Western Expansion 1860-1890

Western Expansion 1860-1890 The narrative of America has always been associated with Western Expansion using bounds and leaps starting from the East Coast until the Pacific. The acquisition of Alaska and Hawaii, though not included in the historical literature, signified the expansion of Americans westward maintaining the ideology of the Manifest Destiny. The Western expansion during the 19th century was aided by various factors such as purchases, treaties, and wars with the native. This essay develops the chronological events associated with the Western expansion that took place between 1860 and 1890. According to Kinnahan (407), the 19th century in America was marked by the continuous and tremendous expansion of agriculture and industry as well as settlement throughout the continent. The country’s population more than doubled by the 1890 census. Most of the financial progress was concentrated in the plains, Midwest, and Northwest states. Particularly, the northwest became the industrial periphery of the nation controlling more than 85 percent of the United States’ processing and manufacturing of raw materials in the West and Midwest. The South thrived as an agricultural state with minimal industrial activities. For many years prior to the Civil War, the Northern states were forced to conform to the wayward policies instituted by the South. The South held most of the Senate but as soon as their power began to dwindle, their unscrupulous laws were reformed. Some of the policies that allowed national and state development include the Homestead and the Morrill Land Grant Act. The Senate also decided to fund three continental railroads in accordance with the Transcontinental Railroad regulation. The Civil War proceeded to devastate the Southern states. Most of the fighting took place in the South destroying the essential infrastructure in the cities (Kinnahan, 410). The confederate currency and bonds became useless depriving the South of a considerable portion of their money. The emancipation of the bonded men and women also took away the South’s human resource and capital introducing the need to formulate a new labor system. The South did not have adequate funds to facilitate the reconstruction of its states. The sharecrop framework that took the place of slavery had minimal incentives for creativity and innovation. The Southern cities thus remained financially poor and experienced slow population growth (Kinnahan, 411). The South did not attract many individuals particularly the immigrants because of the lack of opportunities. Also, because of the low population growth, there were no incentives expand industrial growth and infrastructure. Hence, the South did not obtain rapid expansion like the former confederate states. The Southern cities continued to rely on agriculture with the exception of the establishment of the steel and iron factory in Birmingham. The Northern States controlled congress after the Civil War all through to the 20th century resulting in higher tariffs and rates that promote industrial growth and agriculture (Kinnahan, 417). The Midwest and North cities’ population grew at a faster rate than the South. However, the states in the United States remained interconnected by the road and railway systems. Most of the economic growth in the region arose due to innovation and natural resources. The number of business patents recorded by the Patent Office increased from 1815 until 1897. America also contained large reserves of copper, iron ore, coal as well as water energy, timber, metals, petroleum, and tracts of fertile land for farming. All the required raw materials were abundant in the United States propelling industrial progress (Kinnahan, 417). With an expanding economy came the need for more workers. Many immigrants moved to America to fill in the vacancies in the factories and other viable job opportunities. In the years between 1860 and 1890, a modern industrial economy sprouted in the United States. The country rose as one of the major economies in the globe. Its stable political structure, vast natural resources, and growth rate positioned it appropriately for continuous development. The rise of the modern economy affected the native tribes that lived in the West. The US government launched projects of industrialization and modernization that affected the native Indian communities (Reedy-Maschner and Maschner, 710). The land policies instituted by the leaders disrupted the non-Indians and Indians. They faced irreversible environmental deterioration and the deprivation of natural resources. The natives resorted to violent reactions, protests, sharecropper rebellions, and land invasions to counteract the territorial aggression. Furthermore, the natives were dehumanized using stereotypes and disparagement to conform to the socialization patterns and the dominant culture in the United States. Slowly, the land they once owned became national land sold to the highest bidder and the native communities were assimilated into the Western culture (Reedy-Maschner and Maschner, 721). Much of the land claimed by settlers in the Western region belonged Native American communities that had utilized it for centuries. The indigenous people were not only forced out of their land, but they also lost their traditions. Between 1868 and 1877, over 200 battles were fought between the Indians and the US Army in a bid to preserve their land. By the end of the 18th century, the American farmers were enriching themselves and feeding the planet. The ethos enacted by the European ancestry justified the motives of the US leadership to confiscate the Indian terrorist for economic development (Reedy-Maschner and Maschner, 740). True to that, the United States experienced tremendous progress at the expense of the loss of land and culture of the Native Americans. The traditional analogy of the Wild West captures the alienation of the Native Americans and the events that took place.

Mauritius Is Efficient Or Inefficient Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2855 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? This chapter provides a review of existing literature which is relevant to the study of testing whether the Stock Exchange of Mauritius is efficient or inefficient. Section 2.2 examines the Efficient Market Hypothesis (EMH) that underpins this study. Section 2.3 continues to look at previous research on EMH and section 2.4 provides an overview of factors leading to improved market efficiency. 2.2 Theoretical Evidence The issue of stock market efficiency is one of the most longstanding and contentious issues in the financial economics literature. In fact, there is much emphasis on this issue because of the importance of market efficiency and the difficulties in measuring it. It has been originated by a French mathematician Louis Bachelier who published his PhD thesis The Theory of Speculation in 1900. However, Bacheliers work was not taken into consideration since it was way ahead of his time but it was rediscovered by Savage in 1955. His observations led to further development of the Random Walk Theory. According to Fama (1970), an efficient market is one where prices fully reflect available information. He further stated that this efficiency could be measured by how much the market price differs from its intrinsic value, that is, the value justified by the facts. Therefore, EMH implies that prices reflect all available information and can adjust rapidly to new information  [1]  . As a c onsequence, prices are always at levels consistent with fundamentals. It is impossible for investors to purchase undervalued stocks or sell stocks for inflated prices. Consequently, it is not worthwhile to have recourse to expert stock selection or market timing since it is not possible to outperform the market. Dimson and Mussavain (1998) identified an efficient market as a market where all relevant information is reflected in the price of a security or stock. Hamid et.al (2010) highlighted that stock prices in an efficient market follow the Random Walk Hypothesis whereby prices cannot be predicted because when new information is released, the degree to which prices will change in response to this cannot be anticipated. In a perfectly efficient market it is impossible to beat the market and earn an abnormal profit, that is, investors are constantly paying a fair price (intrinsic value). Efficiency is important because of the crucial role that stock markets play in the pricing and allocation of capital and the pricing of risk. Since the 1960s, there have been numerous studies questioning the degree of market efficiency and the static assumptions behind for example EMT CAPM  [2]  . In fact, Market efficiency involves three related concepts which are allocative efficiency, optional efficiency and informational efficiency. Allocation efficiency Does capital flow to the projects with the highest risk-adjusted returns? Operational efficiency Are transactions completed on a timely basis, accurately and at low cost? Informational efficiency Does the observed market price of a security reflect all information relevant to pricing the security? However, financial economics tends to focus on informational efficiency when discussing market efficiency. Generally, the efficient market hypothesis states that markets are efficient if the prices of securities fully reflect all available information. That is, the prices of securities observed at any point in time are based on a correct evaluation of all information available in that given time period. Blake (2000) highlighted the three forms of EMH and separates them according to their information sets: Weak form efficiency states that prices will immediately and fully reflect all past information, therefore investors cannot use information on past prices to predict future prices to earn excess returns. That is, one cannot beat the market by using historical information on prices and volumes. 2) Semi-strong efficiency is when prices instantaneously and completely reflect all publically available information. Under this tenet any relevant news will be quickly incorporated into market prices and will cause the prices to rise or fall accordingly. 3) Strong form efficiency states that market prices immediately and completely reflect all known information that is both public and private (insider) information into asset prices. With strong form efficiency, prices change so quickly in response to new information that even those with privileged information cannot profit from trading with that information. Based on these definitions, Malkiel (1999) described the weak-form efficiency as a situation where the stock price changes were independent, the semi-strong form efficiency as a market where prices quickly reflected new value changing information and the strong form efficiency as a market where professional managers were unable to accurately forecast future prices of individual stocks. For the purposes of this paper, we will focus only on the weak-form efficiency and semi-strong form efficiency in the Mauritian Stock Market as for the case of strong form efficiency; it is too extreme and complex. Under the weak form efficiency, the expected excess return conditional on past historical data should be zero. This implies that one should not be able to predict future excess returns on the basis of historical excess returns. The weakly efficient market is basically a refutation of technical analysis. The technical analyst asserts that market prices are not a random process, that is, expected price changes are not independent of past price changes nor are distributions of rates of return independent from past distributions. Market prices exhibit identifiable patterns that are bound to be repeated. The art lies in devising the proper technique to identify trends, interpret them, and interpret any deviation from them (Khoury, 1983: 68). The Random Walk Hypothesis  [3]  of stock market prices is concerned with the question of whether one can predict future prices from past prices. In its simple form, it states that price changes cannot be predicted from earlier changes in any meaningful manner. Successive price changes in individual securities are independent over time and price changes occur without any significant trends or patterns. Thus, past prices contain no useful information as to their future price behaviour. T he more efficient a market is, the more random will be the sequence of price changes. However, it should be noted that the EMH and the random walks are not synonymous, that is, do not amount to the same thing. A random walk of stock prices does not mean that the stock market is efficient with rational investors. Shleifer (2000) identified three main arguments for EMH: 1. Investors are rational and hence value securities rationally. 2. Some investors are irrational but their trades are random and cancel each other out. 3. Some investors are irrational but rational arbitrageurs eliminate their influence on prices. If all these exist, then both efficient markets and stock prices would be very unpredictable and thus would follow a random walk. Samuelson (1965) mentioned that asset prices in an efficient market should fluctuate randomly through time in response to the unanticipated component of news. Prices may exhibit trends over time, in order that the total return on a financial asset exceeds the return on a risk-free asset by an amount commensurate with the level of risk undertaken in holding it. However, even in this case, fluctuations in the asset price away from trend should be unpredictable. Active fund managers such as fundamental analysts clearly believe that the semi-strong form EMH is not true, otherwise there would be no reason for their existence. On the other hand, many academics  [4]  do believe that the semi-strong form EMH is true. For small investors who believe in the semi-strong form EMH, the only course of action is to achieve a diversified portfolio by investing in passively managed funds (for example, tracker funds). In order to test for semi-strong efficiency, we need to employ a test which is named event study or event analysis. These tests often study an event window around news announcements regarding certain stocks. If news announcements convey new information to the market or if they remove uncertainty regar ding rumours in circulation prior to the announcement, shares of the company which are affected by the news will obtain abnormal returns. It was found that event studies provide the strongest possible evidence in favour of the EMH. Countless studies have shown that the stock market reacts rather quickly to new information, whether we measure returns on a monthly, weekly or daily basis. Some would argue that the evidence suggests that information is incorporated in prices within a few minutes.  [5] Don’t waste time! Our writers will create an original "Mauritius Is Efficient Or Inefficient Finance Essay" essay for you Create order 2.3 Empirical Evidences Researchers have examined comprehensively the extent to which markets are efficient. There are various studies on the Efficient Market Hypothesis. However, some researchers focused on the assumptions of EMH while others identified a series of anomalies in the market. In support for the EMH, Mauboussin (2005) highlighted that rationality and the utility theory leads to efficient markets as investors always want to profit and will follow those who do in modern markets. Also, Malkiel (2005) critically analysed the EMH and looked at whether it was the reason why managers of investment funds could not beat the market in terms of predicting prices to earn excess returns. Malkiels (2005) study supports the notion that market prices will reflect all available information, and therefore there is no significant gain to be had from holding a managed fund versus an indexed fund. Moreover, Russel (2003) assumed that very few active managers make money on stock exchange. On the other hand, Wilks (2003) added that active managers only beat the market because they take excessive risks. Fama (1998) refused to abandon the EMH theory by arguing that anomalies found in the market are just an illusion and are economically or statistically insignificant. He qualified the market imperfections found as the result of the changes made in the method of estimating abnormal returns. Grossman and Stiglitz (1980) found that if information was costly, there must have been a financial incentive to obtain it. But if the information was already fully reflected in asset prices, then there would not be any financial incentive. This is a strong version of the hypothesis that could be literally true if all available information was costless to obtain. Alternatively, Jensen (1978) added a weaker but economically a more realistic version of the hypothesis. It is when prices reflect information up to the point where marginal benefits of acting on the information do not exceed the marginal co sts of collecting it. Campbell, Lo and MacKinlay (1997) analysed the US sharemarket and it showed that above-average stock returns over a daily, weekly or monthly interval increase the likelihood of further above-average returns in the subsequent period. However, for instance, only about 12 per cent of the variance in the daily stock price index can be predicted using the previous days return. Portfolios of small stocks display a greater degree of predictability than portfolios of large stocks. There is also some weak evidence that the degree of predictability has diminished over time. Much of the EMH literature before LeRoy (1973) and Lucas (1978) revolved around the random walk hypothesis and the martingale model, two statistical descriptions of unforecastable price changes that were initially taken to be implications of the EMH. One of the first tests of the RWH was developed by Cowles and Jones (1937), who compared the frequency of sequences and reversals in historical sto ck returns, where the former are pairs of consecutive returns with the same sign, and the latter are pairs of consecutive returns with opposite signs. Cootner (1962; 1964), Fama (1963; 1965a), Fama and Blume (1966), and Osborne (1959) perform related tests of the RWH and, with the exception of Cowles and Jones (who subsequently acknowledged an error in their analysis Cowles, 1960). All of these articles indicate support for the RWH using historical stock price data. Furthermore, Lo and MacKinlay (1988) examined the weekly US stock returns indexes from 1962 to 1985 by constructing a variance ratio test. They exploited the fact that return variances scale linearly under the RWH and if the random walk hypothesis holds, the variance of a two-week return is twice the variance of a one week. Particularly, they found that variances grow faster than linearly as the holding period increase which implies positive serial correlation in weekly returns. Oddly enough, Lo and MacKinlay also sh ow that individual stocks in general do satisfy the RWH. Liu and He (1991) tested five weekly exchange rates and they rejected the random walk hypothesis. On the other hand, Ayadi and Pyun (1994) applied the same test to stocks in the Korean Stock Exchange and showed that after adjusting for serial correlation and heteroscedasticity, the random walk hypothesis cannot be rejected. Fama (1965) found evidence that there was no long-term profitability to be found in technical trading strategies. Malkiel (2003) also supported this view and provided us with evidence that more often than not traders find it difficult to perform better than the benchmark indices and when they do, their success is often not reported in the long run. In a study, Scholes (1972) observed how prices reacted to non information by seeing how share prices reacted to large share sales by large investors. This study was important as it directly dealt with the issue of the availability of close substitutes fo r individual securities  [6]  . Scholes found that they led to small price changes and that this could be due to negative news regarding the share sale. Thus, the results support the random walk theory. In contrast, various studies have criticised the assumptions of EMH, that is, there are several arguments that reject the EMH. For instance, Bogle (2003) argued that the EMH does not account for transaction costs and as such, market efficiency did not matter since investors, as a group, would fall short of the market return by the amount of costs they incurred. Hence, there is no doubt that transactions costs play an important role in investment strategies. Furthermore, Ball (1994) postulated that cost for information is not zero but positive, opposing the assumption of EMH. Besides, Shleifer and Summers (1990) questioned the assumption that investors are rational where there are noise traders that act on imperfect information causing the prices to deviate from their intrin sic values. In additional, Russel and Torbey (2002) argued that individuals are often prone to make mistakes and tend to rely on the opinion of others. In fact, human beings do not process information with machine-like speed, efficiency or rationality where as EMH assumes that information is processed correctly and immediately. While conducting a critical review of the literature on EMH, Akintoye (2008) highlighted the support for weak and semi strong efficiency but also highlighted the lack of evidence for strong form efficiency. Akintoye explored market anomalies which caused the market to depart from efficiency and attributing those departures to a notion of behavioural finance finding that where emotions and cognitive biases were present and these factors can cause anomalies in market price movements. Brealey et al (2008) defined behavioural finance to be the use of human psychological evidence to interpret investor reactions. Behavioural finance assumes that investors are adverse to small losses especially when stock performance has been poor recently. Investors can also be slow to react to new information and over confident with their stock price predictions. The argument for behavioural finance in rejection of the EMH is also highlighted by Daniel et al (1998), where under or over reaction to market reaction to news is present due to psychological biases such as investor over confidence. This study concluded that price movements in the market are distorted as investor biases are reflected in price as opposed to reflecting only the information available. Kulkarni (1978) investigated the weekly RBI stock price indices for Bombay, Calcutta, Delhi, Madras and Ahmedabad stock exchanges and monthly indices of six different industries by using spectral method. He concluded that there is a repeated cycle of four weeks for weekly prices and seasonality in monthly prices. This study has thus rejected the hypothesis that stock price changes were random . In addition, some studies have produced evidence against the random walk hypothesis, showing that stock returns do contain predictable elements. Much of this work has centered on the worlds largest stock markets, including the United States, developed economies in Europe, and Japan and were studied by Poterba Summers (1988) and Lo and MacKinlay (1988). More recently, mixed evidence on the random-walk hypothesis has been found for emerging markets in Latin America (Urrutia, 1995); (Grieb Reyes, 1999) and in Asia (Ayadi Pyun, 1994); (Huang, 1995); (Chang Ting, 2000). Apart from these arguments, some studies are based on anomalies present in the stock market. For instance, Rozeff and Kinney (1976) suggested that the month of January experiences higher returns than other months on the New York Stock Exchange. This stock market anomaly was dubbed henceforth as the January Effects  [7]  . Another anomaly related to stock returns on a given day of the week is known as the d ay of the week effect. French (1980) claimed that there was a tendency for returns to be negative on Mondays whereas they are positive on the other days of the week similar to the findings of Tandon (1994). There also exists a size effect on the stock markets. For instance, Banz (1981) stipulated that holding stocks of low capitalization firms yielded excess returns, though it is argued that these excess returns may be only a compensation for exposure to the risks associated with small firms. Similarly, some authors argued for the presence of the price earnings ratio effect on some stock markets. For example, in contradiction of the EMH theory, Basu (1977) has demonstrated that investors holding low price earnings ratio portfolio earned higher returns than an investor holding an entire sample of stocks.

Man vs. Woman - 2215 Words

Man VS. Woman: A Literary Analysis Of Conflicts In Two Stories Gena Jones ENG125: Introduction To Literature Instructor: Denya Ciuffo August 31, 2015 Man VS. Woman: A Literary Analysis Of Conflicts In Two Stories In the short stories â€Å"Sweat† by Zora Neale Hurston and â€Å"Hills Like White Elephants† by Ernest Hemingway, there is a very similar conflict of Individual vs. Individual between the men and the women that represents the constant struggle for power in the human relationship. While â€Å"Sweat† allows us to see the resolution of conflicts by the end of the story, â€Å"Hills Like White Elephants† presents us with these conflicts and does not really give us clear resolution in the end. Imagery and epiphany are techniques used in both†¦show more content†¦It softened her knees and dried her mouth so that it was a full minute before she could cry out or move,† we are able from just those words to see the image of a frightened woman who believes a snake has slithered on her. Many times in the story, imagery fills the gaps that the difficult to understand dialogue may leave. Delia’s epiphany comes when Sykes tosses her laundry outside and threatens her for having it in the house. â€Å"Delia’s habitual meekness seemed to slip from her shoulders like a blown scarf. She was on her feet; her poor little body, her bare knuckly hands bravely defying the strapping hulk before her† (Hurston, 1926). In this instant, the power begins to shift in the conflict. Delia shows Sykes that she will no longer be cowed down to him. She will stand her ground and fight. Delia’s epiphany is the turning point in the story. We see her evolve from a woman who is doing what she can to get by and living her life the way it has ended up, to a woman who knows her own worth and is going to fight for what is rightfully hers. In that moment, Delia has decided that she will no longer be the victim of abuse. This moment is important because it leads us down the path of the resolution of conflict in â€Å"Sweat.† In Ernest Hemingway’s â€Å"Hills Like White Elephants,† we see a conflict between a man and a woman. This would be the Individual vs. Individual conflict of the story. We are not told much about the pair by the author. The man is never given aShow MoreRelated Optimism vs. Pessimism in Popes Essay on Man and Leapors Essay on Woman2015 Words   |  9 PagesOptimism vs. Pessimism in Popes Essay on Man and Leapors Essay on Woman     Ã‚   Both Alexander Popes Essay on Man, Epistle 2 and Mary Leapors Essay on Woman expound the fatalist contention that neither man nor woman can win, as each individual exists in a world of trade-offs. 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Should All Schools Adopt More Sex Education - 1748 Words

Although These classes show a lot of improvement in having great results because they can teach the students about teen pregnancy and reduce these statistics However these classes have a lot of potential because they can teach the students things like reducing teen pregnancy ,Reduced disease like HIV/AIDS, Understanding that it’s a struggle having a kid while still being in school,and lastly debunking myths sexual references . Should all schools adopt more sex education classes in schools ? Schools are reconsidering of adopting more sex educational classes in all schools mostly in high schools because kids mostly in high schools are making wrong decisions and being sexually active without the right knowledge about situation so that is why more schools are trying to have these type of classes. People believe more sex education classes can decrease sexual risk like teen pregnancy and reduce HIV/AIDS ( â€Å"Pro and Cons of Sex Education in School†) For example Smit h argues that if more of these classes were taught in more schools teen pregnancy rates would drop (Smith) Yes , there are a lot of teens in exposure of teen pregnancy because they are curious or just pressured into doing stuff and they do not know the risks . ( â€Å"Pro and Cons of Sex Education in School†) However some students can’t take the classes because they have religious beliefs in their households ( â€Å"Pro and Cons of Sex Education in School†) Parents that agree that schools should haveShow MoreRelatedGay Couples Should Not Be Allowed to Adopt Children Essay870 Words   |  4 Pagestheir hands. This scene has found more and more in the present of the social since the same-sex relationship has become more popular, for it has currently granted in some states such as Connecticut, Iowa, and Massachusetts. 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Teachers give lessons on math equations, encoding poems, and mixing music. As the students soon graduate, they take these lessons with them with and use them

Evidence Of The Changing Roles Of Women In Women And Women

evidence of the changing roles of female involvement within terrorist organisations along with increasing numbers of female Islamic terrorists (Bakkers de Leede, 2015; Lavina, 2015). Terrorist organisations traditionally maintained gendered specific roles and women predominantly provided a support type role (Bakker de Leede, 2015). This was in the form of bearing children or recruiters (Bloom, 2011). This has been evolving with instances of women actively engaging in violent Islamic terrorism (Bloom, 2011). High-profile cases of home-grown radicalisation of females of a British background like that of ‘Samantha Lewthwaite’ and Sally Jones’ could be examples of a new breed of female terrorist (Bakkers de Leede, 2015; Berkowitz †¦show more content†¦It is hoped that an updated and more comprehensive analysis of female radicalisation and their involvement within Islamic terrorist organisations will lead to a greater understanding of female radicalisation and extremism and subsequently the development of more effective measures to combat this phenomenon in the form of more gender specific counter-terrorism strategies (Saltman Smith, 20 15; Musial, 2017). Background/ Context ‘Terrorism’ is not a new occurrence; it is a common feature of Northern Irish history due to the conflict of ‘The Troubles’ (MI5 Secret Services, 2016; Newburn, 2013; Wright, 2010). Traditional terrorism like that of the IRA (Irish Republican Army) in Northern Ireland predominantly occurred within local geographical parameters and against specific targets, it also operated in a fairly predictable nature (Morgan, 2004, Wright, 2010). In order to deal with the threat of Northern Irish terrorism, intrusive counter-terrorism measures were introduced (Mythen, 2014; Wright, 2010). These were designed to deal with domestic and localised terrorism (Morgan, 2004; Mythen, 2014; Wright, 2010). In recent years, the terrorist threat has expanded beyond local parameters (Wright, 2010). Globalisation has blurred how terrorism operates and has aided the development of a modernised terrorism (Aas, 2013). 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Adam Smith and David Ricardo Had More Similarities free essay sample

Division of labor and free trade took deep root in their mind. When it comes to object of nation’s free trade, however, their opinion showed dissentience with absolute advantage and comparative advantage. Division of labor is the most basic building-block in their law. Smith argued that specializing and dividing tasks increased output dramatically. Furthermore, division of labor can take place among towns, not just among worker in a factory. In this manner, some countries or towns come to develop their strengths. When they trade their own advantage with others, the general good grow in both parties. In other words, the benefit of free trade fundamentally bases on specialized strengths in countries or towns caused form division of labor. As Ricardo also supports free trade, it is suffice to say that he also sit in same position at division of labor with Smith. The difference between ideas of the two economists indicates in choosing of the target of free trade. We will write a custom essay sample on Adam Smith and David Ricardo Had More Similarities or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page According to Smith, nations should import only those products in which another country has an absolute advantage. On the other hand, the point of Ricardo’s analysis is that free trade makes it possible for households to consume more goods regardless of whether trading partners are more or less economically advanced. The reason why their principles are distinct is that Smith focuses on using the amount of resources but Ricardo concentrates on opportunity cost. To illustrate, bring trade between Korea and Japan as an example. Imagine that Korea can produce computers and cell phones at six per hour, and Japan can produce either two computers or four cell phones in an hour. Productivity of Korea is higher in both computer and cell phone, which means that Korea has the absolute advantage over Japan in producing not only computer but also cell phone. In this case, Smith claims that Korea does not need to transact with Japan. Since he focuses on efficient using of resource, manufacturing in less-efficient country, Japan, is waste of materials and this should be blocked by invisible hand which means Korea should stop to trade with Japan. However, Ricardo argues that even though Korea has better prowess in both, trading with japan is more beneficial to either Korea or Japan. In above table, while Japan makes one computer, it loses time of making two cell phones. In this case, the two cell phones are the opportunity cost of making one computer to Japan. Ricardo showed that people and countries should specialize in whatever leads them to give up the least. This is their â€Å"comparative advantage†. Thus, Japan has comparative advantage in producing of cell phone and comparative advantage of Korea is making computer. According to Ricardo, focusing on making only their comparative advantage and trade each other is mutually beneficial to both than self-sufficiency. To put it succinctly, Smith and Ricardo argue that free trade based on division of labor bring wealth in countries. However, Smith insists that trading with those country which has absolute advantage is beneficial whereas Ricardo argues that free trade takes advantage under any circumstances. This is difference between the two economists.

Operation and Supply Chain Management of Nestle

Question: Discuss about the Operation and Supply Chain Management of Nestle. Answer: Introduction This report aims to look in to the huge and complex operations of Nestle so that their chocolate products are available in the market all throughout the year. To achieve this feat, the company has to have meticulous planning process and a proper organizational management. The history of chocolate can be traced back to the Mayan civilization who found out that the beans of cocoa trees can be harvested and made in to drinks who were living in the now called Mexico (de Mejia Ramirez-Mares, 2014). The Spaniards who invaded the South American states learned the secrets of making this product and shipped back large cargoes of cocoa beans. In the midst of the 19th century, an Englishman by the name of Joseph Storrs Fry mixed cocoa butter, sugar and cocoa powder to introduce the blocks of chocolate to the world. The Nestle company manages the production of Kit Kat bars very efficiently and looks in to the production process on a daily basis so that there is no hassle for the consumers in pr ocuring the product from the market (Denoeud et al., 2014). Company Background Henri Nestle, a pharmacist by profession launched a product named Farine Lactee Nestle in the year 1867. The product was a nutritional supplement for the kids in Switzerland. He used his surname in giving a name to the company and the logo of the company, which is like a nest. It symbolizes family and nourishment and still plays a crucial role in the company profile. It was founded in the year 1905 as a merger between the Anglo Swiss Milk Company, which was established by two brothers whose names were George, and Charles Page respectively and the Farine Lactee Nestle Company. It grew in a significant manner during the First World War and expanded beyond the condensed and infant products following the Second World War. Currently the company operates in more than eighty-six countries and employs around 280,000 people ("History", 2017). Nestle Singapore Nestle Singapore celebrated its 100 years since the inception in the year 1912 in that country. In the year 1968, the company opened its first plant in Jurong, which produced Sweetened Condensed Milk back then. The factory maintained the best standards in Food Safety HACCP, Quality Management and Good Manufacturing Practice (GMP), which was in accordance with the Nestle Quality System (NQS). The company was awarded many rewards with respect to Food Processing, Sanitation and Hygiene and from the Ministry of Environment. It started as a humble manufacturer of Milkmaid, which is a sweet condensed milk and then expanded in to making other products such as MILO, Kit Kat and other products. The company aims to be the most recognized brand in Singapore while generating sustainability, profitability growth and improving the relationship with the shareholders and the employees at the same time ("History of Nestl", 2017). The factory is located in Jurong, West of Singapore and produces noodles, cereals, dairy products and nutritional products for the infants. The company keeps on growing because of the policy that they follow regarding constant innovation and concentrating on the core competencies with the aim of providing the best products to the people of Singapore (Denoeud et al., 2014). Product profile of Nestle Singapore The company has over 8000 brands worldwide. However, in this country the company concentrates on the products that are related to adults and children. The company is very much concerned with the standards of the quality of the product (Lewis, Ruemmele Wu, 2014). The products that the company have in Singapore and are liked by the people there are: Cerelac MILO Kit Kat Maggi instant noodles Nescafe etc. This product was manufactured in New York in the year 1935 and was known back then as Rowntrees Chocolate Crisp. In the year 1988, Nestle acquired the Rowntree company and in the following year the production of the chocolate by Nestle began in Japan. During the early period of the 1990s, the production of the chocolate started in Malaysia and Singapore as well (Wang, 2014). Kit Kat is one of the most appealing products of the company in Singapore. The people of the country love the product and the children in particular are very fond of it. They come in varieties of packs such as the single bar of wafer known as Kit Kat Chunky, the traditional four wafers known as the Kit Kat and the family pack, which consists of six packs of wafers each containing four wafers in the wrapper (Bharucha, 2016). The Production process of Kit Kat This stage deals with the growing of the cocoa beans. The small farmers live away from the market and cultivate their own lands for the production of cocoa trees. It is produced on a mass scale in countries like Ivory Coast, Brazil etc. The company plays a very important role in dealing with the consignments that are up to the quality for the production of the chocolate wafers (Moura, Branco Camoesas, 2015). The company buys it directly from the warehouses where it is stored to export to different companies that deal with the making of chocolate. The company purchases it and then sends it to the various manufacturing plants that it has globally and even to the Singapore plant where the product is mixed with sugar, cocoa and various other raw materials to bring out the final product. The factories take the whole consignment of the coca beans and make the beans sun-dry for seven days before putting it in the manufacturing process (Coombs, 2014). Once that process is completed, the bea ns begin a journey of three hours, which begins by cleaning which helps to remove the dirt from the material and de-shelling the product with a series of rolls to help the beans release the nib that is required to make the chocolate. The cocoa nibs are then put in to the ovens where it will come in direct contact with the pressure and heat, which will make the nib release the chocolate liquid (Mahal Hossain, 2015). The liquid is then mixed with cocoa powder along with sugar and milk to create the chocolate liquid in which the wafer will be dipped before packing the product. Finally, a process called tempering helps to make sure that the chocolate has melted and has reached a particular temperature. After the process of tempering, the liquid is then again heated to around 31 degrees to avoid the process of the crystallization because if that happens then the chocolate will lose its appealing factor to the customers (Visser, 2014). The waffle is made in a different section of the factory where the flour is mixed with water to form a batter like solution. Then the product is put on the waffle lanes and carried in large conveyor belts where it is baked on a temperature of around 150 degrees and is then cooled down to be covered with the chocolate filling in between the three layers (Galera, 2017). The wafers are then piled over one another making it look like a three-layered sandwich. The chocolate filling is applied on each layer and then stacked over one another. The liquid chocolate is then pumped into moulds where the wafers are deposited and the final layer of chocolate, which covers the entire part of the bar, happens after the liquid has cooled off. After the products are finished, the quality managers inspect the product and check for any defects if they are present (Coombs, 2014). Supply Chain Management Supply chain is defined as the system that includes suppliers, manufacturers, distributors, retailers and the customers where the material and the financial information flow in both the directions. In any organization, the chain consists of a variety of functions that involves the receiving and the entire fulfillment of the request that the customer does. The functions include the development of new product that is introduced in the market., the operations in the market and the functions related to distributing, financing and the service that is provided to the customers (Cordon, Hald Seifert, 2013). The supply chain management is the way in which a company finds ways to improve the product life cycle in the market. The Nestle Company follows a basic supply chain, which includes the suppliers of the raw materials from various places, the manufacturers who produce the particular product. Another important thing is the storage facilities where the product will be fresh and not go bad, the transportation facilities through which the products are sent to the various markets, the distributors who distribute the products to the retailers and finally the customers can lay hand on the product by purchasing it from the retailers (Bach, 2015). The company procures the raw materials from the West African countries that is the cocoa beans from the warehouses where it is stored from the suppliers. The company then transports it to the manufacturing unit in Jurong, Singapore where the process of making the product takes place. When the process is completed, the chocolate bars are taken to the storage which is adjacent to the factory from where the company owned trucks takes the delivery of the product and embarks on a journey to reach all the whole sellers of the country who will purchase the product from the company itself (Galera, 2017). The whole sellers then have their own sets of retailers who are informed that the products have arrived to them. The retailers purchase the product from them at a rate in which they are able to keep a certain profit margin for themselves. The retailers then advertise the products on the shelves of the shop so that the customers can get the knowledge of the availability of the product. The ta rget customers are the children that are there in the country who accounts for the maximum selling of Kit Kat candy bars (Meqdadi, Johnsen Johnsen, 2016). Sustainability practices The company has taken many steps to help main the sustainability with respect to the environment and on the child labor front. The company and the stakeholders have come in jointly to look into some of the aspects. They are: Nutrition- It is one of the most important factors of the company as it deals majorly in this part. Nestle promotes healthy lifestyle activities and has an active communication process to give information relating to this field (Hill, 2015). One of the current issues that it faced was in the production of the instant noodles, Maggi where in some countries it was found that there were certain percentages of lead in the production process. The company called back all its product and prevented the consumers from the consumption of the product. The company looked in to the matter and manufactured new sets of the product that was well below the permissible limit of the chemical and allowed it in the market because nutrition forms a major part of their food production pyramid (Bharucha, 2016). Water- The Company has efficiently managed the consumption of water both in its production process and the supply chain of the company. The company has reduced the emission of carbon dioxide by a good margin (Wolf, 2014). Rural Development- Nestle Singapore supports many local communities and helps them develop sustainably. They actively take part in the community services and sponsors many events to create brand awareness amongst the locals (Lee Vachon, 2016). Fair-trade activity- The Company has started to pay its cocoa suppliers that are based in Ivory Coast and the other places according to the current market rate that is there for each tone of the product. The company pays a minimum of $3,535 (978) for every tone of cocoa purchased. The company also pays a premium price of $150 (92) per ton to support the developmental projects that includes health and education of the farmers ("Kit Kat to be Fairtrade - Supply Management", 2017). No to Child Labor- The Company takes necessary steps to prevent child labor that is used in the cocoa plantations so that the children are not trafficked by the traffickers who want them to work in the fields for a meager amount. The company takes necessary steps to curb some of the ill practices that are very much prevalent in countries that are known for their coffee (Miah et al., 2015). The Future of the Company The company with its location in Singapore has vast market opportunities. The operations in the firm needs to be well maintained as the employees will always want a healthy environment to work in to. The company provides medical and residential facilities to all its employees and their families because the company ensures to keep its workers happy so that the manufacturing of the product can continue without any hassle. In the daily operations, the workers may get bored due to the same activities that they are working upon every day. To stop that the company organizes valuable workshops for the employees so that they can learn the new techniques that are available in the market with the latest technologies (Li, 2015). The supply chain of the company needs to be managed very cautiously and transportation facilities need to be increased more so that the availability of the product is never out of stock in the market. The consumers should always have access to the product as they might get demotivated with the product not being available and may shift to some other products. The whole sellers need to keep their prices according to the average market conditions so that the consumers are not affected in the end. The company needs to look in to this matter as it may affect the image of the brand if these malpractices are carried out by the subsidiaries. The motto of the company that is Good food, good life needs to be followed by not only the company but also the processes that are required in between the company and the consumer (Meqdadi, Johnsen Johnsen, 2016) . Conclusion Therefore, to conclude it is seen that the brand is making good progress in Singapore because of the demand that it has amongst the consumers and the company always metes out the supply. The Kit Kat is one of the favorite things of the children and the company does not compromise on the quality. The manufacturing of the product is carried out meticulously and the minimum errors in the production are also avoided at all cost. The procurement of the cocoa from where chocolate is made is also good as the company follows a fair-trade policy where the exporting countries are not exploited and curbing the child labor, which is very much prevalent in those coffee producing countries. Reference List Bach, D. (2015). A politics and public policy approach.The Routledge Companion to Non-Market Strategy, 66. Bharucha, J. (2016). Cadbury Vs Nestle: A Study of The Chocolate War.International Journal of Research in Social Sciences,6(9), 609-620. Coombs, W. T. (2014). 9 Nestl and Greenpeace.Ethical Practice of Social Media in Public Relations, 126. Cordn, C., Hald, K. S., Seifert, R. W. (2013).Strategic supply chain management. Routledge. de Mejia, E. G., Ramirez-Mares, M. V. (2014). Impact of caffeine and coffee on our health.Trends in Endocrinology Metabolism,25(10), 489-492. Denoeud, F., Carretero-Paulet, L., Dereeper, A., Droc, G., Guyot, R., Pietrella, M., ... Aury, J. M. (2014). The coffee genome provides insight into the convergent evolution of caffeine biosynthesis.science,345(6201), 1181-1184. Galera, J. (2017). How Kit Kat bars are made - Inside the confectionery industry. Inside The Food. Retrieved 14 January 2017, from https://insidethefood.com/post/how-kit-kat-bars-are-made-inside-the-confectionery-industry Hill, K. (2015). Professor Teaches Course on Social History of Candy. History of Nestl. (2017). https://www.nestle.com.sg. Retrieved 14 January 2017, from https://www.nestle.com.sg/aboutus/nestle_worldwide/history History. (2017). https://www.nestle-ea.com. Retrieved 14 January 2017, from https://www.nestle-ea.com/en/aboutus/history/history_detailed Kit Kat to be Fairtrade - Supply Management. (2017). Cips.org. Retrieved 14 January 2017, from https://www.cips.org/supply-management/news/2009/december/kit-kat-to-be-fairtrade/ Lee, K. H., Vachon, S. (2016). Integrated Supply Network and Business Sustainability. InBusiness Value and Sustainability(pp. 59-93). Palgrave Macmillan UK. Lewis, J. D., Ruemmele, F. M., Wu, G. D. (Eds.). (2014).Nutrition, Gut Microbiota and Immunity: Therapeutic Targets for IBD: 79th Nestl Nutrition Institute Workshop, New York, NY, September 2013. Karger Medical and Scientific Publishers. Li, T. (2015). Nestle Employee Recruitment Research.International Journal of Business and Social Science,6(4). Mahal, I., Hossain, A. (2015). Activity-Based Costing (ABC)An Effective Tool for Better Management .Research Journal of Finance and Accounting,6(4), 66-73. Meqdadi, O., Johnsen, T. E., Johnsen, R. E. (2016). The role of power and trust in spreading sustainability initiatives across supply networks: A case study in the bio-chemical industry.Industrial Marketing Management. Miah, J. H., Griffiths, A., McNeill, R., Poonaji, I., Martin, R., Morse, S., ... Sadhukhan, J. (2015). Creating an environmentally sustainable food factory: a case study of the Lighthouse project at Nestl.Procedia CIRP,26, 229-234. Moura, A., Branco, M., Camoesas, M. (2015, June). NESTL, A GLOBAL FIRM AND ITS CUSTOMER RELATIONSHIPS. InIMC 2015 International Management Conference 26th June 2015(p. 96). Visser, W. (2014). CSR 2.0 as a New Metaphor. InCSR 2.0(pp. 35-49). Springer Berlin Heidelberg. Wang, L. (2014). Energy efficiency technologies for sustainable food processing.Energy Efficiency,7(5), 791-810. Wolf, J. (2014). The relationship between sustainable supply chain management, stakeholder pressure and corporate sustainability performance.Journal of business ethics,119(3), 317-328.