The Wall Street crash was responsible for the depression of the early 1930s Essay Example for Free

The Wall Street crash was responsible for the depression of the early 1930s Essay How far do you agree with the view that the Wall Street crash was responsible for the depression of the early 1930s? The Wall Street Crash was certainly a major factor in the depression of the early 1930s, as said in source 3, setting off a devastating economic collapse. However, it was not the sole reason for the depression but only a segment. The economy was rotten well before the Crash in areas such as agriculture, industry and the banking system which had far more significant consequences. The Wall Street crash was certainly responsible, to a certain degree, for the economic downturn which brought USA to its knees through the 1930s. The frenzy of unregulated speculation which had fuelled the huge stock market bubble, with stock prices far outrunning economic growth, had burst. When panic selling began investor anxious to minimize losses sold as fast as possible. This quickened the fall in share prices. As stock values plummeted with industrial stock falling by 50 per cent between September and November 1929, business confidence evaporated. The lenders, often including large banks, which had been fuelling the boom, called in their money and the market collapsed. When people werent able to repay loans to fragile banks, which lacked sufficient reserves, bankruptcies and bank failures multiplied. However, as the accredited Historian David Reynolds states; In itself the stock market crash of October 1929 was not decisive, in any case only about 1% of the population owned securities in 1929. The importance of the stock market crash was that it showed an economic future which was uncertain. As a result millions of Americans cut back on spending and new debts which caused a massive contraction in the economy as a whole, as Aggregate demand dwindled. It is certainly clear that poor health of American agriculture, which had been suffering through the 1920s and did not share in the boom, had much more responsibility for the economic depression compared to the Stock market crash. In 1929, American farmers annual income stood at an average of $273 a year, well below the national average of $750 and their hard times as well as lack of purchasing power was an important factor. The 1920s had been a period of overproduction which had driven down the price of agricultural produce; this problem was further exacerbated by the huge amounts of imports from countries such as Argentina. As, incomes fell, farmers fell behind with mortgage repayments and loans used to invest in new equipment. This was critical as much of this business had been done with rural banks with limited capital. Which were highly vulnerable to sudden large-scale withdrawals or runs. Due to hardship on the agricultural economy which had a direct impact on the rural banks, almost 5000 collapsed between 1923 and 1930. As stated in source 3, Farmers, badly off to begin with, entered a new era of adversity. Though the adversity of farmers was an important in bringing about the banking crisis, it was only a trigger, there were much more fundamental flaws exposed by the depression. As stated in source 2, at the 1920s there were 30,000 independent banks in existence in the United States which made the banking system fragile to the extreme. Unlike Great Britain, there had not been the consolidation of small banks into a few giants which could withstand an economic storm. Combined with the lack of federal regulation; were no federal deposits insurance system existed, the allowance of banks to make purely speculative loans and hold limited capital for security against shocks was an important element of the depression, and the severity of it. Though the most important reason for the economic depression is linked to the Stock market, agriculture and the banking system; the role of the federal government. It was the failure of the Republican Administrations, who embraced a free-market laisse faire economic model, to effectively control an overheating economy which caused the catastrophic downturn seen in the 1930s. As shown by its failure to regulate the banks efficiently. Also The Federal Reserve Bank kept money tight when it should have encouraged spending to stimulate economic growth. It made it difficult to borrow by maintaining high interest rates. This forced banks to call in loans and sell assets to maintain liquidity, resulting in the price of property and shares to experience renewed falls. As stated in source 1, the United states narrow-minded economic policies of protectionism, looking to secure American industries in the domestic market, limited foreign markets that could be tapped. The best example would be the Hawley smooth tariff act which effectively chocked off international trade. This is supported by source 3, which states, by the summer of 1932 imports and exports had dropped to only a third of 1929 levels. In essence the macroeconomic policies of Hoover, the president, and the republican administration were utter failures in stimulating the components of aggregate demand needed to combat the depression. Through its monetary policy of high interest rates, when low interest rates were need to encourage borrowing and spending; or its fiscal policy of rising taxes to pay for public spending, taking away money from consumers which needed to American goods for there to be growth. In conclusion the Wall Street Crash certainly contributed to the economic depression, but as D. McCoy said, it was more a trigger-one that was a symptom of deeper and more complicated causes. He was referring to crippling state of American agriculture which left millions of Americans in poverty, the fundamental flaws of the banking system which collapsed when economic pressure was applied. However, the most important reason for the depression was the failure of the Republican government. To control an overheating economy, this now was trying to correct itself, with cataclysmic consequences for the economic welfare of the average American.

Open Silences in Shakespeares Measure for Measure :: Shakespeare Measure for Measure

How Productions from 1720 to 1929 Close Shakespeare's Open Silences in Measure for Measure Prologue: Playtext. Performance. and Open Silences In the Preface to his edition of Shakespeare's plays, and even as he vigorously defended the playwright against attacks by other neo-classical critics, Samuel Johnson nonetheless also offered his own survey of Shakespeare's weaknesses. Among the more well-known and provocative remarks is his assessment of the endings of the plays: It may be observed, that in many of his plays the latter part is evidently neglected. When he found himself near the end of his work, and in view of his reward, he shortened the labour, to snatch the profit. He therefore remits his efforts where he should most vigorously exert them, and his catastrophe is improbably produced or imperfectly represented. [Preface, in Sherbo VII: 71-72.] That Measure for Measure, in particular, was taken to be an example of Shakespeare's tendency to "remit his efforts," and that these failures created problems about the ending of the play symptomatic about larger issues of genre, is testified to by Charlotte Lennox's often quoted criticism: The comic Part of Measure for Measure is all Episode, and has not Dependence on the principal Subject, which even as Shakespeare has managed it has none of the Requisites of Comedy. Great and flagrant Crimes, such as those of Angelo, in Measure for Measure, are properly the Subject of Tragedy, the Design of which is to show the fatal Consequences of those Crimes and the Punishment that never fails to attend them. The light Follies of a Lucio may be exposed, ridiculed and corrected in Comedy. That Shakespeare made a wrong Choice of his Subject, since he was resolved to torture it into a Comedy, appears by the low Contrivance, absurd Intrique, and improbable Incidents he was obliged to introduce in order to bring about three or four Weddings instead of the one good Beheading, which was the Consequence naturally expected. [Lennox, I: 27, quoted in Vickers, 4: 112.] As we shall see, these strictures reappear in at least one edition of the play, namely in Francis Gentleman's commentary on the play in the 1773 edition (Bell's edition) examined below. In this presentation, and concentrating on the issues raised by Johnson, rather than the wider issues raised

Global Corporate Citizenship Essay

1. Do you think that apple has demonstrated global corporate citizenship, as defined in this chapter ? Why or Why not ? Global corporate citizenship means that companies must not only be engaged with stakeholders but stakeholders themselves alongside government and civil society. Since companies depend on global development, which in turn relies on stability and increased prosperity, it is in their direct interest to help improve the state of the world. When Apple investigated and found some violations of its supplier code of conduct, which it had introduced in 2005. The following year, the company published its first annual supplier responsibility progress report, I think Apple demonstrated global corporate citizenship. Apple admitted its violations and did everything in its power to correct them. By 2011, Apple had inspected nearly 400 suppliers and had terminated 11 for serious violations. 2. In its response to problems in its contract factories, do you think Apple moved through the stages of corporate citizenship presented in this chapter ? Why or Why not ? _ Corporate citizenship is a term used to describe a company’s role in, or responsibilities towards society. So in Apple’s situation, it has moved through the elementary stage because at first it seemed they were not concerned the citizenship. During peak production periods, all three factories had exceeded the mandated limit of 60 hours of work per day, and many employees had been required to work more than 7 days in a row not receiving fair pay for overtime, unsafe conditions. Then Apple went through engaged stage, it turned to Social Accountability International and announced it had joined the Fair Labor Association. This is because Apple became aware that they needed to change public expectations. To make sure all contractors abiding the code; at Apple’s request and with the company’ s financial support, the FLA immediately undertook the most extensive audit ever conducted of conditions in China’s electronics supply chain. 35,000 workers filled out anonymous questionnaires about their experiences. This process means that Apple is in the innovative stage and they continue in the process of auditing and tracking improvements. 3. What are the advantages and disadvantages to Apple of using its own company-specific supplier code of conduct, rather than a global code, such  as those discussed in this chapter? Apple’s Supplier Code of conduct was already one of the toughest in the electronic industry, but it have made it even stronger. And its ensure compliance by conducting hundreds of audits per year worldwide. Its efforts span the entire range of its supply chain – from the manufacturers of tiny components to the facilities that assemble its final products. 4. What are the advantages and disadvantages to Apple of using and independent third-party auditor, rather than rely on its own internal audits? The advantages of bringing in a third-party firm are numerous. Investigative auditing firms employ accountants who do this work on a regular basis. As such, they know what to look for. Another advantage is impartiality. An outside investigative auditor – who has no personal or professional relationship with your employees – is likely to conduct the audit in an impartial manner. This is important, as these investigations can lead to criminal prosecution. Thus, relying on an internal accountant to find fraud or theft might place him in an uncomfortable situation, which can affect morale. The FLA can certainly claim to be more independent. It conducts its own audits and requires members to disclose the results. And it also has a third-party auditor re-audit some of its own inspections to make sure progress is being made on fixing violations. If indeed you have an accountant trained in investigative auditing on staff, it makes sense to use your own forensic accountant in the investigative auditing process. The positive side of this is that it gives you more control over the dissemination of information. It is typically harder to control dissemination of information when an outside firm is involved. Another disadvantage is cost-related. Hiring an investigative auditing firm is typically far more expensive than using your own investigative accountant.

The Analysis Of Savings Attitude Will Be Discussed From...

This section discusses some theories and models that highlights on savings. The analysis of savings attitude will be discussed from two approaches: macroeconomic and microeconomic (household) perspectives. The macroeconomic methodology concerns itself with the influence of economic indicators such as GDP growth rate, rate of inflation, money supply, interest rate, etc., on the saving rate in an economy. At the micro level, individual saving and consumption attitudes, particularly households, have a particular relevance for financial stability of the economy. Poor savings attitudes induce financial disequilibrium as financial intermediation functions becomes difficult to realise (Modigliani Brumberg, 1954; Nwachukwu Odigie, 2011). Thus, at macroeconomic level, population savings are an important source for financing company investments as well as budget deficit. At microeconomic level, the savings contraction decreases the populations’ standard of living, especially the retired, with all the negative implications that may follow. Todaro (2010) defines development in economics as achieving sustained growth rates of per capita income (economic growth) so as to enable an economy expands its output at a rate higher that of its population growth rate. Review of some relevant literature found some models and theories regarding economic growth and savings are as follows. 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