An Evaluation With A Clear Gender Shown With Unconscious...

Introduction Implicit biases refer to a series of terms related with unconscious prejudiced judgment and attitude. Previous studies showed people’s behaviours may be influenced by implicit biases (Moss-Racusin, Dovidio, Brescoll, Graham Handelsman, 2012), as well as the way people perceive and evaluate others (Michael, 2016). In long history, a number of evidences showed that women were in a disadvantage situation in science. For example, women were often undervalued like having poor scientific ability, and hardly got a scientific job compared to male peers (Steinpreis, Anders and Ritzke, 1999). Even though nowadays there was an obvious decreasing tendency on gender bias resulted of the education of gender difference and equality (Moss-Racusin et al., 2012), women were still disadvantaged in academic recruitment and promotion. For instance, there was not obvious change on the percentage of women workers, although the number of whole workers significantly increased (Nielsen, 2016). Thus, i nvestigating the question whether there is a difference in evaluation with a clear gender shown may be helpful to future academic evaluation and gender equality. Researches have shown that male scientific job applicants were more likely to be seen as competent than women (Moss-Racusin et al., 2012; Steinpreis et al., 1999). According to feedbacks of students’ application materials (actually materials was developed by academic science researchers), Moss-Racusin et al. (2012) found that

Midsummer Night s Dreams Essay - 1365 Words

Midsummer Night’s Dreams Essay The Midsummer Night’s Dreams, a comedy written by the famous British poet William Shakespeare, describes the events that relate to the wedding of Theseus and Hippolyta. It is composed of four interconnected plots that tell us the nature of love, including the adventure of four Athenian lovers: Demetrius, Helena, Lysander and Hermia; Oberon’s revenge on Titania and the mechanicals who are the six amateur actors. Among all these characters, two of the four lovers, Hermia and Helena, are similar in their attitude towards love. They both believe that they are the objects of love. However, they are different in their actions, ideas, appearance and personality. Hermia behaves in a virtuous way and she is also a confident and bold girl. On the contrary, Helena behaves in a defenseless and weak way, which shows that she does not have much confidence in herself. When Hermia and Helena encounter their love, Hermia’s actions are differe nt from those of Helena. Hermia’s father, Egeus, announces that, Demetrius has his consent to marry his daughter (P9). Hermia disobeys her father, saying that, â€Å"refuse to wed Demetrius† (P11) because she loves Lysander so much that she makes a decision which is running away from Athens with Lysander. However, in the forest, Lysander requests to sleep by Hermia’s side: â€Å"One turf shall serve as pillow for us both; One heart, one bed, two bosoms, and one troth† (P57). Hermia is conscientious enough about what virtueShow MoreRelated A Midsummer Night?s Dream Essay760 Words   |  4 Pages Loves Misfortunes amp;#9;A Midsummer Night’s Dream, is a romantic comedy written by William Shakespeare. It deals with the feelings of love and marriage as well as the laws and social order of the time. The story contains fairies and other mystical creatures who take it upon themselves to guide the mortals in the directions they think necessary. This leads to many hilarious situations and misfortunes for the humans. amp;#9;There are many characters in the play and, for the most part, eachRead MoreWilliam Shakespeare s The Midsummer Night Dream948 Words   |  4 PagesOur group focused on a chapter from Shakespeare’s Festive Comedy, â€Å"May Games and Metamorphoses on a Midsummer Night† by Barber, C.L. From this section of the book, it gave me a new insight regarding to Shakespeare’s play The Midsummer s Night Dream. Barber did a great job in his explanation on the romance part of the play and also on the metamorphoses part, however he was unorganized and the methods he used to explain his ideas were confusing. In the scene, where Lysander and Hermia plans toRead MoreWilliam Shakespeare s A Midsummer Night s Dream904 Words   |  4 Pagescommon place characters become lost within, or use as an escape from the binds of society. In A Midsummer Night s Dream, the scenes that take place in the woods are full of enchantment and mystery, but Shakespeare also uses the word wood in several very unique and distinct ways. The term is associated with several meanings and Shakespeare uses these differently throughout the play. The purpose of this essay is not to focus on the wood as a setting in the play, but how Shakespeare plays with the variousRead MoreWilliam Shakespeare s A Midsummer Night s Dream And Fool1401 Words   |  6 Pages(Robin Goodfellow) from A Midsummer Night’s Dream and Fool in King Lear; an argument can be made that the scope of the fool goes far beyond being solely a comedic figure. Using a Shakespearean comedy and tragedy as evidence, this essay will make a case that S hakespearean fools can make horrific or potentially confusing or ambiguous scenes more understandable, and serve as a guide to the audience; shifting the focus from the fictional world of the play to the audience s reality and thereby expressingRead MoreEssay on A Midsummer Nights Dream: Critical Analysis3103 Words   |  13 PagesMandy Conway Mrs. Guynes English 12 16 March 2000 A Critical Analysis of quot;A Midsummer Nights Dreamquot; William Shakespeare, born in 1594, is one of the greatest writers in literature. He dies in 1616 after completing many sonnets and plays. One of which is quot;A Midsummer Nights Dream.quot; They say that this play is the most purely romantic of Shakespeares comedies. The themes of the play are dreams and reality, love and magic. This extraordinary play is a play-with-in-a-play, whichRead More A Cubist Perspective of Shakespeares A Midsummer Nights Dream2475 Words   |  10 PagesA Cubist Perspective of Shakespeares A Midsummer Nights Dream      Ã‚  Ã‚  Ã‚   The great cycle of the ages is renewed. Now Justice returns, returns the Golden Age; a new generation now descends from on high. - Virgil, Eclogues 1.5    As Virgil stated so many years ago, history is a cyclical phenomenon. The experiences of one age tend to be repeated in future generations. Knowing that, we should not be surprised to find the seeds of modern styles and philosophies sprouting in earlierRead MoreExpository Essay On A Midsummer Nights Dream711 Words   |  3 PagesExpository Essay 1 Nov. 2017 Crazy in Love The famous quote You can t be wise and in love at the same time, by Bob Dylan, applies to three of the main characters in William Shakespeare s A Midsummer Night s Dream: Hermia, Helena, and Lysander. Reason and love are often at odds in real life, and this romantic comedy shows how these characters struggle to balance between the two. Hermia has a crazy determination to marry Lysander. Hermia is willing to go against her father s wishes justRead MoreMale Dominance in a Midsummers Night Dream1304 Words   |  6 PagesMidsummer’s Night Dream. Almost in every play of Shakespeare we can see the dominance of males over women. In his plays women have no right to say what they think or what they want. They are always expected to be faithful to their fathers and husbands. They don’t have any freedom about their lives. However we know that this attitude of men against women in Shakespeare’s plays is a reflection of Renaissance society. We can see the most remarkable examples of male dominance in A Midsummer Night’s DreamRead MoreThe Nutcracker : Live At The Ellie Caulkins Opera1383 Words   |  6 Pagesconcert as well as concert, and I was not disappointed. The performance was wonderful, and the opera house was beautiful. The Nutcracker performance was one hour and fifty minutes long, therefore, in this essay, I plan to pick out the points that stood out. To begin this essay, I am going to summarize the story behind the nutcracker. Next, I will analyze the two most notable and my personal favorite parts of the performance. Those parts were the battle scene and the Dance of the Sugar PlumRead MoreWho Caused Macbeth s Ill Fate : The Witches Or Himself?1902 Words   |  8 Pageshis three plays of ‘Macbeth,’ ‘Midsummer Night’s Dream,’ and ‘The Tempest’ intends that all he said about the supernatural should be taken literally or as allegorical, the language and the imagery which he employed were such at each hearer could interpret according to his condition or temperament.† (Lucy, Margaret, and William Jaggard. Shakespeare and the Supernatural: A Brief Study of Folklore, Superstition, and Witchcraft in Macbeth, Midsummer Night s Dream and The Tempest, . At the Shakespeare

Changes in Business Organization-Free-Samples-Myassignmenthelp.com

Question: You are to Identify and critically examine, the key Issues raised by Gibbons. Answer: Introduction The topic of whether things in business are changing or are much stable is currently being argued in most places all over the universe. How business is conducted now tends to change on a daily basis, which is catalyst zed by some aspects in the world. Some aspects are artificial while others are natural in existence which human beings have no control over them. It is tough for a business to maintain status quo on the first day of existence to up to five years later down the line (Becker et al. 2013). A performing business must be subjected to changes in the environment that are inevitable. On the other hand, there is business that remains stable according to the will of the management/owners. This kind of business tends to operate on small quantity which on a small area. They lack diversity capabilities in them that tend to reduce improvement and profit making aspects reason that they only work on same grounds without exploring new ways of operating. For most successful businesses so me things are stable and some that are changing, business (successful) cannot only be running on same aspects thus tends to change some. Other businesses tend to operate on stable elements, mainly do not focus on improving their functioning capabilities, which they feel, becomes tedious to their staffs hence prefer to remain stable. In the both perspective, each tends to have its advantages and disadvantages when in the line of operation and this now depends on the management or owner of the business to decide on which perspective to follow. My argument now is based on the first metaphor that suggests some things are stable and others that are changing. Significant percentage level of people claims that business to grow to need to employ a variety of changes, which helps a lot in improvement. I also, tend to propose the same that in business there must have some things that tend to change to ensure efficient running of that particular company/organization. However, there are some little things, which have to remain same without any changes to make sure that the business is running on a goal-oriented perspective. According to (Chattopadhyay Bhawsar 2017, p 89) top management and owners of the organization should always ensure that the firm is operating and this is guaranteed by employing effective ways of managing the business. There is a time when the management feels that there tends to have some changes in particular departments or even the overall business. With the rapid growth in technology, the industry tends to change in their operating ways to ensure that they can employ technology capabilities in running the business. Some business came into existence when current technology was much far behind and for them to remain relevant, and in full operation, they have to try including current technology. This means that some things must change for the inclusion of current technology in the business. Technology has brought more advantages in companies as there is an improvement of services like brand creation and awareness, greatly enhanced by social media platforms. For a business to flourish well, a high number of customers should be experienced in turn to ensure high volumes of sales of goods or services. Contingency theory suggests that marketing scheme should be designed flexibly to consider the environment and business structure confronting an organization. The systems also need to be adapting to the specific verdicts being considered. In other words, marketing and brand creation systems need to be designed within an adaptive framework, and this means some aspects should be changed (Schroder, Schmitt Sc hmitt 2015, p 342). On the other hand, stability in business should be enhanced to ensure operating in the right path. One of the most significant things business owners must do is build stability, and one of the other most vital things business proprietors must do is be prepared to alteration. Therefore, it is not an astonishment that many business frontrunners find themselves puzzled. If constancy/stability is most important, then how can they be equipped for the change? Moreover, how can an ever changing corporate be constant? The real newscast is that stability and tractability are not as contradictory as one might deliberate (Hui 2014, p56). Stability (business) is frequently misconstrued. The most common quantity of stability is the positive cash flow of which is not the only degree of stability. In fact, if the other key business aspects of stability are not contemporaneous, then positive cash flow will not be either a measurement unit. Business stability is accomplished when a business owner or operative has established loftier management of all of the developments of their business. I tend to argue positive cash flow in the firm should not change and should remain for the awareness that a particular business is running well with no loss encountered in any process. Most professional problems arise because of failure to device one or more of the firms progressions. Stability occurs from partaking a transparent procedure for each course, detailing that system, and following that process each time. In this way, one can avoid the faults that experienced from multitasking, in expert help and faulty reminiscence. When a business has brilliant control of all of their progressions, they can achieve stability, and on the same time, they are equipped for change effectively. Another aspect requiring the change in business is the performance slots. The establishment's goals and objects are not being met, or other organizational needs are not being gratified. According to (Evans, 2016 p 564). Changes in the business are obligatory to close these breaches. Performance gaps should at all times be studies well to ensure efficient running of the firm. When a particular business experiences performances gap in one department or Whole Corporation means that there are some aspects not functioning as expected. To curb this problem of the deficit being encountered in the business, there must be applied some changes at least to try a different method of operation. For example, if the profit of a particular financial year fall, then the management tends to ensure either method process is changed or the working staffs are transferred or fired. Staffs can relax much hence underperforming and that the reason they should be modified from their current operation states to another. The business cannot continue operating on losses status reason that they believe in some things (same staffs and operation methods) being stable. Thus, they need to employ change to ensure loss is not given room in the business (Frank, Roehrig Pring 2014, p 143). Another reason for arguing that some things need to change in business is due to internal and external pressure reaction. Administration and employees, mainly those in organized unions often utilize pressure for change on a daily basis. External gravities arise from areas like customers, antagonism, changing government guidelines, stakeholders, financial souks, and other issues in the organization's external atmosphere. When competition is high from the outside business competitors, the management should ensure that they employ changes to the functioning of the firm. Measures that are effective in curbing the rate of completion should be put in place to enhance competitive advantage in the environment. Companies should not stick to the same outdated methods of controlling threats in the environment for a long time hence they should try to put in new and updated methods of operations. Conclusion In my conclusion which to conclude my argument suggesting that in every business there must be things changing now and then in business and others should be stable from the time of existence. From the essay above, it is well seen that a business is on the right track of operation when some changes are employed in the course of transactions reason that change is inevitable everywhere either in business or one's daily activities. However, there are other things, for effective functioning, they must remain stable to enhance business continuity. An efficient and sound management should not at any chance be changed/fired reason that they can run the business appropriately (Verganti 2011, p 90). Some top management tends to fire or transfer staffs just for the sake of proving to the board of governors that they are doing something. Hence, I advocate the management that change should not only be made just for the sake of, but it must be done where appropriately needed after thorough research on the consequences to fall afterward. References Becker, J., Kugeler, M., Rosemann, M. (Eds.). (2013). Process management: a guide for the design of business processes. Springer Science Business Media. Chattopadhyay, U., Bhawsar, P. (2017). Effects of Changing Business Environment on Organization Performance: The Case of HMT Watches Ltd. South Asian Journal of Business and Management Cases, 6(1), 36-46. Evans, D. (2016). The Internet of ThingsHow the Next Evolution of the Internet is Changing Everything. Cisco Internet Business Solutions Group (IBSG). April 2011. Frank, M., Roehrig, P., Pring, B. (2014). Code halos: how the digital lives of people, things, and organizations are changing the rules of business. John Wiley Sons. Hui, G. (2014). How the internet of things changes business models. Harvard Business Review, 8, 552-568. Keller, K. M., York, S. M. (2013). U.S. Patent No. 8,429,067. Washington, DC: U.S. Patent and Trademark Office. Normann, R. (2011). Reframing business: When the map changes the landscape. John Wiley Sons. Rao, M. N., Rao, S. P. (2015). Simulation of Stock Prices with Stable Distribution. International Review of Business and Economics Studies, 2(1). Schrder, M., Schmitt, S., Schmitt, R. (2015). Design and implementation of quality control loops: Strategies to reach stable business processes. The TQM Journal, 27(3), 294-302. Verganti, R. (2011). Design driven innovation: changing the rules of competition by radically innovating what things mean. Harvard Business Press.

States regulatory response to the current financial crisis

Introduction The current economic crisis, commonly referred to as the Global Financial Crisis, continues to affect billions of people in the world. With various leaders engaging all their efforts to salvage the situation, it is doubtless that the crisis has significantly impacted the world economy negatively. It has arguably been considered by analysts as the worst financial meltdown since the Great Depression that was experienced in 1930s1.Advertising We will write a custom essay sample on States regulatory response to the current financial crisis specifically for you for only $16.05 $11/page Learn More This crisis started during late 2000s with recent years having been proven to be tough for most countries, especially within the Euro zone. Due to the inter-connectivity of world economies, these effects have spread to every part of the world including Asia, America and Africa, forcing the adoption and implementation of mitigation strategies by several c ountries2. The need to deal with the current economic crisis was principally necessitated by negative effects, which stemmed from the dwindling financial situation in most countries around the world3. At the peak of the crisis, large financial institutions collapsed as the rate of unemployment rose to unimaginable levels in the world history. Although every sector of the economy has been affected by the crisis, it is believed that the housing market suffered adversely, resulting into foreclosures and forceful eviction since most people were not able to clear their mortgages4. This essay explores major regulatory responses towards the current financial crisis by various states in the world. In this analysis, four countries including Greece, Germany, France and China will be discussed, focusing on paths that have been taken by these states to deal with the crisis since 2008. Economic Crisis in China China is one of the fast-growing economies of the world that continues to attract glob al attention and interests. Nevertheless, China has had to cope with hard economic times even as other states battle this economic menace. In understanding China’s response towards the current economic crisis, it is essential to note that the economy of China fully depends on flows from international trade and investments5. Due to its exponential growth, it overtook the United States in 2007, in terms of merchandise exportation, coming second after the European Union. With most of its efforts geared towards trade, approximately 30% of the country’s GDP has always been drawn from exports. Research indicates that nearly eighty million Chinese are employed in the export sector, making it one of the leading sources of employment in the country6.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The growing nature of China’s economy attracts enormous Foreign Direct Investors, making it the leading FDI recipient among third-world countries and the third on global ranking. This exposure to foreign trade and exports has exposed China to the current economic crisis, since it has adversely affected the country’s export markets. According to economic analysts in China, the crisis mainly affected industries, which widely relied on Foreign Development Investors. The country registered low economic growth rate in 2009, attaining an increment of 6.1% quarterly, a figure that was seen to be the lowest in more than ten years. Having been cited by the International Monetary Fund as the leading contributor towards the world economy in 2007, the onset of the financial crisis meant economic disaster to the state. China’s response Like many other countries, China took several regulatory measures to deal with the effects of the current economic crisis in late 2000s. In September 2008, it was reported by the Chinese Premier that the main reason for the measur es that were taken by the country was to maintain the stability of the economy by preventing possible fluctuations as witnessed in other countries7. This target was to bear significant boost to the world economy due to its dependency on Chinese economy. In general, the country opted to reduce interest rates charged on bank loans in order to boost the banking industry which remains vulnerable to the negative effects of the crisis. In addition, most of the regulatory options adopted by China aim at stimulating the economy, subsidizing and restructuring of certain industries, enhancing consumer expenditure and boosting of rural income among farmers8. In general, China’s response towards the financial crisis can be viewed from three perspectives, namely, political, economic and social.Advertising We will write a custom essay sample on States regulatory response to the current financial crisis specifically for you for only $16.05 $11/page Learn More C hina’s Political response As a way of ensuring economic stability, China’s political hardliners have constantly called for the re-adoption of a centrally-monitored economy that was supported by Mao in 1949 after the birth of People’s Republic of China. On the other hand, this has been seen as an extreme possibility in finding a realistic solution to the looming crisis9. Many moderators proposed the slowing down of market reforms in the country in order to realize market-oriented environment that would augment economic growth. This was also received with criticism as it was to limit business opportunities and expansion doors to foreign investors. Another regulatory response witnessed in China since 2008 has been the support for total nationalism towards the country’s economy. This attitude has been presented as an indigenous innovation policy, which promotes local technology by rooting for local purchases10. With China having huge public works projects, th e economy has been stabilized by increased local production even though this may have affected foreign trade due to its economic dependence. The relationship between China and the United States has also played part in dealing with the current economic crisis. While China had admired the US, resentment and hardened attitudes have been seen as means of guarding the country’s economy that remains at the risk of being manipulated by external forces. The two countries differed on some political issues like China’s relationship with Taiwan, with which the US had signed some military treaties, a move that has been seen by Chinese leadership as a way of exerting pressure on China11. Fiscal policy At the onset of the crisis in 2008, China introduced $586 billion in form of a package that was aimed at stabilizing the economy. Among other things, the money was to facilitate the creation of more jobs and to provide capital that was necessary to boost domestic spending in the count ry. All these factors targeted the realization of a 2 or 3 points economic growth in GDP12. The economic package also included strategies geared towards the protection of China’s top industries like ship building, automobiles, machinery, steel, textile and information technology among others. Together with this package, China considered offering of subsidies to business players through government grants, tax reduction, tax rebates, and capital support for foreign investments.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Monetary policy Since the onset of the crisis, China has considered many monetary strategies to overcome the effects of the global meltdown. For instance, the stimulus package introduced in the banking sector aimed at encouraging more banks to lend more money through loosening of banking control policies. As a way of implementing this, the People’s Republic of China has cut down quotas and interest charged in order to allow banks to lend money to individuals and companies13. Additionally, most state-owned enterprises have fully benefited from this by receiving favorable rates on borrowed loans. China’s lending response contradicts countries like the United States, which were adamant in endorsing such recommendations. Social programs In averting the effects of the crisis, China has continually implemented several social programs in different sectors including but not limited to insurance, healthcare and pension through its famous stimulus package14. In the year 2009, th e government of China ratified an expenditure of $126 billion that was to be implemented in the following year towards the creation of a universal healthcare scheme for the people of China. The scheme’s main target was to cover most of the population by 2011. Moreover, several steps have been adopted to promote rural income to close the gap between income earned in rural and urban areas. The practical aspect of this has been the offering of rebates amounting to 13% to people in local areas for the acquisition of household appliances. Development projects have also targeted rural areas to promote education, healthcare, transport and other forms of infrastructure15. Through these programs, the government of China has continuously promoted high expenditure on fuel to enhance substantive economic growth, thus taming the effects of the current economic crisis. Chinese Legal Response Besides fiscal and monetary steps that were taken by the Chinese government to tame the impact of t he current economic crisis that rocked world economies since 2008, other steps have been taken. These include the formulation and implementation of laws and regulations, aimed at guarding the country’s financial markets from both internal and external forces. For instance, the Chinese government issued a directive that would undermine foreign suppliers while promoting local companies and manufactures. This limited the possibility of Western companies from winning contracts in certain sectors of Chinese economy like wind power constructions16. Under these protective laws, the Chinese government also promotes high consumption in rural areas. Under this, households from countryside can acquire some items like electronic appliances at a subsidized cost. It is important to mention that China suffers similar challenges, which face its counterparts and business partners like European Union nations and the United States. As result, the government and other regulatory agencies merge e fforts in ensuring that they adopt more workable and realistic policies in taming the effects of the crisis. These joint efforts have been manifested in various ways. For instance, Global Financial Markets Association (GFMA) and the National Association of Financial Market Institutional Investors (NAFMII) demonstrated this spirit when they held a common meeting to deliberate the control of China’s financial market and its regulation in October 201117. The forum was attended by several economic experts from various sectors, locally and internationally. During the meeting, a wide range of issues were discussed including the impact of restructuring regulatory frameworks and policies in outside markets like the EU and the United States. Additionally, the impact of such adjustments to the Chinese economy was discussed in order to ascertain the inter-market relationships. Furthermore, opportunities and challenges facing several Chinese institutions were tabled and synthesized. Some of the institutions included but not limited to the Renminbi offshore market and the New Basel Capital Accord. The purpose of the accord is to promote the integrity of capital in Chinese financial market coupled with subsidiaries by abolishing double gearing. The meeting further discussed strategies in management of expected financial risks within the market in order to avert severe effects. The core target for NAFMII was to establish a link between China and the foreign market for easy accessibility to these trading centers. Moreover, China has adopted a joint-combat approach in which all the regulatory agencies in the country work towards realizing a stable Chinese financial market. Some of these agencies that have merged efforts include China Insurance Regulatory Commission (CIRC), China Banking Regulatory Commission CBRC) and China Securities Regulatory Commission (CSRC)18. All these agencies work in collaboration with the People’s Bank of China in achieving a common goa l. It is important to mention that CBRC was established in the year 2003 before the People’s Bank of China was tasked with supervising the banking industry in the country. As a result, several trends are applied in implementing these reforms through development of prudential policies. It is believed that the good Chinese performance towards the crisis is attributed to combined efforts. As a result, quantifiable growth rate of up to 9.5% was realized during the first quarter of 2011 and last quarter of 2010. The unemployment rate was also manageable as the country registered a low of 5% in 2010. The country has also adjusted its financial trends. Since the year 2010, the People’s Bank of China has raised interest rates and the conditions for deposit reserves as a way of responding to high Renminbi deposits. Additionally, the China Banking Regulatory Commission has moved to define the capital adequacy ratio for commercial banks. This includes 5%, 6% and 8% for core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio and general capital adequacy ratio respectively19. Greece’s Economic Crisis Greece is arguably one of the most hit countries by the current financial crisis. This has seen several leaders come together to salvage the country through policies and bailouts. In understanding these regulatory responses from Euro zone members and other countries like the United States, it is important to note that Greece has experienced an avalanche of events that have finally exposed its economy to its worst experiences20. From a historical background, this situation has been precipitated by a series of cases including the failure by the government to honor its debt obligations. From a general point of view, financial crises are known to promote economic downturns, huge government deficits, reduced national revenues and attraction of other countries into the default. While analysts had projected that a sovereign debt crisis was likely to hit the economy of Greece due to its debt status, others believe that the country is already experiencing this crisis21. In May 2010, the country received a historic package when the International Monetary Fund endorsed $145 billion as a way of taming the crisis and preventing contagion of its effects to other countries in the zone like Spain, Ireland and Portugal. To safeguard these countries from the crisis, IMF further announced $636 billion as financial assistance for vulnerable countries22. Besides these international efforts, the country has also had its own regulatory responses including fiscal austerity and structural improvement options to enhance economic competitiveness. Fiscal Austerity In managing the crisis via this channel, political leaders like Papandreou have played a significant role. While in office, his government adopted strategies that were aimed at lowering the country’s deficit from 13.6% in 2009 to an approximated figure of 3% by 201423. As such, the go vernment believed that the measures were enough to restore the trust of investors and rescue the economy by 2010 without involving international intervention. However, this was not the case, forcing the government to request for financial assistance from the European Union and the IMF. In response to the call, the two bodies advised Greece to execute additional measures in order to realize the intended results. Importantly, Papandreou’s plan targeted reduction of public expenditure and ultimate enhancement of revenue growth. The government established mechanisms to realize these goals, including a major crack-down on those who evaded the payment of tax and social security contribution. In order to cut public spending, the government of Greece targeted the civil service through a number of measures, which were highly criticized by a section of its leaders and citizens. They included reduction of pension benefits, wages, freezing of the hiring process and minimizing overall bon uses to all civil servants. All these measures were undertaken in the year 2010. Besides freezing of the recruitment process, the government established a 5:1 retirement/hiring ratio in the public sector in 2011. With regard to boosting its national revenue, Greece adopted an action plan that saw the average tax rates shoot from 19% to 23% across the country. Additionally, higher taxes are being levied on certain products like petroleum, liquor, tobacco and other luxury items. According to analysts, the measures target to improve the GDP of the state by 1.8%24. Although these regulatory responses appeared workable, Euro zone members expressed their concern based on foreseen impact. While it was possible to increase the revenue through tax adjustment and regulation of the civil service, the risk of unemployment continues to haunt the country, threatening it to land into a serious crisis25. Critically, the challenge with these measures is that they are at odds with each other, i.e. cu tting down government deficits and stimulating the economy during a critical meltdown. Structural reforms In ensuring economic stability, long-term structural reforms have continually been emphasized. For instance, leaders proposed thorough reforms touching on healthcare and pension schemes together with serious scrutiny and management of public administration26. Other reforms have also been stepped up to promote employment, expansion and development of the private sector and full support of technology, innovation and research. It is believed that the target on the pension scheme was based on the fact that it was considered as the most appealing and generous system in the Euro zone27. Through these regulatory approaches, a crack-down on tax evasion was inevitable and an increase of the retirement age from 61 to 63 years. Reforms in the public service included the reduction of local administrators and Greek municipalities to 370 among other structural reforms28. Despite these program s, the situation in Greece did not respond positively, forcing full intervention of the international community, which continues to endorse huge bailout packages for the nation’s economy. Germany’s Response to economic crisis Like many other countries within the Euro zone, Germany has had to endure the effects of the economic crisis, which is believed to have widely endangered the European economy. Due to the looming impact of the financial situation, Germany joined other countries in erecting preventive measures in order to avert possible effects29. Unlike other programs adopted by Greece, China and other nations, Germany adopted a scheme based on legal provisions for the execution of measures aimed at promoting financial stability within the market. Most of these regulatory measures were established in the year 2008, a time when the crisis was gaining momentum in several states around the globe. The measures included but not limited to guarantees, nationalization, an d recapitalization. Under the German Stabilization Act, the government endorsed a rescue package amounting to â‚ ¬500 billion. This was meant to boost various financial institutions in the country, insurance companies and pension funds together with all other financial entities in dealing with the economic crisis. The act became operational immediately, and it was later cleared by the European Commission since it did not contravene any of the EU aid rules30. The clearance by the European Union was essential in guarding against discrimination and allowed the legal arm of German government to deal with the matter. Mechanism of the Act The focal point of the act in terms its operation was the creation of the Stabilization Fund whose main aim has remained above liquidity short falls and ensuring that capital resources of financial institutions are strong. How does this act assist stressed financial institutions in the country? According to the projections made, based on the act, the fund is expected to offer financial guarantees up to the end of 201231. To achieve this target, the act also allows the financing of recommended entities through laid-out procedures like purchase of equity stakes within these institutions, against existing capital contributions from financiers. Recapitalization It is important to note that recapitalization measures are solely based on the same legal framework depending on how the state may choose to act. This is provided by Germany’s Financial Market Stabilization Authority concerning SoFFin. According to the provisions of the act, a total of â‚ ¬80 billion is recognized as the maximum amount for acquisition of risks and total recapitalization. Moreover, eligibility for these benefits requires that a given entity has to be in the category of solvent financial institutions32. From this analysis, it is evident that Germany mainly responded to the current economic crisis by adopting a legal approach. France’s Response to economic crisis Like Germany, France responded to the current financial crisis from a legal perspective. Its regulatory measures are well enshrined in article 6 of the Finance Law. The law was adopted in October 2008, as a way of dealing with looming effects of the crisis in the Euro zone as well as in other parts of the world33. This rescue plan is believed to take the inter alia form, which simply entails refinancing procedures mainly based on guarantees given by the state with regard to existing debt securities that are offered by loaning institutions mandated to carry out the roles of a financier. Additionally, loans can be acquired through these financing companies under set rules and regulation that govern repayment terms and interest rates. Recapitalization is also seen as one of the ways in which the government of France has continued to maintain the stability of its economy. Refinancing scheme The law became operational in October 2008 and operates under the Ministry of Economy. One of its roles in mitigating the impact of the current economic crisis is offering state guarantees, mainly to French debt securities through a financier that is established to provide loans to credit firms in the country. In its operating mode, the ministry gives state guarantees in rare cases, which demand urgent solutions. Importantly, the law recognizes a total of â‚ ¬ 360 billion as the maximum amount for every state guarantee as enshrined in section 6. Besides this, French securities argue that this figure ought not to exceed â‚ ¬ 265 billion34. The Rescue of Dexia is also recognized for its role in dealing with the current economic crisis. This is found in a legal framework treaty between France, Belgium and Luxembourg, concluded in October 200835. According to the agreement, the three states endorsed offering of guarantees jointly as Dexia financing group, amounting to â‚ ¬ 150 billion. Accordingly, France, Belgium and Luxembourg contribute 36.5%, 60.5% a nd 3% respectively. Furthermore, the Ministry of Economy is authorized by the French law to grant these state guarantees. Recapitalization Scheme This scheme is principally administered by a different company referred to as SPPE, owned by the government of France. It therefore follows that the state guarantee is also granted by the ministry of economy. Eligible institutions mainly include financial firms, comprising of credit institutions and other entities that are monitored, say, portfolio management companies. Loans are also used in taming the country’s economy, with SFFF being the sole provider. These loans are granted at an interest rate of 4%36. Concision Due to the effects caused by this financial crisis that engulfed most economies in the late 2000s, several efforts have been witnessed by different states. Regardless of the nature of approach, the sole purpose of these strategies remains taming of the crisis and preventing its severity. The above discussed countries a dopted varying regulatory measures in lowering the impact of the crises. It is however clear that all these measures aim at stabilizing financial markets and promoting economic growth. References Birdsall, N., Fukuyama, F. (2011). New Ideas on Development after the Financial Crisis. Baltimore, Maryland: JHU Press. Chow, D. (2010). China’s response to the global financial crisis: implications for U.S.-China economic relations. Global Business Law Review, 1(47), 47-81. Global Economics Crisis Resource Center. (2009).Global Economic Crisis: Impact on Economics. Stamford, Connecticut, U.S: Cengage Learning. Gup, B. (2010). The Financial and Economic Crises: An International Perspective. United Kingdom: Edward Elgar Publishing. Jackson, J. (2009). The Financial Crisis: Impact on and Response by the European Union. CRS Report for Congress. Web. Jackson, J. (2010). Financial Crisis: Impact on and Response by the European Union. Darby, PA: DIANE Publishing. Mr. China. (2011). Analyz ing China Banking Industry and New Regulatory Policies. Mr. China. Web. Nelson, R., Belkin, P., Mix, D. (2010). Greece’s Debt Crisis: Overview, Policy Responses, and Implications. CRS Report for Congress. Web. OECED. (2009). OECD Economic Surveys: France 2009. NY: OECD Publishing. Petrakis, P. (2011). The Greek Economy and the Crisis: Challenges and Responses. New York, NY: Springer. Petrovic, A., Tutsch, R. (2009). National Rescue Measures in Response to the current financial crisis. European Central Bank. Web. Reinhart, C., Rogoff, K. (2009). This Time Is Different: Eight Centuries of Financial Folly. New Jersey: Princeton University Press. Savona, P., Kirton, J., Oldani, C. (2011). Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd. Saw, S. (2010). Managing Economic Crisis in East Asia. NYC: Institute of Southeast Asian. Taylor, B. (2008). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. Stanfo rd University. Web. The World Bank. (2011). The World Bank Group’s Response to the Global Economic Crisis: Phase I. Washington, DC: World Bank Publications. Wang, M. (2008). China in the Wake of Asia’s Financial Crisis. UK: Taylor Francis. Xiao, Y. (2009). French Banks Amid the Global Financial Crisis. Washington, D.C: International Monetary Fund. Yongding, Y. (2010). The Impact of the Global Financial Crisis on the Chinese Economy and China’s Policy Responses. Penang, Malaysia: Third World Network. Footnotes 1 Petrovic, A., Tutsch, R. (2009). National Rescue Measures in Response to the current financial crisis. 2 Carmen Reinhart Kenneth Rogoff, This Time Is Different: Eight Centuries of Financial Folly, New Jersey: Princeton University Press, 2009, p. 4. 3 Taylor, B. (2008). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. 4 Global Economics Crisis Resource Center, Global Economic Crisis: Impact on Economic, Stamford, Connecticut, U.S: Cengage Learning, 2009, p. 1. 5 Saw, Swee, Managing Economic Crisis in East Asia, NYC: Institute of Southeast Asian, 2010, p. 80. 6 Yu Yongding, The Impact of the Global Financial Crisis on the Chinese Economy and China’s Policy Responses, Penang, Malaysia: Third World Network, 2010, p. 12. 7 Daniel Chow, â€Å"China’s response to the global financial crisis: implications for U.S.-China economic relations† in Global Business Law Review, 47(2010), p. 68. 8 Mengkui Wang, China in the Wake of Asia’s Financial Crisis, UK: Taylor Francis, 2008, p. 68. 9 Daniel Chow, â€Å"China’s response to the global financial crisis: implications for U.S.-China economic relations† in Global Business Law Review, 47(2010), p. 68. 10 Ibid. 11 Ibid., p. 69 12 Ibid., p. 71 13 Nancy Birdsall Francis Fukuyama, New Ideas on Development after the Financial Crisis, Baltimore, Maryland: JHU Press, 2011, p. 111. 14 Panagiotis Petrakis, The Greek Econom y and the Crisis: Challenges and Responses, New York, NY: Springer, 2011, p. 13. 15 Daniel Chow, â€Å"China’s response to the global financial crisis: implications for U.S.-China economic relations† in Global Business Law Review, 47(2010), p. 68. 16 The World Bank, The World Bank Group’s Response to the Global Economic Crisis: Phase I, Washington, DC: World Bank Publications, 2011, p. 72. 17 Mr. China. (2011). Analyzing China Banking Industry and New Regulatory Policies. 18 Ibid. 19 Ibid. 20 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 89. 21 Panagiotis Petrakis, The Greek Economy and the Crisis: Challenges and Responses, New York, NY: Springer, 2011, p. 13. 22 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 90. 23 Petrakis, 2011, p. 13 24 Panagiotis Petrakis, The Greek Economy a nd the Crisis: Challenges and Responses, New York, NY: Springer, 2011, p. 13. 25 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 90. 26 Nelson, R., Belkin., Mix, D. (2011) Greece’s Debt Crisis: Overview, Policy Responses, and Implications. 27 Ibid. 28 Paolo Savona, John Kirton Chiara Oldani, Global Financial Crisis: Global Impact and Solutions. Farnham: Ashgate Publishing, Ltd, 2011, p. 90. 29 Jackson, J. (2009). The Financial Crisis: Impact on and Response by the European Union. 30 Ibid. 31 The World Bank, The World Bank Group’s Response to the Global Economic Crisis: Phase I, Washington, DC: World Bank Publications, 2011, p. 72. 32 Benton Gup, The Financial and Economic Crises: An International Perspective, United Kingdom: Edward Elgar Publishing, 2010, p. 39. 33 James Jackson, Financial Crisis: Impact on and Response by the European Union, Darby, PA: DIANE Publishing, 2010, p. 26. 34 James Jackson, Financial Crisis: Impact on and Response by the European Union, Darby, PA: DIANE Publishing, 2010, p. 26. 35 OECED, OECD Economic Surveys: France 2009, NY: OECD Publishing, 2009, p. 20. 36 Yingbin Xiao, French Banks Amid the Global Financial Crisis, Washington, D.C: International Monetary Fund, 2009, p. 15. This essay on States regulatory response to the current financial crisis was written and submitted by user Adonis Barr to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.