Federal Reserve Research Paper Example | Topics and Well Written Essays - 250 words

Federal Reserve - Research Paper Example Monetary policy is used to control inflation by revising the reserve ratio requirement or increasing the funds rate so as to reduce the demand of goods in the economy. Monetary policy influences the money supply and by this tool it controls the inflation (The Federal Reserve System 2012). Open market operation is a tool that the Fed uses to increase or decrease the money supply. Through open market operations the fed buys or sells treasury bills, Notes or bonds. This is the way the Fed alters total reserves in the banking system. When the Fed buys $50 million of bonds from a bank, the banks reserve would increase by the same amount and eventually that money would be loaned out by the bank. The $50 million increase in bank reserves would cause an equivalent increase in their monetary base (Colorado 2011). When the Fed undertakes a stimulus program, it essentially increases the money supply in the economy. As seen in the above example, the money supply will increase by $50 million times the money multiplier. If the money multiplier is 5, the money supply will increase by $250 million and obviously that would provide big impetus to the economy (Colorado 2011). Currently, the Fed discount rates are quite low, near to 0.25% that indicates the government wants to give boost to the economy by increasing money supply. After 2008 meltdown, the government bought long-term treasury bonds and notes. This indicates that the Fed is making all efforts to increase money supply to revive the market (The Federal Reserve System

What Kinds Of Psychological Transformation AA Members Undergo Essay

What Kinds Of Psychological Transformation AA Members Undergo - Essay Example Their mysterious 12-step program is promoted as one of the most effective methods for the treatment of addiction by many professionals and researchers. Ironically, nobody knows exactly how the steps work for addiction and why the method is so life changing for its members. What will AA members experience during the AA activity? The psychological transformation among AA members may answer this question. That is why we have to look at the 12-steps closely and study how it applies to alcoholics and their inner journey from seeking help, to conquering alcoholism, to achieve sobriety. A member who completed the 12-steps program is most likely to experience the whole psychological transformation as he achieves sobriety towards the end. The 12-steps and 12 traditions are the primary tenets of AA. The 12 traditions are known as the perspective of AA. This keeps AA anonymous, non-religious and non-profit. The 12 steps can be defined as a step-by-step program for members to follow. Once a member strictly follows the first step, then he can move on and begin with the second. After he goes through all steps and understand and embodies all of the steps, he will achieve long term sobriety. When a person participates in the program, he undergoes a great transformation than will lead him to stop drinking. Those experiences include admitting powerlessness, appeal for the â€Å"higher power†, confession and a new social relationship. Although the actual success rate of AA is hard to estimate, some researchers have found realistic data to reflect how AA succeeds. Hal Arkowitz and Scott Lilienfeld, in their online article, â€Å"Does Alcoholics Anonymous Work?† describe the statistic about AA. The authors cite an investigation called â€Å"Project Match†, issued in 1997 proves that AA is effective in achieving sobriety through abstinence. The experiment divided more than 900 alcoholics into three different therapies. One is mainly 12-steps program associated with a

The Concept Of Microfinance

The Concept Of Microfinance In the recent years, most of the countries across the globe are in a sweeping mood to promote microfinance not only as a positive rural development intervention but also as a rural development panacea. As a result, the developmental economists in underdeveloped and developing economies have increasingly become enthusiastic in promotion and development of microfinance as one of the rural development initiatives. The purpose of such an initiative is to promote the welfare of the society as a whole by targeting the most talked developmental objectives of poverty alleviation (Shah,2008) and balanced regional development (Barman et al. , 2009). Micro-finance today though has become one of the most debated topics but it is a much confused buzzword among the bankers and the policy makers. Micro-finance is more than just a word as it has much wider meaning and implications. It is an instrument and a tool that has power to collectively address poverty, empower the socially poor, address gender issues and thereby strengthen the society as a whole. Micro-finance has therefore emerged as a powerful mechanism which ensures the social and economic empowerment of poor (Sriram, 2004). Concept of Microfinance Microfinance, according to McGuire and Conroy (2000), is the provision of financial services, primarily savings and credit, to poor households that do not have access to formal financial institutions. The Task Force on Supportive Policy and Regulatory Framework for Microfinance set up by NABARD in November 1998 defined microfinance as the provision of thrift, credit and other financial services and products of very small amounts to the poor in rural, semi urban or urban areas, for enabling them to raise their income levels and improve living standards (Sharma, 2001; Reddy, 2005, Reji, 2009). These financial services, according to Satish (2005) and Dasgupta (2006), generally include deposits, loans, payment services, money transfers, and insurance to poor and low income households and their microenterprises. However, the expression microfinance according to Torre and Vento (2006) denotes offering the financial services to Zero or low income beneficiaries. Wanchoo (2007) defines microfinance as any activity that includes the provision of financial services such as credit, savings, and insurance to low income individuals who either fall below the nationally defined poverty line or fall just above that, with the goal of creating social value. The creation of social value means making efforts in direction of eradication of poverty, improving livelihood opportunities for the poor through the provision of capital for micro-enterprise, promotion of savings for poor so that current problems and future risks can be minimized. However, how much below or above the poverty line has not been defined anywhere in the literature so far. Arabi (2009) and Satish (2005) defines microfinance as small scale financial services primarily credit and deposits that are provided to people who farm, fish or herd and adds that it operates small or microenterprises both in urban and rural areas. According to Dinesha and Jayasheela (2009), these financial services are provided by financial institutions to the poor to meet their normal financial needs life cycle, economic opportunity and emergency. In the words of Dhandapani (2009) microfinance means extension of small loans to the poor, especially women to start business, invest in self employment works with the aim to increase their income and standard of living. As per the definition of Nagayya and Rao (2009), microfinance refers to entire range of financial and non-financial services including skill upgradation and entrepreneurial development of poor. Sehrawat etal. (2011) however, defines microfinance as a financial service provided by financial institutions to the poor which may include savings, credit, insurance, leasing, money transfer, equity transaction, etc. to meet their normal financial needs like life cycle, economic opportunity and emergency. In short, it can be said that the concept of microfinance involves Banking for the poor and Banking with the poor. Such banking initiatives open doors of finance for destitute and underprivileged people who otherwise do not have access to finance from formal financial sources due to lack of collateral security (Nagayya and Rao, 2009; Barman et al. 2009). Microfinance targets the poorest segment of clients. They are self-employed and household-based entrepreneurs. Their diverse micro-enterprise includes small retail shops, street vending, artisanal manufacture, etc. Components of Microfinance (Microfinance vs Microcredit) The term `microfinance and `microcredit are often used interchangeably but in reality there is the difference between the two. Microcredit is the extension of small loans to entrepreneurs too poor to qualify for traditional bank loans. Microfinance is a broader concept encompassing not only the extension of credit to the poor, but also the provision of other financial services like savings, cash withdrawals and insurance (Dasgupta, 2006; Nagayya and Rao, 2009). Microcredit is the component of microfinance. There are four components of microfinance: Microcredit: It is a small amount of money lent to a client by a bank or other institution. Microcredit can be offered, often without collateral, to an individual or through group lending. The purpose of such a loan is to provide credit to those who require it. Microsavings: These are small sums of money that allow poor people to save small amounts of money for future use. These saving accounts are often without minimum balance requirements. It helps low households to save in order to meet unexpected expenses and plan for future investments. These are the means of collateral to microcredit (Sinha, 2005). Microinsurance: It is an economic instrument characterised by low premium designed to service low income people not served by typical social or commercial insurance schemes and helps in mitigating risks affecting property and health (Khandelwal A.K., 2007). Remittances: These are transfers of funds from people in one place to people in another, usually across borders to family and friends (Khandelwal A.K., 2007). The Rise of Microfinance Movement / the Beginnings of Microfinance The concept of Microfinance is not new as it has had its prevalence in the long past. The imprints of microfinance can be traced back to Indonesia which points towards the formation of Indonesian Peoples Credit Banks which were set up in 1895 and which had close to 9000 units. Later, efforts were made to bring about revolution in Pakistan (now Bangladesh) by Akhtar Hameed Khan in 1959 in form of formation of Academy for Rural Development (Khandelwal, 2007). In the late 1970s, the economists round the world recognised that poor lack access to financial services (McGuire and Conroy, 2000; Tiwari and Fahad,1997 ; Barman et al., 2009). From this developed a new emphasis on establishing better financial systems which could direct credit to poor clients on a more sustainable basis than had been possible under previous discredited schemes of directed credit (McGuire and Conroy, 2000). At that time, Professor Muhammad Yunus popularised the concept of microloans as he believed that peace prevails only when hunger is quelled (Shetty and Veershekharappa, 2009). He started Grammeen Bank in 1976 in the outskirts of Chittagong University campus in the village of Jobra, Bangladesh with only a meagre amount of $27 as loan and made it a target to grant loans to the poorest of the poor. He felt concerned for the miserable landless women who were labouring for other people. He reasoned that if these women could work for themselves instead of working for others, they could retain much of the surplus generated by their labours, currently enjoyed by others. He started giving loans to even beggars. He was also of the view that if beggars can go to houses for getting money, they can go to houses to sell a product also. The Grameen Bank lending procedures are simple and effective. The first and foremost step in receipt of credit is the formation of the group of five members that gather once a week for loan repayment (Dasgupta, 2001). Loans are initially made to two individuals in the group, who are then under pressure from the rest of the members to repay in good time. The borrower has to repay the loan in weekly instalments spread over a year. The functioning of Grameen Bank also involves enchanting of 16 Decisions at the start of their weekly session. These decisions include production of fruits and vegetables in kitchen gardens, investment for improvement of housing and education for children, use of latrines and safe drinking water for better health, rejection of dowry in marriages etc. Although observance of these decisions is not mandatory, in actual practice it has become a requirement for receiving a loan (Tiwari and Fahad, 1997). In order to promote thrift habit, it is compulsory for every member to save one Taka per week which is accumulated in the Group Fund. This account is managed by the group. The amount in the Fund is deposited with Grameen Bank and earns interest. A member can borrow from this fund for consumption, sickness, social ceremony or even for investment (if allowed by all group members). In case of default in repayment or failure to attend meetings, the defaulters may be charged with a fine or may be expelled. The members are free to leave the group before the loan is fully repaid; however, the responsibility to pay the balance falls on the remaining group members. Some of the key strategies adopted by the Grameen Bank are listed below: I) There is an exclusive focus on the poorest of the poor. This is exclusivity ensured by: establishing clearly the eligibility criteria for selection of targeted clientele and adopting practical measures to screen out those who do not meet them. in delivering credit, priority has been increasingly assigned to women. the delivery system is geared to meet the diverse socio-economic development needs of the poor. 2) Borrowers are organized into small homogeneous groups. Such characteristics facilitate group solidarity as well as participatory interaction. Organizing the primary groups of five members and federating them into centers. The Centers are functionally linked to the Grameen Bank, whose field workers have to attend Centre meetings every week. 3) Special loan conditions which are particularly suitable for the poor. These include: a) very small amounts of loans given without any collateral b) loans repayable in weekly instalments spread over a year c) eligibility for a subsequent loan depends upon repayment of first loan d) individual, self-chosen, quick income-generating activities which employ the skills that harrowers already posses. e) close supervision of credit by the group f) stress on collective borrower responsibility or peer pressure g) special safeguards through compulsory and voluntary savings to minimize the risks that the poor confront. h) Undertaking of social development agenda addressing basic needs of the clientele. This is reflected in the sixteen decisions adopted by Grameen borrowers. Thus, the lending operations of Grameeen Bank include the use of group guarantees, inculcating compulsory savings habit and transparency of credit transactions (Mcguire and Conroy, 2000). A still more interesting feature is the ingenious manner of grant of credit without any collateral security. The availability of lending outlets near the clients, simple application procedures, and quick disbursement of loans are the special techniques to ensure good repayment rates (Tiwari and Fahad,1997 ). The Grameen Bank is now lending loan size of $ 800 million a year with an average loan size of almost $130, the bank has 7 million borrowers, 97 percent of them are women and an unmatched repayment rate of 98 percent(Tiwari and Fahad,1997 ; Singh and Kumar,2008). The microloans not only helped the poor in getting finance in Bangladesh and facilitated the lives of millions of poor but also earned Muhammad Yunus a Nobel Prize in the year 2006. Evolution of microfinance in India The Grameen Bank model of microfinance based on joint liability of members has received wide international appeal and popularity in numerous emerging economies like India. In fact the developing economies have even tried to replicate these models for developing small scale business and reducing poverty levels (Jha, 2002; Idolor and Imhanlahimi, 2011). The evolution of Indian MF can be broadly divided into four distinct phases: Phase 1: The Cooperative Movement (1900-1960) During this phase, there was dominance of two sources of credit viz. institutional sources and non-institutional sources. The non institutional sources catered to 93 percent of credit requirement in the year 1951-52 and institutional sources accounted to 7 percent of total credit requirements pertaining to that year. The preponderance of informal sources of credit was due to provision of loans for both productive and non productive purposes as well as for short term and long term purposes and simple procedures of lending adopted. But they involved several malpractices like charging high rates of interest, denial of repayment, misappropriation of collaterals, etc. At that time, government considered cooperatives as an instrument of economic development of disadvantaged masses. The credit cooperatives were vehicles to extend subsidized credit to poor under government sponsorship. They were characterized as non exploitative, voluntary membership and decentralized decision making. The Primary Agricultural societies (PACS) provide mainly short term and medium term loans and Land Development Banks provide long term loans as a part of cooperative movement. Phase 2: Subsidized Social Banking (1960s 1990) It was observed that cooperatives could not do much as was expected of them. With failure of cooperatives, All India Rural Credit Survey Committee in 1969 emphasized the adoption of Multiagency Approach to Institutional Credit which assigned an important role to the commercial banks in addition to cooperatives. Even Indian planners in fifth five year plan (1974-79), emphasised Garibi Hatao (Removal of poverty) and the growth with social justice. It was due to this approach that in 1969, 14 leading banks were nationalized and later on five regional rural banks were set up for the purpose on October 2, 1975 at Moradabad and Gorakhpur in Uttar Pradesh, Bhiwani in Haryana ,Jaipur in Rajasthan and Malda in West Bengal. Hence, as a result of Multiagency approach and other planning initiatives, Government focused on measures such as nationalization of Banks (Shetty and Veerashekharappa, 2009; Sriram, 2005), expansion of rural branch networks, establishment of Regional Rural Banks (RRBs) and the setting up of apex institutions such as the National Bank for Agriculture and Rural Development (NABARD) and the Small Scale Industries Development Bank of India (SIDBI). The Reserve Bank of India (RBI) as the central bank of the country played a crucial role by giving overall direction for providing credit and financial support to national bank for its operations. Therefore, after the multiagency approach, the commercial banks and regional rural banks assumed a major role in providing both short term and long term funds for serving the poorest of poor. Despite, the multiagency approach adopted, a very large number of the poorest of the poor continued to remain outside the fold of the formal banking system(Reddy and Manak, 2005; Singh and Kumar, 2008; Nagayya and Rao, 2009; Shetty and Veershekharappa, 2009). While these steps led to reaching a large population, the period was characterized by large-scale misuse of credit, creating a negative perception about the credibility of micro borrowers among bankers, thus further hindering access to banking services for the low-income people. However the gap between demand and supply of financial services still prevailed due to shortcomings of institutional credit system as it provides funds only for productive purposes, requirement of collateral, massive paper work leading to inordinate delays. As a response to failure of formal financial system in reaching the poor and destitute masses, the micro finance through Self-help groups was innovated and institutionalized in the Indian scenario. While no definitive date has been determined for the actual conception and propagation of SHGs, the practice of small groups of rural and urban people banding together to form a savings and credit organization is well established in India. In the early stages, NGOs played a pivotal role in innovating the SHG model and in implementing the model to develop the process fully (Reddy and Manak2005). The first step towards Micro-finance intervention was establishment of Self Employed Womens Association (SEWA), non formal organization owned by women of petty trade groups. It was established on the cooperative principle in 1974 in Gujarat. This initiative was undertaken for providing banking services to the poor women employed in unorganized sector of Ahmadabad. Shree Mahila Sahkari Bank was set up as urban cooperative bank. At national level, SHG movement involves NGOs helping in the formation of the groups. During this time, the planners and policy makers were desperately searching for the viable ways of poverty alleviation. Around that time, the Government of India launched the Integrated Rural Development Program (IRDP), a large poverty alleviation credit program, with the purpose of providing credit to poor and under-privileged which involved provision of government subsidized credit through banks to the poor. But the IRDP was a supply led programme and the clients had no choice over the purpose and the amount. At this stage, it was realised that the poor really needed better access to these services and products, rather than cheap subsidized credit. That is when the experts started talking about microfinance, rather than microcredit. Keeping in view the economic scenario of those days, a strong need was felt for alternative policies, procedures, savings and loan products, other complementary services, and new delivery mechanisms, which would fulfil the requirements of the poorest, especially of the women members of such households ( Barman et al. 2009; Shetty and Veerashekharappa, 2009). It was during this time, NABARD conducted a series of research studies independently and in association with MYRADA, a leading NGO from Southern India, which showed that a very large number of poor continued to remain outside the fold of the formal banking system (Reddy and Manak, 2005). Later on PRADAN in its Madurai projects started forming women SHG groups (Satish, 2005). During 1988-89, NABARD in association with Asia Pacific Rural and Agricultural Credit Association (APRACA) undertook a survey of 43 NGOs in 11 states in India, to study the functioning of microfinance SHGs and their collaboration possibilities with formal banking system (Satish P, 2005; Shetty and Veerashekharappa, 2009). Both these research projects laid the foundation stone for the initiation of a pilot project called the SHG linkage project (Satish P, 2005). Phase 3: SHG-Bank Linkage Program (1990 2000) The failure of subsidized social banking lead to delivery of credit with NABARD initiating the Self Help Group (SHG) Bank Linkage Programme in 1992 (SBLP), aiming to link informal womens groups to formal banks. This was the first official attempt in linking informal groups with formal lending structures. To initiate this project NABARD held extensive consultations with the RBI. This resulted the RBI issuing a policy circular in 1991 to all Commercial Banks to participate and extend finance to SHGs (RBI, 1991). This was the first instance of mature SHGs that were directly financed by a commercial bank. The informal thrift and credit groups of poor were recognized as bankable clients. Soon after, the RBI advised Commercial Banks to consider lending to SHGs as part of their rural credit operations thus creating SHG Bank Linkage ( Reddy and Manak,2005). The program has been extremely useful in increasing banking system outreach to unreached people. The programme has been extremely advantageous due to reduction of transaction cost due to less paper work and record keeping as group lending rather than individual lending is involved (Barman et al. 2009). The SHG bank linkage is a strong method of financial inclusion, providing unbanked rural clientele with access to formal financial services from the existing banking infrastructure. The major benefit by linking SHGs with the banks is that it helps in overcoming the problem of high transaction cost of banks as the responsibility of loan appraisal, follow up, recovery of loans are left to poor themselves. On the other side, SHGs gain by enjoying larger and cheaper sources (Varman, 2005). Later, the planners in Ninth Five year plan (1997-2002) laid emphasis on Growth with Social Justice and Equality. The objective of Ninth plan as approved by the National Development Council explicitly states as follows: Promoting and developing participatory institutions like Panchayati Raj Institutions, cooperatives and Self -Help Groups. Hence, it was ninth five year plan that expressly laid down the objective of establishment of Self Help Groups in order to achieve the objective of Growth with Social Justice and Equality as a part of microfinance initiative. Meanwhile, in 1999, the Government of India merged various credit programs together, refined them and launched a new programme called Swaranjayanti Gram Swarazagar Yojana (SGSY). The aim of SGSY was to continue to provide subsidized credit to the poor through the banking sector to generate self-employment through a Self-Help Group approach (Sriram, 2005). Phase 4: Commercialization of Microfinance: The first decade of the new millennium This stage involves greater participation of new microfinance institutions that started taking interest in the sector not only as part of their corporate social responsibility but also as a new business line. A number of institutions have been set up overtime which were required to meet the credit requirements of the new society and downtrodden. At present Eleventh Five Year Plan (2007-2012) aims at Towards More and Inclusive Growth. The word inclusive growth means including and considering those who are somehow excluded from the benefits which they (poor) should avail. Microfinance is a step towards inclusive growth via inclusive finance which moves around serving the financial needs and non financial needs of poor in order to improve level of living of rural masses. Demand and Supply forces of microfinance 1.5.1 The Demand for Microfinance Traditionally the targets of microfinance meant the poorest of the poor and the poor. More, recently, microfinance focus is changing as it has now started serving people who, although, not living in poverty, have general difficulty in obtaining the credit (Torre and Vento, 2006). This is on account of socio-economic changes that have put forward potential new microfinance clients. In this way, modern microfinance is expanding its horizon from poorest of poor to the victims of financial inclusion. The phenomenon of financial inclusion has been defined in literature as inability to access finance in an appropriate way ( ). These victims of financial inclusion involve disadvantaged individuals who are unable to bear the cost and conditions of financial products offered. Another category of microfinance targets included the marginalised people who mainly comprise of small scale entrepreneurs who are running small businesses, self-employed workers and individuals who unable to obtain cred it (Torre and Vento, 2006). In this category, women assume major significance. This is due to the more responsible nature of women who are more responsible in repayment of loan then men. The continuing involvement of poorest of the poor, poor, disadvantaged and marginalised people determines the greater complexity of the supply forces of Indian microfinance structure and thus, a more decisive move away from traditional pattern of credit. 1.5.2 The Supply of Microfinance In any economy, most of the day-to-day activities require finance. Finance is required both for productive and non productive purposes. The productive purposes include requirement of fixed capital for commencement of business, funds for working capital requirement to meet day today activities, trade related emergencies, exploring investment opportunities etc. On the other hand, finance may be needed for non productive purposes, such as for celebration of marriages, births and deaths, for litigation. In order to satisfy in above needs there are two available sources of credit available to the poor: institutional sources or formal sources, non-institutional sources or informal sources. Formal institutions are the registered entities subject to all relevant laws. These include commercial banks (including public and private sector banks), regional rural banks and cooperative banks. Recognizing the potential of micro finance to positively influence the development of the poor, the Reserve Bank, NABARD and Small Industries Development Bank of India (SIDBI) have taken several initiatives over the years to give elevation to the micro finance movement in India. The Commercial Banks and Regional Rural Banks provide both short term and long term funds for serving the poorest of poor. The Primary Agricultural societies (PACS) provide mainly short term and medium term loans and Land Development Banks provide long term loans. The National Bank of Agricultural and Rural Development (NABARD) is the apex institution at national level for agricultural credit and refinance assistance to the agencies mentioned above .The Reserve Bank of India (RBI) as the central bank of the country plays a crucial role by giving overall direction for providing credit and financial support to national bank for its operations. On the other hand, government owned societies like Rashtriya Mahila Kosh(RMK), Mutually Aided Cooperative Societies, private sector companies like specialized NBFCs are also involved in providing credit to the poor. Informal institutions include self help groups, money lenders, traders, relatives, commission agents. They are providers of microfinance services on a voluntary basis and are not subject to any kind of regulation. 1.6 Self Help Groups Defined A Self Help Group is a basic unit of micro-finance which comprises of 15 to 20 people having homogeneous social and economic background (Singh and Kumar, 2008) that voluntarily come together to save small amounts regularly and mutually agree to contribute a common fund. The aim of such formation is to meet present and emergency needs of the members on mutual help, solidarity and joint responsibility basis. Self Help Groups (SHGs) are necessary to overcome exploitation, create confidence and creation of feeling of self worth for the economic and social self-reliance of rural poor, particularly among women who are mostly invisible in the social structure. The Self Help Groups are the basis for further action and change which help members become self reliant economically and socially. It also helps building of stable relationship for mutual trust between the promoting organization and the rural poor (Singh and Kumar, 2008). Though loan repayment is a joint liability of the group but, in reality, individual liability is stressed upon (Singh and Kumar, 2008). Maintaining group reputation leads to the application of tremendous peer pressure. The group members use collective wisdom and peer pressure to ensure proper utilization of credit and its timely repayment thereof. In fact, peer pressure has been recognized as an effective substitute for collaterals (Barman et al. , 2009).

Augustines Confessions Paper -- Literacy Analysis

When one reads the word "confessions," one would not necessarily associate it with the word "narrative." Confessions seem to be more of something stated directly without any story-like element. They are also a more personal thing- one does not simply put them in a story form unless purposely intending to do so, because usually it is something that expresses guilt for something personal or is between the author and their conscience (or perhaps to themselves). However, there can always be an exception, like Augustine's Confessions. It is written as a form of a narrative, even though the original the main audience for whom it was written is God, yet it is also intended to be read by anyone, almost as a didactic piece that sets an example through the portrayal of his life and his decisions. Augustine takes what he has experienced during his life and with details such as parallels to the bible turns it into a narrative that he writes with an intention of educating or perhaps setting an ex ample for any reader. ​Augustine writes his confessions not as a list, but as one event that flows to another- like a narrative. At first glance, it appears to be as the title says- a book of confessions. However, it cannot solely be approached "as a penitential work, concerned with the confession of sins, which indeed it is, in some degree; but this is not Augustine's primary concern. (Bonner 164)." He means that it is not just a confession to God, that indeed God is the main audience, but not the only audience. Augustine even states this in the actual text: "I too, O Lord, also so confess unto Thee that men may hear, to whom I cannot prove whether I confess the truth, yet do they believe me whose ears charity openeth unto me (10.3.3)" and again wi... ...no means starting on the morally correct path but still was able to turn that all around, and almost like an inspiration to all that it is never too late to make a difference or change in one's self. Works Cited Merriman, C.D. "Http://www.online-literature.com/saint-augustine/." Saint Augustine. Jalic, 2005. Web. 30 Mar. 2012. ​ O'Donnell, James J. "Augustine." : Confessions. Web. 30 Mar. 2012. . Bonner, G. Starting With Oneself; Spiritual Confessions: Augustine's Confessions. ExpTim 101, 1990. 163-64. Print. Troxel, A. Craig. ""What Did Augustine 'Confess' in His Confessions?" by A. Craig Troxel."Trinity Journal 15.2 (1994): 163-79. EarlyChurch.org.uk: 10 Years of Resourcing the Study of Early Church History. Web. 30 Apr. 2012. . ​

Whole Foods Strategy

The company I will be presenting is Whole Foods, case number seven. Whole Foods is a supermarket chain based in Austin, Texas which emphasizes natural and organic products. As of September 2009[update], the company operates 302 stores: 291 stores in 38 U. S. states and the District of Columbia; six stores in Canada; and five stores in the United Kingdom. External assessment: There are over one hundred thousand grocery stores in the United States, with a wide variety of types. Stores range from very small neighborhood stores, to huge two hundred thousand square foot stores. Currently, the only major competitor to Whole Foods is Trader Joe's. As of 2008, they had roughly 300 stores in twenty five states are still growing. Most of their stores are located in California and the upper east coast, and some single stores spread out across the United States. Trader Joes usually has lower prices than Whole Foods, but their stores are generally smaller in size and in selection. Another supermarket that is new to the industry, but growing at a rapid pace is a Wegmans. With over 70 stores in the New York area, this store had 4. billion dollars in sales in 2008. Wegmans is consistently rated near the top of Fortunes annual list of the 100 best companies to work for. With the organic foods market growing at such a fast pace, new stores, small and large are always popping up. A couple examples include the Fresh Market chain which has 86 stores in 17 states, and the Central Markets which have 8 stores in Texas. In addition to the unique, organic centered grocery stores, companies such as Walmart, with over 100 billion dollars in sales, compete for the same customers that Whole Foods does. Kroger and Safeway round out the list of the highest grossing grocery stores in the country. Due to the economic downturn, Whole Foods has tried to lower some of its pricing to compete with all of the other growing stores in the market. SWOT: Strengths: Despite the economic downturn, Whole foods has a strong financial performance. Revenues have grown by a rate of 17 percent over last year and this increase was driven by 14 percent square footage growth, excluding the recently acquired Wild Oats locations. Whole Foods recorded sales per gross square foot of $923,an increase of approximately 7 percent over last ear. The Strong revenue growth has helped the company to pursue its expansion plans and improve its bargaining power in the market. The company has also grown through mergers and acquisitions, with approximately 32 percent of its existing square footage coming from take-over’s. In August 2007, Whole Foods merged with Wild Oats markets. Since the organic foods retailing industry is mostly comprised of small local chains, mergers have provided the company access to locations and they have retained experienced team members. The company offers a broad product selection in all its stores and its larger stores, also have catering services where customers can purchase made-to-order foods. Whole Foods emphasis on fresh food gives the company an edge over its competitors who usually just offer packaged foods; this large product portfolio allows the company to address multiple customer segments. Weaknesses: The company has a weak international operation with just three stores in Canada, and six in the UK. The company’s operations in the UK and Canada are not yet large enough in purchasing and distribution, resulting in relatively high product prices. Also, Whole Foods relies heavily on word-of-mouth publicity, which is a disadvantage in comparison to its competitors who use print, television and online media. The company spends small amounts on advertising and marketing compared to its competitors. In 2007, the company spent 0. 5% of its total revenues on advertising. Opportunities: Natural and organic food products are one of the fastest growing categories in food retailing. There is growth in the demand for organic foods because of the increasing preferences among consumers for healthy food. The US organic food market grew by 12. 3% last year to reach a value of $15. 9 billion and is expected to hit 24 billion this year. Although organic products represent just about 2% of the total food and beverage sales in the US, the market is growing approximately 20% annually. More consumers are preferring natural, fat-free and healthy food products. Food items containing trans-fat are losing market share to low calorie, low fat, natural and organic products. Increasing customer preference for organic foods is likely to impact the company’s sales, given its leading market position in the organic grocery segment. Threats: Whole Foods’ competitors include natural foods supermarkets, specialty supermarkets, warehouse membership stores, small specialty stores and restaurants. In addition, some traditional and specialty supermarkets are also expanding more aggressively in marketing a range of organic foods, thereby competing directly with Whole Foods for products, customers and locations. For example, Wal-Mart announced that it will focus on the organic segment. They aim to become the low-price leader in organics, not just in food but clothing, electronics and other household products. Wal-Mart has already doubled its organic range in fresh produce, dairy and dry food items during 2006. Some of these competitors have greater financial or marketing resources than Whole Foods, and may be able to provide greater resources to promoting and selling their products. Increased competition may have an adverse effect on profitability as the result of lower sales, lower gross profits and/or greater operating costs such as marketing. Discussion of Strategic Alternatives: Faced with unprecedented economic challenges and numerous competitors, Whole Foods needs to take an aggressive approach to offset any challenges. By anticipating continued interest in healthy eating, Whole Foods should target children as their new customer base with the development of an organic line of products designed for children. With increased competition and economic conditions in the state they are, Whole Foods needs to expand their marketing strategy towards a more broader, interactive one. The use of Facebook and Twitter could be useful tools on the local, and global level to communicate with current and future customers. Whole Foods needs to also continue its commitment to the environment. Expanding on already in place programs, such as eliminating disposable plastic bags, charitable donations and green power use, Whole Foods should take part in programs that promote animal welfare on farms and ranches. Value perception is one of the most important strategies that needs to be focused on if Whole Foods is going to overcome competing with low cost competition . Providing coupons, budget conscious recipes, and money saving tips are what customers value. A in store value guide can help customers locate the best deals in the store. Along with a friendly and educated staff, these strategic alternatives can provide Whole Foods with the tools necessary to overcome the challenges it currently faces.

Comparing Othello by William Shakespeare and the Film Othello Essay

An update of Shakespeare’s ‘Othello’ with a young cast, set in a high school and centered around basketball player Odin. Director: Tim Blake Nelson Writers: William Shakespeare (play), Brad Kaaya (screenplay) Stars: Mekhi Phifer, Josh Hartnett, Andrew Keegan The film starts during a basketball game. At the last minute Odin scores the basket that wins the game for his team. Later at an awards ceremony Duke presents the MVP award to Odin for his efforts, an award he shares with Michael. At a party celebrating the victory, Hugo plans with Roger to tell Desi’s father that Odin raped her in order to split them up so that Roger can woo her. Roger, however, is only a pawn in Hugo’s ultimate plan to destroy Odin. Later in another game Odin’s team wins once again. At the celebration party, Hugo engineers a fight between Roger and a very drunk Michael, who is temporarily suspended from the team. Hugo tells Michael to ingratiate himself with Desi so that she will talk to Odin on his behalf. Soon afterward, Hugo tells Odin that Desi and Michael have been spending a lot of time together, and that she may be cheating on him. Odin doesn’t believe this at first, but gradually comes to suspect them. Odin questions Desi, but she calms him down and he believes her. In the meantime, Hugo manipulates Emily into stealing a scarf for him that Odin had given to Desi. Hugo, in turn, gives it to Michael in hopes that Odin will believe that Desi gave Michael the scarf, and so is cheating on him. Meanwhile, Desi and Odin are having passionate sex at a motel. During their lovemaking, Odin sees an image of Michael on top of Desi in the mirror; angered, he becomes very rough with Desi, to the point that she cries out for him to stop, a plea he ignores. Afterward, they lie together staring in opposite directions. After a dunk contest in which Odin himself performs a dunk that pulls the rim and breaks the glass backboard and assaults a ball boy, Hugo tells Odin about the scarf, convincing him that Desi is cheating on him. Enraged, Odin vows to kill her; Hugo then promises to kill Michael. Hugo, with Odin and Roger, plans to kill Michael and Desi. Hugo and Roger attempt to kill Michael in a carjacking, but it does not go as planned: Roger and Michael struggle, Hugo hits Michael with a crowbar, knocking him unconscious. Roger shoots Michael in the leg, and then Hugo turns the gun on Roger and makes him shoot himself after telling him that Desi is dead. Odin and Desi are in Desi’s room talking and Odin is pretending to make up with her. They are making out on the bed when suddenly Odin attacks her; she fights back, but he finally strangles her. Emily rushes into the room and sees Desi’s body; she soon finds out what Hugo has done. She begins telling Odin that Hugo told her to steal the scarf and exposes his plot. Hugo tells her to shut up, but she refuses, so he shoots and kills her. Odin finally realizes that Hugo has been manipulating him the entire time, and demands to know why; Hugo refuses to answer. When the police arrive, Odin tells them what happened, and commits suicide, shooting himself in the heart. The story ends with Hugo being taken into police custody, saying (in voice over) that he will have his day in the spotlight. Mekhi Phifer as Odin James The star basketball player, who gets more attention from Hugo’s dad than Hugo. He is also dating Desi. Josh Hartnett as Hugo Goulding The son of coach Duke Goulding, and jealous of Odin’s attention from his father. Julia Stiles as Desi Brable Odin’s girlfriend Andrew Keegan as Michael Cassio The overshadowed star on the basketball team because of Odin. Rain Phoenix as Emily Friend of Desi. Elden Henson as Roger Calhoun A kid bullied at school who is picked on by Michael. Martin Sheen as Coach Duke Goulding, the coach of the Hawks. Father of Hugo. John Heard as Dean Bob Brable Father of Desi. Rachel Shumate as Brandy Michael’s love interest. Box office

dells success essays

dells success essays Dell Computer is arguably the most successful business among those established within the last twenty years (Microsoft just misses qualifying under this timeframe). As I have stated recently in different venues, I believe that this company provides a classic example of how the principles of strategic management have been used to translate an innovative vision into a successful and sustainable enterprise. Dell Computer has also realized tremendous benefits from its application of information technology. IT has been used not only to create competitive advantages at the operational level, but also to introduce an unprecedented type of strategic information management. As a result, I am pleased to accept the invitation from the Stockholm School of Economics to review the success of Dell Computer, and to explain it from a strategic management perspective. Michael Dell founded Dell Computer in 1984. At the time he was only 19 years old, and in his first year of studies at the University of Texas in Austin. Michael Dell had a simple but powerful vision: that personal computers could be built to order and sold directly to customers. This followed from his belief that the PC, made up of little more than software from Microsoft and chips from Intel, was rapidly becoming a commodity product. Dell's new approach to the PC business had two advantages: (1) bypassing distributors and retail dealers reduced marketing and sales costs by eliminating the markups of resellers, and (2) building to order greatly reduced the costs and risks associated with carrying large volumes of both and finished goods. Michael Dell started his company with only US$ 1,000 of capital. Dell Computers experienced its share of difficulties in the first few years, to the point where some family members and friends wondered whether it had been wise for Michael to drop out of university. Several times it had to refine its strategy even as it was implementing it. The ...