Effect of Exports on Growth

Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth Effect of Exports on Growth Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth

Far from the Madding Crowd Essay

† He admits to Bathsheba at the beginning of the novel that, â€Å"But I can’t match you, I know, in mapping out my mind upon my tongue. † He is not a man of words, unlike Troy and Boldwood, but proves that â€Å"actions can speak louder than words†. He is unable to speak the flattery that Troy can, or be as persistent and persuasive as Boldwood is, but in his devoted actions to Bathsheba, by being the hard and diligent worker that he is, he is rewarded in the end, by giving the opportunity to offer Bathsheba the love that he had talked of to her when he had first met her. In contrast to Gabriel, Francis Troy is a man who appears to understand only what he can get out of love. He does not believe in treating women fairly, and which is expressed as he says, â€Å"treat them fairly and you are a lost man,† when referring to women. Hardy also writes about his consistency when telling the truth; â€Å"He was moderately truthful towards men, but to women he lied like a cretan. † By lying to women he found it easy to get what he wanted, as Hardy describes him; â€Å"he spoke fluently and unceasingly. † At the beginning, Hardy remarks that a woman’s greatest fault is her â€Å"Vanity. † Troy, as he possesses such ease with the words he uses, has learnt that a woman’s weakness is her vanity, and knows that by flattering them he can get what he wants. This is precisely what he did with Bathsheba, and like her, he felt some sense of triumph when he saw that he had succeeded in weakening the women he flattered, as she did with the men she flirted with. However, instead of making the women he met feel confident, his flattery merely destroyed them, as they became dependent upon him to feed their vain needs. Troy did not have the emotional sense of love, but instead he felt the physical attraction to the women he met. This meant that he only got involved with beautiful women, as it was their beauty that attracted them to him. Even after having left Bathsheba for so long, when he saw her again at Greenhill Sheep Fair, it was her beauty that â€Å"found unexpected chords of feeling, to be stirred again within him†¦ † The way in which Troy judged by appearances was perhaps inevitably the cause of his failed marriage to Bathsheba, because he had not got to know Bathsheba as a person, but simply looked at her, as a symbol of beauty. In some ways it could be said that he looked at the women as trophies that he had won. Troy was also a man driven by wealth. Bathsheba, who had come into wealth after the inheritance of the lease of Weatherbury Farm, would have been even more attractive to him as she now had money. We know that he was driven by money, as he used to bet on the horses, which put considerable financial strain on Bathsheba. This was probably the reason why he did not marry Fanny, due to her financial instability. Money was also the reason why he did not return to Bathsheba initially after landing at Liverpool, as Hardy writes, â€Å"what a life such a future of poverty would be. † This, unlike the love felt by Gabriel, was a selfish form of love, because he only ever though of himself. He had a very superficial view of love, which required wealth in order to make him happy. Troy’s opinions of love did not include the idea of commitment, and another reason for the failure of his marriage could be due to his womanising and flirtatious behaviour. We learn near to the end of the novel that his opinion of marriage is negative and he sees it not as the beginning of two people’s lives together, but as he says himself, â€Å"all romances end at marriage. † He also did not believe in the idea of equality, and shared responsibilities in a relationship, as he abandons Fanny with the great burden of an unborn child to deal with alone. This is probably due to his carefree opinion of sex, which he also valued as much as he did love. Troy did not value love as anything special, and this could be put down to the fact that he had a very unstable background, and an uncertain upbringing. His profession would also have something to do with his opinion of women, and as a soldier, he probably never had to deal with women and did not understand them. This is why he tried to possess them, and this destroyed them. Hardy has some very clear opinions that he wishes to get across to the reader in this novel. He uses the characters as tools, to create a picture for the readers, expressing his personal views on love. He rewards those characters that see love as a simple but precious thing, and he shows how much he admires Gabriel Oak for his powers of endurance, by rewarding him with Bathsheba in the end. In contrast, he punishes those characters that take love too lightly. An example of this is the attitude of Troy which end is death in the end. Hardy warns us of the great power of love and how dangerous it can be. The obsession that Boldwood felt for Bathsheba, is another feeling that he condemns, and shows how life can be ruined because of obsession. This is shown by the lifelong imprisonment of Boldwood. Hardy’s opinions of love are really exposed at the end of the novel, when he describes his own thoughts about how truelove can develop. He uses Bathsheba and Gabriel as an example of how true love can develop. They were â€Å"tried friends† who enjoyed â€Å"good-fellowship and comraderie. † The main message Hardy is trying to get across to us is that love cannot hide behind a fake face. He writes that in order for a successful relationship to take place, you must know the â€Å"rougher sides† of each other’s character. This is the love Hardy describes to be â€Å"the only love which is as strong as death- that love which many waters cannot quench, nor the floods drown. â€Å"

The Pay for Powerpoint Presentations Trap

The Pay for Powerpoint Presentations Trap Pay for Powerpoint Presentations - Dead or Alive? When watching a slideshow, people are inclined to stick to the actions of the folks in the images on the monitor. Any slide that has big parts of text will most inclined to be ignored by the viewers. It's possible to edit the size, color, and contour of objects along with replace images by merely dragging and dropping. There are plenty of charts, icons, and color choices to pick from. If you want to utilize your company's corporate design, simply copy the slides into an existent company presentation and put on the design to the slide. Your design could have a lot more kinds of slides based on the needs of the design brief. When you must create a presentation deck a lot of the time ought to be used in your content and message. Features 75 unique slides, completely free icons, and a variety of color choices. Whatever They Told You About Pay for Powerpoint Presentations Is Dead Wrong...And Here's Why The objective of your images is to strengthen the aim of your presentation. A good template can go quite a distance to meeting your presentation objectives. The key is going to be to enable individuals to create presentations simpler and faster. Use this to your benefit. Ideas, Formulas and Shortcuts for Pay for Powerpoint Presentations The principal rule when composing the large part of your PPT is focusing on the essential ideas only. A comprehensive overha ul of a presentation requires far more time and energy. If you get a slideshow from us, you will observe how much attention we pay to writing a suitable conclusion. The intention of the words and images on each and every slide is to assist the audience put your ideas in context. Each time you improve yourself as an item, you'll also be boosting your career. Each time you become more creative, you'll also be boosting your career. Each time you learn something new, you'll also be boosting your career. Common Every single time you design something beautiful, you'll also be boosting your career. Layers are well organized and simple to customize. You'll see that a menu of Master Slides on the left has several varieties of templates for you to select from. Utilize PowerPoint Slide Masters to guarantee consistency. You are able to search the gallery for particular content, for instance, a Marketing Plan PowerPoint Template. Demonstration virality comes out of the essence of the item. The Maya Business Template is a useful tool that dazzles audiences with its clean and tasteful design. Making Money with LinkedIn Marketing and advertising LinkedIn can also be employed as a platform to earn money. LinkedIn is the perfect platform for content advertising. LinkedIn has some remarkable tools that may help boost sales for businesses. For them, LinkedIn is the ideal platform to create leads and land new clients Which is the reason why it is for marketers the same as you. Here's What I Know About Pay for Powerpoint Presentations Although testing for monetizability as a portion of the innovation method is perfectly fine, i.e. are customers ready to pay, early concentrate on revenue should not be among the targets. If you've got a really wonderful notion, you can discover that companies are read y to pay for it even before you've completed any work on it. Because it determines what market you might want to go into dependent on the size, or where you might want to put money into the future for development. Concentrate on your intended market Its target market is quite important to concentrate on because it's the individuals who will market your opportunity. Apart from making the product readily available in several languages, Prezi deliberately avoids localizing its software for a particular geography in order to prevent distraction that would be brought on by the need to keep locally-relevant capabilities. Be creative and unique If you're distinctive and genuine article writing service then you'll pay for you. The kind of composing you need in addition to the design of your prospective author should be quite natural with your own design in order in order for it to perform and meet your requirements. You can concentrate on your message, while our designers concentrate on generating the templates most fit for the scenario you want. With VoIP, you're able to greatly lower your household telephone expenses, and still enjoy crystal clear calls to local, long distance and worldwide capabilities. How to find out how much your time is worth as a business can be unbelievably hard. Each presentation has a use case indication, making it simple to comprehend when and how it is possible to make the most of it. It's the vital presentation when seeking to begin a business.

The Significance of Fish in Chinese Language

Learning the word for fish in Chinese can be a highly useful skill. From ordering seafood at a restaurant to understanding why there are so many fish themed decorations during Chinese New Years, knowing how to say fish in Chinese is both practical and an insight into cultural values. Deconstructing the Chinese word for fish includes learning about pronunciation and its evolution from pictograph to a simplified character. The Chinese Character for Fish   The Chinese character for  fish,  written in the traditional form, is é ­Å¡.  The simplified form is  Ã© ± ¼. Regardless of what form it is written in, the word for fish in Chinese is pronounced like you. Compared to English, the Chinese yà º has a shorter, more relaxed ending, dropping the exaggerated w sound that rounds out the big, full vowel in you. Evolution of the Chinese Character for Fish The traditional form of the Chinese character for fish evolved from an ancient pictograph. In its earliest form,  the word for fish clearly showed the fins, eyes, and scales of a fish. The current traditional form incorporates the four strokes of the fire radical, which looks like this (ç  ¬).Perhaps this addition suggests that fish is most useful to human beings when it is cooked.   Radical This character is also a traditional radical, meaning that the primary graphical component of the character is used as a building block in other, more complex Chinese characters. Radicals, also sometimes called classifiers, ultimately become a shared graphical component for several characters. Thus, the Chinese dictionary is often organized by radical. Many complex characters share the radical that derives from fish. Surprisingly, a lot of them are not related to fish or seafood at all. Here are some of the most common examples of Chinese characters with a fish radical. Traditional Characters Simplified Characters Pinyin English å… «Ã¥ ¸ ¶Ã© ­Å¡ å… «Ã¥ ¸ ¦Ã© ± ¼ bÄ  dà  i yà º octopus é ®â€˜Ã© ­Å¡ é ² Ã© ± ¼ bà  o yà º abalone æ â€¢Ã© ­Å¡ æ â€¢Ã© ± ¼ bÇ” yà º to catch fish ç‚’é ­ ·Ã© ­Å¡ ç‚’é ± ¿Ã© ± ¼ chÇŽo yà ³u yà º to be fired é‡ £Ã© ­Å¡ é’“é ± ¼ dià  o yà º to go fishing é ± ·Ã© ­Å¡ é ³â€žÃ© ± ¼ à ¨ yà º alligator; crocodile é ® ­Ã© ­Å¡ é ® ­Ã© ± ¼ guÄ « yà º salmon 金é ­Å¡ 金é ± ¼ jÄ «n yà º goldfish é ¯ ¨Ã© ­Å¡ é ² ¸Ã© ± ¼ jÄ «ng yà º whale é ¯Å Ã© ­Å¡ é ² ¨Ã© ± ¼ shÄ  yà º shark é ­Å¡Ã¥ ¤ « é ± ¼Ã¥ ¤ « yà º fÃ… « fisherman é ­Å¡Ã§ « ¿ é ± ¼Ã§ « ¿ yà º gÄ n fishing rod é ­Å¡Ã§ ¶ ² é ± ¼Ã§ ½â€˜ yà º wÇŽng fishing net é ­ ¦ é ­ ¦ shÄ  shark family(including rays and skates) é ­ ¨ é ­ ¨ tà ºn leatherfish é ®Å¡ é ²â€™ jià © oyster é ®Å¾ é ²â€¢ à ©r caviar; roe/fish eggs é ¯  é ²   gÄ›ng blunt; fish bones; unyielding é ¯â€" é ² ­ qÄ «ng mackerel; mullet é ¯ ¨ é ² ¸ jÄ «ng whale é ±Å¸ é ²Å½ hà ²u king crab Cultural Importance of Fish in China The pronunciation of fish in Chinese, yà º,  is a homophone for â€Å"affluence† or â€Å"abundance. This phonetic similarity has led to fish becoming a symbol of  abundance and prosperity in Chinese culture. As such, fish are a common symbol in Chinese art and literature, and they are particularly important in Chinese mythology.   For instance, Asian carp (as they are known in the U.S.), are the subject of many Chinese lyrics and stories. The character for this creature is é ² ¤ é ± ¼, pronounced lÇ  yà º. Pictures and depictions of fish are also a common decoration for Chinese New Year. Fish in Chinese Mythology One of the most interesting Chinese myths about fish is the idea that a carp that climbs the waterfall on the Yellow River (known as the Dragon Gate) transforms into a dragon. The dragon is another important symbol in Chinese culture. In reality, each spring, carp gather in great numbers in the pool at the base of the waterfall, but very few actually make the climb. It has become a common saying in China that a student facing examinations is like a carp attempting to leap the Dragon Gate. The dragon/carp relationship is referenced in popular culture in other countries through the Pokà ©mon Magikarp and Gyarados.

Blessings Of Liberty And Education By Frederick Douglass

Some men know the value of education by having it. I know its value by not having it. –Blessings of Liberty and Education (1894) In Frederick Douglass’ narrative he writes about his childhood memories while he was enslaved including memories from different owners and overseers.He talks about the multiple different plantations he had lived on. He includes his memories of the terrible treatment of his family and fellow slaves as well as memories of being in communications with them. In his narrative, he criticizes many aspects of slavery however he focuses on the inhumanity of slavery. By criticizing the inhumanity of slavery Douglass demonstrates that becoming literate enabled him to discover his self-pride which helped him become a†¦show more content†¦He was realizing how before he had been taught to read he too blind to the injustice that the slave owners put them under. Hugh Auld teaches Douglass why it is so important that a slave must remain ignorant, bec ause if they didn’t understand the oppression that they were under they would feel no need to rebel against the slave owners. Douglass realizes this and thinks to himself. â€Å"Though conscious of the difficulty of learning without a teacher, I set out with high hope, and a fixed purpose, at whatever cost of trouble, to learn how to read †¦ might rely with the utmost confidence on the results which, he said, would flow from teaching me to read† (20) Because he realizes the importance of education Douglass is set on finishing learning to read and write. Despite the struggles he knows he will have to go through to gain his education because to educate a slave is illegal, he believes that it is through becoming literate that he will be able to escape slavery and become a freeman. Douglass demonstrates the importance of his education through being dedicated to teaching himself how to read and write. He discovers the power of education, through Mr. Auld being so dedi cated to prohibiting Douglass to read he is enabled to comprehend the power of education especially in its ability to keep millions of people enslaved. Douglass’ ability to read and write makes it so he is able to discover his self-pride. While Douglass is living with Mr. Auld again heShow MoreRelatedThe Narrative Of The Life Of Frederick Douglass1566 Words   |  7 PagesThe â€Å"Narratives of the Life of Frederick Douglass† is the story of Frederick Douglass’ life from the time he was born into slavery, to the time he escaped to freedom in the north. When Douglass wrote this book, slavery was still legal in a large portion of the United States. After Douglass’ escape to freedom and his continuation of his education, he became an abolitionist through his works of literature and speeches. In â€Å"The Blessings of Slavery†, by George Fitzhugh he states that southern slavesRead MoreThe Truth : Early American Assumptions Uncovered1572 Words   |  7 PagesAssumptions Uncovered The â€Å"Narratives of the Life of Frederick Douglass† is the story of Frederick Douglass’ life from the time he was born into slavery, to the time he escaped to freedom in the north. When Douglass wrote this book, slavery was still legal in a large portion of the United States. After Douglass’ escape to freedom and his continuation of his education, he became an abolitionist through his works of literature and speeches. In â€Å"The Blessings of Slavery†, by George Fitzhugh he states thatRead MoreSlavery And African American Society1184 Words   |  5 Pagesoppressed by the chains of slavery, education is a rarity. To oppressors, keeping slaves ignorant is ideal. African-American social reformer, Frederick Douglass, experienced the bondage of slavery and the influence education held in regards to gaining his freedom. Education was a major force for social change with regard to to slavery and African-American rights. Slavery is only possible because of the influence of education. In his autobiography, Frederick Douglass writes of his experience as he gainedRead MoreKey Arguments in The Narrative of the Life of Frederick Douglass1154 Words   |  5 Pagesâ€Å"The Narrative of the Life of Frederick Douglass†. A few of which include inequality, education, and Christianity as the keys to freedom in terms of its true values within the institution of slavery. While Frederick Douglass made some key arguments, he also made common ground to make his appeal for the abolition of slavery. One of the key arguments in â€Å"The Narrative of the Life of Frederick Douglass† as well as in other narratives about slaves is inequality. Douglass attempts to show us how AfricanRead MoreFreedom And Liberty By Frederick Douglass948 Words   |  4 Pagesgroups seeking their acceptance into society. Frederick Douglass, an American slave during the 1800s, is one of the first slaves to seek his freedom during this time and goes on to explain how within his novel The Narrative of Frederick Douglass. The idea of freedom, in Douglass’s eyes, changes drastically throughout his story as a slave. He first makes the connection of inequality as a young boy which sets into action a course of events for Douglass to discover what freedom truly is. ThroughoutRead MoreCritical Analysis Of Frederick Douglass1167 Words   |  5 Pagescolonist forbid the liberty that slaves could have the qualification to attain literacy---fearing that the increase in literacy will oppose a threat on the institute of slavery, the colonist themselves, and emit true political sovereignty. As a result of this mental genocide, slaves had been dependent on their masters. There were exceptions. Slaves were discouraged to acquire critical literacy however, whites forcibly taught the slaves about Christianity. Frederick Douglass, a notable abolitionistRead MoreFrederick Douglass : An Influential Leader Of The Abolitionist Movement1531 Words   |  7 PagesFrederick Douglass was born into slavery in the Chesapeake Bay in Maryland. He moved around many plantations. He was not raised by his parents and he received no education. From the start, Douglass’ life was destined for him to live and die a slave and have no meaningful impact on society. Despite these horrific conditions, Frederick Douglass became one of the most influential leaders of the abolitionist movement. This was largely because of his commitment to self education, his reliance on nonviolenceRead MoreFrederick Do uglass Thesis1344 Words   |  6 PagesIn a Narrative of the Life of Frederick Douglass: An American Slave written by himself, the author argues that no one can be enslaved if he or she has the ability to read, write, and think. Douglass supports his claim by first providing details of his attempts to earn an education, and secondly by explaining the conversion of a single slaveholder. The author’s purpose is to reveal the evils of slavery to the wider public in order to gain support for the abolition of his terrifying practice. BasedRead MoreThe Narrative Of The Life Of Frederick Douglass Essay1730 Words   |  7 Pagesblackness as apart of their identity and often experience pain due to society s estimation of their inferiority due to their blackness. The â€Å"Narrative of the life of Frederick Douglass† is about how Frederick Douglass overcomes the struggles of slavery. The experience of slavery is a continuous fight for identity and respect. Douglass, as well a s Sophie Auld struggle with identity. In the first paragraph of Douglass’s Narrative, he introduces the audience with his situation: I was born in TuckahoeRead MoreLiterature as Resistance in the Anti-Slavery Movement Essay3309 Words   |  14 Pagesthus hopefully present a convincing anti-slavery argument and to arouse an abolitionist sentiment within her audience. MARIA W. STEWART Maria W. Stewarts Lecture Delivered at Franklin Hall calls for African-Americans to strive for higher education and Christian living. Stewarts writing includes frequent biblical references and has a clearly Christian focus. She was a contributor to William Lloyd Garrisons abolitionist newspaper, The Liberator. Stewarts Religion and the Pure Principles of

Ocean Thermal Energy Conversion Otec Environmental Sciences Essay Free Essays

The oceans cover a little more than 70 per centum of the Earth surface. This makes it the universes largest solar energy aggregator and energy storage system. On an mean twenty-four hours, 60 million square kilometres if tropical seas absorb and sum of solar radiation equal in heat content to about 250 million barrels of oil. We will write a custom essay sample on Ocean Thermal Energy Conversion Otec Environmental Sciences Essay or any similar topic only for you Order Now The history of world, have depended upon its ability to suppress the forces of nature, and to use these forces to function its demands. Energy engineering is surely one of the most of import factors in the outgrowth of world as the dominant species of this works. The innovation of the practical steam engine by James W, brought about development of big mills, steam ships and the steam engine. First wood was used, so coal. About the same clip, the usage of coal instigated progresss in metallurgy.petroleum from natural ooze has been used since ancient times for lighting, lubrication and sealing. The debut of boring for oil greatly increased the supply of oil. The industrial revolution switches in to high cogwheel. One job is that the natural ooze is limited and in a few old ages the elements will be used. The development of atomic power was touted as the replies to all world ‘s energy sufferings. It non turned out that manner. The riddance of authorities subsidies for atomic powe r workss has made them rather unaffordable. When it went so bad no insure in the universe will compose catastrophe for atomic power works The construct of OTEC ( ocean thermal energy transition ) has existed for over a century as fantasised by Jules Verne in 1870 and conceptualised by Gallic physicist, Jacques arsene 500 arsonval in 1881. Despite this an operating OTEC power installation was non developed until the 1920 ‘s. 2.2 WHAT IS OTEC OTEC, ocean thermic energy transition is an energy engineering that converts solar radiation to electric power. OTEC systems use the ocean ‘s natural thermic gradient, accordingly the temperature difference between the warm surface H2O and the cold deep H2O below 600 meters by about 20’c, an OTEC system can bring forth, a significantly sum of power. The oceans are therefore a huge renewable resource ; with the potency to assist us in the OTEC procedure is besides rich in foods and it can be used to civilization both marine being and works life near the shore or on land The entire inflow of solar energy into Earth is of 1000s of clip as a great as world entire energy usage. All of our coal, oil and natural gas are the consequence of the gaining control of solar energy by life of the yesteryear. There have been, any undertakings for tackling solar energy, but most have non been successful because they attempt to capture the energy straight. The thought behind OTEC is the usage of all a natural aggregators, the Se, alternatively of unreal aggregator. 2.3 HOW OTEC WORKS Warm H2O is collected on the surface of the tropical ocean and pumped by a warm H2O pump. The H2O is pumped through the boiler, where some of the H2O is used to heat the working fluid, normally propane or some similar stuff. The propane vapor expands through a turbine which is coupled to a generator that bring forthing electric power. Cold H2O from the underside is pumped through the capacitor, where the vapor returns to the liquid province. The fluid is pumped back into the boiler. Some little fraction of the power from the turbine is used to pump the H2O through the system and to power other internal operations, but most of it is available as net power. There are two different sorts of OTEC power workss, the land based and the natation works. First, land based power workss, the land based pilot works will dwell of a edifice. This edifice will incorporate the heat money changers, turbines, generators and controls. It will be connected to the ocean via several pipes, and an tremendous fish farm ( 100 football countries ) by other pipes. Warm H2O is collected through a screened enclosure near to the shop. A long pipe laid on the incline collects cold H2O. Power and fresh H2O are generated in the edifice by the equipment. Used H2O if first circulated in to the marine civilization pool ( fish farm ) and so discharges by the 3rd pipe in to the ocean, downstream from the warm H2O recess. This is done so that the escape does non reenter the program, since rhenium usage of warm H2O would take down the available temperature difference. While, the other OTEC power workss is drifting power workss, the drifting power works works in the same mann er as the land based the evident different is that the natation works is drifting. Where really OTEC can be used, OTEC can be sited anyplace across about 60 million squares kilometers of tropical oceans anyplace there is deep cold H2O lying under warm surface H2O this by and large means between the tropic of malignant neoplastic disease and the tropic of Capricorn. Surface H2O is these parts, warmed by the Sun, by and large stys at 25 grades Celsius or supra. Ocean H2O more than 1000 metres below the surface is by and large at approximately 4 grades C. 2.4 TYPES OF OTEC There are three types of OTEC designs: unfastened rhythm, closed rhythm and intercrossed rhythm. Closed rhythm Closed rhythm systems use unstable with a low boiling point, such as ammonium hydroxide, to revolve a turbine to bring forth electricity. Here how it works. Warm surface sea H2O is pumped through a heat money changer where the low boiling H2O point is vaporized. The spread outing vapor turns the turbo generator, so ball, deep saltwater pumped through a 2nd heat money changer condenses the vapor back into a liquid, which is so recycle through the system Open rhythm Open rhythm OTEC uses the tropical oceans warm surface H2O to do electricity. When warm saltwater is placed in a low force per unit area container, it boils. The spread outing steam drives a low force per unit area turbine attached to an electrical generator. The steam, which has left its slat behind in the low force per unit area container, is about pure fresh H2O. It is condensed back into a liquid by exposure to cold temperature from deep oceans H2O Hybrid rhythm Hybrid system combines the characteristic of both the closed rhythm an unfastened rhythm system. In a intercrossed system, warm saltwater enters a vacuity chamber where it is brassy evaporated into steam, similar to the unfastened rhythm vaporization procedure. The steam vaporizes a low boiling point fluid that drives a turbine to bring forth electricity 2.5 ADVANTAGES AND DISADVANTAGES OF OTEC The advantages of OTEC is the utilizations OF OTEC is clean, renewable, its natural resource. Warm surface saltwater and cold H2O from the ocean deepnesss replace fossil fuels to bring forth electricity. Second, its appropriately designed OTEC workss will bring forth small or no C dioxide or other pollutant chemical Third, OTEC system can bring forth fresh H2O every bit good as electricity. This is a important adapted in island countries where fresh H2O is limited, other there is adequate solar energy received and stored in the warm tropical ocean ‘s surface bed to supply most, if non all, of present human energy demands and last the usage of OTEC as a beginning of electricity will assist cut down the province about complete dependance on imported fossil fuels. The disadvantages of OTEC is produced electric at present would be more than electricity generated from fossil fuels at theirs current costs. Second, OTEC workss must be located were a difference of about 20 ; degree Celsius occurs twelvemonth unit of ammunition. Ocean deepnesss must be available reasonably near to shore based installations for economics operation. Floating works ships could supply more flexibleness. Third, there is no energy company will set money in this undertaking because it merely has been tested in really smell graduated table and last, the building of OTEC workss and lying of pipes in coastal H2O may do localized harm to reefs and near shore Marine ecosystems. 2.6 ENVIRONMENTAL IMPACTS OF OTEC OTEC systems are, for the most portion, environmentally benign. Although inadvertent escape of closed rhythm working fluids can present a jeopardy, under normal conditions, the lone wastewaters are the assorted saltwater discharges and dissolved gases that come out of solution when sea H2O is depressurized. Although the measures of outgassed species may be important for big OTEC systems, with the exclusion of C dioxide, these species are benign. Carbon dioxide is a nursery gas and can impact planetary clime ; nevertheless, OTEC systems release one or two orders of magnitude less C dioxide than comparable dodo fuel power workss and those emanations may be sequestered easy in the ocean or used to excite marine biomass production. OTEC assorted saltwater discharges will be at lower temperatures than sea H2O at the ocean surface. The discharges will besides incorporate high concentrations of foods brought up with the deep sea H2O and may hold a different salt. It is of import ; hence, th at release back into the ocean is conducted in a mode that minimizes unintended alterations to the ocean assorted bed biology and avoids bring oning long-run surface temperature anomalousnesss. Analysiss of OTEC wastewater plumes suggest that discharge at deepnesss of 50-100 m should be sufficient to guarantee minimum impact on the ocean environment. Conversely, the nutrient-rich OTEC discharges could be exploited to prolong open-ocean Mari civilization How to cite Ocean Thermal Energy Conversion Otec Environmental Sciences Essay, Essay examples

Essay Topic Drawing from Current Literature Example For Students

Essay Topic: Drawing from Current Literature Drawing from Current Literature, Discuss the Relationship Between Pay and Performance Motivation. By antennas The effectiveness of an organization leans on a lot of forces. One really important force is the work team. The work team is the people who work for the production. So, we can easily understand that to achieve an organization their goals have to collect the right workers (persons who have the right knowledge and skills) for a specific work position and to train them correctly, seeing that the organization use the right systems Of organizing. But there is another important force that he businesses must not forget: its the persons disposition to attribute. We talk about I can and want. A basic part Of managerial executive is to make their collaborators to be in mood to want to attribute. The need of incitement for the workers flow from the incident that the work sometimes may be boring, without interest. The central meaning of the word incitement is the motivation. Motivation is an internal power that becomes from the needs. B. Barbells and G. Steiner appoint the meaning of motivation as an internal state which activate and direct the behavior to objectives, The above definition make us understand hat motivations its a decisive element. There is important to Launderettes that motivations have an immediate relevance with the human behavior and it is much more complex than many people believe. But throughout the motivations we can not explain the human behavior. The humanity has been characterized from a huge number of motivation- needs that specify not only from humans nature, but also from the environment where they live and develop. The point is how hard people strive to understand their work tasks, together with the factors that can have an effect on their hard work. In this report we are going to analyze how pay can be a motivation in a work context and the relationship between pay and performance motivation. The payment for a business has a decisive role. First Of all helps the organization to attract the competent candidates, and after that, to keep them in the business. Secondly, the payment its a very strong force because has a great influence at workers attribution. Payment considers every kind of reward to the worker with exchange his tries to achieve the organization goals. Payment consists of: I _ The immediate economical eve: its about the salaries, wages, and the bonuses. . The indirect economical eve: its about the profits like the payments for vacations, permissions and life safeties. Every kind Of business to have the control Of the labor cost, need to use a clear payment system. All the organizations regardless of the payment system that use strive to some specific Objects: Have competitive wages and salaries, to attract the most suitable candidates. To control the labor costs. To pay good attribution stages. To observe the legislative layouts. To decrease the rates of retirements. The policy of salaries or wages and the payment system for every business ecocide the higher administration. But responsible for that policy (that must be fair, competitive, and prompt the workers) is the human resource management. When a person decides to wo rk the reason why is not only economical but also for their social and psychological needs, But can a person cover his social, physical, psychological needs with his salary? Is the payment equal to his work? The workers estimate their salary as a meter of their good attribution. So we can say that the payment for them its a goal, that they try to achieve, and they are waiting from their managers to recognize their work. However the payment lassies the person to the society. Its a criterion for persons value. As much as a person deserve, so much its his payment. By telling a person deserve we mean his accomplishments: knowledge, experience, skills. All the businesses and usually the private sector, in their try to actuate and reward their workers for a specific result attainment, they provide them motivations and bonuses. Language Literature Coursework: Shakespeare; Romeo Juliet EssayPay can provide a positive motivation it the organization use it in the right way and under the right circumstances. That happens not only because people need money to satisfy their personal needs, but also because money may provide recognition. Furthermore any kind of reward and motivation must reflect the changes in culture that an organization is accept. But in some cases pay may be a strong denominator, if the money package is poorly constructed or the organization are not introduce it, in the right way. For this reason motivations must be clear constructed and quantitative. V-Rutherford, when a motivation system is selected, the organization must identify which point the employees can inflect the measure of performance And if a motivation is furlong then no other motivation will work. That happens because then, the employees feel that their targets it is unattainable. Summing up, in this report, we analyze two really important definitions, and the relationship between them. We talked about pay; a decisive force not only in a work context. Every person determines in a different way the importance of his/ her salary. However, it is clear that everyone via the financial amount that he defeats tend to satisfy some needs. We can classify that needs to basic (for example the survival need) and to personal- psychological (for example the need for recognition or acceptance). Conscious or not, every person classifies him/ her self in a position to the society where he/ she lives proportional to the height of his/ her salary, From the above, we can easily understand how important and complex is tort a cuisines to appoint a persons salary (with base the human element). However, its also important for an organization. First of all, the organization examines the height of the salary, which can offer, proportional to a specific job position, Also, another important term that we analyze is the motivations. A company, usually, introduced a motivation system, strive to the persons maximum productivity. Every business can choose the way of incitement from financial motivations (like bonuses) or benefits (for example the promotion of an employee). In my personal opinion, the extra money is the biggest motivation, and its ally attractive for an employee. For sure every person has different standards and different expectations. Money hasnt the same importance for everyone. Someone may be more interested in important personal elements, which we said before, and that does not mean that this person is not interested in money. Yet, believe that nowadays, even we want to accept it or not, the factor that thrust the person to work is money. Especially, when the company offers rewards to the employees. Then the person may be selfish and more competitive to his, her colleagues than he/ she has to be. I just think that everyone of us can moderate it, with basic advantage the mature. There are also important goods that somebody could strive to his/ her work, such as the development of his/ her knowledge or to work with the task that he/ she likes, regardless of the money. In my opinion, if somebody achieve this, the personal needs and the feelings could be more important than that which could otter him/ her a financial amount. Day by day the environment where we live and develop, make us more materialist. So, it would be really helpful our manipulation, and see more realistic the situation which we create.