The role of developing banks in Hungary during the beginning of transition

The role of developing banks in Hungary during the beginning of transition Introduction Hungary was a centralized economy during and before early the 1980’s. The economy was highly controlled by the government including sectors within the economy. The Hungarian banking sector was under the control of the government with no private banks in operation during this time.Advertising We will write a custom essay sample on The role of developing banks in Hungary during the beginning of transition specifically for you for only $16.05 $11/page Learn More The country was operating under a mono-bank. The bank was later divided based on specialization with introduction a two-tier banking system. This led to the establishment of three banks that were owned by the state. In 1987, Hungary initiated the transition process of converting its economy from being centralized to become market-oriented economy.[1] This transition led to the changing of Hungarian banking sector from centralized banking system to a market-oriented system through pri vatization. Creating an open competitive market for foreign banks to invest was one of the government roles in developing banks in Hungary. During this time of transition, the economy of Hungary was performing poorly and was nearly collapsing. The state-owned banks during the beginning of transition were faced with the problem of non- performing debts, bad debtors, as well as bad investments. The financial sector, which highly incorporates banking, had thus a great role to play in this transition process. In the late 1980s, Hungary was faced within the problem of bad debts, massive under-capitalization as well as high concentration.[2] The main reason of developing banks in Hungary through use of market-oriented system was to establish a stable banking system. The government had to solve the existing problems in the banking system before introducing new reforms. This paper discusses the process of consolidating state-owned banks and then privatizing them. The paper also looks into t he role of developing banks in Hungary during the beginning of transition. The transition of banking to a new system In the late 1940s, the Hungarian banking system was established with formation of the national bank known as National Bank of Hungary (NBH). NBH was established as a monopoly. It was the only bank dealing with money circulation and credit activities within Hungarian economy. The government further established a centralized banking system with the introduction of specialized banks. For example, the NBH only dealt with allocating credit to enterprises, the National Savings Bank (NSB) only dealt with colleting deposits from savers, and Hungarian Foreign Trade Bank was only involved with foreign trade transactions. All these banks were owned by the state that made them monopolies in their respective areas of specialization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In the late 1980s, the Hungarian economy was performing poorly. The government initiated the process of transition from use of centralized economy to introduction market oriented economy.[3] The market-oriented economy meant that foreign investors would invest in Hungary. This made the government permit some foreign banks to invest in Hungary. During this time, these foreign banks faced competition from the state owned banks in foreign exchange and trade transactions.[4] The banking system became more decentralized with introduction of the two-tier banking system. This system led to NBH becoming the central bank while its commercial functions were delegated to three new commercial banks, which were introduced in the country. The government went further to allowing introduction of new specialized banks, which had very narrow functions. These reforms greatly influenced the post-socialist government to create way for more reforms in the banking sector. In early 1990s, the new democra tic government formed new reforms for the banks. The banks were expected to meet a certain percentage of capital adequacy ratios. Banks were also expected to provide reserves against their bad loans. This issue on bad loans made the banks to suffer huge losses. This is because several major banks had huge negative equity percentage of loans that were considered doubtful loans. These banks suffered huge losses, as the existing accounting laws at this time did not require provision for doubtful loans. These structural reform initiatives led to a significant drop of the country’s GDP. This drop in GDP led to heavy losses among state-owned enterprises, which made them unable to service their debts to banks. With these losses, the government had to resolve the issue on bad debts. This led to the instruction of loan consolidation program in 1993. This program enabled banks to exchange their bad debts for government bonds called consolidation bonds. These bonds had a coupon equal to 90-day treasury bills.[5] Although this program removed bad debts from banks, it did not create new capital in the banking sector. The government then went further to recapitalizing its state-owned banks to attain the minimum requirement of 8 percent. In the mid 1990s, there was a significant progress in establishing a market-oriented banking system. The government still discouraged foreign banks with its preference of keeping a golden share of the venture. To achieve transition in the banking sector the government started negotiations with foreign banks in offering them flexible terms and conditions of bank privatization.Advertising We will write a custom essay sample on The role of developing banks in Hungary during the beginning of transition specifically for you for only $16.05 $11/page Learn More Privatization of large state-owned banks involved two important stages. The first stage of privatization took place in parts with blocks of shares being offe red to different foreign investors at different times. This was a significant step for foreign investors whose initial cost and risk of investments was reduced strategically. Although the government offered block of shares to the foreign investors it still held 20-to-25 percent ownership of these banks. The government instead allowed the foreign partners to take full control on management of these banks.[6] In the second stage of privatization, the government negotiated with foreign investors. The government came into contract with foreign investors on terms of privatization. These contracts allowed subsequent price adjustments in the purchase price, according to profits to be made by the bank in future. The contract also provided for acquisitions of share from the government or any other non-private partners. This method of liberal privatization faced criticism politically even if others supported the idea as it meant a strong efficient banking sector foundation. The role of debt c learance In developing banks in Hungary, the government wanted to deal with the problem of bad debts, which had even led to collapse of many firms. This had contributed greatly to the poor economy and high rates of unemployment. In trying to overcome this problem on debts, the government had to allow for entry of foreign banks into Hungary. The government had to restructure the banking system by developing banks to deal with issue on debts as some state-owned banks had even lost their capital. The government had to deal with the issue of debts and debtors in the banking system through bank consolidation. The government wanted to develop banks with no bad loans to pave way for privatization and avoid the problem of bad debts again. In the initial stages of bank consolidation, the government had to do portfolio cleaning. Here the government gave bonds in exchange for bad debts to those banks with a capital adequacy ratio (CAR) of less than 7percent. The government then sold a part of the non-performing loans bought as bonds at a discount to the Hungarian Development Bank (HDB). Although the government left the other part of bad loans with the banks it gave them a fee of 2 percent to encourage them work out bad loans.[7]Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This measure of government exchanging bad debts with bonds solved the problem on debts partially. This is because the government did not include neither doubtful nor substandard loans. The government also failed to solve the problem of banks’ bad investments and contingent liabilities. In 1993, the bad debts were still increasing and the government had to carry out recapitalization but this time including bad investments and contingent liabilities of the banks. The government here purchased newly issued shares by the recapitalized banks through use of bonds. This increased the government ownership in the banking sector. The government then recapitalized banks by extending subordinated loans to banks. This form of recapitalization prevented increasing government ownership. The government then left the banks to solve issue on other debtors as it had more information regarding them. The objective here was to try to separate banks with more debtors from those with few. This paved way for privatization process. The government also introduced consolidation program aimed at putting banks on track. This program required banks to improve their management, internal control and come up with modernized operations. These measures enabled the government to develop banks and solve the issue of debts in the beginning of transition.[8] Role of privatization The government had controlled the banking system before transition process began in Hungary. The government had to develop banks to enable their privatization as it had being unable to run them. This is because at the time of transition Hungarian banks were facing large bad debts, and were poorly managed. The government had thus to introduce a market-oriented banking system to enhance economic growth. Therefore, another role of developing banks in Hungary during the beginning of transition was to encourage their privatization.[9] The government also encouraged privatization of banks through introduction of liberal li censing policy. This policy encouraged many foreign banks to set up subsidiaries in Hungary. This led to a decrease of government ownership in the banking sector with about 20 percent. This enhanced competition which encouraged better management skills, and provision of services in the banking sector. This left the government with the ownership of just one large commercial bank. The banks from European Union invested in Hungary contributing to the 70 percent of foreign ownership in the country. Privatization of banks in Hungary has played a great role in its economic growth. This is shown by the stabilization of Hungarian banking system that is evident as shown by the current high level of CAR. The percentage of bad debts has also decreased significantly to a very low percentage of about 3 percent.[10] The increased investment of foreign banks in Hungary has also encouraged direct investment in other sectors with banks from home countries operating in Hungary.[11] Role of bank regul ation and supervision The centralized banking system applied by Hungarian government before beginning of transition prevented better regulatory measures to apply. The government was unable to impose measures, which would regulate banking system efficiently as it was the one still controlling them. Therefore, another role of developing banks in Hungary during the beginning of transition was to establish a regulatory structure. The government had experienced high rate of non-performing debts before transition began. These debts had led to high instability in the banking system leading to a deteriorating economy. The government had thus to develop banks to as to introduce measures to regulate and supervise the banking system. These regulations in the banking sector help to control the stability of an economy. Hungary with the aid of EU has improved its regulation and supervision in the banking sector.[12] The government established a group-based supervision as opposed to the institutio n-based mode of supervision applied earlier. The group-based supervision was to be introduced through formation of a single agency to supervise all banks. Management role The government of Hungary had experience and significant increase of the non-performing debts during the late 1980s. This was due to the poor performance of the state-owned banks during this period. These banks allocated loans on basis of political influence rather than based on profitability that had contributed to the large amount of bad debts.[13] This was partially the contribution of poor management and unskilled staff in the banks. Another role of developing banks in Hungary during the beginning of transition was to improve their management and human capital. Privatization process of state-owned banks was also aimed at improving their management. In the first face of privatization though the government only allowed a given percentage of ownership to foreign investors, it left management role to them. This is because these banks were characterized with poor operations management structure that incorporates many undisguised employees. The government also introduced measures through ministry of finance to supervise these banks on basis of management. These measures led to the decrease on non-performing loans, which were now allocated on basis of profitability. Conclusion Hungary transition from a centralized economy to a market-oriented economy started in late 1980s. The government had to change the banking system from a centralized banking system to a market-oriented system. The government had to allow foreign banks to invest in Hungary. Before foreign banks were allowed to invest in Hungary, the government had to solve the problems, which existed within the state-owned banks. The role of developing banks was thus to pave way for more reforms in the banking sector which would lead to a stable banking system. One role of developing banks in the beginning of transition was first to consolid ate them. The government had to deal with the issue existing bad debts and bad debtors that had even led to the closure of some banks due to lack of capital. The government had to introduce use of bonds to buy these bad debts and those debts debtors were owing to banks. The government went further to recapitalizing the banks including their bad investments and liabilities. This was followed by privatization of these banks to be owned by other foreign banks. The government did this by first selling partial ownership before realizing full ownership in mid 1990s. The government then introduced a single group-based supervision agency to supervise all banks on standards of management, performance and services offered. This has led to improved banks management, and reduced non-performing loans within the banking sector. Through these developments of banks, the government of Hungary has been able to establish a stable banking system. References Barta, G. (2005). Hungarian spaces and places : patterns of transition. Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L. (2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund. Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Horvath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Footnotes Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L.(2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer. Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L.(2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L. (2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Horvath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Horv ath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund

Crime 200 Essay Example | Topics and Well Written Essays - 750 words - 1

Crime 200 - Essay Example In fact statistics reveal widespread use of marijuana in the US and across the world. Given that the government has made little success in its efforts to eliminate its use for over 40 years now, pundits predict that the future might compel governments to legalize it. With this prospect in mind, it is prudent to understand the impact such a move would have to the society so as to lay sufficient ground beforehand. In this respect, this paper examines the impact of marijuana with focus on Colorado – which together with Washington have been viewed as experimental labs. Marijuana is a soft drug made from dried leaves, flowers, stem and seeds of the Cannabis sativa plant. Its key component is a psychoactive chemical delta-9-tetrahydrocannabinol (THC) and is used for recreational, medical, religious and spiritual purposes (National Institute on Drug Abuse). This drug is known to have both positive and negative effects to its users and the society at large. To a user, weed, as marijuana is christened, causes memory impairment, distortion of sight, loss of motor coordination and with long term use individuals may develop, testicular cancer, cardiovascular and respiratory complications. On the positive effects, it has been found to be therapeutic helping reduce pain and anxiety (Drugs.com). However, this article does not pursue the health and psychological effects of marijuana use, rather it focuses broadly on the implications that legalization of marijuana has on the society. The fight towards legalization of marijuana in the US began with the 1970 presidential commission that â€Å"called for federal decriminalization and eventual legalization, regulation, and control of marijuana† and recommended that marijuana be decriminalized (McVay, 1991). This move came about consequent of the relaxed attitudes toward marijuana, the apprehension of a significant

Operations Management Essay Example | Topics and Well Written Essays - 2500 words - 6

Operations Management - Essay Example SPC is also found to provide a new insight of relationships between quality and productivity performance measures (Colledani and Tolio, 2009). In addition, by the use of statistical methods, SPC can be a powerful technique for monitoring, managing and analyzing and improving process performance (Chen et al., 2008). Knowing these significant views of SPC and its linked benefits primarily in a manufacturing industry is a foundation of the idea that perhaps, this technique can also be employed even in way beyond the bound of manufacturing industries, especially if those industries have the intention to enhance or improve quality, cost, productivity, human resource management, and customer relationship. Regarding this, the work at hand builds a report substantiating the idea that SPC can also be useful in service industries. There are major claims that are presented in this report that are backed by existing research studies that have important link with the importance of SPC in the serv ice industries. ... Undeniably, services have become integral components of the industrial goods, as manufacturing goods and providing services have come in a package as a notable trend (Johansson and Olhager, 2006). Johansson and Olhager found that the common ground between manufacturing and service operations can be observed within the need to analyse volume, variety, and process issues. In other words, one important connection between service and manufacturing activities is found within the actual operation. The actual operation in the real world is wider in its scope, but this does not deny the idea that every firm operation may it for manufacturing or service industry must require a certain process. To consider productivity, the issue of volume or variety cannot be overlooked. In fact, both service and manufacturing activities have certain target goals to obtain certain level of productivity output. However, this does not stop with the consideration of productivity alone. Profitability is another c oncern of every firm that is either a part of the manufacturing or service industry. In the case of firms manufacturing or selling goods, after-sales services are found to affect company’s profitability, customer retention and product development (Saccani et al., 2007). This finding reveals the thought that services can be the integral components of a manufacturing activity, and these two activities can therefore work to complement or support the other. Based on the cited information above, Saccani et al. would want to imply that in order to obtain profitability in the manufacturing industry, the need to consider after-sales services is a must. This is of great consideration, because establishing high-value for customers must

Comparison Of The Cold War And Post Cold War

Comparison Of The Cold War And Post Cold War After the end of the Cold War, the United States of America was standing victoriously. Its ideological enemy the Soviet Union had dissolved and thus, the bipolar world order had ended. The post-Cold War world was, for Americans, a unipolar belle à ©poque, in which American hyper-power dominated the global scene economically and strategically.  [1]  Still, this era of American hegemony was complex due to absence of any grand design as pointed out by Bacevich  [2]   one can argue that the end of the Cold War created panic among the United States political institutions that were oriented in dealing specifically with issues rising from the Cold War. When did the post post-Cold period begin and what started it? Is the United States of America still a superstar or is its power declining? Some experts, Nye and Craig among them, predict the rise of multipolar world while some point out that we are already living in multipolar world.  [3]  As the topic points out, the purpose of this paper is to analyze how current post post-Cold War world order in view of the United States differs from post-Cold War period. However, the United States has had very unique experiences and a complex, if not to say controversial, history having regard to this, it is understandable that many aspects dealt with in this essay are intertwined. First and foremost, one has to deal with apparent formation of multilateral world. The main thrusters behind multilateral world that shape international politics in the coming decades are, for example according to Khanna, globalization and the geopolitical competition among three empires for global leadership and allegiance of the second world.  [4]  I agree that globalization triggered by Americans themselves is a very important element. It essentially makes world a smaller place and binds everything. Also, I concur that rise of other nations is another important factor. Khanna however, in my opinion, fails take into account possible balance between forces and continuing United States supremacy. The United States of America is clearly an empire who struggles for leadership, although not in classical sense as correctly pointed by Craig.  [5]  It would be impossible to pursuit global dominance without having imperial characteristics. Indeed, the United States has projected its power over the entire world and advances its own interests. Still, why do we talk about rise of multilateral world? Craig, among other experts, first identifies military and economic aspect of the United States power. Military power of the United States is unparalleled. In the 2009 the U.S. military budget is almost as much as the rest of the worlds defense spending combined. Total defense budged exceeds one trillion dollars.  [6]  This is over nine times larger than its geopolitical competitor Chinas budget. Furthermore, the United States not only spends enormous amounts of money to upkeep and improve its armies, but has also the highest technology level advanced weaponry further increases military power. Expenditures to military, needless to say, help to improve domestic economy and project such power abroad. Besides apparent possession of highly advanced military power, United States, as demonstrated in Iraq, has also will and ability to use it. However, overemphasizing military power and especially the will to wield it  [7]  has been subject to heavy criticism both domestically and internationally. Although, the U.S. has the largest economy in the world, its economy might soon fail to support such level of military expenditure. And as pointed out by Mitchell the United States foreign policy is not sustainable anymore, it has to cut expenses and military tools as a part of foreign policy might be limited as well. In addition, critics like Noam Chomsky point out hazards of military power arms race, possible nuclear war, abuse of power.  [8]  Even realists sharply and publicly criticized the U.S. foreign policy under Bushs administration it has been taken over by expansionists dangerously dismissive to the caution and prudence that were the hallmarks of traditional realism as asserted by late George Kennan.  [9]  I think that military power is seductive as huge military might compel its possessor to use it viewp oint shared by many I believe. As Chomsky put it, probability of use of force is high. Also, there might be other signs of decline lack of ability or will to the U.S. military power as an example can be given of Russia-Georgia War where the U.S. did not help newly born democracy. Nevertheless, military is and most likely will remain vital and useful tool of foreign policy that contributes to the U.S. supremacy. Whether in future there will be decline of hard policy of using force is subject of speculation Obama administration, at least at the moment, is against use of aggressive force in view of Iraq. On the other hand, contrary to military power, economically it is already doubtful that the United States still is hegemony.  [10]  One of major differences between post-Cold War and post post-Cold War era is economical. Many industries have left for overseas as production of goods is much cheaper there. Also, other problems besetting the U.S. economy are mainly overconsumption, low savings, unemployment, current account and budget deficits and reliance on foreign creditors. Moreover, the economic downturn in 2008 swung dollars long-term prospects as the reserve currency of international system  [11]  as well as created several domestic economical problems that required immediate attention and further undermined U.S. economical dominance. Although, the U.S. domestic issues can be solved, debt of the United States and inflation caused by printing money to revive economy and to resolve domestic problems is reaching new heights. In principle, debt can be devalued  [12]  and inflation can be limited when raising interest rates, both of these can be extremely harmful to economy and only implemented with uttermost care as such practices can unbalance delicate economical situation and turn economy to steep fall. Moreover, much of the United States foreign debt is owned by private investors from Asia, but the relationship between China and the United States is unique. Although, China is the biggest owner of U.S.s foreign debt,  [13]  latter is also biggest market (besides Chinas internal market) to Chinas goods meaning that both powers are somewhat dependant on each other. Still, China is a major creditor for the U.S. and as the rising star of Asia has had the fastest-growing major economy for the past 30 years with an average annual GDP growth rate above 10% and is replacing the United States as lead consumer. As even Obama has acknowledged hope that Asia will be future engine of economic growth, it is safe to say that economically the world is already multipolar. Perhaps the most important aspect concerning rise of economical multipolar world order is that economic crisis the world is currently battling furthermore raised questions about success of Americas economic model. Today, rise of alternate models, like Chinas post-communism state capitalism, and support for them creates competition between those models and liberal open-door  [14]  free market capitalism of the United State. Bluntly put, economy of the United States is prone to crises as history as shown and might not be suitable for stable economy. To further arguments in favor for multipolar world order, rise of other powerful States, cultures and multilateral actors must be noted. First of all, integrated Europe in form of European Union is advancing its power already having technology level comparable to the U.S.s. Brazil and India, once considered third world countries, have significantly increased economic production and military power. Former superpower Russia still has stake in the game as DeHart points out.  [15]  Lastly, China already is a regional and economic superpower and unlike Russia, which only speaks about near abroad sphere of influence, China actually has sphere of influence.  [16]   Also, besides emergence of powerful States, different cultures have arisen and provide alternate models to post-Cold War world order. For example, one of these alternate models is fundamental Islam that gains supporters rapidly. Rise of other models and cultures is important as it provides alternatives to order set by the U.S. Respected scholar Samuel Huntington has even argued that in the future, conflicts will be between cultures, not between nations.  [17]  These developments (rise of other powers) are main reasons why American cooperation with traditional allies has become much more important than it was a decade ago. Significant difference between post-Cold War and post post-Cold War period will be changes in international law and reforms in international institutions as well as rise of numerous multilateral actors. As a lawyer, I know that international law is generally well observed as States do not want to be pictured as villains. Still, Iraq war set precedence of waging anticipatory self-defense.  [18]  Iraq war that was supposed to be quick victory for democracy and good against evil oil emperor is winding down. Furthermore, international community and majority of experts of international law consider actions of the United States in Iraq as illegal and not permissible under the United Nations system. This precedent is dangerous as many experts believe and was used by Russians in recent Russia-Georgia War. In view of terrorism as a global threat, it has to be noted that terrorist attack on September 11 helped Bush administration a lot. They found a new enemy (instead of former Soviet Union).  [19]  Due to these attacks, Bush Jr. was able to acquire domestic support to continue Clintons hard policy. However, although this declared war on terrorism helped the post-Cold War U.S. to find new course and is largely funded by the U.S. itself, this war might backfire and in return create terrorism and diminish the U.S. credibility in international arena (as it is being viewed as an aggressor). For example, Chomsky points out that terrorist attacks in Iraq have tripled and many experts have issued alarming reports of rising terrorist threat that is only fueled by war on terror. Although, Noam Chomsky provides harsh and linguistically somewhat forcefully bound criticism on the United States and its foreign policies, he does have many valid points. In essence he claims that the United States is an outlaw, rogue state that creates binding international law norms for other states but excludes itself from these rules.  [20]  In essence, the United States defies the principle of universality. This doctrine is well expressed by Madeline Albright that the United States is the indispensable nation. Chomsky gives a good example of the practices of this doctrine judgment of International Court of Justice was deemed inappropriate as it condemned the U.S. policies and thus was simply ignored. Chomskys ironies are almost inexpressible indeed as he describes that the same western powers who gave Saddam Hussein equipment to develop weapons of mass destruction, invaded Iraq under pretext of stopping development of WMD-s, but while guarding oil fields they allowed pilla ged equipment for developing WMD-s to cross Iraqi border to some unknown destination. In his viewpoint (most likely shared by many Arabs) the real terrorist is the United States of America. Thus, being pictured as a rogue state and an aggressor undermines the U.S. credibility in international arena (among friends and foes alike). As mentioned, new post post-Cold War period most likely changes structure of international organizations, primarily the system of the United Nations.  [21]  Notwithstanding the numerous vetoes the U.S. (and others) has made in Security Council that it deemed inappropriate as well as still the United Nations being locked in 1945, truth is that the system of United Nations is in need for reforms. The rise of soft policy and more diplomatic measures of Obama administration give hope that such reforms might be possible and thus the framework of international law reorganized. Maybe, in post post-Cold War, rules of international law that have formed throughout centuries and were almost shredded within a short period of time (during Bush administration), can be re-strengthened. In my opinion it is necessary as collective security system could prevent new wars. Other possible alternatives to reforms of the United Nations system are briefly described by Nye (and of course other prominent experts) namely benefits and downfalls of world federalism, functionalism, regionalism, ecologism and cyber feudalism.  [22]  Nye concludes that whichever model will be used, in the near future, world will be multilateral. Although, as discussed, international community is changing, the United States consists of vast geographical area and has maintained global vision presence.  [23]  Its embassies are everywhere. That is why it must be noted that whatever the world order might be in the near future, the U.S. has significant impact on it. One might confidently argue that the United States is still a superpower that can, at least to some extent, write the rules of post post-Cold War period. This global presence, mentioned in previous paragraph, of the United States is closely intertwined with global perception of the United States Chomskys second superpower that is global public opinion. The United States of America has been portrayed as benevolent Hegemony. Tools of its foreign policy include soft power financial assistance, loans, international aid and so on. Many foundations, church groups, non-governmental organizations promote democracy, human rights, education and so on. This is the reason why Americans are proud of selves and cannot comprehend why are Americans often hated. On the other hand, global perception and presence has a dark undercurrent that might explain controversial feelings towards Americans. One stream of this undercurrent manifests as a legacy from the war of hearts and minds the Cold War. During that era, the United States supported many brutal regimes and dictators that performed unspeakable atrocities it is understandable that those who experience horrific suffering are not positively inclined towards the U.S. Had U.S. not intervened, maybe democracy would not have survived as pointed out.  [24]  The other stream is reaction towards arrogance and ambitions of the United States. Statement that we are the indispensable nation raises question whether other nations are dispensable? Also, securing key resources of economy, particularly oil, has been main ambition of the United States for a long time. Unfortunately, many of these resources are located within other countries using hard power to acquire these resources has created many conflicts for the United States. For example, in the eyes of Arabs, Americans are not liberators and bringers of light, but aggressors whose arrival is interlocked with arrival of suffering in a manner of speaking, Americans are viewed as harbingers of misfortune. These strong undercurrents play an important role at the moment as global public views, according to Chomsky, Americans negatively and this undermines its ambitions to remain a superpower. Nevertheless, the United States of America is in unique position to alter the course of world. When analyzing different world order in post post-Cold War that started with Obama administration, one has to pay attention to domestic situation of the United States. For a long period of time, instabilities within the United States remained untouched. So to say, Clintons and Bushs administrations utilized an ancient principle governing when you want to divert publics attention from domestic problems, you should go to war heeding that both presidents of the U.S. utilized well. Still, domestic issues remained. Currently, it seems that Obama administration is working hard to resolve some domestic issues, for example by reforming health care system,  [25]  and by redefining others like national security. Nevertheless, most pressing instabilities within domestic system derive from economy subject already discussed above. In addition to these problems, current administration must also ba ttle with legacy of Iraq war and public opinion thereof. Although, Obama was and is against presence of American troops in Iraq, it is quite difficult to remove forces from that area while leaving still infant Iraqi democracy without direct support. To summarize, the United States has some problems domestically, but it is still quite capable and strong to solve them question is how much these issues affects the United States foreign policy. Lastly, after the Cold War, environmental issues have become important. Largely ignored by previous government, President Barack Obama has expressed serious concern about global warming and will be attending climate conference in Copenhagen in beginning of December. This is radical change in the United States foreign policy as Obama administration is the first government of the United States that acknowledges environmental problems.  [26]  As indeed, warning of scientist are alarming, we need to act together to prevent Kaplans coming anarchy  [27]   wars due to scarcity of resources. This change of direction is received well by international community and helps the U.S. to repair its somewhat damaged reputation. Still, does the post post-Cold War era mean the end of United States power its rule of unilateral world has ended? Perhaps, as pointed out by, the most important change will be the limits on American Power as it was not able to help allies like Georgia.  [28]  The world has enjoyed Pax Americana, at least western world, but in multipolar world, is the U.S. able to deal with the challenges posed by economic and financial turmoil, energy scarcity and global climate change? Even though, the U.S. dominance is not what it was after the post-Cold War period and is only great superpower among other lesser superpowers, it has enough power to change the course of the world. Current Obama administration is a new hope for Americans and to citizens of other States alike this was maybe the first global election. The challenge will now be to identify new emerging changes and deal with already known issues. Failure to solve these problems could lead to demise of humankind and fulfillment of predictions of Kaplan and Chomsky. Quoting a famous scientist I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones we cannot afford to fail in this task.

Moment to remember

A moment to remember When I was young I knew I wanted to have two children when I got married, a boy and a girl. I gave birth to my first child in 1998, a little girl who was premature and then in 2001 my second daughter came along. My husband and I were very happy that we had two healthy babies, but we knew deep inside we still wanted to have a son, but unfortunately we weren't able to afford another child at that time.Many of our family members were having children, my brother's wife had given birth to their son and then my brother-in-laws wife had given birth to their son also. My husband and I were extremely happy for them, but we longed for our own son as well. Many years passed by and our girls were growing up healthy and strong and our careers were going well and after many nights of discussion my husband and I decided to try for a son of our own.I read so many books on how to determine the sex of a child and how to conceive a boy. I talked to so many older family members and heard so any myths on how to make a boy that I got tired and Just said whatever God's plan is will be. Two months later my husband and I found out we were expecting our third child and then three more months later we went to our first ultrasound appointment.That day was a very exciting day for our entire family, everyone wanted us to be having a boy as bad as we did, and they knew how long we waited and how much It meant to us. My husband and I held hands while watching the monitor, seeing our child for the first time and listening to the strong heartbeat, then the question came would you care to know the sex of your baby' my husband and I said â€Å"YES† at the same time, and then we heard†¦ It's a BOY'!!!!

The Importance of Best Research Essay Topics

The Importance of Best Research Essay Topics Take a while to find out more about the web for information before you decide on research paper topics and you might even discover that fun research paper topics will be more interesting to write on. You are still going to have to do research so you can present a detailed in addition to balanced overview of a specific topic. Not all research paper topics are made equal, and you would like to be certain you opt for a wonderful topic before you commence writing. Choosing topics for research papers can take some moment, and here are a couple of ways to help you select the one which is just perfect. The goal of the selected topic is to increase the corpus of knowledge already offered. An individual should devote a good period of time so as to learn the intriguing elements about the subject. As soon as you decided on the subject, it's the right time to sit down and spend a few hours or more based on the assignment's volume on the info rmative essay outline. Your topic is so important because you've got to make sure it is related to the class that you're taking unless it is for English class. In addition, the essay ought to be written in a font that's readable with a minimal font size of 12. Just keep in mind that while you're supposed to present the topic objectively, you still ought to use a sophisticated style. It is crucial that you choose an intriguing topic because it is going to make it effortless for you to compose your paper. Since it's such a huge subject, you are going to want to narrow your paper down to a particular angle. A Secret Weapon for Best Research Essay Topics Writing an informative essay is just one of many assignments that you should tackle. Typically, you always need to ready the structure of the essay before you start writing. On the opposite edge, the research essay topic should be one which your readers will discover easy to comprehend. Choosing good informative essay topics is simple if you understand how to go about doing it. You have to include three or more secondary sources in your essay. You've got to compose an informative essay. You ought not find it particularly hard to compose an informative essay. Easy expository essays are essays where you're anticipated to work on facts instead of opinions. Some quick background reading can help you limit the reach of your research paper topic. Normally, you are going to want to start with your science fair project question in order for the reader will know the point of your paper. It's OK to copy such information provided that you reference it using a citation. If your topic is too broad, you won't have the ability to focus your paper since there is simply too much info to cover. Your essay might incorporate the explanations for teen pregnancy and talk about the recent rates of teen pregnancy and potential solutions. Argumentative essay ideas can be associated with the moral facets of human life. You can both utilize personal experience and cover ne w nuances for you, dependent on the research of different authors and drawing your own personal conclusions. You may search for assorted family topics to compose your argumentative essay on in the event you find it tough to deal with some family responsibilities. It is critical to finish the entire informative essay on an epic note in the event the author wants the reading audience to remember his brilliant suggestions and go on researching the issue. It's possible to get a better means of expressing something and move the writer in the ideal direction. Every author feels the same manner. Once all of the discussion to be done has been covered, then there ought to be a conclusion which provides a concrete view of the entire essay. Generally, you can modify the topic to help it become narrower, if it seems to be somewhat broad. Okay, now you have the fundamentals about how to opt for an informative essay topic, let's dig into some wonderful ideas!

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