Management and Organization Free Samples to Students

Question: Examine about theManagement and Organization in Global Environment for Productivity. Answer: Presentation Passage and Taylorism has left a progressive change in upgrading the business condition. According to the idea of Taylorism profitability can be picked up by keeping up a solidarity a participation among the representatives. Difficult work alongside consistent choice can render the achievement of business. Then again Pankaj ghemewat has expressed that globalization has acquired an insurgency upgrading the psychological expertise and capacity of individual. Individuals having a place with various topographical markets can speak with one another today by using the progression of innovation. Different apparatuses of internet based life have diminished the hole among individuals of enhanced societies and convictions. E-Learning Activities: Passage and Taylorism: Passage and Taylorism idea has delineated a business upset 100 years prior. In the underlying stage, Ford Automobile has confronted multitudinous challenges at the hour of setting up its quality in the market (Ghemawat 2017). It has influenced the efficiency of the association in huge manner. After the incorporation of Frendrick Winslow Taylor inside the business technique of Ford, the general condition has changed fundamentally. The customary idea of Taylorism has stressed on solidarity and difficult work for the achievement of the business. Fitting coordination among the workers is required for making proceeds with progress in the market. As outlined in the general idea of representatives of America, Australia and Europe, just difficult work and worker participation isn't adequate to amplify the accomplishment for a business association. So as to counter unique market dangers, organizations need to follow distinctive limited time and showcasing techniques alongside explicit arrangements and strategies. Hence, the Taylorism idea can't be kept away from in the business improvement idea much following 100 years. The achievement of a cal focus vigorously relies upon the relational correspondence level among the workers. Without sharing vital data, it will be exceptionally hard for the representatives to deal with all the business related difficulties thoroughly. In this circumstance, powerful relational correspondence, representative co-activity, participative relationship with the chiefs can permit associations to smoothen the procedure that will in the end make positive effect on the efficiency (Haynes 2016). Consequently, call focuses need to follow Taylorism for improving the viability of the business system. Be that as it may, Fischer and Stuber (2012) have contradicted this idea, as it represents that solitary powerful correspondence among the representatives probably won't assurance of the business. Associations need to concentrate on approaching every client with deference and nobility for boosting the effect of the business method. Subsequently, just Taylorism idea would not guarante e wanted achievement of a call community in the market. From the video cut, it very well may be evaluated that the Taylorism idea was create 100 years back. Along these lines, the idea was created concerning unexpected situation in comparison to introduce business setting. Be that as it may, the current business setting has instigated organizations to utilize inner and outside methodologies for maintaining upper hand in the market. In any case, the Taylorism idea permitted associations to improve the inspirational degree of the representatives. Better compensation, representative participation and sound hierarchical culture have permitted associations to stay effective in the market (Glatzer 2012). In this manner, Taylorism idea is as yet considerable and unmistakable for all the business association. Pankaj Ghemawat on Globalization: Pankaj Ghemawat subsequent to communicating the whole perspective of Pankaj Ghemawat with respect to the overall idea of globalization has empowered to broaden the psychological aptitude and capacity of person. With the redesigning progress of cutting edge innovation the psychological aptitude and capacity of an individual needs to make dynamic. By using the trend setting innovation individuals having a place with various land limits can speak with one another by sitting at their own individual spots (Akpor-Robaro 2012). The idea of globalization isn't confined inside a particular region or a land area. The effect of globalization has rendered a progressive change in the brain of individuals having a place with a few social and strict foundations. Ghemawat has opined that territorial business associations at first expected to utilize one-sided systems and strategies to satisfy the necessities and requests of explicit gathering of individuals. After the rise of globalization the busin ess specialists are adaptable enough to engage individuals from various social mentalities and social qualities. In this sort of circumstance, the business associations can settle on aggregate choice for defeating any sort of unexpected obstructions (Gachoka 2015). Ghemawat has opined that rise of web based life leaves a positive effect on the psyche of individual. Online networking is adaptable enough to make a scaffold between two unique individuals. Sitting at the remote spot, the two individual characters can make a successful correspondence with one another so as to share esteems and convictions. Along these lines, globalization has rendered two unmistakable individuals of various strict just as social properties in the equivalent fringe of contemplations and convictions. In the wake of assessing the assessment of Ghemawat about globalization it very well may be presumed that the development of globalization is had with a portion of the negative impacts also (youtube.com 2017). After the usage of different societies and convictions inside a business association the authority needs to confront gigantic difficulties in keeping up authoritative conduct and culture. Be that as it may, regardless of having gigantic disadvantages the positive effect of globalization on individual can't be denied. In the wake of assessing the perspective of Pankaj ghemewat it very well may be investigated that the development of globalization has diminished the propensity of sexual orientation biasness from the general public. Business associations began to follow a portion of the significant guidelines and acts at the working environment. The guidelines incorporate enemy of separation act, sexual orientation value act, wellbeing and security act thus many (Sayer 2012). The individuals having a place with various limits are adaptable to speak with one another by utilizing the apparatuses of web-based social networking. Person doesn't need to be subject to outside guides for driving their life in the general public. End: Taylorism idea features a basic component that all associations need to use for amplifying the viability of the business method. In the present serious market, associations need to concentrate on using diverse different methodologies for remaining in front of the contenders. In any case, representative connection or worker correspondence viewed as one of the significant part of the business technique. Then again, Pankaj Ghemawat has featured the centrality of using globalization idea for improving the aptitude and information on the economy. The globalization idea has permitted powerful consideration of innovation that has expanded the general adequacy of the business method. References: Akpor-Robaro, M.O.M., 2012. The effect of globalization on business enterprise advancement in creating economies: A hypothetical examination of the Nigerian involvement with the assembling industry.Management Science and Engineering,6(2), pp.1-10. Fischer, M. furthermore, Stuber, F., 2012. Work-Process Knowledge and the.Shop Floor Control-A Systems Perspective: From Deterministic Models towards Agile Operations Management, p.367. Gachoka, H., 2015. Effect of globalization on the human asset the board work in creating nations: a contextual analysis of kenya open organizations. Ghemawat, P., 2017.Actually, the world isn't level. [online] Ted.com. Accessible at: https://www.ted.com/talks/pankaj_ghemawat_actually_the_world_isn_t_flat.html [Accessed 3 Apr. 2017]. Glatzer, W., 2012. Cross-national examinations of personal satisfaction in created countries, including the effect of globalization. InHandbook of social pointers and personal satisfaction research(pp. 381-398). Springer Netherlands. Haynes, J. ed., 2016.Religion, globalization and political culture in the Third World. Springer. Sayer, A., 2012. Capacities, contributive shamefulness and inconsistent divisions of labour.Journal of Human Development and Capabilities,13(4), pp.580-596. youtube.com, 2017.Ford and Taylor Scientific Management (Edited). [online] YouTube. Accessible at: https://www.youtube.com/watch?v=8PdmNbqtDdI [Accessed 3 May 2017].

Survey of European Firms. Financial Management Essay

Overview of European Firms. Monetary Management - Essay Example Overview of European Firms. Monetary Management They proceed to expound that they two techniques are extremely associated with one another, therefore implying that one couldn't be influenced by financial specialists responses without the other being influenced moreover. There is some proof to help the way that benefits have nothing to do with financial specialist over (or under) response. Considering the monstrous measures of proof that talks else, I get myself unconvinced that a market that carries on an inhales as a result of the action of the financial specialists will be unaffected by their impulses. Oumar and Kodjovi (2003) find that there is unquestionably an equal between the stocks that progress admirably and the perspective controlled by those getting them. They state that somebody who has been an ongoing washout in the financial exchange will in general be somewhat careful until they locate another hot speculation. When they go over something that looks encouraging they will, in view of a feeling of expanded hopefulness and expectation, purchase more than they ordinarily would. Somebody who has been a steady victor, then again, will normally urge inside himself to grow a specific feeling of worry and save. What are the final products of th ese two separate mindsets exchanging together available floor somewhat of a befuddling result without a doubt. The market will mirror the good faith and inescapability of the financial specialist who realizes that he will bob back. It will likewise mirror the independent ways of managing money of somebody who realizes that the following enormous monetary calamity is practically around the bend. There is another financial specialist whose capacity to respond soundly and steadily (or deficiency in that department) influences the benefits of a stock. This is the financial specialist who has an excess of cash and insufficient sense to put it anyplace carefully. He will purchase all that one day and sell it all the following for no obvious explanation. Playing for advertise, for an individual like this, is simply one more type of betting. I will allow that this type of financial specialist comes rare, fortunately, however they are still out there exchanging with enough power and assuranc e to impact the benefits of others. Works Cited Conrad, J. and Kaul, G. (1993) Long-Term Market Overreaction or Biases in Computed Returns American Finance Association: Journal of Finance 48. 39-63 Kodjovi, A. and Oumar, S. (2003) Profitability of the Short-Run Contrarian Strategy in Canadian Stock Markets. Canadian Journal of Administrative Sciences Lusua, J. and Norden, L. (2005) Momentum and Contrarian Strategies at the Swedish Stock Market. Free Academic Paper Question 2 Hackbarth, Hennessy, and Leland (2004) noticed that the money related organizations in the United States share numerous textures with regards to the regularities in their capital structure. Graham and Harvey (2001) concur with this perception as well as they further express that one of the huge textures, or watched regularities, between present day United States partnerships is their set up inclination towards an exchange off model as they feel it loans them a specific money related preferred position, or an efficient prepotency. Bancell and Mittoo (2004) accept that the watched regularities between organizations are less a consequence of organizations watching one another, yet rather that the legitimate framework has set up certain plans of action to be more

Essential Hour

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Genetically Modified Organisms The World s Growing...

Genetically modified organisms are both widely loved and hated, but what really is it? You may hear of GMOs but did you realize that it s around you more than you would think. According to Elizabeth Weise on USAToday (2016), â€Å"40-75% of food in a typical supermarket has been genetically modified†. In today s day and age, genetically modified organisms are taking over the market. It is important to understand what they are and how they affect the food we consume in our everyday lives. Because of the world’s growing population and need to meet demand, GMOs are becoming more common-use, changing our food in ways we are unaware of. Like giving a crop immunity to a virus, it is important to be informed and educated of the changes. A genetically modified organism is one that has had another organism s genes inserted into it to give it attributes it did not originally have. Manipulating an organism s genes has been done by humans in the BC time period however it was done differently than how it is done today. In the old past, humans would cross breed their livestock through artificial selection, hence producing offspring with the desired genes/traits. This older method was deemed â€Å"genetic modification† by the USDA and FDA (2016). The modern method of extracting one organism s genes and inserting them into another s through laboratory work is defined as â€Å"genetic engineering†. In the book â€Å"Seeds of Destruction: The Hidden Agenda of Genetic Manipulation† (2016) it is said thatShow MoreRelatedGenetically Modified Organisms And Its Effects On The World s Growing Population1689 Words   |  7 Pages As an added benefit to the environment, genetically modified organisms also address the widespread problem of soil erosion. The quality of topsoil used in agriculture is quickly degrading and it is estimated that there may only be 60 more years of usable topsoil remaining (What if the World s Soil Runs Out?). Topsoil is imp ortant because it supplies water and nutrients to plants, while giving microbes the carbon they need (What if the World s Soil Runs Out?). Degraded soil results in lower cropRead MoreGenetically Modified Foods Essay1011 Words   |  5 Pageshttps://www.technologyreview.com/s/522596/why-we-will-need-genetically-modified-foods/ Throughout the article provided above, the author, David Rotman, is able to present a well researched topic on why the human race needs genetically modified organisms using graphics, different studies, as well as examples from the past, present and future where they describe what the produce production looks like with and without GMOs. Genetically modified organisms are not only beneficial, but necessary forRead MoreThe Greatest Challenge For Sustainable Development Goals1650 Words   |  7 Pagesthose living in this overly crowded and dramatically unequal world. World hunger is one of the largest current and constantly growing crisis; prevalent in the world today, one being the result of the combined effects of the world. The consequences of world hunger dramatically effects millions globally, â€Å"with an estimate of 780 million people in the world do not have an adequate amount of food to continue leading a healthy and active life† (World Hunger Program, 2016), where â⠂¬Å"Almost all of those whom areRead MoreHuman Health And The Environment : Gmos1668 Words   |  7 Pageswhat sort of genetics? And how or why are these things being modified? Put simply, GMO is an acronym for Genetically Modified Organism. GMO and genetically engineered organism are frequently used synonymously. According to the Non-GMO Project (2016), genetically modified organisms are â€Å"organisms whose genetic material has been artificially manipulated in a laboratory through genetic engineering, or GE.† This does not include organisms that have been altered through other means such as traditionalRead MoreGenetically Modified Food ( Gm Food ) Essay1464 Words   |  6 PagesHunger and malnutrition of the rapidly growing human population is one of the major problem faced by the present world. Genetically modified food (GM Food) is the solution offered by our scientific community to cope with this problem.The food produced on a massive scale, by direct or indirect invo lvement of genetically manipulated organisms is called genetically modified food. Advancement of Biotechnology resulted in a novel method of artificial genetic manipulation called Genetic engineering. ItRead MoreGenetically Modified Organisms And The Environment1284 Words   |  6 Pagesabout genetically modified organisms and think that they are god sent other countries are weary of them and think that they are dangerous. While many other countries label genetically modified organisms because they think that people should have a choice whether or not they want to consume them America believes that their people should not have to know therefore taking the people s choice away and making the decision for them. There have been studies that have shown that genetically modified organismsRead MoreThe Information Found On Two Reliable Internet Websites1424 Words   |  6 PagesRELIABILITY: The information found on two reliable Internet websites is a secondary source by a renowned and well-known university, established since 1870 and a prestigious association, The Health Research Funding. In source 1 the pages linking to genetically modified foods is very rich in detail and has more then one contributor, all of which are very highly qualified in their areas of science. Therefore the information obtained is considered reliable. In source 2 the information is clear and detailed yetRead MoreGenetically Modified Organisms, Or Gmo?1668 Words   |  7 PagesGenetically modified organisms, or GMO’s, include plants and animals that have had their DNA sequence altered to impart new qualities such as drought resistance, enhanced growth rate, and pest resistance (Feeding the World). In recent years, the genetic modification of raw food products has risen as a new alternative to traditional breeding since it provides faster results, is more efficient, and is more precise in targeting specific traits. â€Å"There are some problems that conventional methods canRead MoreGenetically Modified Organisms And Its Effects1387 Words   |  6 PagesGenetically Modified Rice Rice is a major staple for over half of the world, mostly Asia. As a major portion of the diet to billions of people, rice has proven to be semi-adequate sustenance for major populations. Rice has proven to be effective in sustaining life albeit malnourished; hence, rice has been at the forefront of modern genetic modification to improve the lives of many. Much of the research goes into production research to attain higher yields of rice for an ever growing population andRead MoreEthical Concerns Of Genetically Modified Organisms Essay1384 Words   |  6 PagesEthical Concern and Genetically Modified (GM) Crops Are Genetically Modified (GM) crops safe for environment? Might organisms and environment be harmed by GM crops? According to the World Health Organization (2014. 1), Genetically modified organisms (GMOs) can be defined as organisms (i.e. plants, animals or microorganisms) in which the genetic material (DNA) has been altered in a way that does not occur naturally by mating and/or natural recombination. The technology is often called modern

The 30-Second Trick for Learning Essay Topics

The 30-Second Trick for Learning Essay Topics The Benefits of Learning Essay Topics If you're to really gain from model essays, you will need to understand how to read the techniques of the writer'. If you decide to be an independent essay writer, you can expect the exact same. Argumentative essay topics are so important since they are debatableand it's critical to at all times be critically considering the world around us. At times you might require some expert help with argumentative essay topics. Nobody expects your very first essay to be ideal. Essay Edge is an internet essay editing resource which aids with academic and admissions essays. Having selected a fantastic topic to argue about, at this point you will need to make an argumentative essay outline. Researching the topic permits you to find out more about what fascinates you, and should you pick something you truly like, writing the essay will be more enjoyable. An argumentative essay requires you to choose a topic and have a position on it. Moral argumentative essay topics are a few of the simplest to get carried away with. Choosing topics for argumentative essays is crucial for your general success. Recent argumentative essay topics that are related to society is going to do. You're able to restate your argument, which is quite a common practice amongst essayists. Understanding my former responsibilities with regard to theory and learn to turn new theories into practice is a process I am unable to wait to start. When you are requested to compose an essay, attempt to discover some samples (models) of similar writing and learn how to observe the craft of the writer. If you are supposed to compose an argumentative essay, the very first thing you should do is to understand its chief features and structure. Reading the text backwards make you concentrate on the rules of grammar rather than the stream of the sentence. When you are finished with your essay, you must not simply check it for spelling and grammatical errors, but nevertheless, it also has to be checked for logical fallacies. In case the learner doesn't use his learning, he forgets it due path of time. Argumentative writings is a particular sort of a paper. How to Find Learning Essay Topics When you are requested to pick a great topic for your argument, start with something you're acquainted with. When picking the topic for your essay, you need to ensure that you're picking something that's very specific too. If you've got to compose a longer or more intricate essay, it may help to outline each side of the argument before you begin writing. Remember you could make funny argumentative essays if you do a few things. Though there are numerous benefits proven. however, it's the men and women who will use e-learning in day to day life, therefore it is quite important to take their opinion into account. Some individuals live their lives based on their religion even though others don't think you should factor that into decision making in regards to determining rules for everybody. When you're picking your topic, remember that it's much simpler to write about something which you currently have interest ineven in case you don't know a good deal about it. There are a lot of things to argue when it regards the law. Where to Find Learning Essay Topics Business e-learning can be carried out in the shape of e-training. Contact organizations before the event to learn what is need. It's extremely important to read carefully essay services reviews, because you would like to steer clear of low excellent services. There are quite a lot of courses and degree options which can be pursued through distance learning. There are a lot of key learning topics for kids which are often drastically improved by utilizing classroom resources. There, you are going to find a great deal of information regarding the opportunities that distance learning programs offer to students, along with some more info on distance learning programs generally speaking, including their benefits and disadvantages. Thus, there are a number of pathways to creating a robust atmosphere for service learning. A distance learning PhD will nonetheless affect your life significantly you might have to devote the exact same quantity of hours to research as you would doing at onsite course, and you will have to be accountable for your own moment. As a growing number of research has proven the potency of them they have grown even more popular. Needless to say, online study isn't suited to everybody, so before committing you should be sure a distance learning PhD program is suitable for you. Studies on e-learning have identified a great deal of advantages and limitations.

Stoichiometry Lab Free Essays

Stoichiometry February 28th, 2013 Abstract: The reactions of the Sodium Hydroxide and two acids, Hydrochloric Acid and Sulfuric Acid were performed. The heat given off by these two reactions was used to determine the stoichiometric ratio and the limiting reactants in each experiment. Introduction: Coefficients in a balanced equations show how many moles of each reactant is needed to react with each other and how many moles of each product that will be formed. We will write a custom essay sample on Stoichiometry Lab or any similar topic only for you Order Now Stoichiometry allows us to calculate the amount of reactants needed and also the amount of product. The major basis of stoichiometry is formed by the law of definite proportions, which states that a chemical compound always contains the exact proportion of elements by mass. This is also the heart of balancing chemical equations. The coefficients of a balanced equation can also be thought of as the ratios in which the reactants combine. In the chemical equation A+ B AB the coefficients tell us that for every one mole of reactant â€Å"A† one moles of reactant â€Å"B† are needed and used to produce the product â€Å"AB†. If two moles of â€Å"A† was present and only one mole of â€Å"B† the excess mole of â€Å"A† would have nothing to react with. In this reaction â€Å"B† would be the limiting reactant. The reaction is limited due to â€Å"B† because once â€Å"B† is all used up, the reaction will stop, and there would be an excess of unused â€Å"A†. The progress of a reaction can be measured by the heat energy that is given off. Exothermic reactions give off heat and therefore an increase in temperature also occurs. The reaction between an acid and a base is also known as neutralization, and is usually an exothermic reaction. When reactants are combined at stoichiometric ratios the reaction is able to be completed and would exert the most heat energy. The purpose of this lab was to carry out the reaction between a basic solution of Sodium Hydroxide with Hydrochloric acid, and also the reaction of Sodium Hydroxide with Sulfuric Acid to determine the limiting reactant and the stoichiometric ratio of each experiment. Procedure: Reaction Between HCL and NaOH Diluted Solutions of HCL and NaOH were prepared. 120 ml of 3M stock of HCl and NaOH were measured with a graduated cylinder and placed into two 250 ml beakers. Two 400ml beakers were filled with 240 ml of water measured by graduated cylinder. The 120ml of HCl was added to one of the beakers containing water and the 120 NaOH to the other, both being added slowly while stirring the solution vigourously. Label the beakers HCl and NaOH. Keep the beakers covered with a watch glass when not in use. Measure and record the temperature of the NaOH solution using the PASCO Explorer temperature probe. Make sure to rinse off and dry the probe after every use. Obtain a coffee cup calorimeter and lid to house the reactions. Measure the appropriate amount HCl (see chart A) pour it in the calorimeter and determine its temperature using the temperature probe. Record the temperature. Measure the corresponding amount of NaOH (see chart A) and add it to the calorimeter all at once. Put the lid back on the calorimeter and stir it carefully with the probe. Record the highest temperature reached as the reaction occurs. Rinse the cup with deionized water and dry. Repeat experiment for each of the amounts of chart A. chart A) Amount of each reactant l 1. 0 M Acid| 55. 0| 50. 0| 45. 0| 40. 0| 35. 0| 30. 0| 25. 0| 20. 0| 15. 0| 10. 0| 5. 0| ml 1. 0 M NaOH| 5. 0| 10. 0| 15. 0| 20. 0| 25. 0| 30. 0| 35. 0| 40. 0| 45. 0| 50. 0| 55. 0| *Use 100 ml graduated cylinder for measuring volumes 30 to 55 ml, 25 ml graduated cylinder for volumes 15ml through 25 ml, and 10 ml graduated cylinder for volumes 5ml and 10 ml Reaction Between H? SO? and NaOH Use the procedure from the Reaction Between HCL and NaOH only substitute the HC l with H? SO? , and the same amounts listed in chart A. How to cite Stoichiometry Lab, Essay examples

Modern Invention Makes Us Lazy free essay sample

I think that modern inventions make people lazy because they make everything easier. The car, for instance, allows people to travel long distances without having any physical strain on their body. The television is something that people sit in front of for hours on end until they have made an imprint of their butt on their couch and 7 hours a day of channel 35 is second nature. The fact that people can now watch TV shows in high definition and record, pause, rewind, or fast forward through their favorite programs isnt helping.Video games also play a large part in laziness. For some people, video games can be Just as addictive as drugs. I recently dealt with a customer at Gamester that sold every single one of his games, and mentioned selling some of his articles of clothing, Just so he could pay for his subscription to World of Warrant. People have adapted to making the simple things simpler, and forms of entertainment such as participation in sports seems far fetched to many. We will write a custom essay sample on Modern Invention Makes Us Lazy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page But modern technology also shares the blame with work. People have little free time in recent years because most of us spend most that time working. Such a dedication for the next paycheck brings more work home. When the work is finished, the only thing people want to do is lazily relax. Fast food restaurants are used more frequently to fit into a busy schedule, and exercise Is a painful thought for many who Just returned home from a long day.

Is it possible to identify who is to blame for the debt crisis Essay Example

Is it possible to identify who is to blame for the debt crisis Essay Example Is it possible to identify who is to blame for the debt crisis Essay Is it possible to identify who is to blame for the debt crisis Essay Essay Topic: Economics The debt crisis, a term used for discussing the situation of third world debt, is an extremely complex issue, with multiple factors affecting the constantly fluctuating and increasing problem that many of the least developed countries (LDCs) are still facing today. One of the key aspects of the debt crisis is not necessarily the loans themselves all countries have some deficit, but rather the sustainability of the debt; that is whether or not a country can afford to repay the loans it has taken out (if a debt is over 40% of a countries GDP it qualifies as nsustainable). Questions that comes to mind when looking at the debt crisis today, and indeed the crisis that has been developing since the 1960s, is how can creditors be happy to lend money to developing countries whose situation indicates a high improbability of being able to repay the loans without immense damage to their economy for which the loans are meant to be beneficial? Are these decisions calculated? And why are the loans harming not helping? It is the nature of a capitalist, consumerist economy for loans to be encouraged whether on a huge scale uch as those faced by LDCs in the debt crisis, or small scale loans such as credit cards and mortgages. (I feel that it should be noted that loans between countries is not a new concept and has a history of over 175 years (Sachs, 1989:4) around the same time as capitalism took stronghold across the world). Although theoretically these debts are supposed to be an investment which will be beneficial in the long term, it has become the case in many countries that loans can in fact prohibit the scale of progress that can be made due to the many restrictions of repaying the ebts (which are often crippling amounts), meaning LDCs find it very hard to catch up to more developed countries no matter the amount they loan. Within the modern culture of international super powers and a macroeconomic climate that feeds off the economic situation of all the countries involved in trade, it is difficult to assign blame to a single element or financial body, as is often the case when trying to pinpoint responsibility for crisis. Indeed as many of the readings emphasise (Sachs, Whaites, Jain) it is the creditors blame the debtors for having bad economic olicies, whilst the debtors blame the creditors on the unfair advantage the bankers hold. However, this is a very oversimplified view of assigning blame, and in this essay will explore the variety of explanations of how such a debt crisis emerged and who, if anyone, can be thought of as responsible. To understand more fully the origins of the debt crisis it is essential that we understand the economic situation at the time of the first loans, in other words why did certain countries need to borrow huge amounts of money which would come to cripple their hopes for successful development. Many of the first loans to LDCs were made in the 1960s following the economic robbery (Whaites, 1991) that was colonialism. Following their independence after years of exploitative and self-interested policies implemented by colonial powers (which included the countries that would become the creditors), many of todays LDCs were granted freedom without the consideration of how they would proceed to successfully develop after so many of their resources had been taken without re investment from colonial power; the tools needed for significant development had been taken and used before these countries had reedom and the opportunity to set up an infrastructure capable of achieving economic and social progress, for example countries such as Zambia were unable to tackle problems such as health and education amongst others, many of which are still prominent problems today (see list of MDGs on UN website). However, in the wake of finally being given freedom many countries facing these troubles decided borrowed huge amounts to fund highly ambitious goals, and also to get over the holes within the economy (World Ban k website) such as the need to import goods such as petroleum and iron due to lack of industrialisation. This, in turn led to a high dependency on basic commodity exports (Whaites 1991), which would have been ok so long as the economy continued to be prosperous and there remained buyers for the exports. These factors led to the point at which a number of countries faced critical situations (Easterly, 2002:2) in regards to their debt service payments. However a serious crisis did not emerge until the 1970s, when the price of oil had an untold effect on the next 40 years of debt. In the early 70s and again later in the decade oil prices rose dramatically, leading to mass amounts of oney being loaned to many LCDs with oil reserves, who obviously thought economic successes would be made rapidly. However the economic situation took a turn for the worse and soon inflation and interest rates rose and those creditors who had raced (Eichengreen Lindert 1992:1) to lend money for potential petro dollars (Whaites 1991), left many countries not only with a much higher debt and much higher interest rates, but also a world market facing a recession, meaning economies that relied on highly on trade would find fewer buyers and lower prices for their exports. Countries that had invested all their hopes and borrowed inance in the oil trade now faced debts that were completely unsustainable and those without reserves faced economic growth that was too slow to repay the money that had been borrowed. This situation has been viewed in two different ways, the creditors see such rash investments as a bad choice of economic policy, placing the blame on the debtors for their economic situation, whereas the debtors point the finger at the banks that were so keen to lend copious (Sachs 1989: 2) amounts of money out even after prices for oil had dropped for they were preoccupied with the large returns they were etting from previous loans, one leading bank was looking at 72% of the overall earnings coming from international operations in 1976 (Sachs 1989:8), meaning lenders were blind sighted to the fact that it was dim that the debt incurred in the 1970s ver paid back in full (Eichengreen Lindert 1992:3). The events in the 1970s set the precedent for the next 20+ years, in which problems were faced largely by a variety of cause and effect situations, meaning blame could be circulated over and over, there is no clear cause. However some countries such as Indonesia and South Korea success fully managed to gain some economic prosperity hrough loans, raising the question of whether they made wise investments opposed to the so called bad economic policies of some indebted countries, or whether their investments were lucky and caught the economy at the right time, highlighting again the difficulty of assigning blame. Whilst OECD states recovered from the recession reasonably easily, the heavily indebted countries fell further and further behind. In the case of Latin America the financial situation reached such a severe problem that Mexico defaulted on their loan, having a massive knock on effect on the willingness of creditors to lend. Leaving struggling ountries with no money to invest, no substantial demand for the export products they relied on so heavily and a disadvantage in the trade market, due to OECD states adopting protectionist policies, driving a wedge between market and shadow prices (Sachs 1989:13) and resulting in LDCs having little or no money for investment and development of welfare as it was being used for consumerism. Creditors had lost faith temporarily in lending out money (although lending was restored within a few short years) feeling debtors had dug themselves in a hole they could not get out of, with no escape from the service debt they were struggling to afford. Perhaps it is possible that ill thought out, unrealistic economic policies were applied in this period that did nothing but further widen the gap LDCs were desperately trying to close, various bad investments were made, which resulted in little economic benefits from the large loans undertaken. I feel it is debatable whether or not the banks had been ignorant to the massive risk they were taking through lending money (perhaps they even felt they had to do so as to give countries a chance? or whether the risk was always expected to end badly meaning the LDCs remained subordinated to rich owerful countries that already existed, the former colonial powers that had given countries freedom only due to the impossibility of retaining their empire successfully, ensuring more cheap labour and opportunities for cheap trade and exploitation of the third world countries who were trapped in their economic situation. Even recent debt relief programs that have been set up have to be questioned, whilst it is too soon to tell what effect the multilateral debt relief initiative will have, as Easterly comments, the last 3 years have seen debt ratios drop and per capita ncome rise in countries that had been deemed at completion point in the HIPC initiative of which the benefits are still as yet unclear. In order to gain help HIPC countries must comply with strict fiscal disciplines (Jubilee USA brief 2008) and allow the IMF to control key policies regarding financial spending supposedly to insure avoidance of any more bad policies being made. However, policies implemented by the IMF have prolonged austerity, reduced public spending and even driven the price of cotton in Mali down to an artificially low price in order to compete with other arkets with a variety of advantages, meaning little profit is being made (Jubilee USA brief 2008), contradictory of this information of the IMF website which claims to be increasing social spending amongst many other successes. However it is evidently resulted in less change to the debt than expected suggesting therefore that whilst blame may be tricky to assign for such huge debts, the solution is even harder to pin point. However whilst both the creditors and the debtors are eager to assign the blame to the other party, it is commonly the case that corruption is to blame for the extreme levels of the debt crisis. Jain (1998) talks extensively about corruption in economics and the power of that to destroy even a prosperous economy whether it be corruption amongst the creditors or debtors. Kremer and Jayachandran (2002) call this type of debt odious debt by which they mean illegitimate debt, which occurs through corrupt leadership taking out debts; never having intended to invest it in the country, but to keep it for themselves. A recent example of a case such as this is Mubarak, who is reported (BBC news 2011) to have up to $70 billion dollars that he has stolen over time from the Egyptian people, an mount twice as much as their countries entire debt which stands at $34. 46 billion. This huge injustice shows that the blame for huge economic crisis can sometimes lie with a corrupt leader good at concealing what he is doing (the HIPC initiative aims to tackle problems such as this) money taken in this way will never see any investment back into the country as it is often hidden where it will yield stable and lucrative (Whaites 1991) returns, in a phenomenon known as flight capital. Although is not always a case of illicit money being taken out of a country, but sometimes ore innocently a consequence of a bad economy, investors want to store their money where they will see the highest return, resulting in a vicious circle of low investment, low growth and continuing capital flight (Whaites 1991), once more highlighting that a solution is as hard to discover as placing blame for the start of the situation. After examining some of the origins of the debt crisis, as well as looking at how the situation has progressed in the last 40 years, it is still hard to see who exactly is to blame for the crisis, and no party is prepared to accept esponsibility as that could have serious repercussions, such as the banks being forced to call off the debts, or the LDCs being denied extensive aid. Whilst Eichengreen Lindert (2002) feel that circumstances such as this have happened in history before due to the nature or the international economy, Easterly (2002) highlights the impact irresponsible lending has had in what is described as violation of prudential standards of creditworthiness i. e. lending money to a source that can quite clearly not pay the money back, at least not without serious sacrifice. For whatever motives, the banks have made serious errors resulting in uncontrollable amounts of debt. However, many miscalculations have been made on the side of the debtors too, including both accepting unrealistic loans and harbouring overambitious goals (though can they be blamed for this? ). One of the key issues surrounding this debate is that the loans were not forced by either party, encouraged unwisely perhaps, or accepted too eagerly, but not forced. Therefore blame cannot be assigned, perhaps even, it is just the uncontrollable nature of our economy that is behind the crisis reaching the level it is at today. In cases where odious debt exists however it is much easier to pin point the driving force behind unsustainable debt unconceivable selfishness, corruption and complete disregard for the country they are supposed to be in charge of. Unfortunately whatever is to account for the situation today, it is clear who it is suffering the most from it, and sadly, those who are hit the hardest by the debt crisis are also the ones with the smallest influence on how it will shape out. Sadly it seems that economic capital is more valuable than human life and development.

An Overview of Christallers Central Place Theory

An Overview of Christallers Central Place Theory Central place theory is a spatial theory in urban geography that attempts to explain the reasons behind the distribution patterns, size, and a number of cities and towns around the world. It also attempts to provide a framework by which those areas can be studied both for historical reasons and for the locational patterns of areas today. Origin of the Theory The theory was first developed by the German geographer  Walter Christaller  in 1933 after he began to recognize the economic relationships between cities and their hinterlands (areas farther away). He mainly tested the theory in southern Germany and came to the conclusion that people gather together in cities to share goods and ideas and that communities- or central places- exist for purely economic reasons. Before testing his theory, however, Christaller had to first define the central place. In keeping with his economic focus, he decided that the central place exists primarily to provide goods and services to its surrounding population. The city is, in essence, a distribution center. Christallers Assumptions To focus on the economic aspects of his theory, Christaller had to create a set of assumptions. He decided that the countryside in the areas he was studying would be flat, so no barriers would exist to impede peoples movement across it. In addition, two assumptions were made about human behavior: Humans will always purchase goods from the closest place that offers them.Whenever the demand for a certain good is high, it will be offered in close proximity to the population. When demand drops, so too does the availability of the good. In addition, the threshold is an important concept in Christallers study. This is the minimum number of people needed for a central place business or activity to remain active and prosperous. This led to Christallers idea of low- and high-order goods. Low-order goods are things that are replenished frequently such as food and other routine household items. Since people buy these items regularly, small businesses in small towns can survive because people will buy frequently at closer locations instead of going into the city. High-order goods, by contrast, are specialized items such as automobiles, furniture, fine jewelry, and household appliances that people buy less often. Because they require a large threshold and people do not purchase them regularly, many businesses selling these items cannot survive in areas where the population is small. Therefore, these businesses often locate in big cities that can serve a large population in the surrounding hinterland. Size and Spacing Within the central place system, there are five sizes of communities:   HamletVillageTownCityRegional capital A hamlet is the smallest place, a rural community that is too small to be considered a village. Cape Dorset (population 1,200), located in Canadas Nunavut Territory is an example of a hamlet. Examples of regional capitals- which are not necessarily political capitals- would include Paris or Los Angeles. These cities provide the highest order of goods possible and serve a huge hinterland. Geometry and Ordering The central place is located at the vertexes (points) of equilateral triangles. Central places serve the evenly distributed consumers who are closest to the central place. As the vertexes connect, they form a series of hexagons- the traditional shape of many central place models. The hexagon is ideal because it allows the triangles formed by the central place vertexes to connect, and it represents the assumption that consumers will visit the closest place offering the goods they need. In addition, central place theory has three orders or principles. The first is the marketing principle and is shown as K3 (where K is a constant). In this system, market areas at a certain level of the central place hierarchy are three times larger than the next lowest one. The different levels then follow a progression of threes, meaning that as you move through the order of places, the number of the next level increases threefold. For example, when there are two cities, there would be six towns, 18 villages, and 54 hamlets. There is also the transportation principle (K4) where areas in the central place hierarchy are four times bigger than the area in the next lowest order. Finally, the administrative principle (K7) is the last system where the variation between the lowest and highest orders increase by a factor of seven. Here, the highest order trade area completely covers that of the lowest order, meaning that the market serves a larger area. Losch’s Central Place Theory In 1954, German economist August Losch modified Christallers central place theory because he believed it was too rigid. He thought that Christallers model led to patterns where the distribution of goods and the accumulation of profits were based entirely on location. He instead focused on maximizing consumer welfare and creating an ideal consumer landscape where the need to travel for any good was minimized, and profits remained relatively equal, regardless of the location where goods are sold. Central Place Theory Today Though Loschs central place theory looks at the ideal environment for the consumer, both his and Christallers ideas are essential to studying the location of retail in urban areas today. Often, small hamlets in rural areas do act as the central place for various small settlements because they are where people travel to buy their everyday goods. However, when they need to buy higher-value goods such as cars and computers, consumers who live in hamlets or villages have to travel into the larger town or city, which serves not only their small settlement but those around them as well. This model is shown all over the world, from rural areas of England to the U.S. Midwest or Alaska with the many small communities that are served by larger towns, cities, and regional capitals.

Diversity of the World for Children Essay Example | Topics and Well Written Essays - 1750 words

Diversity of the World for Children - Essay Example Gay marriage is often discussed by contemporaries. Whether homosexuality is a sexual or psychological deviance or is it a norm, should it be public or not and many other issues are high on the agenda nowadays. The children’s literature is another sphere, which is properly considered in the modern world as a really important phenomenon of the modern life. In the book â€Å"Daddy’s Roommate† by Willhoite (1990) these issues are correlated. Whether children literature should illustrate phenomenon of homosexuality or not is argued further on. Thesis: In spite of different stereotypes, gay relationships are present in the modern world and there is no need to avoid this demonstration of the world’s diversity. It is better to position gay relationships as another kind of love, which is the way to happiness, as the author of the book claims. Summary The book â€Å"Daddy’s Roommate† by Willhoite shows to the modern readers a challenging problem of living in family of two gays. Basically, homosexual parents do not differ from heterosexual parents. There is a strong emotional bound between two parents and a boy. They go shopping, gardening, making trips to the zoo. There are affectionate relationships between these two parents and boy is growing up surrounded with a great care and tolerance. There is a friendly atmosphere in their family. For this small boy being gay is just another kind of love. It is not a socially perverted representation of love it does not violate moral norms and it is not against social stereotypes. Analysis There are equal incongruities between gay couples and heterosexual couples: the author presents that there are even fights between two gay parents (Willhoite 1990, pp.8-12), but it is possible to underline that heterosexual couples are often quarrel and even fight. Moreover, the book does not promote gay love, it tells about gay love as about another kind of love. There is a story about two adult men, who are gay. They are not young and their relationship is stable. There is a tendency to establish short-term love relationship among heterosexual young people, as well as among homosexual young people. The point of the book is different. It informs about gay relationships, it neither criticizes nor promotes it. Gay relationship is shown as is. The book shows that in the course of time there is a natural necessity to appreciate the beloved person and there is a need to contribute much into the development of mutual happiness. Gay family is positioned as a final point of two lonely hearts’ wanderings. Both men are pacified and put their mutual efforts into social development, social activity etc. The ban In spite of criticism against the book, there are also proponents of the book and they argue against the book’s ban. On January 20, 1998, the Hays (K ansas) public library board showed antagonistic moods against the book’s ban. Their main claim coincided with the main claim of a small boy, the main character of the book. This book was another depiction of love and a homosexual life style did not differ much from life style of other couples. In accordance with the moods of the Library Director Melanie Miller: â€Å"I do not believe in restricting access to those child library patrons who would benefit from the book because there are parents who do not believe that their children should have access to the material† (Nava and Dawidoff 1995, p. 34). Another claim is made by the Brevard County (Florida) Library Board, which removed the book from the library shelves. The members of the Christian Coalition made an emphasis on the absence of necessity to leave the book in the library. As a result, de facto censorship was criticized by the readers. There is an evident struggle against the book and in 1999 the Nampa (Idaho) L ibrary Board decided to leave  Daddy’s Roommate  and  Heather Has Two Mommies  in the juvenile nonfiction section. The staff of the library claims that there is no book, which would be acclaimed by all parents to the

Resume chapter 16 (EXPORT-ORIENTED GROWTH IN EAST ASIA) Essay

Resume chapter 16 (EXPORT-ORIENTED GROWTH IN EAST ASIA) - Essay Example The global recession of 2008 also affected their economies, but their experiences in international trade are all worth studying because they derived much success in it. With these HPAE are subgroups such as the Four Tigers, namely Hong Kong, Singapore, South Korea and Taiwan. Another group is the Newly Industrializing Economies (NIE) of Indonesia, Malaysia and Thailand. China has a category all its own due to its size and communism influence. The NIE followed suit after the Four Tigers’ economies took off. Experts have analyzed how the HPAE have sustained their economic success and found that these countries were careful in maintaining stable macroeconomics. They also prioritized sharing the benefits of their economic growth with their citizens by providing them access to health care, education and housing, so people were made to feel they were well taken care of. Such actions were successful in soliciting people’s support and confidence. In turn, the high rates of lite racy produced in their people were attractive to foreign investors and multicultural firms. Another reason for their success is the promotion of their exported products while being open to imports. These countries believed that exportation provided the foreign exchange earnings they needed as well as encouraged businesses to be competitive in coming up with high quality products to export while importation brought about new technologies and novel products to update their knowledge in skills. Income rates in these Asian countries are much higher than their Latin American counterparts. As opposed to them, East Asian economy did not have high inequality in income and wealth at the beginning of their growth. The pattern followed what was known as â€Å"Kuznet’s curve†, which suggested equality first declines and then rises. The relative equality in these nations resulted from the characteristic sharing of wealth from economic success. Hence, the provision of basic needs as well as land reform, free public education, free basic health care and significant investments in rural infrastructure such as clean water systems, transportation and communication systems. The positive outcomes of such provision extends to the rise in business opportunities since the people have purchasing power to support small- and medium-scale entrepreneurs which are locally based. This contributes to political stability and sustains the interest of businesses in to invest in these countries on a long-term basis. The export push in the East Asian nations resulted in more than double their share in total world exports and total world manufactured exports. Such success was attributed to education policies favouring the advocacy of literacy spread in primary and secondary schooling. On top of that, HPAE nations endorsed export promotion plicies that created an impetus for export businesses. For example, export financing credit and tax benefits were readily available in Japan and t he Four Tigers for businesses that reach their export targets. Tariff-free access to imports of capital equipment needed in manufacturing is also provided. Such practices of export promotion connected with high rates of growth may be considered controversial in economics as well as sharing such export promotion strategies with other nations as it is likely to create trade conflicts since it may go against the rules of fair trade agreed to by the members of the World Trade Organization. The stability maintained in macroeconomic environments in the

Factors Affecting the Growth of Microfinance Institutions

Factors Affecting the Growth of Microfinance Institutions CHAPTER ONE INTRODUCTION 1.0 Introduction This chapter introduces the problem statement which the research proposes, the objectives that the research seeks to address, the questions that it seeks to answer and the scope of the research as well as the significance of the study. 1.1 Background of the Study There are many types of microfinance institutions depending on structure, function or philosophy. In many instances, the microfinance market is segmented according to the clients involved i.e. micro-enterprises, women, agriculturalists and so on. A main goal of many micro finance institutions is to provide sustainable micro finance facilities to the poor to facilitate income generation and reduce poverty (Baumann, 2001). The genesis of this is that the poor lack access to financial services, credit and savings facilities. The goal of microfinance institutions as development organizations is also to service the financial needs of unserved markets as means of meeting development objectives (Ledgerwood, 1999). The development objectives generally include reduction of poverty, empowerment of the poor and other disadvantaged groups, employment creation, development of new businesses and helping existing businesses to grow by diversifying their activities. In a world bank study of lending for small and micro enterprise projects, three objectives of microfinance institutions that were most frequently cited were, to create employment and income opportunities through the creation and expansion of micro enterprises, increase the productivity and incomes of vulnerable groups especially the poor and women, as well as reduce rural families dependence on drought prone crops through the diversification of their income generating activities (Webster et al, 1996). The microfinance revolution was introduced into the development economics arena slightly more than two decades ago. However, the widespread adoption of the microfinance model did not occur until the early 1990s. Since the mid 1990s, microfinance programmes and institutions have become an increasingly important component of strategies to promote micro-enterprise development in developing countries and specifically to reduce poverty (Colin, 2006). Microfinance was defined by the United Nation in 2005 as basic financial services, like credit, savings and insurance, which give people an opportunity to borrow, save, invest and protect their families against risk (UN, 2005). This definition was used in the context of microfinance and the Millennium Development Goals (MDGs). It was therefore observed that microfinance promotes not only credit, but also inculcates savings that accumulate assets for poor people. Besides the major attributes of microfinance, namely; credit and savings, the concept of joint or shared liability has been highlighted by other researchers. According to Harper (2003), the concept of microfinance originated in Bangladesh, around 1976 through the pioneering experiment by Dr Muhammad Yunus, who was then a Professor of Economics. The primary difference between microfinance and the conventional credit disbursal mechanism lies in the joint liability concept. Whereby a group of individuals get together to form an association of persons called Self Help Groups (SHG) of which all the members undergo a training programme on the basic loan procedures and borrowing requirements. Loans to individuals within the Self help groups are approved by the others members of the group, who are also jointly responsible for its repayment in case of default. The members of the self help group save regularly through monthly contributions to the groups fund. Formal microfinance lending has been in existence in Kenya since the 1950s through the Joint Loan Board Scheme developed by the colonial government (Hondo, 2001). After independence in 1963, the Kenyan government went on to provide subsidized rural credit programs as a development strategy. There are many organizations both informal and formal which also offer these financial services. The informal channels are characterized by lending family, friends and neighbours. Rotating savings and credit associations (ROSCAs) are also very common. They hold regular meetings and each member contributes a fixed amount and an agreed amount is given to one member at a time (CBS et al, 1999). Commercial banks traditionally lend to medium and large enterprises which are judged to be creditworthy and tend to avoid doing business with the poor and the micro enterprises because the associated costs and risks are considered to be relatively high. Microfinance institutions (MFIs) have therefore become the main source of funding for micro enterprises in Africa and in other developing regions (Anyanwu, 2004). Microfinance institutions have become an important contributor to the Kenyan economy. The sector contributes to the national objective of creating employment opportunities, training entrepreneurs, generating income and providing a source of livelihood for the majority of low income households by financing the businesses that they run. The government and its development partners have spent considerable amount of resources in crafting policies and programs to build the growth of micro finance institutions. However results to date have been largely unsatisfactory (Gichira, 1992). 1.2 PROBLEM STATEMENT Provision of microfinance services that can have a sustainable impact on clients well being and reduced vulnerability is not an easy endeavour, microfinance institutions face many risks that can adversely affect their long term growth, operational and financial sustainability (Jeyanth, 2003). With regard to sustainability and growth, a study conducted by Omondi (2005) revealed that few microfinance institutions had attained sustainability and growth and had sound financial cost control and good loan portfolios. A good number of microfinance institutions had not attained financial stability and growth and were relying on subsidies from donors. Growth in the microfinance industry may be characterized by an increase in the breadth and depth of outreach of existing microfinance institutions, heightened competition among microfinance service providers, diversification of product and service offerings, and the presence of private and commercial funds for microfinance activities. There is little information on a standard blueprint to show us how to achieve these characteristics and to ensure the growth of the microfinance industry. To a large extent, the growth should be market driven and is yet to be achieved (Amando, 2005). Tilman, (2006) highlighted that although microfinance activity has increased considerably in recent years, significant growth was lacking and microfinance institutions are still far from reaching a significant portion of the population that lacks access to formal financial services. Further, studies conducted in Kenya have shown that even though the microfinance sector has been growing over the past few years, majority of the individual institutions have not experienced much growth. Moreover much of growth of the microfinance institutions has been spontaneous (G.O.K 1997). It is therefore against this background that the aim of the study is to assess factors affecting the growth of micro-finance institutions in Kenya. 1.3 RESEARCH OBJECTIVE 1. To assess the factors affecting the growth of microfinance institutions in Kenya. 1.4 RESEARCH QUESTION This research seeks to answer the following question; 1. What are the factors affecting the growth of microfinance institutions in Kenya? 1.5 SIGNIFICANCE OF THE STUDY This study will benefit a number of groups among them managers of microfinance institutions who will use the study to gain an insight into factors that affect the growth of their businesses and how. This will in turn help them develop modalities to mitigate those factors that adversely affect the business and enhance those that promote growth of their microfinance institutions. The government too will benefit from this study. The government will use the findings of this study to craft appropriate policies that would promote the growth and stability of the microfinance institutions. Further the findings will help the Kenya governments development partners, NGOs, Donor communities and other stakeholders to effectively and efficiently target their assistance to the microfinance sector. Moreover, microfinance strategists, policy makers, aspiring microfinance researchers, university and college students pursuing a career in entrepreneurship or microfinance spheres will also benefit. 1.7 SCOPE OF THE STUDY Microfinance institutions have a wide coverage in both rural and urban areas of the country. This study focuses on microfinance institutions operating in Kenya. The study therefore covers the registered institutions. CHAPTER TWO LIERATURE REVIEW 2.1 Introduction This chapter presents a review of various literature materials related to the study. It extensively looks at the factors that affect the growth of microfinance institutions. This review also highlights past literature that relates to this study, summary of gaps to be filled by the study, previous research findings, various papers and government publications on the subject. 2.2 Growth in the microfinance industry Amando, (2005) observed that growth in the microfinance industry may be characterized by an increase in the breadth and depth of outreach of existing microfinance institutions, heightened competition among microfinance service providers, diversification of product and service offerings, and the presence of private and commercial funds for microfinance activities. Outreach and sustainability are two critical objectives for microfinance institutions (MFIs). As defined by Christen et al (1999), outreach is the ability to provide quality financial services to large numbers of people, especially the very poor. Outreach is also an indicator of the institutions social mission to scale up and provide services to as many people as possible. Sustainability, in contrast, requires operating at a level of profitability that allows sustained service delivery without dependence on subsidized inputs. This represents the institutions commercial strategy. For microfinance institutions growth is the process of balancing the objectives of outreach and sustainability; balancing the social mission and the commercial strategy. Despite the increase in number of MFIs in operation, their growth is constrained, especially in rural areas, because of their limited resource base and lack of institutional capacity to provide a wide range of financial services. MFI outreach is predominantly through group based programmes, which have limited absorptive capacity for financial resources. The focus of most microfinance institutions is lending to the informal economy MSEs (â€Å"Jua Kali) and often women who are conducting trade in small goods or providing services (Stevenson, 2007). Craig (1997) on the other hand observed that many microfinance institutions experience cycles of growth followed by periods of consolidation where they are forced to solve operational challenges such as decline in portfolio quality, client desertion, untrained and burned-out staff, and administrative challenges including loan processing and information systems. In addition, many smaller credit programs never experience growth because they lack the resources; technical and or financial and a commitment to the financial systems approach. In Tanzania, a survey of 136 small firms found that 63 per cent of them consider difficulties in accessing finance from larger financial institutions as the major constraint to their growth (Satta, 2003). Even though micro finance bodies are meant to serve those who have been left out of the formal banking system, there is a growing concern that many Kenyans still lack credit facilities. Statistics from Association of Microfinance Institutions (AMFI) indicate that over 60 percent of Kenyans lack access to formal banking services. This is because most micro-credit companies are concentrated in cities and towns. Most of the people who lack credit are in rural areas. The question now is how to facilitate growth of microfinance institutions to cover all areas (Tilman, 2006). 2.2.1 Constraints facing micro finance institutions. The microfinance sector in Kenya has faced a number of constraints that need to be addressed to enable them to improve outreach and sustainability and grow. The major impediment to the development of microfinance business in Kenya has been until recently poor legislation and set of regulations to guide the operations of the microfinance sub-sector. This has contributed to a large extent to the poor performance and eventual demise microfinance institutions because of a lack of appropriate regulatory oversight. This has also had a bearing on a number of other constraints faced by the industry, namely: wide diversity in institutional form, inadequate governance and management capacity, limited outreach, unhealthy competition, limited access to funds, unfavorable image and lack of performance standards, Poverty reduction strategy paper (PRSP 1999). Providing financial services to poor people is costly, in part, because they have small amounts of money, often live in urban slums and remote rural setups, and rarely have documented credit histories. During the past decade, microfinance institutions (MFIs) started addressing this problem by developing techniques that permit safe lending in the absence of borrowers credit history. Still, MFIs usually charge relatively high interest rates to cover the administrative costs of handling small transactions for dispersed populations (Gaulum, 2006). Mutua et al (1996) highlighted that a problem facing NGOs running microfinance institutions is the ability to balance traditional welfare objectives with the goals of maintaining sustainable credit programmes. This is because when credit policies are based on humanitarian rather than financial considerations, inefficiency and ineffectiveness can follow which hampers sustainability and growth of microfinance institutions. A study by Anyanwu (2004), on Microfinance institutions policy practice and potentials in Nigeria revealed that the sub sector in Africa faces a number of challenges which include the urgent access to medium to long term sustainable sources of funding. 2.2.2 Importance of the microfinance sector The first attribute that distinguishes microfinance institutions from others is what has come to be called its dual mission of balancing a social agenda or social impact with its financial objectives. Most microfinance institutions (MFIs) are institutions that combine a social development mission; provision of financial services to the lowest income population possible with a financial objective that drives the institution to achieve self sufficiency and thereby accomplish sustained service delivery without dependence on subsidies (Humphrey, 2006). The government appreciates the importance of microfinance institutions in the development of SMEs. In G.O.K (2005) policy paper the government sates lack of access to credit is a major constraint inhibiting the growth of the entrepreneurs. The same paper further states that the government recognizes that access to credit and financial services is key to the growth and development of any enterprise and more so the SMEs The government therefore has its own programmes and projects targeting the sector. Some of them are the Kenya Industrial Estates, the Joint Loan board both under the Ministry of Trade and Industry and the recently established Kshs. l billion youth fund under the Ministry of Youth Affairs in the office of the Vice President. According to an evaluation study on microfinance programmes in Kenya Supported through the Dutch co-financing programme, (Hospes 2002) concludes that the impact of the financial service provision by Kenya Women Finance Trust (KWFT) at the enterprise level is positive in many respects: Enterprise size and employment generation, both the quantitative and qualitative assessment show that the provision of loans by KWFT has helped women to keep them going even in the most difficult times, as well as contribute to providing continued employment to the women and their families, and to increase the number of employees in their business, either on temporary or permanent basis. It is now widely acknowledged that the MFIs, with their innovative program packaging, have enlarged the financial market, increased the volume of household financial savings and induced financial independence among rural families (Sajjad et al 1999). According to the Poverty Reduction Strategy Paper (PRSP) of 1999, a large number of Kenyans derive their livelihood from small and micro-enterprises. Therefore, development of this sector represents an important means of creating employment, promoting growth, and reducing poverty in the long term. However, in spite of the importance of this sector, experience shows that provision and delivery of credit and other financial services to the sector by formal credit institutions, such as microfinance institutions has been below expectation. This means that it is difficult for the poor to climb out of poverty due to lack of finance for their productive activities. Therefore, new, innovative and pro-poor modes of financing low income households and SMEs based on sound operating principles need to be developed. The United Nations acknowledges microfinance as a key instrument to achieving Millennium development Goals (MDGs), which seeks to reduce poverty by 2015. They include reducing child mortality by two thirds, eradicating extreme poverty and hunger, achieving universal primary education, promoting gender equality and empowering women, as well as combating HIV/AIDS, malaria and other diseases (UN, 2005). As microfinance institutions in Kenya continue to increase in numbers, their survival in the market economy will greatly be influenced by the impact their products and services have to their recipients. This will include; the empowerment of family, generation of income and improvement of welfare, the increase in business performance, training and business skills provided to clients, terms and conditions for loan repayment and servicing among others. Microfinance institutions are critical to Africas quest for solutions to the continents development challenge. The area of their greatest potential impact, rural Africa, is not only home to the bulk of the continents population, but also the vast majority of Africas poor. MFIs with examples from Zambia, Kenya, South Africa, Mali and Zimbabwe, establish a link between MFIs and both poverty eradication and the empowerment and equality of women, two of the major Millennium Development Goals (Kaoma, 2001). Anywanu, (2004) observes that microfinance institutions aim to improve the socio-economic conditions of women, especially those in the rural areas through the provision of loan assistance, skills acquisition, reproductive health care service, adult literacy and girl child education. They also aim to build community capacities for wealth creation among enterprising poor people and to promote sustainable livelihood by strengthening rural responsive banking methodology as well as eradicate poverty through the provision of microfinance and skill acquisition development for income generation. 2.2.3 Promotion of Microfinance institutions growth. As an enterprise grows, different needs arise to correspond with every stage of its development. The level of sophistication of knowledge, skill and attitude change, inputs will vary with this every stage. It should however reflect that the needs are demand driven because they can be correlated with the problems and opportunities that micro financiers face in managing the business (Murumbutsa, 1998). Oikocredit International, a social investor increasingly engaged in microfinance, expressed that channeling commercial capital to microfinance institutions is key in establishing the conditions for sustainability and for the scaling-up of microfinance institutions. Commercial capital pushes microfinance institutions to have more rigorous financial discipline and management (Amando, 2005). Microfinance institutions in Kenya need to adopt and subscribe to performance standards in their operations so as to measure and ensure growth. In the Philippines the Central Bank as a member of the National Credit Council worked very hard in finalizing a set of performance standards that can be used by microfinance institutions across the banking, non-governmental and cooperative sectors to facilitate assessment and evaluation of their performance. The standards go by the acronym P.E.S.O, which stands for Portfolio Quality, Efficiency, Sustainability and Outreach. MFI growth includes diversification, such as the introduction of new financial products, training needs to be designed to gradually provide staff with new skills, thus increasing their flexibility and productivity. Credit bureaus are useful in reducing risks in lending and in encouraging a more responsible attitude towards credit by borrowers which will ultimately lower delinquency and strengthen the credit and financial system. In addition, the presence of credit bureaus will foster lending to the previously neglected sector such as the micro, small and medium enterprises due to less reliance on collateral based credit decisions. The other necessary condition is the presence of a comprehensive credit information system. With more and more players engaged in microfinance, the problem of credit pollution and multiple borrowings is also increasing. The sharing and disseminating of credit related information will be able to address this problem (Kitabu, 2007). To be successful an organization should have special features over and above being new and small in an industry. If any developments have to take place among microfinance institutions then the rate of their growth would depend on accumulation of physical and human capital. This however would require an effective allocation of resources and ability to acquire and apply modern technology (Biggs et al, 1996) Growth of the microfinance sector however, is very much dependent on a host of factors among them, the policy and regulatory environment, which consists of broad, high level policies that affect the economic and regulatory conditions in which micro finance institutions have to operate. Such are macro-policies for the stabilization and growth of the economy. Other factors include provision of technological capabilities and skills upgrading, competition. These factors promote higher business productivity and growth through improved techniques, and the related introduction of better quality products and services that yield the institutions high added value and larger markets. The provision of financial services, technology upgrading, complements the beneficial effects of a truly enabling policy environment (Ronge, et al, 2002) The government is struggling to thrust the country into a state of economic recovery by integrating the microfinance sector into the national economic grid, by seriously looking at the potential of the microfinance institutions sectors for driving SMEs, creating employment and economic growth, further the Kenya government has taken major steps in the development of this sector by passing a regulatory framework in the form of the micro-finance bill which will enable their registration and regulation of micro finance institutions (Munguti, 2005). For a growing business to continue growing, it has to be a learning organization that monitors the market and scans the horizon looking for clues or trends. It needs to be proactive by regularly analyzing how it can do better. There may be a tendency in mature MFIs to assume that, because their current financial products are so successful, they should continue to operate the way they are and just increase the scale of their operations. Successful firms are constantly innovating and upgrading, and they spend a significant percentage of their budget on research and development. Donor organizations should consider how their resources may fund the imagination of microfinance institutions to enhance their growth (Tomasko, 1996). Businesses need to have an effective management information system in place prior to an explosive growth phase to enable it to manage growth. Most emerging firms get into trouble because the management team either does not have the information it needs to make the right decisions or chooses to ignore the information that is available. For microfinance, information is even more important than in most businesses. It is the lifeblood of an MFI. Microfinance relies an information based lending technology, as opposed to commercial banks that use a collateral-based approach. Microfinance information must focus on financial as well as non-financial indicators, such as productivity, efficiency, average loan size, and client retention. The management information system should provide information about factors and forces that need to be monitored closely as well as insights into what should be changed. This early warning system can scan the horizon for trends, and identify threats and opportun ities (Craig, 1997). 2.3 Summary and Gap From literature reviewed the information available indicates that the number of micro finance institutions in Kenya is gradually increasing and dominant market players are growing, most microfinance institutions however register slow growth and further the reasons for this with respect to Kenya are not conclusive. Despite their success so far microfinance institutions only reach a fraction of the estimated underlying demand. There is huge latent demand for micro-credit around the country. Even though micro-finance bodies are meant to serve those who have been left out of the formal banking system, there is a growing concern that many Kenyans still lack credit facilities. This is because despite the growing number of microfinance institutions in Kenya, their outreach is constrained especially in rural areas, the study therefore seeks to establish the factors affecting their growth. Most studies have focused on the small and micro enterprises growth to show how successful they have been after receiving micro-credit, few have tried to analyze the factors affecting the growth of microfinance institutions themselves. Although microfinance activity has grown considerably in recent years, it is still far from reaching a significant portion of the population that lacks access to formal financial services. Microfinance institutions despite their success over the past few years, have only grown to reach a fraction of the estimated underlying demand, extensive study is yet to be done on factors affecting their growth. RESEARCH METHODOLOGY 3.0 Introduction This chapter discusses the research method that was applied in carrying out the study. It covers the following areas; Research design, target population, sampling design, data collection procedure and data analysis. 3.1 Research Design This study adapted a descriptive research design. The research aimed to collect data on the factors affecting the growth of microfinance institutions in Kenya. Descriptive research design is used when data collected describes persons, organizations, settings or phenomena. This approach was appropriate because the data collected mainly involved descriptions of the variables in the study. This descriptive research design enabled the research capture quantitative data to provide in depth information about the factors affecting the growth of microfinance institutions in Kenya. 3.2 Target Population The target population in this research were microfinance institutions registered and operating in Kenya. There are 56 registered microfinance institutions, this was the group of interest. Questionnaires were administered to finance managers of these microfinance institutions. 3.3 Sample Design The census method was used in this study. In this method of study, all registered microfinance institutions were surveyed. For the purposes of this study all 56 registered microfinance institutions. 3.4 Data collection methods Data was collected from microfinance institutions using structured questionnaire. Primary data was collected by use of questionnaire method in this study. Primary data are those which are collected fresh and for the first time and thus happen to be original in character (Kothari, 2004). In this study, the research made use of a questionnaire to solicit ideas related to the research problem from respondents. The questions sought to address the research objective and question related to the study. A drop and pick method was used in administration of the questionnaire. 3.5 Data Analysis and Presentation The results obtained from data collected were summarized under common themes and presented in form of frequency tables, percentages and pie charts. According to Cochran (1989) results from research findings are often presented in these forms. Data was analyzed by frequency distribution and percentages to show the frequency of institutions citing common factors and the percentage of them identifying similar factors affecting their growth. Written explanations are provided to interpret data, to draw conclusions and make recommendations. The purpose was to measure and provide information on factors affecting the growth of microfinance institutions. CHAPTER FOUR DATA ANALYSIS AND PRESENTATION OF RESULTS 4.1 Introduction This chapter deals with the results and findings of the study. It presents and descriptively analyzes the data gathered from respondents and summarizes the major findings from the respondents. These responses were analyzed using excel computer package and the results summarized in form of tables, bar graphs and pie charts as appropriate. 4.2 Results and Data Analysis The primary objective of the study was to assess the factors affecting the growth of microfinance institutions in Kenya. A census was undertaken where all 56 registered microfinance institutions were presented with questionnaires, 34 of the 56 respondents returning their duly filled up questionnaires. This represented a 60.7% response rate which was deemed sufficient for derivations of conclusions covering the entire population under the study. 4.3 General Findings. 4.3.1 Years of operation On the number of years that the organizations have been in operation, the results showed that majority (55.9%) were between 10 and 15 years old since they started operating. 14.7% of the organizations were the oldest being over 15 years old, while 11.8% of the population being the youngest having being in operation for less than 5 years. The remaining 17.6% of the respondent organizations were between 5 and 10 years. 4.3.2 Customer segments. In response to the question regarding to which customer segments the organizations provide microfinance facilities to, 5.9% said they provide services to women, 11.8% indicated micro enterprises, 79.4% provide services to all segments, while 2.9% said the cater for agriculturalists. 4.3.3 Client base From this study it was established that 50% of the organizations that responded had a client base of over 10,000 clients. 32.4% of the microfinance institutions had between 5,000 and 10,000 clients and 17.6% of the respondents indicated having a client base of less than 5,000 customers. 4.3.4

Poverty in Egypt Essay

Food crisis, political catastrophe, societal upheavals—these are perhaps the most controversial issues that boggle the minds of the Egyptian masses nowadays. Along with the current political catastrophes that has transcribed in the contemporary milieu, Egypt is considered as a transit country for prostitution, child trafficking and a massive rise of violence (Wenger, 1987, The World Bank, 2008). War in Gaza, smuggling—these problems are said to be the manifestation of poverty, which at hand is the main culprit in swallowing the inhabitants of third world countries (Erlanger, 2008). As a matter of fact, this unprecedented communal catastrophe has long been a major concern by political parties that preventive and charitable measures are given to them each year. Thus such drive for lifting their economy is driven away by civil confrontations that those who intends to help them are hindered to fulfill their duty. Basically, this historical and contemptible country is far from letting their guard down from the hopes of reaching solitude and receiving their respective needs; as the residents themselves are working hard to get a grasp of armistice not only for the sake of keeping their lives but for the verity of achieving worldly acceptance. As a matter of fact, the Egyptian government has developed several steps in aide of helping their constituents live a bountiful life. Thus this dream shall not be made possible without the cooperation of their general public. The situation in Egypt â€Å"Reduce poverty and improve equity in the distribution of income†Ã¢â‚¬â€this is the statistical and economical strategy of their management. The reality in Egypt is known all over the world. Nutritional status and unemployment are apparently the cited â€Å"intrinsically important† fields that the residents are hoping to be resolved. The conceptual argument in this matter is that poverty is identified as â€Å"rupture† in the urbanization process combined with the problems of civil hostilities. Further, if there had been cities which have been granted with the delivery of basic services, it is only the urban areas who eventually enjoys it since that those who badly need it either turn away from the help itself, or has become bleak on the context of improving their lives. To note, there is a huge density in street-vendors and homeless families and Egypt (Development, 2008). World Bank assessed that the numbers that appeared in their data is based on the context of poverty indicators and in layman’s term, it is the multi-faceted feature of having insufficient income. Hence the battle in defeating the odds of reality is too close to call. The price for being less-fortunate With the issue in poverty in mind, scholars and statisticians were able to distinguish the effects of poverty in the community. Such are as follows: the scarcity of opportunity as there is derisory learning or education, nutrition, wellbeing and instruction, or the incapability to find a profession that can completely be in remuneration someone’s obtainable and present aptitude. Hence these are caused of susceptibility, owed to insufficient assets and resources, to impulsive prevalent fiscal distress or even personage fright such as when those who are considered as breadwinners mislay their ability to bring in money for a living (Ravallion and Chen, 2007). Overcoming the societal dilemma Even though these problems have been gradually present for quite a long time already, it should also be considered that the country has been developing in the verge of the 21st century. Their Millennium Development Goals enhanced literacy, mortality and their health status increasing every year and sufficiently, a large piece of the residents are cooperative in such dimension. Furthermore, the brackets that were considered as poor—the tenant farmers and small-scale farmer, landless laborers, unemployed youth and more specifically women—have been found to be positively improving and these are coherent to that of the development in the light of literacy. However, pursuing the dream still needs to be pressed on further and not lose hope despite the hindrances that unfolds before them to be able to sustain the momentum. Conclusions with further remarks Global systems theory is perhaps one of the many theories related to capitalism and transnational corporations. There should be emphasis that children are ‘sacred’ in a sociological sense because of the fact that childrearing and its effects on children reaffirm the belief in the importance of children. It creates a protected space of security, trust and close human connection inasmuch as it illustrates the generous and nurturing characteristic of individuals rather than being individualistic and always inclined for competition (Rudra, 2005). The limitations of quantitative measurements of well-being have long been recognized, and there is a rich tradition of anthropological and sociological work that uses a range of techniques to achieve an in-depth understanding of poverty for project work—broadening understanding of both poverty and the policy process (Lane, 2007). New pockets of poverty are undermining prosperity, making it look more tenuous. The materialist bias is part of a historical legacy, an ancient political responsibility for ensuring that citizens have roofs over their heads, larders with food to eat. While the very meaning of poverty remains the subject of debate, and differences of opinion persist in how to best study the root causes of poverty.

The Customer Service Experience †Striving For Quality

THE CUSTOMER SERVICE EXPERIENCE – STRIVING FOR QUALITY SERVICE Linda Holland-Blackwell American Public University System Abstract The Customer Service Experience plays a key role in communicating the culture of your business and services. Customer service is communicated to customers through employee’s appearance, their interaction, knowledge, skill, and attitude. Managers, supervisors, and/or team leader are to provide the information, skills, and support to provide quality service to customers, â€Å"In other words, for customer service to be successful it must be managed successfully† (Martin, 2011, pg. 1). Customers want is value for the money along with effective, efficient service. This paper will discuss the†¦show more content†¦Stopping by Wendy’s, my order was timely and correct, but the cashier was not smiling displayed an impersonal attitude. Making the statement: I am just doing my job, my I take your order? â€Å"You are number one. We are here to process you as efficiently as we can.† (Martin, 2001, pg. 7) The personal and procedural side are both a part of the factory customer service arena. â€Å"Service may be fast and efficient, but it’s also unfriendly and insensitive to customers’ human needs† (Martin, 2001, pg. 7). The scenario has a potential for quality customer service, but the staff needs additional training. Gathering customer feedback provides customer reactions to their service experiences. â€Å"Use vital feedback systems that not only help you pinpoint weak links in the service-delivery system, but also provide a vehicle for reinforcing and rewarding quality service behaviors† (Martin, 2001, pg. 13). In the scenario, the expectation of quality service requires a need for better-trained customer service providers. Scenario III. Taking my car in for a major repair costing $580, the mechanic was friendly and the owner of the repair shop. 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