Research project on cost reduction practices

The Value of the Chinese Renminbi

The Value of the Chinese Renminbi Free Online Research Papers MACQUARIE UNIVERSITY ECON 867 International Financial Management Lecturer: Dr. George Milunovich The value of the Chinese renminbi, its management and risks associated with investing in China written by Mahmut Berdan 41404068 Arthur Britto 41087054 Rasmus Heim 40981088 Joanne Papanikitas 40321711 Words: 2,932 Table of Contents Introduction 1 The current economic situation and the present exchange rate regime in mainland China 2 The equilibrium value of the Chinese renminbi under a flexible exchange rate regime 4 Reasons behind the Chinese governments decision to keep the renminbi pegged to a basket of currencies 7 Risks commercial participants face from a managed float versus a fully flexible exchange rate in China 9 Conclusion 12 References 13 Introduction In recent times, the Chinese economy has become a topic of great interest within economic literature and global affairs. In particular, China’s rapidly exceeding economy has sparked extensive discussion on the value, management and stability of the Chinese renminbi, as well as considerable debate concerning the strengths and potential risks associated with investing in China. In what appears to be an economy with immense potential to further expand its global influence, several key factors need to be analysed. Firstly, the advantages and disadvantages associated with the current economic situation and present exchange rate regime existing in mainland China. Secondly, the motivations behind the Chinese governments decision to peg its national currency to a basket of currencies and moreover, the potential risks associated with replacing a fixed exchange rate system with a more flexible one. By considering such factors, it is seemingly clear that China’s recently introduced peg to as basket of currencies will more adequately reflect its economic position, as well as the renminbi’s currency value, within global financial markets. The current economic situation and the present exchange rate regime in mainland China China possesses one of the fastest growing economies in the world, with its rapidly booming economy seaming ahead of its global competitors. Undoubtedly, China is the primary contributor to the growing economic strength of Asia, as well as for global economic growth. Over the last four years, China’s economy has expanded at an average of 10.4 per cent per year which, during the same financial period, more than doubled the average growth rate of the world economy. Factors considered bring responsible for China’s startling economic growth are the rise in GDP, GDP Per Capita, investment, trade and the success of Chinese enterprises (Full Steam Ahead for Chinese Economy 2007). China contributes a strong 5.5 percent of the worlds GDP, with growth stable, remaining within 1.1% fluctuation points. Predictions have been made that in 2008, Chinas GDP could possibly increase to 10.7% with the Olympic Games taking place in Beijing (Full Steam Ahead for Chinese Economy 2007). Chinese government officials wish to sustain economic growth in order to reduce poverty (Chinese Economy Exceeds Forecast 2007). In 2006, China appeared to have succeeded, with its per capita income reaching the 2000US threshold for the first time. Rural resident incomes increased by 7.4 per cent, whilst urban residents increased by 10.4 per cent. According World Bank statistics, such an increase suggests that China can no longer be considered a low-income nation (Full Steam Ahead for Chinese Economy 2007). In the last four years, China’s national fixed assets investment has increased by 26.6 per cent, whilst its trade volume has made rapid progress, reaching the third largest volume globally at 1.76 trillion in 2006. Moreover, Chinese enterprises have recorded impressive profit margins, which have undoubtedly strengthened national economic growth (Asia Economy: The Impact of the Renminbi Revaluation 2005). It is seemingly clear that in present terms, the Chinese economy has conditions of high levels of growth and sustainability. However, a nation with such rapidly exceeding growth may face problems of surplus production capacity, the risk of deflation and overheating, if the proportion of exports in GDP capacity continues to rise into the future (Future worries for Chinese Economy 2007). The main priority of the ruling Chinese Communist Party (CCP) is to maintain strong rates of economic growth, political and economic stability, as well as implement reforms in a country experiencing significant economic transformations (China: Country Outlook 2007). As an eloquent example of economic reform, Chinese officials made a moderate revaluation of the currency by ending the eight year fixed exchange rate policy of pegging the Renminbi against the US dollar and replacing it with a floating exchange rate regime, targeting its value against a basket of currencies (Asia Economy: The Impact of the Renminbi Revaluation 2005). Under the reform, a ‘reference basket’ of currencies is referred to when selecting targets for the Renminbi (Asia Economy: The Impact of the Renminbi Revaluation 2005). Such basket currencies will have assigned ‘index weights’ administered by The State Administration for Exchange Control (SAEC), under direct control of the Peoples Ba nk of China (PBOC) - China’s Central Bank- , that reflect which currencies are most commonly traded in terms of foreign trade, external debt and foreign direct investment (People’s Bank Of China 2007). The Peoples Bank of China (PBOC) stated that trade weighted indexes will not be followed rigidly, as account considerations such as the share of other major currencies in foreign debt and foreign direct investment will also be considered (People’s Bank of China 2007). The revaluation has exhibited a moderate appreciation of 2.1 per cent, from 8.28 per cent against the US Dollar to 8.11 per cent (Asia Economy: EIU’s October Assumptions 2005). An announcement of the People’s Bank of China (PBOC) states that the changes ‘†¦enables the market to fully play its role in resource allocation†¦as well as further strengthen the managed floating exchange rate regime based on supply and demand’ (People’s Bank of China 2007). Chinas trade patterns have moderately altered, relieving pressures caused by China’s capital and current account surpluses. Despite its advantages, the present exchange rate regime may create uncertainty of the future exchange rate level, the appreciation or depreciation of the currency, as well as prices of imported goods and level of export costs in the longer term (Kuroda 2003). The equilibrium value of the Chinese renminbi under a flexible exchange rate regime In order to calculate the equilibrium value of the renminbi, first, one has to decide which of the three basic versions of PPP to use: the Law of One Price (LOP), the absolute PPP or the relative PPP (Yang Bajeux-Besnainou 2006). In this report, the relative PPP will be used to determine RMB’s equilibrium value. Like the other two options, relative PPP does not differentiate between tradable and non-tradable input goods. So, wages are included in prices used to calculate the PPP exchange rate, but not in the market exchange rate. Therefore, the former is lower than the market equilibrium exchange rate given a low per capita income currency such as the RMB being the quoted currency. Hence, the RMB’s value, implied by PPP, is higher than the value indicated by actual exchange rate. However, the relative PPP overcomes LOP’s problem of lacking representativeness. Moreover, in contrast to the absolute PPP, it also reduces the impact of including traded as well as non-traded goods by relying on the equilibrium exchange rate S0 of a base year t=0. The PPP exchange rate then is determined by adjusting S0 by the relative price changes of the two currencies (Yang Bajeux-Besnainou 2006). Since this model is based on an equilibrium value of the exchange rate, the results obtained will be more reliable than those of the other two versions. Therefore, to determine the equilibrium value of the renminbi, the relative PPP method will be used by applying this formula: To ascertain the base period, one has to select a period in which the actual exchange rate was equal to the PPP exchange rate (Artus 1978). Moreover, according to Artus (1978), since biases in measuring relative price changes rise with time, the base period chosen must not lie too far in the past. Yang and Bajeux-Besnainou (2006) chose a period, in which major changes in China’s exchange rate system occured. Given this and Artus’ claim that the base period must not be too distant from the current period, therefore, the exchange rate of July 23 2005 will be taken as a base period. Two days before, the People’s Bank of China announced that the renminbi would be pegged to a basket of currencies. Before that, it was pegged to the US-Dollar only. The following data is used to calculate the PPP exchange rate: 2005 2007 Exchange rate 8.12110 exchange rate of July 23, 2005, i.e. two days after the revaluation (Oanda.com ) 7.0222 (7.55580) exchange rate of March 31, 2008, chosen in accordance with the latest CPI month available (Oanda.com) Domestic price level p (RMB) 101.3 CPI of August 2005, i.e. the month after the revaluation (National Bureau of Statistics of China 2007) 108.3(106.5) latest available CPI, March 2008 (National Bureau of Statistics of China 2008) Foreign price level p* (USD) 196.4 CPI of August 2005, i.e. the month after the revaluation (US Department of Labor 2007) 213.5 (207.9) latest available CPI, March 2008 (US Department of Labor 2008) Since the long-run equilibrium exchange rate implied by relative PPP is higher than the actual exchange rate S2007, the foreign currency USD is undervalued by and the domestic currrency RMB is overvalued by Using PPP as a trading rule, buying USD and selling RMB is recommended. It is important to bear in mind that, since there are, in reality, differences between traded and non-traded goods as well as restrictions in the movement of goods, relative PPP can only be employed as an estimate. More specifically, governments should solely use it as guide for their exchange rate policies, rather than as a precise means to determine deviations of actual exchange rates from an equilibrium value. Reasons behind the Chinese governments decision to keep the renminbi pegged to a basket of currencies In order to establish the reasons behind the Chinese government’s decision to keep the RMB pegged to currencies such as the US dollar, Euro and Japanese Yen, it is important to first differentiate between the reasons given by the Chinese government and the ones pointed out by the US government. Two major justifications made by Chinese policymakers include concerns that moving to a more flexible system would exacerbate deflationary pressures and undermine export competitiveness (Tung Baker 2004). In other words, with the RMB at a higher value against the dollar, there would be an increase in the price of exports and that could lead to a downward pressure on domestic prices. In addition, the Chinese government has also mentioned that the current exchange rate adjustment aims to promote the basic equilibrium of the balance of payments and safeguard macroeconomic and financial stability (Xinhua 2005a). The People’s Bank of China says that it has chosen an exchange rate system â€Å"that caters to its domestic situation by taking into consideration its fundamental interests and economic and social development† (Xinhua 2005b). In other words, China argues that the pegged system more likely guarantees stable economic growth. On the other hand, Americans- namely US lawmakers and manufacturers- have stated that China gives its exporters an unfair price advantage in global markets by keeping the RMB’s value artificially low (Reuters 2007a). For Ben Bernanke, US Federal Reserve Chairman, the yuan regime provides an effective subsidy to Chinese exporters, even though it is not a subsidy in the legal sense of the word (Kaiser 2007). Finally, Condoleezza Rice, US Secretary of State, has recently called for reform of the currency to one that will be reflective of the market (Reuters 2007b). In response to these claims, Chinese President Hu Jintao has currently indicated that China would continue to reform the currency exchange system and let the market play an increasing role (Pulizzi 2007). However, as written by David Cohen in the article China Hints at Further Appreciation of Yuan, â€Å"China remains committed to proceeding [yuan’s revaluation] at its own pace† (2007). Despite Yang and Bajeux-Besnainou’s research finding no convincing evidence to support that the RMB was undervalued (2006), the US Treasury noted in June 2007 that Chinas currency was in fact undervalued. However, it had been unable to determine that Chinas exchange rate policy was carried out for the purpose of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade. (Somerville Palmer 2007). Intended or not, considering both countries’ points of view, the Chinese government’s decision to peg the yuan to a basket of currencies has undeniably given a competitive edge to China (The Economist 2007). It is this particular competitive edge that China does not want to lose. This would occur if the country allowed the renminbi to fully float. As Burdekin (2006) stated, losing export markets would slow down economic growth and negatively affect employment. Hence, to make sure that displaced workers can find employment, the government hesitates in accepting even a modest reduction in the country’s high economic growth. To conclude, another reason for keeping the exchange rate system as it is, as Cohen (2007) suggests, is to refer to the old saying â€Å"if it is not broken, do not fix it†. Risks commercial participants face from a managed float versus a fully flexible exchange rate in China According to Davis (2004), the future development of China’s economy is highly determined by its efforts to become more integrated with global financial markets. The necessity of this is also reflected by China’s strict capital controls combined with an immature banking system, which deteriorates external funding for local companies (Davis 2004). Such integration could be achieved by aiming for a market driven ergo floating currency of the Yuan. However Davis (2004) envisages that a sudden change of China’s currency policy would adversely affect China’s interest, due to a continuing underdeveloped banking system, which is being rated one of the worst in the world. In this context, Moosa (2006) suggests that for countries with poor financial systems such as China, a freely floating currency is not suitable since such systems require sophisticated futures and forward markets. Due to this, the pegged currency has proven itself as a major pillar of stability, especially during the Asian crisis (Das 2005). However, the pegged currency is subject to policy decisions which have announced destabilizing effects on the financial markets as compared to periods in which the exchange rates are held constant. Davis (2004) argued that the change towards a free float would lead to an asset flight stemming from Chinese depositors who would diversify their portfolios by investing in other international markets. The economic slow-down and/or potentially resulting crisis would most likely be combated by an enormous rise in interest rates in China. For this reason, Davis suggests that implementing a freely float would not be a viable option for another decade. The change that is most likely to occur in the short term is a revaluation of the pegged exchange rate by appreciating the Yuan, which would require China some time to develop a more competitive and functional banking system. U.S. direct income investors would be majorly affected by such revaluation, since the need for the Chinese Central Bank to buy large quantities of U.S. securities would decrease. This is due to the decreasing proportion of the U.S. trade deficit China is currently backing. Naturally, an appreciation of the Yuan would make Chinese exports more expensive for foreign countries such as the U.S. and therefore possibly reduce imports stemming from China. As a consequence of the revaluation, there could be inflationary impacts on the world economy whose magnitude however would differ between countries (Yang Bajeux-Besnainou 2006). Nevertheless it is important to note that an increase in Chinese exports prices might not have an effect on China’s exports at all due to the general low level of prices stemming from extremely low labour cost. Generally, investors are concerned with exchange rate fluctuations, for they impact on the net worth of their investments. In this context, floating exchange rates are often viewed as a way to achieve higher flexibility and avoid costs associated with policy changes in parities which create greater uncertainty (Aliber 1972). In the case of China, the risk that stems from a floating exchange rate is related to its immature banking system and unforeseeable reaction from investors that suddenly face a more volatile currency. These reactions could generate a chain reaction similar to Thailand which triggered the Asian financial crisis in 1997 (Das 2005). There are a number of political and economic issues for China such as the high degree of corruption for instance, which could increase the likelihood of disorderly national behaviour, creating additional uncertainty (Aliber 1972), (Business Monitor International 2007). This becomes critical in a scenario where the Chinese foreign exchange should depreciate. In that scenario, Chinese exporters and investors will be worse off, whilst political pressure may deteriorate appropriate adjustment of the exchange rate. Additionally, despite China’s accession to the WTO, adequate reform needs to be made in addressing issues such as intellectual property protection, which is still a major impediment on FDI in China according to Business Monitor International (BMI 2007). Moreover, there remain possibilities of financial crisis in China forecasted by BMI (2007) due to a number of factors. Firstly, the lack of effective reduction of non-performing loans (NPLs) in the state-owned banking sector negatively impacts investors’ confidence. Secondly, the currently rapid investment in China could lead to over-capacity, which in turn could lead to the re-emergence of deflationary pressures. Furthermore, the undisputed growth of China’s economy is widely feared as being unsustainable and the impacts of a slow-down are unclear creating uncertainty for investors. Lastly, China is still classified as a non-market economy with most of its trading partners within WTO regulation, which makes China more vulnerable against anti-dumping duties. Conclusion It is apparent that China is highly integrated and influential in today’s global economy. The impact of a revaluation of the Yuan has triggered widespread controversy, with changes in China’s monetary policy being deemed a potential threat to stable global market movements which could trigger economic instability and future crisis. On the one hand, it is feared that the appreciation of the RMB may result in inflationary impacts on the world economy, as well as a decrease of Chinese exports to major trading partners. However, structural aspects such as low labour costs and increasing levels of Foreign Direct Investment (FDI) provide a competitive advantage to China over most economies in the world. Therefore, impacts of an appreciation of the RMB may not, as widely assumed, adversely impact China’s competitiveness as a strong exporting nation. In the long term, China will aspire to achieve a more market driven exchange rate system in order to become more closely associated and integrated within global financial markets. In order to successfully sustain and operate a sophisticated and well functioning financial system, financial authorities need to invest time and effort in its structural development. References Aliber, R 1972, ‘Uncertainty, Currency Areas and the Exchange Rate System’, Economica, New Series, vol. 39, no. 156, pp. 432-441. ‘Asia Economy: EIU’s October Assumptions’ 2005, Economist Intelligence Unit Ltd., 28 September, p.1. Retrieved September 19, 2007, from Factiva database. ‘Asia Economy: The Impact of the Renminbi Revaluation’ 2005, The Economist Intelligence Unit Ltd., 27 July, p.1. Retrieved September 19, 2007, from Factiva database. Burdekin, R 2006, ‘China and the Depreciating U.S. Dollar’, Asia-Pacific Issues, East-West Center, no. 79. Retrieved September 21, 2007, from Macquarie University WebCT. Business Monitor International 2007, The China Business Forecast Report. Retrieved September 4, 2007, from Business Monitor Database. ‘China: Country Outlook’ 2007, Economist Intelligence Unit Ltd., 1 September, p.2. Retrieved September 19, 2007, from Factiva database. ‘Chinese Economy Exceeding Forecasts’ 2007, Kitchener-Waterloo Record, 12 July, p.2. Retrieved September 19, 2007, from Factiva database. Cohen, D 2007, ‘China Hints at Further Appreciation of Yuan’, BusinessWeek, 22 May. Retrieved September 24, 2007, from businessweek.com/investor/content/may2007/pi20070522_343319.htm Das, D 2005, ‘THE ANATOMY OF A CRISIS: ASIA AS GROUND ZERO’, Centre for Japanese Economic Studies Macquarie University Sydney NSW 2109, Research paper Davis, H 2004, ‘Investment Implication of a future Chinese Currency Revaluation’,Vanguard Investment Counseling Research, pp. 2 – 11. ‘Full Steam Ahead for Chinese Economy’, 2007, Asia Pulse Pty Ltd., 19 September, p.1. Retrieved September 19, 2007, from Factiva database. ‘Future worries for Chinese Economy’ 2007, Xinhua Electronics News, 2 July, p.1. Retrieved September 19, 2007, from Factiva database. Kaiser, E 2007, ‘Subprime losses could hit $100 billion: Bernanke’, Reuters, 19 July. Retrieved September 24, 2007, from reuters.com/article/pressReleasesMolt/idUSN1933365020070720?pageNumber=2sp=true Kuroda, H 2003, ‘How to Help the Renminbi Find its Own Level’, The Financial Times Ltd., 17 October, p.1. Retrieved September 19, 2007 from Factiva database. Moosa, I 2007, International Finance, An Analytical Approach, 2nd edn, McGraw-Hill, Sydney. National Bureau of Statistics of China, 2007, Statistical Data. Retrieved September 29, 2007, from stats.gov.cn/english/statisticaldata/ Oanda Corporation, 2007, FXHistory: historical currency exchange rates. Retrieved September 29, 2007 from oanda.com/convert/fxhistory The Peoples Bank of China Decides to Expand Designated Banks Forward Sale and purchase of Foreign Exchange Business and Launch RMB Swaps against Foreign Currencies 2006. Retrieved September 19, 2007 from pbc.gov.cn/english/detail.asp?col=6800id=59. Pulizzi, H 2007, ‘White House: Yuan Reform Alone Wont Solve US-China Trade Woes’, Dow Jones International News, 6 September. Retrieved from Factiva database. Reuters 2007a, ‘China should revalue yuan faster: U.S. official’, 21 June. Retrieved September 24, 2007, from reuters.com/article/ousiv/idUSL2111360320070621 Reuters 2007b, ‘Rice: China doesnt play fair on trade, currency’, 6 July. Retrieved September 24, 2007, from reuters.com/article/bondsNews/idUSN0619427620070706 Somerville, G Palmer D 2007, ‘U.S. pass on China currency stirs Senate action’, Reuters, 13 June. Retrieved September 24, 2007, from reuters.com/article/politicsNews/idUSN1334224920070613?sp=true The Economist 2007, ‘Another shoe to drop: It is how steadily the dollar is falling that counts, not how swiftly’, 13 September. Retrieved September 24, 2007, from economist.com/finance/displaystory.cfm?story_id=9804394CFID=14864436CFTOKEN=90675586 Tung, CY Baker, S 2004, ‘RMB revaluation will serve China’s self-interest’, April. Retrieved September 21, 2007, from Macquarie University WebCT. US Department of Labor 2007, Archived News Releases for Consumer Price Index. Retrieved September 29, 2007, from bls.gov/schedule/archives/cpi_nr.htm Xinhua News Agency 2005a, ‘Yuan Peg to Dollar Scrapped’, 21 July. Retrieved September 24, 2007, from china.org.cn/english/2005/Jul/135685.htm Xinhua News Agency 2005b, ‘RMB Wont Float by Big Margin’, 22 July. Retrieved September 24, 2007, from china.org.cn/english/2005/Jul/135753.htm Yang, J Bajeux-Besnainou, I 2006, ‘Is the Chinese Currency Undervalued?’, International Research Journal of Finance and Economics, no. 2, pp. 106–130. Research Papers on The Value of the Chinese RenminbiDefinition of Export QuotasPETSTEL analysis of IndiaTwilight of the UAWAnalysis of Ebay Expanding into AsiaInfluences of Socio-Economic Status of Married MalesIncorporating Risk and Uncertainty Factor in CapitalAssess the importance of Nationalism 1815-1850 EuropeAppeasement Policy Towards the Outbreak of World War 2The Effects of Illegal ImmigrationThe Project Managment Office System

Business Strategy Bachelor Essay Example | Topics and Well Written Essays - 1250 words

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How to Improve Teens Self-Esteem

How to Improve Teens Self-Esteem Adolescence is a crucial stage in the life of your child. As a parent, you have the challenge of guiding them toward a happy, responsible adulthood. There is good reason to be worried, with all the changes and challenges confronting them. Though the majority of teens can successfully sail through adolescence, a significant number end up stalled or sidetracked along the way. Some barely make it through. A confident teen with a strong sense of self-worth or healthy self-esteem has a bigger chance of succeeding in life. They may, however, need some help to have a fulfilling adolescence and stable preparation for the next stage of life. If you want to help your child achieve their dreams, it is proactive to supplement your parental care with professional assistance. Why Is Your Teen Unhappy? The Developing Teen Seeing your child groping through the teen years can result in your feeling helpless. 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While many teenagers can handle the stage on their own, they may need help when the going gets tough. With the help of an experienced counselor independently contracted with Carolina Counseling Services in Sanford, NC, your child can realize their full potential and grow into a responsible and independent adult who learns from their mistakes. When your child becomes too hard on themselves because they arent slimmer, fairer, smarter, or more in fashion, be there for them to affirm their worth. If their reaction is extreme to the point of obsession, try to understand them and find help so they can develop healthy self-acceptance and self-worth. This is how a CCS-contracted therapist can help.ÂÂ   Call now for an appointment!

Analysis of Dulce et Decorum Est :: Papers

Analysis of Dulce et Decorum Est It is sweet and meet to die for ones country, better known as Dulce et Decorum Est is a great  poem written by war poet Wilfred Owen. It involves a tragic war situation. It is easily understood. The  poem also has a very unique sound to it.    Wilfred Owen was born on March 18th in 1893.He was the eldest of four children born in Oswestry. He was brought up in the Anglican religion of the Evangelical school. An evangelical man is saved not by the good he does but by faith he has in redeeming power of Christ’s sacrifice. He  rejected most of his belief  by 1913; the influence of his education remains visible in his poems and their themes: Sacrifice biblical language, and his description of hell.    In 1913 he moved to Bordeaux, as a teacher of English in the Berlitz School of language: one year later he was a private teacher in a prosperous family in the Pyrenees. He enlisted in the Artists Rifles on the 21st of October 1915 there followed 14 months training in England. He was drafted to France in 1917 the worst war winter. His total war experience will be a short four months, from which only five weeks in the front line. On this is based all his war poetry.    In August 1918, after his friend, the other Great War poet, Siegfried Sassoon had been severely injured and sent back to England, Owen returned to France war was still as horrid as before. The butchery war ended on November 11th, 1918 at 11 o clock. Seven days before, Owen had been killed in one of the last vain battles of this war. The situation of Dulce et Decorum est s a tragic situation. The poems  speaker is Wilfred Owen. He is a soldier who is sent into the front lines of battle.There is not a particular audience that he is looking for.    The occasion is the cold winter  war in the trenches. It is men fighting for their country and dying for an honor. The poem takes place on a cold day in 1917.It is outside on the Western Front in France. The poem is telling our about the hard ships that the soldiers went through. His theme of the poem is about trench warfare.

Negative and Positive Learning Experience Examples

Positive learning experienceI have had many negative learning experiences, but at the same time I have had a good number of positive ones, that I have enjoyed and have benefited from greatly. Learning English as a foreign language at one of the clubs in my town back in Russia was, probably, the best learning experiences I have had so far. But what made it so positive? First of all, the motivation factor. I was 15 years old and very passionate about learning English.I wanted to be able to use it for my career as a teacher and simply in daily communication with my friends, American missionaries. The ability to speak another language opened up a whole new world for me of a different culture, people, literature, films, music and mentality. I spent 2 years learning English at this club. I was bit apprehensive at the start as my school English classes were not effective at all and did not help me in learning English, giving me an impression that it was completely my fault that I could not learn English.But after a few weeks at this club I felt relief, pride and personal satisfaction as I made a steady progress and was getting a noticeable result. Secondly, the lessons were of a very practical nature. The communicative approach was used to help us learn more affectively. We were actively participating in speaking, writing, listening and thinking. The tasks were challenging, difficult but achievable. My learning was enhanced by the potential applications of the English language after the lessons in speaking with my friends.Thirdly, the language we learnt was contemporary and up-to-date, so the learning was relevant and challenging. We were encouraged to learn English through reading books, watching films and even speaking to each other in English in daily life as the majority of learners did not have native speakers’ friends like I was fortunate to have. Another positive moment for me was that it was not a school environment. The atmosphere was relaxed and I did not feel an unnecessary pressure to follow any schedule. Our work was not graded and that alone was a very freeing point for me.I could focus on actual learning and not worry about getting good or bad grades. And finely, the group of people that I learnt English with all consisted of highly motivated and enthusiastic people, who were very committed to learning the English language. The opportunity to learn from each other in the classroom increased my motivation and learning. Active involvement and co-operation in our group helped me to enjoy our lessons. a pupil at that point of my life. | Looking back now as teacher I cannot say those were the perfectly composed lessons.I would have done many things differently if i had been a teacher of that club now. But it was certainly a very different experience from everything else I had as a pupil at that point of my life. Negative learning experienceAs most students, adults or children, I have experiences a number of negative learning exp eriences over my lifetime, everything from poor instructional methods to strongly influential teachers. These learning experiences have created impressions and preconceptions that added to the diversity of my classroom experience.It is important to examine not only positive learning experiences but negative ones as well, to understand the influence that the past learning experience makes on the future learning. Most of my negative learning experience occurs in the first 2 years of the University where I studied the English language for teaching and translation purposes. Why do I consider that learning experience to be negative? First of all, in my opinion, the students’ needs were not properly addressed.As a student I often felt very discouraged when I saw inconsiderate behaviour on the part of my teacher. Witnessing repeated problems caused me at some point of learning to question my major and even my aspirations for a university degree. I think our teacher was unaware of ou r interests, backgrounds and even anxieties. This knowledge would have helped her to make the class seem more personal and the materials more accessible. Secondly, the teacher failed to provide materials and resources that worked with all or most learning styles.I am a visual – learning student. Often I struggled during the lessons to follow or recall information that was â€Å"heard† in a lesson. If I had been provided some visual aids when studying I would have retained more information. This visual tools would have improved my ability to store or and recall information more completely and effectively. And thirdly, the communicative approach was very rarely used, if at all during the lessons. Communicative language teaching makes use of real-life situations that produce communication.Our teacher, unfortunately, rarely set up situations that we could encounter in real life. My learning was not motivated by real-life simulations and meaningful topics. We were learning the language out of context, both linguistic and social. Some situational context was still present though. We rarely engaged in class discussions when we could have shared our experiences and viewpoints. The teacher talked more and listened less. Because of my decreased responsibility to participate, I was losing confidence in using the target language in general. I felt less responsible for my own learning.As a result, my grades were low, so was my self-esteem. My damaged self-esteem caused my negative learning cycle to progress. I missed quite a few classes. I lacked motivation for any classwork and became withdrawn. This negative learning experience was probably one of the strongest. It did get better in the next three years of the University. Maybe because we the teacher changed or I was somehow able to remove the barriers to my learning that and had been put in the first two years of the University. been put in the first two years of the University. |

Meaning of life †Anthropology Essay

The Meaning of Life and Cultural Relativism –What is the meaning of life? –â€Å"What’s the meaning of life? † is today a question generally meant as a joke. This apparently wasn’t true in the past. Religious teachers, from Jesus to Buddha to Mohammed, offered a clear meaning of life. Philosophers from Plato to Augustine to Voltaire to Nietzsche to William James also offered such a meaning, although in progressively less certain ways. –Today, however, philosophers have mostly turned away from questions of the meaning of life (or when they discuss it, they may proclaim life’s meaninglessness, as does Nagel in this week’s reading). A big reason for this is that there are so many different beliefs in the world today: they relativize all beliefs, and make certainty problematic. –A key principle of anthropology is â€Å"cultural relativism†: this has become a central principle in today’s world at large. How can you know that your sense of â€Å"the meaning of life† is truer than someone else’s sense of â€Å"the meaning of life†? This is why it may be difficult to be both a Christian and an anthropologist. And this is why this course cannot offer much advice as to â€Å"the meaning of life. † Meanings of Life in Anthropology –Anthropologists thus can’t discuss â€Å"the meaning of life†; but they can analyze people’s personal meanings of life, as a way of better understanding how people are culturally and socially shaped. There is a fundamental difference between â€Å"the meaning of life† and â€Å"meanings of life,† and only the latter can be fully explored by anthropologists. –Anthropologists explore culture: the ways of thinking by which people live. Anthropologists study a range of different culturally-shaped fields, from economics to politics to religion to gender in different societies. However, few anthropologists have directly studied â€Å"meanings of life† (maybe none, except for me! ) This is because in most societies that anthropologists study, there is no ordinary word that people use to describe what’s most important to them in their lives. –However, the Japanese language has such a term: ikigai. Ikigai means â€Å"that which makes your life worth living,† or, more practically speaking, â€Å"what’s most important to you in your life. † Common ikigai are work, family, religious belief, creative endeavor, or personal dream. 1 –Why does only Japanese have the term ikigai? Why don’t other languages have ikigai? In any case, even if other languages don’t have the term ikigai, people everywhere can understand what ikigai means. It is â€Å"what’s most important to you in life,† â€Å"what makes your life worth living. † –What is your ikigai? This is difficult for students, because you haven’t yet made the life choices of work and family that you probably will make over the next few years. But you can get some idea: Is it pleasing your parents? Finding a boyfriend/girlfriend? Gaining knowledge? Getting good grades and a good future job? Helping the world become better? Pursuing creativity? Being close to God? The Sociocultural Analysis of Ikigai . –Most Japanese books about ikigai talk about it in a psychological sense: how individuals seek and find and lose ikigai. However, ikigai is also social: all ikigai involve us in the world of other people: whether you live for family, for your personal dream, for God, or for alcohol, all of these are social. –Ikigai in this sense I define as â€Å"that which most deeply links the self to the social world†: ikigai is what ties you to the world around you. This can take two broad forms: ikigai as self-realization, and ikigai as commitment to one’s group: both are fundamentally social. –Here is a one-sentence cross-cultural theory of ikigai: â€Å"On the basis of culturally and personally-shaped fate, individuals strategically formulate and interpret their ikigai from an array of cultural conceptions, negotiate these ikigai within their circles of immediate others, and pursue their ikigai as channeled by their society’s institutional structures so as to attain and maintain a sense of the personal significance of their lives. † We have ikigai because ikigai gives us a sense of the purpose and significance and worth of our lives; but we necessarily hold these ikigai within the context of the society around us, with which we constantly interact in forming and maintaining ikigai.

Generating awareness about science in India essays

Generating awareness about science in India essays Science has given us powers fit for the Gods. Science, systematic study of anything that can be examined, tested and verified. From its early beginning, science has developed into one of the greatest and influential fields of human endeavour. Today, different branches of science investigate almost everything that can be observed or detected, and science as a whole shapes the way we understand everything. Science develops through objective analysis instead of through personal belief. Science gives us a detailed insight into the way the world around us works. Today, science has a profound effect on the way we live, largely through technology the use of scientific knowledge for practical purposes. The powers of science are not used properly. Why? It is due to the lack of awareness. Awareness should start from the grassroot level ie. Villages and rural areas, because, they are the areas where the majority of Indias population lies and where the innocent masses are still in the grip of superstitions. Although internet and telephone connections have been provided to some villages by the government, a lot still has to be done in this regard. Teaching should be such that what is offered is perceived as a valuable gift and not as a hard duty. Natural resources are being exploited. People everywhere need to think about this. For the purpose of awareness regarding this and many other subjects, various methods can be adopted. Lectures can be organized in schools, these children can then organize rallies in villages, NGOs can be asked to work only for this cause. Educational trips to factories can be organized so that students learn to use the resources judiciously. When you educate a man, you educate an individual, but when you educate a woman, you educate a family. ...

Car is dangerous Essay Example | Topics and Well Written Essays - 750 words

Car is dangerous - Essay Example Most of these cases occur once children are left alone in a hot car. Is happens sometimes when the attendant forgets that there were children in the car or when children get into cars without the knowledge of any adult. Within a few minutes the children can be in danger (Heat danger in cars: not just a summer problem, 2012). In some instances, parents do not like taking their children in and out of that cumbersome car seat. This is when they argue that they are making a quick belief stop. However, the stakes are very high. According to Christopher McStay, MD who is an emergency room doctor, it is never okay to leave children or pets in a car even when the windows are left down. He says that he has witnessed his share of casualties in the emergency room. According to him, a car is a greenhouse and the temperatures can become very hot in a very short time (Heat danger in cars: not just a summer problem, 2012). According to scientists, on a day that is only 72 degrees Fahrenheit, the temperature in a car may rise by 30 or to 40 degrees within an hour, and more than 70 percent of this increase happens within the first 30 minutes (Grundstein, Dowd & Meentemeyer, 2012). They say that there may be heat stroke which may happen once the body temperature exceeds 104 degrees Fahrenheit. That results to the irresistible temperature of the brain causing dizziness, confusion, agitation, seizure, sluggishness and loss of consciousness or even death (Grundstein, Dowd & Meentemeyer, 2012). The National Highway traffic Safety Administration advises that when one happens to see a child left alone in hot car, the person should call 911 right away. And incase the child is in distress because of heat, they should be removed from the car as fast as possible (Musso, 2014). According to doctors, it is unfortunate that some child carriers make it difficult to know if there is a child in the seat because

Conduct a comparison between latest Intel and AMD chips Research Paper

Conduct a comparison between latest Intel and AMD chips - Research Paper Example The chips increase the performances of various technical materials like laptops, desktops and servers. Intel chips helps in raising greater capabilities in processors in terms of improved quality for the purpose of offering superior products to the customers (Intel Corporation, n.d). Advanced Micro Devices, Inc. introduced advanced chipsets for serving its broad base of customers globally. The chipsets of the organization have been designed in order to compete with Intel in the global market. AMD processors have been noted to be less expensive as compared to Intel and possess greater operational performance (Mueller, 2011). Based on the above discussion, the paper intends to conduct a comparison between latest Intel and AMD chips in terms of their advantages as well as disadvantages, value creation, costs along with affordability, reliability and expected future. Discussion Advantages of Intel Chips The various advantages of Intel chips can be viewed in terms of satisfying its broad base of customers globally, resulting in increasing sales and enhancing profitability along with productivity. One of the major advantages of Intel chips has been noted to be its deliverance of advanced technological and quality products to the customers through which effective performance can be ensured. The chips like Intel H57 and H55 Express are capable of delivering various extensive features incorporated with advanced technologies that embrace various features like High Definition (HD) graphics, Remote PC Assist Technology and Rapid Storage Technology. Another disadvantage of Intel chips is that with the assistance of the latest chips belonging to Intel, it is quite possible to acquire high quality graphics, view videos and listen to audio systems with advanced technology. Intel Rapid Storage Technology chipsets are regarded as quite significant as these chipsets are capable of storing additional data. Moreover, these chipsets are also capable of increasing performance of the laptops and desktops as well as possess lesser consumption of power. Additionally, these chips are so powerful that valuable information can be protected, in case of any failure in hard disk drive (Intel Corporation, 2009). Disadvantages of Intel Chips One of the crucial disadvantages of Intel chips has been noted to be its price. It has been apparently observed in this particular context that the price of Intel chips is quite expensive as compared to others like AMD. Another disadvantage of Intel chips is the heat factor. It has been viewed that the chips belonging to Intel generates huge quantity of heat that requires multiple fans for cooling (Aries Technology Inc., n.d). Advantages of AMD Chips In order to determine the advantages of AMD chips, it has been viewed that AMD chips or processors are capable of facilitating the users with efficient visualization and sharp as well as clear video features. These chips are also power efficient and enable in greater processing with apply ing advanced technological features. The longevity of the battery of AMD chips is much longer that possess the capability of storing high quality graphics (Advanced Micro Devices, 2013). Disadvantages of AMD chips One of the disadvantages of AMD chips is the technology. It can be affirmed in this particular circumstance that Intel uses certain advanced technological advancements which ultimately makes the organization more powerful as compared to