Specific Heat Capacity Essay Example

Specific Heat Capacity Paper In this experiment, we are going to use a calorimeter (a solid metal block of aluminium). And we are going to expose it to different temperatures and measure the difference in temperature over time.  We will also measure the changes in electric properties from the heater over time: Volts and Amperes. In order to get more precise data, we are going to repeat this experiment twice with different power and the second trial will use stronger voltage. The reason that we are going to perform two trials is to try to minimize the error due to heat lost. The value that we get is 528 J Kg-1K-1. Theoretically, the Specific Heat Capacity of Aluminium is 897J g-1  ½K-1. I presume that we may have lost some of the heat to the air as well as to metal expansion. In order to minimize the error due to heat, we repeated the same experiment with different levels of power. This allows us to minimize the uncertainties due to heat loss by isolating them from the original equation.  Even though we were tried to lower the value of error, it was difficult to minimize it without completely insulating the calorimeter. There are some doubts about the fact that the heater is sometimes warming the calorimeter quickly, whilst it sometimes takes a longer period. I am not sure about the reason for this phenomenon. Sensible variations were detected during the experiment. A suggestion would be to use a more accurate heater or digital thermometer for further testing.  In order to get more precise data, we should definitely insulate the calorimeter to minimize its heat lost to the surroundings. For instance, we may place bubble wrap, foil or Styrofoam around the calorimeter.  To obtain more accurate results in the future, a good idea may be to perform the experiment more than twice. Even if the heat loss variable is set aside after more than one experiment, we might get more reliable data by overcoming the variations we have observed in heat transmission between the heater and calorimeter. We will write a custom essay sample on Specific Heat Capacity specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Specific Heat Capacity specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Specific Heat Capacity specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The specific heat capacity of the objects can be calculated because the heat gained in the reaction is equal to the heat lost during the reaction. Due to the concept of thermal equilibrium we know that when objects of differing temperatures are in contact with each other, in this case the block, the water and Aluminum calorimeter they will eventually transfer heat to the point at which they are the same temperature. By measuring the temperature before the blocks were added to the water and then again when the temperature remains constant indicating equilibrium temperature the change in temperature was able to be calculated and using this along with the mass of the objects and water and calorimeter the specific heat capacity could be calculated using the Q=mc?T formula. For the How cold is it in the freezer compartment? question an aluminum block was placed in the freezer and then placed into the water in the calorimeter of which the temperature had been recorded. The temperature of the water with the Aluminum block was recorded until the constant temperature was reached. With this we can calculate the initial temperature of the aluminum block which gives us the temperature of the freezer. Evaluation: There were several limitations in the equipment used to carry out the procedure.  The scale used to measure the mass of the aluminum calorimeter and water only measured up to 200g this was a major limitation as it only allowed for a small amount of water to be added to the calorimeter which may have affected the heat transfer as the submerged block may not have been fully submerged therefore some heat may have been lost to the air. In moving the heated block from the boiling water to the calorimeter the block could have lost heat but this would be minimal due to the relatively high Specific heat capacities of the blocks.  When the block was moved into the calorimeter it was dropped into it and this caused some water to splash out which would decrease the mass of water in the calorimeter which could affect the overall temperature change.  The value for the specific heat capacity (shc) of object one which was Iron was compared to the theoretical value for the shc of Iron and gave a 17.6% difference this value is relatively high and could be due to uncertainties in the measurements and errors produced from the procedure. The % difference of object two was very large at 31.3% this could be due to random error but more likely due to the block not being fully submerged as I mentioned earlier.  The value of the percentage difference for Object3 which was Copper was relatively high at 17.2%,  In order to improve upon the experiment a scale that measures up to a higher mass such as 500g. Another method to improve the experiment would be to add more water to the calorimeter in order to insure the block was fully submerged. Another improvement that could be made would be to not drop the blocks into the calorimeter and therefore minimize the risk of losing water after the mass was taken.

Without Let

Without Let Without Let Without Let By Maeve Maddox A reader coming across this sentence in Arthur Miller’s An Air-conditioned Nightmare (1945) was puzzled by the use of the word let: Night  and day  without let  the radio drowns us in a hog-wash of the most nauseating, sentimental ditties. Asks the reader, â€Å"Could this be a typo for â€Å"without let-up†? The English word let functions as a verb, a noun, and an adjective. Its use as a noun meaning hindrance or obstacle dates to the twelfth century. An obsolete meaning of let as a verb is â€Å"hinder or prevent.† This is the meaning of let in the King James translation of Romans 1:13: Now I would not have you ignorant, brethren, that oftentimes I purposed to come unto you, (but was let hitherto). Paul is saying that he wanted to come but was prevented from doing so. In the Miller quotation, let is a noun, the object of the preposition without. In this context let means, hindrance, stoppage, or obstruction. The â€Å"ditties† described are unceasing. They come over the radio without stopping. Miller could have written, â€Å"Night  and day  without let-up  the radio drowns us in a hog-wash of the most nauseating, sentimental ditties.† The thought would be the same, but the connotation would be different. Miller’s intention is to distance himself from what he perceives as mind-numbing and vulgar noise. His feeling about the music is reflected in his choice of words. The word let-up belongs to the same register of language as hogwash and ditties. The more formal let sets the writer on a higher plane. For many modern speakers, the only familiar use of let as a noun occurs in the phrase â€Å"without let or hindrance,† as in Article 22 of the Actors’ Equity Association rule book (2011-2015): It is agreed that deputies may be designated by Equity without let or hindrance. The phrase is a fossilized doublet (two words that mean the same thing) common in legal writing, as in these examples: Her Britannic Majestys Secretary of State requests and requires in the name of Her Majesty all those whom it may concern to allow the bearer to pass freely without let or hindrance and to afford the bearer such assistance and protection as may be necessary.- British passport. Henceforth the Vendor shall not have any right, title or interest in the Scheduled Apartment which shall be enjoyed absolutely by the Buyer without any let or hindrance from the Vendor or anyone claiming through them.- Generic sale form available by download. Miller was not alone among twentieth-century writers who used let in the sense of hindrance: They beat us to surrender weak with fright, And tugging and tearing without let or pause.- â€Å"Birds of Prey.† Claude McKay. Now that he knew himself to be self he was free to grok ever closer to his brothers, merge without let. - Stranger in a Strange Land. Robert A. Heinlein. Note: Heinlein coined the word grok. In this context it means, â€Å"to empathize or communicate sympathetically with.† The word is used by modern computer programmers with the meaning â€Å"to understand deeply†: Some people think design means how it looks. But of course, if you dig deeper, it’s really how it works. The design of the Mac wasn’t what it looked like, although that was part of it. Primarily, it was how it worked. To design something really well, you have to get it. You have to really grok what it’s all about.- Steve Jobs, Wired interview, 1996. Spelling advisory: The word hindrance is frequently misspelled as â€Å"hinderance, â€Å"hindrence,† and â€Å"hinderence.† The verb is hinder. The noun is hindrance. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:Arrive To vs. Arrive At10 Techniques for More Precise Writing15 English Words of Indian Origin

Monetary System Essay Example | Topics and Well Written Essays - 1000 words

Monetary System - Essay Example In. order to compensate with the needs, they have to buy currencies which are more recognized in the world and with this, they need a larger volume of their monetary resources in which they will have to spend tremendous amount just to meet or purchase a certain currency. By doing so, the value of their currency will be more likely affected and it may cause sudden change of the prices of basic goods and commodities. To add to that, if they do have a lesser monetary value, that certain country might resort in money in some monetary agencies in both local and international. Having this practice will ease or lessen the burden of a certain country with regards to their monetary scheme. However, if that certain debt would not be paid off immediately or given proper attention, then it would be another factor in weakening the value of a certain currency. The concerned country will further focus in paying off their debts and with this it will also need tremendous amount of money in terms of p ayment of the principal as well as the interest. If the concerned party would pay for their debts, it will need tremendous amount of money and the inflation rate would also rise, as the value of their money would be further weakened. ... If this happens, the economy of that certain government would face stagnation in which their economy would rely on loans and debts made by the government. The question is, if there comes a time that this government would not be able to lend a new one, how would they be able to pay their obligations and deliver the needs of its constituents. Then, it would be more difficult for that government to establish the stability of its currency. With this, it would more likely to produce another inflation and will lead to another depreciation of the value of their currency. Also, this would also mean that they would fail to pay their current obligations and with this they not be entitled for future loans in some international monetary institutions and this would really mean a serious problem. During these stages, prices of basic commodities will rise as prices in producing goods with the use of electricity, manpower, raw materials and the likes would also have their own highs and this would re ally mean a serious problem for that certain country. If the cost of production were high, then the burden would also be passed to the consumer, which will affect the prices of goods. Prices of transportation, communication and some related industries would not be spared in encountering such a scenario. This would also mean that the workforce would demand for higher wages to compensate their daily needs in which sometimes lead to closure of the industries or field specialization that they are working. Without further production then there would be a little source of income for the country, there would be less tax payers, and will affect the revenue collection of the government. With this, the government would be pressured to sell

Valuation Financial statement analysis Essay Example | Topics and Well Written Essays - 1000 words

Valuation Financial statement analysis - Essay Example The company manufactures and distributes different brands specializing in consumer products including hygiene, nutritional and personal care products. Further, its portfolio has items such as Lipton, Knorr, Magnum, Hellmann’s, Lux, Dove, Omo and Axe. Notably, the company product retails in more than 170 countries around the globe. Financial statement trends Table 1: Unilever financial data from 2008-2012 Â   Â   2008 2009 2010 2011 2012 Â   Â   Â   EPS 1.79 1.21 1.51 1.51 1.58 r 15% DPS 0.73 0.77 0.80 0.85 0.89 g 0.05 Residual Earnings 38,785.00 35,354.00 37,924.00 38,813.00 41,625.00 Â   g in RE 0.05 0.07 0.02 0.07 0.06 Â   discount factors 0.87 0.786 0.675 0.592 0.497 Â   Income 39,523.00 39,823.00 44,262.00 46,467.00 51,324.00 Â   Â   Average EPS growth rate5.4% Â   Â   Â   Â   Â   Â   Â   Â   Â   Table 2: Unilever PLC financial projections from 2013-2017 Â   Â   2013 2014 2015 2016 2017 Â   Â   Â   EPS 1.67 1.76 1.86 1.97 2.09 r 15% DPS 0.93 0.98 1. 03 1.08 1.13 g 0.05 Residual Earnings 44,123.00 46,770.00 49,576.00 52,551.00 55,704.00 Â   g in RE 0.05 0.07 0.02 0.07 0.06 Â   discount factors 0.87 0.786 0.675 0.592 0.497 Â   Income 54,403.00 57,668.00 61,128.00 64,795.00 68,683.00 Â   Average EPS growth rate5.4% Â   Â   Â   Â   Â   Â   Â   Â   Â   Forecasting Forecasted Earnings Earning are the net proceeds that a firm gets from its operations. As such, Unilever PLC has reported increased retained earnings from the year 2008 to 2012. The growth in earning ranges from 2% to 7%. Therefore, to forecast future probable earning, the company can use a model of the form:Y= a+bxa, where Y is the forecasted earning, a represent the prior year’s earning, b is the average growth rate, x is the expected earnings. Forecasted Dividends Dividends are issued based on the company’s financial performance. As such, the directors pay dividends when companies make profits. Nevertheless, directors may resolve to pay divide nd from the retained earnings of the prior years.1 Based on the information derived from Unilever PLC financial statements, the company has consistently made profits from the year 2008 and the directors have paid dividends consecutively for all the five years. It is apparent that the dividends have been growing at a rate of 5% every year and as such, the 2012 dividend payout can be forecasted at the same rate to determine the probable dividend to be paid in future. Forecasted cash flows Cash flows are gross revenues that an organization receives from its operations. The information derived from the financial statements shows that Unilever cash flows have been on the increase. The forecasted cash flows can be given by a model of the form: Y=a+bx where Y is the forecasted cash flow, A is the cash flow from the prior year, b is the expected growth rate and x is the expected cash flows. Estimation of parameters of the model The parameters of the model include variables used to determine forecasted earning, dividends and the cash flow. These include; cost of capital, growth rate and any other cost incurred. To start with, the cost of capital is estimated based on the prevailing interest rates at which British financial institution were lending capital. The market

Write a critique of an article of your choice.(optional topic) Essay

Write a critique of an article of your choice.(optional topic) - Essay Example The article gives them the knowledge of a child’s character and how they may see what they read in the stories they choose. The professionals will be able to see how ideas that they have fit into social contexts of the people around them.(Bosmajian,2005,p103) Children’s literature is a field that assumptions will have to be made to understand what the child thinks about their collective and personal values and issues they have. The article is about ‘the implied reader’ and how what they read tells us each a different idea of what is read. It is all in how we look at what is around us and the choices we make and interpret to bring meaning. (Bosmajian, 2005, p. 103) In summary this article is about how children’s literature can be used by professionals to help children find out about themselves through what they read. The readers will learn what makes them learn what they see and use that learning as they grow. According to Freud, â€Å"he saw that this is a therapeutic release for the author and a critical relationship between child and play and poet and language.† (Bosmajian, 2005, p.104) Freud also thought that desires and what society wants is a conflict and that we must make substitutions and make displacements and still be able to take our ideas and make one image to tell about ourselves. Jung thought â€Å"it is a therapeutic process that begins with recognition of the loss of original wholeness due to self-inflation or alienation of the ego.† (Bosmajian, 2005, p. 105) It is about the connections that we make between what we read and see that we make our choices known. Horney, Abraham, Klein, Winnicott and Lacan believe in Ego Psychology and object relations themes. They believe that we all need to self actualize ourselves to improve our identities through language and what we read. Lacan also

Effect of Exports on Growth

Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth Effect of Exports on Growth Effect of Exports on Growth 1. Introduction 1.1. Theoretical Framework The general idea of free trade agreement of growth was developed in advocacy of free trade based on neoclassical trade theory (Solow, 1956) and from recent endogenous growth theory (Romer P. , 1990). The support for free trade is drawn from Ricardian principles of comparative advantage (Viner, 1937). Similar idea is drawn from the notion of perfect competition and the believe of neoclassical economists who argues on the importance of efficient capital allocation due to free trade (Krugman, 1986; Corden W. , 1974). The phenomenon of free trade came under severe scrutiny in the face of Great Depression. Hence, theoretical foundations of ‘optimum tariff were developed in support of protection (Johnson, 1950; Kaldor, 1940). Johnson (1958, 1971) advocated trade protection in three groups in his classical exposition. They are the economic arguments, non-economic arguments and non-arguments. Economic arguments raise infant industry argument, optimal tariff argument and correction of domestic market distortions, while non-economic arguments emphasize on self-sufficiency for domestic economy. Non-arguments attempt to resolve balance of payment distortions through trade protection. Johnson concluded that ‘optimal tariff protection is the only valid argument, while in other cases such arguments will only inflict distortions. The neoclassical economists refute the notion of protection as an alternative, as this would result in intra-industry effects. The increased barrier to entry would make domestic traders to engage in monopolistic competition, while small enterprises will be left inefficient. Intra-industry effects are the source to welfare loss (Tybout J. D., 1991). In addition, Bhagwati(1988) and Kruger(1974), raises the theory of directly unproductive and profit (DUP) seeking activities, which will cause waste to national resources. Additionally, the Solow-growth model embodies technology as an endogenous factor (Agion, 1992; Romer P. , 1989), which argue that international trade ensures faster diffusion of technology, that is embodied into the better intermediate goods which results in higher productivity and growth for domestic economy (Grossman, 1991). This will result in learning by doing effect and technological know-how is surpassed. In addition, management is more efficient and all will combi ne in high growth (Krugman, 1987; Young, 1991; Lucas, 1988) . 1.2. Objective of the study A high number and standard of studies have been conducted on Export-led growth, trade openness, â€Å"manufacturing exports as a new engine of growth†, specifically in the last decade, on different economies, ranging from developed to poor countries, drawing interesting conclusions. The present study seeks to investigate the effects of export, openness on growth in the context of Bangladesh. Firstly, the study will seek for stable effects of policy shifts and implementation, in Bangladesh, which will be determined by stable changes in the determinants. Stationarity conditions, if satisfied, will ensure the stability of economy and productivity, towards a particular goal. Secondly, the study will investigate the current association between growth and trade openness. While it is desired, that the adopted outward-looking trade policies of Bangladesh to result in positive association of productivity to liberalization, trade openness might be effected by other variables and may render different conclusions. Thirdly, the study will examine, if the export led growth hypothesis is still applicable to Bangladesh, as before, while many countries, such as Sri-Lanka, Philippines, Nigeria have seen opposite relationships. Additionally, Hossain and Karunaratna (2004) have argued that â€Å"manufacturing exports have become new engine of growth† which is a disciple of the de novo hypothesis. In contrast, Adelman (1984) suggests that, agricultural exports should have dominant effect for a pro-agricultural society as Bangladesh. It is important to see if, ‘manufacturing exports is an engine of growth, or still other factors are dominant as before. Investment is an endogenous factor that should imply the increased import of intermediate goods, as a result of increased export, and more openness, would consequently; render higher productivity (Krugman, 1987; Lucas, 1988; Young, 1991). 1.3. Relevance and limitations of the study Relevant studies have been conducted in the context of Bangladesh, in last decade and have drawn interesting remarks. However, the major drawback is the timeframe of earlier studies, which did not cover analyses from the last ten years. In the last ten years, econometric methods have changed and improved rigorously. Hence, many studies have been rendered invalid due to absence of proper methodology. The world economy has seen dramatic events in politics, international trade and global economy. The trends in global economy, which were much more rigorous, in the last ten years, have affected Bangladesh magnificently, as Bangladesh emerges as a high power economy in Asia, and have interested researchers, due to high deviations and high rises to productivity. It is necessary to embody recent econometric techniques of Johansens maximum likelihood cointegration analysis and vector error correction methodology, which will inform on recent associations, among the interested indicators. Hence the state-of-art econometric techniques will provide reliable results that would help the policy makers to observe the relationships and bring sufficient changes, in trade policy to render profit. Among the few limitations of the study was the absence of first hand secondary sources. Most data sources for Bangladesh are not available online and are preserved in paper based format. The lack of proper technology and internet, withdraw the authorities of the country, to provide data directly. Therefore, data are collected from World Bank sources, which may not correct for errors, and sometimes fail to provide detailed data series as an intermediary. 1.4. Structure of the dissertation The second section will contain a brief country profile and approaches to liberalization. The third phase will contain literature review that will discuss literatures in support to export-led growth hypothesis and trade liberalization. This section will bring forth studies that contrast and significance of the study. The fourth and fifth section will contain methodology to estimation and results of analysis. The final section will give conclusion and remarks to the dissertation. 2. Process of trade openness and Export-growth in Bangladesh After independence in 1971, Bangladesh has gone through three phases of policy changes, towards deregulation and openness to trade. The first phase was marked by severe control on exports and imports. The policy implemented in 1972 to 1975, put the country in a socialist framework, with a fixed exchange rate system. Industrial enterprises, banking and trade infrastructure was massively nationalized as an inward-looking, import substitution approach was adopted. Agricultural inputs and outputs were controlled. Empirical literature suggests that this was a good decision for the researched timeframe (Ahmed N. , 2000). The second phase of policy shifting began in 1976 and continued up to 1990. This phase of denationalization, deregulation and trade liberalization lacked a good direction to work out the process. Nationalized trade barriers were reduced, and a ‘free trade approach was undertaken. Privatization of industries and banking sector was allowed and price controls over nationalized firms were lifted. Abolishment of state trading was initiated. The third phase of policy shift, were introduced in the beginning of 1991 and continued up to 2002 with significant remarks. In the recently developed policies toward export-promotion and trade openness, ‘trade barriers have been removed as a flexible exchange rate regime is adopted. To encourage further reduction of anti-export bias, export processing zones have been established, to co-operate manufacturing exports. This recent policy shift has moved towards complete privatization of banks, infrastructure and agricultural sector. During this phase, Bangladesh continued to experience rapid liberalization. In order to further opening up the boundaries, Bangladesh has entered into a ‘free trade agreement among countries in the region. As discussed, to encourage EP trade policies, and free trade, Bangladesh entered into bi-lateral agreements with India, Pakistan, Sri-Lanka, and continues to trade and investment framework agreement with United States. Bangladesh is an active member of SAARC, Developing-8, and Bangkok Agreement. The country is rigorously seeking to import in developing of a regional co-operation among Bangladesh, Bhutan and seven northeastern states of India and Nepal. From the graph presented above, it can be seen that, starting form 1971, imports were increasing at a low rate, with a fall in 1976-77, but moved up after that. The import line took a peak after the third policy implementation in 1991, and continued to rise at a high speed. The export trend was almost at a constant level, until the 1991 policy implementation. Afterwards, the trend peaked, gained a momentum after 2000. However, the export line still falls below the import trend. As reported by the export promotion bureau, in 2005-2006 FY, export earnings have grown by 21.3%, which is due to high demand of, chiefly manufactured goods, led by garments industry and knitwear. During this period, import payments have grown by 9.5%. In contrast to real export, manufacturing exports exhibit of higher exports than imports which are in percentage of merchandise exports. This is indicative of higher productivity. When the country adopts rigorous trade policy towards openness and promoting exports, large scale capital owners and labor unions are in oppose to liberalization. The cause of opposition may lie in the fact that, increased competition, effect the workers, in protected public and private sector, who fail to adjust to the exposed economy, with increased productivity. The politicians tend to protect large scale owners, who severely discourage competition and create bias towards exports (Sattar, 2004). 3. Literature Review 3.1. Concepts and Empirics on Export-Led Growth Phenomenon Export led growth phenomenon has been central to the trade and development literature for many years. The bulk of researches that has taken place on this issue are therefore, not small in number and range. The focuses of these studies were bi-directional. Some of the studies attempted to find whether expanding export would improve the growth performance. Others tried to find the paths through which the expansion of export will affect the growth performance. Economic theory confirms that export expansion leads to increase the growth performance, as that efficiently allocates productive resources and also with the high volume of productive resources accumulated as a result of higher capital earned through export growth, (Bardhan, 1970; Cheneray, 1966; Basu, 1991; Romer P. , 1989 ; McKinnon, 1964; Grossman, 1991). Export expansion makes the home country to concentrate on comparative advantages and to earn economies of scale. The home country continues to invest on its economies of scale and achieve better efficiency. The increased efficiency creates external competitive pressure on the home country, along with improved internal competition. In the face of more competition, the monopolistic and oligopolostic behavior of the market is eliminated. Efficiency is also created as learning by doing. Knowledge is transferred to other sectors and growth is enhanced. The external competition, aids the small economy to realise and emphasize on removing limitations, through economies of scale, and by reaping the true advantage of globalisation, which is acquired by increasing export. The theoitical literature also argues that, export expansion increases the investment and capital accumulation in a country. The two-gap model explains , that growing export reduces the constraints that prevail in foreign exchange. Such reduction of constraints lead to better accumulation of productive resources, capital goods and intermediate goods (McKinnon, 1964; Bacha, 1984; Cheneray, 1966). Export expansion also increases investement opportunity of a country. Modern economists suggest that, savings by domestic and banking system, government savings and foreign exchange savings cannot only induce investment. Investment opportunities determine investment rather than savings. The growth of export will provide investment opportunities to home country, (Sandrum, 1994). Theories suggest that, the relationship of export and economic growth is bi-directional. Economic growth may also increase export for a country. The effect of better learning and technological development, give rise to output. The growth of output ensures that domestic demand is met and export will expand. However, this technological process development or learning process development is not directly related to the export promoting policies (Jung, 1985). As the home country realizes economies of scale, expansion of export takes place. Investemnt (Grossman, 1991). Therefore, the bi-directional theory suggests that, GDP is a function of investment, that enhances export performance, and export increases investment opportunity, that is directed to GDP growth. In the designing process of development economics, entailed was dominant export passimistic theories, rather than export promoting views. After the end of world war II, import substitution strategies were to be followed by many countries. However, the initial phase of implementing import substitution strategies seemed ideal during that period, but the results of taking attempts to implement the import substitution strategies were not favorable for all economies. Economists found that, that export passimistic views were not justified for many economies that have reached a certain level of development, and industrialization. On the other hand, the import substitution trade policies laid undesirable effcts on balance of payment. As a result, the growing economies did not accept import substitution strategies, rather accept export promoting views (Adelman, 1984). The growth led export is also suggested by theories. According to Bhagwati (1988), growth led export hypothesis is dominant when supply and demand is induced by growth. In such cases, anti-trade bias is turned down.The possibility of bi-directional causality prevails in many major theoritical literture (Grossman, 1991; Bhagwati J. , 1988). On the other hand, Irma Adelman (1984) argues that, export-led growth is not the only open development strategy for a least developed country. The open development strategy that ensures the allocation of agriculturally driven resources may prove superior than the strategy for allocation of capital for investment resources. An alternative to the import substituion strategy, for a closed development approach, maybe an ADLI ( agricultural-demand-led-industrialization) strategy. It is important to identify the phase of closed development ideology, which is dominant after the era of Pro-agricultural strategy is over. Another theoritical literature similarly argued that, ADLI as a balanced-gowth-approach, can only be a mean, to attain the goal for developing countries need for higher growth, and the need for growing industrialization by expanding the demand for domestically produecd consumer goods and intermediate goods. The linkage effect to agriculture with industrialization is also exam ined (Singer, 1979). Singer (1979) defines this target as Lime target and ADLI is the solution. However, Irma Adelman(1984), also puts out the constraints to ADLI strategy as it requires the improvement of infrastructure in Agriculture which is difficult to attain in South Asian Sub-continent. The physical capital needs to be perfectly infrustructred for ADLI yield expected results. Therefore, ADLI strategy is a solution to allow time to the developing countries to bring abouth changes structurally, in 1980s to 1990s. This strategy cannot wire out the importance of export-promoting strategies as an alternative for import substituion strategies at all (Adelman, 1984). Alongside the theoritical literatures on export-led growth hypothesis, the number empirical literature from the first of its kind by Maizels(1963) is many. Jung and Marsall(1985) scanned 11 empirical studies that were carried out from 1967 to 1982 timeframe, and all of the studies found supportive relationships to export and growth. Greenaway and Sapsford(1994), reviewed 14 empirical studies that were conducted on the export-led growth hypothesis, and 12 empirical studies vividly shown relationships between export and growth. One of a major study conducted by Giles and Williams (2000), which conducted 150 cross country analysis from 1963 to 1999. Out of the 57 countries that were analysed , only 4 countries failed to show significant relationships between export and growth, and only 10 out of the 102 time series analysis didnt show significant relationships between export and growth. It has interested the empirical literature to examine export-led growth hypothesis prior and after the oil shock in 1973-74 timeframe. Among the studies,that took place prior to the oil shock, Michalopoulos and Jay (1973) conducted a study in a 1960-73 timeframe, by estimating export and gowth into a poduction function, signifcant relationships were found. Tyler (1981) conducted study on a group of middle income countries, putting export and growth into similar production function framework, and found similar relationships.Therefore, export orientation into the framework is supposed to effect growth therough economies of scale, allcation of productive resources and utilization of capital, optimally. The study of Feder (1983) found similar results. Balassa (1983) were dubious about the relationship afther oil shock, as in the face of economic recession 1974-75 that took place after the quadrupling of oil price in 1973-74, may have effected the relationship because of the orientation o f external shock in the production function. The study he conducted had taken th period of 1973-79, after the shcok, on 43 developing countries, who were directly affected by subsequent recession. The result did show export affecting growth positively and the numerical magnitude of the effect did grow compared to early results. The changes in intercountry growth rate before and after the oil shock is rather a result of different trade policies introduced. An important theoritical implication is increasing export also paves the way for imported capital goods to be entered into the country (Islam M. , 1998). As productivity is increased, investment along with profit grows and the economy enjoys higher growth (Edward, 1993; Levine, 1992). In last two decades, exports of newly industrialized countries grew by 20%. Manufacturing exports entailed 70% of total exports. As a third factor, import of manufactured and productive capital goods increased. The demand for these capital goods indicates the increasing rate of growth. Therefore, the plethora of studies on export and growth make this issue important enough to review. 3.2. Cross-country empirical analyses In light of previous section, many empirical literature also focused on perticular countries or a category of countries to examine the export-led growth hypothesis. In theoritical literature, it is defined that, if export growth coefficients and and output growth coefficients are significantly positive in regression, the country follows export promoting strategies. If output growth causes export growth in regression than the country is labelled IGE or internally generated exports. On the other hand if a export growth coeiicient and output growth coefficient is negetively correlated in the regression for growth, the country follows ERG or export reducing growth strategy (Jung, 1985). Such countries are following inward-oriented strategies rather than outward-oriented policies. Inward-oriented countries may also follow IS (import substitution) trade policy. Many empirical studies on cross-country did confirm the existence of export-led growth for different countries, and in some countries results otherwise is found. Hatemi J. and Irandsout (2000) continued analysis on Ireland, Portugal and Mexico, and significant relationship was confirmed. In the same study, they failed to confirm causal relationship for Greece and Turkey (Hatemi-J.A., 2000). The study by Ghirmay et al. (2001) did find positive relationship of export and growth for a number of developing countries. Just after one year, another study by Greenaway et al. (2002) conducted analysis on a number of selected developing countries and found that the growth rate for these countries dropped immediately after trade reform, for a constant rate of export, but gained momentum following a J-curve response after the affect of trade refor wires out. M. Michaely (1976) analysed 41 developing countries for a significantly large period. The resulting conclusion implicated that while Greece, Taiwan, Portugal, Spain, Israel, Yoguslavia and Koria had rapid growth with increasing export, Portugal did not show significant export growth, while GDP was growing in same pace. On the other hand, when Ethiopia incresed its export performance considerably, but failed to increase its growth to the pace with other countries. On the basis of rank correlations, M. Michaely (1976) concluded that export performance will positively effect growth of a country, only when a country achieves development of a perticular level. Countries below this level will fail to exhibit good export-growth relationships. Bela Balassa(1977) followed similar study conducted by M. Michaely (1976), running rank correlations on a sample of countries that established industrial base for a timeframe of 1960-73. Among these countries, Korea, Singapore and Taiwan adopted EP (ex port promoting) strategies at a very early stage and provided incentive to the exporting sector by subsidizing the sector in many ways. On the contrary, though, Israel and Yoguslavia promoted export during the same period, but their efforts seemed to dim in the later periods. On the other extreme, Argentina, Brazil, Columbia and Mexico, continued the existing trade policy, supporting import substitution (IS). During this period, Chile and India continued their inward-oriented policies and was in the phase of weakly introducing export promotion policies. The resulting conclusion estimated that, while Korea and Taiwan would have less growth with more export, Chile, India, Mexico,Brazil and almost all other countries would have better levels of growth with higher levels of export. The countries that moved to opposite direction is due to the unfavorable internal conditions and policy constraints, the countries have. Similarly, for Phillipines and Srilanka, opposite direction of relation ship is found (Islam M. , 1998). 3.3. Controversial Theories and Evidence Due to the debt crisis and continued recession that prevailed during 1980s, after many countries adopted export promoting strategies, theorists and economicsts were dubious about export-led growth hypothesis. It became a necessity to re-examine the export promoting strategies (Bhagwati J. , 1988). The revived passimistic school of thought was dominated by old and new school of thoughts. The most influencial school of thoughts were suggested by two great contemporay development economists, that were Raul Prebisch (Prebisch, 1952) and Ragner Nurkse (Nurkse, 1953). Prebisch (1952) recommended that, chief exports for newly industrialized countries will decline following a natural cycle, regardless of the trade policy implemented by the home country. Producers of home economy will respond by rapid industrialization and the economy will respond by employing more protection and higher level of restrictions. All these attempts will make export promotion unjustified. The other dominant export passimism was realized by Nurkse(1953), who stressed more on â€Å"balanced growth†. The â€Å"balanced growth† theory suggests that the accelerated pace of growth and exports of developing countries, make foreign markets unable to accommodate imports on sufficient level. Developing economies shift from raw materials to synthetic materials as inputs, and damage exports for developing countries longer run. Riedel (1984) suggests that, demand dominates export performance. It is a biased view towards export growth relationship if that is explained by export performance of selected countries. Export performance maybe more reliant on domestic incentives of a country, rather than the external conditions (Riedel, 1984). The new literatures focus more on successful Asian exporters, which maybe a mistake to be implemented as a general strategy for all economies. The sources of worry advocates that, markets are shifted to export promotion, markets will fail to absorb all exports. The earlier wave of export passimism was afflicted by this idea. Economists have always supported the idea of intra-industry specialization which leads to adoption of inward-oriented policies, and terms an economy as closed economy.The countries that adopt outward-oriented policies to a greater extent, or publicly promotes export promoting strategies, associates some level of government intervention. The government intervention makes sure that exports are promoted, subsidized and invested into. The countries that are empirically supportive of export-led growth hypothesis, mostly follow government intervention. This practice is generalized except countries like Hong-Kong. However, these are exceptional cases and should not be g eneralized (Bhagwati J. , 1988). Economists also view that, export promoting trade policies, make the domestic market less sheltered and susceptible to world economic condition, outside pressure, world competition as well as innovation. This view has also been critisized and the opposite direction is supported by Schumpeterian arguments (Bhagwati J. , 1984). The theory of market imperfections addressed by Fields(1984) suggests that, in presence of excessively high wages, countries may do poorly. An example of this theory is set to Jamaica. Another interesting theory is the satisfaction theory of import substitution suggests that, the export promotion strategies are not suitable for many newly industrialzed countries due to their lack of flexibility for movemet of capital resources. Countries also lack the political capabilities to implement this flexibility (Ruggie,1983). Similar argument is also suggested by Adelman (1984) who argues that, agricultural-demand-led-industrialization strategy should be applied to allo w a country enough time, for it to develop a structural base, before the country can successfully implement export promoting strategies. Export-led growth will follow if the country can achieve a minimum level of development as suggested before. While in the face of rapid growth, many countries are doing well with export promoting trade policies, countries like Taiwan, Sri-Lanka, Phillipines, Jamaica, Brazil, Korea. are examples of countries, that was not in the position to implement export-promoting trade strategies,and the desired export-led growth was not achieved. In some theories, learning by doing or intra-industrial knowledge transfer was an important factor for adopting export promotion strategies. It is believed to be a mean of acquiring economies of scale for industries. The know-how process is a major motivating factor for economies, to support export promotion strategies. However, even, learning by doing effect dims down and may stop completely in absence of newly developed technology (Young, 1991). This makes outward-orientation unjustified and export-led growth, a failure. Import substitution and export promotion strategies do best when they are complementary (Grabowski,1994; Hamilton and Thompson, 1994). One important alternative suggested by Adelman (1984), is the ADLI (agricultural-demand-led-industrialization) strategy. The ADLI argument can be set into the similar footsteps of IGE (internally gorwn exports) of Jung (1985). Adelman (1984) argues that, when the countries became more reliant on industrial export-led growth, the controversies arise as many of least developed countries experienced lower employment, deteriorated income distribution, high level of food imports as domestic demand is not met, and lower level of growth. Therefore, countries required to implement more basic need oriented strategies. The rising foreign exchange constraints, and the serious liquidity problems, least developed countries faced, as they moved towards more export promoting strategies, following the export-led growth hypothesis, newly renewed export passimism (Adelman, 1984). As empirical evidence, causality tests between export and groth conducted by Jung and Marshall (1985) on 37 countries should be addressed. In this empirical study, countries as many as South Africa, Korea, Pakistan, Israel, Bolivia and Peru did not show significantly positive relationship between export and growth. Rather these countries showed export reducing growth, which is the other way around. If these countries implements export promoting trade strategy, the countries will experience crippled economy and lower growth. Countries such as Iran, Kenya and Thailand are in favor of internally generated growth, and in the process of successfully implement export promoting growth policy (Jung, 1985). Looking at the above results, countries therefore, support import substitution as a pro-agricultural trade policy (Adelman, 1984). Countries are also adviced to move towards ADLI strategy in this stage. It may not be favorable for countries to immediately implement export promoting trade strategies, hoping to yield benefits of export-led growth hypthesis. In the primary stage, countries require import substitution policies, to develop intra-indistrial skills, economies of scale, and a trade base to a minimum level. The level in between is a complementary stage between import substitution and export promotion. Countries as India, Malaysia, Bangldesh in South east Asian region, followed import substitution for longer period until they believed to reach the minimum level, before these countries can move towards outward-oriented policies and introduced trade openness, and enjoyed the benefits of export-led-growth. For many countries mentioned above, steps taken in an earlier phase, have backfired. Therefore, the controversies to export led growth is as prevailent as the support toward the hypothesis. 3.4. Empirics on export led-growth and trade liberalization in the context of Bangladesh As one of Asias growing power house economy, The export-led growth hypothesis has been examined in the context of Bangladesh, in many empirical literaures. Among the newly conducted researches, conintegration analyses, vector error correction models, explained many important variables such as manufacturing exports, investment capital to the total exports and growth. This part will briefly review the studies conducted in the context of Bangladesh. Since its independence, Bangladesh embarked in a import substitution trade policy; following the ideology that a pro-agricultural society should be motivated to develop intra-industry to achieve economies of scale (Adelman, 1984). The mounting foreign debt, instable political condition, low productivity and growth, lower national income, did not allow the country to achieve its economic objective. Therefore, the country had to convert its inward looking policies, towards more outward looking policy, and adopted export promoting trade policy in 1982. Many structural adjustments were adviced by world bank and international monetary fund. The country went under furth

Australia Must Diversify the Economy Essay -- The Australian Economy

The economist describes the definition of a banana republic as â€Å"a country dominated by foreign investment and dependent on a single export commodity† (The Economist. 2014). This definition has some correlation to the Australian economy as over previous year’s Australia has experienced a commodity boom which has dominated and under pinned the nation’s economy. The development of the natural resources industry in Australia has grown the economy and has become the number export for the nation (Figure 1). Australia’s reliance on the commodity industry does not support long term economic stability for the nation, commodity prices are falling as the developing world industries slow down. The Australian government must continue with the development of the commodity industry but must also invest into developing new industries that will ensure the economic growth of the nation continues and to ensure the nation is not dependent on the natural resources of t he country. Figure 1: Composition of Exports 2009(Ian McCauley 2012) In the past the nation has been a significant exporter of agricultural products such as grain and livestock, it was able to make advancements in the manufacturing industry by imposing high tariffs on imported goods. This was until internationally and locally it was not viable to continue with these economic policies and the Australian market was opened up with the lowering of tariffs and the floating of the Australian dollar. While this benefited the economy with free trade agreements, foreign investment and a diversification of the export base it also contributed to the demise of other industries (Sara Cousins 2013). Throughout Australia’s economic history mining and the exports of commodities have been ... ...conomy–well prepared for the challenges ahead. [ONLINE] Available at: http://www.dpmc.gov.au/publications/skills_for_all_australians/chapter2_the_australian_economy_of_the_future.html. [Accessed 04 March 2014]. (The Economist. 2014). The Economist explains: Where did banana republics get their name? |. The Economist explains: Where did banana republics get their name? | The Economist. [ONLINE] Available at: http://www.economist.com/blogs/economist-explains/2013/11/economist-explains-16. [Accessed 28 February 2014]. (Zheng, Bloch 2012) Australia’s Mining Productivity Paradox: Implications for MFP Measurement by Simon Zheng, Harry Bloch: SSRN. 2014. Australia’s Mining Productivity Paradox: Implications for MFP Measurement by Simon Zheng, Harry Bloch: SSRN. [ONLINE] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1715235. [Accessed 03 March 2014].

The Best Death Ever

The Best Death Ever – Niall Griffiths By Christian Steenfeldt, 3. U Children cannot differentiate between what is fun and what is serious. In the short story â€Å"The Best Death Ever† by Niall Griffiths four boys are playing a game where they have to fake a death. The boy whoever fakes the best death wins the game. The four boys do not understand what they are doing and see the game, The Best Death Ever, as a fun game. Until one moment, when one of the boys misjudges the distance to ground and almost hang himself meanwhile his friends where shooting at him with their toy guns.The story is narrated by a first person narrator who looks back at a specific incidence. The narrator technique is very post modernistic. Niall Griffiths uses a lot of humor which makes the story fun to read. For instance, when the boys are shooting with their toy guns they make these funny noises. Niall Griffiths also uses the boys non existing knowledge about death to make the readers laugh â₠¬Å"– That was rubbish! Yer meant ter die, not just fall over like a fart. Since when have did you see anyone die like that? (Page 94 line 1-2) Niall Griffiths takes a serious subject like death and turns it funny by saying Mick fell like a fart. The slang that is used also makes the atmosphere more relaxed. Niall Griffiths also points out a child’s innocence. â€Å"Soft lad. How can you hurt yerself if yer dead? † (Page 94 line 7) For the children it is simple logic, because why should Mick not be able to fall properly, if he is dead? Irony is also well used. The title of the story is â€Å"The Best Death Ever† and it is the same name as the game the four boys play. The irony occurs because when Gavin tries to make the best death ever, he almost dies trying.Another significant post modernistic is the open ending because it leaves the reader confused. The story is also a fix point of the narrator’s life, where he is very nostalgic. It takes place in the yard of the narrator’s house in Netherley, Liverpool. The setting does not really matter, but as often in post modernistic stories it is in an urban environment. The story is a flashback of roughly 45-60 minutes of his life. The narrator looks back at that special episode of his life and he turns all nostalgic. The boys are strongly inspired by war movies and war stories told by the elderlies.The narrator has received a toy gun from his granddad. He knows a lot about it because of his big interest in war. As almost every other boy, they play games with guns and death involved. The problem is not that the boys play war, but that they cannot differentiate between where the fun stops. In this game Gavin almost killed himself, but it was not on purpose. A problem is, when the mom notices Gavin, she immediately saves him. Then she slaps the narrator. By slapping the narrator she punishes him for something that he does not know is wrong. Related essay: â€Å"Realism and Expressionism in Death of a Salesman†The narrator is angry, because they have to award Gavin the price of the best death. â€Å"I would shock and shake them all with the violence of my going. But we never played the game again. † Because his mother hit him and did not tell him what they did wrong, he does not understand consequences. Therefore he still wants to win the game next time and he wants to put even more violence in than Gavin did. Luckily they never played the game again, because nobody knows what would have happened then. This story is a perfect example to show that taking extra care of your children is highly necessary.If you do not teach your kid what is dangerous and what is not, it will have serious consequences. As in this story, the boys cannot see what they have done wrong and therefore they continue their games. The narrator has no intentions to stop he even wants to surpass the other boys by doing more dangerous stunt s. The parents must teach their children what is wrong and what is not. They shall not slap the children if they do not hurt someone like in the story, but instead tell them what they did wrong because the children cannot differentiate between right and wrong.FOKUSPUNKTER3g – EN LF For at fa mere ud af jeres afleveringer/mine rettelser og kommentarer skal I sammen med n? ste store aflevering aflevere denne seddel hvorpa I anforer hvilke fokuspunkter I har fokuseret pa i denne essayopgave. I skal basere jeres fokuspunkter pa mine kommentarer fra den foregaende store aflevering. Der skal fokuseres pa min. Et punkt (gerne flere) i bade indhold og sprog. INDHOLD: Fra sidste aflevering: 1. Overfortolkning 2. Mere indhold 3. SPROG: Fra sidste aflevering: 1. pr? positioner 2. ingen udeladelse 3.

Health Education Lesson Plan Essays

Health Education Lesson Plan Essays Health Education Lesson Plan Paper Health Education Lesson Plan Paper The aspect of healthcare indeed is important for the society as this primarily tackle the holistic development and well-being of each individual and the population as a group. In the realization of this value, the present society channels much interest, resources and efforts and developing an effective strategy and system to promote the said interest for the different fields and groups in the society. In this general concern, the approach of education and awareness program becomes the most effective and efficient approach for healthcare promotion for the advantage of the society. The approach of education and awareness system primarily focuses on health promotion through developing the capacity of the people. Through teaching the public on how to handle effectively their healthcare wellness, they can personally mind their own well-being thus aiding the efforts and program of the government. In this campaign, the involved party will develop programs and strategies to disseminate valuable healthcare information and improve awareness. In particular, dealing with the gerontology healthcare of the elderly group in the society, the concerned organization and the government must effectively deal information awareness to achieve a positive participation and enthusiasm from the public towards this concern. In the strategy of developing a health education plan towards the gerontology department, the plan must critically consider two important fields for the effectiveness of the said concern. These aspects are through tackling the elderly group for their personal awareness and second is through addressing the organizations and groups involved in the said healthcare field. Â  In addressing each of these groups, the healthcare education plan must be catered for their respective views and perspective regarding the concern of gerontology or elderly healthcare. Focusing first on the involved elderly group, the healthcare education plan must be developed to address their personally interest and needs regarding their health and well-being. In this aspect, the education plan must tackle the different concerns and concepts involved in gerontology healthcare such as their individual needs for medicines, nutrition, activities, common diseases, exercises, environment, and others thus dealing with the intricate details of their well-being. In this education plan, the topic of how the said elements can be effectively achieved will be tackled through their personal efforts and the participation of the concerned organizations and the government. For the awareness in the participation efforts, the education plan will include the organizational programs addressing their healthcare needs and how they can avail of it. The implementation of the healthcare education plan will be laid as part of social activities celebrating the concern of gerontology healthcare. Awareness of this campaign will be personally given for each elderly in the society. Part of this social campaign is the unison of the said population for effectiveness and efficiency in the healthcare education plan. As a united group in their respective location, the government and the concerned organization can effectively implement their healthcare strategies and approaches for the benefit of the involved social group.

Research Paper

Research Paper Like most Disney material, nature themes were incorporated into the earliest parks, including Adventureland, Frontierland, Natures Wonderland, and the newest, Animal Kingdom. Disney carefully edited these natural settings that show the less wild side of the wilderness. However, how does the tourist comprehend the illusions? How are the plants and animals adapting to reflect the illusion, and how are they accented by the interactions with both human nature and Disneys technological nature? These questions and more will be answered within the following sections: Definitions, Technological Nature, Kilamanjaro Safari, and The Final Answer. The Animal Kingdom is a modern exhibit designed to follow the natural pattern of an African community. The most eye-popping attraction, the Kilamanjaro Safari, is an open-air, nearly barrier-free animal reserve at Floridas Walt Disney World. It was a major shift from a cow playground to a zone of care for other wise caged animals. Here, African animals freely roam through acres of savanna, rivers, and rocky hills. The rider is advised to be aware, You never know what could happen in the wilderness (Tate 1). Before I can begin to consider the nature of the Animal Kingdom, the definitions of nature and technology must be established. Websters American College Dictionary lists nature as the natural world as it exists without human beings or civilization. In the case of the Animal Kingdom, this definition is inappropriate because Disney itself is a man-made civilization, with merchants, restaurants, and restroom facilities. Technology is defined as that branch of knowledge that deals with applied science, engineering and the industrial arts. This definition of technology can be reworked to fit the Disney model of nature. What exactly does Disney do? ...

The Auditing Profession - Accounting vs.Auditing & the Auditing within Essay

The Auditing Profession - Accounting vs.Auditing & the Auditing within the IRS - Essay Example We mention the opinion of Richard Brown, cited by two world-class specialists (Mautz and Sharaf, 1961) indicating that audit has its roots in the past, only a little beyond the origins of accounting. Every time the society progress has made it necessary for a man to be entrusted with the property of another- to some extent, the need of a certain type of its loyalty control become obvious. The textbook definition included in the Report of the Committee on Basic Auditing Concepts of the American Accounting Association presents auditing as â€Å"a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users† (Media Wiley, 2003, p.4). To emphasize the essence of financial audit, its meaning and scope, we present the definition of Arens and Loebbecke, two high-class American specia lists: â€Å"audit consists of gathering and evaluating evidences to determine and report the degree of compliance of reported with a series of predetermined criteria. The audit should be conducted by a competent and independent individual." (Arens&Loebbecke, 2003, p.11). Many of the indicated features are common to all forms of audit. There are various types of audit, such as operational, technical, ecological, but in the vast majority of cases, the term refers to the audit of financial statements. Table 1: Main features of various types of audits Type of audit Financial statement audit Compliance audit Audit report and internal control Operational audit Assertion about economic actions and operations Presentation of financial position, results of operations and cash flow Claims or data pertaining to adherence to policies, laws, regulations, so on. Adequacy of system of internal control over financial reporting Operational or performance data Established criteria GAAP Managementâ €™s policy or laws and regulations COSO criteria for evaluating internal controls Objectives set by management Communication of results Opinion of independent CPA Summary of findings or assurance regarding degree of compliance Opinion of independent CPA Summary of findings regarding efficiency and effectiveness observed Interested users Investors, creditors and others Management, board of directors and others Investors, creditors and others Management and board of directors Source: Media Wiley. Auditing and the Public Accounting Profession-Integrity of Financial reporting, 2003, p.7 Note: COSO=Committee of Sponsoring Organizations of the Treadway Commission; GAAP=Generally Accepted Accounting Principles; CPA=Certified Public Accountant. Table 1 summarizes main differences between various types of audit: financial statements audit, compliance audits, audit reports on internal control and operational audits. As presented, financial audit is an examination conducted by an independe nt, competent professional, in order to express a justified opinion on the validity and correct application of financial-accounting internal procedures established by managers and on the real, complete and accurate nature of a unit’s financial statements. Financial auditors analyze and compare accounting reports and other documents in terms of conformity with established standards and regulations such as GAAP

Ghadafi and Libya essay Example | Topics and Well Written Essays - 1000 words

Ghadafi and Libya - Essay Example The Egyptian conflict was the first example where the protestors of the country fought for justice and freedom and forced their leader, Hosni Mubarak to resign. These protests were followed in other countries where the citizens wished to revolutionize their countries and attain liberal governments that would fulfill their demands and recognize the importance of... the citizens of the country. The most prominent amongst these is the Libyan Conflict which began in the month of February in the year 2011. The conflict is still in progress and rebels have taken to the streets to force the step down of their leader Colonel Muammar el-Qaddafi who has been in power since almost 42 years. Qaddafi has not given up and does not intend to give in to the demands of the people and has resorted to severe measures which include oppression and killings of the masses. The conflict has met with criticism from international countries and allies of Libya have also requested Qaddafi to step down and abide by the wants and wishes of the people (Libya — Protests and Revolt 2011). Libya is an Arab nation which is located on the map in North Africa. The country like many other Arab countries contains very high reservoirs of oil. The country has been under the rule of Colonel Muammar el-Qaddafi from the year 1969 who has proved to be a very strict and harsh ruler for the country. Qaddafi has always been a ruler who has followed the policy of dictatorship and has tried to keep all the powers of authority in his hands. Qaddafi is an intelligent man who has used all his powers to keep the country divided so that there could be no united strong appraisal against his oppressions. He did not create any strong national organizations and at the same time, he also did not form a nationalized army so that no revolt to overthrow him could be very strong. He has been criticized on the international level owing to his oppressive acts which have resulted in the expulsion of Libya as a member fr om the United Nations Security Council. There was an internal unrest in the country but the actual conflict resulted due to the wave of revolution that started in the neighboring countries of Egypt and Tunisia and led to the freedom of these countries. It was followed by the Libyans who started their revolt against the government and initiated a mass protest demanding the resignation of their leader (Fahim et al 2011; Libya — Protests and Revolt 2011). The revolt against the government started in the city of Benghazi and spread across the country and rebels were seen to be operating in different cities of Libya against the four decade old rule. It was expected by many that Qaddafi would opt for resignation but these hopes vanished when he chose for fighting against the people of his own country. He used threatening and derogatory remarks against the rebels terming them as â€Å"cockroaches† in his speech and threatened to kill all of them. It seemed that the revolt wou ld not last long and the protesters would be crushed but international intervention and military assistance and strikes from the United States and United Kingdom in the month of March served to increase the revolt and the side of the rebels became stronger again. The NATO forces also came to the assistance of the rebels and assisted them to fight back the forces of Colonel