Personal statement Essay Example | Topics and Well Written Essays - 500 words - 17

Personal statement - Essay Example The vibrant and energetic environment, a learning environment that is very conducive, state of art facilities, research, and innovation in the institution provides a perfect gateway to success of the student. As a student at Iowa University, I have been able to learn and contribute in diverse areas outside the academic world. My leadership skills surpassed expectations when I was elected the vice president of Chinese Union in the University. This position required exceptional leadership skills, organization, and dedication. Holding such a senior position made me realize that focus and diligence are the keys to success in any endeavor. University of Miami is a multicultural center and therefore will be the most opportune place to further my interest in intercultural activities. I have realized that a student life must be enriched by participation outside the academic world. Therefore, I successfully initiated a band named â€Å"NO IDEA† that seeks and promotes musical talents through composing and performing songs. Certainly, I will be best placed in University of Miami as a music enthusiast through various talent exposition programs offered by the university. Additionally, Miami is located in an environment that is similar to my hometown and this will be a great advantage when adapting to the new environment. I have profound teamwork skills, which I gained as a volleyball captain. Indeed, I was able to train and improve the performance of the team up to national standards. Currently, I am the proprietress of the university photography club, which nurtures and promotes skills in photography among the student community. I believe these teamwork and interpersonal skills will enable me integrate with the culturally diverse community in Miami University. It will be a great opportunity to grow intellectually, personally, and culturally. However, I believe that my diverse

Political science. Palestine and Orientalism Essay

Political science. Palestine and Orientalism - Essay Example In his study Said blended political polemic and literary excursion. He writes: "The Orient is not only adjacent to Europe; it is also the place of Europe's greatest and richest and oldest colonies, the source of its civilizations and languages, its cultural contestant, and one of its deepest and most recurring images of the Other" (Said, 1979, pp.1-2) Said claims that Orientalism is an academic area which causes interest in a variety of academic institutions, because all teachers, sooner or later begin to research Orient and apply their knowledge in the areas of their competence. Said holds that since the end of eighteenth century the scholarly and academic meanings of Orientalism have been quite 'politically correct' and the related efforts have been restricted. Furthermore, Said believes that Orientalism reflects Western style of domination and is close-knit with Western mind, usually related to perceiving Orient as a 'younger brother' or 'poorer kin'. Said holds that the antagonistic political relationship between the Sast and the West lies in the earliest development the struggle between Islam and Christianity. According to Said, Orientalism, which presents Christian world as 'higher', is used as a demonstration of European power and is seen as a comparative theory, in which two eternal rivals - the East and the West - make an 'argument' with predicted conclusion which is to sum up that European beliefs and culture are more humanistic and more suitable and more appropriate for harmonious development of an individual. Similarly to other '-isms', Orientalism has been ill-treated from the ancient times up to the present. From the other angle of view, Orientalism is a natural movement, whose toughness is quite sufficient in its universal authenticity. This movement is a product of synergy, which takes place among different studies, accumulated by different followers, who are interested in one of the richest world cultures, and Oriental culture. Moreover, Said's study has itself caused a number of responses, either positive or negative.Lewis attempted to criticize Said's approach -in particular, in his article ' The question of Orientalism', which defended Middle Eastern studies, and in particular, Palestinian studies. On the other hand, Lewis was a newcomer to the United States, and his refutation - a forceful defense of the European and Palestinian traditions (which sometimes converts into an attack) - did not canceled Said's complaints about the problems and complications of American Middle Eastern studies. Lewis, for instance, writes that, in fact, Europe hasn't yet experienced (or probably, hasn't noticed) such considerable influence of Orientalism on its tradition. Lewis's main notes were following: 1) Firstly, it would be wrong to claim that Oriental studies are limited to the study of Muslim culture, while in fact Biblical research is an essential and substantial element or Orientalism. Palestine as the country of diverse religions supports both religious doctrines, so it needs more profound inquiry than Said has done. 2) Secondly, there is no doubt that an identifiable part of Western studies was stimulated by either political or religious propaganda "and appeared throughout the ages with distorted images of Islam, the East and its cultures; however, this movement cannot be termed "Orientalism", rather it is "False Orientalism" (Lewis, 1982,

Windows Server Backup Essay Example for Free

Windows Server Backup Essay There are several ways to work with and use backup data sets when working with DCs in Windows Server 2008 R2. Backups are performed with Windows Server Backup or through its corresponding Wbadmin.exe command-line tool. Both are Windows Server 2008 R2 features and must be added to the server to be made available. They are not installed by default. Backups are not discrete. They capture critical volumes in their entirety. On a DC, these volumes include the following: The system volume The boot volume The volume hosting the SYSVOL share The volume that hosts the AD DS database The volume that hosts the AD DS logs If you want to protect only the system state data, you must use the Ntdsutil. exe command-line tool. To do so, you must use the new IFM subcommand available in Ntdsutil.exe to capture this information for Install From Media installations. If the installation is for a read-only DC, this tool automatically strips AD DS secrets from the data to create secure installation media. Backup operators cannot create scheduled backups; only members of the local Administrators group have this privilege in Windows Server 2008 R2. In most cases, this means being a member of the Domain Admins group on DCs. If a server is down, you must use a local copy of the Windows Recovery Environment (WinRE) to restore the system. WinRE can either be installed locally or found on the Windows Server 2008 R2 installation media. I would recommend that you perform backups every night while employees are not working to avoid having a slow system.

Comparing Good and Evil in Tolkien’s The Hobbit and The Lord of the Rin

Comparing Good and Evil in Tolkien’s The Hobbit and The Lord of the Rings Imagine yourself in a pre-industrial world full of mystery and magic. Imagine a world full of monsters, demons, and danger, as well as a world full of friends, fairies, good wizards, and adventure. In doing so you have just taken your first step onto a vast world created by author and scholar John Ronald Reuel Tolkien. Tolkien became fascinated by language at an early age during his schooling, in particularly, the languages of Northern Europe, both ancient and modern. This affinity for language did not only lead to his profession, but also his private hobby, the invention of languages. His broad knowledge eventually led to the development of his opinions about Myth and the importance of stories. All these various perspectives: language, the heroic tradition, and Myth, as well as deeply-held beliefs in Catholic Christianity work together in all of his works. The main elements of Tolkien’s works are Good versus Evil, characters of Christian and anti-Christian origin, and the pow er of imagination. In Tolkien world, evil is the antithesis of creativity, and is dependent on destruction and ruin for its basis. Conversely, goodness is associated with the beauty of creation as well as the preservation of anything that is created. The symbolic nature of these two ideologies is represented in the Elven Rings, which symbolize goodness, and the One Ring, which is wholly evil. A main theme of "The Hobbit", then, is the struggle within our own free will between good will and evil. "Early in the (Lord of the Rings) narrative, Frodo recalls that his uncle Bilbo, especially during his later years, was fond of declaring that†¦ there was only one Road; that it was lik... ...Pity 2. Self-sacrifice B. Evil 1. corruption (Gollum) 2. greed (Smaug) II. Characters, Christian and anti-Christian A. Christian 1. Comparing to Christ a. Bilbo b. Gandalf B. Anti-Christian 1. Satan a. Saruman b. The Ring III. Power of the Imagination A. Creates secondary belief B. Escape through imagination Works Cited  · Tolkien, John Ronald Reuel. The Hobbit. New York: Ballantine, 1982.  · Wood, Ralph C. "Traveling the one road: The Lord of the Rings as a "pre-Christian" classic." The Christian Century Feb. 93: 208(4).  · "Eucatastrophe." Time September. 1973: 101  · Evans, Robley. "J. R. R. Tolkien" Warner Paperback Library. 1972: 23-4, 41-2, 202  · Urang, Gunnar. "J. R. R. Tolkien: Fantasy and the Phenomenology of Hope" Religion and Fantasy in the Writing of C. S. Lewis, Charles Williams, and J. R. R. Tolkien. United Church Press, 1971

Elements of Marketing Essay

There are several views and definition of marketing. The most widely accepted definition is that of the American Marketing Association, the professional organization for marketing practitioners and educators, which defines marketing as â€Å"the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives† Elements of Marketing Marketing Research Marketing is by definition a process of planning and executing to meet consumer needs. It understands what are actual consumer wants and needs. Marketing research is the process in which collection of data by systematically helps to identify consumer’s needs. The Four Ps The heart of marketing strategy is the development of a response to market palace. Marketing by definition explains the concept of execution, pricing, promotion and right placement of goods, ideas and services. To respond to customers, a good organization develop product according to willingness of its purchaser, identify appropriate place for availability and finally and promote its product to create familiarity in its customers mind. Product, Price, Place and promotions are four Ps of marketing which are use many organizations to define its marketing strategy. Product: Product represents goods, services, or ideas offered by a firm. Price: Price focuses on what customers are willing to pay for services. What price actually suits to consumer to buy goods? A company provides good or services and a customer willing to exchange dollars to satisfy its needs. Place: Place represents the way or specific area in which company will distribute its goods or provide services to its customers. This decision company takes after careful and effective marketing research. Promotion: The final P represents promotion. Historically it is renowned with advertisement which is mean marketing. Promotions activities involve creating awareness in consumers mind to understand how they can meet their needs. Second approach is to define STP’s STP (segmentation, Targeting, Positioning) Segmentation: It is Process of dividing the market according to similarities that exist among the various subgroups within the market. The similarities may be common characteristics or common needs and desires. One of the main reasons for using market segmentation is to help companies to better understand the needs of a specific customer base. Mass marketing assumes that all customers are the same and will respond to the same advertising. By looking at ways in which potential customer groups are different from each other, the marketing message can be better targeted to the needs and wants of those people. Market segmentation strategies that meet these criteria can cover wide range of consumer characteristics. Subsets may be defined by basic demographics like age, race, or gender, for example. Other qualities, like educational background or income can also be used, as can location. Some of the potentially most powerful variables by which to segment a market are behavioral ones, including social class, lifestyle, and interests.

Nike Sweat Shops - 1784 Words

The athletic apparel industry in which Nike is involved is a major money maker in the United States, but the fact that none of the factories are located in North America has brought some heat to the company. Nike controls more than 40 percent of the U.S. Market for sports related goods, but doesn’t have a single sneaker factory in this country (Miller 1). Nike continues to make millions of dollars yet exploits workers overseas by paying them very little, while requiring long hours without overtime pay in factories that are not up to â€Å"American† standard. Nike subcontractors employ nearly 500,000 workers in plants in Indonesia, China and Vietnam (Saporito 1). The exploitation of workers in Third World counties, where the majority of Nike’s†¦show more content†¦The short answer is no, because corporations pay the going rate for labor whereever they are.† (Saporito 1) If this statement is true Nike pays the wage for the country the factory is in, then what is the controversy about? Much of it stems from the overtime that these workers are forced to work without over time compensation. Here in the United States there are regulations placed on businesses that require then to compensate their workers with a higher wage for over time hours. So since Nike is an U.S. based company should Nike have to pay overtime? The answer is no. Nike doesn’t have to pay overtime like here in the U.S. so they don’t. In Vietnam â€Å"Workers so want a reduction in overtime, the length of annual leave for the Indonesian workers making Nike shoes is more than 30 days though dozens of workers interviewed in November, said the actual amount is 10 days.† (Ballinger 2) There has been evidence of Nike breaking at least nine labor laws in China according to AMRC; a Hong Kong based human rights group that has been monitoring the abuse of human rights in China for the last 20 years. â€Å"Children as young as 13, were found employed i n Nike factories, working from 144-192 overtime hours per month to make ends meet.† (Designer 1) Ernest and Young, an accounting firm, hired by Nike, to do research and the issue reported conditions in Vietnam â€Å"where young women toil sixty-five hour weeks for $10, in air so bad that 78 percent of the employees have respiratoryShow MoreRelated Nike Sweat Shops Essay707 Words   |  3 PagesNike Sweat Shops I am writing this letter to express my concerns over Nikes labor practices in Asia. There has been much debate and controversy recently concerning Nikes Asian labor practices. It is very difficult to determine which side of the argument to defend, as both acknowledge the problems yet put a completely different spin on the facts. I will try to show that Nike has created a cloud of smoke in Asia that the public cannot see through. Nike does not own any of the factories thatRead MoreNikes Use of Sweatshops Across the Globe Essay624 Words   |  3 PagesInternationally recognized companies such as Nike make use of sweatshops and aid in the exploitation of labor workers in many parts of the world. A sweatshop is an industrialized provision that is known to have poor working conditions, infringement of labor law, and long hours coupled with low wages. In today’s world, sweatshops are prevalent all across the globe; however they raise the most concern in developing nations. Nike is one of the world’s most renowned sportswear companies, but has beenRead MoreEssay on Globalization Is Good1443 Words   |  6 Pagescheap labor and long hours which allowed Taiwan to offer cheap goods for western markets. 2. What role have ‘Sweat Shops’ and long hours played in Taiwan’s ‘rags to riches’ story? The cheap labor and long hours of the sweat shops laid the groundwork for the prosperous future of the Taiwanese. This was encouraged by the reforming government at the time. All of these sweat shops were producing cheap goods for Western markets. The work was indeed long and hard but it was a crucial step inRead MoreNike: The Sweatshop Debate Essay1195 Words   |  5 Pagesglobal business presented in the Nike sweatshop debate case study. The paper determines the various roles that the Vietnamese government played in this global business operation. This paper summarizes the strategic and operational challenges facing global managers illustrated in the Nike sweatshop case. Nike: The Sweatshop Debate Case Study This paper describes the legal, cultural, and ethical challenges that confronted the global business presented in the Nike sweatshop debate case studyRead MoreDiscussion Questions for Globalization Is Good Followed by Discussion Questions on Global Village or Pillage1154 Words   |  5 Pagesown piece of land, this encouraged them to make their land better and more sustainable financially speaking. The government gave them this land, which was a catalyst for development. 2. What role have ‘Sweat Shops’ and long hours played in Taiwan’s ‘rags to riches’ story? The sweat shops were an important stage in Taiwan’s ‘rags to riches’ story. This is mainly caused by cheap labor, which sets forth an increased demand in labor. This competition drove up wages because industrialization wasRead MoreThe Ethics Of Under Armour836 Words   |  4 PagesUniversity of Maryland special team’s captain, dedicated his time to seek an innovative material that would wick the moisture and sweat from his body like compression shorts. This technology would support for a more comfortable and effective performance on the field. He found, in his experience, that the traditional cotton shirts under his gear was holding all of the sweat, resulting in Mr. Plank to change into a dry undershirt. Mr. Plank then developed the company with very limited funding. He hadRead MoreNike and Unfair Labor Practices1057 Words   |  5 PagesNike and Unfair Labor Practices I. Introduction Nike has been accused of the unfair labor practice of sweatshop labor. A sweatshop is a place with hazardous working environments, extreme temperatures and abusive employers, hence the term sweat shop. Sweatshop workers work long days exceeding 14 hours and earn less than the living wage (Britanica, n.d.). While these conditions may be shocking to Americans and Modern Western Nations the notion of abusive working conditions is more attractive toRead MoreNike s Brand Product Offerings Essay1460 Words   |  6 Pages I’m deciding to do my research paper on Nike. I chose Nike because Nike is a worldwide company. The Company designs, develops and markets footwear, equipment, apparel and accessory products, including the marketing of apparel with licensed professional and college team logos. It is the largest seller of athletic apparel and footwear in the world. The Company sells products through retail stores, Internet sales, licensees and distributors worldwide. The Company produces all of its footwear and apparelRead MoreEssay on Sweatchop in Indonesia600 Words   |  3 Pagesdeveloping countries, such as Indonesia and Bangladesh. Companies or corporations choose to do their manufacturing process in these countries because of the cheap labor, availability of productive workers and the lack of law on working conditions. Nike; a famous sport brand, has a long history with this ethical issue. The problem emerged in 1991, after â€Å"Jeff Ballinger publishes a report documenting low wages and poor working conditions in Indonesia† (Nisen 2013, p. Online). The workers were paidRead MoreHuman Sweatshops Outline1512 Words   |  7 Pagesthe later years (1900s) because of rising issues. A. SUBPOINT: The definition of a human sweatshop is mixed all around, but all together have similar connections. 1. According to Webster’s Dictionary (2012), a sweatshop is a shop or factory in which employees work for long hours at low wages and under unhealthy conditions. B. SUBPOINT: Starting in 1850, poor families migrated to the cities where large populations could work easily in the first created sweatshirts.

Effects of Financial Liberalization on the UK Essay

Effects of Financial Liberalization on the UK Essay INTRODUCTION TO THE LITERATURE The McKinnon and Shaw publication of what was dubbed â€Å"Financial Repression† in 1973, triggered off a global scholarly debate over financial liberalization and the widespread policy implications among governments in the developed world, and perhaps even most crucially for the developed countries. The lifting of restrictions on the global capital transactions did result into multiple growth and efficiency opportunities for the United Kingdom, opportunities that however, been tempered by the widespread financial instabilities that have destabilized global economies, with a growing magnitude. These difficulties are perhaps best evidenced by the recent global financial crisis that emanated from the US’s subprime mortgage market, as well as the 1997 Asian Financial crisis that had equally far-reaching financial and economic effects across the globe, Barrell Davies (2009). It is not readily possible to determine whether the changes have had a positive impact on the United Kingdom economy, without a closer examination of the impacts on the different sources of growth, as well as the destabilizing effects of the frequent crises on the financial sector and the economy. This paper reviews the existent literature in a bid to determine the varied effects of financial liberalization on the UK economy, and a limited extend on the economies of the Kingdom’s close trading partners, that has an effect on the bilateral and multilateral trade as well as on other sectors of the economy. EFFECTS OF FINANCIAL REBERALIZATION Financial Liberalization Growth Growing scholarly attention has been paid to identification of the financial liberalization on the expansion of the UK’s GDP. According to Arestis (2005), this increased scrutiny has largely been driven by the theoretical ambiguities surrounding the subject, with some literatures pointing to resultant effect of promoting risk diversification in the UK as well as across the world, coupled with increased economic specialization, which must necessarily spur growth and economic stability. In addition, economic liberalization is theoretically expected and has been empirically proven to boost efficiency in the allocation of capital, while at once promoting more efficient domestic financial systems that have increased the capacity of the UK economy, to better mobilize savings for investments. These benefits can however only be realized, without the economic distortions that are characteristic absence of financial restrictions. Empirical literature has equally not resolved the theoret ical ambiguity. A number of studies have established that effect on growth is limited if any at all, while Arestis Caner (2009), determined that the effect could well be detrimental. There is however, a convergence in the literature showing heterogeneous effects on the UK economy depending on the different times of the economy and the policies implemented by successive governments, as indeed across the world, depending on every country’s individual state of development, coupled with the policy and the institutional arrangements, Acemoglu, Aghion, Zillibotti (2010). As such, the effects of liberalization on the UK has been mixed, depending on the country’s fiscal and monetary policies at different times since financial liberalization, with the deepest reaching effects (whether negative or positive) being dependent on the government’s ability to effectively deal with the external pressures on the economy, Barrell Davies (2009). Most recent literatures that point to this possibility, have highlighted the recent financial crisis and the expansionary monetary and fiscal policies undertaken by the UK government, such as Bank of England’s b ase interest rate cuts among others, as perhaps the best examples of how the UK can make good or worse, the opportunities presented by liberalization. These ambiguities have effectively been addressed by various scholars separately, leading to the existence of different strands of literatures and bodies of knowledge, that address specific effects on not only the UK economy, but multiple other economies as well, Acemoglu, Aghion, Zillibotti (2010). Cobham (2004) sets out five different results of liberalization on the UK’s Total Factor Productivity (TFP) included the assertion that the effect is positive and pronounced on the TFP, but has a weaker effect on the total on the country’s investments, Barrell Davies (2009); Turne (2010). This is not least because it increases the ease and efficiency of financial intermediation in the UK, but perhaps most crucially, reduces the returns on local investmtns due to global competition, trade fluctuations as well as general economic instabilities. Secondly, the book asserts that finacial liberalization affects growth levels, implying a possible positive effect of the UK GDP, occassioned by liberalization both in the short run, and perhaps most crucially in the long term. The long term positive effect on the economy is perhaps the strongest recommendation for liberalization, which serves to militate against the limited number of economic stabilities that can be prevented, al beit with some difficulty, and if not, its effects can be comfortably be contained by the use of fiscal and monetary policies, Acemoglu, Aghion, Zillibotti (2010). The ease and importance of controlling the financial sector instabilities is emphasized by the lessons learnt from both the Asian and the subprime mortgage crises. An understanding of the nature of these crises, reveal that better management would have, will in the future, help avert the negative effects of financial liberalization, Turne (2010). Financial Liberalization The Banking Crisis The UK has experienced continued positive growth rates, close to the country’s historical average of 5.5% (since 1955) since the emergence of financial liberalization, coupled by minor instabilioties stemming from the banking crises. Arestis (2005) asserts that the increased regulation of the financial sector in Britain, complete with the projects that these industries engage into has the capacity to limit the effects of financial industry instabilities on the economy. This, according to Kentikelenis (2009), is in line with Gordon Brown’s nationalization of Northern Rock, coupled with even more stringent Bank of England’s controls of over the country’s financial sector, that have seen increased efficacy of both the monetary and fiscal policy initiatives by the UK governemnt, that have been instrumental in mitigating against the worst effects of the global economic crisis that stemmed from financial liberalization. Kentikelenis (2009) reviewed the literatur es on the subject, and assessed them against the empirical findings on the same, with the view of ascertaining the conclusions arrived at by Mckinnon Shaw. To establish this, the paper explored the link between savings and financial liberalization. The investigations revealed that the effects of deregulation were largely as predicted by theory i.e. (a) the link between the savings in the UK and financial liberation remains unclear, not least because far too many variables paly a crucial part depending on the political, social and economic circumstances in the country (b) liberation boost credit vailability, that eats into the UK domestic savings, but without a significant effect on the overall savings while (c) there is need for the UK to careful manage the implications of financial liberation, in order to minimize its effects and maximeze the gains attained as well as the potential, Turne (2010). The banking difficulties hurt the country’s productivity and capital accumulation, which can be minimized by economic diversification. It is the effect of, or through the banking crises that has drawn the firce opposition to financial liberalization from a section of scholars. The banking crisies and its effects on the economy in the UK have long been the subject of empirical and theoretical investigation, that have in turn yield a great majority of academic literature. These go as far back as Keynes’ Treatise on Money, which effectively asserted that the banking industry is a channel to fuel investments in an economy, that ultimately leads to the expansion of the economty, both in the short term as well as in the long run, Turne (2010). Keynesian economists believe in the role of the bakning sector in financing growth, despite their scepticism of the role of monetary policy as an engine for growth. The emergence of the endogenous growth literature and the assertion th at financial intermediation has a necessarily ositive impact on the economy’s expansion, in line with the assertions that run as far back as 1958, When Modigliani Miller, that while the ease of availability of financing helps economic growth, the finance industry is independent from the other industries in the UK and thus the difficulties with the finance industry, may only affect the finance industry. Acemoglu, Aghion, Zillibotti (2010), this view downplay the negative efffects of banking crises on the economy, instead blaming ill information and panic as the actual causes of the negative effects on growth. This view has been widely criticized. Acemoglu, Aghion, Zillibotti (2010) established that financial liberation and the effciecny implications have effectively relieved the risky innovations from the traditional constarants to accessing capital and financing, which effectively boosts both innovation, technological change and development. In addition, the article argues that deregulation fosters growth through it effect on increasign economic participation of the population, coupled with increased risk pooling. The analysis of the effects of banking crises and financial liberalization on the varied growth sources is associated with the literatures on the banking sector fragility. Some scholars have pointed to models that have multiple equilibria, with financial liberalization boosting the prices of assets, incomes and investments in countries, which serves to create income and wealth disparities, that are detrimental to growth. In Smith Searle (2007), attributes banking difficulties to excessive growth in countries that exibit many imperfections in the credit market, as perhaps best exemplified by the Asian Financial Crisis in 1997. Liberalization according to this strand of the literature, promotes credit accessibility, whiile at once increaseing the fragility of the industry. A study of more than nine countries indicated that liberation has had predictable, effects on the finacial markets of any individual country, but further asserts that the negative effects only last for a few years following the adoption of financial liberalization, while positive impacts follow in the later years. This view has been multiply been disproved by the negative effects that have been continually been suffered by countries in the successive global financial crashes. Finacial Liberalization Consumption Changes in consumption attracts greater investments in the economy, which combine through the multiplier mechanism to boost economic growth, which results into long term development. The ease of credit availability as pointed out in the review, have a positive impact on the economy. Barrell Davies (2009) reviews multiple empirical works in seven OECD countries, according to the life cycle theory, that makes planned consumption a function of non human as well as human capital stock in the economy, that in turn gives a helpful indication as to whether income and wealth changes affect the consumption expenditure. This relationship was used by Barrell Davies (2009) to formulate hypotheses that facilitated the study of the effects of financial liberalization on the economy. Other scholars did use the quarterly long-run consumption in different countnries, that established statistically considerable income and wealth effects on the levels of consumption. Barrell Davies (2009) adopted relationships founded on the cointegration vector that contained non stationary variables’ logs (income, net wealth measures and consumption), to obtain Log approximations to identify and measures the effects of the variables on one another. There are other branches of literature that are founded on the Euler Equation, that aggregate the maximum attainanb;le intertemporal consumption decisions of sampled consumers, who are assumed to exercise rational expectations. As such consumption decisions are made randon, albeit with discounting factors that serve as driving variables. These studies established that consumption can be easily be forecast, with the help of additional lagged variables, as a function of waelth and economic expansion, Smith Searle (2007). Given the positive impact on the economic expansion, it can be safely concluded that increased consumption and investments lead into further multiplier effects, that emphasize the effects of f inancial deregulation. An investigation by Barrell Davies (2009) revealed that real interest rate, wealth and income have an aggreagte negative effect on the United States, the United Knigdom, Canada, Sweden as well as Japan, effectively implying that financial liberalization leads to a decline in thr income and wealth gaps in the economy. On the other hand, according to the OECD, increased liquidity of assets and wealth, cpoupled with the reduction of multiple liquidity constraints results in increased, and amplified effects of short term asset values as well as increased exposure to the effects of real rates of interest, OECD (2009). There is a convergence in the literature, in line with the theoretical prediction that financial liberation, increased availability of credit and the ease with which assets may be liquidized, lead to an upward shift of the consumer spending behavior. Typically, this does involve fast adjustment in consumption to fit the expected long run levels consumption, Smith Searle (2007). As such, the economy’s marginal propensity of consuption will increase, beyond the ratio expected at the current level of growth and incomes, which will spur greater growth. Keynesian Neoclassical Economic Theories Neoclassical growth literatures welcome increased liquidity and availability of credit in economies, which accelerate growth and development, by making markets more efficient and complete; not least because these literatures are themselves founded on the assumption of perfectly competitive markets, which are devoid of government controls. The assumption provides that freely competitive markets neocessarily result into increased efficiency, provided that the markets have all the elements to render them complete, Smith Searle (2007). Complete markets are attained when, among others, markets are able make and complete contracts that relate the present and the future, while at once keeping the labor, commodity and services markets in tandem. It therefore follows that increased efficiency of the finacial markets, due to financial liberation,will effectively lead to an more efficient economic system, Arestis (2005). This is not lease because liquid and efficient futures markets for commodities allow producers and consumers to efficiently hedge the production risks, which allow then to more stably increase their output and consumption, Arestis (2005). In addition, efficient financial systems permit corporate debt issuers and investors continuosly attain and adapt to the optimal risk profiles. There are further benefits that did emerge in the ninties as a result of increased financioal liberalization across the world. These according to Turne (2010) and Arestis (2005) included (a) the possibility of investors selecting the cominations of liquidity, returns and risks that best suit their varied preferences, (b) increased options of intermediation between the demand and supply for financing, which allows investors and the market to more efficiently allocate capital resources and (c) increased financial innovation leads to a better attainment of more complete, thus efficient financial markets. The lo wer the level of regulations the more pronounced these benefits would be, which are made even more efficient by opennong up cross country, financial movements. Neoclassical literatures do however require regulation in order to minimize market imperfections, in order to attain perfect markets in all markets. Keynesian economic literatures on the other hand, recognize the need for regulation of not only the financial markets, but the entire economy, coupled with regular government interventions in order to kinimize market imperfections caused by the free operation of the market, as envisaged by the Neoclassical literatures. Turne (2010) asserts that liquidity of finacial markets is not necessarily a guarantee for allocative efficiency, led by rational expectations anticipated by Neoclasicals, but are limited by oother self reinforcing effects. Market speculation and uncertainity are on their own, able to create instabilities in the market, which would distort prices and lead to innefficiencies, Arestis (2005). As such, the effects of financial liberalization are acknowledged by both Keynesian and Neoclassical economic literature, but with the former schoolof thought being more sceptical about the benefits. RESEARCH METHODOLOGY There methodology adopted will seek to asses the effects of financial liberalization on the UK economy, by providing a measure fo the overall effect on the economy, but perhaps most crucially providing methodologies to assess the effects of financial liberation, on the channels through which it acts. These include its effects on (i) productivity, (ii) banking industry instabilities, (iii) capital accumulation and (v) consumption, as a selection of the major variables that in turn have far reaching effects on the UK economy, OECD (2009). There are multiple other variables that will not, and have not been covered in this literature, review, that have varied effects on the economy as a consequence of financial liberalization, that have not however, been included in this methodology section, due to wide variations. In addition, literature review has widely been used by many scholars, and it will as w ell provide an important research tool in the bid to establish the effects of financial liberalization on the UK economy. A review of the literature on the various aspects higlited in the above literature, with an emphasis on the banking industry, economic productivity and consumption among others will offer a great indication of the overall effects. However, the first measure will adopt the IMF method (0-1 indicator) to assess the existence and scale of economic liberalization in the United Kingdom, by reference to the IMF reports as a basis for further analysis of the effects of liberalization on the country’s economy, World Bank (2007). Financial Liberalization The research will employ two, 0-1 financial liberalization indicators thata are based on the de-iure criteria. One of the indicators will serve as a dummy, which will assume the value of 0 in the case the United Kingdom does have capital account restrictions on the transactions, during any year in the past decade. If not there were no restrictyions, then the indicator will assume the value of 1. This methodologyu is widely adopted by the Interneational Monetary Fund, which classifies countries on the 0-1 base, in its annual report on exchange arrangements and restrictions (AREAER). These annual reports are available for upwards of 212 IMF member nations, for the time period ranging from 1967 to 1996, effectively offering a common, and relaible liberalization measures, World Bank (2007). The initial indicator is coupled by a further measure that uses the liberalization of equity markets (Equity Market Liberalization), provided in multiple finacial liberalizationn literatures. The indi cator assumes the value of zero (0), if there are global equity trading in the United Kingdom and the value of one, if there are no global equity trading. The Equity market liberalization indicator, changes as soon as a country opts for financial market liberaliztion, and once it changes, it may not be reversed, as against the first measure, (Arestis Caner, Financial Liberalization and the Geography of Poverty, 2009). UK Capital Accummulation as a Result of Finacial Liberaization The study will come up with several measures of the country’s stocks of capital, by firstly estimating the UK’s initial capital stock K(i), by using the formula I(i)/(g+d), where the initial stock is estimated at the time when the country adopted liberalization. In the formula, I represents the level of investments during the initial period (the base period), while g represents the geometric rate of growth of investments in the UK, in the initial ten years, after the base period. The base period will be selceted at any time when the (0-1) indicators were both had the value of 0, while the final period shall be selected be 10 years after the initial period. The d is the rate of depreciation of various depreciable investments made in the UK, Barrell Davies (2009). Once the initial capital stock has been computed, it will be possiblt to compute the United Kingdom’s capital accumulation as a result of liberalization, it will be necessary to compute the level of capi tal stock in the UK by using the formula K(f)= (1-d)K(f) +I(f). For comparison purposes, and in order to minimize the effects of other factors on capital accumulation from clouding the results, the capital stock in the period of ten years from the initial period backwards will as well be computed. The rates of capital accumulation in the two separate ten year periods will then be assessed against each other. Effects on the UK Economic Productivity The research will seek to detetminer the TFP by using the Cobb Douglas function of production i.e. Y= AKJ(HL)1-j. K represents the United Kingdom’s total stock of capital, while the L represents the country’s stock of both human capital and labor. The function does as well have the efficiency factor, providing a an indicator of the country’s efficiency in the use of its productive factors. The differences in the efficiency coefficient (A) offers a great measure of measure of the level of efficiency in different economies, OECD (2009). The variable j is equal to 1/3, and is generally considered constant across all the economies. The research will seek to identify the average productivity of a worker in the UK and the ration o labor and capital. Once these are d etermined, the initial level of productivity will be computed by the use of the formula, where the initial period is given be the period (i) used in the computation of capital stock. The final period (f) is the time period, ten years following the initial period. Once again for comparison purposes, the time period, ten years befor the initial period of the study (i) will as well be computed. These will then be coupled with an assessment of the two rates of growth in the productvity of production factors, following the introduction of financial liberalization measures. Consumption Changes as a Result of Financial Deregulation Consumption spending is an important influence on the UK economy’s health and growth, which points to the increases incomes, ease of credit availability as well as multiple other factors. To determine the effects of finacial deregulation on the consumption behavior and levels in the United Kingdom. The method adopted for estimating these effects is derived from Barrell Davies (2009), which presumes that planned consumption is not by default not equal to the actual level of consumption. It then becomes possible to assess the long term relationship between between actual and desired levels of consumption in the future, followed by a computation of the correctionary factor betweent the actual and planned consumption. The UK economy’s consumption income may be distinguished from from the country’s real wealth in the future, by treating them differently, World Bank (2007). This may be attained by differently treating the tangible wealth changes from the changes in financial wealth. The Euler appraoch does as well enable the testing of the effects to the consumption behavior and the overall economy. Banking Crisis The classifications of different crises varies from economy and time period to another, but also according to the cause and magnitude, However, for the purposes of the study, the data in Caprio Klingebiel (2003), of non systemic and systemic banking difficulties for several decades beginning in the early seventies. In the absense of a banking crisis, the banking crisis indicator assumes the value of zero, while it assumes the value of 1 or 2, in the event of borderline or systemic difficulties in the country’s banking sector respectively. The indicators are taken every given year. Systemic banking problems occur when the country’s banking sector suffers the exhaustion of the entire capital (run on banks), as against much more mild, effects on the industry, such as the difficulties experieced by the industry, following the dry up of credit, at the onset of the 2007 global economic crisis, OECD (2009). The harsher the effects of banking the crises, the more difficult the negative impacts on the country’s economy are expected to be. Estimation of the Effects of Liberalization As indicated priorly, the effects of financial liberalization are complex, and affected by a multiplicity of factors. However, for the purposes of this study, the measures obtained from the consumption, capital stock accumulation, increased productivity and banking sector shocks will be assessed for correlations with not only the values prior to liberalization, but perhps must tellingly, with the economic perfomance growth figures over the same duration. Theoretically, the positive consumption growth, should be accompanied by increased productivity and output, with an inverse expansion of the banking crisis indicator. References List Acemoglu, D., Aghion, P., Zillibotti, F., 2010, Distance to Frontier Selection Economic Growth. Journal of European Economic Association. Arestis, P., June, 2005, Financial Liberalization and the Relationship between FInance and Growth. CEPP Working Paper Series No 5/05. Arestis, P., Caner, A., 2009, FInancial Liberalization and the Geography of Poverty. Cambridge: Cambridge University Press. Barrell, R., Davies, P., 2009, FInancial Liberalization, COnsumption and Wealth Effects in 7 OECD COuntries. NIESR DIscussion paper No 257. Caprio, G., Klingebiel, D., 2003, Episodes of Systemic Borderline Financial Crisis. Mimeo. Cobham, D. P., 2004, The making of monetary policy in the UK, 1975-2000. London: John Wiley Sons. Kentikelenis, A. E., 2009, Assessing the Link between Financial Liberalization and Saving. ESDS International Case Study. OECD., 2009, Main Economic Indicators . Manchester: ESDS International, University of Manchester. Smith, S. J., Searle, B., 2007, The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations. London: John Wiley Sons. Turne, A., 2010, Feb 12, After the crises: assessing the costs and benefits of financial liberalisation. Retrieved November 24, 2011, from FSA: http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0215_at.shtml World Bank., 2007, August 18, FInance for All? The Pitfalls of Expanding Access. World Bank Policy Research Report.