthetic gene DNA created as a naked chemical fell into the gray zone of Asilomars language and was relatively exempt. Genentech, as a privately funded company, was also relatively exempt from the federal guidelines. In the summer of 1978, Boyer learned that the Harvard team was about to announce successful isolation of the human hormone gene. To his relief, the gene that the Harvard team had cloned was not human but rate insulin. Cloning had made it easy to cross the barriers between species. By May 1978, Genentech had synthesized the two chains of insulin in bacteria. By July, the scientists had purified the proteins out of the bacteria debris. In early August, they snipped of the the attached bacterial proteins and isolated the two individual chains.   On August 21, 1978, they joined the protein chains together in a test tube to create the first molecules of recombinant insulin. In September 1979, Genentech applied for a patient for insulin. The Genetech patent would soon become one of the most lucrative petents in the history of technology. Synthesis of factor VIII (1983) Hemophilia is a rare bleeding disorder in which the blood doesnt clot normally. If you have hemophilia, you may bleed for a longer time than others after an injury. You also may bleed inside your body (internally), especially in your knees, ankles, and elbows. This bleeding can damage your organs and tissues and may be life threatening. Hemophilia is caused by a single mutation in the gene for a crucial clotting factor in blood, called factor VIII, and, until the mid-1980s, was treated with injections of concentrated factor VIII. During 1982 and early 1983, an emergence of mysterious immunological collapse among patients with multiple blood transfusions pinpointed the cause of the illness to blood-born factor that had contaminated the supply of factor VIII -a virus called AIDS. Nearly all the HIV-infacted hemophiliacs from the initial cohort had died of the complications of AIDS. In the spring of 1983, Dave Goeddel (1951- ) at Genentech began to focus on cloning the factor VIII gene. Meanwhile, a team of researchers from Harvard, lead by Tom Maniatis (1943- ) and Mark Ptashne (1940- ), formed a company called Genetics Institute (GI) also joined the race. As with insulin, the logic behind the cloning effort was evident: rather than purifying the missing clotting factor out of liters of human blood, why not create the protein artificially, using gene cloning? If factor VIII could be produced through gene-cloning methods, it would be virtually free of any human contaminants, i=thereby rendering it inherently safer than any blood-derived protein. Genetech knew that the factor VIII project would challenge the outer limits of gene-cloning technology. Somatostatin had 14 amino acids; insulin had 51. Factor VIII had 2,350. To succeed, the gene cloners would need to use new cloning technologies   Both the somatstatin and insulin genes had been created from scratch by stitching together bases of DNA. But factor VIII gene was far too large to be created using DNA chemistry. To isolate the factor VIII gene, Genetech would need to tpull the native gene out of human cells. Tom Maniatis of GI, found a solution: he had pioneered the technology to build genes out of RNA   templateds using reverse transcriptase, the enzyme that could build DNA from RNA. Reverse transcriptase made it possible to clone a gene after the intervening stuffer sequences had been snipped off by the cells splicing apparatus. In April, 1983, both Genentech and GI announced that they had purified recombinant factor VIII in test tubes a blood-clotting factor untainted by human blood. The production of factor VIII from its gene broke an important conceptual ground. The fears of Asilomar had been perfectly inverted. And gene cloning had emerged as potentially the safest way to produce a medical product for human use.  

Overcoming Marital Conflict :: essays research papers fc

Overcoming Marital Conflict Marriages are made, not in heaven, but by wonderfully fallible human beings who hope for the best, but who often do precious little to make this most challenging and complicated relationship work. From the very first couple and their differing view point over the apple to modern times, men and women have always disagreed. Both sexes are born with inherently different personality traits. Although mankind knows they will never see eye to eye with the opposite; they still are attracted to them, perhaps for that very reason. Unfortunately it also means there will be unavoidable conflict in the union of a woman and man. Woman's inherent sexuality and the widely dissimilar sexuality of her mate is one of the primary conflicts in marriage. They will also find diversity in their views on sex, communication, emotional expression, nearly every aspect in their lives. Sex has made marriages and broken them. Great relationships do not always translate into wonderful sex! Many couples love each other deeply, but still don't have a fulfilling sexual relationship. Havelock Ellis (1859-1939) wrote in The New Spirit, "The omnipresent process of sex, as it is woven into the whole texture of our man's or woman's body, is the pattern of all the process of life". This leads me to believe our sexuality is the core to ourselves. Unfortunately there are so many variants between men and women emotionally that unavoidable conflicts will surface in the bedroom. Adam and Eve are the only union who ever had the freedom of entering marriage and lovemaking with no preconceived ideas no hang-ups, and no inhibitions. Men and women each possess different outlooks toward the act of sex. Most women need an emotional connection prior to experiencing a truly satisfying sexual encounter. Whereas men tend to avoid deeply emotional bonding. Men can be happy with superficial love, not that all men stop there. Women also feel affection is the essential cement of her relationship with a man. She marries a man that cares about her, and she wants him to express his care often. Without it she usually feels alienated from him. With it she will become emotionally bonded to him. Learning the sexual outlook of each other's partner will increase the ability to deal with the sexual conflicts that materialize. Fear of failure and rejection and the belief that something is wrong infiltrates many sexual experiences. Case studies show that most couples who complain of sexual problems in their marriages are really experiencing a deeper problem. Letting go of assumptions, most of which come from books, movies, and fantasies, and sharing desires and fears with their mate, their individual

Causes of Hardships of Southern Sharecropping

For many people in the 1930†³s living conditions were not as adequate as they needed to be. The stock market had just crashed in 1928, and the US was in the midst of the Great Depression. Many people suffered from lack of money, and many others suffered from lack of food. One group of people who suffered greatly during this time period were the southern share croppers. Factors that caused the substandard living conditions of the southern share croppers in the 1930†³s include lack of education, poor health care, and inadequate living facilities. The first factor that caused the substandard living onditions of the southern share croppers was their lack of education. There were several reasons the share croppers didn†t get the education they needed. One main reason was because many children didn†t go to school. Harold Walker writes that Southern cotton states ranked lower in rate of attendance for each student enrolled than any of the other states in the nation (4). A factor that contributed to this was their excessive mobility, which inhibited many children from going to school (Corder 27). It is common knowledge that any child who constantly moves around will not be able to attend school on a regular basis, and even if hey go to a school when they get a chance they will be so far behind they would have a difficult time catching up. Another factor that impeded on a child†s attendance at school was the fact that they never went to school when there was cotton to be picked (Walker 8). This may not seem like a large task, but some times it could take weeks to pick all the cotton. These few weeks that a child spent picking cotton was valuable learning time, and missing it could put a child too far behind to catch up. Another reason share croppers didn†t get the education they needed was because many southern rural schools had short terms Gentry 21). Because of this teachers would not be able to cover all of the material that they needed to cover, or they would have to rush through the material they did cover. A final reason the education of the southern cotton states was not as good as other states was because their teachers were not as good. This was reflected in the fact that the salaries of Southern teachers were not as high as the salaries of other teachers (Mckeon 98). Back in the 1930†³s the higher a teacher†s salary was the higher their quality and training was (Mckeon 98). This meant that when children did go to school they did not get adequate teaching. Because of all of these reasons education of the Southern cotton states was at an all time low. The children were not getting the education they needed, so they were forced to work the substandard jobs such as sharecropping. This meant that their children would not get the education they needed, either. It was a cycle that led to the lowering of the general living conditions of southern share croppers, but lack of education was not the only factor that lowered the living conditions of the share Another reason the living conditions of the southern share croppers were so low was because they had poor health care. To egin with the tenant farmers did not eat in a healthy manner. Mckeon writes that many tenant farmers in the South said that garden vegetables, milk, butter, and eggs were never a part of their diet (116). One of the main things that they did eat was â€Å"sowbelly†, a fat salty pork (Walker 33). Because they ate so poorly it was hard for them to stay healthy. Another health concern of the tenant farmers was that their clothing was very coarse and not warm enough (Gentry 38). Many of the men wore denim overalls and the women wore cheap cotton and homemade underwear, if any at all (Gentry 38). Wearing clothing like this ould be very hard on a person during the winter months, and could easily lead to diseases such as the flu or pneumonia. These diseases were hard for the poor sharecroppers to combat because it was hard for them to afford any medication, if there were any medications at all to help them out. Another disease that plagued the southern sharecroppers was typhoid fever (Gentry 31). This disease was spread through contaminated wells and took a heavy toll on the life and energy of a person (Gentry 31). Malaria, which led to several fatalities, was also a serious problem for the tenant farmers (Corder 98). It was a major roblem for many of the unfitting men, and the men who worked long energetic hours (Corder 98). With all of these health hazards it was hard for the southern share croppers to stay healthy. To make the problem even worse there were not enough health care facilities to take care of the sick. Walker writes that in the 1930†³s there was an average of 210 persons per hospital bed in the south, while the national average was only 120 (10). This led to many overcrowded hospitals, and many times the sick had to be sent home and took care of there. The bad thing about this was that the disease could be spread around the amily, and soon around the community because there was nothing to contain it. Because of this the living conditions of the southern sharecroppers continued to decline, and it became harder and harder for them to make a better life for themselves. Another major problem many of the southern sharecroppers faced was poor housing. In many cases the houses of the southern sharecroppers were in horrid condition. Walker writes that many of the houses were huts on the verge of collapsing (17). Many of these huts were on the verge of collapsing into the water that surrounded them (Walker 4). To get to these houses surrounded by ater logs were placed in a makeshift manner, and it was very dangerous to cross (Walker 4). A misplaced foot or a slippery log could easily have led to a severe injury, or maybe even death. The surrounding water could have also been an easy place for diseases, or dangerous animals to manifest, yet creating another health problem for the tenant farmers. Houses for the southern share croppers of this time were usually only two or three rooms, which made it almost impossible for anyone to have privacy or decency (Walker 87). The close living conditions also made it easier for germs to spread, which meant that when one erson in a family got sick the rest of the family got sick along with them. The construction of these shacks that the tenant farmers lived in was also very poor. In many cases the roofs were leaky (Walker 40). In other cases the houses were never even painted, which meant that the houses were more susceptible After looking back at the way the southern sharecroppers lived it is easy to see that their way of life was well below what is considered decent. These tenant farmers were plagued with disease, they lacked a thorough education, and they lived in wretched little shacks that were well below society†s standards. Causes of Hardships of Southern Sharecropping For many people in the 1930†³s living conditions were not as adequate as they needed to be. The stock market had just crashed in 1928, and the US was in the midst of the Great Depression. Many people suffered from lack of money, and many others suffered from lack of food. One group of people who suffered greatly during this time period were the southern share croppers. Factors that caused the substandard living conditions of the southern share croppers in the 1930†³s include lack of education, poor health care, and inadequate living facilities. The first factor that caused the substandard living onditions of the southern share croppers was their lack of education. There were several reasons the share croppers didn†t get the education they needed. One main reason was because many children didn†t go to school. Harold Walker writes that Southern cotton states ranked lower in rate of attendance for each student enrolled than any of the other states in the nation (4). A factor that contributed to this was their excessive mobility, which inhibited many children from going to school (Corder 27). It is common knowledge that any child who constantly moves around will not be able to attend school on a regular basis, and even if hey go to a school when they get a chance they will be so far behind they would have a difficult time catching up. Another factor that impeded on a child†s attendance at school was the fact that they never went to school when there was cotton to be picked (Walker 8). This may not seem like a large task, but some times it could take weeks to pick all the cotton. These few weeks that a child spent picking cotton was valuable learning time, and missing it could put a child too far behind to catch up. Another reason share croppers didn†t get the education they needed was because many southern rural schools had short terms Gentry 21). Because of this teachers would not be able to cover all of the material that they needed to cover, or they would have to rush through the material they did cover. A final reason the education of the southern cotton states was not as good as other states was because their teachers were not as good. This was reflected in the fact that the salaries of Southern teachers were not as high as the salaries of other teachers (Mckeon 98). Back in the 1930†³s the higher a teacher†s salary was the higher their quality and training was (Mckeon 98). This meant that when children did go to school they did not get adequate teaching. Because of all of these reasons education of the Southern cotton states was at an all time low. The children were not getting the education they needed, so they were forced to work the substandard jobs such as sharecropping. This meant that their children would not get the education they needed, either. It was a cycle that led to the lowering of the general living conditions of southern share croppers, but lack of education was not the only factor that lowered the living conditions of the share Another reason the living conditions of the southern share croppers were so low was because they had poor health care. To egin with the tenant farmers did not eat in a healthy manner. Mckeon writes that many tenant farmers in the South said that garden vegetables, milk, butter, and eggs were never a part of their diet (116). One of the main things that they did eat was â€Å"sowbelly†, a fat salty pork (Walker 33). Because they ate so poorly it was hard for them to stay healthy. Another health concern of the tenant farmers was that their clothing was very coarse and not warm enough (Gentry 38). Many of the men wore denim overalls and the women wore cheap cotton and homemade underwear, if any at all (Gentry 38). Wearing clothing like this ould be very hard on a person during the winter months, and could easily lead to diseases such as the flu or pneumonia. These diseases were hard for the poor sharecroppers to combat because it was hard for them to afford any medication, if there were any medications at all to help them out. Another disease that plagued the southern sharecroppers was typhoid fever (Gentry 31). This disease was spread through contaminated wells and took a heavy toll on the life and energy of a person (Gentry 31). Malaria, which led to several fatalities, was also a serious problem for the tenant farmers (Corder 98). It was a major roblem for many of the unfitting men, and the men who worked long energetic hours (Corder 98). With all of these health hazards it was hard for the southern share croppers to stay healthy. To make the problem even worse there were not enough health care facilities to take care of the sick. Walker writes that in the 1930†³s there was an average of 210 persons per hospital bed in the south, while the national average was only 120 (10). This led to many overcrowded hospitals, and many times the sick had to be sent home and took care of there. The bad thing about this was that the disease could be spread around the amily, and soon around the community because there was nothing to contain it. Because of this the living conditions of the southern sharecroppers continued to decline, and it became harder and harder for them to make a better life for themselves. Another major problem many of the southern sharecroppers faced was poor housing. In many cases the houses of the southern sharecroppers were in horrid condition. Walker writes that many of the houses were huts on the verge of collapsing (17). Many of these huts were on the verge of collapsing into the water that surrounded them (Walker 4). To get to these houses surrounded by ater logs were placed in a makeshift manner, and it was very dangerous to cross (Walker 4). A misplaced foot or a slippery log could easily have led to a severe injury, or maybe even death. The surrounding water could have also been an easy place for diseases, or dangerous animals to manifest, yet creating another health problem for the tenant farmers. Houses for the southern share croppers of this time were usually only two or three rooms, which made it almost impossible for anyone to have privacy or decency (Walker 87). The close living conditions also made it easier for germs to spread, which meant that when one erson in a family got sick the rest of the family got sick along with them. The construction of these shacks that the tenant farmers lived in was also very poor. In many cases the roofs were leaky (Walker 40). In other cases the houses were never even painted, which meant that the houses were more susceptible After looking back at the way the southern sharecroppers lived it is easy to see that their way of life was well below what is considered decent. These tenant farmers were plagued with disease, they lacked a thorough education, and they lived in wretched little shacks that were well below society†s standards.

A Glimpse Into the Mind of a Madman essays

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This demand also involvedthe developmentof new materials for automobile bodies and even the design of bodiesstructure. In this report, the introduction of electrodeposition process into automobile industries in Japan is hystrically reviewedand the electrodeposition mechanismand the mechanism which deposited materials from the coating film are briefly explained. As the demandfor anti-corrosiveperformance is increased, the coating system in which the anodic oxidation and the dissolutionfrom the object metal can not occur, was aimed and recentlyit was rapidly accepted as the superior system. On the other hand, there is an oppositeopinionfor this trend on the basis of the metal analysis detectedin the deposited film. The characteristics of cationic electrodeposition,in particular, the superior corrosion resistance with regard to the metal dissolution in the wholeelectrodeposition processis explained. In Chapter III, throwingpower which is characteristic for electrodeposition processis described. It is referred that throwingpower is not necessarily determined by the paint performance. Even the electrodeposition coating system, the areas into which the paint liquid does not intrude can not be coated. And it is pointed out that the design of bodiesstructure is inevitablynecessaryas well as the improvement paint performances. of In Chapter IV, the role of the main component,vehicleresin, is introduced. The deviceswhich disperse resin into solvent` water, and factors which determine the polarity of electrodeposition explained. And the are typical resin structure is shown. The paint performanceis greatly effected by the vehicleresin, but it is also deeplyrelated how thepaint is produced and how it is coated. Therefore, it is inferred that thepaint performances are relativelyestimated. In Chapter V, the whole system of electrodepositioncoating process is given. The so-called ` closed-loopsystem which is remarkably characteristic in electrodeposition process, and which is suitably fitted for mass production of automobile bodies is explained. Besides, the pH control technologyof paint bath and the possibility on its future development are referred. Thefurther improvement the recycleusage technology f paint of o is pointed out and the possibility to replyfor the social needssuch as saveenergyand lesspolution is explained. In Chapter VI, thepresent status of electrodeposition processand various technicalproblemsare explained. The summary of this review and authors views for future development are given in thefinal chapter. I. Introduction The development of the electrodeposition coating echnology in automobile bodies industry commenced around 1964 in Japan. In those days, dip coating of water-borne paint was applied to automobile parts after metal pretreatment, and it was confirmed when voltage was applied, the vehicle was deposited at the electrode. This was the beginning of electrodeposition coating. However, the essential point of this technology was not properly comprehended, while the unpublished work was progressing. Before 1963, the small products to which latex emulsion was mainly applied had been produced industrially. In Great Britain, the first major industrial use of electrodeposition coating system was in 1963 when the Pressed Steel Company commenced priming petrol tanks at their Oxford Works. In U. S. A. , the patent on electrodeposition system for automobile bodies and parts such as wheels was published in 1963 from the Ford Motor Company. And when patents emerged, all the automobile industries aimed at them. As the research was going on, the coating technology was proved to attract us with peculiar interests . such as high corrosion resistance of coating and the superior adaptability to mass production. The paint industries in Japan made a great effort to develop this coating technology, while they introduced it from the developed countries which it was attained in a higher level. The Japanese industries, in particular, automobile industries were in rapid progress, and they invested in the installation for the new coating system. Owing to this days trend, the electrodeposition was satisfactorily accepted by most of automobile industries. And in a short period of time, Japan got ahead of Europe and then U. S. A. n its distribution. In the beginning of electrodeposition paint which was mainly composed of natural oils, the film performance as a primer itself was inferior to that of solvent-type polyester primer modified with epoxy resin by spray coating, but the electrodeposition coating system was not followed in terms of throwing power and the coating efficiency. Around 1971, natural circumstances grew worse in proportion to the rapid progress of industrial products and people became sensitive to the recovery of the nature in Japan. The electrodeposition coating system does not emit an organic solvent in the air and in this point of view it fitted the days demand. How- * ** *** **** Received April 11, 1983. Â © 1983 ISIJ Director of Research Department, Nippon Paint Co. , Ltd. , Minami-shinagawa, Shinagawa-ku, Tokyo 140. Technical Center, Nippon Paint Co. , Ltd. , Ikeda-nakamachi, Neyagawa 572. Industrial Marine Coatings Division, Nippon Paint Co. , Ltd. , Fukushima, Fukushima-ku, Osaka 553. (994) Review Transactions ISIJ, Vol. 23, 1983 (995) ver, the great mass of water was utilized for rinsing after electrodeposition and it caused the problem of waste treatment. In response to this problem, the treatment of rinsed water was studied, leading to the development of the closed system. In 1969, PPG (the Pittsburgh Plate Glass Company, U. S. A. ) published the patent on ultrafiltration closed-loop system for electrodeposition coating. The waste treatment of rinsed water after electrodeposition was remarkably impro ved and coating efficiency reached 100 %. This progressed the improvement of the quality and the preparation of large size of ultrafilter and facilitated the industrialization with use of it. Since the oil crisis in 1973, the textile industries were chased up closely by the developing countries which manufactured products cheaply and they were not allowed to keep the technology for mass production. They were demanded to develop the new technological product being provided specific properties by utilizing their fine chemical technology. It can be said that this trend in the textile industries accelerated the development of ultrafilter. In 1975, it happened that an automobile engine was dropped off from the body by severe corrosion of supporting panels which was caused by the salt dispersed on the road in Canada. This led to the big compensation and with a help of its impetus the corrosion protection of automobile bodies were taken as the serial problem which had been prone to be neglected and the design of automobile bodies were begun to study in terms of corrosion protection. Around that time, in order to decrease the weight of automobile bodies, inorganic and organic materials were started to be investigated in esponse to the days demand of saving labor and energy and cationic electrodeposition coating attracted remarkable attention. PPGs patented cathodic electrodeposition system was introduced in 1972. Its first commercial use was for applying the primer on household appliances to gain the advantages of increased detergent resistance and outstanding corrosion resistance. The corrosion resistance of cationic ele ctrodeposition coating was far superior to that of anionic one and the former was substituted for the latter in a few years in Japan. In those days, there had been reported only several papers on the steel surface. In the industrial metal pretreatment line which the phosphating bath was controlled in the proper treatment values, even if the satisfied phosphate coating was not obtained due to the variation of steel surface, the phosphating bath was changed to fit the varied steel surface. Around the time cationic electrodeposition coating was examined to apply to the industrial line, there had been technological competition to protect automobile bodies against corrosion either by the improvement of primer paint or by the development of precoated steel plated with Zn, Ni, or Al. However, the cationic electrodeposition paint of PPG was proved to be far ahead of others and most of the automobile industries in the world accepted it. Consequently, the anti-corrosive performance of the precoated steel for automobile bodies came to be evaluated by applying electrodeposition coating to it. Even the steel industries were involved in the world trend from mass production to the development of the functional materials. The steel industries commenced earnestly the development of precoated metal possessing the corrosion resistance, while producing steel by continuous annealing pickling line system. With the development of precoated metal, papers on the analysis and its interpretation on steel surface have begun to appear. (The development of the instrument of chemical analysis has given a big help to them. ) And the technology of the phosphate coating has progressed in combination with the technical reports on steel surface. At present, the electrodeposition system are mainly from PPGs patent. The distribution of primers for automobile bodies in each region is shown in Table 1. At present it is impossible to decide with technical investigations what sort of steels are suitable for automobile bodies. Though one side and both side galvanized steels have been utilized for automobile bodies, the development of corrosion protection would progress as a total technology while giving answers how to select the precoated steel and how to use it. The authors inferred that the essential technology for electrodeposition coating system could be throwing power and the control of deposition bath paint, and carried out the analysis of throwing power and the deposition mechanism in 1969. In the references published in the 1960s, electrodeposition coating is described as ` electrophoretic coating. The authors reported that the film forming reaction was due to water electrolysis, water removal by electroosmosis, aggregation of colloidal particles and their melting by Joules heat. In this review, the technology of the electrodeposition coating system is discussed on the basis of authors work and views referring to many papers and patents. II. Mechanism of Electrodeposition Coating 1. Signj/icance Electrodeposition of Coating Processof AutomobileBodies As structural materials for automobile bodies, steels have been widely utilized as they are supplied cheaply and in large quantities besides their strength. The main purposes of the coating are to protect the substrate from the corrosive attack and to provide it with a good appearance. Table 1. Distribution of primers in each region. (investigated in 1982, autumn) (%) (996) Transactions ISIT, Vol. 23, 1983 The method of applying primers using the electrodeposition coating process has become quite common in the automobile industry, since it was introduced during the 1960s because of its inherent processing advantages. The electrodeposition coating method fits well into the coating process in the automobile industry either as an in-line processing method or as an off-line system. The coating time is short, 2 to 3 min full immersion, for complete bodies or parts , and it coats the exterior, interior, and recessed areas in a single dip application. One technician normally operates the processing system. Bodies or parts to be coated are fully immersed in the electrodeposition bath. The electrodeposition paint formulated proper materials provides a uniform coating over all electrically conductive surfaces in the given coating time. The paint is water-borne. There are also small amounts of solvent present, approximately 5 % or less. This composition and the process efficiency are very compatible with goals to minimize air pollution. When the electrodeposition coating process is used with a ` closed-loop system, it results in high utilization of the paint. Properly designed systems have a paint utilization efficiency approaching 100 %. Most systems are designed to achieve this high efficiency. There are numerous other characteristics of the electrodeposition process, such as non-flammability. Various reactions relating to electrodeposition in connection with the object are reviewed in this chapter. Mechanismof Electrodeposition In anionic electrodeposition developed in the beginning, it was assumed that the deposition was due to the following reaction, where charged water-soluble or water-dispersible macroion R~ was changed to R at the anode. R;R+e Resin particles stabilized by macroion is called hydrophobic colloid. The deposition mechanism was assumed to be electrophoretic deposition of hydrophobic colloidal particles and its coating process was called ` electrophoretic coating process . But, it was failed to explain characteristics of electrodeposition such as superior throwing power and high productivity by the above electrode reaction with an electron transfer. Many reports including the authors research were published and it was clarified that the deposition mechanism was due to the coagulation of hydrophobic colloidal particles by H+ generated by water electrolysis. This result greatly contributed to the development of the cationic electrodeposition coating process. And by the industrial utilization of anionic and cationic electrodeposition, the above mechanism based on electrolysis was widely accepted. In electrodeposition, charged water-soluble or water-dispersible macroions are attracted by the electrode of the opposite polarity where they undergo electrochemical reactions and are deposited. If the 2. electrodepositing vehicle is represented by RX, where R~ is the macroaaion, then R+ will be deposited at the cathode (cathodic electrodeposition). Conversely, with macroanion R-, deposition will take place at the anode (anodic electrodeposition). The anodic electrodeposition relies on carboxyl groups and the cathodic on amine groups. Thus electrodeposition resins are designed and prepared like other coating polymers but are required to carry ion-forming groups, e. g. , -NH2 or -COOH . These resins are utilized in electrodeposition as indicated in Table 2. When the voltage is applied, the main reactions at the electrode are electrolysis of water and the deposition of macroion. 1) Electrolysis of water Anode 2H20 4H++02+4e 40H- p 02+2H20+4e Cathode 4H2O+4e ~ 4OW+2H2 4W+4e -p 2H2 2) Polymer deposition Anionic electrodeposition RCOO-+H+ ~ RCOOH Cationic electrodeposition R3NH++OH- f R3N+H2O As shown in Fig. , anionic electrodeposition and cationic electrodeposition are similarly symmetry. The mechanism of electrodeposition and others would be substantially considered to be the same phenomena. 3~ Table 2. Electrodepositable tion. 2 resins and mode of deposi- Fig. 1. Comparison tionic one. of anionic electrode position with ca- . Transactions ISIJ, Vol. 23, 1983 (997) 3. Mechanismof Film Formation When the constant p otential difference (100 V) was applied, the logarithm of the current was linear to time as shown in Fig. 2. This relationship is called the law of logarithm in the film formation, and indicates that the current decreases due to insulation of the electrode. When the electrodeposition period was longer than 6 sec, this relationship deviated from the linear shape and the square of the reciprocal of the current density became linear to time as shown in Fig. 3. This relationship is called the law of parabola in the film formation, and demonstrates that the mechanism of electroconduction of the electrodeposited film is ionic, controlling the rate of the film formation. From these results the mechanism of the electrodeposition film formation is discussed using the model shown in Fig. 4. When the applied potential difference is low, the melting process of the electrodeposited particles cannot occur. In this case, the particles rinsed off from the electrode by washing with tap water after electrodeposition. As the applied potential difference is increased, the melting process occurs faster. Materials formed by this melting process get increased the electric resistance. But it is not allowed to increase beyond a certain value. The film conduction depends on ionic species in the pin holes which are built up by releasing the bubbles. These bubbles and pin holes are visible although they are very small. The colloidal particles precipitate in the pin holes as shown in Fig. 4, the growing point of the film is no longer adjacent to the electrode but within a diffusion layer a finite distance away from the electrode. When the applied potential difference is too high, the random growing ruptures the uniformity of the film. The film rupture voltage is believed to depend on the rheological properties of the film and the rate of electrolysis. . E ffect of Metal Dissolution When the potential difference is applied in an electrolyte solution, the following metal dissolution may occur at the anode. MÂ ° Mn++ne The redox potential of the metal affects the possibility of the above reaction, and as the potential becomes higher, the reaction possibility becomes larger. But this does not imply the continuous reaction progr ess. When anionic species such as C1 are presented too much in the electrolyte, the dissolution reaction occurs easily and Cr04-, S04- and C03- disturb the above reaction. In anionic electrodeposition, the object is anodized and the following polymer deposition occurs; that is nRC00-+Mn+ p (RC00),z-M Fig. 2. The time relation during between the early the logarithm at of current a constant and period applied potential of 100 V. Fig . 3. The relation between the square that of reciprocal between the curpa- -),andand rent (time rameter p and time (- Fig . 4. A model of the electrodeposited film. In other words, at the anode the dissolution reaction is decreased by the polymer deposition. These reactions would not occur evenly over the automobile bodies, because of their complex-shaped structure. Since the potential difference is not the same in all the locations of automobile bodies, the electrodeposition coating process provides an uneven coating. This would deteriorate the performance of coating such as corrosion resistance and appearance. The dissolved amounts of the metal during reactions differ largely in electrodeposition bath compositions. And they are affected by the surface treatment of the steel. The adaptability of the newly developed metal materials should be strictly examined. In cationic electrodeposition the object is the cathode, and the above mentioned anodic dissolution reaction does not occur at the object. This point was aimed at and the cationic electrodeposition coating process has been developed which gives an excellent corrosion resistance. Anderson4; analyzed the metal in cationic electrodeposition films and characterized the peculiar relations of cationic electrodeposition against anionic one (Fig. 5). He presumed that the following reaction would occur at the cathode. Review (998) Transactions ISIJ, Vol. 23, 1983 MÂ °+40H- [MO2]n-+2H2O+(4-n)e Since then, his data have been cited by many researchers with a little discussion. Being based on the results electrodeposition film weight increases with an increase of the deposition time. The authors can not agree with the following approach. The metal detected in electrodeposition film is assumed to be due to the electrode reaction by a flow of current. Metallic substrate dissolves chemically without current flow. For example, corrosion with hydrogen evolution is illustrated as follows. 2Fe+3H20 Zn+H2O p + Fe203+3H2 ZnO+H2 ~ T Fig. 5. Changes cold-rolled in iron steel content with of electrodeposited deposition time. films on 1 2A1+3H2O pA1203+3H2 These reactions do not participate in electron transfer and they are not related to current flow. These corrosion reactions differ in electrodeposition bath compositions, electrodeposition process conditions, metal materials and their surface conditions. Therefore, the analysis of corrosion reactions are quite difficult. However, the practical difficulties arising from the above mentioned factors have been clarified. In cationic electrodeposition, the working electrode is the anode and anodic dissolution causes a contamination of electrodeposition bath paint. Care must be taken in cationic electrodeposition being different from anionic electrodeposition. In order to prevent the contamination by dissolved ion, the working electrode is settled inside diaphragm which ion-exchange membrane is preferably used. III. Throwing Power _l. Signficanceof Throwing Power in ProtectiveCoating In coating applications or complex-shaped automobile bodies, throwing power, the ability to extend paint films into highly recessed areas, as well as the corrosion resistance of coating are greatly demanded. These two specifications have been parallely taken as the index for the improvement and development of the electrodeposition coating process. Recently, the materials such as the cold-rolled steel, galvanized steel and othe r steels have been widely utilized for automobile bodies, and the estimation for two specifications (corrosion resistance of coating and throwing power) become complexed and varied. In order to improve the protective performance of automobile bodies, they should be examined particularly in the throwing power. In this chapter, we review in throwing power. 2. Throwing Power Test In case of the design for corrosion protection of automobile bodies, there are two following purposes to estimate throwing power. 1) To design the structure of automobile bodies and materials adaptability 2) To design electrodeposition paint and deposition coating process Review Fig. 6. Types of throwing cells (dia grammatic). For the first purpose it is recommended to make a model on the characteristics of the bodies structure. The modeling of the bodies structure generally arises from the know-how on the design for corrosion protection of the automobile industry. There have been proposed the following devices for measuring throwing power of the electrodeposition paint since it was developed. The most simple device is a comparative test. Many possible methods were described briefly by Tawn and Berry,5) and are illustrated diagrammatically in Fig. 6. This diagram enables one to appreciate the meaning of throwing power. 1) Bar test (Fig. 6(a)) In this type of test, either or both of two functions can be measured : the length of the anode coated under given conditions, and the gradient of film thickness down the anode. (2) Multiple plate test (Fig. 6(b)) In this form of test, the efficiency, that is the weight or film thickness of coating on the inside plates, can be compared with that of coating on the outs ide plates. (3) Wedge test (Fig. 6(c)) In this test, it is only possible to estimate the percentage of the total area not coated with the paint. Mathematical expression of the result is difficult, due to difficulties of measuring areas accurately and defining the boundary between coated and uncoated areas. (4) Tube test (Fig. 6(d)) Several methods of this type exist, one of which is illustrated in Fig. 6(d), but in essence this is similar to the bar test, except for the restriction applied to the electrical bath by the non-conductive tube itself. (5) Cell test (Fig. 6(e)) Particular conditions may be applied to the anode in the cathode compartment, and the deposition on the anode in the separate compartment may be determined separately. Another purpose to estimate throwing power is to detect quantitatively the inherent ability of the used paint. In these several measuring methods, the tube test (Fig. 6) has been recognized to be mostly accepted method. The size of this test tube is defined fully by automobile industries. For examples, Ford Cell and GM Cell are popularly accepted in U. S. A. 3. Analysis of Throwing Power The electrodeposition paint industries have analyzed the mechanism of throwing power as corresponding to the different size of each automobile industry. Oyabu and Furuno6-8~ showed that throwing power could be related to the geometry of the test cell and coating properties by the following equation: Th2 = -. E . ,c (1) a LJ the cross-sectional area of the cell the perimeter of the cell the bath conductivity the applied voltage the current density at the coated surface of the tube at the end of the deposition experiment The equipotential surfaces at the start of the electrodeposition process are shown at the left, and those in progress at the right of Fig. . The dense distribution of equipotential surfaces along to the anode corresponds to the electrodeposited film. In this area the current density is approximately uniform. To verify the relationships between a and Th, and between L and Th in the above equations, three kinds of experiments were carried out. A steel panel was inserted into a glass tube. If the thickness of the panel is expressed by d and the width by l(d

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Explain the difference between an open economy and a closed economy Essay

Explain the difference between an open economy and a closed economy - Essay Example However, opponents believe that more openness leads to loss of jobs, dumping, interdependence among nations, and economic sanctions among others.2 A closed economy on the other hand, is accused of hindering technology transfer and foreign investments although it is appropriate in ensuring protection of local industries. The paper will discuss the numerous differences between a closed and open economy as well as the advantages and disadvantages a country would have by using either of the economic models. Differences between Closed and Open Economies There are numerous distinctions between a closed and open economy. A closed economy is one in which trade is carried out within the borders of a nation or domestically hence the gross domestic product (GDP) is the same as gross national product (GNP). An open economy on the other hand, is one in which trade is carried out within and outside the borders hence the GDP and GNP are not equal but depend on volume of imports and exports.3 An ope n economy is achieved by eliminating the barriers to trade such as tariffs and import quotas. However, most open economies have put some trade barriers so as to protect crucial industries from competition in the world market or to protect consumers against harmful products and also to protect the environment from pollution.4 It can be noted therefore that there is no perfectly closed or perfectly open economy as each has an element of closeness and openness. A closed economy does not allow movement of labour across borders unlike open economy where workers are free to work anywhere in the world. Another distinction is that a closed economy does not allow movement of capital across borders hence investments are domestic in nature and foreign exchange rates do not impact on the economy unlike in an open economy where there is movement of capital across borders. Businessmen can therefore invest in foreign stocks and money markets thus the economy is affected by exchange rates.5 Accordi ng to Jane, sometimes open economies can act as closed economies.6 This is especially so if few members with open economies act as a tightly integrated economic bloc and only trade with each other thus becoming a collectively closed economy. On the other hand, a country cannot produce all the goods and services it requires hence it is forced to import some products. Open economies are characterized with large multinational corporations like starbucks with braches all over the world and this is not the case in closed economies. Advantages and Disadvantages of Closed Economy A closed economy does not have any dealings in the global market therefore is not affected by factors outside the country. For example, the global financial crisis that started in the US spread to all parts of the world due to interrelatedness of product and financial markets. The developed countries are known to impose economic sanctions on developing countries as a condition for giving them funds for development . These sanctions impact negatively on the economy but a closed economy cannot be under such sanctions since it is self reliant.7 Another advantage is the effectiveness of fiscal and monetary policy in the economy. An expansionary fiscal policy is meant to stimulate the economy during recession by raising aggregate demand. This is

International Legal Aspects of Iraq's Sustainable Development Dissertation

International Legal Aspects of Iraq's Sustainable Development - Dissertation Example On another note, decades of stagnation and sanctions in the Saddam regime meant that further oil and gas exploration was not possible. In addition to Iraq’s proven reserves of oil and gas, it is expected that another 45 billion to 100 billion barrels of crude oil remain unexplored1. On another note, it is ironic that for the fiscal years 2009 and 2010, Iraq’s central government had to face a fiscal deficit even though there are vast oil and gas reserves in the country’s territory. The lack of effective frameworks to explore and exploit the oil and gas resources has led the Iraqi nation to a miserable state such that the Iraqi’s long term sustainable development is highly impaired. This chapter will look into various forms of international petroleum agreements to observe how they have been implemented throughout the world and in Iraq’s case. Given the fact that Iraq changed regimes, the international petroleum agreements binding it internationally al so changed. ... chapter will also look into how political factors, both external an internal, tend to affect petroleum agreements, especially, in the context of the friction between the Kurdistan Regional Government and the federal Iraqi government. This chapter will then explore the environmental clauses of Iraqi petroleum agreements and ascertain its bearing on community development and economic development targets. Lastly, the chapter will look into the various legal challenges that sustainable development of oil and gas resources face in Iraq at the present. Evolution of International Petroleum Agreements International petroleum agreements (IPA) have evolved over time as the relationship between suppliers and producers has transformed through its highs and lows. In the modern day, IPAs are well established tools of business and a narrow range of IPAs tends to provide for most business arrangements between petroleum producers and suppliers. The various legal arrangements utilised under internatio nal law and IPA to benefit the petroleum producer and supplier are being discussed in order to evaluate what kinds of legal arrangements are more sustainable than others. This will further be applied in Iraq’s case to decipher how Saddam era petroleum agreements tend to differ from modern oil and gas contracts, especially with reference to sustainability and sustainable development for the people of Iraq. Concession Agreements Since most nation states tend to assume control of any mineral resources discovered in their territory, it is a direct consequence that they tend to represent any such interests under international law. The discovery of oil over the globe in the late nineteenth century and early twentieth century saw a number of nation states trying to conjure legal arrangements to

Sandvik Saws and Tools Industry Essay Example | Topics and Well Written Essays - 2000 words

Sandvik Saws and Tools Industry - Essay Example The essay is about the case of Sandvik saws and tools industry. Sandvik saws and tools I is a saws and other hand tools industry with a global presence. With its Headquarters in Stockholm, Sweden, the organization is known for its technical competence and maintenance of quality. The organization sells its products in more than 60 countries globally and has a strong presence in Europe. With its own centralized supply and distribution mechanism the organization is able to manage the supply of its products. However the management decided to upgrade the quality of the products by using a particular strategy called as ERGO strategy. The organization has spent a considerable amount of money for supply of technically advanced tools into the market. With this ERGO strategy the management hoped to gain a substantial share in the U.S market, which is not to be. The essay probes deeper into the problems or hindrances for the organization which are acting as limitations and suggests strategies for improvement of the same. The essay is about the case of Sandvik saws and tools industry. Sandvik saws and tools I is a saws and other hand tools industry with a global presence. ... 10. Brand value 11. Supply chain mechanism. 12. References Introduction to the case: The essay is about the case of Sandvik saws and tools industry. Sandvik saws and tools I is a saws and other hand tools industry with a global presence. With its Headquarters in Stockholm, Sweden, the organization is known for its technical competence and maintenance of quality. The organization sells its products in more than 60 countries globally and has a strong presence in Europe. With its own centralized supply and distribution mechanism the organization is able to manage the supply of its products. The industry into which Sandvik can be termed as a fragmented industry in which there is plenty of scope for new entrants to come in because of low entry barriers such as technology, or laws regulating its entry. Sandvik Saws and Tools chose ERGO or improvising ergonomics of the tools as a strategy for better positioning of its products in Europe and U.S. The task of implementing the strategy was given another Swedish based organization called as EDG, Ergonomi Design Gruppen, specialists in hand made tools design. According to Sandvik management the ERGO strategy should place the product streets ahead in the competition. However it is not to be. Despite very strong in technology and quality of products Sandvik was unable to maintain a substantial gain in market share in U.S. The essay tries to portray the various reasons for this lack luster performance of the organization and suggests suitable strategies to be applied in the subject area. Parameters chosen for analysis of the case: The various parameters I have chosen for analysis of the case are those which are relevant to any fragmented industry and also a maturing industry. They are such as 1.

Explain the difference between an open economy and a closed economy Essay

Explain the difference between an open economy and a closed economy - Essay Example However, opponents believe that more openness leads to loss of jobs, dumping, interdependence among nations, and economic sanctions among others.2 A closed economy on the other hand, is accused of hindering technology transfer and foreign investments although it is appropriate in ensuring protection of local industries. The paper will discuss the numerous differences between a closed and open economy as well as the advantages and disadvantages a country would have by using either of the economic models. Differences between Closed and Open Economies There are numerous distinctions between a closed and open economy. A closed economy is one in which trade is carried out within the borders of a nation or domestically hence the gross domestic product (GDP) is the same as gross national product (GNP). An open economy on the other hand, is one in which trade is carried out within and outside the borders hence the GDP and GNP are not equal but depend on volume of imports and exports.3 An ope n economy is achieved by eliminating the barriers to trade such as tariffs and import quotas. However, most open economies have put some trade barriers so as to protect crucial industries from competition in the world market or to protect consumers against harmful products and also to protect the environment from pollution.4 It can be noted therefore that there is no perfectly closed or perfectly open economy as each has an element of closeness and openness. A closed economy does not allow movement of labour across borders unlike open economy where workers are free to work anywhere in the world. Another distinction is that a closed economy does not allow movement of capital across borders hence investments are domestic in nature and foreign exchange rates do not impact on the economy unlike in an open economy where there is movement of capital across borders. Businessmen can therefore invest in foreign stocks and money markets thus the economy is affected by exchange rates.5 Accordi ng to Jane, sometimes open economies can act as closed economies.6 This is especially so if few members with open economies act as a tightly integrated economic bloc and only trade with each other thus becoming a collectively closed economy. On the other hand, a country cannot produce all the goods and services it requires hence it is forced to import some products. Open economies are characterized with large multinational corporations like starbucks with braches all over the world and this is not the case in closed economies. Advantages and Disadvantages of Closed Economy A closed economy does not have any dealings in the global market therefore is not affected by factors outside the country. For example, the global financial crisis that started in the US spread to all parts of the world due to interrelatedness of product and financial markets. The developed countries are known to impose economic sanctions on developing countries as a condition for giving them funds for development . These sanctions impact negatively on the economy but a closed economy cannot be under such sanctions since it is self reliant.7 Another advantage is the effectiveness of fiscal and monetary policy in the economy. An expansionary fiscal policy is meant to stimulate the economy during recession by raising aggregate demand. This is

Sandvik Saws and Tools Industry Essay Example | Topics and Well Written Essays - 2000 words

Sandvik Saws and Tools Industry - Essay Example The essay is about the case of Sandvik saws and tools industry. Sandvik saws and tools I is a saws and other hand tools industry with a global presence. With its Headquarters in Stockholm, Sweden, the organization is known for its technical competence and maintenance of quality. The organization sells its products in more than 60 countries globally and has a strong presence in Europe. With its own centralized supply and distribution mechanism the organization is able to manage the supply of its products. However the management decided to upgrade the quality of the products by using a particular strategy called as ERGO strategy. The organization has spent a considerable amount of money for supply of technically advanced tools into the market. With this ERGO strategy the management hoped to gain a substantial share in the U.S market, which is not to be. The essay probes deeper into the problems or hindrances for the organization which are acting as limitations and suggests strategies for improvement of the same. The essay is about the case of Sandvik saws and tools industry. Sandvik saws and tools I is a saws and other hand tools industry with a global presence. ... 10. Brand value 11. Supply chain mechanism. 12. References Introduction to the case: The essay is about the case of Sandvik saws and tools industry. Sandvik saws and tools I is a saws and other hand tools industry with a global presence. With its Headquarters in Stockholm, Sweden, the organization is known for its technical competence and maintenance of quality. The organization sells its products in more than 60 countries globally and has a strong presence in Europe. With its own centralized supply and distribution mechanism the organization is able to manage the supply of its products. The industry into which Sandvik can be termed as a fragmented industry in which there is plenty of scope for new entrants to come in because of low entry barriers such as technology, or laws regulating its entry. Sandvik Saws and Tools chose ERGO or improvising ergonomics of the tools as a strategy for better positioning of its products in Europe and U.S. The task of implementing the strategy was given another Swedish based organization called as EDG, Ergonomi Design Gruppen, specialists in hand made tools design. According to Sandvik management the ERGO strategy should place the product streets ahead in the competition. However it is not to be. Despite very strong in technology and quality of products Sandvik was unable to maintain a substantial gain in market share in U.S. The essay tries to portray the various reasons for this lack luster performance of the organization and suggests suitable strategies to be applied in the subject area. Parameters chosen for analysis of the case: The various parameters I have chosen for analysis of the case are those which are relevant to any fragmented industry and also a maturing industry. They are such as 1.

Bank Accounts Essay Example for Free

Bank Accounts Essay Saving a/c savingsare meant to promote the habit of saving among the citizens while allowing them to use their funds when required. The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earn moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. Presently, the rate of interest is 3. 5% compounded half yearly. Savings Bank Account can be opened in the name of an individual or in joint names of the depositors. Savings Bank Accounts can also be opened and operated by the minors provided they have completed ten years of age. Accounts by Hindu Undivided Families (HUF) not engaged in any trading or business activity, can be opened in the name of the Karta of the HUF. The minimum balance to be maintained in an ordinary savings bank account varies from bank to bank. It is less in case of public sector banks and comparatively higher in case of private banks. In most of the public sector banks, minimum balance to be maintained is Rs. 100. In accounts where cheque books are issued, a minimum balance of Rs. 500/- has to be maintained. For Pension Savings Accounts, minimum balance to be maintained is Rs. 5/- without cheque facility and Rs. 250/- with cheque facility. Things to Consider While Opening a Savings Account It is advisable to seek the following information from bank before opening the account: †¢Minimum balance requirements. Penal provisions in case the balance falls below the minimum stipulated amount †¢Penalty in case of return of cheques issued or instruments sent on collection. Collection facilities etc. offered and charges applicable. †¢Details of charges, if any for issue of cheque books and limits fixed on number of withdrawals, cash drawings, etc. Document Required For Opening a Savings Account †¢Two passport size photographs.

The Psychology Underlying The Narrative Strategy English Literature Essay

The Psychology Underlying The Narrative Strategy English Literature Essay Robert Louis Stevensons novel The Strange Case of Dr. Jekyll and Mr. Hyde is a great illustration of how different disciplines of education are intertwined. Although this novel is used in many English courses, it could also be used in a Psychology course more specifically, an Abnormal Psychology course. On the surface, Dr. Jekyll is clearly suffering from dissociative identity disorder, more commonly known as a split personality. He alternates between the personalities of himself and his evil half, Mr. Hyde; however, below the surface there is another way this novel relates to Psychology. Dr. Sigmund Freud, a very notorious psychologist from the Victorian Era from which this novel is written, proposed a theory called Psychoanalytic Theory. This theory suggests the notion that the unconscious is split into three dimensions: the ego, the id, and the superego. Each of these dimensions represents one of the main characters in this novel. The narrative strategy in The Strange Case of Dr. Jekyll and Mr. Hyde is effective because it offers the perspectives of the three main characters, Dr. Hastie Lanyon, Dr. Jekyll/Mr. Hyde, and Mr. Gabriel Utterson, which stimulates all parts of the unconscious making the novel appealing to all types of people. Dr. Hastie Lanyon represents the ego of the story which Freud describes as the decision-making component of personality that operates according to the reality principle (McCann, and Weiten 523). Lanyon is very much a realist. He speaks dismissively of Dr. Jekylls experiments describing them as  unscientific balderdash (Stevenson, 38). Lanyons dominant ego also makes him very skeptical. An instance that shows this characteristic is when he is following instructions to gather the contents of Dr. Jekylls drawer. Upon finding the contents, Dr. Lanyon says, Here were a phial of some tincture, a paper of some salt, and the record of a series of experiments that had led (like too many of Jekylls investigations) to no end of practical usefulness (Stevenson, 73). Dr. Lanyon seriously doubts the value of the work of his former colleague, Dr. Jekyll. His letter which shows his point of view of the events involving Dr. Jekyll/Mr. Hyde shows the cynical side of the story which stimulates the re aders own ego by allowing them to question the plausibility of the events that occur in this mysterious novel. Dr. Jekylls alternate personality, Hyde, represents the id, which according to Freud, is the primitive, instinctive component that operates according to the pleasure principle (McCann, and Weiten 523). Hyde is described as a troglodyte. This is basically defined as a primitive or caveman-like creature. Hyde is described as a short and hideous man that repulses everyone that crosses his path. The id can also be thought of as the devil on your shoulder that gives bad advice just to satisfy the here and now instincts of the unconscious. Evil is always described as inferior to good and the way Dr. Jekylls clothes are too big for Hyde correlates with this outlook. The id has a very powerful negative influence over the unconscious mind just as Hyde is very negatively influential over Dr. Jekylls personality. According to Freud there is always an internal conflict going on inside the unconscious sectors of the mind between the evil id and the good ego. An example of how this conflict arises in the novel is when Hyde murders Sir Danvers Carew. This shows how the id, Hyde, overpowers the ego-like, or good, Mr. Carew for no obvious reason other than it was something to do that would please him at that very moment. The perspective of Dr. Jekyll and Mr. Hyde presented through the letter at the end of the novel shows the reader how the id can sometimes overpower the rest of the unconscious and can also counter the attitude of the ego or Dr. Lanyon, therefore stimulating the readers id. Mr. Gabriel Utterson represents the last component of the unconscious, the superego. Freud describes this this part as, the moral component of personality that incorporates social standards about what represents right and wrong (McCann, and Weiten 523). The superego acts as a mediator between the instinctive urges of the id and the realistic impulses of the ego. Mr. Utterson represents a perfect Victorian gentleman. He is polite and follows societys norms but his persistent investigations show that he cannot ignore the fact that something unnatural is going on with his friend, Dr. Jekyll. Although the three main characters were once best friends, after Dr. Lanyon decided that Dr. Jekylls experiments were too peculiar and later declaring to Mr. Utterson, Jekyll became too fanciful for me. He began to go wrong, wrong in mind (Stevenson, 38), Mr. Utterson became a mutual friend or the mediator between the other two gentlemen. The way the novel is structured, having Mr. Uttersons perspec tive contribute to the bulk of it, is effective because it is a midway point for the reader. It allows the readers own superego to mediate the events that occur regarding Dr. Jekyll and Mr. Hyde. It is interesting to see what can be uncovered when different areas of education are applied to one another. Through the research of Dr. Sigmund Freud, one is able to relate the psychology of the unconscious mind to the behaviour, motives, and opinions of the characters Dr. Lanyon, Dr. Jekyll and Mr. Hyde, and Mr. Utterson in Robert Louis Stevensons novel The Strange Case of Dr. Jekyll and Mr. Hyde. This novel is remarkable because the author chose a creative way to narrate so that every person that reads the novel, no matter if they are dominated by their unconscious ego, id, or superego, they will be able to relate to at least one of the main characters. The narration technique of this novel is significant because it stimulates each region of the unconscious mind and allows the reader to separately evaluate the views of each of the three main characters which, in turn, eliminates bias.