The role of the internet in the formation of popular culture Essay

The role of the internet in the formation of popular culture - Essay Example 11). The Internet is an excellent technology, however not since it is able to be synchronized. Similar to something else, strategies are expressed as well as applied on the Internet. The factual potency of the web is that, like an organization, it reveals distinctiveness of strategy configuration that demands to ones intelligence of independence. This is not exclusively for the causes that of maxim similar to "The Net understands restriction since harm as well as methods approximately it," or else "No one be acquainted with we are a trouble on the Internet." Complimentary dialogues as well as isolation are creditable uniqueness of the premature Internet; though they are neither unlimited nor definite eternally additional. Actually, systems of recognizing oneself and scheming content should be practical and enveloping. In its place, what formulate the Internet a "positive aspect" is its anarchical uniqueness of strategy development, like that devolution, agreement, and honesty that ac tual world community arrangement has struggled by means of additional accomplishment than others (Reagle, 2009). The Internet is on the way to change our lives. Internet has reached at such stage that it has total transformed our lives (for instance banking, communication as well as shopping everything is using Internet). However a lot of researchers have assessed that Internet has established some critical influences on our lives and the nature of our society has completely transformed. Now we are living in a more internally connected society. Postmodernist hypothesis should be stridently illustrious from postmodern society. Now we can see lot of information around us and the Internet is the only source that has engaged all the information and provided us in simpler form. At the present, our community has turned out to be an information based community. Internet has completely transformed all the areas of life and presented a new form of knowledge that comprise all

Analysis of Life story by David Shields Essay Example | Topics and Well Written Essays - 1000 words

Analysis of Life story by David Shields - Essay Example I particularly enjoyed Shield’s atypical and fresh way of structuring this essay. The sentences are put together coherently to deliver the message on different aspects of life. However, the different sentences sued in the construction of a paragraph are independently able to deliver a message and make sense on their own. For instance, when he says â€Å"This vehicle not purchased with drug money. Hugs are better than drugs.† The two sentences are independent of each other in terms of examining, but they are coherently linked to make a sensible paragraph which is nice to read especially because it has a prose flow. Shield’s uses powerful phrases and sentences which sound like bumper stickers. When the author says, â€Å"Heaven doesn’t want me and Hell’s afraid I’ll take over†, this quote signifies a strong deeper meaning. In my opinion, the author is trying to tell us that neither heaven nor hell can take human’s life. The author wants to tell the readers that he is a bad guy especially due to the tone of his voice throughout the essay. I feel that deeply, the author wants us to be strong in life and live without fear of death. To him, Heaven and Hell are human’s imagination and, therefore, we should not worry about dying if we live on earth happily. In life, we can find the real things if we work hard and most importantly, work hard.  If we think deeply, we own our lives. Personally, I have seen bad guys live more than 80 years, and also good guys can live 80 years.

Key definitions in teaching

Key definitions in teaching 1.2 Reflect on ways in which professional practice promotes equality of opportunity and values diversity Based on an observed lesson, write a reflective account about how effectively your practice promotes equality of opportunity and values diversity. In your account you must consider: How promoting equality and diversity protects learners from harm. Actions that you take to value learners. The information that you provide to learners and how this is provided Your communication strategies and own behaviour in promoting equality, diversity and inclusion. How working with other agencies and professionals supports your inclusive practice. Unit 7, LO3.2 also contributes to this assessment criterion 1.3 Explain the contribution of learning to personal development, community development and economic growth You need to complete the following table and explain how each aspect of learning contributes to the listed areas 1.4 Analyse the impact of own professional values on learning and teaching Complete the following table. You need to discuss the following What these things are (describe them) How they could affect (impact) on you own professionalism as a teacher LO2 – Understand policies and regulatory requirements relating to the lifelong learning sector 2.1 Analyse the implications for and impact of government policies on practice in the lifelong learning sector Complete the table below, discussing the implication of each policy and how they have impacted on the sector. 2.2 Analyse ways in which government policies and the requirements of regulatory bodies impact on practice in own specialist area Complete the table below. This is similar to the previous one, but you must focus on your own specialist area. LO2.3 Explain the roles of regulatory and funding bodies in the lifelong learning sector Write a report which fully covers the following topics in detail: 1) Funding and regulation. Explain the roles and purposes of key agencies responsible for funding and regulation (e.g. Sector Skills Councils, LSIS, SFA, HEFC, OFSTED, EU funding). Analyse how these agencies have an impact on how the sector is run. 2) Quality improvement. Explain the roles and purposes of key agencies responsible for quality improvement (e.g. QAA, OFSTED, LSIS, IFL, Awarding Organisations, Matrix, ISO, etc.) and how these agencies have an impact on quality and quality improvement in the sector 3) The inspection process. Analyse how the inspection process (Ofsted and the Common Inspection Framework) has an impact on practice is the sector. LO3 Be able to contribute to quality improvement and quality assurance systems and Procedures 3.1 Review own role and contribution in quality improvement and quality assurance in the organisation Complete this table by discussing how you are involved and contribute to these quality procedures. LO 3.2 Examine the role of assessment and evaluation in the quality cycle This is covered in Unit 5, 1.3, 2.1 and 4.1 LO 3.3 Produce accurate assessment data and records This is covered in Unit 5, 2.2, 2.3 3.4 Assess the validity and reliability of data relating to own learners Attach a copies learner tracking sheets, course reviews, evaluations, etc. then comment on the following: 3.5 Communicate assessment information to those with an interest in learner achievement This is covered in Unit 5 – 2.3 3.6 – Evaluate a learning programme in accordance with the quality systems and procedures in the organisation 3.7 – Communicate the result of evaluation of a learning program. To cover these two criteria you will need to conduct, or take part in, a course review and produce a report that can be shared with others responsible for quality assurance and continuous quality improvement within your organisation. The report should contain quantitative, e.g. success, achievement and retention data along with qualitative data, e.g. student surveys, etc. You may need to add brief explanations for why you have met, exceeded or failed to meet National Benchmark Data, client expectations, funding agency requirements, etc. LO4 – Understand how to develop learners’ wider skills in own specialist area 4.1 Analyse how the development of wider skills can improve learner motivation, confidence and achievement Complete the following table by analysing how the listed methods may be able to improve learner motivation, confidence and achievement 4.2 Evaluate ways to provide opportunities for learners to develop wider skills Explain the good (positive) and not so good (negative) points about the following methods that could be used to help learners develop wider skills: LO5 – Be able to evaluate and improve your own wider professional practice 5.1 Analyse the effectiveness of own wider professional practice 5.2 Reflect on strengths and areas for improvement in own wider professional practice Evaluate your own wider professional practice by completing this table: 5.3 Engage in professional development opportunities to improve own wider professional practice For each area listed above where you either need some or lots of improvement complete this table of CPD activities: Area CPD activity I will undertake to improve By when?

The Vicious Cycle :: Sociology Sociological Essays

The Vicious Cycle â€Å"Cuanto Cuesta?† asked Dr. Catherwood as he slowly paged through the June 1, 1998 Ocixeman newspaper. â€Å"Tres pesos, Senor,† replied the smiling clerk, gold teeth sparkling in the bright sun. Dr. Catherwood casually tossed a five peso coin on the counter of the small newsstand and remarked, â€Å"Keep the change amigo.† This drew another large grin from the clerk. Dr. Catherwood strolled away, contemplating his upcoming expedition. He had just arrived in Ocixem earlier by plane. Dr. Catherwood was on sabbatical from his position as an anthropology professor from Harvard University in Acirema. He had a meeting at a local cafe in an hour with Dr. Ortiz, his Ocixeman colleague from the Mayan Institute. Just the other day, Dr. Ortiz had telephoned him in his office claiming he had made an incredible discovery. After the second Scientific Revolution, people didn’t keep scientific secrets from the world, so he was quite intrigued. It was considered high treason to keep a discovery from the World Government as a part of their anti-terrorist policy. Wondering why he would take such a risk in guarding his discovery, Dr. Catherwood promised to join his friend immediately in Ocixem. Dr. Catherwood was early, so he took a seat in the outdoor cafe and ordered a cold lemonade. The humid jungle air condensed on his glass as the beads of sweat did on his head. He suddenly appreciated the fact that he was from the colder climate of Acirema. Little did he know that Dr. Ortiz’s discovery would have wide ranging applications to his thoughts. Doctor Ortiz suddenly appeared, rushing over to sit across from Dr. Catherwood. â€Å"Sorry to keep you waiting,† he exclaimed, â€Å"but I was finalizing our travel preparations.† â€Å"Travel preparations?† asked Dr. Catherwood. Dr. Ortiz explained that for the past two years, he had been working amongst the ruins of the ancient Mayan civilization and had begun to decipher many of their hieroglyphics. He was focusing on how such a large and successful society could nearly vanish from the face of the earth. Some scientists theorized that the Mayans were assimilated into other cultures and disappeared that way. Although descendants of the Mayans can be recognized in present day Ocixem by their short stature, hawk noses, and flat foreheads, Dr.

I Love You

PARADOXES AND CONTROVERSIES IN THE LIFE OF DR. JOSE P. RIZAL Paradoxes are statements which are true but seem to be false, absurd, and contradictory. Controversies are disputable claims which are neither true or untrue unless they are proven by empirical facts and are founded on logic. 1. AMERICA’S CHOICE Jose Rizal is the Philippine national hero purportedly believed to be an American-sponsored hero who was chosen by the Americans because of his non-revolutionary ideology. 2. THE KATIPUNEROS’ CHOICEWhile the Americans found him non-revolutionary, Jose Rizal was associated with the Katipunan as their honorary president and was therefore considered as the soul of the Philippine Revolution. 3. RIZAL FOR THE ELITE AND BONIFACIO FOR THE MASSES Jose Rizal belonged to an upper middle class family and was an ilustrado who spent many years in Europe. He was, therefore, perceived to be a leader of the elites while Andres Bonifacio as the hero of the masses. 4. RIZAL’S ALL EGED ALIENATION FROM HIS PEOPLE AND FROM THE FILIPINO CULTURE.Rizal spent the best time of his adult life studying abroad. In his travels, he was exposed to different cultures, met learned men and devoted his time in books. Back in the Philippines, his stay was too short and for his last years in the country, he was kept away from his social and political endeavors in the urban areas. 5. ATTEMPTS TO REPLACE JOSE RIZAL AS NATIONAL HERO As a national hero, Jose Rizal has all the desirable qualities of a great moral leader. Despite all of these, there have been attempts at replacing him with other heroes every now and then.BIOGRAPHERS OF DR. JOSE P. RIZAL Ironically, the early biographers of Jose Rizal were written by foreigners. The first biographer was a Spanish named Wenceslao Retana in1907, followed by American biographers, namely: Austin Craig in 1913, Charles Russel in 1923 and Frank Laubach in 1936 and an Anglo-Saxon Austin Coates in 1968. In 1981, Spanish Jose Varon Fernandez a lso followed. Oddly, Filipino biographers started only writing about Rizal’s biography only after 40 years from his execution. CONFLICTING PERCEPTIONS OF DR. JOSE P. RIZALBiographers have conflicting accounts of Rizal’s life and works. There had been criticisms to the point of character assassination and depreciation of his personality, his life and his works, but there have also been fanaticism. Extreme admiration has led to the formation of cults which deify people either as God, as a saint, or a supernatural being. Such is the case of the Rizalista, who immortalize and worship Jose Rizal as a divine being by upholding his ideals and principles. At present, there are seven officially registered Rizalista sects, namely: 1.Samahan ng Tatlong Persona Solo Dios, 2. Ciudad Mistica de Dios, 3. Adamista, 4. Bathalismo, 5. Iglesia Watawat ng Lahi, 6. Iglesia Sagrada Filipina and 7. Espiritual Pilipino. RIZAL’S MONUMENT AT LUNETA The monument was designed and sculpted by a Swiss, Henry Kissling, a runner up in an international competition for designing Rizal’s monument sponsored by nationalists in 1912. The winner actually was an Italian sculptor Carlos Napoli but he failed to present his own creation. Jose Rizal’s monument at Luneta depicts him as a typical Filipino, 5’2† to 5’5† tall donning a thick winter coat.Behind him is an obelisk with three stars (Luzon, Visayas, and Mindanao). The book on his hand signifies his travels, studies, and exposure to the different cultures of the world. It may also symbolize the value of education and the potency of media to expose the socio-economic and political ills of our country. On the ground near his statue, his last poem â€Å"Mi Ultimo Adios† (My Last Farewell) is engraved on a marble stone. His friend Mariano Ponce gave it the title of MI ULTIMO ADIOS, as it originally had none.

How successful has the government and the Bank of England Essay

The bank of England and the government has worked tirelessly to counter the threat of recession and inflation particularly over the last two years. Both have worked in tandem and introduced a number of economic policies to ensure that the country does not become the target of the dreaded recession. The problems came about due to the sub-prime mortgage problems which originated in the USA. Homes began to get repossessed as home-owners were unable to repay their mortgage arrears. This in turn was felt by the UK economy and the Bank of England was forced to tamper with interest rated to ensure that repossession levels were kept reasonably low. In addition to this we have seen additional economic problems i. e. the folding of Lehman brothers but the bank of England and the government has worked hard to soften the blow. (Jones, 2007,pg 13) The Bank of England has controlled the level of interest rates it sets via the manipulation of short term interest rates and has taken extra care since the credit crunch kicked in 2 years ago. They have controlled the Monetary Policy Committee (MPC). If the MPC thought that the demand was set to rise too fast, then they would have increased the interest rate, but if they thought demand was growing at a slow rate, or maybe even possibly falling, they would then have reduce the interest rate. This was known as the transmission mechanism. (Bernake, 2006, pg 27) The government since November 2006 has introduced many different internal consumer demand changes that affected the general public. Firstly there was consumer borrowing. Many consumers used this method to borrow money in the form of credit cards or loans before the credit crunch but the government revised in at the start of 2007. As the interest rates increased, it became less attractive to borrow at that time as repayments were be higher and still are high. (Jones, 2007,pg 24) Next, there was the issue consumer debt. Because of levels of borrowing at present, higher interest rates meant higher repayment costs. This was known as debt servicing. This left the consumers as a whole with less surplus income to spend as this led to a fall in demand. Mortgage debts were present because most people had to borrow to purchase a home before the credit crunch and the payments on their property varied based on the interest rate but were generally high since 2006. Higher interest rates meant higher repayments which ultimately led to a fall in demand. The Bank of England declined to substantially cut interest rates but a cut of 0. 5% was made in September 2008. Expectations were another point to consider. If interest rates increased then people may have less confidence in the future of the economy and may hold off purchases as they became concerned about a possible fall in income or even worse, the possibility of becoming unemployed. Asset prices may have been affected by interest rates, with an increase in the interest rate meant asset prices may fall. This may be shares or perhaps houses. If asset prices decreased then people felt like they have less money and thus cut back on spending. (Mankiw, 2006, pg12) Many businesses borrowed money from banks and it is this demand changes that affected the interest rates which ultimately affected how much the business owed the bank. One solution is that businesses could have agreed with the lender that funds were only drawn when needed meaning interest would only be paid on amounts drawn and the business would not have to pay interest on unused funds of the loan. The government and bank of England has worked systematically to keep the economy flowing over the last two years where the UK has been on the brink of recession. What this is saying is that they could have predicted how interest rates would fall on rise based on the current state of the economy and the position it had within the world trade. If the economy is doing well then we can say that interest rates will be affected in a way in which we can predict for the future. In this case they may rise but if the economy is doing poorly then they may fall in the future. (Mankiw, 2006, pg22) To conclude one would say that the Bank of England plays a major role in the stability of this country. Without it this country would have no financial stability to be a world player on the trade market like it is now. b) Describe and evaluate the main macro economic policies used by the British government and the Bank of England over the last two years? (november 2006 – november 2008) The government and the bank of England have used a number of macro economic policies over the last two years. They are – Monetary Policy Government has used the monetary policy to ensure a slow steady growth in the money supply which moves in line with the growth of real output, around 1% or 2% per year since 2006. The Bank of England controls rates of interest rates, and by holding interest at a steady level, inflation would also be kept level. ( Bernake, 2007, pg 10) Fiscal Policy The fiscal policy is the policy used by the government to help direct the economy by deciding how much they should spend, which resources to spend money on, how much taxes should be risen or decreased or waived. An example of fiscal policy in use is when the government from 2006 used fiscal policy to change the level of economic activity due ton the credit squeeze. After 1979, the Conservatives believed that using monetary policy to control the money supply was more important but the government from 2006 only highlighted this area of macro economics due to the credit problems. Businesses used the fiscal policy as their main policy as they believe that interest rates played an important part in influencing aggregate demand. They used monetary policy as a back up to fiscal policy. When businesses were faced with a recession in the economy, they did not not welcome the change in the fiscal policy to decrease public spending and increase taxes. When there is a boom in the economy fiscal policy is used by Keynesians to decrease public expenditure and increase tax but since 2006 the opposite occurred. Monetarists used fiscal policy to reach a near balanced budget which they felt would prevent large increases in the money supply and inflation. As monetarists did not believe in the short term counter cyclical policies, they felt that it was important to stabilize the money supply in the medium term to counter the threat of inflation. ( Bernake, 2007, pg22) Incomes Policy The government looked at the incomes policy and aimed to reduce inflation rates by ensuring that the growth rate of incomes is the same as the growth rate of productivity. If the government could slow down the rate of increasing incomes, the incomes policy could restrict the rate at which costs were rising. A voluntary incomes policy was when the government tried to persuade trade unions and firms to accept that wages should not be allowed to increase more than the expected rise in Gross National Product. A statutory incomes policy was when the government passes legislation to limit or freeze increase levels which took place in June 2007. Price Controls Policy The government applied price controls to control inflation rates in Feb 2007.? Price controls sometimes hold prices below the equilibrium level, causing shortages.? If costs rose whilst prices were held down, firms may be unable to make profit.? When cost-push inflation is the main inflation, prices need to be controlled to reduce the problem. The Bank of England was wary of this and welcomed the change. EFFECTIVENESS OF THE POLICIES Monetary Policy Keynesians use monetary policy during a recession and in reverse during a boom. Monetary policy is used to lower interest rates, ease controls on bank lending and hire purchase during a recession. The effect this has on the government objectives was that unemployment would fall due to increased expenditure causing greater demand for goods and services and more need for employees to produce more goods. The threat of Inflation increased due to the less favourable balance of payments due to increased spending on imports. (Bernake, 2006, pg 26) Supply Side Policies Supply side policies also reduced inflation by de-regulating the labour markets and encouraging higher levels of productivity. Supply side economists felt that unemployment levels would drop when there was lower tax and reduced benefit levels but since Nov 2006 the government nor bank of England did not reduce tax. When unemployment had been reduced, the threat of inflation remained low, and if trade unions had less power, it would prevent workers demanding higher wages, which also helped to keep inflation low. By allowing market forces to operate, the bank of England felt that the economic growth would increase, as goods would be supplied where they were needed.? As supply side economists felt that supply factors were important and that they would concentrate on ensuring there was enough supply for consumers, preventing more imports having to be purchased, helping to keep the balance of payments level steady and keeping the economy running in a very shaky period. (Bernake, 2006, pg 29) Price Controls Policy If the government inflation fell by imposing price controls, it can often cause firms to go out of business if costs rise and prices don’t. Firms may be unable to keep employees if costs are rising and they are not making enough profit, causing increased unemployment. Economic growth would deteriorate, as firms may find it difficult to expand. Consumers may purchase goods from other countries if prices are unreasonable causing the balance of payments to decrease, making the UK less competitive. Bibliography Books Jones. C. Introduction to economic growth. Second edition. W. W Norton and company Ltd (2007) Mankiw, G.Macroeconomics. 6th ed. Palgrave, (2006) Journals Bernake, B. Is growth exogenous? Taking Mankiw, Romer and Weil seriously. National Bureau of Economic Research (2006) Edwards T. Human capital and the ambiguity of the Mankiw- Romer-Weil model. Loughborogh University (2007) Felipe, J et al. Why are some countries richer than others? A reassurance of Mankiw Romer Weils test of the neoclassical growth model. Mankiw, et al. A contribution to the empirics of economic growth. Quarterly journal of economics. (2007) Porter M and Stern S. Measuring â€Å"ideas† production function: Evidence from the international patent output. National Bureau of economic research. (2006) Bernake, B. Is growth exogenous? Taking Mankiw, Romer and Weil Seriously. (2007) Felipe, J. Why are some countries richer than others? A reassessment of Mankiw Romer Weils’s test f the neoclassical growth model. Bernake, B. Is growth exogenous? Taking Mankiw, Romer and Weil Seriously. (2006) Edwards T, Human capital and the ambiguity of the Mankiw-Romer-Weil model. (2005) Felipe, J. Why are some countries richer than others? A reassessment of Mankiw Romer Weils’s test f the neoclassical growth model. Zoeyga G and Gylfason T. Obsolescene. International Macroeconomics. 2006

The impacts of the July 1st 2003 mass demonstration essays

The impacts of the July 1st 2003 mass demonstration essays The July 1st demonstration is a typical political movement in Hong Kong, it shows both impetus and long term impact toward Hong Kong. In this essay, there are will be an analysis on the impacts of July 1st demonstration towards political participation, institutions and political culture. First of all, July 1st demonstration had turn the Hong Kong citizens attitude from political apathy to more activism to demonstrate their opinion, undoubtedly, raise the political participation of Hong Kong people. On 1/72003, there were more than 500 thousand Hong Kong people participated in the march to express their discontent towards the government. It clearly shows that this political movement increases the Hong Kong citizens political empathy. Even the organizers and the SAR government did not expect such a huge number of people would join the demonstration. In this case, the poor performance of the government encourage HK citizens to do something in order to seek for a better administration so as to improve the situation of HK. The participants objective mainly on the opposite of legislation of Article 23. Besides, the demonstrator had different objectives: the SARS crisis, the financial crisis, Poor performance of the Chief Executive and the government officers. As Articl e 23 stimulated the anger and sentiments of the Hong Kong citizens towards the SAR government, its contribute to unify citizens to voice our their own opinion. After the out break of 1/7 demonstration, Mr. Tung and the government finally abolish the legislation of Article 23, which showed the power of the people towards political issues. Thus, the 1/7 demonstration acted as a watershed, Hong Kong citizens start to recognize their political influent; there was a significant increase in the degree of involvement of HK people in political affairs. The above analysis shows that, the political movement on July 1st not only provokes radical activism and...

Expansionary Monetary Policy and Aggregate Demand

Expansionary Monetary Policy and Aggregate Demand To understand the impact of expansionary monetary policy on aggregate demand, lets take a look at a simple example. Aggregate Demand and Two Different Countries The example starts as follows: In Country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in the cost of living as reflected in changes in the price level. In Country B, there are no cost-of-living adjustments to wages, but the workforce is completely unionized (unions negotiate 3-year contracts). Adding Monetary Policy to our Aggregate Demand Problem In which country is an expansionary monetary policy likely to have a larger effect on aggregate output? Explain your answer using aggregate supply and aggregate demand curves. The Effect of the Expansionary Monetary Policy on Aggregate Demand When interest rates are cut (which is our expansionary monetary policy), aggregate demand (AD) shifts up due to the rise in investment and consumption. The shift up of AD causes us to move along the aggregate supply (AS) curve, causing a rise in both real GDP and the price level. We need to determine the effects of this rise in AD, the price level, and real GDP (output) in each of our two countries. What Happens to Aggregate Supply in Country A? Recall that in Country A all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in the cost of living as reflected in changes in the price level. We know that the rise in Aggregate Demand rose the price level. Thus due to the wage indexing, wages must rise as well. A rise in wages will shift the aggregate supply curve upwards, moving along the aggregate demand curve. This will cause prices to increase further, but real GDP (output) to fall. What Happens to Aggregate Supply in Country B? Recall that in Country B there are no cost-of-living adjustments to wages, but the workforce is completely unionized.Unions negotiate 3-year contracts. Assuming the contract is not up soon, then wages will not adjust when the price level rises from the rise in aggregate demand. Thus we will not have a shift in the aggregate supply curve and prices and real GDP (output) will not be affected. The Conclusion In Country B we will see a larger rise in real output, because the rise in wages in country A will cause an upward shift in aggregate supply, causing the country to lose some of the gains it made from the expansionary monetary policy. There is no such loss in Country B.

Nelson Surname Meaning and Family History

Nelson Surname Meaning and Family History Nelson is a patronymic surname meaning son of Nell, a form of the Irish name Neal, from the Gaelic Niall, which is thought to mean  champion. In some situations the surname could also be matronymic, meaning son of Eleanor, a female given name with the same origins as Neal. Nelson could also be an Anglicized spelling of similar sounding  Scandinavian surnames such as Nilsen, Nielsen, and Nilsson. Surname Origin:  Irish Alternate Surname Spellings:  NEILSON, NEALSON, NILSON, NILSEN, NILSSON, NIELSEN Famous People with the Surname Nelson Willie Nelson - American country music artist and songwriterHoratio Nelson - great English naval leader during the Napoleonic WarsJohn Allen Nelson - American actor Where the Nelson  Surname Is Most Commonly Found Today, the Nelson surname is most common in the United States, according to surname distribution data from Forebears, ranked as the 34th most common surname in the country. WorldNames PublicProfiler profiles Nelson as most popular in the northern midwest and northwestern states- especially Minnesota, North Dakota, South Dakota, and Montana- possibly due to large numbers of Scandinavian immigrants to those areas. Nelson is also a fairly common last name in a number of African countries, according to Forebears, including Uganda and Mozambique, and in the Caribbean. Based on 1901 census data, Nelson was not very common in Ireland, with the exception of the Northern Ireland county of Antrim, followed by Down, Londonderry, and Tyrone. Irish surname mapping tools from John Grenham indicate that the Nelson surname is especially common in Northern Ireland, particularly in the counties of Down and Antrim. This was true in the mid-nineteenth century based on Griffiths Valuation (1847–1864), as well as into the twentieth century based on a mapping of Nelson births between 1864 and 1913. Genealogy Resources for the Surname Nelson 100 Most Common U.S. Surnames Their Meanings: Smith, Johnson, Williams, Jones, Brown... Are you one of the millions of Americans sporting one of these top 100 common last names from the 2000 census?Nelson DNA Project: Join up with other Nelson descendants who are using DNA to help sort out their various family lines.Nelson  Family Crest - Its Not What You Think: Contrary to what you may hear, there is no such thing as a Nelson  family crest or coat of arms for the Nelson surname.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.Nelson Family Genealogy Forum: Search this popular genealogy forum for the Nelson surname to find others who might be researching your ancestors, or post your own Nelson query.FamilySearch - NELSON  Genealogy: Explore over 11  million  historical records which mention individuals with the Nelson  surnam e, as well as online Nelson family trees on this free website hosted by the Church of Jesus Christ of Latter-day Saints. NELSON Surname Family Mailing Lists: RootsWeb hosts several free mailing lists for researchers of the Nelson surname.DistantCousin.com - NELSON Genealogy Family History: Free databases and genealogy links for the last name Nelson.GeneaNet - Nelson  Records: GeneaNet includes archival records, family trees, and other resources for individuals with the Nelson  surname, with a concentration on records and families from France and other European countries.The Nelson  Genealogy and Family Tree Page: Browse family trees and links to genealogical and historical records for individuals with the last name Nelson  from the website of Genealogy Today. References Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998.Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003.Hanks, Patrick, and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989.Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003.Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997.Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997

Explaining behaviour Essay Example | Topics and Well Written Essays - 3000 words - 1

Explaining behaviour - Essay Example The field of psychology is trying to groom personalities keeping in view that our actions are reflective of our thoughts. Human behaviour is a set of actions that a particular person exhibit as a reaction to the given state of affairs. In real life man can conclude by reasoning from self evident principles. Amazingly even after decades of advent of psychology, many theorists presented theories explaining behaviour yet they fail to present a standardized theory applicable to all individuals. This lack of harmony encountered by behaviourists concerning the behaviour problems signifies the complexity faced in the identification of behaviour problems and planning for intervention. Behaviour refers to the actions of an organism in relation to its environment. However (Papatheodorou, 2005) said that there is not a single definition of behaviour which can fully satisfy the people working with children. Everyone’s perspectives of understanding behaviour are different. Over the period of time many theories evolved trying to comprehend human behaviour in various aspects. A brief overview of the popular ones’ are discussed as follows: Behaviour in terms of biological perspective is the outcome of various biological principles such as genetics, evolution and brain activity. Our brain relates to perceptions, thinking, and other aspects of abnormal behaviour. Behaviour is largely understood as the result of electrochemical activities that take place within our nerve cells. (Gerrig J, 2007). Intervention means exerting an influence to modify current state of affairs. In order to treat the symptoms of mind disorders and emotional disturbance drug therapy is used which include regular use of prescribed medications for treatment. (www.minddisorders.com) Behaviourist perception is that ‘personality is a collection of learned behavioural patterns’. It continues to lay stress on objective observations

Business law Essay Example | Topics and Well Written Essays - 500 words - 15

Business law - Essay Example To do this, the plaintiff should prove the following three things: The message included in the advertisement was defamatory, which means it has a likelihood to injure the reputation of Cornell Ltd. Claiming that Cornell Ltd marketed their software untested is defamatory because the plaintiff will lose business customers. The second element of the advertisement, which is a basis to sue for damages on defamation, is that the advert referred to the plaintiff. The advert was explicit that Cornell Ltd markets untested software, so the defamation refers to the plaintiff. Malice is the final element in the advert that creates a basis to sue for damages on defamation, in the sense that the advert was maliciously aimed at ruining the reputation of Cornell Ltd in the eyes of their customers. This would therefore make Cornell Ltd lose their customers to Stanford. Stanford Company is malicious because they are using false information to win business customers. Negligence is failure to act in a way which a reasonable person would have acted under the same circumstances, or acting in a way which a reasonable person would not have acted (Clarkson, Miller and Jentz 23). Flo can sue Dan under negligence, if she proves that Dan had a legal duty of care, Dan breached the duty of care and as a result, Flo suffered damages. Therefore, law should impose a duty of care imposed for the benefit of a third party, to ensure fairness and justice (Harpwood 31) Flo must show that Dan owed her a legal duty of care. By the fact that Dan’s actions or omissions can cause damage on Flo, a duty of care exists. A reasonable person should have set the parking brake, in order to prevent loss to any person who might be affected by the vehicle rolling back. With this argument, Flo can show that Dan owed her a legal duty of care. In addition, another thing that Flo should show is that the duty of care was breached. Dan did not consider

Management Essay Example | Topics and Well Written Essays - 2750 words

Management - Essay Example Since then, the debate has been on in favour and against of the thought and more particularly to find the right balance where profits really benefit the society. Counter extreme to the argument was the concept of Corporate Social Responsibility which stated that businesses are required to respond to societal needs in other forms as well than just earning profit to maximise employment. Businesses have to some extend accept this counter thought with further extension in idea regarding maximising shareholder and owner’s wealth and many other sub ideas. However, the finding of the real right balance between the corners is yet being debated as no measure has yet been developed to perfect solution. PRIMARY OBJECTIVE OF MANAGEMENT- THEORATICAL REFERENCES AND THEIR ANALYSIS To state in one sentence primary objective of the business is to benefit society, at the same time remember the fact that owners and shareholders are also part of society and hence, not at the cost of the sharehold ers’ benefit. The debate shall focus more on the fact that how and to what this benefit extends shall be translated. Exploring the basic idea of Friedman who stated that the aim of business is to achieve maximum profits within boundaries of law and this is how society is benefitted, one finds this idea satisfactory unless there comes any law that does not support societal interest or even more questioning does there exist any law that goes against the interest of society? All the laws are made in larger interest of society and with this it can stressed that Friedman’s thought had no flaw. However, most of the literature questioned the profit maximisation part with taking it to the point that contrast to the societal concern and scope of debate enlarged in direction of benefit of firm or society as whole and how it should be transferred. Considering this school of thought, more appropriate and concrete thought requires it be benefit or wealth of all stakeholders, where stakeholders include every person who is directly or indirectly connected with organisation. This stance has no flaw as the basic idea constrains to remain operational within. (Stakeholder Analysis) To support the argument, consider the example of Marks and Spencer. UK retail giant with global existence recent matter charging higher price to its women lingerie product stating the reason of higher cost and then higher tax was highly negated on social media website where more than 14000 people joined the cause for protest. The protest ultimately forced the giant to bow down accept the decision as their mistake while taking back decision, giving excess discounts to all customer of that product class as well as apologies to the society. To extract from this example is the fact that if it the said argument would have been true in place then M&S’s decision should have been appreciated as the giant only aimed to cover the excess cost incurred on the product, that would have added to its profitability , though in its respective share only. While, people who protested just joined the cause for bias attitude towards certain people and of course not all were affected by the decision. Hence, what needs be made the basis of maximisation is the stakeholders’ wealth that is always in position to affect the position of firm (Bejou, 2011). From the given image, it can also be concluded that stakeholders lie in levels. Firm

Change of Demographics in Central America from 1450 to 1914 Essay - 2

Change of Demographics in Central America from 1450 to 1914 - Essay Example However, as soon as Columbus discovered America, the indigenous people were exposed to many kinds of diseases including measles and smallpox. Most of these diseases were brought to the land of Central America by the animals kept by the Europeans. In 1450, the total population of the people in Central America was some millions. 3 centuries later, in 1750, number of people left in the Central America was even lesser than 10 per cent of the population in 1450. Immigration, was one factor that particularly revered the conventional demographic pattern in the Central America. In 1500s, Europeans began to immigrate to the Central America in large numbers. Europeans brought new kinds of domestic animals including cows and horses as well as germs to the Central America. The indigenous people, who acquired the diseases and died away were replaced by the slaves from Africa. The Africans grew much more in population as compared to the Europeans. There were about 10 million Africans in Central America in 1750. In 1790, number of slaves in Haiti was 500000 while the number of whites was no more than 40000 and there were 30000 people of mixed colors. The Industrial Revolution that took place around the year 1914 improved the general health and safety conditions of the people of Central America, as a result of which, the population seared up. More and more people moved towards the cities to make use of the emerging employment opportunities and improve the quality of living. Most of the Central America was urbanized during this time, and the descendants of Europeans and Africans replaced the original indigenous people of Central America. Women in Judaism are considered equal to yet separate from men. Their responsibilities are totally different from those of the men but are equally important. In Judaism, unlike most other religions, God is not referred to exclusively as male.

Establishing Legitimate Business in the UK Essay

Establishing Legitimate Business in the UK - Essay Example Table of Contents Content Page Title Page 1 Abstract 2 Table of Contents 3 1. Introduction 4 2. Establishing a Legitimate Business Enterprise in the UK 5 a. Considerations to Make 5 b. Requirements for Business Enterprise Establishments 6 c. Advantages of Establishing a Legitimate Business 8 d. Ascertaining Legitimacy of a Business Enterprise 10 3. Conclusions 10 References List 12 Establishing a Legitimate Business Enterprise in the UK 1. Introduction The United Kingdom has of late become a core trading destination and trading partner for quite a number of countries across the globe, as well as individual business entities. The economy of the United Kingdom is depicted to have evolved from a state of being a base of predominance manufacturing to one which is aligned to new developments as far as biosciences and technology are concerned (Luff 2011:24). The country has been in the forefront with a number of investors seeking business opportunities from within following these and many other reasons which are beneficial for business initiatives. ... This fact has also been attributed to a number of illegitimate businesses coming up in the country. This calls for establishment of systems to verify legitimacy of a business in the country before one chooses to associate any given business. This paper attempts to look into establishment of business enterprises in the United Kingdom with focus placed on legitimacy (Doornkamp 1995:76). The paper also seeks to look into factors and requirements that are attached to establishment of business enterprises in the United Kingdom, as well as implications for the same. 2. Establishing a Legitimate Business Enterprise in the UK When there is a company seeking for business with the United Kingdom, there are normally implications based on fiscal aspects. These are not complex or so cumbersome to engage. However, there are a number of practical provisions which investors need to know so as to ease their prospects for undertaking business establishments in the country (Syrett and North 2008:165). This follows the fact that there is need for verification whether a there is legitimacy as regards the so referred to business or not. a. Considerations to Make When one intends to start a business in the United Kingdom, there are a number of factors that s/he has to consider. One of the factors that need to be looked into is the fact that every business has to fill a need which has to be definite at the same time. This implies that if at all a business does not appear to demonstrate any form of service which would make people to pay for, then that means that there is lack of reasons for investing in the country (Morris 2011:139). This is due to the fact that a business which fails to have this in mind has

History of the hologram Essay Example | Topics and Well Written Essays - 250 words

History of the hologram - Essay Example Bassov and A. Prokhorov and American scientist Charles Towns, in 1960 (Johnston). Later on, the laser, producing a high level of coherent light source, was used in 1962 in Gabor’s experiment, and the scientists, Emmett Leith and Juris Upatnieks, produced a transmission hologram with a bird and toy train. It was a three dimensional hologram, which could only be seen with a laser. A reflection hologram was produced in the same year by Uri N. Denisyuk, to view which ordinary light was used instead of the laser beam. However, in 1968, Stephen A. Benton produced a transmission hologram which could be viewed in ordinary light like that of a bulb. Hence, the production of embossed holograms started on a massive scale. In 1972, a moving hologram was produced by Lloyd Cross, in which he marked sequential streams of moving objects onto a holographic film instead of the conventional picture film. Hence, the history of hologram starts back from

Establishing Legitimate Business in the UK Essay

Establishing Legitimate Business in the UK - Essay Example Table of Contents Content Page Title Page 1 Abstract 2 Table of Contents 3 1. Introduction 4 2. Establishing a Legitimate Business Enterprise in the UK 5 a. Considerations to Make 5 b. Requirements for Business Enterprise Establishments 6 c. Advantages of Establishing a Legitimate Business 8 d. Ascertaining Legitimacy of a Business Enterprise 10 3. Conclusions 10 References List 12 Establishing a Legitimate Business Enterprise in the UK 1. Introduction The United Kingdom has of late become a core trading destination and trading partner for quite a number of countries across the globe, as well as individual business entities. The economy of the United Kingdom is depicted to have evolved from a state of being a base of predominance manufacturing to one which is aligned to new developments as far as biosciences and technology are concerned (Luff 2011:24). The country has been in the forefront with a number of investors seeking business opportunities from within following these and many other reasons which are beneficial for business initiatives. ... This fact has also been attributed to a number of illegitimate businesses coming up in the country. This calls for establishment of systems to verify legitimacy of a business in the country before one chooses to associate any given business. This paper attempts to look into establishment of business enterprises in the United Kingdom with focus placed on legitimacy (Doornkamp 1995:76). The paper also seeks to look into factors and requirements that are attached to establishment of business enterprises in the United Kingdom, as well as implications for the same. 2. Establishing a Legitimate Business Enterprise in the UK When there is a company seeking for business with the United Kingdom, there are normally implications based on fiscal aspects. These are not complex or so cumbersome to engage. However, there are a number of practical provisions which investors need to know so as to ease their prospects for undertaking business establishments in the country (Syrett and North 2008:165). This follows the fact that there is need for verification whether a there is legitimacy as regards the so referred to business or not. a. Considerations to Make When one intends to start a business in the United Kingdom, there are a number of factors that s/he has to consider. One of the factors that need to be looked into is the fact that every business has to fill a need which has to be definite at the same time. This implies that if at all a business does not appear to demonstrate any form of service which would make people to pay for, then that means that there is lack of reasons for investing in the country (Morris 2011:139). This is due to the fact that a business which fails to have this in mind has

Growing Up Essay Example for Free

Growing Up Essay This short story looks at children and two of Carys ovels were directly concerned with childhood. Themes Children and growing up is the central theme of this story, as it is with several of the other stories in the Anthology. However, the central character is an adult and so it links well with Flight, where the story follows the emotions of a grandfather trying to accept his granddaughters forthcoming marriage. Your Shoes also has a central narrator, although that story is written in the first person. This short story is certainly concerned with relationships between the generations. Children as a destructive orce appear in Growing Up, in the came way that the boy in Chemistry has an urge to damage his mothers boyfriend. Superman and Paula Browns new Snowsuit also examines the theme of the destructive power of children. Adults struggling to understand the behaviour of children are a central issue in Growing Up, as they also are in Superman and Paula Browns New Snowsuit. Notes The first paragraph establishes the central character, a businessman Robert Quick. He is named, unlike the anonymous central characters of several of these stories. He is described as a conventional businessman, in a dark suit and hat. Significantly, he sheds some of his formal clothes as he goes into the garden, perhaps representing that the rules and values he will encounter there are far from civilised. Ls. 7 19 The garden is described as a Wilderness. It has been neglected because Mr and Mrs. Quick are too busy to tend it. It has suggestions of other gardens, perhaps the Garden of Eden, or Paradise. Perhaps also there is a suggestion that Mr and Mrs. Quick are too busy to other civilising their daughters, Just as they have ignored their garden? Could the story symbolise the wild, untamed nature of the children who run wild in it? l. 23 a suggestion of the frontier, primeval forests.. Cary hints that there may be the possibility of fear and menace in the garden. It is not a place of easy comfort, as Mr. Quick thinks. L 27 the children have previously enjoyed a close relationship with their father and have made a fuss of him when he returns home. However, this contrasts with the way they ignore him this time. Is the reason they snub him because he is a man? Quick recognises that they will be women soon in lines 42 to 49; later on in the story they are wellbehaved for their mother and he feels rejected. Cary is specific about their names and ages; Jenny is twelve and Kate thirteen. They are both deep in their own worlds and Quick doesnt mind that they pay hardly any attention to his arrival. He thinks it represents their honest attitude to him. Perhaps he is too easy going with the children. Do they need to show him a bit more respect? Ls. 58-81 the two girls

Economic Governance for Crisis Prevention

Economic Governance for Crisis Prevention 1.0 INTRODUCTION The proposed research attempts to identify the critical components of economic governance in four Asian countries namely Malaysia, South Korea, Thailand and Indonesia. The study by employing in-depth case study analysis seeks to analyze the economic governance practices in these countries and its relationship to their economic growths. The study then attempts to investigate the links between economic governance and the Asian financial crisis in 1997, and the roles the economic governance could have played in the recovery process since the above countries had somehow recovered at somewhat different speed. Based on the identified components of economic governance considered imperative for sustainable and resilient economy, the study will develop an index namely Economic Governance Quality Index capturing the score of governance parameters by the countries during the booms and slumps of their economies throughout the period under study. Finally, the components of economic governance wil l be employed in panel data analysis to empirically determine their significance towards economic growth. Its findings then will be of significance in crisis prediction and prevention methods in which the identified key governance parameters are the core ingredients. 2.0 BACKGROUND Good governance is perhaps the single most important factor in eradicating poverty and promoting development. Kofi Annan, former Secretary General of the United Nations. The concept of governance has assumed a more central focus and been given key attention not only by the officials from the United Nations Development Program, the World Bank and the International Monetary Funds, but also from the policymakers in especially developing countries, aids donors, and regional organizations of economic cooperation as well as academics fraternity. Since the beginning of 1990s, there is a strong indication of growing emphasis that good governance, together with democracy and protection of basic human rights, is indispensable for sustainable economic growth. Economic development cannot be achieved without the development of good governance, which is composed of competence and honesty, public accountability, and broader participation in discussion and decision making on central issues. In addition to traditional view of governance which is on the public governance, there is also a notable increase in the endeavors to grasp the concept of governance in a multi-d imensional perspective which includes economic governance. The relationship between governance and development is thus studied from diverse angles, especially in the vein of economic transformation, macroeconomic management and prevention of crisis as well as structural reforms. The Asian financial crisis in 1997 had somehow exposed the vulnerability of the once high-performing countries in the region, whose lack of governance practices was said as the main cause of the severe affects. 3.0 STATEMENT OF THE PROBLEM The Asian economies success was once dubbed the Asian Miracle, and a model to be emulated by other developing countries seeking higher growth. The success had introduced a growth model with emphasis on policies of setting the prices right, liberalizing the economy and the private sector as the engine of growth. When financial crisis struck the Asian countries in 1997, and looking at the devastating effects the countries in the region had experienced following the malaise, many however started to raise questions whether the quality of governance practices in these countries had somehow contributed to the crisis. Furthermore, the fact that South Korea and Malaysia had somehow recovered rapidly from the crisis compared to Indonesia and Thailand has sparked off interests on what roles good governance could have played in the recovery process. Hence, good governance has become a topic widely studied in the aftermath of the crisis. The discussions center on two main perspectives; firstly, the absence of good governance has been perceived as a MAJOR CAUSE of the crisis, and secondly, an inference is made that good governance is IMPERATIVE for durable and resilient economy. This study hence sets out to empirically identify and ascertain the governance parameters and their significance towards crisis prevention. Since the study focuses on economic governance, and to avoid constant repetition, the word governance used in this proposal should be taken in the context of economic point of view, unless explicit reference to other perspective of governance is relevant. 4.0 RESEARCH QUESTIONS This study will attempt to answer the following questions: What are the economic governance parameters presumed as crucially importance for sustainable and resilient economy? How to capture the score of economic governance practices in the East Asian countries during the period under study? How would the significance of governance parameters be empirically ascertained for the purpose of crisis prediction and prevention? 5.0 RESEARCH OBJECTIVES The study hypothesized that good governance is imperative for sustainable and resilient economy, and the absence of such would result in increased vulnerability of the economy towards declining into crisis. Therefore, the objectives of the study are: To identify the parameters of economic governance crucial for resilient and sustainable economy. To develop an index of Economic Governance Quality capturing the score of economic governance practices by the East Asian countries during the period under study. To empirically ascertain the significance of economic governance parameters towards growth via a dynamic estimation model whose findings then would be of importance for crisis prediction and prevention. 6.0 SIGNIFICANCE OF THE STUDY It would be interesting to investigate what makes good governance and how do they link to economic growth in the four selected Asian countries. Furthermore, it would be crucially important to examine, from the governance perspective, how could the countries once considered by many as the fastest growing economies in the region were severely affected by the Asian crisis in 1997. Notwithstanding that, the fact that South Korea and Malaysia had made a more swift recovery than the other affected countries, it would therefore be interesting to analyze how the governance practices in the different countries facilitated the recovery process. The findings from this study are expected to provide a significant contribution to the existing governance literatures especially from the economic perspective since it attempts to discover the critical components of economic governance that are imperative for sustainable and resilient economy. Policy makers not only from the countries under study but also from other developing countries may utilize the findings of the study to evaluate their economic governance practices and be able therefore to make necessary adjustments and required changes with the objectives of registering better growth and strengthening the economy against any possibility of future crisis. The researchers from world organizations and academic community may also be interested with the findings since the study attempts to develop a new feasible dynamic estimation model to analyze the relationship between the components of economic governance and growth, of which they could use as a basis for their future research undertaking in the similar field. In addition, the findings could also stimulate and facilitate them to search for additional approaches to counter or justify the results of this study. 7.0 LITERATURE REVIEW Good governance has become a topic widely debated by academicians and economic communities especially in the aftermath of the Asian financial crisis in 1997. The discussions in this context center on two main perspectives; first, the absence of good governance has been perceived as a major cause of the crisis, and the second prognosis is drawn by inference, namely, that good governance is imperative for durable development (Lam, 2003). Therefore, to have a better understanding of the governance, this section discusses definitions and indicators of the governance, its relationship with the economic growth, how it links to the crisis and its roles in the recovery process, and finally how could these governance factors be used for crisis prevention. 7.1 Definitions and indicators of governance Definitions and indicators of governance can be found in numerous literatures. A top-down approach is best used to understand the concept of governance, where a general or broad definition of governance will be firstly explored before moving on to a more specific definition. The World Bank continuously updates key governance indicators in its regular publication of Governance Matters, a governance study encompassing many aspects like political, social, economic, legal and moral. Meanwhile, the International Monetary Funds (IMF) has been doing a great deal of works in an effort to promote governance in the financial sector management through Financial Sector Assessment Programs (FSAPs) which include regulatory, risk management and aid management. 7.1.1 Broad definition of governance From the viewpoint of United Nations Development Program (1997), the definition of governance is the exercise of economic, political administrative authority to manage a countrys affairs at all levels. It comprises mechanisms, processes and institutions, through which citizens and groups articulate their interests, exercise their legal rights, meet their obligation and mediate their differences. Good governance is, among other things, participatory, transparent and accountable, effective and equitable, and it promotes the rule of law. It ensures that political, social and economic priorities are based on broad consensus in society and that the voices of the poorest and the most vulnerable are heard in decision-making over the allocation of development resources (Abdellatif, 2003). In its report, Governance and Sustainable Human Development in 1997, the UNDP acknowledges the following as core characteristics of good governance, i.e. participation, rule of law, transparency, responsiveness, consensus orientation, equity, effectiveness and efficiency, accountability, and strategic vision. A report by the World Bank (2006) entitled Governance Matters V covering 213 countries and territories since 1996 until 2005, presented the latest version of the worldwide governance indicators, namely voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption. Meanwhile, Inada (2003) discussed the governance in Indonesia where the word governance is translated as Tata Pemerintahan. It however has different meanings covering different agendas from political systems to corporate governance. They includes political democratization, reorganization of police and the military, curing the problems of corruption, collusion, and nepotism (KKN), justice reform system, decentralization, financial management, corporate governance, and state-owned enterprise reforms. Shimomura (2003) in his case study of governance in Thailand adopted pluralist democracy, accountability, transparency, predictability, and openness in the manner of exercising power, rule of law, effective and efficient public sector management, prevention of corruption, and prevention of excessive military expenditures as the standard definition of good governance. 7.1.2 Governance from economic perspective According to Dixit (2006), economic governance consists of the processes that support economic activities and economic transactions by protecting property rights, enforcing contracts, and taking collective actions to provide appropriate physical and organizational infrastructure. These processes are carried out within institutions, formal and informal. He described that the field of economic governance studies and compares the performance of different institutions under different conditions, the evolution of these institutions, and the transitions from one set of institution to another. Meanwhile, Huther Shah (1998), Gonzalez Mendoza (2001) and Mahani (2003) defined governance as a multi-faceted concept, encompassing all aspects of the exercise of authority through both formal and informal institutions in the management of resources. In other words, governance is: An exercise of economic power in the management of resource endowment of a country done through mechanisms, processes, and institutions through which citizens and groups can articulate their interest, exercise legal rights, meet their obligations and mediate their differences. According to Mahani (2003), indicators of economic governance are: Macroeconomic management à ¢Ã¢â€š ¬Ã¢â‚¬Å" fiscal management, level of government debt, unemployment and inflation. Investment à ¢Ã¢â€š ¬Ã¢â‚¬Å" size and trend of foreign and domestic investments, capital flows and allocation of resources. Trade regime à ¢Ã¢â€š ¬Ã¢â‚¬Å" trade orientation, export and import performance and balance of payment position. Financial sector management à ¢Ã¢â€š ¬Ã¢â‚¬Å" the banking sector and capital market. Exchange rate regime. Private sector participation à ¢Ã¢â€š ¬Ã¢â‚¬Å" privatization and corporate governance. Social development à ¢Ã¢â€š ¬Ã¢â‚¬Å" income distribution and level of poverty. Lanyi Lee (1999) studied on various aspects of economic governance, that is, the way in which economic life is governed and regulated à ¢Ã¢â€š ¬Ã¢â‚¬Å" which does not mean solely governance by the government. They first discussed the political basis of economic governance which is in their view crucial for the way in which different aspects of economic governance operate. The other aspects include the governance of macroeconomic policy making, and the interrelated issues of financial and corporate governance. From political perspective, they argued that economic governance in a market economy consists partly of direct control or indirect influence exerted by the government and of governance exercised within markets themselves on the other part; but even self-governance by markets operates within the legal, judicial and regulatory framework that has been erected and is supported by the government. The optimum role of government in this context is market-augmenting government. Furthermore, they defined macroeconomic governance as the political and administrative processes by which macroeconomic policies are formulated, implemented, and evaluated. They argued that technically the same policies can be carried out with equal effectiveness by either an autocratic or a democratic government. An autocratic government, if supported by well-trained technocrats, is likely to come up with first-class macroeconomic governance. Nevertheless, there may be factors that over time lead to deterioration in the quality of these policies in an autocratic government, as well as problems in the ability of such governments to adjust policies in response to changes in economic circumstances. The working definition of governance used for financial and corporate governance depends on the key distinction between principals and agents. In this context, they defined governance as the legal and institutional arrangements governing the behavior of an economic entity, by which owners, creditors, markets and the government compel or induce agents to behave according to the interests of the principals, or those of the broader society. In this regard, two key elements of governance are discussed. First, there is the structure of incentives and rules facing agents with regard to such matters as granting and terminating lending, bankruptcy, the rights of boards of directors, compensation structure, and the termination of employment. Second, there is the structure of the information flow from agents to principals, that is, the rules and incentives affecting accountability, transparency and disclosure of information. In both cases, the government plays a key role in setting the rules by which private actors operate. Meanwhile, Das Quintyn (2002) in their study on the role of regulatory governance in crisis prevention and crisis management have identified four main components of the regulatory governance practices, namely independence, accountability, transparency and integrity. The study explored the quality of regulatory governance based on the financial system evaluations under the Financial Sector Assessment Programs (FSAPs). Introduced in May 1999, FSAPs is a joint effort by the IMF and World Bank aims to increase the effectiveness of efforts to promote the soundness of financial systems in member countries. Supported by experts from a range of national agencies and standard-setting bodies, works under the program seek to identify the strengths and vulnerabilities of a countrys financial system; to determine how key sources of risk are being managed; to ascertain the sectors developmental and technical assistance needs; and to help prioritize policy responses (IMF the World Bank, 2005). Regulatory governance applies to those institutions that possess legal powers to regulate, supervise and/or intervene in the financial sector, which include agencies like central bank, sectoral regulators and supervisors, deposit insurance agencies, and in systemic crisis situations, restructuring agencies and asset management companies. Regulatory agencies need a fair degree of independence from the political sphere and from the supervised entities to achieve good regulatory governance. Agency independence increases the possibility of making credible policy commitments and improves transparency and stability of the output. Independence goes hand in hand with accountability. Accountability is essential for the agency to justify its action against the background of the mandate given to it. Independent agents should be accountable not only to those who delegated the responsibility à ¢Ã¢â€š ¬Ã¢â‚¬Å" the government or legislature à ¢Ã¢â€š ¬Ã¢â‚¬Å" but also to the public who fall under their functional realm. Transparency in monetary and financial policies refers to an environment in which objectives, frameworks, decisions, and their rationale, data and other information, as well as terms of accountability, are provided to the public in a comprehensive, accessible, and timely manner. Global integration of financial markets and products require greater degree of transparency in monetary and financial policies, and in regulatory regimes and processes, as a means of containing market uncertainty. Increased transparency supports accountability, protect the independence and eventually increase commitment to prudent behavior and risk control in the financial business. The final component of regulatory governance is integrity which reflects the mechanisms that ensure that staff of the agencies can pursue institutional goals of good regulatory governance without compromising them due to their own behavior, or self-interest. Independence, accountability, transparency and integrity interact and reinforce each other. Independence and accountability represent two sides of the same coin, while transparency is a vehicle for safeguarding independence and key instrument to make accountability work. Transparency also helps to establish and safeguard integrity. 7.2 Governance relationship with development and growth Economic governance is often studied through its role in the promotion of growth. This is done by setting policies, incentives and institutions that create an environment conducive to sustained stable growth through efficient management of a countrys resources. It means managing a countrys resources in a way that is accountable to, and representative of, the community; transparent, that is, open and predictable; and efficient and equitable in terms of the use, and distribution of, resources. Hence, good and effective governance requires government policies that encourage and efficiently manage investment and economic growth, support a fair and efficient public sector, strengthen the rule of law, protect human rights, and foster public participation and representation in decision making. Among the many studies that have examined the economic governance and growth nexus is such as that of Barro (1997). He studied the concept of growth based on the conditional convergence hypothesis which centers on the speed of economic growth in a country towards its steady-state level. He had empirically identified that more schooling, better health, lower fertility rate, less government consumption relative to GDP, greater adherence to uncorrupted rule of law, improvements in terms of trade changes, and lower inflation all go hand-in-hand with faster economic growth. Furthermore, he also explored on the interplay between economic and political development, and found that there is nonlinear relationship between democracy and growth. According to his findings, in countries with low levels of political freedom, a marginal increase in political freedom is associated with an acceleration in growth. However, at high levels of political freedom, a marginal increase in political freedom is associated with a slowing in growth. Huther Shah (1998) also studied the relationship between governance and growth and found that countries that practiced good governance have also enjoyed high growth. They developed a governance index featuring four sub-indices, i.e. citizen participation index (CP), government orientation index (GO), social development index (SD) and economic management index (EM) and each of the sub-indices has several components. For the Economic Management index, its components are outward orientation, central bank interdependence, and debt-to-GDP ratio which were used to assess trade policy, monetary policy and fiscal policy respectively. Gonzalez Mendoza (2001) argued that Southeast Asia provides ample evidence that there is a remarkable connection between administrative guidance and economic upturn. They compared the average growth rate of national output during the last decade against the quality of country governance and found that the high-performing economies à ¢Ã¢â€š ¬Ã¢â‚¬Å" Singapore and Malaysia à ¢Ã¢â€š ¬Ã¢â‚¬Å" have the edge in public management. Those left behind, such as the Philippines and Indonesia, have poor management structures. A study by Inada (2003) on Indonesia governance showed the importance of political stability and effective economic management as key elements for sustainable economic development among many governance factors. Bordo (2007) provides a good qualitative analysis on the possible determinant of emerging market crises from the perspective of balance sheet approach, which then put at center stage the importance of financial development. Though he never mention the word governance itself, he outlines the deep institutional determinants of financial development à ¢Ã¢â€š ¬Ã¢â‚¬Å" including the governance parameters such as the rule of law, protection of property rights, political stability, and representative democracy à ¢Ã¢â€š ¬Ã¢â‚¬Å" towards achieving financial stability. He further conjectures about the ways countries learn from their financial crises to improve their institutions and grow up to financial stability. 7.3 Governance link to crisis and roles in recovery process Lanyi Lee (1999) presented a strong case that governance issues were important in the East Asian crisis. They hypothesized that transparency and accountability in macroeconomic policymaking, in the operation of the financial system, and in corporate governance do serve to lessen a countrys vulnerability to financial crises and to strengthen the ability to deal with crises when they occur. They also hypothesized that a democratic political system, in which leaders are held accountable to their electorate by both direct election of the executive and an elected legislature à ¢Ã¢â€š ¬Ã¢â‚¬Å" as well as by an independent judiciary and a free press and civil society à ¢Ã¢â€š ¬Ã¢â‚¬Å" is less likely to collapse in the face of economic and financial difficulties than is a country run by an autocratic government, which imposes severe restraints on the public expression of opinion and dissemination of information. On the political basis of economic governance, they have suggested a hypothesis regarding the kind of political regimes likely to produce an effective, growth-enhancing, market-augmenting government. It is the type of political regime that is especially effective in the early stages of economic development may be less suited to fostering the creation of a full-fledged, sophisticated market economy at a later stage. They argued that there certainly seems to be some indications of this in the Asian experience, where authoritarian regimes fostered rapid growth when these economies were at relatively low income levels, but seems to be evolving toward more democratic models to deal with demands for greater market autonomy. They however suggested that even if a case can be made for the desirability of democratization as a market economy becomes more sophisticated, the varied historical examples warrant the need to find out more about the conditions under which either an autocratic or a democratic government can be market-augmenting, or not. They further highlighted that it would be useful to find historical examples of, and develop plausible scenarios for, the transition from discretionary (an autocratic government) to arms-length (a democratic government) approaches to state economic governance, and to define the most effective ways in which the international community might assist with this transition. Furthermore, they believed that empirical work on macroeconomic governance would need to tap into the huge literature on macroeconomic policies and their effect, and link existing work with variables that reveal the quality of governance. Unfortunately, such variables are hard to quantify; but perhaps a classification of regimes together with a classification of the way macroeconomic policy is organized, could yield ways of exploring the relationships between the political and administrative variables, on the one hand, and the more familiar economic variables on the other. In other words, it would be interesting to look how the macroeconomic policies are formulated, implemented and evaluated through the governance perspective, to understand whether adherence to, or lack of, the governance practices could influence the outcome of the macroeconomic policies, as well as to determine conditions that would lead to good quality policies which would eventually identify the appropriate type of market-augmenting government as the market economy progresses. Besides, they also made preliminary attempts to trace the relationship between empirical indicators of financial and corporate governance with some governance variables that have been developed by others. They however suggested that one needs to look more carefully, perhaps through case studies, at the realities of financial and corporate governance in particular cases and the linkage between indicators of these types of financial and corporate governance with the more carefully articulated classification of political regimes. Specifically with regard to the adjustment of most severely affected countries to the Asian crisis, they suggested that it would be interesting to examine the reasons why recovery in Korea has been more rapid than in the Indonesia and Thailand. Similarly, it would also be interesting to investigate Malaysias speedy recovery from the crisis even though the country did not subscribe to the IMF recovery prescriptions. Mahani (2003) highlighted that after the rapid recovery of the Asian economies in 1999, discussion of the causes of the crisis has been centered on the quality of economic governance in these economies. The East Asian economies success was at one time a model to be emulated by other developing countries, but after the 1997 financial turbulence, doubts were raised about the quality of economic governance in these Asian countries. Questions were raised whether the governance in these economies contributed to the crisis when countries like Indonesia, Malaysia, Thailand and South Korea experienced sharp economic contraction during the crisis. She further highlighted that questions on the quality of governance centered on the issue whether or not the same economic governance that produced high growth also weakens the economies and makes them vulnerable to external shocks, whether the economic governance fails to avoid market failures in pursuing its high growth strategy, whether the conditions for good governance always the same irrespective of the stage of economic development, and whether the crony capitalism a result of the governance failure since it was among the widely acknowledged factors contributing to the crisis. To know whether economic governance had made the economy vulnerable to a crisis, it is crucially important to examine the causes of the crisis and to link them with the economic weak points. Was the crisis due to the imprudent economic management or due to external factors? Although external factors have been recognized as the key cause for the crisis, domestic shortcomings were also responsible for deepening or aggravating the impact of the crisis. Furthermore, Malaysias own crisis remedies and the rejection of the IMFs standard crisis solutions open the debate on what is good economic governance. She argued that the 1997 Asian experience showed the economic governance framework by the IMF and the World Bank has some weaknesses, namely unfettered short term capital flows, lack of long-term and broader macroeconomic objectives when growth is driven by the private sector, and minimal attention given to socioeconomic issues such as income distribution. The rapid recovery by Malaysia and Korea, which adopted different strategies shows that there are alternative ways to respond to a crisis, implying that there is also no single definition of economic governance. Policy flexibility arising from good economic governance before the crisis made it possible to Malaysia to take response measures specially tailored to its need and situation, and rejecting one-size-fits-all prescriptions by the IMF. 7.4 Governance roles in crisis prevention The rapid pace and spread of globalization pose stiff challenges to economic governance as new criteria and developments may impose a heavier governance burden on the government and economy. One of the biggest challenges is the increasingly volatile international flow of capital that makes economic governance much more difficult as economic fundamentals are not the only factors that determine performance. Global integration also limits the choice of measures that are available to a country in making its response. Yet good governance is essential for sustained economic growth. The challenge is to determine what good governance consists of under these changing conditions. Ever better economic management is called for, to preserve economic resilience and prevent external shocks from turning into crises. Thus, a close and critical evaluation of the new economic governance parameters and institutions is essential. 8.0 OVERVIEW ON THE STUDY OF GOVERNANCE 8.1 Development of the study of governance Inada (2003) outlined the development in the study of governance over the last 10 years which can be categorized into several types: Identifying factors of governance: what factors are the governance factors that affect the performance of the economies of developing countries? Example à ¢Ã¢â€š ¬Ã¢â‚¬Å" World Bank (1992) documented such factors as accountability, transparency, predictable legal framework, efficiency of the public sector, etc. Categori Economic Governance for Crisis Prevention Economic Governance for Crisis Prevention 1.0 INTRODUCTION The proposed research attempts to identify the critical components of economic governance in four Asian countries namely Malaysia, South Korea, Thailand and Indonesia. The study by employing in-depth case study analysis seeks to analyze the economic governance practices in these countries and its relationship to their economic growths. The study then attempts to investigate the links between economic governance and the Asian financial crisis in 1997, and the roles the economic governance could have played in the recovery process since the above countries had somehow recovered at somewhat different speed. Based on the identified components of economic governance considered imperative for sustainable and resilient economy, the study will develop an index namely Economic Governance Quality Index capturing the score of governance parameters by the countries during the booms and slumps of their economies throughout the period under study. Finally, the components of economic governance wil l be employed in panel data analysis to empirically determine their significance towards economic growth. Its findings then will be of significance in crisis prediction and prevention methods in which the identified key governance parameters are the core ingredients. 2.0 BACKGROUND Good governance is perhaps the single most important factor in eradicating poverty and promoting development. Kofi Annan, former Secretary General of the United Nations. The concept of governance has assumed a more central focus and been given key attention not only by the officials from the United Nations Development Program, the World Bank and the International Monetary Funds, but also from the policymakers in especially developing countries, aids donors, and regional organizations of economic cooperation as well as academics fraternity. Since the beginning of 1990s, there is a strong indication of growing emphasis that good governance, together with democracy and protection of basic human rights, is indispensable for sustainable economic growth. Economic development cannot be achieved without the development of good governance, which is composed of competence and honesty, public accountability, and broader participation in discussion and decision making on central issues. In addition to traditional view of governance which is on the public governance, there is also a notable increase in the endeavors to grasp the concept of governance in a multi-d imensional perspective which includes economic governance. The relationship between governance and development is thus studied from diverse angles, especially in the vein of economic transformation, macroeconomic management and prevention of crisis as well as structural reforms. The Asian financial crisis in 1997 had somehow exposed the vulnerability of the once high-performing countries in the region, whose lack of governance practices was said as the main cause of the severe affects. 3.0 STATEMENT OF THE PROBLEM The Asian economies success was once dubbed the Asian Miracle, and a model to be emulated by other developing countries seeking higher growth. The success had introduced a growth model with emphasis on policies of setting the prices right, liberalizing the economy and the private sector as the engine of growth. When financial crisis struck the Asian countries in 1997, and looking at the devastating effects the countries in the region had experienced following the malaise, many however started to raise questions whether the quality of governance practices in these countries had somehow contributed to the crisis. Furthermore, the fact that South Korea and Malaysia had somehow recovered rapidly from the crisis compared to Indonesia and Thailand has sparked off interests on what roles good governance could have played in the recovery process. Hence, good governance has become a topic widely studied in the aftermath of the crisis. The discussions center on two main perspectives; firstly, the absence of good governance has been perceived as a MAJOR CAUSE of the crisis, and secondly, an inference is made that good governance is IMPERATIVE for durable and resilient economy. This study hence sets out to empirically identify and ascertain the governance parameters and their significance towards crisis prevention. Since the study focuses on economic governance, and to avoid constant repetition, the word governance used in this proposal should be taken in the context of economic point of view, unless explicit reference to other perspective of governance is relevant. 4.0 RESEARCH QUESTIONS This study will attempt to answer the following questions: What are the economic governance parameters presumed as crucially importance for sustainable and resilient economy? How to capture the score of economic governance practices in the East Asian countries during the period under study? How would the significance of governance parameters be empirically ascertained for the purpose of crisis prediction and prevention? 5.0 RESEARCH OBJECTIVES The study hypothesized that good governance is imperative for sustainable and resilient economy, and the absence of such would result in increased vulnerability of the economy towards declining into crisis. Therefore, the objectives of the study are: To identify the parameters of economic governance crucial for resilient and sustainable economy. To develop an index of Economic Governance Quality capturing the score of economic governance practices by the East Asian countries during the period under study. To empirically ascertain the significance of economic governance parameters towards growth via a dynamic estimation model whose findings then would be of importance for crisis prediction and prevention. 6.0 SIGNIFICANCE OF THE STUDY It would be interesting to investigate what makes good governance and how do they link to economic growth in the four selected Asian countries. Furthermore, it would be crucially important to examine, from the governance perspective, how could the countries once considered by many as the fastest growing economies in the region were severely affected by the Asian crisis in 1997. Notwithstanding that, the fact that South Korea and Malaysia had made a more swift recovery than the other affected countries, it would therefore be interesting to analyze how the governance practices in the different countries facilitated the recovery process. The findings from this study are expected to provide a significant contribution to the existing governance literatures especially from the economic perspective since it attempts to discover the critical components of economic governance that are imperative for sustainable and resilient economy. Policy makers not only from the countries under study but also from other developing countries may utilize the findings of the study to evaluate their economic governance practices and be able therefore to make necessary adjustments and required changes with the objectives of registering better growth and strengthening the economy against any possibility of future crisis. The researchers from world organizations and academic community may also be interested with the findings since the study attempts to develop a new feasible dynamic estimation model to analyze the relationship between the components of economic governance and growth, of which they could use as a basis for their future research undertaking in the similar field. In addition, the findings could also stimulate and facilitate them to search for additional approaches to counter or justify the results of this study. 7.0 LITERATURE REVIEW Good governance has become a topic widely debated by academicians and economic communities especially in the aftermath of the Asian financial crisis in 1997. The discussions in this context center on two main perspectives; first, the absence of good governance has been perceived as a major cause of the crisis, and the second prognosis is drawn by inference, namely, that good governance is imperative for durable development (Lam, 2003). Therefore, to have a better understanding of the governance, this section discusses definitions and indicators of the governance, its relationship with the economic growth, how it links to the crisis and its roles in the recovery process, and finally how could these governance factors be used for crisis prevention. 7.1 Definitions and indicators of governance Definitions and indicators of governance can be found in numerous literatures. A top-down approach is best used to understand the concept of governance, where a general or broad definition of governance will be firstly explored before moving on to a more specific definition. The World Bank continuously updates key governance indicators in its regular publication of Governance Matters, a governance study encompassing many aspects like political, social, economic, legal and moral. Meanwhile, the International Monetary Funds (IMF) has been doing a great deal of works in an effort to promote governance in the financial sector management through Financial Sector Assessment Programs (FSAPs) which include regulatory, risk management and aid management. 7.1.1 Broad definition of governance From the viewpoint of United Nations Development Program (1997), the definition of governance is the exercise of economic, political administrative authority to manage a countrys affairs at all levels. It comprises mechanisms, processes and institutions, through which citizens and groups articulate their interests, exercise their legal rights, meet their obligation and mediate their differences. Good governance is, among other things, participatory, transparent and accountable, effective and equitable, and it promotes the rule of law. It ensures that political, social and economic priorities are based on broad consensus in society and that the voices of the poorest and the most vulnerable are heard in decision-making over the allocation of development resources (Abdellatif, 2003). In its report, Governance and Sustainable Human Development in 1997, the UNDP acknowledges the following as core characteristics of good governance, i.e. participation, rule of law, transparency, responsiveness, consensus orientation, equity, effectiveness and efficiency, accountability, and strategic vision. A report by the World Bank (2006) entitled Governance Matters V covering 213 countries and territories since 1996 until 2005, presented the latest version of the worldwide governance indicators, namely voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, rule of law, and control of corruption. Meanwhile, Inada (2003) discussed the governance in Indonesia where the word governance is translated as Tata Pemerintahan. It however has different meanings covering different agendas from political systems to corporate governance. They includes political democratization, reorganization of police and the military, curing the problems of corruption, collusion, and nepotism (KKN), justice reform system, decentralization, financial management, corporate governance, and state-owned enterprise reforms. Shimomura (2003) in his case study of governance in Thailand adopted pluralist democracy, accountability, transparency, predictability, and openness in the manner of exercising power, rule of law, effective and efficient public sector management, prevention of corruption, and prevention of excessive military expenditures as the standard definition of good governance. 7.1.2 Governance from economic perspective According to Dixit (2006), economic governance consists of the processes that support economic activities and economic transactions by protecting property rights, enforcing contracts, and taking collective actions to provide appropriate physical and organizational infrastructure. These processes are carried out within institutions, formal and informal. He described that the field of economic governance studies and compares the performance of different institutions under different conditions, the evolution of these institutions, and the transitions from one set of institution to another. Meanwhile, Huther Shah (1998), Gonzalez Mendoza (2001) and Mahani (2003) defined governance as a multi-faceted concept, encompassing all aspects of the exercise of authority through both formal and informal institutions in the management of resources. In other words, governance is: An exercise of economic power in the management of resource endowment of a country done through mechanisms, processes, and institutions through which citizens and groups can articulate their interest, exercise legal rights, meet their obligations and mediate their differences. According to Mahani (2003), indicators of economic governance are: Macroeconomic management à ¢Ã¢â€š ¬Ã¢â‚¬Å" fiscal management, level of government debt, unemployment and inflation. Investment à ¢Ã¢â€š ¬Ã¢â‚¬Å" size and trend of foreign and domestic investments, capital flows and allocation of resources. Trade regime à ¢Ã¢â€š ¬Ã¢â‚¬Å" trade orientation, export and import performance and balance of payment position. Financial sector management à ¢Ã¢â€š ¬Ã¢â‚¬Å" the banking sector and capital market. Exchange rate regime. Private sector participation à ¢Ã¢â€š ¬Ã¢â‚¬Å" privatization and corporate governance. Social development à ¢Ã¢â€š ¬Ã¢â‚¬Å" income distribution and level of poverty. Lanyi Lee (1999) studied on various aspects of economic governance, that is, the way in which economic life is governed and regulated à ¢Ã¢â€š ¬Ã¢â‚¬Å" which does not mean solely governance by the government. They first discussed the political basis of economic governance which is in their view crucial for the way in which different aspects of economic governance operate. The other aspects include the governance of macroeconomic policy making, and the interrelated issues of financial and corporate governance. From political perspective, they argued that economic governance in a market economy consists partly of direct control or indirect influence exerted by the government and of governance exercised within markets themselves on the other part; but even self-governance by markets operates within the legal, judicial and regulatory framework that has been erected and is supported by the government. The optimum role of government in this context is market-augmenting government. Furthermore, they defined macroeconomic governance as the political and administrative processes by which macroeconomic policies are formulated, implemented, and evaluated. They argued that technically the same policies can be carried out with equal effectiveness by either an autocratic or a democratic government. An autocratic government, if supported by well-trained technocrats, is likely to come up with first-class macroeconomic governance. Nevertheless, there may be factors that over time lead to deterioration in the quality of these policies in an autocratic government, as well as problems in the ability of such governments to adjust policies in response to changes in economic circumstances. The working definition of governance used for financial and corporate governance depends on the key distinction between principals and agents. In this context, they defined governance as the legal and institutional arrangements governing the behavior of an economic entity, by which owners, creditors, markets and the government compel or induce agents to behave according to the interests of the principals, or those of the broader society. In this regard, two key elements of governance are discussed. First, there is the structure of incentives and rules facing agents with regard to such matters as granting and terminating lending, bankruptcy, the rights of boards of directors, compensation structure, and the termination of employment. Second, there is the structure of the information flow from agents to principals, that is, the rules and incentives affecting accountability, transparency and disclosure of information. In both cases, the government plays a key role in setting the rules by which private actors operate. Meanwhile, Das Quintyn (2002) in their study on the role of regulatory governance in crisis prevention and crisis management have identified four main components of the regulatory governance practices, namely independence, accountability, transparency and integrity. The study explored the quality of regulatory governance based on the financial system evaluations under the Financial Sector Assessment Programs (FSAPs). Introduced in May 1999, FSAPs is a joint effort by the IMF and World Bank aims to increase the effectiveness of efforts to promote the soundness of financial systems in member countries. Supported by experts from a range of national agencies and standard-setting bodies, works under the program seek to identify the strengths and vulnerabilities of a countrys financial system; to determine how key sources of risk are being managed; to ascertain the sectors developmental and technical assistance needs; and to help prioritize policy responses (IMF the World Bank, 2005). Regulatory governance applies to those institutions that possess legal powers to regulate, supervise and/or intervene in the financial sector, which include agencies like central bank, sectoral regulators and supervisors, deposit insurance agencies, and in systemic crisis situations, restructuring agencies and asset management companies. Regulatory agencies need a fair degree of independence from the political sphere and from the supervised entities to achieve good regulatory governance. Agency independence increases the possibility of making credible policy commitments and improves transparency and stability of the output. Independence goes hand in hand with accountability. Accountability is essential for the agency to justify its action against the background of the mandate given to it. Independent agents should be accountable not only to those who delegated the responsibility à ¢Ã¢â€š ¬Ã¢â‚¬Å" the government or legislature à ¢Ã¢â€š ¬Ã¢â‚¬Å" but also to the public who fall under their functional realm. Transparency in monetary and financial policies refers to an environment in which objectives, frameworks, decisions, and their rationale, data and other information, as well as terms of accountability, are provided to the public in a comprehensive, accessible, and timely manner. Global integration of financial markets and products require greater degree of transparency in monetary and financial policies, and in regulatory regimes and processes, as a means of containing market uncertainty. Increased transparency supports accountability, protect the independence and eventually increase commitment to prudent behavior and risk control in the financial business. The final component of regulatory governance is integrity which reflects the mechanisms that ensure that staff of the agencies can pursue institutional goals of good regulatory governance without compromising them due to their own behavior, or self-interest. Independence, accountability, transparency and integrity interact and reinforce each other. Independence and accountability represent two sides of the same coin, while transparency is a vehicle for safeguarding independence and key instrument to make accountability work. Transparency also helps to establish and safeguard integrity. 7.2 Governance relationship with development and growth Economic governance is often studied through its role in the promotion of growth. This is done by setting policies, incentives and institutions that create an environment conducive to sustained stable growth through efficient management of a countrys resources. It means managing a countrys resources in a way that is accountable to, and representative of, the community; transparent, that is, open and predictable; and efficient and equitable in terms of the use, and distribution of, resources. Hence, good and effective governance requires government policies that encourage and efficiently manage investment and economic growth, support a fair and efficient public sector, strengthen the rule of law, protect human rights, and foster public participation and representation in decision making. Among the many studies that have examined the economic governance and growth nexus is such as that of Barro (1997). He studied the concept of growth based on the conditional convergence hypothesis which centers on the speed of economic growth in a country towards its steady-state level. He had empirically identified that more schooling, better health, lower fertility rate, less government consumption relative to GDP, greater adherence to uncorrupted rule of law, improvements in terms of trade changes, and lower inflation all go hand-in-hand with faster economic growth. Furthermore, he also explored on the interplay between economic and political development, and found that there is nonlinear relationship between democracy and growth. According to his findings, in countries with low levels of political freedom, a marginal increase in political freedom is associated with an acceleration in growth. However, at high levels of political freedom, a marginal increase in political freedom is associated with a slowing in growth. Huther Shah (1998) also studied the relationship between governance and growth and found that countries that practiced good governance have also enjoyed high growth. They developed a governance index featuring four sub-indices, i.e. citizen participation index (CP), government orientation index (GO), social development index (SD) and economic management index (EM) and each of the sub-indices has several components. For the Economic Management index, its components are outward orientation, central bank interdependence, and debt-to-GDP ratio which were used to assess trade policy, monetary policy and fiscal policy respectively. Gonzalez Mendoza (2001) argued that Southeast Asia provides ample evidence that there is a remarkable connection between administrative guidance and economic upturn. They compared the average growth rate of national output during the last decade against the quality of country governance and found that the high-performing economies à ¢Ã¢â€š ¬Ã¢â‚¬Å" Singapore and Malaysia à ¢Ã¢â€š ¬Ã¢â‚¬Å" have the edge in public management. Those left behind, such as the Philippines and Indonesia, have poor management structures. A study by Inada (2003) on Indonesia governance showed the importance of political stability and effective economic management as key elements for sustainable economic development among many governance factors. Bordo (2007) provides a good qualitative analysis on the possible determinant of emerging market crises from the perspective of balance sheet approach, which then put at center stage the importance of financial development. Though he never mention the word governance itself, he outlines the deep institutional determinants of financial development à ¢Ã¢â€š ¬Ã¢â‚¬Å" including the governance parameters such as the rule of law, protection of property rights, political stability, and representative democracy à ¢Ã¢â€š ¬Ã¢â‚¬Å" towards achieving financial stability. He further conjectures about the ways countries learn from their financial crises to improve their institutions and grow up to financial stability. 7.3 Governance link to crisis and roles in recovery process Lanyi Lee (1999) presented a strong case that governance issues were important in the East Asian crisis. They hypothesized that transparency and accountability in macroeconomic policymaking, in the operation of the financial system, and in corporate governance do serve to lessen a countrys vulnerability to financial crises and to strengthen the ability to deal with crises when they occur. They also hypothesized that a democratic political system, in which leaders are held accountable to their electorate by both direct election of the executive and an elected legislature à ¢Ã¢â€š ¬Ã¢â‚¬Å" as well as by an independent judiciary and a free press and civil society à ¢Ã¢â€š ¬Ã¢â‚¬Å" is less likely to collapse in the face of economic and financial difficulties than is a country run by an autocratic government, which imposes severe restraints on the public expression of opinion and dissemination of information. On the political basis of economic governance, they have suggested a hypothesis regarding the kind of political regimes likely to produce an effective, growth-enhancing, market-augmenting government. It is the type of political regime that is especially effective in the early stages of economic development may be less suited to fostering the creation of a full-fledged, sophisticated market economy at a later stage. They argued that there certainly seems to be some indications of this in the Asian experience, where authoritarian regimes fostered rapid growth when these economies were at relatively low income levels, but seems to be evolving toward more democratic models to deal with demands for greater market autonomy. They however suggested that even if a case can be made for the desirability of democratization as a market economy becomes more sophisticated, the varied historical examples warrant the need to find out more about the conditions under which either an autocratic or a democratic government can be market-augmenting, or not. They further highlighted that it would be useful to find historical examples of, and develop plausible scenarios for, the transition from discretionary (an autocratic government) to arms-length (a democratic government) approaches to state economic governance, and to define the most effective ways in which the international community might assist with this transition. Furthermore, they believed that empirical work on macroeconomic governance would need to tap into the huge literature on macroeconomic policies and their effect, and link existing work with variables that reveal the quality of governance. Unfortunately, such variables are hard to quantify; but perhaps a classification of regimes together with a classification of the way macroeconomic policy is organized, could yield ways of exploring the relationships between the political and administrative variables, on the one hand, and the more familiar economic variables on the other. In other words, it would be interesting to look how the macroeconomic policies are formulated, implemented and evaluated through the governance perspective, to understand whether adherence to, or lack of, the governance practices could influence the outcome of the macroeconomic policies, as well as to determine conditions that would lead to good quality policies which would eventually identify the appropriate type of market-augmenting government as the market economy progresses. Besides, they also made preliminary attempts to trace the relationship between empirical indicators of financial and corporate governance with some governance variables that have been developed by others. They however suggested that one needs to look more carefully, perhaps through case studies, at the realities of financial and corporate governance in particular cases and the linkage between indicators of these types of financial and corporate governance with the more carefully articulated classification of political regimes. Specifically with regard to the adjustment of most severely affected countries to the Asian crisis, they suggested that it would be interesting to examine the reasons why recovery in Korea has been more rapid than in the Indonesia and Thailand. Similarly, it would also be interesting to investigate Malaysias speedy recovery from the crisis even though the country did not subscribe to the IMF recovery prescriptions. Mahani (2003) highlighted that after the rapid recovery of the Asian economies in 1999, discussion of the causes of the crisis has been centered on the quality of economic governance in these economies. The East Asian economies success was at one time a model to be emulated by other developing countries, but after the 1997 financial turbulence, doubts were raised about the quality of economic governance in these Asian countries. Questions were raised whether the governance in these economies contributed to the crisis when countries like Indonesia, Malaysia, Thailand and South Korea experienced sharp economic contraction during the crisis. She further highlighted that questions on the quality of governance centered on the issue whether or not the same economic governance that produced high growth also weakens the economies and makes them vulnerable to external shocks, whether the economic governance fails to avoid market failures in pursuing its high growth strategy, whether the conditions for good governance always the same irrespective of the stage of economic development, and whether the crony capitalism a result of the governance failure since it was among the widely acknowledged factors contributing to the crisis. To know whether economic governance had made the economy vulnerable to a crisis, it is crucially important to examine the causes of the crisis and to link them with the economic weak points. Was the crisis due to the imprudent economic management or due to external factors? Although external factors have been recognized as the key cause for the crisis, domestic shortcomings were also responsible for deepening or aggravating the impact of the crisis. Furthermore, Malaysias own crisis remedies and the rejection of the IMFs standard crisis solutions open the debate on what is good economic governance. She argued that the 1997 Asian experience showed the economic governance framework by the IMF and the World Bank has some weaknesses, namely unfettered short term capital flows, lack of long-term and broader macroeconomic objectives when growth is driven by the private sector, and minimal attention given to socioeconomic issues such as income distribution. The rapid recovery by Malaysia and Korea, which adopted different strategies shows that there are alternative ways to respond to a crisis, implying that there is also no single definition of economic governance. Policy flexibility arising from good economic governance before the crisis made it possible to Malaysia to take response measures specially tailored to its need and situation, and rejecting one-size-fits-all prescriptions by the IMF. 7.4 Governance roles in crisis prevention The rapid pace and spread of globalization pose stiff challenges to economic governance as new criteria and developments may impose a heavier governance burden on the government and economy. One of the biggest challenges is the increasingly volatile international flow of capital that makes economic governance much more difficult as economic fundamentals are not the only factors that determine performance. Global integration also limits the choice of measures that are available to a country in making its response. Yet good governance is essential for sustained economic growth. The challenge is to determine what good governance consists of under these changing conditions. Ever better economic management is called for, to preserve economic resilience and prevent external shocks from turning into crises. Thus, a close and critical evaluation of the new economic governance parameters and institutions is essential. 8.0 OVERVIEW ON THE STUDY OF GOVERNANCE 8.1 Development of the study of governance Inada (2003) outlined the development in the study of governance over the last 10 years which can be categorized into several types: Identifying factors of governance: what factors are the governance factors that affect the performance of the economies of developing countries? Example à ¢Ã¢â€š ¬Ã¢â‚¬Å" World Bank (1992) documented such factors as accountability, transparency, predictable legal framework, efficiency of the public sector, etc. Categori