Performance Management Essay

Action 1: The business life today turns out to be all the more trying for the organizations and representatives, where the associations need to draw in workers with high capabilities and expert involvement in lower compensation. On the opposite side the workers searching for employments build up their capabilities with high (or sensible) pay. What's more, here is the test. This test could be overseen by something many refer to as execution the board, where it will give the equalization to the connection between the different sides. Execution the board is process used to perceive, empower, decide, assess, create and reward the worker execution. Furthermore, this will oil the circle and therapist the hole and toward accomplishing the association destinations. Any viable presentation the executives framework must incorporate these parts: 1. Execution Planning: Performance arranging is the primary vital segment of any exhibition the executives procedure which frames the premise of execution examinations. Execution arranging is mutually done by the assess and furthermore the analyst in the start of an exhibition meeting. During this period, the workers settle on the objectives and the key execution territories which can be performed longer than a year inside the presentation financial plan. This is finished after a common understanding between the detailing official and the representative. 2. Execution Appraisal and Reviewing: The examinations are ordinarily performed twice in a year in an association as mid audits and yearly surveys which is held toward the finish of the monetary year. In this procedure, the appraisee first offers oneself topped off evaluations in the self examination structure and furthermore portrays his/her accomplishments over some undefined time frame in quantifiable terms. After the self evaluat ion, the last appraisals are given by the appraiser to the quantifiable and quantifiable accomplishments of the representative being assessed. The whole procedure of audit looks for a functioning support of both the worker and the appraiser for examining the reasons for provisos in the exhibition and how it very well may be survived. This has been talked about in the presentation criticism area. 3. Criticism on the Performance followed by close to home directing and execution assistance: Feedback and guiding is given a great deal of significance in the presentation the executives procedure. This is the phase where the representative gets mindfulness from the appraiser about the regions of upgrades and furthermore data on whether the worker is contributing the normal degrees of execution or not. The representative gets an open and an extremely straightforward criticism and alongside this the preparation and advancement needs of the worker is additionally distinguished. The appraiser receives all the potential strides to guarantee that the worker meets the normal results for an association through viable individual directing and direction, coaching and speaking to the representative in preparing programs which build up the skills and improve the general profitability. 4. Remunerating great execution: This is a crucial segment as it will decide the work inspiration of a representative. During this stage, a representative is freely perceived for good execution and is remunerated. This stage is delicate for a representative as this may affect the confidence and accomplishment direction. Any commitments properly perceived by an association helps a representative in adapting up to the disappointments effectively and fulfills the requirement for friendship. 5. Execution Improvement Plans: In this stage, new arrangement of objectives are built up for a worker and new cutoff time is accommodated achieving those goals. The worker is obviously conveyed about the zones where the representative is relied upon to improve and a specified cutoff time is additionally doled out inside which the worker must show this improvement. This arrangement is together evolved by the appraisee and the appraiser and is commonly affirmed. 6. Expected Appraisal: Potential evaluation frames a reason for both parallel and vertical development of workers. By executing competency mapping and different evaluation strategies, potential examination is performed. Potential evaluation gives essential contributions to progression arranging and occupation pivot. Great execution the executives will result to great inspiration for the representatives. Such thing will take us to talks about hypothesis x and hypothesis y. On the off chance that we accept the worker is lethargi c and doesn’t like to work, where he will abstain from taking obligations and obligations, and he works for getting the pay as it were. At that point the disposition toward the worker will be like brain picture, So, there is a shrouded direction line will demonstrate that creative mind in the reality. What's more, the contrary thing is correct. Where on the off chance that we considered the representative is obligation searcher and challengeable and like the work. We will think about him as inventive, where we will rouse him and build up his profession and information to be imaginative in the work. In the exhibition the executives framework the associations depends on the examination framework to manufacture the suitable prize topic for representatives who are under assessment. Where the prize is the consequence of the worker execution and it will speak to the joy of that presentation by the association or as such it is the arrival on speculation of the employee’s aptitudes, time and endeavors. The reasonable and sensible prize will lead the representative to be in inspiration circumstance, and on that it will give the sentiment of unwaveringness in the association, additionally the reasonable prize framework will build the fulfillment level and will make inventive culture in the association. The prize that is given to the worker could be monetarily and could be non-monetarily. For instance the monetary prizes could be money pay, commission or rewards which are considered as immediate pay, then again there are non-budgetary prizes one case of them is simply the extra security for the worker just or his family too. We realize that the exhibition the executives is a procedure not an occasion. Execution the board isn't another term for individual examination. It is a procedure that unites and deals with all the elements that influence execution, regarding the person as an indispensable segment yet by all account not the only segment in a multifaceted part of the board Well, in the exhibition the executives, the key components to be thought of while dealing with poor people or great execution are: * The degree of execution to be accomplished. * the abilities expected to accomplish this degree of execution * the exercises and assets expected to inspire and engage individuals * the checking and audit instruments that measure execution and contrast results and targets * the measures taken to improve execution and achieve best practice * the measures taken to guarantee the arranged targets and capabilities are the correct ones for the association and its partners Execution Review and Development Plan is an evaluative device to be utilized for all regulatory staff and administrators. It permits on a yearly reason for every manager and representative to: Clarify and characterize territories of obligation; together set execution goals for the following survey time frame; set quantifiable gauges for execution; audit destinations and execution; and distinguish and address formative needs. As far as possible results of an exhibition audit, high appraisals (altogether surpasses desires) will bring about the acknowledgment of amazingly solid execution and lead to the distinguishing proof of execution destinations or different assignments which may give extra chances to acquire further abilities and experience, just as the foundation of advancement objectives to proceed the employee’s proficient/self-awareness and development. With moderate appraisals (completely meets desires), the manager and representative recognize forthcoming execution destinations and framework the manners by which work desires and gauges could be surpassed in future. Improvement objectives that will bolster the worker to arrive at more noteworthy accomplishments ought to be set up. In case of low appraisals (needs improvement), the manager and worker ought to plainly distinguish territories where execution can be improved, audit what backing and help might be required so as to acknowledge such upgrades, and set up advancement objectives originating from that conversation. Throughout the accompanying survey time frame, specific consideration ought to be set on zones requiring improvement, with continuous correspondence between the boss and representative in regards to advance made. Recurrence and Timing Execution surveys are led on a yearly premise and ought to be finished by the prompt boss and submitted to Human Resources no later than August 1 of every year. Every single new representative experience a presentation survey by the finish of their trial term, and on a yearly premise by August 1 from that point. The administrator may defer a yearly presentation survey in the event that it falls inside a quarter of a year of the trial audit Procedure 1. Setting Performance Objectives and Development Goals for the Review Period Toward the start of the cycle, the administrator and worker meet to survey the employee’s position and key duties and set up execution destinations and advancement objectives for the audit time frame. Execution Objectives: * ought to set up somewhere in the range of 3 and 5 goals for a given year; * ought to be explicit, quantifiable, and achievable inside the time span recognized (multi-year targets ought to be separated into littler segments); * ought to be intelligent of the employee’s job level; * ought not be well beyond the employee’s current obligations, yet intelligent of his/her duties inside the setting of the department’s objectives and needs for the up and coming year. Advancement Goals: In building up new advancement objectives, the manager and representative ought to consider: * zones of execution requiri

What Factors Influence Internet Use Among Teens English Language Essay

What Factors Influence Internet Use Among Teens English Language Essay The Internet has become some portion of todays adolescents culture and they are recognizable on the best way to utilize and explore in it. This paper ponders the variables that impact web use among youngsters dependent on an overview assembled by Pew Internet American Life Project on an example of more than 1,000 youths between the ages of 12 to 17 who were met arbitrarily by telephone. It demonstrates that 9 out of 10 access the web routinely which is an expansion of 75% in contrast with the year 2000. This high number is rather than the discoveries that solitary 66% of American grown-ups utilize the web. The examination further demonstrated that most adolescents previously got to the web between the age of 10 and 12. 87% conceded utilizing the web normally, with 52% of them getting to the web day by day, an expansion from 42% in 2000. About half of these young people, their families utilized a speedier broadband association with the rest utilizing different methods, for example, di al-up associations. Teenagers were found to utilize the web for texting, online sites, starting on the web talks and sending messages. In the overview, 75% utilize texting contrasted with 42% of grown-ups as a methods for correspondence with their individual age mates. The study additionally demonstrates that 75% of todays youngsters utilize the web to peruse news which is a sharp increment from 38% in the year 2000. College of Diegos innovation trackers, for example, Susannah Stern anticipate that texting should continue becoming exponentially because of friend impact. In spite of the fact that Teens talked with felt that web utilize was a wellspring of imperative fun and a methods for correspondence and research. Amanda Lenhart, a Pew scientist who took an interest in leading the investigation, found that Teens are particular theyre brilliant about their innovation use. They use it for the sorts of things they have to do. The more seasoned high school young ladies between ages 15 to 17 differentiated the legend of the well informed young men since they were found to utilize the web more than their male partners. Writing audit To decide factors affecting Internet utilization among the young people, for example, socioeconomics and financial and peer impact, a writing audit of the accessible Pew inquire about has been led, concentrating on factors affecting adolescents access to the Internet or World Wide Web with the exception of messaging purposes. As indicated by the writing, understudies are the principle clients of the Internet. Jones and Madden (2002) directed an examination on secondary school and junior understudies Internet use. Perusing the Internet was an every day movement; 73% of these understudies utilized the Internet more than the library for inquire about. Seventy-nine percent of the understudies concurred that Internet use has positively affected their scholastic experience (Jones and Madden, 2002). Princeton Research Associates for the benefit of Pew Internet American Life Project directed across the country telephone meets, and did an investigation on how respondents entered the Internet. The information results show that all 59% of everybody infiltrated the Internet under 86% of understudies (Jones and Madden, 2002). Study Framework and Hypothesis Development There are different components affecting web use among adolescents. This audit gives a premise to this examination dependent on the Pew Internet American Life Project overview and will essentially test on the affecting components, for example, segment and social-financial elements. Testable theory will at that point be proposed. Segment factors The specific components of sexual orientation, race/ethnicity, area of living arrangement and age were exceptionally vital in deciding web use among the youngsters comparable to their training status. There was a general increment for the two understudies and non-understudies access to the web. There was likewise an expansion in the extent of young people who got to the web across basic races in the United States, for example, Whites, Blacks, and Hispanics. Be that as it may, these increments have not been uniform over these gatherings. Most secondary school drop-outs were watched not to have been on the web for as far back as one year with just under 33% offering an explanation to having gotten to it. This was in sharp differentiation to the over 90% of junior understudies who have had customary access to the web in the age section of 18 to 19. Web get to would in general increment with expanding levels of instruction and was exceptionally utilized by junior understudies and post-op tional understudies. The extending hole between those in school and the drop-outs access to the web is anticipated to ascend because of expanding support and assistance of web passageways in schools. In the event that more seasoned understudies as of now in school are uncovered and empowered more than more youthful understudies in secondary school, as is typically the situation, age will turn into a significant segment factor since web utilization pervasiveness will be higher in more established understudies. Web use was obviously more prominent among whites than some other race particularly among guys. 71.8% of white guys got to the in contrast with 50.5% of Hispanic guys and 40.7% of dark guys. The open-finished inquiry on where a specific teenager got to the web was expressed and the appropriate responses classified utilizing the classifications of home, school, library, companions/neighbors, and other. Most teenagers were seen as increasingly happy with getting to the web at a c ompanions home whereby over 34.7% of guys and 29.3% of the youngsters reacted to this. In spite of the fact that passageways, for example, the library were picked by just one of every eight, this was an improvement from 4.7% in 2000 to a current12.5%. Monetary components Adolescents from low salary and high destitution regions have been generally distraught in getting to the web. An overview carried on adolescent Internet utilization uncovers social and financial abberations (Taylor et al., 2003). A connection between wages, race and instruction was additionally watched. Levels of instruction were higher in Whites than some other minorities whereby the extent of whites who finished secondary school was more. This directly affected the quantity of web clients. Young people from low-salary family units assessed at 3,000,000, the vast majority of them dark, have no entrance to the web. In this way, these children may not discover grown-ups who might somehow or another show them on the best way to capably utilize the web. Daniel Bassil, leader of Cabrini Connections, takes note of that, Even the children that approach dont fundamentally have individuals tutoring them to utilize the data to their most prominent favorable position. Youngsters from low-sala ry foundations are more averse to get to the web for administrations, for example, texting and messaging as a method of correspondence since a large portion of their companions are not online all the more much of the time. This finding may demonstrate a distinction in decision of substance creation versus content utilization in various financial gatherings (Bosah, 1998). c)Social factors Free and boundless Internet get to When first year recruits register today, they get an understudy ID card, a supper card, and generally, significant, a free close to home email account. Theyve got no online assistance charges to pay, no restrictions to their time signed on, and PC labs open for their comfort nonstop. Its an Internet clients dream. 2. Enormous squares of unstructured time Most undergrads go to classes for twelve to sixteen hours out of each week. The remainder of the time is their own to peruse, study, head out to motion pictures or parties, join clubs, or investigate the new condition outside their grounds dividers. Numerous disregard each one of those different exercises and focus on a certain something: the Internet. 3. Recently experienced opportunity from parental control Away from home and their guardians attentive gazes, understudies long have practiced their new opportunity by taking part in tricks, conversing with companions to the entire hours of the night, laying down with their sweethearts and lady friends, and eating and drinking things Mom and Dad would not support of. Today, they use that opportunity by hanging out in the MUDs and visit rooms of the internet, and no parent can whine about online help expenses or their refusal to eat supper with the family or help out with tasks. 4. No checking or blue penciling of what they state or do online When they proceed onward to the work world, understudies may discover dubious managers looking behind them or in any event, checking their online time and utilization. Indeed, even email to collaborators could be blocked by an inappropriate gathering. In school, no ones viewing. PC lab screens will in general be understudy chips in whose solitary duty is to help any individual who needs assistance seeing how to utilize the Internet not mention to them what they may or may not be able to on it. 5. Full consolation from staff and managers Students comprehend that their schools organization and workforce need them to utilize the Internets huge assets. Keeping away from all Net use is rarely an alternative in some enormous classes, teachers place required course materials exclusively on the Net and participate in their solitary oneon- one contact with understudies through email! Heads, obviously, need to see their significant interests in PCs and Internet get to advocated. 6. Immature preparing in comparable exercises By the time most children get to school, they will have gone through years gazing at computer game terminals, cutting off their general surroundings with walkmans, and participating in that quick fire clicking of the TV remote. Regardless of whether they didnt get acquainted with the Internet in secondary school, those different exercises have made understudies appropriate to slide into capricious Web surfing, aptitude testing MUDs, and rodent a-tattat talk room discourse. 7. The longing to get away from school stressors Students feel the weights of making top grades, satisfying parental desires, and, upon graduation, confronting furious rivalry for steady employments. The Internet, in a perfect world, would help make it simpler for them to do their important course function as fast and productively as could reasonably be expected. Rather, they go to their Net companions to avoid their troublesome sentiments of dread, uneasiness,

Benefits And Disadvantages Of Corn As A Food Source Example

Benefits And Disadvantages Of Corn As A Food Source Example Benefits And Disadvantages Of Corn As A Food Source â€" Essay Example > The paper “ Benefits And Disadvantages Of Corn As A Food Source” is an exceptional example of an assignment on family and consumer science. Americans have been harvesting and consuming corn for nearly four centuries now.   It is a pre-Columbian New World crop widely used among Native Americans.   It has since become a staple of the American diet.   On a personal level, corn is something which my family eats quite often.   It is from that standpoint that I chose to write about it. Corn has long been shown by nutrition experts to offer a variety of health benefits some of which are known to the public, others less so.   First of all, corn stands as an excellent source of both fiber and carbohydrates.   Secondly, it contains large amounts of vitamins B1, B5, C, and E as well as folic acid, magnesium, and phosphorous.   Lastly, corn has high levels of lutein, a substance which protects against heart disease and muscular degeneration.   These facts together demonstrate that corn is just the benefit to health many claims it to be. High fructose corn syrup, due to its widespread commercial availability, is very difficult to avoid consuming.   It exists in almost every food product that we eat.   Unfortunately, high fructose corn syrup has been shown to be a factor in heart disease.   As well, many regard it as being a leading cause of obesity among the public.   Due to its chemical nature, the human body cannot break it down the same way as natural sugar.   In many food products, it is used as a substitute for natural sugar.   That is one of the main reasons that it is so often found in so many products. Learning more about it has better informed me as to the extent my family should eat corn and other corn-based products.   My family and I consider corn to be a staple of our diet.   Though because I have four small children and a diabetic husband, I must pay attention to all the food products we consume.   Prior to addressing this topic, I was u naware of the hazardous effects which high fructose corn syrup can have upon the health of an individual.   In the future, I aim to minimize my family’ s intake of this latter product.   Otherwise, I plan to continue to purchase corn in its various other forms: corn starch, corn on the cob, corn syrup, canned corn, corn tortillas, and corn flour. I do not see any need to alter four centuries of corn consumption in American society.   With the exception of high fructose corn syrup, it will remain a favored product for my family.   Now that I have learned something about corn, I can without worry put it on my family’ s table.

United States Racial Issues and Past Essay - 581 Words

United States Racial Issues and Past Introduction In 1860 Abraham Lincoln became the President of the United States of America. He was from the North, and so the Southern slave owners were afraid to lose their slaves. Because of this they separated from the USA to become the Confederate States. This sparked off a war between the two ends of America, the North and South, it was called the American Civil War. Eventually in 1865 Lincoln passed laws and his Proclamation of Emancipation. This promised freedom to all of the slaves in the Southern States. Black slaves were also allowed to fight for the Northern army. Now blacks were set free they had a whole load of possible opportunities,†¦show more content†¦So basically the whites tried to trap the blacks in some way and make them suffer. Blacks in the South found a difference between legal rights (dejure) and what they were allowed to do (defacto). Even though the laws were passed as black men being able to vote, they were still prevented from doing so by violent whites who went around as armed gangs. The result of all the events going on brought out the ‘Jim Crow’ laws to divide blacks and whites as a form of segregation. Whites say it was to put the blacks in their place. These laws stopped the shared use of restaurants, schools, public transport, housing and hotels - at that point being referred to as ‘white’ schools, transport etc. As the years passed the blacks were slowly gaining more opportunities and people were even seeing black candidates being elected to Congress, State governments and city councils. They also started attending universities. This was a shock for Southern whites, so they stated to form and join anti-black groups such as the Ku Klux Klan. The Ku Klux Klan were murderers and were against whites who supported blacks (Pro-Black Whites) too. The anti-black groups usually performed rapes and lynching. Lynching was gone about without trial and blacks were lynched purely because of racial hatred. After this there was a rise in discri mination and whites gave blacksShow MoreRelatedWhat Was The Impact Of The Civil Rights Movement1325 Words   |  6 PagesThe Civil Rights Movement was issued to end racial segregation against African Americans and to provide the equal citizenship rights mentioned in the U.S. Constitution. It occurred between 1954 and 1968, especially in the South and was a struggle by African Americans to achieve civil rights equal to whites including equal availability in employment, housing, education, freedom to vote, equal access to public facilities, and free of racial discrimination. Before Civil Rights Movement Act, AfricanRead MoreMulticulturalism Of The United States As An ( Ethno ) Racial Project939 Words   |  4 Pagesmulticulturalism in the United States as an (ethno)racial project. While the direct origin of multicultural rhetoric was America’s race problem, it cannot be fully said that multicultural theory directly answered questions of American’s race problem. In fact, as much as official multiculturalism attempted to make sense of the increasing â€Å"diverse† makeup of its nation, it also hid many of the issues that it was attempting to resolve. For instance, multiculturalism in the United States could be seen asRead MoreAnalysis Of A More Perfect Union By Barack Obama Speech1178 Words   |  5 PagesDo you believe that the U.S. needs to be more â€Å"united† to be able to become better as a country? Former president, Barack Obama does. â€Å"A More Perfect Union† is the name of a speech given by Barack Obama in 2008 for his presidential campaign. In his speech, Obama builds an argument on how United States citizens must come together and look past racial and ethnical differences in order to better our country. Througho ut his speech, Obama states various reasons to support his argument. Some of the manyRead MoreRace Relations : A Resolved Issue?1644 Words   |  7 PagesResolved Issue? ENGL 1021-64 Prof. Larry Sklaney 3 Dec. 2013 Although the issue of race relations has died down since the civil rights movement, it is still present in politics and the work place today. Race relations works to better the rights of minority citizens and to lessen the gap between the races. With the facts stated above, race relations are an important issue in the United States of America. Race is a much discussed social and political topic. Race, especially in the United States is everybody’sRead MoreRacial Discrimination : The United States1510 Words   |  7 PagesWe have issues: more specifically , the United States has issues, continuous and all-encompassing issues of racial inequality.The United States is experiencing a outburst of racism, as can be seen from the 2014 killings of two unarmed African-American men, to the brutality of white supremacy in Charleston and the string of arsons in black churches across the South. Of course, it’s nothing new for a nation with a long history of extreme racist violence —the most recent lynching-related death occurredRead MorePolice Brutality Of African Americans1405 Words   |  6 PagesAmericans has increased. This violence has resulted in riots across the United States. The August 2014 death of Michael Brown in Ferguson, Missouri many Americans, some who are former Civil Rights activists, have spoken out against police brutality. Black Lives Matter states that the movement’s goal is to bring justice to the present unjust police killings of African Americans. Looking at prior cases of brutality and its connection to racial profiling, such as the police shooting of Ronald Stokes in 1962Read Moreaffirmative action1695 Words   |  7 Pagesdoes not fix past racial issues, it leaves issues unfixed causing a present effect on past discrimination. The question asked today is, is affirmative action still necessary today in the United States of America. The question is â€Å"Is affirmative action still necessary in the United States today?† Simply, the answer to the question is yes. Affirmative action is definitely still necessary in the United States. Here in the United States we are still dealing with Supreme Court issues on affirmativeRead MoreEthical Issues in Film1518 Words   |  7 PagesRacial profiling is a term society has become familiar with in the past few years; however, it is not a new phenomenon. Racial profiling according to Fredrickson, occurs when law enforcement officials rely on race, skin color, and/or ethnicity as an indication of criminality, reasonable suspicion, or probable cause, except when it is part of the description of a particular suspect (1). There are many opposing views on racial profiling; some believe it to be a useful tool used by law enforcementRead More Social Discrimination 1556 Words   |  7 PagesDuring the Spring of 2012, The University of Southern Mississippis basketball team ma de their first appearance at the NCAA tournament since 1991. The team played against Kansas State University in Pittsburgh, Pennsylvania. During the second half of the game, Kansas State was defeating the University of Southern Mississippi, due to their freshman point guard Angel Rodriguez who contributed many points. The Wildcats were leading the game by 70-64. As Angel Rodriguez was performing a free throw, someRead MoreRacial Inequality797 Words   |  4 PagesRacial inequality is regrettably imbedded in the history of the United States. Americans like to think of the American colonies as the start or founding of the quest for freedom, initially, the ending of religious oppression and later political and economic liberty. Yet, from the start, the fabric of American society was equally founded on brutal forms of supremacy, inequality and oppression which involved the absolute denial of freedom for slaves. This is one of the great paradoxes of American history

The representation of the body and identities in The...

The representation of the body and identities in The Handmaid’s Tale, the Miller’s Tale and with reference to Never Let Me Go. The Handmaid’s tale, The Miller’s Tale and Never Let Me Go all seem to hold the human form in substantial import, exploring physicality with great significance. The fictional novels all link together and the bodies and identities of the characters are used as political statements in society. Throughout history women have fought to gain the independence they deserve as a member of society and in all three pieces of literature you are able to see that it will always be an on going battle and people feel that women are just there to be used and objectified. Atwood’s dystopian classic was influenced by texts†¦show more content†¦Sex is seen as being degrading and wrong to women; however it is seen as fine for the men and commanders to desire sexual encounters more than once a month. This is why the Jezebels were created, like the commander says â€Å"everyone is human after all†. The society its self has been taken of all ownership and power. All bodi es, especially those of the Handmaids are worshiped by society. By doing this the fundamentalist government somehow sees it as a justification of their actions, almost as if they are giving back to the society they have most definitely destroyed. In todays postmodern society their situation could be seen as relatable by the reader, however even in supposed acts of ‘kindness’ they leave their mark. The main protagonist Offred makes a conscience effort to not look at her body whilst undressing herself. This shows how she feels like even a glimpse of her own body is defying orders. However it is at this moment when she notices the tattoo of the ‘eye’ on her ankle. This provides the constant reminder that she is being watched and that the government have all control over her. Her body is not and never will be again her own. The reader is given the impression throughout the novel that Offred almost lives outside of her own body. It is as if she is a stranger loo king in on another person’s life. Her body and reproductive organs are appreciated and wanted more by other people such as the commander and his wife than herself. The emptiness

Overview Program Evaluation Free Essays

Overview of Program Evaluation HCS/549 April 15, 2013 Overview of Program Evaluation Program evaluation is a useful resource to evaluate programs that are currently an organization or an industry is making good use of. Evaluating programs not only bring out the strengths and weaknesses but also identifies the picture of the plans implemented. The purpose of this paper is to examine the purpose for program evaluation and why it can be useful to an organization. We will write a custom essay sample on Overview Program Evaluation or any similar topic only for you Order Now This paper will speak of the five most common types of program evaluation models and will select one program evaluation model to describe from week one’s reading. Purpose for program evaluation â€Å"There is only one overall purpose for program evaluation activities: contributing to the provision of quality services to people in need. Program evaluation contributes to quality services by providing feedback from program activities and outcomes to those who can make changes in programs† (Posavac Carey, 2007, p. 14). If there is no feedback, then the programs will be very hard to carry out and be effective. The processes of evaluation require feedback systems; similarly, feedback on behavior in organizations is also crucial for the success of an organization. Delayed feedback, not clearly associated with the examination of behavior, is not very informative. In the readings, the writers have argued that environmental problems are hard to solve because of the long delay between environmentally destructive activities and feedback indicating a weakening of natural systems. Assessing needs, measuring the implementation of programs to meet those needs, evaluating the achievement of carefully formed goals and objectives, and comparing the level of outcome with the costs involved relative to similar programs serve to provide information from which to develop program improvements† (Posavac Carey, 2007, p. 14). This is useful for organizations because it gives them an idea of their programs and what needs help if there are any issues related to the programs evaluated. Five most common models A number of different approaches to evaluation have been put forward to guide the planning and implementation of program evaluations. Each of the models discussed includes emphases that are valid aspects of program evaluation. â€Å"One value of thinking about models lies in developing an appreciation of the range of questions evaluators can consider. The specific questions being addressed by an evaluation or the specific aspects of the program setting often make one or another of the models especially useful† (Posavac Carey, 2007, p. 23-25). The models: The traditional model, Social Science model, Industrial Inspection model, Black Box Evaluation, and Objectives-Based Evaluation model, are very common and helpful in different types of organizations and environment. The model that is very interesting to use and describe is the Objective-Based Evaluation model. Objectives-Based Evaluation In an effort to design an evaluation for a specific program, some approaches emphasize working with clearly stated program goals and objectives so that the degree to which such goals and objectives are achieved can be measured. This has been the most prevalent model used for program evaluation. Examining goals and objectives seems to be an essential aspect of evaluation; it is important to judge a program relative to its particular structure and what it is designed to achieve† (Posavac Carey, 2007, p. 23-25). It is very important for organizations to clearly and closely examine their goals and objectives to successfully plan for fu ture. At the same time, taking objectives-based evaluation to evaluate the situation is also important to know the points of view of the staff in the organization. Conclusion In conclusion, evaluation of different types of programs is important in organizations because it bring out the ups and downs of the organization. Purpose of program evaluation is to provide feedback that can be helpful for organizations. Without feedback, the organizations programs cannot be effective or put in proper use. Also feedback on behaviors within the program evaluations is crucial for the success of an organization. The five models: The traditional model, Social Science model, Industrial Inspection model, Black Box Evaluation, and Objectives-Based Evaluation model give a ood idea of what it is like to use these models in different scenarios. The Objective-based model is the most prevalent model to use because it closely examines goals and objective that play an important part in an organization. Using this model a company or an organization can prepare for plans and goals, which can be achieved successfully. Reference Posavac, E. J. , Carey, R. G. (2007). Program Evaluati on: Methods and Case Studies (7th ed. ). Upper Saddle River, NJ: Pearson Prentice Hall. How to cite Overview Program Evaluation, Papers

Connection between Habit and Moral Character free essay sample

The connection between habit and moral character In defining the connection between habit and moral character my groups views were very similar. Most described certain habits such as nail biting or smoking as being a habit but one that does not define someone as having bad moral character. Someone who is a habitual liar, steals or intentionally harms other people as a habit would be defined as someone who has bad moral character. However the question was what is the connection between habit and moral character, it did not say bad moral hearted which we all Just assumed.A person could be one who always volunteers to help others or someone who consistently picks up trash off the ground even if they did not put it there or someone who always stops to give a couple of dollars to someone in need on the street. This person would be defined as having a good moral character, someone who is caring or compassionate. We will write a custom essay sample on Connection between Habit and Moral Character or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I believe all things that we do from the most miniscule habit defines us morally. Some good, some bad, and some habits that are Just horrific.Habit (psychology), an acquired pattern of behavior that often occurs automatically. Moral character or character Is an evaluation of a particular Individuals durable moral qualities. The concept of character can Imply a variety of attributes Including the existence or lack of virtues such as Integrity, courage, fortitude, honesty, and loyalty, or of good behaviors or habits. IMMORAL, ad]. Inexpedient. Whatever In the long run and with regard to the greater number of Instances men find to be generally Inexpedient comes to be considered wrong, wicked, Immoral.If mans notions of right and wrong have any other basis Han this of expediency; If they originated, or could have originated, In any other way; If actions have In themselves a moral character apart from, and nowise dependent on, their consequences then all philosophy Is a Ill and reason a disorder of the mind. I Ambrose Bierce quotes (American Writer, Journalist and Editor, 1842-1914) Book: Devils Dictionary quotes I Connection between Habit and Moral Character By Between Moral character or character is an evaluation of a particular individuals durable moral qualities.The concept of character can imply a variety of attributes including he existence or lack of virtues such as integrity, courage, fortitude, honesty, and IMMORAL, ad]. Inexpedient. Whatever in the long run and with regard to the greater number of instances men fi nd to be generally inexpedient comes to be considered wrong, wicked, immoral. If mans notions of right and wrong have any other basis than this of expediency.

Salvage Bid Company Online Environment

Salvage Bid is a company that puts damaged vehicles up for auction. This organization operates in an online environment. Therefore, this firm has an opportunity to interact with a great number of clients. In this case, the buyers are price-sensitive people, who want to purchase a car. These individuals may not have enough money to buy a brand-new car. Moreover, some of these individuals believe that a damaged vehicle can be repaired at a relatively lower cost.Advertising We will write a custom report sample on Salvage Bid Company Online Environment specifically for you for only $16.05 $11/page Learn More However, one can also speak about clients willing to buy spare parts. This is one of the issues that should be considered because it is necessarily to understand the intentions of clients. In turn, the sellers are people do not know how to find potential buyers for the goods that they own. Additionally, it is possible to speak about people who may urgent ly need money for various purposes. These are some of the aspects that should be identified because they are important for understanding the functioning of this business. In turn, the company can be described as an intermediary that helps buyers gain access to relevant information about potential sellers or available products (Salvage Bid). This approach has been adopted by many organizations that try to benefit from the growing supply of used or damaged vehicles in the country (Pride and Ferell 238). On the whole, one can argue that this auction sites can be viewed as a micro-economic market. The functioning of this auction incorporates several elements. First of all, the buyers should be the registered members of this website in order to take part in the bidding. Moreover, the bidding itself lasts for a limited amount of time. The main benefit of this method is that it enables a seller to get the maximum price for his/her vehicle. More importantly, online accessibility of this auc tion increases the number of potential bidders who may compete with one another (Baye 103). Later, a buyer can take the car from one of the locations. It is important to remember that the customers able to assess the degree of damage (Salvage Bid). So, as a rule, they can make an informed decision about the value of a vehicle. This opportunity is also of great benefit to clients who want to choose the best product. It should be mentioned that the owners of this website do not disclose the information about the financial performance. They do not specify their net revenues or sales. Nevertheless, there are some data that can be very informative. For instance, every week its collection of vehicles is increased by 70000 new vehicles (Salvage Bid). Therefore, customers can find choose from a wide range of products. Additionally, this organization has approximately 700 locations (Salvage Bid). Furthermore, the prices for vehicles can range from $50 to $3000 (Salvage Bid). The eventual pri ce depends on the type of damage sustained by the vehicle or its model. This is one of the points that can be made.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Overall, these examples indicate that this micro-economic market can be very vibrant. To a great extent, this auction site offers opportunities for both sellers and buyers who want to carry out an economic transaction. The existence of such markets is critical for the development of the economy. These are the main arguments that can be put forward. Works Cited Baye, Michael. The Economics of the Internet and E-commerce, New York: Elsevier, 2002. Print. Pride, William, and Ferrell, Oliver. Marketing, Cengage Learning, 2008. Print. Salvage Bid. â€Å"About SalvageBid.† Salvage Bid, 2013. Web. Feb. 26 2014. https://www.salvagebid.com/. This report on Salvage Bid Company Online Environment was written and submitted by user Angelica Monroe to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Should the Number of Passengers Be Limited in Cars Driven by Teens

Should the Number of Passengers Be Limited in Cars Driven by Teens The article is about the importance of limiting the number of passengers in the cars driven by teens. Driving is quite liberating, a rite of passage for most American teenagers. It means  freedom  from parental oppression, is a way for an adolescent to have some of the responsibilities of an adult. Most teens get their driver’s license around 16 or 17 years old, during their sophomore and junior years of  high school. Teens spend hours after school, nights on the weekends, driving around with their friends. It’s a major part of their lives, with social, even spiritual, implications. However, though it’s a major part of the adolescent experience, it’s still taken for granted – not just the privilege, but dangerousness of it. And it’s because of this that the number of passengers should be limited to just two people in cars driven by minors, one of which being a licensed drivers, as well. TV HAS A NEGATIVE IMPACT ON TEENAGERS Why just two passengers in teen-driven cars? First of all, adolescent drivers just aren’t experienced enough drivers to ride around with a car packed full of other people, especially other teens. It’s too distracting for them. They aren’t thinking about safety, about a safe-driving speed, aggressive drivers on the road, etc. What’s on their minds? Popularity, looking cool and having fun are important to them – teens think they’re invincible. There are not anticipating the unexpected – a deer in the road, a drunk driver, an accident up the road. Any teen driver is too self-absorbed to think that when they are driving a car, they are at the wheel of a loaded weapon capable of taking the lives of others. They just aren’t thinking of these things. It’s not important to them. They just don’t yet have the driving experience. A federal law should be put in place limiting the number of passengers in teen-driven cars to just two for one more important reason: With fewer drivers in a car, there are fewer distractions. Teens are notorious for spending too much time on their iPhones, totally ignoring everyone and everything else around them. They don’t have the attention span to safely drive a car full of other people; and if that car is filled with loud, self-absorbed attention-seeking teens, it’s even harder for a teen driver to focus on what is important: driving safely to a destination, protecting its passengers. And that is virtually impossible when there are too many people in a car driven by an adolescent. Not only should teen-driven cars be limited to just two passengers, a licensed driver, regardless of their age, should always be in the car with a teen driver unless they are driving in the car alone. This way, that licensed passenger can help the young, inexperienced driver as a passenger – aiding them in paying attention, stopping when necessary, and when to ignore rowdy, distracting drivers. Licensed drivers also use their own experience, even if limited, to get the car safely to its destination. And this notion of legally mandating a licensed driver to ride as a passenger in a teen-driven car holds the driver more responsible – it holds them to a higher standard, because they realize this passenger, the licensed driver, will be watching them and keeping them focused, which will most likely make the teen driver a better, safer, more attentive and mindful driver. WHY MISSING A CLASS IS A BAD IDEA Let’s conclude this argument, that the number of passengers should be limited to two people total in cars driven by minors, one of which being a licensed driver. It should be no other way, potentially legally enforced in every American state. Repercussions should be extreme, as to scare young drivers into obeying the law and realizing that a car is a weapon when not driven responsibly and safely. Of course, several teen drivers are assuredly good drivers with a good perspective, who are responsible and mindful of how dangerous driving truly is. But the majority of teens do not, to the full extent, realize the potential disasters that come with driving, consequences that too often lead to premature death and serious injury. And if teen drivers are limited to just two passengers at a time, one of which being a licensed driver, then driving-related accidents will lessen, and the road will be a better, safer place for people to travel.

Communication Theory Essay Example | Topics and Well Written Essays - 1000 words

Communication Theory - Essay Example The various functions of the communication theory will be discussed briefly which include the function of measuring the amount of information is transmitted, the amount of information being generated, the different types of sources, the interdependence of these sources and concepts such as noise, equivocation and causality of information. The chapter will provide a basic understanding of these concepts and will provide a clear understanding of the strengths and weaknesses of the theory in measuring communication taking place. The communication theory is a purely quantitative theory used to measure how much information is transmitted to be associated in a given state of affairs and which would then in turn provide a measure as to how much information will be available at various points. This theory discusses the amounts of information being transmitted, not the type of information, as the name provides a misleading direction. In respect to studying the amount of information generated this theory works in a sort of elimination technique removing all the possibilities which have been calculated to not exist. Eliminating all the choices which will not occur provides information as to the narrowing down of the decision. A binary decision, where the elimination of half the possibilities takes place till the required outcome is obtained, is also an elimination technique used to generate information related to selections (tossing of coins selecting the winner and eliminating the loser). Bits are the number of times a binary decision has to take place before getting to the required outcome. The general formula used to compute the amount of information generated is: I(s) = log n Here the I(s) is used to denote the amount of information generated by the association of the source. n is the number of equal possibilities that may or may not occur. This formula raises a point which must be distinguished that is that the amount of information (in bits) created by some state of affairs is different from the number of binary digits that will be used to represent the state of affairs. Both are different aspects. Using binary digits instead of distinguishable characteristics can cause in the creation of less efficient codes and would cause a more complex selection and elimination process. I(s) can also be referred to as the average amount of information generated by the source which is also called the entropy of the source at s. Similarly a source r can take place. This source causes an elimination of alternatives and can be interdependent with the source s. Thus I(s) and I(r) are also interdependent. But sometimes the possibilities of occurrences are not equable. These different possibilities s1, s2,,sn can be written in the form of p(si). This is often called the surprisal of the particular event. These formulas and probabilities prove that the communication theory deals with the sources rather than be concerned with the particular messages or the amount of information associated with the events occurrence. When calculating the average amount of information associated with a given source I(s) capable of providing different individual results then we take the surprisal values of all the specific individual possibilities of that source. Another thing

Earthquake Risk and Early Warning Research Paper

Earthquake Risk and Early Warning - Research Paper Example The information systems can give necessary warnings so that power grids, energy systems and nuclear reactors can be switched off to avoid further destruction. Critical equipments, vehicles and systems can be shut down to prevent explosion and destruction. Fast moving vehicles and trains can be brought to a low speed to avoid accidents. Earthquake risk in a particular location or a typical region is presented by various ground motion parameters. The values of different parameters are measured and analyzed. Ground motion parameters like particle velocity, particle acceleration, motion intensity and values of acceleration are assessed for calculating earth quake risk. The values of these parameters are taken using probabilistic analysis. Local geological conditions, location of earthquake sources and various other parameters are taken into account. Considering the ground motion amplitude with respect to the distance from the earthquake source or the centre of earthquake, different proba bility analysis is performed. Distribution of earthquake source or location of the origin is crucial while calculating earthquake risk. Using these valuable parameters earthquake risk for a particular region is assessed. Operational earthquake forecasting also helps assess risks and forecast possible quakes using different methods. With the help of different seismicity-based methods, several methods are developed to update seismic hazard maps. Different models and seismic based methods are found to be helping in predicting future earthquakes. Probable locations and the expected time are predicted using different parameters. Hazard level warnings are provided for different locations. Region, position and time are analyzed to predict a probable earth quake. Earthquake, the most feared natural calamity was once considered unpredictable as the origin and cause of earthquakes were unknown. Modern earthquake warning systems successfully predict earthquake to a certain extent through thoro ugh study of ground motion parameters and other information related to different locations. It has also been discovered why certain areas are more vulnerable to earth quakes. Earth quake is no longer ignored and considered as a calamity that arrives without any warning. The densely populated urban areas and the expected population explosion in the coming decades make it clear that the world can no longer afford a heavy earth quake. If an earth quake happens in any major city of the world, more than 10 million people would perish within moments. Nations are therefore increasingly concerned about any probable earth quake that would cause a risk to the population. Earth quake warning systems are developed so that people would be intimated of an impending hazard. An Earthquake Early Warning System has been prepared by the United States Geological Survey in order to calculate earth quake risk for the west coast of United States. This warning system provides timely warnings, alerts for a possible earth quake. These warnings are meant to ensure public safety and perform necessary precautionary measures to avoid heavy losses. Effective forecasts and warnings would warn the population about possible attacks and educate them about the do’s and don’ts while encountering an earth quake. Earth warning systems send automatic earth quake

Effects of Physiological Reproductive Events on Ovary

Effects of Physiological Reproductive Events on Ovary Chapter one Introduction Background The two majors function of the ovary is the differentiation and release of female gametes (oocyte), which can then be successfully fertilised and ensure the survival of species. The ovary is also an endocrine organ that produces steroid hormones that allow the development of female secondary sexual characteristics and supports pregnancy. The mammalian ovary is covered by a single layer of epithelial cells (surface epithelium), which vary in type from simple squamous to cuboidal to low pseudostratified columnar (Anderson et al. 1976). Directly underneath the surface epithelium there is a layer of dense connective tissue known as the tunica albuginea. The mammalian ovary is a heterogeneous organ containing follicles and corpora lutea at various stages of development. The ovarian follicle is the fundamental unit of the ovary, each follicle consists of an oocyte, surrounded by granulosa cells and outer layer of theca cells ( 1.2 Folliculogenesis During embryogenesis, primordial germ cells (PGCS) migrate from the yolk sac through the dorsal mesentery of the hindgut, to the genital ridge. The germ cells then undergo extensive proliferation, and lose their motile characteristics, in addition, somatic cells derived from the mesenchyme of the genital ridge, proliferate as well (Hirshfield 1991). The germ cells cease mitotic division and form association with small numbers of pre-granulosa cells to form primordial follicle (Telfer et al. 1988). The germ cells undergo the first meiotic division and are now called primary oocytes. The oocytes then become arrested in the diplotene stage of prophase I of meiosis until the primordial follicles start to grow and finally reach the ovulatory stage. In the diplotene stage, the oocyte may prepare itself for rapid mitosis and implantation, by producing large amounts of mRNA and ribosomes (Picton et al. 1998). Primordial follicles may be observed from week 22 in the human (Faddy and Gosden 19 95) and week 13 in the cow (van den Hurk and Zhao 2005). The pool of primordial follicles develops during fetal life in some species (e.g primates, ruminants), but in others it develops during the early neonatal period (e.g rodents, rabbits) (Marion et al. 1971). The number of primordial follicles present at birth represents the total population of germ cells available to mammalian females during their entire reproductive life (Kezele et al. 2002), and is believed to serve as the source of developing follicles and oocytes (Eppig 2001). Although recent studies have suggested that postnatal oogenesis may also occur in female mammals (Johnson et al. 2004), they suggested that germline stem cells can repopulate the postnatal ovary and renew the primordial follicle pool. This group subsequently went on to suggest that these cells were derived from bone marrow (Johnson et al. 2005). This has attracted a great deal of attention as well as criticism (Gosden 2004; Byskov et al. 2005; Telfer et al. 2005). This is an ongoing debate but the balance of evidence suggests that renewal is not a major factor in ovarian development (Eggan et al. 2006). In mammals, the number of primordial follicles in the ovaries at birth varies enormously between species, ranging from tens of thousands in mice to millions in humans and domestic species (Gosden and Telfer 1987). These follicles must develop through primordial, primary and secondary stages before reaching the preovulatory stage, and subsequent ovulation (Figure 1.1). Proper follicle development involves maturation of the oocyte, which is surrounded by variable layers of granulosa cells, enveloped by theca cells (Drummond 2005). Granulosa cells provide physical support of the oocyte and mediate signals between the oocyte, outer theca cells and endocrine hormones. Once the pool of primordial follicles has been established, follicles gradually and continually leave the resting pool to begin growth. However, less than 1% of primordi al follicles present at the time of birth of an animal will ever proceed to ovulation (Erickson 1966), with the majority of follicles degenerating by atresia. 1.3 Regulation of early folliculogenesis A critical process in ovarian biology is the transition of the developmentally arrested primordial follicle to the developing primary follicle. Follicular growth may begin at any time during the females life. The primordial follicle contains an oocyte arrested in meiosis I surrounded by flattened somatic cells termed the pregranulosa (Kezele et al. 2002). During onset of primordial follicle growth, flattened pregranulosa cells become cuboidal and begin to proliferate. The enclosed oocyte begins to grow at the same time (Anderson et al. 2000; Clark and Eddy 1975). The growths of both the primordial follicles with oocytes characterize the initiation of the growing phase. The oocytes within the primordial follicles remain quiescent for months to years until they receive the appropriate signals to initiate folliculogenesis and primordial to primary follicle transition. So far, little is known about the molecular mechanisms and extracellular signalling factors that regulate this process. These processes directly affect the number of oocytes available to a female throughout her reproductive life. Once the pool of primordial follicles is depleted, ovarian steroidogenesis ends and the series of physiological changes called menopause begins (Richardson et al. 1987). It is unclear whether the signals originate from the oocyte, or/and from surrounding somatic cells, or from outside the ovary. It is also unknown if it is an inhibitory factor preventing resting primordial follicles from leaving the stock or a stimulus acting on the resting primordial follicles store that stimulates some follicle to leave it (Gougeon and Busso 2000). A multitude of factors may act locally to regulate early folliculogenesis by promoting growth (Bennett et al. 1996) or by inhibiting growth (Bukovsky et al. 1995). The initial growth signal appears to be independent of the pitui tary gonadotropins (Peters et al. 1975) (Figure 1.3). Primordial follicles do not possess receptors for FSH hormone (Oktay et al. 1997). Despite some studies suggesting that gonadotropins are involved in the initiation of follicular growth in immature rodents (Lintern-Moore 1977; Neal and Baker 1973), nevertheless, during natural hypopituitary conditions in both animal species and humans, the initiation process is not completely abolished (Howe et al. 1978; Halpin et al. 1986). Although follicles at early stages of development have been shown to express follicle stimulating hormone receptors (FSH-R) (Bao et al. 1998), in the absence of gonadotropins during the early stages of follicle growth, follicles can still develop to the early antral stage (Awotwi et al. 1984; Gong et al. 1996). Knockout mice who are null mutants for either FSH receptor or LH receptor are able to undergo the primordial to primary follicle transition (Zhang et al. 2001; Abel et al. 2000). Several local factors have been found that can regulate the primordial to primary follicle transition. Bone morphogenetic protein-7 (BMP-7) has been shown to promote the primordial to primary follicle transition and to increase granulosa cell proliferation (Lee et al. 2001). Leukemia inhibitory factor (LIF) has also been shown to promote the primordial to primary follicle transition and to up-regulate granulosa cell expression of kit ligand (KL) (Nilsson et al. 2002). Bone morphogenic protein-15 (BMP-15) is a growth factor expressed in the oocytes of developing follicles that plays a role in early follicle progression (Dube et al. 1998) and stimulates granulosa cell proliferation (Otsuka et al. 2000). Growth differentiation factor-9 (GDF-9) has been localized inthe oocytes of mouse (Dong et al. 1996) rat (Jaatinen et al. 1999) and human (Aaltonen et al. 1999) primary follicles. Nilsson and Skinner (2002) have shown that GDF-9 promotesthe development of primary follicles in neonatal r at ovaries,but it has no effect on the growth of primordial follicles (Nilsson and Skinner 2002).Studies by Wang and Roy (2004) have provided the first evidence that GDF-9 can promote the formation of primordialfollicles and their subsequent growth in neonatal hamster ovaries (Wang and Roy 2004) . Anti-Mullerian hormone (AMH) is a member of the transforming growth factor- ÃŽ ² (TGF-ÃŽ ²) is considered as a negative regulator of the early stages of follicular development. AMH is produced by the granulosa cells of developing preantral and small antral follicles which inhibits the primordial to primary follicle transition (Durlinger et al. 1999). AMH is never found in primordial follicles, theca cells or oocytes (Ueno et al. 1989; Hirobe et al. 1994; Baarends et al. 1995). Examination of ovarian follicles in AMH-deficient female mice revealed lower numbers of primordial follicles and more growing follicles compared with wild-type mice, these findings revealed that, in the absence of AMH, ovaries are depleted of their primordial follicles earlier than they are in control mice and these observations led to the propsal that AMH inhibits primordial follicle recruitment (Durlinger et al. 1999). Results were obtained from another in vitro experiments on the bovine ovarian cortex sugges ted that, at least in nonhuman species, the presence of AMH acts as a brake on the activation of primordial follicles and the growth of preantral follicles (Gigli et al. 2005). It has been demonstrated that oocytes from early preantral, late preantral and preovulatory follicles up-regulate AMH mRNA levels in granulosa cells, in a fashion that is dependent upon the developmental stage of the oocyte (Salmon et al. 2004). These findings suggest that oocyte regulation of AMH expression may play a role in intra- and interfollicular coordination of follicle development. ; kit ligand (KL) and basic fibroblast growth factor (bFGF) secreted by pre-granulosa cells and oocyte respectively, have mutual stimulatory effects on oocytes and granulosa cells; they also promote recruitment of theca cells from the surrounding stromal/interstitial cell population. Stromal/interstitial cells and theca cells secrete BMP-4 and BMP-7, which promote follicle activation and survival. GDF-9 and/or BMP-15 secreted by the oocyte of the activated follicle promote granulosa cell proliferation, KL expression and theca formation. Granulosa cells of growing follicles secrete AMH that appears to act as a ‘brake on primordial follicle recruitment (Knight and Glister 2006). Foxo3a (FKHRL1), a member of the FOXO subfamily of forkhead transcription factors, has been implicated in the regulation of follicle activation. It has been indicated that Foxo3a functions at the earliest stages of follicular growth as a suppressor of follicular activation (Castrillon et al. 2003). It was suggested that Foxo3a serves an essential role by suppressing the growth of primordial follicles, thereby preserving them until later in life (John et al. 2007). It was shown that Foxo3a -/-ovaries contained markedly elevated numbers of early growing follicles, and this extensive of follicular growth in Foxo3a -/- females resulted in the progression of increased numbers of follicles to more advanced stages of follicular development and this misregulation of this process can lead to premature ovarian failure (Castrillon et al. 2003). Kit ligand (KL) is produced by the granulosa cells of developing ovaries (Manova et al. 1993; Ismail et al. 1996) and KL receptors (c-kit) are present on oocytes and theca cells (Manova et al. 1990). C-kit is expressed at the surface of mammalian oocytes at all stages of follicular development in postnatal ovaries of the mouse, the rat and humans (Driancourt et al. 2000; Horie et al. 1991; Manova et al. 1990; Orr-Urtreger et al. 1990) and its only known ligand, Kit-ligand (KL), which is also referred to as stem cell factor (SCF). KL acts to recruit theca cells from surrounding ovarian stroma during folliculogenesis (Parrott and Skinner 2000). Therfore, KL is thought to act as a signal from the granulosa cells around primordial follicles to the oocyte and surrounding stroma to promote the events of the primordial to primary follicle transition (Parrott and Skinner 1999). In this study (Parrott and Skinner 1999), treatment of in vitro cultured follicles from postnatal ovaries from 4 da y old rats, with KL dramatically induced the development of primordial follicles, but was completely blocked by the Kit antibody ACK2. 1.4 Follicle development Follicular development is regulated by both endocrine and intraovarin mechanisms which co-ordinate the processes of somatic cell proliferation and differentiation (Moley and Schreiber 1995). The basic functional unit in the ovary is the ovarian follicle that is composed of somatic cells and developing oocyte. The two primary somatic cell types are the theca cells and granulosa cells. These two somatic cell types are the site of action and synthesis of a number of hormone that promote a complex regulation of follicular development. The prolifetation of these two cell types is in part responsible for the development of the antral ovarian follicle. At the same time, the oocyte is undergoing developmental changes necessary to allow the resumption of meiosis after the preovulatory surge of gonadotrophins (Montgomery et al. 2001). This regulation occurs according to endocrine principles, involving hormones such as pituitary gonadotropins , ovarian steroids and locally produced factors that act either on the cell that produces them (autocrine) or on neighbouring cells (paracrine) (Salha et al. 1998). Ovarian follicular development is a long process which can take around 6 months from the initiation of growth of primordial follicles until development of a preovulatory follicle in humans, cattle and sheep (Lussier et al. 1987; Cahill and Mauleon 1980) and around 4 months in pigs (Morbeck et al. 1992). The majority of this time is spent in the pre-antral stages of development. Already at this stage, a considerable proportion of growing follicles fail to survive and they degenerate through a process termed follicular atresia. Observations in humans and in animals suggest that apoptosis is the mechanism of follicular atresia (Tilly 1996; Kaipia and Hsueh 1997). In women, the dominant follicle orginates from primordial follicle that was recruited to grow almost 1 year earlier Folliculogenesis can be divided into two stages: the gonadotropin-independent (preantral) and gonadotropin-dependent (antral or Graafian) periods (Erickson and Shimasaki 2000). Locally produced growth factors are critically involved in controlling preantral follicle development during the gonadotropin-independent period. After antraum formation, the follicle becomes dependent on FSH stimulation for continued growth and development. Interestingly, it was discovered that the process of folliculogenesis is controled by growth factors secreted by the oocyte (Matzuk 2000). Five growth factors have been identified in mamalian oocytes: growth differentiation factor-9 (GDF-9) (McGrath et al. 1995), bone morphogenetic protein -15 (BMP-15) (Dube et al. 1998; Laitinen et al. 1998), bone morphogenetic protein -6 (BMP-6) (Knight and Glister 2006), transforming growth factor -ÃŽ ²2 ( TGF-ÃŽ ²2) (Schmid et al. 1994), and fibroblast growth factor-8 (FGF-8) (Valve et al. 1997). Experiments with knockout mice have demonstrated that in the absence of GDF-9, folliculogenesis is blocked at the primary to preantral stage (Dong et al. 1996). Consequently, there are no Graafian follicles, no ovulations, and no pregnancies. 1.4.1 Follicular cell types and follicle classification The two primary somatic cell types in the ovarian follicle are the theca cells and granulosa cells. These two somatic cell types are the site of action and synthesis of a number of hormones that are involved in the complete regulation of follicular development. 1.4.1.1 Granulosa cells Granulosa cells are the primary somatic cell type in the ovary that provides a physical support of the oocyte and mediated signals between the oocyte, outer theca cells and endocrine hormone. Regulation of granulosa cell differentiation during folliculogenesis requires the actions of a number of hormones and growth factors. Specific receptors have been demonstrated on granulosa cells for gonadotropins follicle stimulating hormone (FSH) and luteinizing hormone (LH) (Richards and Midgley, Jr. 1976). In addition, receptors have been found for factors such as insulin-like growth factor (IGF) (Adashi 1998) epidermal growth factor (EGF) (Vlodavsky et al. 1978) and anti-Mullerian hormone (AMH) (Josso et al. 2001). Actions of these hormones and growth factors on granulosa cells vary with the stage of differentiation. Follicular growth and steroidogenesis are dependent on the coordinated actions of FSH and LH with their receptors on granulosa cells and thecal cells of ovarian follicles. Both granulosal and thecal cells are involved in production of estradiol-17ÃŽ ² (two cell/two gonadotropin model which is well accepted for many species). 1.4.1.2 Theca cells Another important cell type in the ovary is the ovarian theca cell. These are differentiated stromal cells that surround the follicle and have also been termed theca interstitial cells (Erickson and Case 1983). The thecal cells can be distinguished as two distinct layers, the inner layer of cells, the theca interna has a basement membrane separating it from the outmost layer of granulosa cells. The theca interna is a highly vascular layer. One of the major functions of theca cells in species such as the cow, human and rodent is the secretion of androgens (Fortune and Armstrong 1977). At the primordial stage, no theca cells are present; however during the transition to the primary stage, theca cells at this stage of development are gonadotropin and steroid independent and non-steroidogenic (Braw-Tal and Roth 2005). Theca externa which is less vascularized layer and merges into the stromal tissue without clear boundaries. The ‘two-gonadotrophin, two-cell model of follicular estradiol biosynthesis According to the two-cell-two-gonadotrophin theory, the ovary has two cellular compartments that are driven independently by LH and FSH to produce ovarian steroids. Androgen production by theca cells is a function of LH, whereas aromatization of these androgens to oestradiol by granulosa cells is controlled by FSH (Gougeon 1996) (Figure 1.5). Androgen synthesis occurs in the theca interna regulated by LH, by expressing P450c17, the rate-limiting steroidogenic enzyme in androgen synthesis (Sasano et al. 1989). Theca interna are capable of synthesizing all the steroids from cholesterol to testosterone and are the major source of follicular androstenedione. In contrast, granulosa cells are the major source of follicular estradiol. Granulosa cells are intrafollicular sites of androgen metabolism (Ghersevich et al. 1994) and express aromatase P450arom (Whitelaw et al. 1992) this enzyme converts androgens to estrogens. FSH also induces granulosa cell LH receptors that are functionally coup led to aromatase. Thus, uniquely in the preovulatory follicle, both the synthesis of androgen (in theca cells) and its aromatization to estradiol (in granulosa cells) are directly regulated by LH (Fortune and Armstrong 1977). . In the theca, under the influence of LH, cholesterol is converted to pregnenolone and metabolised through a series of substrates ending in androgen production. The two-cell, two-gonadotrophin model comes into play with androgens produced by the theca cells transported to the granulosa cells where they are aromatised to oestrogens (Drummond 2006). 1.4.2 Classification of follicle stages In sheep, the stages of follicular development have been classified on the basis of the number of granulosa cells in the largest cross-section of follicles (McNatty et al. 1999), 1.4.3 Follicular development in primates 1.4.3.1 Oocyte growth and maturation Once follicles have been initiated to grow, the granulosa cells proliferate to form the different stages of follicular development (Telfer et al. 2000). During follicular activation and early development in mice, for example, the oocyte growth occurs rapidly with an approximatly 300-fold increase in volume during the 2-3 week growth phase (Wassarman and Albertini 1994), which is also accompanied by a 300-fold increase in RNA content (Sternlicht and Schultz 1981) and a 38-fold increase in absolute rate of protein synthesis (Schultz et al. 1979). These events are indicative of a period of cell growth with high metabolic activity (Wassarman and Albertini 1994). Oocytes complete most of their growth phase before the formation of a follicular antrum (Wassarman and Albertini 1994), and the increase in oocyte diameter and volume during antral follicular growth is relatively small (Eppig 2001; Wassarman and Albertini 1994). If the oocyte is to be capable of fertilization and subsequent embry onic development, it must acquire the ability to resume meiosis. Oocytes from immature follicles are unable to resume meiosis (Iwamatsu and Yanagimachi 1975) however, by the time the follicles have reached the antral stages the oocytes of most species have acquired the ability to resume meiosis (Mattioli and Barboni 2000; Telfer 1998). 1.4.3.2 Follicular growth Early in oocyte growth, a homogenous glycoprotein layer called the zona pellucida (ZP) is secreted shortly after initiation of follicular growth (Epifano and Dean 1994). It forms a translucent acellular layer separating the oocyte from the surrounding granulosa cells. However, contact between granulosa cells and the oocyte is maintained via cytoplasmic processes, which penetrate the zona and form gap junction at the oocyte surface. Progressively, follicles become secondary follicles. In addition to oocyte growth and granulosa cell proliferation, the preantral follicle also increases in size through formation and growth of ovarian stromal cells on the outer membrane of the follicle forming the theca layers of the follicle. The thecal cells can be distinguished as two distinct layers: highly vascular theca interna, surrounded by a fibrous capsule, the theca externa. The granulosa cells continue to proliferate, resulting in a further increase in follicular size. The formation of the follicular antrum marks the beginning of the antral phase of development. The appearance of an antral cavity starts with the development of small fluid-filled cavities that aggregate to form the antrum. As the follicular antrum grows, the oocyte, surrounded by a dense mass of granulosa cells called the cumulus oophorus which become suspended in fluid. It is connected to the rim of peripheral granulosa cells only by a thin stalk of cells. Attached to the zona pellucida, which surrounds the oocyte, is a small ring of granulosa cells called the corona radiata, these cells will be expelled with the oocyte during ovulation. In humans and monkeys, follicles pass from the preantral to the early antral stage at a follicular diameter between 180 and 250 ÃŽ ¼m (Koering 1983; Bomsel-Helmreich et al. 1979). Further, growth of the follicle is under the influence of follicle stimulating hormone (Gougeon 1996). The follicle is then termed a Graafian follicle. When the proper ho rmonal balance is present, normally one Graafian follicle in mono-ovulatory mammals (e.g. primates, ruminants, equine) and several ones in poly-ovulatory animals (e.g. rodent, porcine) fully develop and the oocyte matures and ovulate (Hafez 1993). 1.4.4 Regulation of follicular development 1.4.4.1 Oocytes somatic cell communication Oocyte growth is dependent on signals, growth factors and nutrients from granulosa cells; at the same time oocytes play an important role in the proliferation and differentiation of granulosa cells. Communication between oocytes and somatic cells have a crucial role in ovarian follicular development (Albertini and Barrett 2003; Eppig 2001). Several studies have shown the importance of oocyte-derived factors such as growth and differentiation factor-9 (GDF-9) and bone morphogenetic protein-15 (BMP-15) in female reproduction. GDF-9 and BMP-15 promote the proliferation of granulosa cells from small antral follicles (Hayashi et al. 1999; Vitt et al. 2000; Otsuka et al. 2000). Mutation of the GDF-9 gene in mice prevented the development of somatic cells beyond the primary follicle stages (Dong et al. 1996). C-kit receptor or (Kit) is expressed at the surface of mammalian oocytes at all stages of follicular development in postnatal ovaries of the mouse, the rat and humans (Driancourt et al . 2000b; Horie et al. 1991; Manova et al. 1993). An in vivo study by (Yoshida et al. 1997) has indicated the requirement for C-kit in development of the ovarian follicle in mice. In this study, postnatal mice were injected with Kit-blocking antibody ACK2, and the first wave of follicular development was studied. The blockade of Kit signalling was found to disturb the onset of primordial follicle development, primary follicle growth and follicular fluid formation of preantral follicles (Yoshida et al. 1997). On the other hand, primordial follicle formation, ovulation and luteinization of the ovulated follicle were not affected by ACK2 (Yoshida et al. 1997). 1.4.4.2 Gonadotropins Before the onset of puberty, the normal fate of growing follicles is atresia. After puberty, stimulation by cyclic gonadotropins allows the survival and continued growth with only a limited number of antral follicles that will reach the preovulatory stage. Activation and maintenance of normal follicular function is dependent on gonadotropins secreted by the pituitary. Follicle stimulating hormone (FSH) and Luteinizing hormone (LH) are glycoprotein, secreted by gonadotrophs in the anterior pituitary under the influence of hypothalamic GnRH (Gonadotrophin releasing hormone) neurones, which regulate the synthesis and secretion of those hormones). Gonadotropins are probably not involved in the initiation of follicle growth (Wandji et al. 1992; Fortune et al. 2000; McNatty et al. 1999). Whilst there may not be an absolute requirement for FSH at these early stages the presence of FSH receptor (FSHr) in granulosa cells of immature follicles in cow (Wandji et al. 1992), human (Zheng et al. 1 996) and sheep (Eckery et al. 1997) suggests an involvement. A role for LH in the early stages of development has not been described, although expression of LH receptor (LHr) mRNA is first detected when the theca interna forms around the granulosa cells (Bao et al. 1998; Bao and Garverick 1998). FSH and LH are involved in endocrine control of follicle development, FSH stimulates granulosa cell division and the formation of glycosaminoglycans that are essential components of antral fluid (Hillier 1991). FSH is vital for the formation of the antral cavity (Nayudu and Osborn 1992) in mouse ovarian follicles cultured in vitro. Granulosa cells are the only cells in the female body possess FSH receptors, and binding of FSH to its receptor on the cell surface altered expression of multiple genes crucial to cytoproliferation and differentiation (Richards 1994). Granulosa cell genes that are responsive to FSH include: aromatase (P450arom) the steroidogenic cytochrome P450 crucial to estrogen synthesis (Simpson et al. 1994); cholesterol side-chain cleavage (P450scc) (Richards 1994) and LH receptors (Segaloff and Ascoli 1993). FSH and LH are important factors for the proliferation and survival of follicular somatic cells and the cyclic recruitment of antral follicles. Suppression of serum gonadotropins after hypophysectomy leads to atresia and apoptosis of developing follicles (Nahum et al. 1996). Whereas FSH treatment of cultured early antral follicles prevents the spontaneous onset of follicular apoptosis (Chun et al. 1996). Although FSH is the central regulator of dominant follicle survival and development, LH signalling pathways play fundamental physiological roles. LH-dependent signal pathways in the theca interstitial cells induce changes in gene expression that are critical for estrogen production (Erickson et al. 1985). Activation of the LH receptors in theca cells leads directly to the stimulation of high levels of androstenedione production. The major physiolog ical significance of this LH response is to provide aromatase substrate to the granulosa cells where it is metabolized by P450 aromatase to E2. Additionally, the preovulatory surge of LH is responsible for ovulation and corpus luteum formation. Also, LH is essential for P4 and E2 production by the CL during the early and midluteal phase of the menstrual cycle. The hypothalamus produces and secretes luteinizing hormone-releasing hormone (LHRH) into a system of blood vessels that link the hypothalamus and the pituitary gland. LHRH stimulates the pituitary gland by attaching to specific molecules (i.e., receptors). After the coupling of LHRH with these receptors, a cascade of biochemical events causes the pituitary gland to produce and secrete two hormones, luteinizing hormone (LH) and follicle-stimulating hormone (FSH). LH and FSH are two of a class of hormones commonly known as gonadotropins. They are secreted into the general circulation and attach to receptors on the ovary, where they trigger ovulation and stimulate ovarian production of the hormones estrogen and progesterone. Adapted from (Kanis 1994) 1.4.4.3 Growth factors A number of locally produced growth factors are known to be important for follicle development, they exert paracrine communication within follicles. During preantral follicle development, growth factors such as epidermal growth factor (EGF), transforming growth factors (TGF) may influence folliculogenesis (van den and Zhao 2005). Vascular endothelial growth factor (VEGF) (Danforth et al. 2003) and mullerian inhibitory substance (MIS) (McGee et al. 2001) have been reported to stimulate preantral follicle growth. It has been demonstrated that bone morphogenetic proteins (BMP) can alter bovine granulosa cell steroidogenesis and proliferation in vitro (Glister et al. 2004). Transforming growth factor-ÃŽ ² (TGF-ÃŽ ²) superfamily contains a range of proteins, including inhibins and activins. The precise roles of these factors are not known, but it is likely that they are involved in follicular differentiation by enhancing the action of gonadotropins (Campbell and Baird 2001; Knight and Gli ster 2001; Montgomery et al. 2001). Insulin growth factors (IGF) and their receptors play important role in follicle growth and development (Poretsky et al. 1999). The IGF family comprises of IGF peptides, IGF receptors which are family of proteins called insulin-like growth factor binding proteins (IGFBP) that regulate the availability of the IGF to their target cells, and IGFBP proteases (Giudice 1992). The IGFs affect biosynthetic processes in granulosa and theca cells and have an influence on mitotic activity in the granulosa cells (Giudice 1992; Poretsky et al. 1999). Additionally, a functional link between the IGF system and FSH action has been demonstrated by the finding that IGFBP-4 is a potent inhibitor of FSH

Financial Crisis Recovery Essay

1997-1998 Financial Crisis The weaknesses in Asian financial systems were at the root of the crisis that caused largely by the lack of incentives for effective risk management created by implicit or explicit government guarantees against failure. The weaknesses of the financial sector also were masked by rapid growth and accentuated by large capital inflows, which were partly encouraged by pegged exchange rates. In the mid-1990s, a series of external shocks began to change the economic environment – the devaluation of the Chinese Renminbi and the Japanese Yen, rising of U.S. interest rates which led to a strong U.S. dollar, the sharp decline in semiconductor prices; adversely affected their growth. The crisis began in Thailand when the Thai baht collapse of in July 1997 with a series of speculative attacks on the baht extended after quite a few decades of outstanding economic performance in Asia. As the U.S. economy recovered from a recession in the early 1990s, the U.S. Federal Reserve Bank under Alan Greenspan began to raise U.S. interest rates to head off inflation. This made the U.S. a more attractive investment destination relative to Southeast Asia, which had been attracting hot money flows through high short-term interest rates, and raised the value of the U.S. dollar. For the Southeast Asian nations which had currencies pegged to the U.S. dollar, the higher U.S. dollar caused their own exports to become more expensive and less competitive in the global markets. At the same time, Southeast Asia’s export growth slowed dramatically in the spring of 1996, deteriorating their current account position. Many economists believe that the Asian crisis was created not by market psychology or technology, but by policies that distorted incentives within the lender–borrower relationship. Impacts of the crisis to the South East Asia Most of Southeast Asia and Japan having currency depreciation, devalued stock markets and other asset prices, and a precipitous rise in private debt. It were resulting large quantities of credit became available generated a highly leveraged economic climate, and pushed up asset prices to an unsustainable level. These asset prices eventually began to collapse, causing individuals, financial institutions and corporations in the affected countries were bankrupt. A change in market sentiment could and did lead into a violent of currency depreciation, insolvency, and capital outflows, which was difficult to stop. In the year after collapse of the baht peg, the value of the most affected East Asian currencies fell 35-83% against the U.S. dollar (measured in dollars per unit of the Asian currency), and the most serious stock declines were as great as 40-60%. Lenders led to a large withdrawal of credit from the crisis countries, causing a credit crunch and further bankruptcies. Foreign investors attempted to withdraw their money; the exchange market was flooded with the currencies of the crisis countries, putting depreciative pressure on their exchange rates. As a result, short-term economic activity has slowed or contracted severely in the most affected economies like inflation and rising in unemployment. It impossible that the government doing nothing when the crisis happened to their country. To prevent currency values collapsing, countries governments raised fiscal spending in domestic interest rates to exceedingly high levels (to help diminish flight of capital by making lending more attractive to investors) and to intervene in the exchange market, buying up any excess domestic currency at the fixed exchange rate with foreign reserves. But when interest rates were very high, it can be extremely damaging to an economy that is healthy, wreaked further havoc on economies in an already fragile state, while the central banks were hemorrhaging foreign reserves, of which they had finite amounts. As a strategy to maintain competitiveness, policies to strengthen the country’s balance-of-payments account were pursued. For example, exports were encouraged and imports were discouraged, the latter through an increase in import taxes on certain goods and services. Measures to increase exports for providing handouts directly to people affected included reducing the cost of doing business through such means as tax incentives to boost the manufacturing, agriculture, and services sectors. In the case Malaysia for example, there are policies regarding 1997 crisis: Denial and hesitation, the Malaysian government denied that there was a crisis in the first place; Tight fiscal and monetary policies, and restructuring the banking system; Government proposed to use regional currencies instead of the US dollars in inter-ASEAN bilateral trade; and Financing the recovery programs with the total cost of all measures was RM62 billion. While in the case of Indonesia, the government providing assistance to the poor like efforts to shield poor and vulnerable sections of society from the worst of the crisis, by deepening and widening social safety nets and devoting substantial budgetary resources to increasing subsidies on basic commodities such as rice; measures to increase transparency in the financial, corporate, and government sectors; and steps to improve the efficiency of markets and increase competition. Another example of helping the poor and needy, government must be fair and redistribute the wealth equally to them according their basic necessities of life. In Malaysia, the practicing of zakat system and waqaf contribution to help the poor and needy indirectly will benefit the society. Moreover, Bank Rakyat and ar-rahnu market on Islamic pawn-broking will help the small and medium enterprise to expend their business. Government also must allocate the budget expenditure for subsidizing mainly on education, healthcare and housing for the people. The International Monetary Fund (IMF) is an international organization that provides financial assistance and advice to member countries. It was created out of a need to prevent economic crises like the Great Depression. With its sister organization, the World Bank, the IMF is the largest public lender of funds in the world. It is a specialized agency of the United Nations and is run by its 186 member countries. Membership is open to any country that conducts foreign policy and accepts the organization’s statutes. The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. A core responsibility of the IMF is to provide loans to member countries experiencing actual or potential balance of payments problems. This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth, while undertaking policies to correct underlying problems. Unlike development banks, the IMF does not lend for specific projects. It thus strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global economic trade. To achieve these goals, the IMF focuses and advises on the macroeconomic policies of a country, which aff ect its exchange rate and its government’s budget, money and credit management. The IMF will also appraise a country’s financial sector and its regulatory policies, as well as structural policies within the macroeconomic that relate to the labor market and employment. In addition, as a fund, it may offer financial assistance to nations in need of correcting balance of payments discrepancies. The IMF is thus entrusted with nurturing economic growth and maintaining high levels of employment within countries. The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. The IMF’s role in providing financial assistance to its members in overcoming short-term balance-of-payment difficulties generally has been evident. Advantages and disadvantages of IMF The IMF offers its assistance which it conducts on a yearly basis for individual countries, regions and the global economy as a whole. However, a country may ask for financial assistance if it finds itself in an economic crisis, whether caused by a sudden shock to its economy or poor macroeconomic planning. A financial crisis will result in severe devaluation of the country’s currency or a major depletion of the nation’s foreign reserves. In return for the IMF’s help, a country is usually required to embark on an IMF-monitored economic reform program, otherwise known as Structural Adjustment Policies (SAPs). An IMF loan provides a cushion that eases the adjustment policies and reforms that a country must make to correct its balance of payments problem and restore conditions for strong economic growth. Supporters argue that the IMF can also impose necessary reforms on an economy. Reforms such as privatization, fiscal responsibility, control of Money supply, and attacking corruption. These policies may cause short term pain, but, are essential for preventing future crisis and long term development. Substantial financial advantages are attached to IMF credits because debtor countries benefit from lower debt service costs. Moreover, commercial banks often demand agreement with the IMF before lending is resumed and generally will charge lower interest rates to countries with an IMF program. The benefits attached to the IMF loan can be regarded as a compensation for the policy adjustments which the debtor countries carry through. At the same time, thanks to the unique role the IMF can play, the costs involved for the creditor countries seem to be rather limited, as the opportunity costs of forgoing the proceeds of alternative investments are relatively small. By temporarily providing finance and at the same time fostering adjustment, member countries could overcome external problems without overly detrimental measures either for their own population or for other countries. The interest rates charged by the IMF in normal circumstances can be relatively low, because the special role of the IMF in the international financial system reduces the risks for the IMF itself as well as for the creditor countries which have provided the resources. Because of its special position the IMF can mitigate the risks attached to its loans. Helped by its low funding costs, the IMF can charge debtor countries lower interest rates than private sector participants which have to charge high spreads because of the sovereign risks involved. Over time, the IMF has been subject to a range of criticisms, generally focused on the conditions of its loans. The IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights record. On giving loans to countries, the IMF makes the loan conditional on the implementation of certain economic policies. These policies tend to involve: * Reducing government borrowing – Higher taxes and lower spending * Higher interest rates to stabilize the currency. * Allow failing firms to go bankrupt. * Structural adjustment. Privatizations deregulation, reducing corruption and bureaucracy. The problem is that these policies of structural adjustment and macroeconomic intervention make the situation worse. For example, in the Asian crisis of 1997, many countries such as Indonesia, Korea and Thailand were required by IMF to pursue tight monetary policy (higher interest rates) and tight fiscal policy to reduce the budget deficit and strengthen exchange rates. However, these policies caused a minor slowdown to turn into a serious recession with mass unemployment. The IMF have been criticized for imposing policy with little or no consultation with affected countries. Jeffrey Sachs, the head of the Harvard Institute for International Development said: â€Å"In Korea the IMF insisted that all presidential candidates immediately â€Å"endorse† an agreement which they had no part in drafting or negotiating, and no time to understand. The situation is out of hand. It defies logic to believe the small group of 1,000 economists on 19th Street in Washington should dictate the economic conditions of life to 75 developing countries with around 1.4 billion people.† Because the IMF lends its money with â€Å"strings attached† in the form of its SAPs, many people and organizations are vehemently opposed to its activities. Opposition groups claim that structural adjustment is an undemocratic and inhumane means of loaning funds to countries facing economic failure. Debtor countries to the IMF are often faced with having to put financial concerns ahead of social ones. Thus, by being required to open up their economies to foreign investment, to privatize public enterprises, and to cut government spending, these countries suffer an inability to properly fund their education and health programs. Moreover, foreign corporations often exploit the situation by taking advantage of local cheap labor while showing no regard for the environment. The oppositional groups say that locally cultivated programs, with a more grassroots approach towards development, would provide greater relief to these economies. Critics of the IMF say that, as it stands now, the IMF is only deepening the rift between the wealthy and the poor nations of the world. Indeed, it seems that many countries cannot end the spiral of debt and devaluation. The relatively low interest rates charged by the IMF can lead to moral hazard behavior on the part of the debtor countries. This is largely reduced through the tough policy measures which the IMF imposes as a condition for its programmers. In practice, most countries do not turn to the IMF if not forced by adverse circumstances. Decisions about which countries may borrow money are made by rich countries. Poor countries have little say about loans and the conditions attached to them. The IMF will only lend money to countries if they agree to certain conditions. These conditions increase poverty. The livelihoods of people in poorer countries are destroyed by unfair competition from foreign goods and services. The IMF does not give good financial advice. Countries have suffered by following it. IMF East Asia Case The IMF was involved in one of the worst East-Asian economic crises thus far. Everything started when Thailand was experiencing difficulties in meeting foreign liability obligations so the IMF intervened by suggested to devalue the Baht. The same suggestion was made to Indonesia, Korea and the Philippine. Soon, South Korea and Taiwan jumped in the trend and Hong Kong and Singapore dollars faced speculative attack. The crisis spread all the way to South America where Brazil and Argentina currency came under attack, but they both stood their grounds and refused to devalue which might have prevented a global financial crisis. Other aspects of the handling of the case that were looked down upon were the issue of the bail-out and the political situation of the borrowing country had once again been ignored. Thailand had already borrowed from the IMF and they were bailed-out very publicly which gave an incentive for surrounding countries to follow very risky projects or decisions, believing that the IMF would be a safety net as opposed to a lender of last resort. This is what happened in South Korea when large, unprofitable investment projects were undertaken, largely due in part to the conglomerates of businesses that are close to the bureaucracy but more importantly, sponsored by the IMF. Likewise, Fund officials protested that many East-Asian countries needed a reform in the banking system and governance, where bad banking, nepotism and corruption do not help create stable and efficient economies. During August – December 1997, the International Monetary Fund signed three emergency lending agreements with Thailand (August), Indonesia (November), and Korea (December). These programs established packages of international financial support at an unprecedented cumulative sum of approximately $110 billion, based on the financing commitments. During the period August to December, the IMF programs failed dramatically to meet the objective of restoring market confidence. In all three countries, the exchange rate was expected to stabilize, but in fact quickly depreciated far below the targets set in the program, and this despite a very sharp increase in interest rates. Foreign investors remained unconvinced about the debt servicing capacity of the private debtors despite the announced availability of IMF loans, and continued to demand the repayment of short-term loans as they fell due. The IMF programs failed to achieve their goal of maintaining moderate economic growth in the Asian countries. The programs also failed on several intermediate goals, including the preservation of creditworthiness, the continuation of debt payments, and the stabilization of the exchange rate at levels that prevailed upon the signing of the original lending agreements Indonesia was deeply affected by the 1997–1998 crises, more so than its East Asian neighbors. Its economic contraction was deeper and more prolonged. It was the only one to experience a (temporary) loss of macroeconomic control. Eight years have passed since the collapse of Suharto’s New Order regime on the heels of the economic crisis of 1997–1998. During that time, Indonesia’s economy contracted by over 13% in 1998 alone. This followed three decades of virtually uninterrupted rapid economic growth and led to deep social and political crises. Although countries such as South Korea and Thailand were able to overcome their economic crises in a few years, Indonesia’s crisis resolution has been complicated by political instability, at least until 2004, and by a slower recovery. Indonesia was formally under International Monetary Fund management from 1997 to the end of 2003. But the presence of the IMF actually increased the severity of the Indonesian economy, not more than one year after that; there were capital flight out of the country that led to massive unemployment, compounded by the drastic decline in the exchange rate. At the end of 1998 more than 50% of Indonesia’s population lives below the poverty line. One of the IMF’s policy prescriptions is to close 16 banks and it caused the anger of people and withdraws their money in national banks and some foreign banks. In May 1998, due to an agreement between the IMF and Suharto, the government revoked subsidies for food, and raises the price of oil and electricity. This policy had a strong opposition from the people and not long after that, Suharto regime fell. During Megawati regime, in August 2003 the government finally decided not to continue the IMF program and choose to enter the post-program monitoring. The government option raises the consequences that are not much different. IMF can still continue to dictate economic policy in Indonesia because the government still had to consult every economic policy that will be taken with IMF. The Indonesian government announced that they would pay the remaining debt to the IMF, totaling U.S. $ 7.8 billion, within 2 years. It seems to be the correct political decision to break away from the economic policy interventions that has continued since the crisis in 1997. 2008 Financial Crisis Triggered by events in The US and EU The cause or trigger of the 2008 global financial crisis was the boom of the United States housing bubble which peaked in approximately 2005–2006. Since banks began to give out more loans to potential home owners, housing prices began to increase. The increase in house price and improvement of construction activity started around 1992. At that time the Federal Reserve was holding its policy interest rate at an unusually low level by the standards of the past few decades. The good times lasted until 2005, when monetary policy was tightening after another spell of low interest rates. Over that period, construction activity contributed 1/5 percentage points annually to the growth rate of real GDP, and the share of employment in construction and finance, out of the total workforce, rose from 10 ¼ percent to 11 ¾ percent. That is, over this period, of the 27.4 million people added to work rolls (which ended 2006 with a total of 136 million), 4.8 million were directly related to construction and fifi nance. Finally, the nation was left with an excess stock of housing. A contraction in construction transpired to wind down the inventory overhang, which is often a feature of economic slowdowns and recessions. In addition to that, easy lending standards also contributed to the Real estate bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain. As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. That kind of financial innovation attracted institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses. While the housing and credit bubbles were expanding, US Government was going a process called financialization. US Government policy from the 1970s onward has emphasized deregulation to encourage business, which resulted in less oversight of activities and less disclosure of information about new activities undertaken by banks and other evolving financial institutions. Thus, policymakers did not immediately recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. These institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financial institutions to lend, slowing economic activity. The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that â€Å"the crisis was avoidable and was caused by: 1. Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; 2. Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; 3. An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; 4. Key policy makers ill prepared for the crisis, 5. Lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.†[35][36] Table 1 The Causes and Impacts of Global Financial Crisis Taken from Takatoshi Ito â€Å"Comparison of the Financial Crises: Japan and Asia in 1997-1998 vs. U.S. 2008-09† The Collapse of World Trade Although the crisis is originally from financial sector, trade had great implication that hit countries around the world. Exports collapsed in nearly every major trading country, and total world trade fell faster than it did during the Great Depression. From a peak in July 2008 to the low in February 2009, the nominal value of world goods exports fell 36 percent; the nominal value of U.S. goods exports fell 28 percent (imports fell 38 percent) over the same period. Even a country such as Germany, which did not experience their own housing bubble, experienced substantial trade contractions, which helped spread the crisis. The collapse in net export in Germany contributed to the decline in their GDP which put the country into recession. In the fourth quarter of 2008, Germany’s drop in net exports contributed 8.1 percentage points to a 9.4 percent decline in GDP (at an annual rate); Japan’s net exports contributed 9.0 percentage points to a 10.2 percent GDP decline. Real exports fell even faster in the first quarter of 2009. The Decline in Output Around the Globe The financial crisis was rapidly transmitted to the real economy. The financial disruption was so strong and swift in most countries so that their confidence level in economy fell as well. Confidence levels are measured in different ways across countries, but they were generally falling throughout 2008 and reached recent lows in the fall of 2008 and winter of 2009. As noted, world GDP is estimated to have fallen roughly 1.1 percent in 2009 from the year before. In advanced economies, the crisis was even deeper; the IMF expects GDP to have contracted 3.4 percent in advanced economies for all of 2009. For OECD member countries, GDP fell at an annual rate of 7.2 percent in the fourth quarter of 2008 and 8.4 percent in the first quarter of 2009. Despite the historic nature of its collapse, the U.S. economy actually fared better than about half of OECD economies during those quarters. The decline in industrial production across major economies, each of these economies in January 2009 was more than 10 percent below its January 2008 level, and Japan faring far worse relative to the other major economies. Impact on Developing Countries The impact of the crisis on developing countries will affect different types of international resource flows: private capital flows such as Foreign Direct Investment (FDI), portfolio flows and international lending; official flows such as development finance institutions; and capital and current transfers such as official development assistance and remittances. The World Association of Investment Promotion Agencies foresees a 15% drop in FDI 2009. FDI to Turkey has already fallen 40% over the last year and FDI to India dropped by 40% in the first six months of 2008. FDI to China was $6.6 billion in September 2008, 20% down from the monthly average in year 2008 so far, and mining investments in South Africa and Zambia have been put on hold. The crisis has led to a drop in bond and equity issuances and the sell-off of risky assets in developing countries. The average volume of bond issuances by developing countries was only $6 billion between July 2007 and March 2008, down from $ 15 billion over the same period in 2006. Between January and March 2008, equity issuance by developing countries stood at $5 billion, its lowest level in five years. As a result, World Bank research suggests some 91 International Public Offerings have been withdrawn or postponed in 2008. However, not all developing countries were effected tremendously by 2008 financial crisis. In South East Asia we may take a look Indonesia performance towards the 2008 financial crisis. Indonesia experienced a significant macroeconomic shock at the end of 2008. But, of course, Indonesia was not on its own. Indeed, Indonesia was one of the least affected countries in South East Asia. Although GDP growth slowed markedly to 4.4% in the first quarter of 2009, it did not experience the collapse in growth experienced by countries such a Korea, Thailand and Malaysia. Indonesia’s growth in recent years has been driven predominantly by non-tradeables rather than tradeables, and, although the crisis reduced growth across the board, sectors such as transport and communications, and utilities have continued to grow in double digits. At the same time, the tradeable sector which has performed best is agriculture, which, at 4.8%, has experienced its strongest growth since the East Asian crisis, helping to compensate for the effects of the crisis. Indonesia has learnt from 1997 crisis so that they can manage 2008 financial crisis well. The Role of International Institutions of The G-20 The G-20, which includes 19 nations plus the European Union, is the the main nations of much of the coordination on trade policy, financial policy, and crisis response. Its membership is composed of most of the world’s largest economies and makes up nearly 90 percent of world gross national product. The first G-20 leaders’ summit was held at the peak of the crisis in November 2008. At that point, G-20 countries committed to keep their markets open, adopt policies to support the global economy, and stabilize the financial sector. The second G-20 leaders’ summit took place in April 2009 at the height of concern about rapid falls in GDP and trade. Leaders of the world’s largest economies pledged to â€Å"do everything necessary to ensure recovery, to repair our financial systems and to maintain the global flow of capital.† Furthermore, they committed to work together on tax and financial policies. Perhaps the most notable act of world coordination was the decision to provide substantial new funding to the IMF. U.S. leadership helped secure a commitment by the G-20 leaders to provide over $800 billion to fund multilateral banks broadly, with over $500 billion of those funds allocated to the IMF in particular. In September 2009, the G-20 leaders met in Pittsburgh. They noted that international cooperation and national action had been critical in arresting the crisis and putting the world’s economies on the path toward recovery. They also recognized that continued action was necessary, pledged to â€Å"sustain our strong policy response until a durable recovery is secured,† and committed to avoid premature withdrawal of stimulus. They launched a new Framework for Strong, Sustainable, and Balanced Growth that committed the G-20 countries to work together to assess how their policies fit together and evaluate whether they were â€Å"collectively consistent with more sustainable and balanced growth.† Further, the leaders committed to act together to improve the global financial system through financial regulatory reforms and actions to increase capital in the system. It set up emergency lines of credit (called Flexible Credit Lines) with Colombia, Mexico, and Poland, which in total are worth over $80 billion. These lines were intended to provide immediate liquidity in the event of a run by investors, but also to signal to the markets that funds were available, making a run less likely. In each of these countries, markets responded positively to the announcement of the credit lines, with the cost of insuring the countries’ bonds narrowing (International Monetary Fund 2009b). The IMF also negotiated a set of standby agreements with 15 countries, committing a total of $75 billion to help them survive the economic crisis by smoothing current account adjustments and mitigating liquidity pressures. IMF analysis suggests that this program discouraged large exchange-rate f in fluctuate in these countries (International Monetary Fund 2009). These actions as well as the very existence of a better-funded global lender may have helped to keep the contraction short and to prevent sustained currency crises in many emerging nations. The Government Responses The U.S. executed two stimulus packages, totaling nearly $1 trillion during 2008 and 2009. The U.S. Federal Reserve’s new and expanded liquidity facilities were intended to enable the central bank to fulfill its traditional lender-of-last-resort role during the crisis while mitigating stigma, broadening the set of institutions with access to liquidity, and increasing the flexibility with which institutions could tap such liquidity. United States President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down systemically important institutions, among others. The response of the Federal Reserve, the European Central Bank, and other central banks was taken shortly and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. The governments of European nations and the USA also raised the capital of their national banking systems by $1.5 trillion, by purchasing newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap. By creating $600,000,000,000 and inserting this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal. The goal of these bailouts from the perspective of the largest financial institution is billions of dollars in taxpayer money allowed institutions that were on the brink of collapse not only to survive but even to flourish. The legislation that created TARP, the Emergency Economic Stabilization Act, had far broader goals, including protecting home values and preserving homeownership. Congress was told that TARP would be used to purchase up to $700 billion of mortgages and to obtain the necessary votes, Treasury promised that it would modify those mortgages to assist struggling homeowners. However, almost immediately, as permitted by the broad language of the act, Treasury’s plan for TARP shifted from the purchase of mortgages to the infusion of hundreds of billions of dollars into the nation’s largest financial institutions, a shift that came with the express promise that it would restore lending. Treasury, however, provided the money to banks with no effective policy or effort to force the extension of credit. There were no strings attached: no requirement or even incentive to increase lending to home buyers, and against our strong recommendation, not even a request that banks report how they used TARP funds. It raised the issues on accountability in providing the bailouts. Lesson Learnt from 2008 Crisis There are several lessons that can be learnt from 2008 financial crisis. Those lessons are stated below : 1. Aggregate volatility is part of market system. There is a need to have more depth study of aggregate volatility. 2. Long lived large firms (such as financial institutions) may not be fully trusted. We should rethink the role of reputation of firms in market transactions. In addition, we need to revisit the key elements of the economy of organization so that reputation should be derived from the behavior not merely from the asset. 3. Economic growth will only take place if there is real increase in the real commodities not financial commodities. 4. People mistakenly equated free markets with unregulated markets. 5. Policy makers should be flexible in their policies and guided by overall national objectives. 6. All trading countries should diversify both their exports composition as well as export destination. 7. World financial system is becoming fragile so that there is a need to reform the current financial system. Islamic based economy system has great opportunity to alter the existing financial system. Islamic perspective From Islamic perspective, the approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts. There were horrible gaps between the rich and the poor all over the world, which remained existent all the time, even after the fall of the planned economy. It goes without saying that the position in developing and under developed countries is even worse. This uneven and unjust system of distribution needs to be reformed on a conceptual basis. The entire world today is crying on the present financial crisis, but few people have realized that this is basically a crisis of rich people who were playing with loads of wealth, and all of a sudden, their income faced a steep fall. So far as poor people are concerned, they have been living in perpetual crisis all the times, but no one care for them, The present crisis should not be examined within the relatively narrow confines of debt; rather, it is fundamentally a question of social justi ce, a concept that is paramount in Islam. Social justice includes three aspects, namely a fair and equitable distribution of wealth; the provision of basic necessities of life to the poor and the needy; and protection of the weak against economic exploitation by the strong. The debt burden, however, is increasing inequality between rich and poor countries and is tantamount to exploitation. It also means that poor countries are often unable to provide the most basic services for their citizens. The huge debt that currently burdens poor countries has arisen from loans that have charged interest and have not shared risk between the lender and the borrower and have, therefore, contravened the two most fundamental principles of Islamic finance. Islamic commands to refrain from charging interest and to share financial risk seek to avoid the concentration of wealth and the economic exploitation of the weak and thereby prevent situations such as the current debt crisis from arising in the first place. The core belief in Islamic finance is that money should not in itself be an earning asset; therefore, Islam prohibits any and all forms of interest. There are also other systems which prevent an economic crisis of pandemic proportions to arise; contractual relationships in business, finance or trade must be based on trust and familiarity of networks of common experiences (takaful) which implies that debts cannot be repackaged and resold as assets globally to faceless investors while profit must be redistributed directly to the poor (zakat) in the Holy month of Ramadan to build and strengthen social safety nets through institutions of charity welfare and education. Over and above zakat, all Muslims pay zakat fitrah to the poor, during the month of Ramadan, either through state collection centers or direct contributions to the poor. There is a trend within rural areas to identify destitute families and the disabled within the underserved rural areas of the State where they reside. Over the last few years, increasing realization of a topic poverty during an economic crisis creating the new poor among the Muslim working classes and a bnormally high repayment rates through unlicensed loan-sharks and licensed money-lenders have made national banking institutions which serve the poorer rural communities shift their services to the Ar-Rahnu market or Islamic pawn-broking market. Currently four Islamic financial institutions, Bank Rakyat (The People’s Bank); the Yayasan Pembangunan Ekonomi Islam Malaysia (Islamic Foundation of Economic Development, Malaysia); Permodalan Kelantan Bhd (Kelantan Investment Co.); and the Agro bank offer such services to the rural and urban working classes. It has established an Ar-Rahnu X’Change Franchise Network, where it plans to provide an Ar-Rahnu franchise throughout the country, managed by reputable cooperatives of the working classes. Given the acute dependency of the working classes on ready cash in times of emergency and the high rates of interest in regular pawn-broking market, there seems to be few alternatives except to expand the Ar-Rahnu market among Muslims and non-Muslims and charge the poor for ‘safekeeping’ services, rather than interest. Despite the fact that loan disbursements of Bank Rakyat alone is among the services which have contributed to Bank Rakyat’s amazing rise as a successful national cooperative bank, giving out higher than normal dividends to its share holders, loan sharks are virtually setting up desks outside flats and apartment buildings of the Muslim poor in towns and cities to offer cash and carry’ facilities to the desperately poor. This lucrative market speaks volumes of the rise of atopic poverty among those on or below the poverty line, the inadequacy of zakat and disbursements of zakat, the high dependency on regular income earners among the middle classes for welfare driven services and products and unclear nature of the rising wealth of the Muslim and non-Muslim upper classes in Malaysia The Islamic finance can bring on significant gains in money released into public capital and infrastructure. The redistributive mechanisms of surplus are instituted into welfare based institutions such as free or subsidized education, health and child care, education, and even publicly directed employment. Its principles may differ from modern welfare economics except the gains at the far end of the redistributive machinery are similarly directed towards the poor. The policies of the New Economic Policy in Malaysia, state welfares in Brunei, or publicly instituted employment as in MENA countries are more Islamic than regul ar, except they are part of the post-colonial ‘reformist’ policies of Muslim states which preceded the modern up-beat drive towards Syaria’ah compliant finance. Islamic finance, however, has not demonstrated a clear connectivity with redistributive justice as in the post-colonial political economy except through instituted deductions of zakat from dividends of shareholders. Profits from credit or financial corporations are not necessarily redistributed through zakat. Furthermore, for borrowers, the appreciated value of assets and services as forecasted and built into systems and rates of repayments which compensate for the lack of interest and, in reality, repayment rates may even out with the regular—rates are generally fixed in advance unlike regular interest rates which are more flexible, varying according to market conditions. However, it does allow more capital to be released into projects immediately, allowing a more extensive amount of goods and services to be produced, without the worry of serving loans. One, however, has to be assured of significant productivity even in the early stages of the loan but payments of zakat accruing from successful investment, from the financier or production from the borrower are fixed at a low rate of 2.5%. It is also consensual rather than forced (as in income taxation) and Muslim countries in general pur sue income tax collections as the more important thrust of national revenue. There are generally two disparate systems at work in Muslim countries Islamic finance and post-colonial welfare instituted economics. The welfare inputs in Islamic countries which are operational today proceed whether or not there are institutions of Islamic finance in the country. In Malaysia, Brunei, and the MENA countries discussed in this paper, components of welfare economics in heavily subsidized education, health, housing, farming, and welfare for the poor, are part of a post-colonial legacy of social reform to institute economic parity across groups and classes. In these Muslim nations, the public sector has played an important role in employment for Muslim or indigenous citizens, often acting as a social safety net in times of economic crises. However, these welfare driven policies are subject to much criticism since they favour the poor, encourage low productivity, and a non-competitive public sector. As Islamic institutions of welfare catch on with progressive social educa tion through media and networks and become an alternative system of welfare for poorer Muslims through zakat and other contributions, welfare increasingly becomes a social responsibility of the Muslim middle classes. There is hardly any data on how the profits earned by larger corporations of Islamic finance actually become instituted into a system of welfare economics based in Islam. Private investment trusts of political elites or national trusts controlled by them. In a properly instituted system of redistribution, through wages, salaries, educational, and health subsidies and so on, there should be very little wealth differential between the owners of political Capital and citizens but economic disparities are significant in these Muslim countries and it has been shown how gains among the lowest 20% may be offset by higher or equivalent gains among the top 20% income earners of these nations. The production of stable professional middle classes in these nations has led to an enrichment of social capital and welfare driven redistributive institutions through social networks but Islamic conscientisation had sometimes moved this ‘spiritual gain’ as an objective reality. The belief i n ibadah or ‘to do good’ may outweigh the call for greater transparency in the use of national collections of zakat and so on. Many Muslims in Malaysia pay both income tax and zakat, rather than ask for exemption from income tax. They also maintain Islamic voluntary organizations with personal funds, donate to mosques and charities, and make endless food contributions to orphans and the poor. There is very little data gathered on the actual amounts paid privately or anonymously and state-directed contributions, although increasing, are not reflective of actual payments contributed by the middle classes towards Islamic charitable institutions. On the other hand, Muslim based banking and financial institutions are obscure in their social responsibility towards the poor, including their own clients who may be victims of topic poverty during times of economic crises. In conclusion, Islamic institutions of trusts which are state directed or privately administered by banking and credit agencies contain more humanistic principles of investment and redistribution of profits except that there is a missing component—between the principles of redistribution of surplus or profits in Islam finance and the actual mechanisms to provide welfare to the people who are not share-holders or stake-holders. In Malaysia, Brunei, and the MENA countries of the Middle East and North Africa, state agencies assume trusteeships over compulsory collections like the zakat but do not have any institutional mechanisms to enforce private corporations local or foreign to contribute towards the welfare of the poor. Conclusion The first Financial crisis was began in July 1997 when the Thai baht collapse with a series of speculative attacks on the baht extended after quite a few decades of outstanding economic performance in Asia and most of Southeast Asia and Japan having currency depreciation. There some approach to help financial recovery, It is impossible that the government doing nothing when the crisis happened to their country. To prevent currency values collapsing, governments raised fiscal spending in domestic interest rates to exceedingly high levels. And last approach Government providing handouts directly to people affected and providing assistance to the poor like efforts to shield poor and vulnerable sections of society from the worst of the crisis The International Monetary Fund (IMF) is an international organization that provides financial assistance and advice to member countries. It was created out of a need to prevent economic crises like the Great Depression. The large financial packages which the IMF has arranged for countries affected by the Asian crisis and its result have stimulated a debate both among policy-makers and academics as to their costs and benefits. However, IMF has also been criticized for its lack of accountability and willingness to lend to countries with bad human rights record Debtor countries to the IMF are often faced with having to put financial concerns ahead of social ones The cause or trigger of the 2008 global financial crisis was the boom of the United States housing bubble which peaked in approximately 2005–2006. The impact of the crisis on developing countries will affect different types of international resource flows: private capital flows such as Foreign Direct Investment (FDI). However, not all developing countries were effected tremendously by 2008 financial crisis, Indonesia was one of the least affected countries in South East Asia. The G-20, is the the main nations of much of the coordination on trade policy, financial policy, and crisis responses. The first G-20 leaders’ summit was held at the peak of the crisis in November 2008. The bank bailout, more formally called the Troubled Asset Relief Program, failed to achieve the ultimate goal From Islamic perspective approach that most suitable which is providing handout to the poor and directly to people affected by financial contracts the present crisis should not be examined within the relatively narrow confines of debt, rather it is fundamentally a question of social justice, a concept that is paramount in Islam. The practicing of zakat system and waqf contribution to help the poor and needy indirectly will benefit the society. And this is the best approach that government should do by providing help directly to the poor and people affected by financial contract namely firms and banks. If government reduced the amount tax to be paid, cost of production will decrease level of employment and production will increase. Meanwhile, banks will bail out to save company and people indirectly reduced the worry of public causing the level of borrowing and consumption raises. So, as a result, it can stimulate the capital investment of the economy to increase the economic growth and level of GPD. References Fadillah Putra, â€Å"Economic Development and Crisis Policy Responses in Southeast Asia (Comparative study of Asian Crisis 1997 and Global Financial Crisis 2008 in Malaysia, Thailand and the Philippines)† (2008), Public Administration Department, Brawijaya University Federal Reserved Bank of San Francisco Economic Letter †What Caused East Asia’s Financial Crisis?† 98-24; August 7, (1998) Hussein Alasrag, â€Å"Global Financial crisis and Islamic finance† (2007) http://www.muftitaqiusmani.com/index.php?option=com_content&view=article&id=41:present-financial-crisis-causes-and-remedies-from-islamic-perspective-&catid=12:economics&Itemid=15,retrieve on 11 November 2012 http://www.academia.edu/1133515/Global_Financial_Crisis_An_Islamic_Perspectiv e, retrieve on 4 November 2012 http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008#cite_note IMF_Loss_Estimates-31, retrieve on 4 November 2012 Mohamed Ariff, Syarisa Yanti Abubakar,†The Malaysian Financial Crisis: Economic Impact and Recovery Prospects† (1999) The Developing Economies, XXXVII-4: 417–38 Reinhart, V. (2011). A year of living dangerously : The Management of the Financial Crisis in 2008. Journal of Economic Perspective.25 (1). Pg 71-90. Ibid Recovery from the Asian Crisis and the Role of the IMF, IMF Staff (2000) http:// www.investopedia.com/articles/economics/09/international- monetary-fund imf.asp#axzz2EQhoHzz9, retrieve on 4 November 2012 http://www.nrcc.org/default/Issues2012/2012_Issues_Book_Chapter_Financial_Crisis_Bailouts_and_Financial_Reforms ——————————————– [ 1 ]. Federal Reserved Bank of San Francisco Economic Letter: What Caused East Asia’s Financial Crisis? 98-24; August 7, 1998 [ 2 ]. Federal Reserved Bank of San Francisco Economic Letter: What Caused East Asia’s Financial Crisis? 98-24; August 7, 1998 [ 3 ]. www.wikipedia.com [ 4 ]. www.wikipedia.com [ 5 ]. www.wikipedia.com [ 6 ]. Federal Reserved Bank of San Francisco Economic Letter: What Caused East Asia’s Financial Crisis? 98-24; August 7, 1998 [ 7 ]. www.wikipedia.com [ 8 ]. Mohamed Ariff, Syarisa Yanti Abubakar, (1999) The Malaysian Financial Crisis: Economic Impact and Recovery Prospects: The Developing Economies, XXXVII-4: 417–38 [ 9 ]. Economic Development and Crisis Policy Responses in Southeast Asia (Comparative study of Asian Crisis 1997 and Global Financial Crisis 2008 in Malaysia, Thailand and the Philippines) Fadillah Putra, Public Administration Department, Brawijaya University [ 10 ]. Recovery from the Asian Crisis and the Role of the IMF, IMF Staff (2000) [ 11 ]. http://www.investopedia.com/articles/economics/09/international-monetary-fund-imf.asp#axzz2EQhoHzz9 [ 12 ]. http://www.twnside.org.sg/title/sick-cn.htm [ 13 ]. Reinhart, V. (2011). A year of living dangerously : The Management of the Financial Crisis in 2008. Journal of Economic Perspective.25 (1). Pg 71-90. [ 14 ]. Ibid [ 15 ]. Ibid [ 16 ]. Ibid [ 17 ]. Wikipedia. Financial Crisis 2007. Taken from http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008#cite_note-ssrn-8 [ 18 ]. Wikipedia. Financial Crisis 2007. Taken from http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932008#cite_note-IMF_Loss_Estimates-31 [ 19 ]. Ibid [ 20 ]. â€Å"Greenspan-We Need a Better Cushion Against Risk†. Financial Times. March 26, 2009. Taken from http://www.ft.com/cms/s/0/9c158a92-1a3c-11de-9f91-0000779fd2ac.html. [ 21 ]. FCIC Report-Conclusions Excerpt-January 2011. Taken from http://c0182732.cdn1.cloudfiles.rackspacecloud.com/fcic_final_report_conclusions.pdf [ 22 ]. CRISIS AND RECOVERY IN THE WORLD ECONOMY. Taken from http://www.whitehouse.gov/sites/default/files/microsites/economic-report-president-chapter-3r2.pdf [ 23 ]. Ibid [ 24 ]. Ibid [ 25 ]. Ibid [ 26 ]. Ibid [ 27 ]. Ibid [ 28 ]. Velde, D. W. (2008). Effects of the Global Financial Crisis on Developing Countries and Emerging Markets. Policy responses to the crisis. INWENT/DIE/BMZ conference in Berlin, 11 December 2008. [ 29 ]. Ibid [ 30 ]. Ibid [ 31 ]. Ibid [ 32 ]. Ibid