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Texas Christian University Technology in a Global Economy Discussion

Texas Christian University Technology in a Global Economy Discussion.

I’m working on a computer science multi-part question and need support to help me study.

Portfolio project is a three- part activity. respond to three separate prompts but prepare paper as one research paper.Start paper with an introductory paragraph.Prompt 1 Blockchain (2 pages): Explain the major components of blockchain. Be sure to include how blockchain is affecting a global economy and how you see it growing in the future. Prompt 2 Big Data (2 pages): Describe your understanding of big data and give an example of how you’ve seen big data used either personally or professionally. In your view, what demands is big data placing on organizations and data management technology? How does big data affect a global economy.Prompt 3 Government and Policies (2 pages): Discuss the role government plays in a global economy. Also, look at what policies are currently in place and then discussion what policies should be put in place.Conclude your paper with a detailed conclusion section (1 pages long) * Total pages should be 6 pages
Texas Christian University Technology in a Global Economy Discussion

LAW 2221 Week 4 Litigation and Tort Reform Discussion.

Law2221 Week 4 Litigation and Tort ReformThis week, we are covering torts and products liability in Chapter 10. These types of suits are a significant concern for any business, and all businesses must understand their legal duties and work to limit potential liability as much as possible.Over the last decade or so, many states have enacted “tort reform” laws in response to concerns that frivolous lawsuits were out of control and hindering economic growth. One case that become famous as the prime example of frivolous suits was the “McDonald’s Hot Coffee Case.” Many people have heard about the case, in which a woman filed a lawsuit of McDonalds after spilling hot coffee in her lap after going through the McDonald’s drive-thru.Here is an example of an article discussing the case in the context frivolous lawsuits (copy and paste the link into your browser):…On the other hand, some argue that there is more to the case than most people know, and that the case has been unfairly used as the prototype of frivolous cases. In fact, a documentary was made about the movie. Below is a link to the documentary’s website, which includes some FAQs about the case:…Do you think that tort litigation is a problem? Had you heard about the McDonald’s case before now? What were your perceptions about the case? Did you learn anything new from the FAQs from the documentary’s website? Does this new information impact your original views of the case? What is your view of the role of tort law–when do you think injured people should be able to pursue lawsuits to recover for their injuries?The book we are using for this class is: Melvin, Sean and Enrique Guerra-Pujol (2021). The Legal Environment of Business: A Managerial Approach: Theory to Practice (4th ed.). New York, NY: McGraw-Hill Education.
LAW 2221 Week 4 Litigation and Tort Reform Discussion

Questions to answer: 1. Discuss forms of discrimination in this movie. Do you think it represented a challenge or an opportunity? Justify your answer. (300-500 words) 2. Transformation is the storyline of the movie. In your opinion, what was the significant transformation in the movie and why? (300-500 words)
Consumer Preference towards the Shopping Environment Research Paper. Introduction Many researches are focusing on consumer behavior and preferences in Malaysia because of the increased shopping activities in the region. The shopping environment in Malaysia has changed significantly over the last couple of years because of the economic gains achieved by the country. Malaysia is one of the upcoming global economies in terms of growth and development. The country which is found in South East Asia is ranked in the list of tiger nations since it is experiencing economic growth at a rate that is faster than many developed nations at the moment. The global financial crisis and the looming European debt crisis have made western nations to experience economic difficulties while Asian countries such as China and the South Pacific region are experiencing increased economic activity. As these economies continue improving, the ability of Asian consumers to spend increases proportionately because of the acquired disposable income. Background of the study Consumer preference is about the desires that people have in regards to the shopping environment. The shopping environment plays a big role in determining consumer behavior in any region. In Klang Valley, the shopping environment is characterized by small and large scale shoppers. Large scale shoppers include organizations, wholesalers and retailers. Small scale shoppers include consumers and some retailers. The shopping environment has however changed over the years because of adoption of technologies, increased purchasing power of consumers and increased investor confidence in Malaysia. Modern shopping techniques are now deployed in Malaysia as the country maintains its momentum to become a developed nation. There is increased use of online shopping and the use of electronic money to foster faster and safer shopping activities. Problem statement Marketers require information so that they can make decisions regarding strategies and advertising campaigns. This information comes from the internal and external environment in which organizations operate. The shopping environment thus does not only affect customers but also marketers as well. The environment from which information is retrieved should be understood as this enables better collection and assessment of the data. In a market where there is no information regarding the effect of environmental factors on consumer preferences, marketers cannot effectively perform their functions of creating awareness and promoting products. Research on environmental changes in dynamic regions such as Malaysia needs to be done on a regular basis so as to capture changes that emerge within a short period of time. If inadequate studies are carried out on environmental changes and how these affect consumer preferences, then marketing activities will lack relevance in the near future. There is also concern that the shopping environment is changing too rapidly in Klang Valley. These fears arise because of the fast pace of economic growth that is experienced in Malaysia. If the relationship between the shopping environment and consumer preferences is not understood, marketers will not be able to develop effective marketing programs for their products. The relationship between these two variables also determines the ideal policies which would be effective in different situations. The future of marketing activities in Klang Valley depends on the available information about consumer preferences towards the shopping environment. Furthermore, there have been changes in the shopping environment in Klang Valley. The introduction of online shopping and electronic money transfer systems has had an impact on the preferences of consumers in regards to the places they shop and the routines they use. This is therefore the best time to study the relationship between consumer preferences and the shopping environment so as to evaluate the impact of environmental changes on consumer behavior and preferences. Significance of the study There is need to assess the shopping environment in Klang Valley because many studies focus on other aspects of consumer behavior such as the effects of culture on consumer preferences. There are very few studies that have focused on the shopping environment as opposed to other factors that affect consumer behavior. The shopping environment is an important factor in consumer behavior since this affects all the other aspects. It is within the shopping environment that consumers carry out their purchasing activities. For instance, the shopping environment determines the medium of payment that is widely used and preferred by traders and consumers. Because of the many changes experienced in the shopping environment, the relationship between consumer preferences and the shopping environment needs to be understood. This study of the consumer preferences towards the shopping environment in Klang Valley will provide a framework upon which future research can be conducted so as to ascertain the direct impact of environmental conditions and changes on consumer preferences. Justification of the study This study is required so as to provide information on the impact of environmental conditions on the shopping preferences of consumers in Klang Valley. The findings will assist marketers to understand how the shopping environment affects the preferences of consumers. If marketers are able to obtain this information regarding consumer preferences, then they can direct their marketing activities towards the maximization of organizational and brand strengths that are possessed. Information regarding the impact of the shopping environment will enable marketers in Klang Valley to come up with their own environmental assessment. This will be done using the SWOT Analysis which evaluates the strengths, weaknesses, opportunities and weaknesses of individual organizations or markets. This study will not conduct evaluation of specific markets for marketers but will generate information upon which marketers can develop their own analysis based on their individual needs. Objectives of the Study The general objective of this study will be to establish whether there is a relationship between consumer preferences and the shopping environment in Klang Valley. To assist this general objective, some specific objectives will be used to channel data collection activities in the desired direction. These specific objectives include: To assess whether stronger purchasing power of consumers has changed the shopping environment and affected consumer preferences To understand how technology has changed consumer preferences towards shopping To evaluate whether online marketing has had an impact on consumer shopping preferences in Klang Valley To understand how online marketing and shopping have changed consumer preferences in Klang Valley Research Questions Has the rapid pace of economic growth given consumers in Klang Valley greater purchasing power? Have technological innovations been adapted in the shopping environment in Klang Valley? Do consumers in Klang Valley respond to online marketing activities by practicing online shopping? Has the introduction of online marketing and trading affected consumer preferences in Klang Valley? Literature Review Wel, Hussin and Omar (2012) brought out that there has been an influx of foreign investors in Malaysia over the last couple of years. Foreign retailers have entered the market and increased the range of products that consumers can buy. Consumers in Klang Valley hence have a wider selection of goods and services because of the large number of retailers in the market. Wel, Hussin and Omar (2012) also point out that many expansion projects were resumed in 2010 after the global economy started recovering from the recession. In Malaysia, more retailers opened stores in response to the increased demand that was created by a more educated population. The economic growth and development in Malaysia thus led to the entry of additional retailers into the market thereby providing consumers with a wider retailing choice. Retailing activities have changed from grocery stores in Klang Valley to departmental stores and now to shopping malls. H 1. The rapid pace of economic growth in Malaysia has increased the purchasing power and discerning ability of consumers in Klang Valley. According to Ting et al. (2011), there is increased use of smartphones in Malaysia. This is attributed to the increased awareness of how time as a resource is limited and scarce. There are many technologies that can be used to conduct online transactions; including computers at the work place and laptops at home. The introduction of smartphones which are capable of performing computerization and communication purposes has enabled consumers to perform transactions at any location however far from home or the workplace. Consumers in Klang Valley are therefore able to perform transactions while in traffic jams, entertainment spots or anywhere else as long as they own smartphones (LuConsumer Preference towards the Shopping Environment Research Paper

the U.S. offer a path to citizenship/legal residency for illegal immigrants?

the U.S. offer a path to citizenship/legal residency for illegal immigrants?. The Final Persuasive essay should include a thesis statement, clear position on chosen topic, acknowledgment of the opposing view, clear purpose and direction, and effective conclusion. REQUIREMENTS 1000 words (minimum) persuasive essay Minimum of three sources with in-text citations Microsoft word document in APA format including title page, reference page. All papers must be Microsoft Word documents. The paper is double-spaced in Times New Roman, size 12, and has no extra spaces between the paragraphs. The paper uses one-inch margins and half-inch indentions for the beginning of paragraphs. You can set this up in Microsoft Word to automatically default to these settings for your paper. Paper should include title page, body text and reference page.the U.S. offer a path to citizenship/legal residency for illegal immigrants?

Southwest Airlines Essay

essay writer The southwest airline, which was founded by Herb Keller the then CEO in June 1971, has been one of the most profitable businesses since it commenced its operations. It was ranked among the top admired airlines in the past as per a survey conducted by the American customer satisfaction index from 1997 to 2001 in terms of satisfactory customer service. The southwest airlines applied a shorthaul approach, which entailed a 55 minutes flight time. It also paid its crews by each trip and used the less congested airports for its operations. In addition, the southwest pilots were not members of a national union that limited the number of hours a pilot could fly an airplane. The duration between landing of a plane and its takeoff was about 20 minutes, in which four ground crew and two gate agents were required, as opposed to the united airlines, which required approximately 30 minutes with an additional ground crew of 12 and 3 gate agents. The CEO’s philosophy of putting employees’ needs first contributed to satisfying the employees, who resulted to being dedicated and motivated, thus working towards satisfying the customers’ needs. When customers are pleased with the services offered, they definitely come back for more services (Achtmeyer, 2002). In June 2010, Southwest Airline celebrated 40 years of service, which is remarkable. Industry Analysis of Southwest Airlines Southwest Airline has been constantly profitable, as opposed to other airlines, some of which have been declared bankrupt. Its reputation hails from low-affordable fares, timely flights, and an attractive corporate culture. Nevertheless, each business is influenced by Michael porter’s five forces, which include; “supplier power, buyer power, threats of substitutes, degree of rivalry and threats of new entrants” (Orcullo, 2007, p. 49). Rivalry A competitive market is always associated with rivalry, because of market concentration. As a result, each airline fights to achieve a competitive advantage. The southwest Airlines offer low fares as one of their competition strategies and offers many on-time flights to its customers. Price wars are evident in the airline industry as a means of attracting customers; for instance, Southwest Airlines offers low cost fares that are readily available on the internet. In addition, Southwest Airline has managed to beat Delta Airlines in terms of fares, since the latter’s fares are quiet high. In addition, Delta Airlines has outweighed Southwest Airlines due to the acquiring of Northwest Airlines, hence capable of offering passenger access to all cities in the United States and across all corners of the world. Get your 100% original paper on any topic done in as little as 3 hours Learn More United Airlines recently merged with Continental, posing as a threat to the Southwest Airlines. Nevertheless, Southwest Airline knows that low fares alone cannot guarantee a competitive advantage; therefore, it pays its pilots handsomely, 40% higher as compared to other airlines, hence motivating the pilots to fly at least an extra hour as opposed to other airlines (Mouawad, 2010). In addition, Southwest Airline does not charge for the customer flight changes, therefore, customers are easily lured. In contrast, Delta Airline distributes majority of its tickets to travel agents, thus, costs are incurred, which result to rise in the ticket prices for customers. However, Southwest Airline creates online ticket booking at low prices, a strategy that has proved to be a reliable over the years. Threat of Entry Due to the deregulation of airline industries, new airlines may emerge, to avoid some airlines being declared bankrupt because of stiff competition. Southwest Airline has been faced by a lot of threat from the emerging airlines that have adopted the low cost and quality customer care services; for instance the Jet Blue Airways, hence being a challenge to the Southwest Airline in fear of loosing customers to the growing airline. Threats of Substitutes Most of the services offered by airlines are almost similar; hence, a customer may be tempted to try out another airline with similar services. The airline industry faces threat from other means of transportation, for instance, buses or trains. This may be relevant in short distances, however, in long overseas destinations, most people prefer the airlines, as they are fast. The southwest airline is exposed to the threat of the substitutes offered by the rival airlines, for instance, some destinations traveled by Delta Airlines are also covered by Southwest Airlines – New York, Miami and other countries. In addition, Jet Blue Airway has proved to be a major threat in terms of the low fare strategy, whereby, it offers approximately low fares, as it is the case with the southwest airline. The Suppliers Bargaining Power Due to the competitive airline industry, airplane manufactures like Boeing and Airbus have a high bargaining power due to the switching costs incurred when changing airplane models. However, Southwest Airline has been using one kind of airplane, Boeing 737, hence saving a lot of cash in terms of maintenance and training of engineers. This measure gives Boeing manufactures a high bargaining power over the Southwest Airline, as it only uses one plane model. However, the recent remarks made by Kelly Gary, the current CEO of Southwest Airline, on a possible shift from the Boeing manufactures to other manufactures with fuel-efficient aircraft could render Boeing manufacturer’s bargaining power to decrease. Nevertheless, Boeing manufactures may have a low bargaining power over its other customers like Jet Blue Airways, since it is not as enormous as the southwest airlines. We will write a custom Essay on Southwest Airlines specifically for you! Get your first paper with 15% OFF Learn More Buyer Bargaining Power Southwest Airline offer friendly fares to their customers as a way of attracting more customers. However, there are a number of services that are spiced up to make the passenger comfortable – bags are not charged, pets accompanied by a passenger are allowed in the plane, and pet cabins are provided. Moreover, change of flights is not charged, therefore guaranteeing customers flexibility. These strategies give customers a bargaining power, as they are able to choose from any affordable traveling classes, and have the freedom of bringing their pets along. Conclusion Since its operations in 1971, Southwest Airline has proven to be effective and reliable, in terms of customer service, flexibility, and productivity. The adopted strategy of cost leadership and product differentiation has led to a competitive advantage. Despite the short trips it made in its early years, those trips were accompanied by a large number of passengers, and the flights were always on time. Providing relative low fares to its customers and paying its employee handsomely has contributed to loyalty from both the customers and employees. In addition, Southwest Airline has a unique culture, which involves allowing its attendants engaging the passengers in songs and games. References Achtmeyer, W. (2002). Southwest airline corporation, No.2-0012. Turk school of business at Dartmouth. Web. Mouawad, J. (2010). The New York Times; business day. Web. Orcullo, N. (2007). Fundamentals of Strategic Management. Quezon City: Rex Bookstore Inc Publisher.

The Finance Sector Reforms In India Economics Essay

In India, a decade old on-going financial reforms have transformed the operating environment of the finance sector from an “administrative regime to a competitive market base system”. [1] Since mid-1991, a number of reforms have been introduced in the financial sector in India. [2] Rangarajan once noted that domestic financial liberalisation has brought about “the deregulation of interest rates, dismantling of directed credit, reforming the banking system, improving the functioning of the capital market, including the government securities market”. [3] The main emphasis on the financial sector reform has been on the banking system so as to improve the performance of public sector banks. [4] The Narasimhan Committee constituted in 1991 laid the foundation for the revamping of the financial sector in India. The Committee had submitted two reports- in 1992 and 1998 which gave immense importance on enhancing the efficiency and viability of this sector. [5] Taking a cue from the developments in the finance sector taking place globally, India undertook structural changes by way of these reforms and successfully relaxed the external constraints in its operation i.e. reduction in Cash Reserve Ratio and Statutory Liquidity Ratio, capital adequacy reforms, restructuring and recapitulation of banks and enhancement in the competitive element in the market through the entry of new banks. [6] Banks in India had to give a go-by to their traditional operational methods of directed credit, fixed interest rates and directed investments, all of which, had the effect of deteriorating the quality of loan portfolios and inadequacy of capital and erosion of profitability. [7] Another prominent consequence of the reforms was the sprouting up of a number of banks due to the entry of new private and foreign banks, increased transparency in the banking system through the introduction of prudential norms and increase in the role of the market forces due to the deregulated interest rates. [8] All these measures lead to major changes in the operational environment of the finance sector. The objective of this paper is to analyse the financial sector reforms that have been carried out in India since the 1990s. The first chapter analyses the objectives of the reforms in the financial sector. Chapter II goes on explain in detail the policy reforms undertaken in this sector and puts forth a four-pronged approach to understand the various elements within the financial sector which have undergone changes. This is followed by Chapter IV which essentially recognises the elements integral to the reformation process. It includes the suggestions made by Y.V. Reddy. Finally, the penultimate chapter concludes the submissions and the analysis made in this research paper. Chapter 2 Objectives of Reforms in the Financial Sector The primary objective of financial sector reforms in the 1990s was to “create an efficient, competitive and stable that could contribute in greater measure to stimulate growth”. [9] Economic reform process took place amidst two serious crises involving the financial sector: [10] The crisis involving the balance of payments that had threatened the international credibility of the country and dragged it towards the brink of default. The crisis involving the grave threat of insolvency threatening the banking system which had concealed its problems for years with the aid of defective accounting policies. Apart from the above two dilemmas, there were many deeply rooted problems of the Indian economy in the early 1990s which were strongly related to the finance sector. Prevalent amoung these were: [11] As mentioned by McKinnon and Shaw, till the early 1990s, the Indian financial sector could be described as an example of financial repression. [12] The sector was characterised by administered interest rates fixed at unrealistically low levels, [13] large pre-emption of resources by authorities and micro regulations which direct the major flow of funds back and forth from the financial intermediaries. [14] The act of the government involving large scale pre-emption of resources from the banking system to finance its fiscal deficit. More than necessary structural and micro-regulation that inhibited financial innovation and increased transaction costs. Relatively inadequate level of prudential regulation in the financial sector. Inadequately developed debt and money markets. Obsolete and out-dated technological and institutional structures that lead to the consequent inefficiency of the capital markets and the rest of the financial system. Till the early 1990s, the Indian financial system was characterised by extensive regulations viz. administered interest rates, weak banking structure, directed credit programmes, lack of proper accounting, risk management systems and lack of transparency in operations of major financial market participants. [15] Furthermore, this period was characterised by the restrictive entry of foreign banks since after the nationalisation of banks in 1969 and 1980, almost 90 per cent of the banking assets were under the control of government owned banks and financial institutions. [16] The financial reforms initiated in this era attempted to overcome these weaknesses with the view of enhancing efficient allocation of resources in the Indian economy. The Reserve Bank of India had been making efforts since 1986 to develop efficient and healthy financial markets which were accelerated after 1991. RBI focused on the development of financial markets especially the money market, government securities market and the forex markets. [17] Financial markets also benefited from close coordination between the Central Government and the RBI as also between the other regulators. 2.1 Major contours of the financial sector reforms in India On a general understanding, there are three groups of reform measures that are used to handle the problems faced by the financial sector. These are that of removal of financial repression, rehabilitation of the banking system and lastly, deepening and development of capital markets. [18] The focal issues addressed by financial sector reforms in India have primarily aimed to include the following: [19] Removal of the problem of financial repression. Creation of an efficient, profitable and healthy financial sector. Enabling the process of price discovery by market determination of interest rates which leads to an improvement in the efficiency in the allocation of resources. Providing institutions with greater operational and functional autonomy. Prepping up the financial system for international exposure and competition. Introduction of private equity in public sector banks and their listing. Opening up of the external sector in a regulated manner. Promoting financial stability in the back-drop of domestic and external shocks. 2.2 The Two Phases of Financial Reform To overcome the economic crisis that plagued the Indian economy in May 1991, the government undertook extensive economic reform policies that brought along with them an era of privitisation, deregulation, globalisation and most importantly, liberalisation. [20] The financial reforms since the 1990s can be classified into two phases. The first phase, also known as the first generation reforms, was aimed at the creation of an efficient, productive, profitable and healthy financial sector which would function in an environment of functional autonomy and operational flexibility. [21] The first phase was initiated in 1992 based on the recommendations of the Committee on Financial System. [22] While the early phase of reforms was being implemented, the global economy was also witnessing prominent changes coinciding with the movement towards global integration of financial services. [23] Narasimhan Committee I noted that the objective of Financial Sector Reforms in India should not focus on correcting the present financial weaknesses but should strive to eliminate the roots of the cause of the present challenges being faced by the Indian market economy. [24] The second generation reforms or the second phase commenced in the mid-1990s and laid greater emphasis on strengthening the financial system and on the introduction of structural improvements. [25] Narasimhan Committee II was to look into the extent of the effectiveness of the implementation of reforms suggested by Narasimhan Committee I and was entrusted with the responsibility to lay down a course of future reforms for the growth and integration of the Indian banking sector with international standards. [26] 2.3 Principles of Financial Sector Reforms in India Dr. Y.V. Reddy has stated that the financial sector reforms in India are based on Punch-sutra or five principles which are explained as follows: [27] Introduction of various measures by cautious and gradual phasing thus giving time to various agents to carry out the necessary norms. For instance, the gradual introduction of prudential norms. Mutually reinforcing measures, that would serve as enabling reforms which would not in anyway disrupt the confidence in the system. E.g. Improvement in the profitability of banks by the combined reduction in refinance and Cash Reserve Ratio. Complementary nature of the reforms in the banking sector with other commensurate changes in fiscal, external and monetary policies. Development of the financial infrastructure in terms of technology, changing legal framework, setting up of a supervisory body, and laying down of audit standards. Introducing initiatives to nurture, integrate and develop money, forex and debt market so as to give an equal opportunity to all major banks to develop skills and to participate. Chapter 3 Policy Reforms in the Financial Sector Indian financial reforms can be explained by way of a four-pronged approach viz. (a) banking reforms, (b) debt market, (c) forex market reforms, and (d) reforms in other segments of the financial sector. These are explained in detail in the subsequent sub-headings. 3.1 Banking Reforms Despite the general approach of the financial sector reform process, many of the regulatory and supervisory norms were started out first for commercial banks and thereafter were expanded to other financial intermediaries. [28] Banking reforms consisted of a two-fold process. Firstly, the process involved recapitalisation of banks from government resources to bring them at par with appropriate capitalisation standards. [29] On a second level, an approach was adopted replacing privatisation. Under this, increase in capitalisation has been brought about through diversification of ownership to private investors up to a cap of 49 per cent and thus keeping majority ownership and control with the government. [30] The main idea was to increase the competition in the banking system by a gradual process and unlike other countries, banking reform in India, did not involve large-scale privatisation. [31] Due to such widening of ownership, majority of these banks have been publicly listed which in turn has brought about greater transparency through enhanced disclosure norms. [32] The phased introduction of new banks in the private sector and expansion in the number of foreign banks provided for a new level of competition. [33] Furthermore, increasingly tight capital adequacy norms, prudential and supervision norms were to apply equally across all banks, regardless of their ownership. [34] 3.2 Government Debt Market Reforms A myriad of reforms have been introduced in the government securities debt market. [35] Only in the 1990s a proper G-Sec debt market had been initiated which had progress from strategy of pre-emption of resources from banks at administered rates of interest to a system that is more market oriented. [36] The main instrument of pre-emption of bank resources in the pre-reform period was through the prescription of a Statutory Liquidity Ratio i.e. the ratio at which banks are required to invest in approved securities. [37] It was initially introduced as a prudential measure. [38] The high SLR reserve requirements lead to the creation of a captive market for government securities which were issued at low administered interest rates. [39] After the introduction of reforms, the SLR ratio has been brought down to a statutory minimum level of 25 per cent. Numerous measure have been taken to broaden the G-Sec market and to increase the transparency. Automatic monetisation of the government’s deficit has been given a go-by. At present, the market borrowings of the central government are undertaken through a system of auctions at market-related rates. 3.3 Forex Market Reforms The foreign exchange market in India had been characterised by heavy control since the 1950s commensurate with increasing trade controls designed to foster import substitution. [40] As a result of these practises, the current and capital accounts were shut and forex was made available through a complex licensing system undertaken by the RBI. [41] Thus, the major task before the government was to move away from a system of total control to a market-based exchange rate system. This transformation in 1993 and the subsequent adoption of current account convertibility were the highlights of the forex reforms introduced in the Indian market. Under these reforms, authorised dealers of foreign exchange as well as banks have been given greater autonomy to carry out a wide range of activities and operations. [42] Furthermore, the entry of new players has been allowed in the market. The capital account has become effectively convertible for non-residents but still has some reservations fore residents. [43] 3.4 Reforms in other segments of the Finance Sector Several measures have been introduced for non-banking financial intermediaries as well. No-banking financial companies (NBFCs) including those involved in public deposit taking activities, have been brought under the supervision of the RBI. [44] As for development finance institutions (DFIs), NBFCs, urban cooperative banks, specialised term-lending institutions and primary dealers- all of these have been brought under the regulation of the Board for Financial Supervision. Reforms were introduced in phases for this segment as well. Till the 1990s, insurance business was under the public ownership. After the passage of the Insurance Regulation and Development Act in 1999, many changes have been introduced. The most prominent amounst these was the setting up of the Insurance Regulatory and Development Agency as well as the setting up of joint ventures to handle insurance business on a risk sharing or commission basis. [45] Another important step has been the setting of the Securities and Exchange Board of India as a regulator for equity markets and to improve market efficiency and integration of national markets and to prevent unfair practices regarding trading. [46] The reform measures in the equity market since 1992 have laid emphasis mainly on regulatory effectiveness, enhancement of competitive conditions, reduction of information asymmetries, development of modern technological infrastructure, mitigation of transaction costs and lastly, controlling of speculation in the securities market. [47] Furthermore, the reform process had the effect of putting an end to the monopoly of the United Trust of India by opening up of mutual funds to the private sector in 1992. [48] Mutual funds have been permitted to open offshore funds for the purpose of investing in equities in other jurisdictions. Another development which took place in 1992 was the opening up of the Indian capital market for foreign institutional investors. [49] The Indian corporate sector has been granted permission to tap international capital markets through American Depository Receipts, Foreign Currency Convertible Bonds, Global Depository Receipts and External Commercial Borrowings. [50] Moreover, now Overseas Corporate Bodies and non-resident are allowed to invest in Indian companies. [51] Chapter 4 Integral aspects of future reform policies Though it is quite impossible to prioritize the various aspects which are relevant for reform, the author has mentioned a few critical elements which have been highlighted by Y.V. Reddy in a lecture delivered by him. [52] 4.1 Need for greater legislative measures It is mandatory that financial reforms are accompanied by legislative measure commensurate with these reforms to enable further progress. These are required mainly with regard to ownership, development of financial markets, regulatory focus, and bankruptcy procedures. [53] Shortcomings in benefits of reforms such as in credit delivery require changes in the legal framework. Furthermore, it is required to concentrate in reduction of transaction costs in economic activity and to enhance economic incentives. [54] Increased enforceability cannot be substituted by the increase in the severity of penalties in criminal proceedings. Lastly, in the institutional element, there is an increasing need to clearly demarcate the roles and functions of the owner, financial intermediary and market participant so as to “replace the joint-family approach that is a legacy of the pre-reform framework”. [55] 4.2 Fiscal Empowerment Notwithstanding the existing level of fiscal deficit, which appears to be manageable, the cushion available for meeting unforeseen circumstances is limited. [56] This problem is acute especially in regard to finances of states which have major structural problems and are in constant need of fiscal support from the Central Government. Y.V. Reddy remarks that the nature of fiscal dominance constrains the effectiveness of the monetary policy to meet unforeseen contingencies as well as to main price stability and contain inflationary expectations. 4.3 Reforms in the real sector Reforms in the real sector would be necessary to bring about structural changes in the Indian economy, particularly in domestic trade. [57] Further growth can be successfully achieved by liberalisation of the financial and external sector. [58] 4.4 Social obligations distribution amoung banks and financial institutions It is necessary to distinguish between the contributions of a financial sector and fiscal actions in matters relating to poverty alleviation. [59] Social obligations should be distributed equitably amoung banks and other financial intermediaries but would be difficult to achieve in the context of emerging capital markets and an economy which is relatively open. [60] Intermediation may have to be multi-institutional rather than being wholly bank-centered. [61] Often banks, which are the foundational stones of payment systems, face problems if they are subjected to disproportionate burdens. This needs to be looked into. Y.V. Reddy mentioned in his speech that monetary and fiscal policies in India should be focussed on what Dreze and Sen termed as “growth mediated security” while “support lead security”. This primarily consists of direct anti-poverty interventions tackled by fiscal and other governmental activities. 4.5 Overhang problems in the financial sector The presence of ‘overhang’ problems is another element which needs to be addressed. To exemplify the meaning of this phrase, problems such as non-performing assets of banks and financial institutions would come within the meaning of this phrase. However, overhang issue are contrasting in nature from flow issues. There is merit in insulating the overhang problem from the flow issues and thereby solve the flow problem. [62] Taking the example of the power sector, any addition to capacities to generate without taking into account cost recovery would add to the problem of accumulated losses. [63] Overhang problems, apart from the financial sector, are prevalent in public enterprises, provident fund and pension liabilities and the cooperative sector. They have a cumulative effect on the finance sector. 4.6 Financial Inclusion Apart from the above, several suggestions have been made in the domain of financial inclusion. Financial inclusion is the key priority for a country like India. Below mentioned are some initiatives taken recently for achieving this objective: [64] The establishment of off-site ATMs has been de-licensed. List of banking correspondents has now been expanded to include individual petty, medical as well as fair price shop owners and also agents of small savings schemes offered by the Government, insurance companies, and retired teachers. At present, the Reserve Bank is reviewing the guidelines of the priority sector lending and the feasibility of trading in priority sector lending certificates. A working group set up under the Reserve Bank has recommended the removal of interest rate ceiling on loans upto Rs. 2 lakhs. Another proposal under consideration is that of granting a few more licenses to local area banks for a fixed period of time. Past strategies for financial inclusion have primarily focussed on expansion of branches, setting up of special special-purpose government-sponsored institutions. [65] It needs to be noted that a new strategy for financial inclusion is the need of the hour which is focussed not only on credit, but also involves the provision of a variety of financial services such as saving accounts, insurance, and remittance products. [66] Chapter 5 Conclusion Finance and growth are interlinked; with increasing developments all around the world, the Indian banking and financial system has to develop in pari passu in manner that stimulates growth and competition. [67] India has undergone more than decade of financial sector reforms which has lead to substantial transformation and liberalisation of the entire financial sector. [68] Over a period of time, the Indian Government gradually liberalised the financial sector, mainly after the recommendations of the Narasimham Committee were carried out which, in turn formed the foundation of reforms that took place in the 1990s and early 2000s. [69] Most of the changes or amendments recommended in the legislative framework by both of the Narasimhan Committees (I

Factors That Influence Poverty

Factors That Influence Poverty. The literature examined throughout this paper assumes that there are many contributing factors that can lead to poverty in the United States of America. The factors include but are not limited to increased immigration rates, the lack of education, illicit drug use, and family composition (i.e. single parent homes). Additionally the literature presented demonstrates the relevance of the previously mentioned areas while highlighting specific examples. In conducting research on this particular issue many scholars shared contradicting views on what truly influences poverty in the U.S. This may be contributed to the many factors including the areas in which the research was conducted and varying backgrounds. Thus my research question is “What critical components contribute to the rising poverty levels in America?” In answering this scrupulous question I will focus on factors including immigration, level of education and family composition. Poverty is an issue that affects us all because research indicates that increased poverty levels are proportional to increased crime rates, number of students that drop out of school, and lack of job opportunities. Uncovering the critical components that contribute to the rising poverty levels in American will allow individuals to find solutions to this growing issue. Abstract Introduction Many individuals believe that poverty is only found in third world countries, but contrary to popular belief it exists in “wealthy” countries as well. Poverty occurs when individuals are unable to satisfy their basic needs, which leads to a depravation of food, shelter, money, and clothing. Scholars suggest that factors including increased immigration rates, illicit drug use, varying levels of education and family composition play a major role in the rising levels of poverty in America. Poverty is an issue that affects us all, research indicates that increased poverty levels are proportional to increased crime rates, number of students that drop out of school, and lack of job opportunities. Likewise increased levels of poverty also tend to have a negative effect on our communities. For example rising poverty levels forces property rates decrease. Furthermore, the issues surrounding poverty are a great concern to many individuals living in the “land of prosperity”, because there are a large percentage of individuals that are living below the nation’s current poverty line. This is a very troubling fact, thus my research question is; what critical components contribute to the increase levels of poverty in America? In looking at potential causes of poverty, one can begin to formulate solutions that would ultimately help decrease the national poverty rate. Through examining various data, the previously mentioned research question would shed light on what factors truly contribute to poverty in the United States. To conduct my research I will visit certain cities that have high poverty rates. While in those cities I will stay in low income housing, also referred to as section eight, and intermingle with the residents. By staying in community with those that are affected by poverty I will be able to interact with many of them on a personal level through participant observation. Researching the many components of poverty is important, because we are products of our community, as a result we should know what negatively affects it so that we build on improvements. Literature Review People living in poverty tend to be in clustered neighborhoods rather than being evenly distributed across a geographic area. [1] Alemayehu Bishaw suggests that measuring this concentration of poverty is important, because researchers have found that living in areas with many other poor people places burdens on low-income families beyond what the families’ own individual circumstances would dictate. This article, using a combination of statistical data shows the distribution of individuals living in poverty based on level of education, race/ethnicity, living environment, and marital status. This report deeply analyzes demographic and socioeconomic characteristics of census tracts, to determine what truly influences poverty. The persistence of poverty and economic inequality around the world has led many economists to question the model of an individual’s self-determination when it comes to living in poverty. [2] In Poverty Traps authors Samuel Bowels, Steven Durlauf, and Karla Hoff, propose that there are many conditions that may trap individuals, groups, and entire economies in poverty. In using history and theories Bowels, Durlauf, and Hoff suggest that those born into poverty have it in their power to get out of poverty. This book argues that there are many conditions that can influence poverty such; as an individual’s level of education, and ones living and socioeconomic environment. The authors propose that poverty informs much political debate while making a correlation between social and political institutions, beginning with corruption and not limited to social customs such as kin systems. Throughout the 21st/ century, poverty advocates and activists continuously propose that political mobilization is an effective mechanism to combat poverty in many western democracies, specifically the United States. [3] The Politics of Poverty: Left Political Institutions, the Welfare State and Poverty, investigates the impact of left political institution on a nation’s amount of poverty. Brady argues that, given the longstanding contention that left political institutions reduce social inequality, it is plausible that left mobilization potentially could contribute to poverty reduction. Through various research methods, it is suggested that the strength of left political systems has a significant and powerfully negative impact on poverty. While welfare remains a crucial determinant of poverty, left political institutions are crucial to the explanations of poverty from a historical viewpoint A question often asked is “Can the wealthiest nation in the world do nothing to combat the steadily rising numbers of Americans living in poverty, or the millions close to living in poverty?” [4] Poverty in America, using various methods examines and explains why poverty is growing, while illustrating steps that can be taken to prevent it. John Edwards, Marion Crain, and Arne Kalleberg Edwards, Crain, and Kalleberg recognize that in order to eliminate an issue, one must first, figure out what is causing the issue. In doing this, the authors give an adequate definition of poverty and many of the factors that contribute to the rising poverty levels. Additionally, Poverty in America discusses the repercussions that rising poverty levels are having on various ethnic groups. In conducting research, the authors uncovered that there is a disproportionate number of African-Americans and Hispanic families living below the poverty line. They propose that this is due to wealth inequalities and the growing income gap between the rich and the poor. In the United States, with the exception of those on Social Security, the only way for most individuals to avoid poverty is to work. [5] Ron Haskins the author of Combating Poverty: Understanding New Challenges for Families, using empirical data and research methods provides various poverty trends over the course of history. By doing such, Haskins suggests that the conditions within the United States virtually ensure high poverty rates because of the factors that influence poverty. Those factors including the declining of work rates, stagnant wages, family composition, inferior education, and the increase number of immigrants. Haskins suggests that the conditions in the U.S. ensure high poverty rates because the factors that influence poverty remain very strong. Furthermore, Haskins deeply analyzes each individual cause and sheds light on them through data, charts and graphs. Over the course of history the United States has experienced a rising standard of living, with the Gross Domestic Product per capita on a constant rise. [6] Hilary Hoynes, Marianne Page, and Ann Stevens, using exploratory research methods examines the trends in individual poverty rates. Poverty in America: Trends and Explanations examines’ the rise and fall of various social economic groups that are in poverty. Likewise, this source takes into account many of the components that are used when measuring the various levels and causes of poverty such as levels of education, overpopulation and job opportunities. Throughout this text the authors present charts and graphs to show the change in data over a certain period of time. Hoynes, Page, and Stevens provide a fundamental contribution to understanding poverty as a whole. What does it mean to be poor? This is a questioned posed be John Iceland in Poverty in America: A Handbook. While most people would be hard-pressed to give a precise answer, many feel that poverty is easily recognized when one sees it. [7] For example, a news story accompanied with images of malnourished children in an areas surrounded by filth can vividly display poverty. Iceland suggests that as one moves away from the obvious examples, it becomes more difficult to distinguish what people mean when using the word poor. In using a concise, accessible format the author produces an inclusive picture of the state of poverty in America. Additionally, Poverty in America: A Handbook shows how poverty has changed significantly over time. Likewise, Iceland adequately shows how poverty is both measured and understood, and how public policies have wrestled with poverty as a political issue, and an economic reality. Furthermore, in looking at conventional theories, Iceland asks the tough questions like: Is poverty unavoidable, and Are people more likely to live in poverty based on their race, class, and/or gender? There are many competing theories about the causes of poverty in the United States with a great deal of empirical evidence to justify support for each. [8] The Cause of Poverty Cultural vs. Structural, suggests that there are many different factors that contribute to poverty, while arguing that poverty is largely the result of social and behavioral deficiencies in individuals that make them less economically viable within a conservative society. Gregory Jordan proposes that the debate is divided among theorist and policymakers on whether the causes of poverty are cultural and behavioral or structural and economic. This article briefly examines the theoretical arguments behind both, while providing an analysis to determine the empirical relevancy of each. Additionally, this debate is popular across political party lines with republicans supporting the cultural and behavioral side and democrats leaning more toward the structural and economic causes. To a majority of Americans, illicit drug use and poverty go hand in hand. [9] Robert Kaesnter suggests that poverty is concentrated in inner-city neighborhoods that are often times known for high rates of drug use. Similarly, the homeless population primarily found in cities consists of a proportion of drug users. Kaestner argues that the public has a significant amount of evidence that links drug use to poverty. Using empirical data researchers are able to propose that drug use, although not the only factor, can lead to poverty. Likewise based on society’s willingness to pay for and support antidrug programs, it appears that there is a widespread belief that drug use causes many negative social and economic outcomes including poverty. Additionally this article includes tables that support its main argument. The proportion of U.S. residents born in another country has increased significantly in recent years. [10] Immigration and poverty in the United States, highlights that international immigration accounted for over a quarter of the net population growth from 2000-2007.Using various research techniques, Steven Raphael and Eugene Smolensky suggests that immigration can affect the United States poverty rate in two ways. The first way is that immigrants tend to live in highly concentrated areas, where the level of formal education is low. Secondly, it is proposed that immigrants tend to work for lower wages and do not earn an annual salary. By not working for a steady salary immigrants are more likely not to have a consistent paycheck, thus forcing many of them to live in poverty. The authors argue that the combination of increased poverty among immigrants and a higher ratio of immigrants to the total population add to the national poverty rate. Buried in the Census report are startling figures revealing that the collapse of marriage is creating a poverty crisis. [11] The Poverty Solution: Marriage or Bust, proposes that a long-term root cause of poverty in the United States of America is unwed childbearing. Through various research methods Robert Rector illustrates that single-mother families are five times more likely to live in poverty than married couples with children. Consequently, nearly 70 percent of poor families in America are headed by single parents. Additionally Rector highlights that the unwed birthrate has increased by 22 percent since 2002. Overall, this article suggests that because the rate of single mothers has risen, so has the number of individuals living in poverty. Over the past 25 years significant structural changes have occurred in the United States that have influenced poverty, making current-day poverty different in some ways from poverty just a few decades ago. [12] Causes of Poverty illustrates structural changes include transformations in our economic structure such as the shift from manufacturing employment to service sector employment. Amy Rynell suggests that structural changes include but are not limited to the changes in the economic structure, diseases, welfare reform, immigration, and the increase number of individuals being incarcerated. Rynell, through rigorous econometric and statistical methods presents data based on the various causes of poverty, while showing that certain components affect various populations in different ways. America is always projected as a world superpower and a developed nation. While the term poverty may conjure images of destitute people living in dreadful conditions, this term assumes a new dimension when we speak of poverty in the U.S. [13] Causes of Poverty in America suggests that although America is the land of dreams, it does not differ from the rest of the world. Often time’s people associate poverty with third world countries, Ashwini K. Sule argues that this is far from the truth. Sule proposes that just as there are different definitions of poverty, the causes of poverty are also different. Furthermore, this article suggests that poverty is caused by a plethora of factors including unemployment, lack of education, the breakdown of family systems and the lack of willpower. Contrary to popular belief, the “effects” of poverty could very well be the causes of poverty. The Census Bureau conducts a national census every ten years that includes the America Community Survey (ACS); this survey includes a section that deals strictly with poverty. How to Define Poverty? Let Us the Ways discloses that according to the U.S. Census Bureau there are millions of people are living in poverty. [14] Louis Uchitelle, using various research methods actively defines poverty. In defining poverty, it is suggested that there is no single definition that can accurately characterize all of the components that go into poverty. This is mainly because there are numerous types of poverty. Although there is no one definition that defines poverty, Uchitelle proposes, that poverty in its most general terms is the lack of freedom to have or to obtain the basic needs of life. This article suggests that instead of trying to form a single definition, it is important to examine poverty from a holistic viewpoint. Poverty is increasing tremendously across many groups, from the suburban families to the very poor families. More workers are becoming discouraged and are giving up on the job market. [15] CBS News suggests that this issue can be attributed to the fact that the United States is considered to have a weak economy and fraying government. Because of the weak economy, the unemployment rate has significantly increased. Using various data tables and charts, this article shows that the official poverty rate will increase to 15.7 percent. This percentage is the highest the poverty rate has been since 1965. Poverty is spreading at record levels because of the lack of employment opportunities due to the fragile structure of the economy. It is also suggested that changes in the economy including outsourcing, immigration, and globalization have pushed the median household income lower. Research Design Poverty is a major issue within the U.S. today. Economical, political, social, and cultural factors all contribute to poverty. The United States Census Bureau defines poverty as an “economic condition in which people have an insufficient income and amount of resources to obtain basic needs such as housing, clothing, food, and health care.” [16] Poverty is generally separated into two sections, those being absolute poverty and relative poverty. Absolute or extreme poverty is a circumstance in which individuals are unable to pay the prices of basic necessities needed to survive. Secondly, relative poverty suggests that people may be able to obtain basic needs but are unable to maintain the living conditions that are deemed normal. Relative poverty usually focuses on comparing ones income to those in the rest of the society. The most frequent measure of poverty in America is the poverty threshold which is set by the U.S. government. This measure identifies poverty as a lack of those goods and services frequently taken for granted by individuals living in a conventional society. [17] The official threshold is typically adjusted for inflation to better fit society. As suggested by the literature review presented in the previous section, there are many components to consider when discussing what influences poverty in America. The literature at hand proposes that immigration, varying education levels, and family composition play a major role in increasing poverty rates. This section will discuss how the previously mentioned components negatively affect poverty rates in the U.S. through key examples. To conduct my research I will begin by going to areas that I frequently visit, that are stricken by poverty in Atlanta, New York, and California. In these cities I will live in low income housing most commonly known as section eight and intermingle with the residents. By staying in community with those that are affected by poverty I will be able to interact with many of them on a personal level through a participant observation. A participant observation is when a researcher actively participates in the daily life of the people under study while observing things that happen, listening to what is said and questioning people, over some length of time. [18] My goal is that the individuals under study would hopefully feel that they could trust me and in turn be open to answering any questions that I might have in regards to their living situation. In doing this I will observe on a first hand bases some of the factors that influence poverty in these areas by taking various polls based on individuals varying education levels, and family composition. Additionally, the cities under observation have very high immigration rates as a result I will be able to examine the affects immigration has on the rising poverty levels in America. Immigration Most studies of poverty conducted within the United States have usually focused on how widespread economic trends and social welfare affects the number of individuals living in poverty. Very few scholars have conducted research on the influence immigration has on the growing poverty levels in America. In gathering my research I propose that immigration increases the poverty rates by suggesting that newly arrived immigrants are on average poorer than U.S. citizens. When conducting my research I will first explore the effect immigrants have on the nations’ tax base. Additionally, I plan to focus on the impact immigration has on the poor already in America. Due to rising unemployment rates, low incomes, and the change in taxes, those living in poverty pay very little in taxes. Similarly, although many immigrants work when they arrive to the states they tend to receive payment “under the table”, thus they escape paying taxes. Furthermore, when looking at the programs designed to assist the less fortunate, many of them depend mainly on government assistance. Many individuals that are eligible to receive the services offered live below the poverty line. Because immigration adds to the number of individuals needing assistance, the funding needed to support welfare programs increase. This phenomenon suggests that if the U.S. continues to aid immigrants, we will not have the resources that are needed to help American citizens. Education Over the Thanksgiving holiday I had the opportunity to visit various communities in the greater Atlanta area where individuals are living below the U.S. poverty line. While visiting the communities I was able to talk to some of the residents about their educational background, and I quickly realized that many of the residents did not have a high school diploma or GED. The information gathered supports the idea that the impact of education on poverty can be assessed by examining how receiving a degree of higher learning can potentially enable individuals to obtain a better standard of living. Education plays a role in obtaining jobs, thus individuals that do not receive an adequate education are unable to provide for their families. With the job market in the U.S. being very competitive it is imperative to have an education. In today’s society there are individuals that have multiple college degrees, and they still find themselves struggling to make ends meet. A person that does not receive an education is more likely not to receive a desirable income that would ultimately allow them to obtain all of the basic necessities needed to survive. Consequently, those without an education bring their family into a never ending cycle of poverty. This is not to say that those without an education will automatically live poverty, but it does place individuals at a higher risk of living below the poverty level. Although lack of education influences poverty, poverty itself can have a negative effect on children trying to attain an education. Family Composition Over the course of history the family composition in America has changed drastically. No longer is the two parent household considered the norm. In fact in today’s society single parent households are rapidly increasing. Growing up in a single parent home, most of my life, I know that it can be extremely difficult for a single parent to provide the basic necessities for his/her family. Changes in family composition can be considered a major influence on the growing poverty rates in the U.S. Recognizing this, in visiting different communities over the Thanksgiving break I was able to observe on first hand bases the factors that contribute to the changes in family composition. For example divorce has the ability to cause great inconsistency in a household’s income. Consequently divorce takes away from the economic well being of custodial parents and their children. This is mainly due to the fact that men tend to have a higher earning power then women. Thus, after a divorce women and children experience a significant financial decline as a result forcing them to live below the poverty lines. Similarly, single parent households can be tied to poverty because they normally have only one potential earner. When there is only one adult earner in the household, fewer hours are worked and fewer hours are available to be worked due to childcare responsibilities. Although the family composition can contribute to poverty levels, many single parent households are forced to live in poverty despite their efforts. Factors That Influence Poverty

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