Aspects of love †Romeo and Juliet Essay

Now Juliet’s father has a leading role in Juliet’s â€Å"love life†. In Verona the people were catholic and it was to have arranged marriages. With Juliet as a young teenager, Capulet thought she might have been too young to get married; Capulet- â€Å"My child is yet a stranger in the world; She hath not seen the change of fourteen years, Let two more summers wither in their pride, Ere we may think her ripe to be a bride. † He was telling this to Paris. He was close to the Capulets and he seemed to impress Lady Capulet more then he did Juliet. In the story, Capulet had a few children, with Juliet as the youngest, but all part from Juliet had died through child hood. Death was very common in Elizabethan times, with the plague about and not very good medication, at least 1 in three children would most probably die through their child hood. With Juliet being his only child left, he would have liked her to have a happy life with a decent man and a decent living. He chose Paris to be more then suitable, Capulet-â€Å"And too soon marr’d are those so early made. The earth hath swallow’d all my hopes but she, She is the hopeful lady of my earth: But woo her, gentle Paris, get her heart† But maybe he didn’t want to let her go just as yet. Capulets had a reputation to live up to, and the father wanted to keep it that way. Lady Capulet wasn’t really much of a motherly figure in the story to Juliet. She never seemed to talk to her much, and when she did they were more like commands. Juliet must have been use to this as she would address her politely; Juliet- â€Å"Madam, I am here. What is your will? † Was their any family love such as the hugs, stories and giving motherly advice between Lady Capulet and Juliet? From what it seems Lady Capulet, being the Lady of the house hold is more being busy around else where rather then ever being with her daughter. The nurse played a bigger part in Juliet’s life. She gave advice, and wanted Juliet to be happy, she was not into the ‘keeping the Capulets dignity’, she didn’t seem to be the kind of person to judge but she only told Juliet what she thought would be best for her. They talk of Juliet getting married, but Lady Capulet only asks if she would and not how she feels about the whole situation, alike Lord Capulet she is soon is suggesting of her marrying Paris. Lady Capulet- â€Å"Marry, that ‘marry’ is the very theme I came to talk of. Tell me, daughter Juliet, How stands your disposition to be married? † Juliet- â€Å"It is an honour that I dream not of. † In a respectful way, Juliet has already sorted her way of getting married. She is telling her mother that although she’s honoured to be in such a position in which her family would be proud of, it’s not her ideal way of living with someone for the rest of her life. Maybe she knew what she was looking for in love, that’s if she was looking for love at that time. Paris says he loves Juliet, and wants to marry her. But from what we see, he hardly knows Juliet, not like Romeo. They don’t have the chemistry. Juliet is charmed, and he is very gentlemen like. But what is love to Paris. Paris-This is that banish’d haughty Montague, That murder’d my love’s cousin, with which grief†¦ To Paris, he wants to marry a girl who will have his children and look good, so to speak. Like the Capulets or Montague way of raising a family, not through caring love but through pride and dignity. Paris- â€Å"younger than she are happy mothers made. † Through Juliets aspect of love, before she even meet Romeo, we see that there was no other interest in men, not even when Lady Capulet asked her what she though about marrying Paris. She just replied that she is something she would not dream of. When she met Romeo she instantly clicked with him. She was impressed by the way he spoke to her, and the words he used. No one had probably talked to her in such a way before. Romeo- Romeo’s mother and father aren’t really mentioned much in the play. Lord Capulet says he is confused about his son, that he is withdrawn and he doesn’t really know him. Although he see’s him withdrawn to himself he wants him to â€Å"dedicate his beauty to the sun†, share his thoughts. Lady Capulet seem to care about Romeo as much, Lady Capulet- â€Å"O where is Romeo? Saw you him today? Right glad I am he was not at this fray. † It looks as though his parents are concerned about him very much, they look out for their son, try to know where he is, as they know he is a sensitive and gentle person. It’s very common for parent to be protective over their children in a family. Within the Montague’s, their family is based around such care of each other, and not so much about dignity, even though he was brought up to think about the families pride and dignity. Romeo and his Cousin Benvolio hang about together; he is out most of the time with him and his best friend Mercutio. He talks to both of them about love, with Juliet and with Rosaline. Now with Rosaline, Romeo thought he was in love when in fact he was just infatuated by her class, beauty and plain hard to get. He soon gets over her when he meets Juliet. Romeo and Juliet both fell for each other at the party at the Capulets house party. The first time they spoke, they both talked with holy language, and Juliet (who was quite a religious person) was taken by his flattering words, the first time they spoke. Romeo- â€Å"If I profane with my unworthiest hand This holy shrine, the gentle sin is this, my lips, two blushing pilgrims, ready stand to smooth that rough touch with a tender kiss. † Juliet- â€Å"Good pilgrim, you do wrong your hand too much, which mannerly devotion shows in this, for saints have hands that pilgrims’ hands do touch, and palm to palm is holy palmers’ kiss. † They only speak like this to each other, Juliet who has never been spoken to like this before is fascinated. By him by the end of the night, she does not want to leave him and he does not want to leave her. She warns him of the dangers he would be in if he got caught but he still risks all that just to see her that one night. At this point their views of love for each other begin. This is where they want to get to know each other, as they have never meet anyone like each other before. They probably felt that no-one has ever understood them before as they did in this one night. Juliet starts to believe in love, and Romeo finds that Rosaline was not true love after all, and these guys wouldn’t want to loose contact after this night. Friar Lawrence finds that these too are meant to be. Being a Friar, it does not refer to him believing in arranged marriages. But he thought that bringing Romeo and Juliet together would solve and bury the conflict between the too rival families, Montagues and Capulets. That they would find to love each other through Romeo and Juliets love for each other. He knew that Romeo and Juliet loved each other deeply so he risked this to solve the family feud as he believed that they wouldn’t part because of there families, because they had stayed together this far.

Girl Power Essays

Girl Power Essays Girl Power Essay Girl Power Essay Girl power From Wikipedia, the free encyclopedia The phrase girl power, as a term of empowerment, expressed a cultural phenomenon of the 1990s and early 2000s. It is also linked to third-wave feminism. The term was made popular by the Spice Girls in the mid to late 1990s. |Contents | |1 Early usage | |2 Spice Girls and scholarship | |2. 1 Oxford English Dictionary | |2. Criticism | |3 See also | |4 References | |5 Bibliography | Early usage The phrase is sometimes spelled as grrrl power, initially associated with Riot Grrrl. [1] Girl power was later utilized by a number of bands during the early 1990s, such as the Welsh indie band Helen Love[2] and the Plumstead pop-punk duo Shampoo. 3] Spice Girls and scholarship The phrase entered the mainstream, however, during the mid-1990s with the British pop quintet Spice Girls. [4][5][6][7] Professor Susan Hopkins, in her 2002 text, Girl Heroes: The New Force in Popular Culture, suggested a correlation between girl power, Spice Girls and female action heroes at the end of the 20th century. [8] Other scholars have also examined the phrase, girl power, often within the context of the academic field, Buffy Studies. 9] Media theorist Kathleen Rowe Karlyn in her article Scream, Popular Culture, and Feminisms Third Wave: Im Not My Mother[10] and Irene Karras in The Third Waves Final girl: Buffy the Vampire Slayer suggest a link with third-wave feminism. Frances Early and Kathleen Kennedy in the introduction to Athena’s Daughters: Television’s New Women Warriors, discuss what they describe as a link between girl power and a new image of women warriors in popular culture. [11] Oxford English Dictionary In 2001, the Oxford English Dictionary added the term girl power,[12] defining this phrase as: Power exercised by girls; spec. a self-reliant attitude among girls and young women manifested in ambition, assertiveness, and individualism. Although also used more widely (esp. as a slogan), the term has been particularly and repeatedly associated with popular music; most notably in the early 1990s with the briefly prominent ‘riot girl’ movement in the United States (cf. RIOT GIRL n. ); then, in the late 1990s, with the British all-female group The Spice Girls. 13] The OED further offers an example of this term by quoting from Angel Delight, an article in the March 24, 2001 issue of Dreamwatch about the television series Dark Angel: After the Sarah Connors and Ellen Ripleys of the eighties, the nineties werent so kind to the superwoman format- Xena Warrior Princess excepted. But its a new millennium now, and while Charlies Angels and Crouching Tiger, Hidden Dragon are kicking up a storm on movie screens, its been down to James Cameron to bring empowered female warriors back to television screens. : And tellingly, Cameron has done it by mixing the sober feminism of his Terminator and Aliens characters with the sexed-up girl power of a Britney Spears concert. The result is Dark Angel. [14] Criticism Dr. Debbie Ging, Chair of the BA in Communications Studies in Dublin City University, was critical of the Girl power ideals, and linked it to the sexualisation of younger children, girls in particular. [15] Some question whether the concept of â€Å"girl power† is an effective media campaign to empower young women. In the last decade, it can be argued that the original girl power movement has become co-opted by the media and marketing ndustries. Amy McClure of North Carolina State University, warns against placing too much hope on girl power as an empowering concept. She says, â€Å"An ideology based on consumerism can never be a revolutionary social movement. The fact that it appears to be a revolutionary movement is a dangerous lie that not only marketers sell to us but that we often happily sell to ourselves. †[16] â€Å"Girl power† may actually limit young women’s identity development. There are numerous examples of how the media presents a narrow definition of what it means to be a girl today. A common and overused example is Mattel’s Barbie. The recent â€Å"I can be† Barbie[17] embodies this concept of â€Å"girl power†: that little girls can be anything they want when they grow up, but ultimately, it could be argued that identity options are narrowed by Barbie’s image and superficial values[18]. See also List of female action heroes Xena: Warrior Princess in popular culture Buffy studies Girl Heroes Women warriors Post-feminism References 1. ^ Rebel Girl You Are the Queen of My World: Feminism, Subculture, and Grrrl Power. 2. ^ Helen Love Gabba Gabba We Accept You 3. ^ Shampoo Interview by Free Williamsburg 4. ^ From Title IX to Riot Grrrls . ^ BBC News | Girl power | Youve come a long way baby 6. ^ Girl Power Theory. org. uk trading cards 7. ^ Girl Power: how it betrayed us 8. ^ Super Slick Power Chicks: The New Force or Elaborate Parody? 9. ^ The Third Waves Final girl: Buffy the Vampire Slayer 10. ^ Scream, Popular Culture, and Feminisms Third Wave: Im Not My Mother 11. ^ Book review 12 . ^ BBC News UK | Girl power goes mainstream 13. ^ OED:Girl power 14. ^ E y e s O n l y 15. ^ Ging, Debbie. Girl Power doesn’t empower: why it’s time for an honest debate about the sexualisation of children in Ireland July 2007. 6. ^ allacademic. com/meta/p108568_index. html 17. ^ http://icanbe. barbie. com 18. ^ http://books. google. com/books? id=Bh_Ite2-SgQCpg=PA113lpg=PA113dq=sharon+lamb+girls+identity+powersource=blots=tk4H5T_wVbsig=3kyP9E68KVLtV6r0PhdhLRDDzuEhl=enei=uoWVS_PFGOKFmQeTvfGPBAsa=Xoi=book_resultct=resultresnum=1ved=0CAYQ6AEwAA#v=onepageq=f=false} Bibliography Buffy The Patriarchy Slayer Bibliography of scholarly articles on Buffy Studies. Early, Frances and Kathleen Kennedy, Athenas Daughters: Televisions New Women Warriors, Syracuse University Press, 2003. Gateward, Frances. Sugar, Spice, and Everything Nice. Cinemas of Girlhood. Detroit: Wayne State University Press, 2002. Helford, Elyce Rae. Fantasy Girls  : Gender in the New Universe of Scie nce Fiction and Fantasy Television. Lanham, MD: Rowman Littlefield, 2000. Hopkins, Susan, Girl Heroes: the New Force in Popular Culture, Pluto Press Australia, 2002. Inness, Sherrie A. (ed. ) Action Chicks: New Images of Tough Women in Popular Culture, Palgrave Macmillan, 2004. - - - . Tough Girls  : Women Warriors and Wonder Women in Popular Culture. Philadelphia: University of Pennsylvania Press, 1999. - - - . Nancy Drew and Company  : Culture, Gender, and Girls Series. Bowling Green, OH: Bowling Green State University Popular Press, 1997. Karlyn, Kathleen Rowe. Scream, Popular Culture, and Feminisms Third Wave: Im Not My Mother. Genders: Presenting Innovative Work in the Arts, Humanities, and Social Sciences No. 38 (2003). Karras, Irene. The Third Waves Final Girl: Buffy the Vampire Slayer. thirdspace 1:2 (March 2002). Frustrating Female Heroism: Mixed Messages in Xena, Nikita, and Buffy. The Journal of Popular Culture, Volume 39 Issue 5 (October 2006). Tasker, Yvo nne. Action and Adventure Cinema. New York: Routledge, 2004. Retrieved from http://en. wikipedia. org/w/index. php? title=Girl_poweroldid=459167185 Categories: Feminist theory Gender Third-wave feminism Cultural studies 1990s fads and trends This page was last modified on 5 November 2011 at 17:58. Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. See Terms of use for details. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc. , a non-profit organization.

A List of German Riddles and Their Answers

A List of German Riddles and Their Answers Learning a new language doesnt have to be so serious. Let your laughter help you learn.   Here are eight fun German riddles to help you practice reading and speaking the language. Can you guess the answers? We will post them in a separate section below so you have the chance to guess.   Memorize your favorite riddle  for an extra challenge.   Ich hab zwei Flà ¼gel und kann nicht fliegen.Ich hab einen Rà ¼cken und kann nicht liegen.Ich hab ein Bein und kann nicht stehen.Oft trag ich Brillen und kann nicht sehen.Was  bin ich?Was ist das, das im Wasser lebtund noch am Sternenhimmel schwebt?Das im Kalender ruhig ist,sonst aber Menschen plagt und frisst?Schwarz kommt es in die Kà ¼chen,rot stehts dann auf den Tischen.Klein bin ich, groß,und deine Lebensquelle.Ich werd erobertund geraubt,und bleib dochauf derselben Stelle.Auch bin ich noch,von vielen nicht geglaubt,dein Himmel, deine Hà ¶lle.Im Drehen muss ich gehen,und niemand kann es sehen.Doch alle mà ¼ssen mit mir fortund bleiben doch an ihrem Ort.Ohne Fà ¼ÃƒÅ¸e um die WetteEil ich fort im schnellsten Lauf.Hà ¶re Tag und Nacht nicht aufUnd bin doch stets im Bette.Ich mache hart,ich mache weich,ich mache arm,ich mache reich.Kommst du zu nah,wirst du verzehrt,doch sterb ichwo man mich entbehrt.Ich bin am Berg, am Buch,bald hà ¶ckerig, bald schlicht.Ich geh euch i mmer nach,ihr aber seht mich nicht. Es ist ein Schutz, wie eine Haut,bei Birken, Linden, Eichen.Doch wenn man was bestimmtes isst,mag mans daran nicht leiden. Answers die Nasede Krebsdas Herzdie Erdeder Flussdas Feuerder Rà ¼ckendie Rinde

Legalization of Drugs Essay Example | Topics and Well Written Essays - 1000 words

Legalization of Drugs - Essay Example However, before entering to the discussion about whether these drugs need to be legalized or not, it is necessary first to understand what drugs are. According to Gottfried, (2010), drugs are chemical components that are taken by individuals and have effect on how body works or functions. However, not all drugs are unsuitable. Medicines are legal drugs, but they help fight diseases and help the body function better. Nonetheless, some drugs are illegal. These are drugs that are addictive and have negative effects on human beings. Rationale of society and drugs The issue of legalizing drugs draws mixed reactions because different cultures have different views regarding the use and significance of these drugs. For example, some societies believe that the use of some drugs like marijuana has some spiritual significance attached to it (Gottfried, 2010). Cultures like Rasta movement popularly practiced in Jamaica believe that using marijuana is holy and has no harm using it. They believe t hat since marijuana is herb created by God and has the capability to make one feel high, should be legalized. On the other hand, some people highly believe in use of these drugs as a recommendation from traditional medicine men and women who recommend them to their patients. example, â€Å"Marijuana, is said to have important therapeutic effects and its seeds are highly nutritious† (Gottfried, 2010, 28). However, this has been met with considerable controversy. â€Å"Marijuana has been said to relieve certain types of pain, nausea, vomiting and other symptoms occasioned by such illnesses as cancer and HIV/AIDS† (Aquino, 2005, 1). ... It is crucial to note that even if some researches indicate such importance of marijuana, it should be only used under directions of a qualified medical practitioner. Proponents’ of view on legalization of illegal drugs Proponents of legalization of illegal drugs argue that legalizing drugs is the only solution to win the war against these drugs. It is true that the war against illegal drugs is an expensive undertaking. According to Worth, (2010), it involves expensive training of police officers and other agents in the war against drugs. In fact, proponents argue that the government can make large sums of revenue from the sale of these drugs instead of wasting a lot of resources to fight the same business that would otherwise benefit it. They believe this is the war the government can not win because dealers of these drugs invent new strategy to evade police arrest every new day. At the same time, they claim that if these drugs are legalized, many people will make money by in volving themselves in the drug business. Charles, (2008) noted that â€Å"this goes hand in hand with the idea that drugs encourage and attract criminal activities† (43). To counteract this, the proponents of legalizing these drugs argue that people engage in criminal activities due to unemployment and idleness (Gottfried, 2010). It is surprising how they argue that drug use is a personal decision, and it involves the life of the user. They argue that those that take these drugs have personal benefits accrued from these drugs. Some cite the importance of leisure, which is obtained from these drugs, and they argue that â€Å"all people have a right to choose the kind of leisure to have from the available choices†

Software Engendering Assignment Example | Topics and Well Written Essays - 750 words

Software Engendering - Assignment Example Additionally, it can be stated that the fact that this kind of a development method helps the customers to select the next set of releases by pinpointing on the most valuable features (often called stories) while analyzing them on the basis of cost factors plays a major role in reducing the time period required for development (Beck 71). The fourth characteristic of this kind of a development method is the fact that the larger project can be divided in to multiple smaller assignments and can be handled individually by the various team members in a very short time span. Another very important characteristic is the fact that this kind of a development method has an iteration step, the main goal of which is to produce the new stories that have been already tested. Types of software that can be developed by using the agile development and extreme programming method While trying to identify the software that can be developed by implementing an agile development, the focus needs to be give n on the nature of operations that are associated with this development method. It has to be mentioned that this kind of a development requires continuous engagement as well as participation of the client (Fowler, â€Å"Is Design Dead†). ... The continuous interaction of the client with the developers as well as the need to develop the projects in a very short time span will greatly help in implementing and following this kind of a development method. Apart from outsourced projects, this kind of extreme programming as well as agile development method can be followed in-house project developments for SME organizations where the requirements are not properly defined (Beck, 1999, p. 77). Comparing agile development method with Waterfall model It needs to be highlighted that the waterfall model comprises four different and very important steps like analysis, design, implementation as well as test. The waterfall model requires a proper planning of the entire processes. Each of the four important stages of the waterfall model is very time consuming in nature. It also needs to be stated that since the entire process is very stringent in nature, the ability to make any incremental changes in the development process of the softwa re is very low. The long development cycles of the waterfall model makes it very y harmful for the entire developing team as it unnecessarily blocks the required amount of resources. In comparing the waterfall model with that of the agile development method, it can be stated that the agile development method is highly flexible in nature. Also, the entire development time can be reduced in a great manner under the agile development model. Comparing agile development method with Iterative model In elaborating about the iterative model, it can be stated that the model follows similar stages as compared to that of the waterfall model. However, the time consumption in the process of project development is relatively shorter as

Answer the question Essay Example | Topics and Well Written Essays - 500 words - 6

Answer the question - Essay Example This might lead to a loss for the firm (Ederington, 1979). In the following table, the expected values are calculated if the dollar values weaken. As per the calculations shown above, it can be seen that when the value of dollars weaken, the expected returns are lower. As a result the firm ends up obtaining lower return in Sterling. Hence it can be seen that the returns available in each of month of March, June and September would be low considering the futures market prices in each of these months. In order to prevent such a situation it is essential that the company undertakes hedging strategy (Stulz, 1984). Under the hedging technique, it becomes possible to conduct the sales at the current spot price, even at the future date. As a result loss due to weakening of dollar values can be prevented. In the above table it can be seen that if the firm sells at the spot price, set as per hedging, the expected realisable values are higher than the expected realisable values as per future rates. Hence hedging can be stated to be a suitable strategy when the dollar values actually weaken (Nance, Smith and Smithson, 1993). Hedging is essentially not required. If the dollar values become stronger, that is when lower proportion of dollars are required to be paid against each dollars. In the above table it can be seen that when the firm future market prices are lower than the spot prices, the expected values are higher (Allayannis and Ofek, 2001). As a result the firm earns a profit without undertaking the hedging technique. Therefore the hedging technique must not be undertaken when the future values of contracts are expected to be lower than the spot exchange rates. Hence it is important to understand what the future contract prices would be in comparison with the sport prices and accordingly determine whether to undertaken hedging techniques or not. When the

Globalization in the 1970s Essay Example for Free

Globalization in the 1970s Essay Globalization is not a new concept as there have been numerous cycles of globalization stretching as far back as the ancient civilizations. The wave of globalization prior to the oil embargo was after the Second World War. Although this period was marked with rapid economic growth, it came to an end in 1973 after the Arab oil embargo that resulted in a rise in oil prices. Financial globalization particularly can be termed as the integration of country’s local financial system with international financial institutions and markets. The main agents of financial globalization are the governments and hence they need to liberalize any restrictions on their domestic financial sector and capital account of the balance of payments if any form of integration is to take place (Schmulker, 2004:5). Dammasch (2010: 4) asserts that the economic environment in times of globalization changes rapidly with capital movements becoming larger and less controllable. Therefore there is usually a need to create a stabilizing system. The situation after the Second World War which was marked by falling credit institutions, mass unemployment, hyperinflation and bankruptcy of enterprises brought about such a necessity. The Bretton Wood system thereby came into creation. Bretton Woods’s agreement of 1944 was part of the decision by the industrialized countries to restructure themselves after the Second World War and the difficulties encountered especially after the First World War for the purpose of financial globalization. There was a great need for these nations to come up with workable rules and regulations which would direct them in the formulation of national policies that would facilitate the pursuit of common economic objectives (Kenen, 1994:11). The necessity and urgency of this legal structure was collectively agreed upon and accepted as it was viewed as a way of avoiding the negative effects that had marred the inter-war period (King, 2003:30). The Bretton woods years that spanned from 1946-1971 are seen in retrospect as a golden age of capitalism with exchange rate stability and rapid economic growth (King, 2003:30). This is because the system ensured that value of price increases was just and that the exchange rates remained fixed for unlimited periods in all key industrialized countries. Moreover, the national income in the G7 countries rose more rapidly than in any other comparable period. The system ensured long-run price stability for the whole world because the fixed price of gold provided an ostensible anchor to the world’s money supply. Therefore by pegging their currencies to gold, individual nations fixed their prices levels to that of the world (Bordor et al, 1993:1). King, 2003:30 emphasizes that the Bretton Woods system had two main characteristics which were: the existence of a set of rules that consisted of fixed rates of exchange, capital controls and independent policies of domestic macroeconomics on one hand and US domination on the other hand. Capital control as was stipulated in the Bretton Woods system was officially authorized and every government was highly encouraged and had the right and obligation to control its movement of capital. Capital control is the ability of the government to control the in and out flow of capital to and from their country. This meant that bank discount rates were not necessary when the central bank wanted to attract capital inflows or avoid flight of capital. As a consequence, the bank rate is maintained as low as possible (King, 2003:31). However, a country’s domestic economy can be adversely affected through inflation by in and out rapid flow of capital together with fixed rates of exchange. Capital controls essentially prevent rapid outflow of capital and can equip governments with the ‘tools’ to prevent economic crisis in the future. In this system capital control played a significant role whereby it effectively regulated the fixed exchange rate system that had been agreed upon by members during the Bretton Woods agreement. Whenever exchange rates required adjustments capital control was an integral component of the adjustment mechanism. These controls were fundamental to the reconstruction and growth of the international trading system that had been devastated by global depression, the two world wars and hyperinflation. This meant that capital flow was highly restricted with countries prohibiting convertibility. In capital control, currency non-convertibility was the most restrictive form of control. The government was the only one permitted to have the exclusive authority to hold foreign currency and to also to give it out to importers that had been approved by the government. Countries that fixed their exchange rates at levels that were unacceptable could therefore be monitored through this system (Eicher et al, 2009:470). Kitschel (1999, p. 38) further expounds that the capital controls were viewed as instruments of exchange rate stabilization and also as means of securing full employment and other national economic priorities. Additionally the system condoned the controls not only for short term management of balance-of –payment crises but also for the purpose of domestic economic management. The limited capital-account convertibility was the most common form of restriction. It enabled the system to place limits and know who had the right and accessibility to foreign exchange rates. Moreover, qualitative restrictions were also put in place which urged for the limitations on the external asset and liability position of domestic financial institutions. The controls were also placed on foreign banks domestic operations as well as on resident firms’ and on individuals’ direct savings, collection of foreign possessions and real estate property. Dual or multiple exchange rate system was another form of capital control that involved discrete rates for either commercial or financial transactions (Kitschel, 1999:39). Therefore the system allowed members to regulate international capital movements as long as they did not restrict payment for current external transactions. Although currencies would be freely convertible into one another after a transaction period, members were allowed to place capital controls on currency transactions if such capital flows threatened to overwhelm the nation’s balance on payment or exchange rate stability (McNamara, 2003:75). Forces challenging the system Although the Bretton Woods system was important to the economic prosperity after the Second World War, it nevertheless failed to support the equally rapid growth in the advanced countries over the next 25 years. One of the reasons according to Kenen (1994, p. 7) is the fact that the permanence and malleability of the system was slowly being destabilized by the postwar system. There were two vital roles of the Bretton Woods system. The first goal was geared towards producing exchange rates that were stable through the use of capital control and the second goal was meant to shield member nations from the shifting demands brought about by the flow of gold. Nonetheless, these goals highly contradicted each other because the system could not guarantee that global prices would remain stable as it lacked an effective technique. Additionally, the founders of the Bretton Woods system explicitly designed the system in an effort to disentangle international monetary relations from power politics. Nonetheless postwar monetary relations were highly politicized and required constant political interventions to keep the system functioning smoothly. Another flaw of the Bretton Woods design was that it lacked an effective, automatic mechanism to adjust and settle payment imbalances that inevitably arose between surplus and deficit countries. Under this system, a country that had a payment deficit most probably lost its gold which decreased the domestic monetary base and resulted in a decline in the currency’s purchasing power. Inevitably, the country’s imports would fall, exports would rise and the payment would eventually balance. However, the loss of gold and the decrease in money supply also meant that there would be a fall in the cumulative domestic demand, which meant deflation or even the possibility of depression. These structural problems assured that chronic balance of payments would mushroom into full-scale political problems, both domestically and between nations (Gavin,:6). Originally, the Bretton Woods system was designed to produce stable exchange rates while at the same time shielding national economies from demand shifts produced by the flow of gold (Gavin,:6). The founders wanted to set monetary arrangements that could combine the advantage of classic gold standard i. e. the exchange rate stability with the advantage of floating rates i. e. the independence to pursue national full employment policies. They mainly sought to avoid the defects of floating rates (destabilizing speculation and competitive beggar-than-thou-neighour policies). The disadvantage of fixed rates is that individual nations were exposed to both monetary and real shocks transmitted from the rest of the world via the balance of payment and other channels of transmission. The common world price level under the gold standard exhibited secular periods of deflation and inflation which reflected shocks to the demand for and supply of gold (Bordo et al, 1993:1). Countries like Germany and Japan were reluctant to import foreign inflation and this could have attributed to the eventual collapse of the system. In the long run this broke the credibility of the fixed exchange rate commitment among countries and the willingness of the central bank of several countries to cooperate in order to maintain the fixed parities. In other words the system failed because the commitment by the US of fixed equality was not reliable due to the inflation that was accelerating (King, 2003:33). The collapse of the Bretton Woods system is also related to the increasing speculative capital flows. With time as the dollar continued to decline, the US economy was unable to assure other countries that the dollar could be converted to gold at the fixed parity. In this view, the collapse of the system was related to the escalating in and out movements of capital and the lack of capacity of the dominant country, the US to control them (King, 2003:32). In conclusion the end of the Bretton Woods period can be said to have come when President Richard Nixon finally suspended the official conversion of the dollar into gold at $35 an ounce, shut down the gold window and cut the exchange rate system loose. Importance of the Euromarkets The growth of the Euromarkets has been directly linked to the expansion of the US multinational firms, and the consequent expansion of US banking abroad. This growth of the market and its development coincided with the increasing pressure of the US economy and the recoveries witnessed in the capitalist economy. The Eurodollar market therefore took over aspects of a developed domestic credit system since it was operating globally and independently from the central banks. Therefore, Britain which was a low-productivity and low-wage country became the center of global finance due to the contribution of the Eurodollar market. London developed as a center of global circulation of capital and hence became the world’s leading Eurodollar market. The regulation of the currency which allowed the partial and finally the full convertibility of the pound for those who were neither residents of the dollar or the sterling are some of the factors that brought about the growth and development of the Eurodollar market (Patel, 2007:1). This market was deemed important as it helped in redistributing surplus liquidity, in facilitating adjustments of internal liquidity in countries whose monetary systems rely on the import and export of short term funds through banks as a major monetary regulator. The Eurodollar market also helped to maintain world business activity at a high level by the availability of short term working funds. The Nixon Shock The Nixon Shock is termed as a series of economic measures that were taken by the then US president Richard Nixon in 1971. This decision was reached upon by various events which included: the Vietnam War that had become too costly and had drained the gold reserves of US, the increased domestic spending that accelerated inflation, the balance of payment deficit by US and trade deficit (Engdahl, 2003:1). Additionally, the US dollar foreign arbitrage had also caused the governments gold coverage of the paper dollar to decline by 33 points from 55% to 22%. Therefore in 1971, President Nixon imposed tariffs on all imports of 10 per cent to help reduce the trade deficit though it was removed in December the same year. At the same time, a freeze was put on wages and prices for a period of 90 days in a bid to lower inflation with the Federal Reserve Swap ending its support for other central banks. The convertibility of the dollar into gold was also ended and a limitation on gold transactions was put implying a decrease in the value of the dollar. This announced detached the US from the Bretton Woods system which collapsed from operation. After the gold convertibility of the dollar was suspended and flexible exchange rates emerged (James, 2010:1). After the Nixon shock, the US realized that it could exert more global influence through US treasury debt than from trade surpluses. In the 1970s oil was the only key commodity traded in dollars. This was due to the fact that the dollar was the only currency with the highest purchasing power and the only one that was backed by gold (Dammasch, 2010:6). As a result the US realized that the other nations would continue to demand for dollars for them to buy oil which was by now inflated in price. Thereafter, US trade partners had so many dollars in their reserves that they feared to create a dollar crisis. Instead they inflated and eventually weakened their own economies to support the dollar system as they feared a global collapse. Therefore when the price of oil increased in 1973 the dollar surprisingly continued to gain despite countries like Japan, Germany and the rest of the world suffering from severe economic destruction (Engdahl, 2003:1). Nonetheless, these measures did not help to restore or even quicken the economic growth rates of US or even correct the surplus reserves of dollars in Japan and Germany. From there henceforth, all the currencies of the Western nations began to ‘float’. There were no longer set exchange rates in the international market since the common link that was there before i. e. the Bretton Woods System, no longer existed. Ultimately, by the end of 1974, the price of gold had risen to $195 from $35 per troy ounce. As a result, due to unrestrained inflation there was a155% increase in the price of gold in a period of three years (James, 2010:1). Yom Kippur War The Yom Kippur War named after the Jewish holiest holiday, Yom Kippur began on October 1973 when Syrian and Egyptian forces backed by Soviet Forces launched attacks on Israel forces in the Golan Heights and Sinai in an attempt to recapture the land occupied by Israelites. However, despite the surprise attack on Israel, they emerged victorious due to the immense backing from US who provided them with weapons and intelligence. Therefore in a bid to punish the Western world for their aid to Israel, the Arab nations placed the oil embargo. This was initially political tactic meant to pressure the US into requesting Israel to withdraw from the Arab territories. However, with time the Arabs used it as an economic tactic when they realized the amount of power they had over the world through oil. The prices of oil thereafter quadrupled and continued to be a threat not only to America’s economy but also to the whole world. After the Yom Kippur war the OPEC member states struck back against the West for their support of Israel by imposing an oil embargo which increased oil prices by 70%. Lending by Private Banks to Developing Nations The origin of the debt crisis in the Third World countries has been attributed to the expansion of banking society in the US at an international level together with the rapid economic growth in the world. Before the oil price crisis of 1973-74 began, the real domestic product growth rate of developing countries averaged 6% annually. However, though the rate of growth had slowed down for the reminder of the 1970s it averaged 4-5%. This growth nonetheless generated new interests by the US corporate investment and similarly by other international banks. This multinationalism in providing financial services contributed to the emergence of the Eurodollar market which gave the US banks access to funds that they could undertake Third World Loans on a large scale. Additionally, the sharp rise in crude oil accelerated the expansion in lending (LCD debt crisis, 2010:192). The oil-exporting countries in the Arab world deposited their profits made during the oil crisis in banks in the European and US banks. This further fueled the lending boom. Since the banks had now been provided with more funds they became eager to make profits and hence invested it in developing nations by financing new development projects. The abrupt increase in oil prices brought about instant inflation into the prices of all other commodities. Moreover, the developing countries which had been crippled by these high oil prices saw this as an opportunity to borrow cheap money from the international banks so that they could offset the huge deficits ((LCD debt crisis, 2010:192; Schmulker, 2004:2). These funds that were known as petrodollars and had been recycled back to developing nations therefore generated inflationary pressures around the industrial world and created the debt crisis in developing nations (Cypher and Dietz, 2008:204). US High Interest Rates The developing nations during the 1970s were given loans at very low interest rates. However, this situation changed when the US in the early 1980s pushed up the interest rates of loans in an endeavor to stop inflation. This meant that the loans that had been lent out to Third World nations by US or other lending banks in Europe had to paid back with huge interests rates. Hence, by the 1980s the economy of Third World nations had began to stagnate and many nations were on the verge of bankruptcy due to the combination of mounting debts and low economic growth rates. The total debt had amounted to $567 billion and the high interest rates forced them to take out new loans which increased the burden (Jauch, 2009:1). This dismal situation was further compounded by the oil shock of 1973 and 1979. This decision by OPEC crippled the economies of many Third World nations with the cost of imported energy rising. Therefore, the culminative result of this crisis saw many developing nations especially those in Latin America unable to pay their debts during this period. IMF Structural Adjustment Programmes When it became evident that these nations would be unable to service their loans, the IMF came up with conditions which were dubbed Structural Adjustment Programmes (SAP) to solve the debt crisis among developing countries (Shimko, 2009:168). The SAP was proposed by the World Bank and the International Monetary Fund which were formed during the Bretton Woods period. These programmes imposed various conditions for countries especially developing ones that intended to borrow more loans (Jauch, 2009:1). IMF claimed that these reforms were necessary for promoting the economic growth needed to pay back the loans. The IMF required reforms to be carried out in the respective countries before aid could be provided. For example, Mexico whose debt burden grew faster than its own economy was loaned money by IMF to prevent a default. However, Mexico had to certain economic reforms before the loan could be dispatched. Although the conditions imposed on the developing nations differed, the same basic conditions were expected of all the nations (Shimko, 2009:168). The various key reforms according to Shimko 2009:169 included: †¢ Balancing of government budgets: this entailed either increasing the revenue for the government (providing new fees for government services) or drastically reducing the government spending. †¢ Reducing quotas, tariffs and other import barriers: this was aimed at subjecting the domestic industries to international competition. †¢ Liberalization of the capital market: this basically meant reducing the restrictions on foreign investment. †¢ Reducing government subsidies to domestic industries: these subsidies are those that had been part of import substitution strategies. †¢ Privatizing or selling the government-owned industries to the private sector. Nonetheless, these conditions did not alleviate the dire economic nor bring any economic development but rather the conditions intensified the existing situation. Although IMF studies claimed that the growth rates in countries under this programme increased from -15% in the 1980s to only 0. 3% in the early 1990s and 1% by mid-1990s, the World bank declared that there was no evidence whatsoever to account for any economic growth (Shimko, 2009:178). Additionally, lack of government subsidies or protection from foreign competition forced domestic industries to reduce their costs by lowering wages or by laying off workers. Therefore the liberalization of trade and the opening up of economies to unrestricted foreign investment had a deleterious impact on the poor nations and people (Shimko, 2009:177). Effects of the High Oil Prices in the 1970s As a result of the Bretton Woods system and the oil shock, a new wave of globalization began. Recession was prevalent with unemployment peaking at 9. 1% industrial production went down by 15% and high inflation in all areas. Additionally, when the Bretton Woods system of fixed exchange rates collapsed, countries were now opened up to greater capital mobility and they also retained the autonomy of their monetary policies. The Brandy Bonds came into existence when Mexico’s Minister of Finance announced that the country would be forced to default on its debt. The default on loans worsened as more banks in developing nations informed the IMF and Chairman of the Federal Reserve of their inability to service their debts in time (LDC debt crisis, 2010:191). The Brandy Bonds in a bid to resolve the debt crisis of the 1980 not only led to the subsequent development of the bonds market but also brought about a new phenomenon especially for emerging economies. Moreover, technological advancement, privatization and deregulation (which resulted in the corporate culture with national interests of decreasing consideration in business decisions) made foreign direct investment and equity investment in the emerging markets even more attractive for households and firms in the developed nations (Schmulker, 2004:2). Overall, there was a severe recession which hit the hardest the Western world. In Wall Street, oil stocks performed well due to the price increase as the profits soared as the rest of the market buckled under the low prices. Before the oil embargo was imposed by OPEC members, the price of crude oil was mainly determined by major oil companies in the West which retained 65% of the revenue of the oil. This type of arrangement was referred to as oligopolistic market arrangement. This meant that oil prices that had been posted in the market were established with the taxes and royalties paid to the exporting governments on the basis of this price. However following the embargo, property rights were transferred to the host countries from the major companies that had operated the industry and hence the cartel was able to take over the functions of the companies and retain more of the revenue generated Thereafter, the determination of crude oil price was passed into the hands of OPEC which set an official selling price for the best known among its crude. At the same time individual members were given the opportunity to adjust their selling prices in relation to this market according to the quality of the oil being produced (Trumbore, 2010:1). The continued high oil prices encouraged the exploration and subsequently the production of oil in high-cost oil regions such as Canada, Mexico, and North Sea. During the 1970, the increased demand of fossil fuels and increased prices for the product greatly reduced globalization. As the nations became more advanced, the rate of globalization declined. Although globalization grew for a while after the embargo, the rate of growth began to decline as the oil prices decreased (Okogu, 2003:1). The oil embargo impacted severely on the economy of Japan resulting in energy price inflation since by this time it was the only developed nation that relied heavily on oil with very few hydrocarbon reserves or any other alternatives. Japan was therefore forced to reconsider its industrial model. The oil shocks catalyzed the rapid turnaround which enabled Japan to become the leading energy efficiency country. The petroleum Supply and Demand Optimization Law was aimed at setting oil targets and restricting oil use. Japan’s vision after the oil embargo was to reduce its dependence of oil from the Middle East, therefore it started to charge import taxes on all petroleum products especially those that were used to generate power. Japan therefore became a pioneer in liquefied natural gas which today accounts for half of the worlds market. During this period, Japanese car brands like Toyota and Honda which had previously sold poorly enjoyed enormous success in the US market. Americans who had traditionally been fond of big cars were now confronted with a new challenge that included higher oil prices accompanied by long queues at the gas stations and rationing of gasoline. They therefore began to demand more of the Japanese brands for their small size and fuel-efficiency (Stewart and Wilczewski, 2009:1). Conclusion Even today, the Dollar System is still the real source of global inflation since t is the only global reserve currency as it has been witnessed worldwide since the 1971. Other countries in the world have to ensure that the reserves of their central banks are in dollars if they are to trade in the international market. This helps to guarantee against currency crisis, to back their export trade and to finance the importation of oil. Today, 67% of all central bank reserves are dollars (Engdahl, 2003:1). The debt crisis in the 1970s created by various variables including the oil embargo, the unprecedented borrowing and poor economic planning crippled the economy of many developing nations in Africa and Latin America. Despite efforts by the World Bank and IMF to offset these payment balances, the situation remained virtually unchanged. Ironically, other countries like Japan and US though they were affected by the rise in oil prices, were able to rise above the situation through oil exploration in their own countries which reduced their reliance on the imported oil from Middle East. 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