Effect of Public Squares on Social Interaction

Effect of Public Squares on Social Interaction SOCIAL COHESION AND THE ROLE OF THE PUBLIC SQUARE IN CONTRAST TO THE THIRD PLACE Social cohesion is a term used insocial policy, sociology and political science to describe the levels of social inclusion, integration, interaction and participation within a society, particularly in the context ofcultural diversity. It is associated the structural functionalism and political conservatism of the built environment, hence is directly affected by the process of Urban Design (). The concept of Urban Design as a construct of the 20th Century is ambiguous in its definition (Carmona, 2003, p. 3). It suggests addressing (for the better) the characteristics of a city, by proposing revised plans through a process of pattern making, sketching and planning. (Carmona, 2003, p. 3) However, the city in its own right is a complex organ which functions on multiple levels; economic, socio-cultural, political and environmental. The city as an organ is in a constant state of reaction, either to stimulus from within or external to its geopolitical confines (Lynch, 1990). Stated plainly, in order that a city performs successfully, it is necessary that it maintains or strives towards a state of dynamic equilibrium by simultaneously maintaining economic relevance to its wider context, and addressing the socio-economic needs of its citizens(). Consequently by understanding the city (its elements) as containers for human activities, it may be observed that the notion of urban design today has evolved from the initial creation of building masses and the consequent articulation of public space (Carmona, 2003, p. 3). It is now to a greater extent concerned with the creation of a physical and socio-cultural public realm which is primarily enjoyed by its users, but also creates a greater sense of social cohesion, necessary for good community living (Carmona, 2003). Hence it follows that if the primary aim for urban design today is making places for people (Project for Public Spaces, 2009), we should examine critically the performances of different forms of public place in terms of encouraging social interaction and thus social cohesion. First the public square, a familiar concept to the average man (French, 1978). Expressions of civic pride, public squares are generally typified by its accessibility, often dominated by a landmark or civic building (French, 1978). Their resulting high level of legibility increases the user base from local members of the community to include the wider public (Whyte, 1980).Thus creating a highly vibrant space conducive to social interaction (Whyte, 1980). By contrast, less familiar with the average man is the concept of third place (Oldenburg, 1999, p. 15). Oldenburg observed that multitudes shuttle back and forth from the womb to the rat race in a constricted pattern of daily life that easily generates the desire to get away from it all (Oldenburg, 1999, p. 9). It is this place of escape that he defines as the third place, while the first (womb) is the home and the second (rat race) is the workplace (Oldenburg, 1999, p. 9). This third place arises from the human need for a routine recreation space, which serves as an intermediary between the activities of living and working.() Although generally an interaction space for members of a local community, it exists in a variety of forms ranging from the more easily identifiable cafes, pubs, libraries; to the not so obvious independent traders such as barbershops and cybercafà ©s (Oldenburg, 1999). Injecting such program within the urban fabric facilitates the notion of socio-cultural belo nging (Jacobs, 1993). It serves as neutral ground for the emergence of conversation across demographic profiles, and thereby the birth of friendships based on the common ground of community (Oldenburg, 1999, p. 169). This essay discusses in greater detail the characteristics of both the public square and the third place. It highlights the distinctions in the levels of social interaction that each of these spaces encourage. To illustrate these points this essay uses Hackney Central, London as a case study. City lights and gleaming windows Built in to fantastic shapes Overlook sounds of Vietnam Viaducts and artist landscapes Historic clues, canals and terraces Hint of workers struggle to survive Melting now into sound and colour, Sense the Caribbean come alive. Saturday debates in Kurdish cafes And shoppers choosing Turkish life. Mix with the sounds of synagogue To tell the stories of culture and belief. What we see is what we choose Inner soul or shabby shell outside. Downtrodden, dirty dereliction or a lifetime learning in a 15 minute ride. Gill Carter The east end is a much loved and much fabled part of London and Hackney at the heart of it. Hackney Central its administrative headquarters today possesses a culturally diverse demographic, with 65% of its population constituted of minority ethnic groups (Hackney Council, 2009). As home to the iconic theatre The Hackney Empire and birthplace to thespian and musical greats such as Harold Pinter and Leona Lewis, Hackney is witnessing a significant influx of creative industries, as part of a spill-over from trendy neighbours Shoreditch and Hoxton (Sergius, 2009). The spotlight again is turning towards Hackney as it is located on the principal axis for development culminating at the 2012 Olympic site in Stratford (Hackney Council, 2009). Despite its rich cultural heritage and promising future prospects, Hackney is still very much plagued by a reputation as being a deprived and unsafe neighbourhood, with a propensity to breed crime (Wikipedia, 2010). With these two conflicting views in mind, I visited Hackney for the first time. The Squares two primary elements are gardens symmetrically laid out on either side of the central walkway on the east-west axis which continues on to the Town Hall entrance. The main-stream of visitors to the Square access it via this central walkway. The gardens are almost completely enclosed by a wall measuring approximately half a metre in height. Although it is unknown whether this was the initial design intention for the wall, its height is conducive for sitting and is often used accordingly by visitors to the Square in the absence of any alternative seating. Undoubtedly, this results from the human inclination to seek comfort, the accommodation of which should be a priority in the design of a successful square (Project for Public Spaces, 2009). Yet it may be observed that the use of the garden walls to satisfy this basic human inclination actually negatively impacts the social dynamics of the space. In his studies of human interaction in plazas Whyte (Whyte, 1980, p. 227)observed that people exhibit a tendency to self congest, being attracted to spaces that are significantly occupied by other people. This behaviour is socially motivated and logically has the potential to facilitate social interaction in public spaces. However, although visitors do self congest generally within the Hackney Town Hall Square, the aforementioned lack of specifically allocated seating areas causes them to do so haphazardly, clustering together and sitting in groups of acquaintances (Whyte, 1980, p. 227). This actually discourages social interaction between strangers, fragmenting the visiting population (Whyte, 1980, p. 227). Furthermore, the majority of seated visitors tend to sit either side of the mainstream of pedestrian flow, the central walkway (Whyte, 1980, p. 228). However, despite this prevalent self congestion, the walkways significant width does not facilitate communication between users seated on opposing garden walls. Instead this layout encourages people-watching, as seated users watch passers-by along Mare Street and along the central walkway Arguably the Square also attempts to encourage ground floor activity by housing mass-appealing attractions and facilities as the Library Cafe and Hackney Empire bar (Project for Public Spaces, 2009). However the positive effects of these venues are negated by the introduction of side streets Wilton Way and Reading Lane between the Square and both Hackney Empire and Library respectively. These two boundaries are connected by a service road in front of the Town Hall. This U-shaped enclosure discourages pedestrian movement as there is no clear indication as to whether pedestrian or motorist has right of way. This adversely affects the ambience of the Square by reducing the pedestrian footfall. Consequently, as the inclination of the individual to self congest prevails, pedestrians are attracted toward the dynamic buzz of Mare Street, and proceed to converse in the mainstream of its pedestrian flow (Whyte, 1980, p. 227). Thus the Square underperforms as a vehicle for social interaction a nd indeed performs less effectively than Mare Street. The limitations that the layout of the Square places upon the scope of the social interactions within itself are apparent in the limited variety of visitors that the Square attracts (Whyte, 1980, p. 226). IMG_1886.JPG The Squares clear site lines and is easy access (as previously explained)are intended to broaden its portfolio of visitors from members of the local community to the wider public who may not be as knowledgeable of their local environs. Whyte (Whyte, 1980, p. 226) deduced from his observations that public square users usually have a short commute distance, usually from nearby places of work or are visitors to attractions on the square. Although it was not possible to verify the work place of all Town Square users, I did identify an influx of construction workers on a break from nearby works taking place on Morning Lane. I also observed that the majority of the users were visitors to the main attractions on the Square the Hackney Library and the Hackney Empire. Undeniably the location of a bay of bus stops along Mare Street east of the Square attributes to its function as an orientation space. Hence we see that the Square mainly attracts users that are more likely to be non-residents of the area. Whether day tourists, theatre clientele or workers that may not necessarily be very familiar with the area, non-local users of the Square are more inclined to keep their social interaction within the confines of their group (Whyte, 1980, p. 227). Social interactions within the Square can therefore serve to largely exclude the local community and hence the Town Hall Square is limited in promoting social cohesion (Oldenburg, 1999, p. 14). It would indeed take a very vibrant Square to facilitate the rare occurrence of conversation between strangers (Whyte, 1980, p. 228), and this is clearly not the case with the Town hall Square. Owing to shortcomings in its layout, and lack of adequate sitting areas, the pedestrian footfall does not achieve its potential capacity. Arguably, The Town Hall Square therefore serves more efficiently as a lobby for visitors to Hackney Central. Its functio n to the visitor is adaptable certainly. It can serve as an orientation space from which the rest of Mare Street may be articulated, as a resting place for visitors to nearby attractions or indeed a meeting place for friends before an evening outing (Whyte, 1980). However, what it fails to do is encourage interaction between the local community and tourists (Oldenburg, 1999, pp. 10-11). The Square in announcing all that Hackney Central holds dear neglects its greatest asset its people. The people of Hackney Central are unique to their London context in that they exist as a close-knit community. This is no doubt as a result of the proliferation of the third place in the local neighbourhood (Oldenburg, 1999, p. 162). Greasy Spoon Cafes, barbershops and pubs make up the fabric of Hackney Central. These independent traders line the main routes through the district; Graham Road, Amherst Road, Morning Lane with their greatest concentration on Narrow Lane. Walking up Narrow Lane the bustling street showcased wares and cuisine from all over the world converging in a unique communal existence in Hackney Central. I began to understand with greater clarity the nature of the neighbourhood that poet Gill Carter described when she spoke of ; debates in Kurdish cafestelling stories of culture and belief.'(Op Cit) It is in these spaces described by Carter that the people of Hackney Central seek respite from the monotony of daily work and home life (Oldenburg, 1999, p. 163). There is a fundamental need for people to enjoy the company of neighbours on neutral ground, however neutral ground outside the cash nexus is preferred (Oldenburg, 1999, p. 13).Thus, the emergence of St John Churchyard Gardens as the primary third place in Hackney Central. The St. John Churchyard Gardens is a large expanse of urban green that runs parallel to Narrow Lane. A park green of such significant size usually has a high propensity to develop in to an urban vacuum, as it requires a lot of activity in order for it to remain convivial (Jacobs, 1993). However, despite this disadvantage the Park works quite effectively as a public space. The park has a homely quality to it that does not exclude any particular member of the community.() Its weathered grave stones and worn flagstones give it a lived-in feel, hence it is perceived as a more informal public space an extension of the local users homes. These are all qualities highlighted by Oldenburg in his argument for the third place (Oldenburg, 1999, pp. 163-169) Again in line with observations by Jane Jacobs in her studies of American neighbourhoods, the parks rim is articulated with a zone of dense mixed use program varying from residential to retail, which encourages a significant pedestrian footfall (Jacobs, 1993). It may also be observed that the park as a whole, although of considerable size, is in essence a collective of several green spaces, each with its own focal point. CHURCH.jpg his.jpgFirst is the garden in the forecourt of the St Johns Church, which is a lobby space for the Church with clearly designated seating areas. Second is the Walled Garden, this enclosed space provides an intimate and safe area for young families to use the designated playground. Third is the central park green, where the routes converge (Jacobs, 1993, p. 136). Finally, fourth is what I refer to as the Historical green, so called because it serves as the foreground to historical landmarks St Augustines tower, the old town hall and the preachers corner. This subdivision of the park in to four smaller gardens reduces the perceived circumference of enclosure. This promotes self congestion as, users of the park can asses their level of comfort based on the congestion level of the garden that they are in at any one particular time. his.jpgAnother advantage posed by creating varied functions for the different gardens, is that the user base is varied. A heterogeneous user base helps to keep the park active at different times throughout the day (Oldenburg, 1999, p. 167). This user base is thereby structured into subcategories of users who share common ground (Oldenburg, 1999, p. 164). For instance a high proportion of the walled gardens users tend to be young mothers with their children using the play ground areas. Their children serve as icebreakers as the mothers sit in the allocated adult supervision area and share anecdotes on childcare and childs play. Never delving too deep in to their private lives, these friendships amongst the parents are groomed until the children are mature enough to conduct their own excursions to the park (Oldenburg, 1999, p. 166). Similarly the elderly and indigent folk congregate in the historical green, waiting to hear the assertions of whoever decides to lead the sermon on preachers corner, hoping of course to offer their own pearls of wisdom (Jacobs, 1993). The possibility of encountering a familiar friendly face, for a helping of entertaining conversation, transporting you if only momentarily from the mundanity of daily living, according to Oldenburg is one of the greatest allures of the third place (Oldenburg, 1999, p. 167). Indeed users are more inclined to use the park as they are assured that it will be accessible at any hour during the day and the specific subcategory of user has an idea of when to catch a particular crowd at the park (Oldenburg, 1999, p. 167). Whether young mothers, street preachers, early morning joggers or even the lunch breakers, each category of user has a specific pattern of time and location (Oldenburg, 1999). The charm of the St Johns Garden as third place is in no way exclusive to the local user, it also appeals to the day tourist (Oldenburg, 1999, p. 167). Its unassuming appearance inspires the reminiscent, instilling a confidence created by the feeling of having visited a place a number of times, but in reality no times at all. ()Its well lived-in look, clear paths and colourful characters awaken the inner explorer in a bid to discover the true nature of Hackney Central (Oldenburg, 1999, p. 168). Even the regulars submit themselves to be explored (Oldenburg, 1999, p. 167). In fact it was while visiting the historical green on my photographic excursion of the district that I would garner firsthand this most bizarre of experiences. I was trying to set up the perfect angle for a shot of the St Augustines tower, when a gentlemans voice from behind me suggested that I move back and angle my camera closer to the ground, in order to capture the grandeur of the tower. As is customary British politesse, I smiled sweetly said nothing in response and instead turned back to my assignment, whilst seemingly taking on board some of his suggestions. He clarified that he was a cinematographer, although his appearance would infer otherwise. He then elaborated on a plethora of other principles that I should take in to account such as the rule of thirds. This tutorial would slowly melt in to a brief summation on what had brought our paths to cross. I spoke briefly of my university assignment and career aspirations. He recounted stories from his past, and what he had hoped then for his future, all the time using Hackney Central as the backdrop to his tales.  ­ Now I must clarify that this would not be the first time I have ever had a polite conversation, what was unique to this encounter was the manner in which this gentleman approached me. He was warm and welcoming, to what he had obviously assumed as his territory (Oldenburg, 1999, p. 167). He moved towards me, and by reducing the radius of personal space he required more than just a smile, his intentions were to engage me in a conversation (Oldenburg, 1999, p. 167). Having lived in central London for a number of years, I had become accustomed to averting eye contact and maintaining a guarded silence even in the most uncompromising confines of the tube during rush hour. Yet I would encounter this bizarre urban behaviour repeatedly throughout my tour of the third place. Evidently, the St Johns Gardens as a third place serves as a vehicle of social cohesion as it is inclusive of visitors from all backgrounds, encouraging social participation on a plateau of social equality (Oldenburg, 1999, p. 169). Its location opposite to the train station, parallel to commercial Narrow Lane and residential areas ensures that it is easily accessible to both locals and tourists thus creating potential for encounters between the two groups (Oldenburg, 1999, p. 166). The absence of commercial function and its unpretentious physical structure, ensures that people of modest means feel comfortable to use the space (Oldenburg, 1999, p. 168). This further widens the scope of its user base to include the indigent a significant proportion of the districts population (Oldenburg, 1999, p. 168). To the tourist the park reveals the true nature of Hackney Central, showing its historical heritage, its cultural and socio-economic diversity and moral views all in a days visit. Admittedly, as with most third places, (depending on the sensibility of the tourist) St Johns gardens aesthetic quality and its eclectic selection of regulars may prove daunting (Oldenburg, 1999, p. 168). They would rather a public space void of character that showcases all the exploits of a consumer society (Whyte, 1980)(. The elegant architecture of the Hackney library and recognisable global franchises such as Subway, situated around the Town Hall Square cater to such needs. Conversely, this constricts the user base to exclude to a large extent the average resident of the district. Thus, I refer to my initial question, if the priority of urban design is making places for people, should we not be encouraging effective social interaction in order to establish social cohesion and par venture should the promotion of third place not be our goal? However a district operates similar manner to a city, hence is governed by similar rules. Consequently (as earlier stated) the district needs to maintain economic relevance to its wider context, whilst addressing the socio-economic needs of its inhabitants. Hence, I conclude. It would seem that there is argument for the role of both the third place and the public square in facilitating social cohesion. The third place acts directly as the vehicle for social cohesion by keeping the community together and preserving its identity. Conversely, the public square acts indirectly by catering for the tourist, thereby maintaining the districts economic relevance to its wider context. In so doing, it makes it economically viable for a community such as in Hackney Central to even exist. CITED WORKS Carmona, H. O. (2003). Public place Urban Spaces Dimesnsions in Urban Design. Oxford: Architectural Press. French, J. S. (1978). Urban Space- A brief History of the City Square. Iowa: Kendell Hurt Publishing Square. Hackney Council. (2009, December 22). Retrieved December 22, 2009, from Hackney Council Website: www.hackney.gov.uk Jacobs, J. (1993). The Death and Life of American Cities. New York: Random House. Lynch. (1990). City Sense and City Design. Massachussets: MIT Press. Oldenburg, R. (1999). The great good place. New York: Manlowe and Company. Project for Public Spaces. (2009). Ten Principles for creating successful Squares. Retrieved December 14, 2009, from www.pps.org: http://www.pps.org/squares/info/squares_articles/squares_principles Sergius. (2009). Areas of London Hackney. Retrieved December 24, 2009, from Areas of London: http://www.areasoflondon.com/ Whyte, W. (1980). The Life of Plazas. In W. William, The Social Logic of Small Urban Spaces (pp. 227-229). Washington DC: Conservation Foundation. Wikipedia, C. (2010, January 2). London Borough of Hackney. Retrieved January 4, 2010, from Wikipedia: http://en.wikipedia.org/w/index.php?title=London_Borough_of_Hackneyoldid=335464346 BIBLIOGRAPHY BOOKS Carmona et al Public Places Urban Spaces Jane Jacobs The Economy of Cities Jane Jacobs The death and life of American Cities Ray Oldenburg The Great Good Old Place Tridib Banerjee Beyond the Neighbourhood Unit Lynch et al City Sense and city design William Whyte The Social Logic of Small Places Jere Stuart French Urban Space: A brief history of the City Space Adisa et al Hackney my Hackney: An Anthology of Poems and Photographs Lil Smith The Good Old Bad Days PUBLICATIONS Tridib Banerjee Urban Experience and the development of city image: A Study in Environmental Perception and Learning Hackney Council Local Development Framework: Draft Interim Hackney Central Area Action Plan Phase 1 Masterplan WEBSITES http://www.areasoflondon.com/hackney.html http://www.stjohnathackney.org.uk/ http://www.hackney.gov.uk/

Death Penalty Essay -- essays research papers

Capital Punishment Capital Punishment: a.k.a. the death penalty. To kill or not to kill. This is an extremely controversial question in today’s society. The number of people who are for it still believe in the saying, â€Å" an eye for an eye, a tooth for a tooth.† These are the people who feel if you intentionally take the life of someone else, then yours should be taken as well. But then there are the other number of people who feel the death penalty should be banned because of its cruel and unjust way of punishment. Should we keep it or not? And if it is kept, how do we determine who should be sentenced to death? An easy way to answer these questions is to totally nullify capital punishment completely. One reason why the death penalty is so controversial is because many feel its cruel ways of punishment are unnecessary, even if the crime is murder, whether it be premeditated or unintentional. They believe there are other ways of condemnation besides execution. In the case of an unintentional death feelings are that the perpetrators should have the right to live, but have to face each day with the fact that they killed someone weighing on their conscience. On the other hand, such as with a voluntary murder, the ideas are somewhat similar. They believe the murderer doesn’t deserve the death penalty. Chances are if a person is insane enough to kill another human being in the first place, they aren’t going to care what happens to them. They 2 realize that their execution, in most cases, is going to be short and painless. This isn’t a just punishment for someone who has inflicted severe pain upon another life. Our court system, after initiating a life sentence without parole, should not offer these killers the comforts they have in jail. They should be treated more or less like animals. In short, let the ones who institute a crime unwillingly live, but do not let the punishment be as severe as it would for a voluntary criminal. There are a vast number of people who believe that increasing the use of the death penalty will abate the crime rate. Not true. While a criminal is in the process of committing a crime, chances are that he is not contemplating what his punishment will be for his actions. More than likely his thoughts are upon getting what he wants, whether it be something tangible, such as money, or something as ... ... use of capital punishment will not affect the crime rate of an area in any such way. The third and possibly the most important reason why capital punishment should be eliminated is because what is stated in the Bible. The sixth commandment specifically says â€Å"Thou shalt not kill.† If someone is executed, our court system is deliberately defying our Lord’s laws. John 8:7 says, â€Å"Let he who is without sin cast the first stone.† This supports the idea that only a man who is not a sinner has the right to eliminate someone from this Earth. Many feel the only person or being who is without sin is God. They also believe that He is the only existence who has the right to take someone’s life, or â€Å"cast the first stone.† Which in turn means we as humans are not entitled to that privilege. 3 The use of capital punishment in today’s society is an incredibly controversial issue which will require a great deal of contemplation to answer the questions: to kill or not to kill? Many feel that the annihilation of this practice will solve a large number of the problems and questions about the death penalty that haunt our society today. How did you find cheater.com? : friend

International Financial Integration. Is it worth it

We are witnessing the transformation of meld-20th century managerial capitalism Into global financial capitalism†. This Is what Martin Wolf expressed In an article written for the Financial Times In June 18, 2007. Even after the global economic crawls that followed the next years and from which the world Is still recovering, this statement Is of great relevance.Actually, this crawls Is a good example of how Integrated the world's financial markets have become: a financial crisis that started In some developed countries practically spread throughout the whole world. As Wolf himself hinted in his book Fixing Global Finance, it is obvious why financial crises bounce back from one country to another (2008, p. 25).First, markets are connected globally, both for commodities and financial instruments; second, an unexpected weakness in one country is seen by investors as a weakness for apparently similar countries; third, when governments fail to respond to financial crises as expected , trust in their willingness to act elsewhere will be lost; fourth, a high perception of risk in one market may spread to others; and fifth, the rationing of reedit to risk borrowers can turn a slight instability into a crisis (Wolf, 2008, p. 5). Likewise, Jeffrey Freddie adds that current regulations and technology allow money to travel around borders almost instantly, giving rise to short-term international transactions (Freddie, 1991, p. 428). With such vulnerabilities, to what extent is international financial integration (capital mobility) worth it? To answer this question, this paper will try to explain how and why capital mobility alters economic policymaking by governments as well as the tradeoffs such policies entail.By doing so, it will show the extent to which capital mobility takes policy autonomy away from governments and Indicates how It can affect certain countries more than others. To do so, first the concept of the open economy trillium will be illustrated. Followed policymaking and its interaction with exchange-rate stability and macro-economic independence and the influence this has in different countries.The Unholy Trinity Also known as the open economy trillium or the Mendel-Fleming Model in reminiscence to the economists that first set forth the concept, it indicates that overspent must choose between two of three goals: capital mobility (CM), exchange-rate stability, or monetary independence (Freddie, 2008, p. 347). Giving up CM implies placing capital controls that ultimately close world markets to a country. This is what the Latin American nations practiced from the sass's until the sass's with their import-substitution industrialization (IS') policy (Freddie, 2007, p. 10-312). On the contrary, in a financially integrated world as today, the trade-off is between exchanger stability and domestic monetary policy autonomy. If the latter is referred, the exchanger will have to be allowed to fluctuate. For example, if a government wants to encourage investment and increase consumption, policymakers will pursue low interest rates. Hence, many investors will want to move their investments to another country that offers higher interest rates.When the capital leaves the country, demand for the local currency will 2 decrease and it will end up depreciating; there is no exchange-rate stability (Walter, 2013, p. 22). Conversely, if policymakers prefer exchange-rate stability, they need to subject monetary policy solely to this goal. To neutralize depreciation or appreciation, interest rates still have to be lowered or increased, but they cannot be used for domestic objectives such as encouraging investment or promoting a rise in consumption (Walter, 2013, p. 22).With this model in mind, I now pass to explain how and why CM alters autonomous economic policymaking by governments, first by indicating its influence and then by explaining its interaction with the other two goals of the economy trillium. Influence of CM in nationa l economic policymaking worth asking: what are the benefits of CM that make it incontestable in today's world? Benefits of CM For one part, CM allows countries to borrow from the rest of the world in order to improve their ability to produce goods and services (Newly, 1999, p. 1 5).In doing so, goods and services from other parts of the world compete in local markets. This creates a more competitive environment, driving down profits and forcing companies to seek finance from outside (Wolf, 2008, p. 22). Due to the increased competitiveness, a global financial system can benefit the quality of domestic regulation: there will be pressure for better accounting 3 standards and an improved legal and financial system (Wolf, 2008, p. 3). In this sense, it will encourage companies to lobby for a more efficient, flexible and accessible financial system (Wolf, 2008, p. 3). Linked to competition, such financial systems can encourage governments to re- think' their policies (avoid requesting to o much taxes or allowing too much inflation, for example) and prevent capital outflows (Wolf, 2008, p. 23). Also, CM allows risk diversification and technology transfer (Wolf, 2008, p. 23). Furthermore, in many developing countries the economy is not big enough for its citizen's savings to finance world-level institutions. This is an important argument for allowing the presence of foreign banks (Wolf, 2008, p. 23).For example, between 1960 and 1980 South Korea annually requested funds from international sources equivalent to 4. 3% of its GAP to finance its strong economic growth (Newly, 1999, p. In addition, capital flows allow countries to avoid large drawbacks in consumption from economic crises by selling assets to and/or borrowing from outside sources (Newly, 1999, p. 1 5). It was precisely through foreign lending that Mexico and Argentina were able to overcome their 1995 crisis (Grumman, 2008 p. 51). All in all, capital flows can be beneficial for a nation.However, this type of global integration is likely to generate crisis if pursued with a low level of economic development (Wolf, 2008, p. 24). Citizens in developed countries may have enough savings within the national financial system to allow their governments to leverage enough investment and growth. However, developing countries will most likely depend on capital inflows for this and even more urgently when an economic imbalance occurs. Hence, many countries in the past have used capital controls to limit the harmful effects (Grumman, 2008, p. 107).Pinpointing on this last issue, what leads a country to prefer a fixed exchange-rate and monetary autonomy over CM? In short, the control of capital flows helps a country have economic stability (Newly, 1999, p. 21). As investors have limited information about the true value of the assets they hold in the country, they tend to infer from the actions of others, creating a herding behavior, where asset price variations cause further changes in the same dire ction, leading to a boom-bust cycle and macro-economic instability, hence Justifying capital controls (Wolf, 2008, p. 25).There are different ways this is sought by today's governments. Control of CM First, capital controls may be used to discourage capital outflows in the event of a crisis, allowing the central bank (CB) to have invulnerability with domestic monetary policy. This is how Malaysia responded to its 1998 crisis (Newly, 1999, p. 19). -. Second, economic stability can be achieved by preventing destabilize outflows in the first place, in other words, changing the composition of capital inflows (Newly, 1999, p. 21). Through capital inflow controls, the government helps prevent future and sudden outflows by investors.This is what Chile practiced in the sass's. By scrounging capital inflows, Chile was able to limit the number of volatile capital that could have left the country on short notice (Newly, 1999, p. 21). 5 Likewise, at present the International Monetary Fund (MIFF ) is recommending capital flow management measures after exhausting interest-rate adjustment and if implemented alongside foreign exchange-rate reserves accumulation and macro- prudential financial regulation (Gallagher, 2012). As mentioned above, the aim of CM controls is macro-economic stability.I will now further explain the reasons why CM causes economic instability in the first place. There are two reasons: either they are the result of irresponsible behavior in the markets or of bad policies by local authorities (Change, 1999, p. 7). The former reason has to do with human attitudes: while in economic boom, there is excess of greed; in recession, there is excess of fear (Wolf, 2008, p. 21). This leads, as explained above, to the panic and herding effect. Market that make it inherently risky – adverse selection, moral hazards, and asymmetric information (Wolf, 2008, 19).The unfortunate intervention of a government (wrong or bad fiscal and/or monetary policies) often makes them even sees safe, as is the case of poor fiscal discipline added to a lack of monetary discipline (Wolf, 2008, 22). Likewise, mistakes in exchange-rate policy can greatly affect the financial market as will be described in the next section. Both of these reasons affect the other two goals of the unholy trinity: exchange-rate stability and monetary independence. We will be able to see this by explaining the interactions of CM with these two other goals.Interaction of CM with exchange-rate stability and macro-economic independence 6 To provide a sense of how CM interacts with exchange-rate and macro-economic lollygagging, different scenarios are analyzed: fixed vs. fluctuated exchange-rate and the efficacy of monetary and fiscal policies. First, the efficacy of fiscal policy in a country with a fixed exchange-rate and CM will be considered. Supposing that a government seeks to stimulate national income, it will pursue an increase in aggregate demand by increasing government spendi ng and/or reducing taxes.Consequently, interest rates will go up and an inflow of capital from abroad will arrive. This capital inflow would lead to an excess supply of foreign currency. Therefore, as the exchange rate is pegged, the country CB would have to ay that excess supply with national currency, thus stimulating the national income even more. Although this might seem ideal, the ultimate consequence is a detriment of the country international competitiveness: exports would become more expensive to the world and imports cheaper for the locals (Greece, 2003, p. 87).Accordingly, international investors would lose confidence in the government's capacity to sustain a current account deficit brought by the capital inflow, as well as probable price inflation due to the fiscal expansion , and move their money somewhere else (Greece, 2003, p. 7). Now with a capital outflow, the CB would seek to raise interest rates, which leads to a decrease in investment and consumption, thus reducin g aggregate demand and counteracting the national income stimuli (Greece, 2003, p. 87). From a monetary policy perspective, the prospect is not positive either.If the economy wants to be stimulated, the CB would have to reduce interest rates which currency would exceed its demand, and in order to maintain its peg the country CB would have to buy the excess with 7 its foreign exchange reserves. The national currency reduction circulating in the economy and the consequent increase in interest rates and decrease of income and consumption would end up cutting the national income stimuli also (Greece, 2003, p. Now, considering a flexible exchange-rate and, again, supposing a fiscal policy intended to boost national income and hence a rise in interest rates, the country would expect capital inflows.Therefore, there is an increase in demand for the national currency, which would appreciate in value, causing imports to be less expensive in the local market and exports more expensive abroad. Accordingly, the country would lose in international competitiveness and the probable reduction of sports (because they are now more expensive for the world) would decrease national income (Greece, 2003, p. 88). On the other hand, regarding monetary policy with a flexible exchange-rate, some political scientists consider that it has strengthened as the world has become more integrated (Greece, 2003, p. 89).When a government's goal is an increase in national income, the natural response is to lower interest rates. This would provoke a capital outflow from the country, which in turn brings depreciation of its currency and hence a competitive edge in the international market. This effect would increase aggregate emend and national income even more (Greece, 2003, p. 89). However, policy preferences of economic interest groups differ within a country (Freddie, 1991 , p. 432 and Walter, 2008, p. 406). Therefore, those who depend on imports, for example, will prefer a stronger local curre ncy (Freddie, 1991, p. 45). This is, for example, Thailand experience with its 1997 economic crisis (Walter, 2008, p. 422). Thailand economy was, and still is, export-oriented. However, in 1997 the majority of its exporters produced industrial goods that needed imported inputs. Therefore, the depreciation ad no real competitive effect (Walter, 2008, p. 422). 8 Developing countries and CM As economic and financial markets in developed countries provide more stability to investors, as seen with the above interactions developing countries are more externalities on recipient countries (Gallagher, 2012).In this sense, regulating CM is an optimal tool to address market failures and enhance growth, not worsen it (Gallagher, 2012). Conclusion International financial integration alters national economic policymaking. This can be understood by first looking at the Mendel-Fleming Model and the influence and interaction of CM with exchange-rate stability and macro-economic independence. In toda y's world, CM has priority over the two other goals. However, there are certain traits that can lead a country into an imbalance or even a deep crisis, especially for developing countries.Hence, the level of openness to CM must be studied against the economic development of the country and its financial health. Countries are the custodians of national economic stability and well-being.

Marketing Plan For Morrow Energy - 3191 Words

This marketing plan for Morrow Energy has been created in order to promote significant growth over the following years, and to inform employees of the current status and direction of the company. Although Morrow Renewables has only been in business for 4 years, the firm has experienced greater than anticipated demand for its products. As we have continued to grow our expectations is that the target market for renewable energy fuel sources will continue to grow. There has also been interest in other cleaning processes that would allow us to market multiple types of processing plants in order to widen our customer base. The marketing environment, as evidenced through the company’s growth, has been very receptive to the high quality plant, and expertise in running of the plants. Over the next ten years Morrow Energy will increase its distribution, improve its processing features and expand to include another office site. 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