The Problems Facing Third World Countries Politics Essay

The Problems Facing Third World Countries Politics Essay Economist Alfred Sauvy in an article in the French magazine L Observateur (August 14, 1952) comprehended the expression Third World. It was a premeditated excerpt to the Third Estate of the French Revolution. This phrase earned universal recognition during the Cold War where many poorer nations remained neutral and convene together to form a non-aligned third world bloc. During the Cold War USA and its allies were considered as the First World countries while the East was considered as Second World countries. However, the term Second World has never gained any recognition. Egypt, India and Yugoslavia were the original members of the third world countries. Today, Asia, Africa, Oceania and Latin America are considered as Third World as most of the countries belonging to these continents are underdeveloped. Underdeveloped in the sense that they are still struggling to get rid of the issues related to poverty, water and sanitation, population growth, low per capita income, and unemployment leading to unrest and less industrialization. This unjustified distribution of resources has divided the world into have and have not countries. In general terms, they are identified as Developed and Developing Countries. Developed countries are well-equipped with resources and are progressing to advancement while the developing countries are under severe stress due to the above factors. All such countries known as Third World Countries face the same problems of stigmatization by the developed countries First world Countries. The underdevelopment of the Third World Countries is marked by a number of common traits; distorted and highly dependent economies devoted to producing primary products for the developed world and to provide markets for their finished goods; traditional, rural social structures; high population growth; and widespread poverty. Nevertheless, the Third World is sharply differentiated, for it includes countries on various levels of economic development. And despite the poverty of the countryside and the urban shantytowns, the ruling elites of most Third World Countries are wealthy. One of the major problems of Third World Countries is water. Since the advent of humankind, civilizations fought for water for their survival whether through democratic processes or military escalation. It has been said that the future wars will be fought in a struggle to control the water resources where third world countries will be hardly hit (Agence France Presse, 2001). Availability of drinking water and its accessibility for other uses lead to conflicts within the nations and ethnic groups. For instance, Indo-Pak political confrontation can be viewed from a different angle, which is the distribution of water through rivers. Though both the countries are following the Indus Water Treaty, very often there is a conflict over river water distribution and dams construction. A solution by the governments of these nations, be it through policy formulation or other mechanical means may help plough their ways to economic growth. Poverty is another major problem facing Third World Countries. It has various serious consequences on human lives. With the rising rates of poverty, many of the local citizens face problems of famine and lack of lodging. An obvious example would be India. Poverty comes with lack of hygiene and this favors the proliferation of various harmful bacteria which results in the development of diseases such as cholera, malaria, etc. People either do not have enough facilities or these facilities are too expensive to overcome such diseases. Overpopulation most of the third world countries are facing difficulties in adjusting their population explosion within their boundaries, resulting in migration of people from their home countries to the developing or developed nations. The biggest example is Bangladesh and India from where people migrate to the Middle East or even China, which is already highly populated. Due to over-population and relatively limited resources, China has a One child rule where a couple can only bear a single child. If the economy of a nation cannot sustain its population, it is definitely bound to fail. With the increase in population, there arise complimentary problems such as the need for better housing, antagonism for social infrastructure, a bombarded national budget and the prevalent problem of unemployment. Having said this, there is a need for population regulation so as to create a better environment for economic growth. Another problem in the recent times is Globalization that upholds that everyone must benefit from modern transformation (Phil Marfleet, 1998). Emerging technology is doing more harm than good to Third World Countries. First World Countries use highly updated technology for example to manufacture clothing, food and other items; they no longer use the cheap labor from third world countries, which in turn leads to unemployment and poverty. Again, the third world countries being the struggling economies are unable to reap the benefits as they are already encircled within their basic problems. Furthermore, the gap between the first world countries and the third world states continues to widen in all aspects. Poor nations are becoming even poorer in contrast to rich nations which are getting richer than ever. It is important that G8 nations should derive some solution to the problems of third worlds migrating labor class rather than implementing more and more technology based industrial un its. An even more threatening plight to the development of Third World Countries is terrorism. Terrorism is the use of violence against civilians by sub-national groups for political purposes. A sense of perceived injustice and the belief that violence will effectively redress it is the ideal breeding growth of terrorism. It has occurred throughout history but today the world is experiencing a global rebirth of attacks. The whole world is getting familiar with Arab and Muslim names. Terrorism therefore is designed to have psychological effects that reach farther beyond the impact on the immediate victims of an attack. The growing terrorist population is becoming more and more dangerous, with new organizations forming out of nothing. Politicians make terrorism a blame game and throw mud on each other. Also, the terrorist groups have the power to bribe or corrupt the public officials that aim to shut them down. Ending terrorist threats requires imaginative and fluid thinking, whether to att ack the roots of terrorism or neutralize a particular group. Education is the most neglected area in a countrys economic policies. Third World Countries lag behind since they may either have insufficient funds devoted to literary growth or these funds are wasted wrongfully. A big part of the population is illiterate due to wrong planning. Under such circumstances these countries have failed to excel in Science and Technology. In addition, there is intellectual ignorance from the government as they deliberately ignore the issue of education. Any stable economy must drink from the brook of literacy without which a nation would be intellectually malnourished. Debts have crippled many developing countries. Often based on loans taken out by prior rulers and dictators (many of which various Western nations put into power to suit their interests), millions face poorer and poorer living standards as precious resources are diverted to debt repayment. In this regard, the question of transparency and corruption being evident In Third World Countries emerge. Many third world countries especially in Africa have been sited as having some of the most corrupted government officials in the world. These dictators squander money meant for development as they appeal for more donations from the developed nations. This has led to sanctioning of several Heads of States from getting into some European nations due to their corruption records. As if this is not enough, some Heads of States have clung to power forcefully and by so doing, they drive their economies to the ground. For example Zimbabwe faces the highest rate of inflation where its currency has totally lots its international value. Dictatorship and corruption are greatly accredited to the slow growth in the economy of the developing nations. Foreign aid, and indeed all the efforts of existing institutions and structures, have failed to solve the problem of underdevelopment. The United Nations Conference on Trade and Development (UNCTAD) held in New Delhi in 1971 suggested that one percent of the national income of industrialized countries should be devoted to aiding the third world. That figure has never been reached, or even approximated. In 1972 the Santiago (Chile) UNCTAD set a goal of a 6 percent economic growth rate in the 1970s for the underdeveloped countries. But this, too, was not achieved. The living conditions endured by the overwhelming majority of the 3 billion people who inhabit the poor countries have either not noticeably changed since 1972 or have actually deteriorated. In conclusion, we have to identify these factors that are contributing to the slow growth of the developing nations and try to bring a revolutionary approach towards them. These issues are however complicated by the stereotypes of what third world and first world countries are like. People in the first world, for example, often describe third world countries as underdeveloped, overpopulated, and oppressed. Third world people are sometimes portrayed as uneducated, helpless, or backwards. Modern scholarship has taken steps to make academic discourse more conscious of the differences not only between the first world and the third world, but also among the countries and people of each category. Let there be a universal change in ideologies that may enhance a growth in the economies of the third world countries hence put an end to the global stratification..

Compare and Contrast ?Genesis? and ?Penetrating to the Heart of the For

Topic # 3 Compare and Contrast â€Å"Genesis† and â€Å"Penetrating to the Heart of the Forest†, Looking at both myth and short story. Although there are many similarities present, a distinct difference is made between â€Å"Genesis† and "Penetrating to the Heart of the Forest" in that â€Å"Genesis† is a mythical narrative while "Penetrating to the Heart of the Forest" is an adaptation of a mythic story (Adam and Eve) in the form of a short story. When comparing and contrasting these two stories we see similarities in storyline, themes, symbols, differences in detail, and the extent and significance of the stories themselves. When deciding whether these narratives are myths or short stories, one must look at the contents of each piece of work. â€Å"Genesis† can clearly be defined as a myth because it contains all the characteristics of a myth. These characteristics include casual and vague descriptive writing about a very significant and important piece of work. Characteristics of myths also include â€Å"superstitious† themes, characters and the establishment of traditional ways of life and belief systems for a wide variety of people. Although â€Å"Genesis† contains one of the most popular and significant creation tales today, its lack of description and vague details account for its acceptance of being a myth. An example of this is the seven days of creation being written in one chapter; â€Å"In the beginning God created the heavens and the earth, and the earth was formless and voice† (The Access Bible 2). This suggests that â€Å"Genesis† may have been passed down orally from generation to generation, which, according to Campbell (â€Å"The First Storytellers†), resembles all other myths. The presence of solely flat or static characters (such as Adam and Ever) is a good example to show why â€Å"Genesis is considered a myth†. Only imprecise details about Adam and Eve are given and we lack any understanding of personality or character traits. The existence of superstition is also very apparent in â€Å"Genesis†. God (the embodiment of good) is constantly at work as is the Serpent (the embodiment of evil). The supernatural is a key element in the â€Å"Genesis† creation myth. Examples of these elements are; the presence of angels, a holy sword, and a tree of unnatural, divine abilities (Bible 2, 6, 7). Supernatural e... ...). Whereas â€Å"Penetrating to the Heart of the Forest† lacks this, and focuses on entertainment rather than education. The absence of God and other supernatural characters contributes to a lack of mythical sensation. â€Å"Genesis’† focus is to â€Å"teach truths about the nature of reality, the meaning of life, and the purpose of human existence,† (Bible 2) while â€Å"Penetrating to the Heart of the Forest† is a purely entertainment driven short story. Although both â€Å"Genesis† and â€Å"Penetrating to the Heart of the Forest† can be seen as fictitious narratives containing similar qualities, themes, and storylines, both present clear differences in purpose, direction, and description as well as â€Å"Genesis† being a myth and â€Å"Penetrating to the heart of the forest† as being a short story with a mythic plot. Word Count: 1,187 Works Cited Access Bible, The. New Revised Standard Version. Ed. Gail R. O’day, David Petersen. Oxford University Press; pg 1-7. â€Å"The First Storytellers.† Prod. Apostrophe S. Productions, Inc. New York: Mystic Fire Video Inc., 1988. Carter, A. â€Å"Penetrating to the Heart of the Forest†; Fireworks: Nine Profane Pieces; 1974: Penguin books; pg 51-66.

News Coverage of September 11th, 2001 Essay -- Terrorism and Journalis

The attack that occurred on September 11th, 2001 on the World Trade Center in New York City is an event that lingers in the minds of many Americans and other people throughout the world. Most people can recall exactly where they were and whom they were with when they first heard about the airplanes crashing into the towers. It was a day that changed the way people looked at the world and brought to light the realities that even the wealthiest and most military advanced country was not safe from acts of terrorism. The dangers posed by religious extremist were being carried out on national and international news outlets live in front of millions if not billions of people worldwide. The events that occurred on this day changed the way journalism was practiced both by U.S. and foreign media outlets. This essay examines how domestic and foreign news stations covered the events of 9/11. As the events unfolded right in front of the eyes of America the framing of the news that day was done without preparation. Recollecting back to September 11th, 2001 the images being seen across the world were astonishing. In the beginning of the news coverage by the majority of the news stations both national and international, everyone seemed to be amazed and confused about what exactly was going on. No one knew if the first plane was purposely crashed into the first tower or if it were a small passage plane that accidently flew into its side. Once the second plane crashed into the other tower it was evident that it was done deliberately. Live broadcast from Sky news focused on the live events as they were taking place. Sky news relied on images from colleague stations in the United States such as CBS and FOX news channels to bring live image feeds from New York City into the homes of people in Europe. Sky news did not associate terrorism with the plane crash into the World Trade Center until after the second plane crashed into it because it was evident it was done so purposely. BBC World as they reported the events in New York City, would only classify the event as two plane accidents and did not associate it to any act of terrorism. According to â€Å"Television journalism during terrorist attacks† by Kirsten Mogensen, she states â€Å"terror events happen so quickly that there is hardly anytime to check the information. On September 11th, 2001, major television networks ... ... of 9/11: Towards an Interdisciplinary Explanation of the Construction of News.† Journalism (London, England) 11.5 (2010): 567-88. Print. BBC 9/11 Coverage. 2001. Retrieved February 5th, 2011, http://www.youtube.com/watch?v=15_DS_6kZ1k&NR=1 Hahn, Oliver. â€Å"Transatlantic Foreign Reporting and Foreign Correspondents After 9/11.† The international journal of press/politics 14.4 (2009): 497-515. Print. Li, Xigen, and Ralph Izard. â€Å"9/11 Attack Coverage Reveals Similarities, Differences.† Newspaper Research Journal 24.1 (2003): 204. Print. Mogensen, Kirsten. â€Å"Television Journalism during Terror Attacks.† Media, war & conflict 1.1 (2008): 31-49. Print. NBC 9/11/01 2nd Plane Collides. 2001. Retrieved February 5th, 2011. http://www.youtube.com/watch?v=5Tl__04Xoi0&feature=related PÅ‚udowski, Tomasz. How the World’s News Media Reacted to 911 :Essays from Around the Globe. Spokane, Wash.: Marquette Books, 2007. Print. Sky News September 11th, 2001. 2001. Retrieved February 4th, 2011. http://www.youtube.com/watch?v=449lQO93JU&feature=related Stacks, John. â€Å"Hard Times for Hard News: A Clinical Look at U.S. Foreign Coverage.† World policy journal 20.4 (2003): 12-21. Print. News Coverage of September 11th, 2001 Essay -- Terrorism and Journalis The attack that occurred on September 11th, 2001 on the World Trade Center in New York City is an event that lingers in the minds of many Americans and other people throughout the world. Most people can recall exactly where they were and whom they were with when they first heard about the airplanes crashing into the towers. It was a day that changed the way people looked at the world and brought to light the realities that even the wealthiest and most military advanced country was not safe from acts of terrorism. The dangers posed by religious extremist were being carried out on national and international news outlets live in front of millions if not billions of people worldwide. The events that occurred on this day changed the way journalism was practiced both by U.S. and foreign media outlets. This essay examines how domestic and foreign news stations covered the events of 9/11. As the events unfolded right in front of the eyes of America the framing of the news that day was done without preparation. Recollecting back to September 11th, 2001 the images being seen across the world were astonishing. In the beginning of the news coverage by the majority of the news stations both national and international, everyone seemed to be amazed and confused about what exactly was going on. No one knew if the first plane was purposely crashed into the first tower or if it were a small passage plane that accidently flew into its side. Once the second plane crashed into the other tower it was evident that it was done deliberately. Live broadcast from Sky news focused on the live events as they were taking place. Sky news relied on images from colleague stations in the United States such as CBS and FOX news channels to bring live image feeds from New York City into the homes of people in Europe. Sky news did not associate terrorism with the plane crash into the World Trade Center until after the second plane crashed into it because it was evident it was done so purposely. BBC World as they reported the events in New York City, would only classify the event as two plane accidents and did not associate it to any act of terrorism. According to â€Å"Television journalism during terrorist attacks† by Kirsten Mogensen, she states â€Å"terror events happen so quickly that there is hardly anytime to check the information. On September 11th, 2001, major television networks ... ... of 9/11: Towards an Interdisciplinary Explanation of the Construction of News.† Journalism (London, England) 11.5 (2010): 567-88. Print. BBC 9/11 Coverage. 2001. Retrieved February 5th, 2011, http://www.youtube.com/watch?v=15_DS_6kZ1k&NR=1 Hahn, Oliver. â€Å"Transatlantic Foreign Reporting and Foreign Correspondents After 9/11.† The international journal of press/politics 14.4 (2009): 497-515. Print. Li, Xigen, and Ralph Izard. â€Å"9/11 Attack Coverage Reveals Similarities, Differences.† Newspaper Research Journal 24.1 (2003): 204. Print. Mogensen, Kirsten. â€Å"Television Journalism during Terror Attacks.† Media, war & conflict 1.1 (2008): 31-49. Print. NBC 9/11/01 2nd Plane Collides. 2001. Retrieved February 5th, 2011. http://www.youtube.com/watch?v=5Tl__04Xoi0&feature=related PÅ‚udowski, Tomasz. How the World’s News Media Reacted to 911 :Essays from Around the Globe. Spokane, Wash.: Marquette Books, 2007. Print. Sky News September 11th, 2001. 2001. Retrieved February 4th, 2011. http://www.youtube.com/watch?v=449lQO93JU&feature=related Stacks, John. â€Å"Hard Times for Hard News: A Clinical Look at U.S. Foreign Coverage.† World policy journal 20.4 (2003): 12-21. Print.

Neoclassical Poetry Essay

Neoclassicism is the idea about art and literature that evolved during the 17th and 18th century greatly affected by classical tradition. Changes in culture and consciousness influenced this period. Crucially, the Neoclassical Age, also known as The Age of Reason English Literature, can be classified into The Restoration Age (1660-1700), The Augustan Age or The Age of Pope (1700-1745), The Age of Johnson or The Age of Sensibility (1745-1785). Among these, Milton had a predominant influence over the Restoration Age. His important contributions during this period were Paradise Lost. Paradise Regained and Samson Agonistes. Neoclassical poetry as such, did not have any concerted body of principles and methodology. The prominent writers shared a common view based on their response to the various ancients. They concurred regarding the concision, elegance and wit of their classical forerunners. Their poetry matched the intelligence of Horace’s Verse, beset energy of Juvenal’s Satire and the heroic raise of Homer’s Epic. Their theory of literature was shaped by a composite classical influence and which Aristotle and Horace stood out. According to the neoclassical critics, the overall meaning conveyed by any work should be the principle by which all its aspects should be assessed. Literature works of this age were judged by the impact it created and the poet was advised to adapt particular instruction and pleasure he wished to give the readers. Milton was the poet of steadfast will and purpose, who moved like a god amidst the fears, hopes and changing impulse of the world ignoring them as insignificant things, which can deviate progression of one’s purpose. This attitude made him a successful Restoration poet. â€Å"His writings were greatly influenced by the Restoration Age. He shows himself the Puritan that he was by birth and upbringing; but nurtured on the classics made popular by Renaissance, he refused to surrender his ’better judge-ment’ to sheer faith and loved secular pleasures no less ,if they added to the richness of life: intellectual liberty, art, literature ,science, philosophy ,and the pagan mythology of ancient Greece and Rome. These twin influences vie with each other in all that he wrote†. (Prasad, P. 42) Paradise Lost gave an unforgettable recognition to Milton in the history of English literature. The poem was a great one due to its completeness and the visual immediacy imagined by Milton. As a long poem, it is a monumental achievement, both intellectually as a work of the literary imagination and the powerful expanses of its verse, which, with the strength of classical precedents behind it, proved inimitable. The modern reader can take in two facts from Paradise Lost, a thorough familiarity of first few chapters of scripture the general principles that constitute the Calvinistic theology. However, it is a letdown if we try to use the poem to teach a literal acceptance of one or the other. The underlying theology of Paradise Lost is overlooked. Nevertheless, the magnificence of the Puritan dream and the splendid melody of its expression, as depicted in the book, cannot be disregarded. A feeble reading of the text can make the reader to comprehend why it is compared with Divina Commedia of Dante. Though Milton has been criticized for mocking the present trend of science, the poem is realistic based on myth. The composition and notion of Paradise Lost had a mesmerizing effect which only Shakespeare, Dante and Homer were able to produce. It is clear that the epic does not have unrivaled excellence in its lyrics. It is inconsistent and ambiguous which are not that evident in the other prolific writers. However, due to his unique style it made an everlasting impression. Milton is a master of rhyme in his shorter poems and a master of blank verse in the longer ones. He undertakes a style, which reaches a great level in Paradise Lost. It expresses the loftiest thoughts in the loftiest manner. It is achieved by a preference for the uncommon in word and phrase, conciseness, suggestiveness in place of detail, restraint in the use of ornament, wealth of biblical and classical allusions. (Prasad, P.43) The purpose of Milton is equivalent to other great writers. He has given us a living, not literary, epic. It is the influence of the neoclassical age, due to which it was possible. Historically the age was one of tremendous conflict. The literature of the age is extremely diverse in character and the diversity mainly due to the breaking up of the ideals of the political and religious unity. Milton emerged as a successful poet due to the neoclassical features in Paradise Lost. Thus, the Neoclassical Age ended paving way for the various other ages in the history of English.

Dr. Jr

1) Describe what occurs in each of the four parts of the hydrologic cycle and how each part of the hydrologic cycle is related to the next part of the cycle. The four parts of the hydrologic cycle are evaporation, condensation, precipitation and runoff. Water evaporated from the ocean eventually condenses as water droplets in clouds. If the cloud grows large enough, the droplets coalesce and fall as precipitation, mostly as rain, sometimes as snow or ice.The cycling of water molecules from the ocean to the atmosphere to the land and back to the ocean. 2) Examine the northwestern portion in the country of Brazil in Figures 2-33, 4-14 and 4-22. a) What type of climate does northwestern Brazil experience? Humid Equatorial b) What type of soil does northwestern Brazil have? c) What type of biome is located in northwestern Brazil? 3) Based on your answers from #2, explain the relationships that exist between the climate, soil and biome of northwestern Brazil. ) According to Figure 4-22, i n which major terrestrial biome is eastern Nebraska classified? What major terrestrial biome classification is located to the east of that found in eastern Nebraska? Which climate factor (temperature or precipitation) explains the difference between the two biomes? 5) Explain the terms deforestation and desertification. Give one example of how the two are different. Give one example of how the two are similar. ) What is the difference between a renewable and a nonrenewable resource? Give one example of each. 7) What is temperature inversion, and how does it affect urban air pollution problems? 8) What is meant by the term â€Å"nonpoint source pollution†? List two examples. 9) Describe, with an example of each, the influences of cultural values, level of technology, and economic systems on natural resource value. 10) Explain two arguments for and two arguments against nuclear power.

Nike Case

Nike Case 1. Should Nike be held responsible for working conditions in foreign factories that it does not own, but where subcontractors make products for Nike? No, I do not believe Nike should be responsible for working conditions in foreign factories. I do believe that there should be working standards in place and adhered to but I do not believe that is Nike’s responsibility. Nike is a business in order to run a successful business one must abide by good business practices including respecting others beliefs and values.It would be no different than if a Nike employee another employee how to raise their kids. As long as they are abiding by the laws governed in that their own country people are free to raise their children how they please. 2. What labor standards regarding safety, working conditions, overtime, and the like, should Nike hold foreign factories to: those prevailing in that country, or those prevailing in the United States? Nike should uphold the standards prevail ing in the particular country.If there are issued regarding safety, working conditions, overtime, etc, they should be discussed through separate entities, for instance the United Nations. 3. An income of $2. 28 a day, the base pay of Nike factory workers in Indonesia, is double the daily income of about half the working population. Half of all adults in Indonesia are farmers, who receive less than $1 a day. Given this, is it correct to criticize Nike for the low pay rates of its subcontractors in Indonesia? It is not appropriate to criticize Nike for low pay rates.According to salary. gov, the average American income is 46,326. If a company from United Arab of Emirates came exports products from a store in the U. S. and paid the works 105,623 (equal to the percentage raise Nike is paying in Indonesia), Americans would be grateful. 4. Could Nike have handled the negative publicity over sweatshops better? What might it have done differently, not just from a public relations perspectiv e, but also from a policy perspective? Yes, Nike could have handled the negative publicity better.For instance Andrew Young should have brought is own interpreter into the factories. There is no way of knowing what is actually being said and the motives behind a foreign interpreter. Nike took the right steps when it mandated hours worked per week, minimum wage per governing country, and raising the child labor laws. They set emplace standards and followed up with them. When they found businesses not adhering to the regulations they increased them, and gave the business a clear definition of what the regulation mandates.I don’t think Nike could/should have done anything else. 5. Do you think Nike needs to make any changes to its current policy? If so, what? Should Nike make changes even if they hinder the ability of the company to compete in the marketplace? No, I do not believe Nike needs to make changes to its current policy. The fact that they even implanted policy shows th eir character. If Nike did make changes and couldn’t compete in the market place thousands of Americans would be upset about losing their favorite sports brand, and millions of people would be out of jobs.The failure of Nike to compete in the market place could literally mean the down turn of foreign economies. 6. Is the WRC right to argue that the FLA is a tool of industry? The WRC is correct in stating FLA is a tool of the industry. However, the businesses involved are exactly that, businesses. The FLA was an appropriate step in the right direction for the pursuit of better business practices by other countries while maintaining the best business relationship possible. Disrespect, is not only a great way to lose business, but wars are literally started over it.FLA takes the times to look at the beliefs, and values of the companies it is working with and not just â€Å"do what they feel is the right thing to do†. 7. If sweatshops are a global problem, what might be a global solution to this problem? The United Nations should handle the sweatshop issue. That way it is not just the U. S. attacking, or implementing their business structures on other countries. The United Nations is specifically designed to handle global issues. Having multiple nations give their input and suggests would be an incredibly helpful and compromising tool for employees and employers in all countries. Nike Case Corporate Finance Nike, INC: Cost of capital 1. What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? Definition of WACC (Weighted Average Cost of Capital): WACC is basically the average of the cost of finance (debt and equity). Since a company’s assets can be financed by debt or equity, WACC can show the averages of the costs involved in the sources of financing. These costs are then weighted by the users of the information as required in a specific situation.This shows how much both debt holders expect to pay in interest and how much return the shareholder can expect to receive, for each dollar of financing (Investopedia, ND). The calculation of the cost of capital is one of the important elements that decide the enterprise value. The value of the enterprise can significantly change when the percentage of cost of capital changes in the business model, with the cost of ca pital representing the expected return for shareholders. We disagree with Joanna’s WACC calculation for following reasons: The calculations of WACC and DCF can be effected as they are subjective by her human judgment.Even though there are no right answers to make these decisions, our team disagrees with some of the assumptions Joanna Cohen made. i. ‘Ratio of debt financing’ and ‘Ratio of equity financing’ It has to be applied the market value because current shareholders’ expected return has to be reflected. Both ratios should be calculated not by using ‘Book Value’ but ‘Market Value’. ii. Cost of Debt Cost of Debt can be calculated with the current yield publicly traded in the market, because we are projecting the future cash flows. Joanna calculated this by using historical data.However cost of debt should be calculated using current YTM of debt. iii. Cost of Equity Joanna calculated cost of debt by using following CAPM formula: Cost of Equity = 5. 74% (20 year Treasury bond) +0. 80 (Average Historic Nike beta) *5. 9% (Average premium of the market over Treasury) =10. 5% When calculating the beta, using the most current beta is better than using the average, because the current beta reflects the most recent environment of Nike stock. 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and be prepared to justify your assumptions. i. Ratio of debt financing’ and ‘Ratio of equity financing’ Market value of debt = 5. 4 + 855. 3 + 435. 9 = $1,296. 6million Market Value of equity= There is no information about market value of debt. We will use ‘Book Value’ $1296. 6million Market Value of equity= Share price ($42. 09) * Shares outstanding (271. 5million) =$11,427. 4million Ratio of debt financing=1,296. 6 / (1,296. 6+11,427. 4) = 10. 19% Ratio of equity financing=11,427. 4/ (1,296. 6+11,427. 4) = 89. 81% WACC=9. 81%*89. 81%+7. 168 %* ( 1-38%)*10. 19% =9. 26% ii.Cost of Debt Market value of debt should be: Current price of debt: $95. 60 Coupon rate: 6. 75%(semiannual) =coupon $3. 375 per 6month Period to maturity: 20 years =40 period Face value: $100 YTM (=cost of debt) =3. 584% (semi annual) =7. 168% (annual) iii. Cost of Equity Using CAPM formula Cost of Equity = 5. 74% (20 year Treasury bond) +0. 69 (Latest beta) *5. 9% (Average premium of the market over Treasury) =9. 81% 3. Calculate the costs of equity using CAPM and the dividend discount model. What are the advantages and disadvantages of each method? * CAPM Cost of Equity = 5. 4% (20 year Treasury bond) +0. 69 (Latest beta) *5. 9% (Average premium of the market over Treasury) =9. 81% Advantage:| * CAPM considers only systematic risk, beta. It does not consider company specific risk. * It is useful to see an individual stock in entire portfolio. | Disadvantage:| * Some inputs are hard to reflect the situation of real world. * Relatively difficult to use co mpared to DDM| * DDM Share Price($42. 09) = Dividend($0. 48) / (re –Dividend Growth(5. 5%)) re(Cost of Equity) = 6. 64% Advantage:| * DDM only focuses on an individual stock rather than a portfolio. Always use, when calculating stock price. * Relatively easy to use compared to CAPM. | Disadvantage:| * Results are very sensitive to change when assumptions are inputted| 4. What should Kimi Ford recommend regarding an investment in Nike? RECOMMENDATION: should buy NIKE stock. NIKE stock price should be $58. 22 under the condition WACC, 9. 26%. Currently Nike stock is $42. 09. Now Nike stock is under value by $58. 22 – $42. 09 = $16. 13 per share. Works Referenced Investopedia, ND. M&A, Preferred Shares, Investopedia. [Online] Available at: http://www. investopedia. com/terms/w/wacc. asp [Accessed 1 April 2013].

National Gallery of Victoria Essays

National Gallery of Victoria Essays National Gallery of Victoria Essay National Gallery of Victoria Essay The National Gallery of Victoria Name: Institution: Table of Contents Topic Page 1.0 Introduction 3 1.1 Operational Description 3 1.2 Opening Hours and Facilities 3 Classification of Attraction 3 1.3 Significance 4 1.4 Model 4 1.5 Research Questions 4 1.6 Hypothesis 4 2.1 Artwork in the National Gallery of Victoria 4 2.2 Cultural Tourism in Australia 5 2.3 Motivations for Tourists in Cultural Tourism 6 2.4 Art Promotion in NGV 6 3.0 Conclusion 6 The National Gallery of Victoria Introduction Aim This paper aims to analyze the National Gallery of Victoria and its contribution to the growth of cultural tourism in Australia. The research will examine the current growth in cultural tourism, the motivations of cultural tourists and the efforts of the National Gallery to not only promote indigenous but also contemporary art. Operational Description The National Gallery of Victoria has two branches. The first branch is NGV International that is located in Southbank along St Kilda road. The second branch is the Ian Potter centre at the federation square. The two galleries are just several miles apart within Melbourne. The NGV primarily depends on donated funds from wealthy citizens as well as donated pieces of art. The management of the National Gallery of Victoria consists of an executive management team and a council of trustees (â€Å"People Projects† 2013). The executive management is made up of three directors. Tony Ellwood is the director assisted by Andrew Clark. The third person in the executive management is the Assistant director Dr. Isobel Crombie. The council of Trustees is made up of eight people who assist in the running of the NGV. It also relies on several corporate sponsors and partners including Mercedes Benz, Macquarie, Ernst Young, Qantas, Sofitel luxury hotels among others. Opening Hours and Facilities NGV international is open to the public every day except Tuesday from 10am to 5pm. It is also open on all public holidays except Christmas and Good Friday. On ANZAC day, it opens at 1pm. Other facilities in the museum also have opening and closing hours. The NGV shop and the gallery kitchen are open from 10am to 5pm except on Tuesdays. No facility within the museum is open on Tuesday. The Tearoom and the members lounge each open from 10am to 4:30pm. The Persimmon opens from 11am to 4pm. The Ian Potter Centre is closed on all Mondays and no facilities within operate during that day. The opening hours fro the Ian Potter Centre are 10am to 5pm and like the NGV international is closed on Christmas Day and Good Friday and opens at 1pm on ANZAC Day. The NGV shops in the centre however is the only facility that opens daily from 10am to 5pm. The crossbar cafe and the members lounge are closed on Monday. The Persimmon is a dining area where visitors can order and take lunch. Visitors take tea , cakes and other light food in the tearoom. The Gallery kitchen at NGV provides visitors with the opportunity to grab a casual lunch. The crossbar cafe at the Ian Potter offers visitors with an area to take a break and enjoy light snacks. Classification of Attraction The National Gallery of Victoria is classified as an art and culture museum (NGV). The museum can be categorized among the heritage and to a minimal extent the creative tourism categories. The NGV can be related to the aboriginal-European contact eras since it holds far much more art pieces about the history and culture of the aborigines than any other museum. The Ian Potter centre especially, holds a lot of artwork on indigenous Australian culture hence its relevance to this period. The NGV is both a visitor attraction and a tourist attraction. Using Gunn’s model the nucleus of the NGV is the International museum building. The stained glass ceiling and the water wall entrance give the visitor a cultural and unique feeling. The inviolate belt is the surrounding grounds, the Grimwade gardens that give the exterior of the museum a unique ancient look. The zone of closure is the Melbourne arts precinct that offers a wide array of art related facilities. St Kilda Road also assists in accessibility. The Federation square parking lot offers ample parking space for visitors. The visitor experience is great. NGV staff politely guide and direct visitors and their issues are attended to promptly. NGV staffs are trained to communicate with visitors using different languages. Tours can be organized in different languages with provision for audio-described tours. Visitors can communicate with the administration through the phone or via email in case of any issue. Significance During recent times, there has been a growing interest in native Australian and aboriginal art. Tourists have been streaming into Australia not only to sample its fascinating scenery but also to learn about the diverse and rich culture and tradition of the Australian people. The National Gallery of Victoria has been one of the major destinations for tourists wanting to learn more about Australian culture. Finding out about the gallery’s contribution to the growth and appreciation of art will create awareness on the part of both stakeholders and the authorities on the importance of sustaining and maintaining museums and other heritage attractions. Model The research took a quantitative direction where observations were made and primary data on the National Gallery of Victoria collected. The observation involved visiting the Gallery and recording important information on the pieces in store, the activities taking place and the visitors. In addition, secondary data from magazine and journal articles, books and other recorded information on the gallery were also relied on for more information. The information gathered was compiled for the research. Research Questions This research aims to answer two main questions; 1. How does the Nation Gallery of Victoria enhance the study of historical Australian art? 2. How does the museum contribute to the appreciation of both indigenous and international artwork? Hypothesis In view of the above research aims and questions, the aims of this research were to prove the two research purposes outlined. The two hypotheses are outlined as follows: Null Hypotheses; The National Gallery of Victoria inhibits the study of aboriginal art The museum does not contribute to the appreciation of artwork Alternative Hypotheses; The Gallery enhance the study of aboriginal art The gallery contributes to the appreciation of art and cultural tourism. Artwork in the National Gallery of Victoria The NGV is a great source of information on artwork and art pieces drawn from historical and modern eras. The arts student, teacher and curious fanatic can access all sorts of varied and diverse artwork from the gallery. The national gallery of Victoria has a collection of varied artwork ranging from Australian, European to Asian art for diverse periods. International art pieces are held in the original museum while the Australian artwork was moved to the Ian Potter Art Center. NGV’s Australian collection consists of Indigenous art, impressionist painting, and paintings from the colonial period and contemporary art collections since the beginning of the twentieth century. The NGV boasts over 65,000 pieces of art ranging from many centuries ago. Some of the art pieces in NGV’s collection can be found online (about 18540 artworks). Interested art enthusiast can search the internet for artwork and collections rather than visit the museum in person. Australian artwork in ex hibition at the gallery includes paintings, drawings and multimedia. There are also pieces on Australian photography, sculptures and decorative arts. The museum is therefore a great source of information on not only modern Australian art but also ancient art. For the international arts enthusiast the NGV displays a large number of international art pieces. It is a one-stop center for all stakeholders’ art needs. The museum hosts a large collection of European art including photography, fashion items, drawing and prints, Mesoamerican art, Asian art and sculptures and antiquities drawn from all over the world. Its collections vary across Greek, European and Egyptian classics. The international collection in NGV is touted as one of the largest and most extensive in Australia. One of the highlights of the NGV’s international collection is its acquisition of an ancient painting by an Italian painter known as Corregio. Corregio was one of the most prominent personalities during the Italian Renaissance. His painting â€Å"Madonna and child† was purchased by NGV for its 150th birthday and is the most expensive single artifact ever acquired by NGV. From its rich collection and increasing improvement of its art pieces, the NGV has largely contributed to the development of artwork in Australia. Cultural Tourism in Australia Many cultural tourists in Australia visit the country to explore its rich and diverse aboriginal art and culture. Aboriginal art is indigenous Australian art made and created by Australians and affiliated people. Scholars show differing opinion on the comprehensive definition of cultural tourism. According to Hossain, Heaney and Carter (2005), cultural tourism is a kind of tourism where people visiting participate in one or two cultural events such as visiting heritage buildings and art galleries. Dallen Timothy (2011) divides cultural tourism into two; physical and abstract tourism. He says that physical cultural tourism encompasses objects such as artwork, paintings and heritages sites while abstract encompasses things such as music and language. Douglas et al. (2001) give a more comprehensive definition of cultural tourism. He explains that cultural tourism involves various aspects of culture such as learning about culture and participating in culture. Aboriginal art has rich cult ural, religious and mysterious meanings. Paintings and rock art show a great mastery of art and reveal significant cultural information on native Australian people. Aboriginal art gas a deeper meaning vested in ancient native customs, myths and beliefs (Finley 2008). Aboriginal art has been the focus of Australia’s tourism sector for many years. Visitors from within Australia and abroad have generated an interest in the cultural history of aboriginal Australia. Australia boasts of a huge and diverse cultural heritage with the interest in art increasing over the years. According to Foo and Rossetto (1998), cultural tourism all over the world has been increasing at a high rate in the past several decades. Australia itself has registered an increased number of people coming to visit its cultural heritage sites such as NGV to enjoy the variety of artwork. Tourists visit cultural sites to learn more and understand the culture of the Australian people. According to Carol Finley (20 08), aboriginal art is an interesting way to learn about the lifestyle of the Australian people. The number of international cultural tourist to Australia has increased over the years with their participation in cultural events also increasing (Hossain, Heaney and Carter 2005). Cultural tourism is thus an integral part of the country’s tourism sector attracting a large number of tourists every year. According to the Australian council for the Arts (2013), about fifty percent of all the tourists that visit Australia every year are cultural tourists. There is no dispute as to the appealing nature of aboriginal art as can be confirmed from this information. Aboriginal art has been influential in enhancing tourism with tourists attracted to a different cultural heritage site every time. Motivations for Tourists in Cultural Tourism There has been an influx of tourists into Australia in recent years. The number of domestic as well as international tourists has spiraled with statistics showing a rising trend in visitors in the tourism sector (Hossain, Heaney and Carter 2005). Several factors have been proposed to explain why there has been an increased trend in cultural tourism in Australia. A tourism survey conducted by Tourism Research Australia showed that majority of cultural tourists visit heritage and historical sites (61%) followed by museums and art galleries (57%). Among all these visitors, museums were cited as the most popular sites (â€Å"Australian Council of Arts 2013). These statistics reveal a certain preference of cultural heritage and cultural art by both foreign and domestic tourists. Douglas et al. (2001) outline several factors that act as a motivation for cultural tourists. Among the factors they cite includes a change in the preferences of tourists. According to their book, tourists are g etting used to the complex non-cultural tourism and area seeking simple and less packaged kinds of tourism (p.119). Cultural tourism provides this simple type of tourism because it provides for effective communication and interaction unlike wildlife tours. Another explanation of the increasing popularity of cultural tourism is the emergence of a different kind of tourist. Tourists have evolved and modern day tourists want experiences that are intellectually beneficial and educative (Douglas, N., Douglas, N., Derrett, R., 2001). Other kinds of tourism do not offer this kind of experience. Cultural tourism enables the tourist to interact and learn about cultural meanings and explanations. The cultural tourist therefore earns the opportunity to be more aware and culturally educated than before. Another explanation for the change in preferences is the notion that cultural tourism provides the tourist with a different kind of experience. The cultural tourist gets to enjoy new and more i nteresting tourism aspects rather than the old and relatively monotonous ones (Smith, 2009, p.33). The above factors show the increasing popularity of cultural/heritage tourism in Australia. Cultural heritage has become an influential factor in the understanding of art in the modern world. Its educative aspect as well as its popularity has made it among the best tools that can be used to understand indigenous culture. Art Promotion in the NGV The NGV has long demonstrated a desire to promote local art in Australia. The museum is dedicated to promoting knowledge and awareness about historical artwork as well as promoting new and young talent in contemporary art (â€Å"National Gallery of Victoria† 2013). The workshops and classes organized by the NGV engage the students in educative lessons and programs on the collections and exhibitions in the museum. These sessions are held every week with museum authorities providing for an activity for kids, interactive and educative talks, a performance or film and an interesting practical workshop. The art gallery also provides programs for schools and classes for little children. The emphasis on education by the NGV authorities can also be seen in their recent construction of a gallery for training on artistic work (Boland, 2013). In this room, adults and children converge to practice their painting and drawing skills. The authorities have also emphasized on increased interac tion and engagement between museum staff and visitors. Staffs are required to be knowledgeable about artwork and to carry out their duties diligently. Tourists and gallery visitors can therefore be assured of an educative experience. Conclusion The National Gallery of Victoria is a museum facility rich in cultural and artistic pieces of art. The museum has been instrumental in the promotion of arts education among art, culture lovers and tourists. Through its wide array of cultural and indigenous Australian art, the museum attracts a large number of tourists and locals every year. Its concentric structure accentuates its purpose as a cultural and heritage museum hence the large number of tourists. The museum contributes to tourist education and contemporary art development through a myriad of programs aimed at developing talent and art. The museums extensive display of aboriginal art also plays an important role in attracting art lovers who prefer cultural tourism because of its educative nature and intellectualism. The museum is thus an important source of visitor and tourist education on art issues as well as indigenous and contemporary cultural art. Bibliography Acker, T, 2008, ‘Aboriginal Art: It’s a Complicated Thing’, Artlink, 28 (3), Viewed 25 April 2013, Acker writes about the mystery and message of aboriginal art and its appeal to those who are curious. This article helps in clearly understanding the aspects of aboriginal art hitherto unexplored and reveals vital information on why the art is increasingly becoming popular. Australian Bureau of Statistics, 25 August 2006, Aboriginal and Torres Strait Islander Australians: Involvement in Arts and Culture, viewed 25 April 2013. This document contains statistical records from the ABS about the number of tourists and visitors that visited Australian attractions. It also characterizes the tourists by the attractions they visited and their popular sites. This document helps in understanding the current trend towards cultural/heritage sites by the number of tourists. Australian Council for the Arts, 2013, Cultural Tourism, Viewed 25 April 2013, This is a summary report by the Australian council on the number of tourists that visited Australian art and culture centers courtesy of a study by Tourism Research Australia. The report provides a simple and concise analysis of art and culture tourism from a statistical perspective. Boland, M, 16 January 2013 â€Å"National Gallery of Victoria Rolls out the Welcome Mat†, Arts, viewed 25 April 2013, Boland outlines the recent changes occurring in the National Gallery of Victoria and their possible impact on cultural tourism. The article gives the audience a glimpse of the efforts by the gallery to improve their tourist facilities as well as boost their service delivery. Corsane, G, 2005, Heritage, museums and galleries: an introductory reader. London, Routledge. This book reviews the importance of cultural attractions, their characteristics and the reasons why they attract many visitors. It also outlines the possible improvements to these attractions. This book is important in studying cultural tourism. It provides a general overview of the basic aspects of heritage sites and galleries important for this study. Douglas, N, Douglas, N., Derrett, R., 2001, Special interest tourism: context and cases. Brisbane, John Wiley Sons Australia. Douglas et al. provide specific examples of heritage sites and the challenges they face. Their book is important in comparison and in examining the intricate details of cultural tourism from a realistic perspective. It provides this research with an array of information on cultural sites. Finley, C., 2008, Aboriginal art of Australia: exploring cultural traditions, London, Lerner. Finley looks at the aboriginal art of Australia and examines the details about the art and the interesting factors in the culture. His book contains a lot of information on aboriginal art that has been incorporated into this study. Foo, L. M. and Rossetto A, 1998, Cultural tourism in Australia characteristics and motivations, Canberra, Bureau of Tourism Research. Rossetto and Foo examine cultural tourism especially the trends and information about Australia. Considering this research’s focus on cultural tourism, the book enables a clear understanding of this concept and provides vital information on heritage attractions. Gartner, W C, Lime, D W, 2000, Trends in outdoor recreation, leisure, and tourism, Wallingford, Oxon, UK, CABI Pub. Gartner and Lime identify the changing trends in tourism and leisure attractions. This book is important for this study as it analyzes the growing popularity of cultural heritage sites in recent times and provides reasons for that trend. Hossain, A, Carter, P, Heaney, L, 2005, Cultural tourism in regions of Australia, Canberra, Bureau of Tourism Research. Hossain, Carter and Heaney carry out a study on cultural tourism in Australia. Their study identifies several emerging aspects of tourism and reveals the tendency of tourists and locals to cultural attractions. Their study provides additional information on the status of cultural tourism in Australia. Ivanovic, M, 2008, Cultural tourism, Cape Town, South Africa, Juta. This book focuses on cultural tourism. The trends, the positives and the negatives. It provides different perspectives of cultural tourism and a host of other information drawn from all over the world. Kay, P, â€Å"Determinants of Cultural Event Tourist Motivation†, Victoria University, 2007. This paper analyzes the factors that motivate tourist into visiting cultural attractions. It provides insight into some of the factors that have motivated the influx of both domestic and foreign tourists to local heritage sites. Melbourne, n.d., National Gallery of Victoria, Viewed 25 April 2013, This website provides information on Melbourne and its heritage sites as well as other locations. It provides a lot of important information on the National Gallery of Victoria and its surroundings. National Gallery Of Victoria, Ryan, J., 2002, Indigenous Australian art in the National Gallery of Victoria, Melbourne, National Gallery of Victoria. This publication focuses on the kinds of aboriginal art present in the NGV; it helped this research in validating the real existence of aboriginal art in the NGV. It provided important information on NGV’s indigenous art collections. National Gallery of Victoria, 2013, People Projects, Viewed 25 April 2013, NGV’s website contains a lot of information on its management structure and collaborators as well as funding. This webpage provided information on the management structure as used in this research. Richards, G, Munsters, W, (2010). Cultural tourism research methods. Wallingford, Oxfordshire, U.K., CAB International. This book though primarily based on research methods contains some valuable information on cultural tourism. Its information on the factors motivating cultural tourism was important for this research, Richards, G, 2007, Cultural tourism: global and local perspectives, New York, Haworth Hospitality Press. Richards explores the issue of cultural tourism from the American and international perspective. He focuses on the growth of this kind of tourism especially in particular parts of Europe such as Australia. The information on Australia was a valuable addition to the ones available. Timothy, D, J, 2011, Cultural heritage and tourism: an introduction, Bristol, Channel View Publications. Timothy examines cultural tourism issues, various aspects and practices. The information contained in this book was of vital importance especially in the analyses of the NGV’s cultural art promotion.