The Rise of Mussolini and Italian Fascism Essay Example

The Rise of Mussolini and Italian Fascism Essay In his exploration of 20th century fascism between the wars, Payne (1995) described Mussolini as the most liberal of the totalitarian personalities that dominated that period. Perhaps this was a vestige of his earlier involvement with revolutionary socialism, or a reflection from his early years. Yet, the fact remains that Mussolini, along with Hitler, was an architect of fascism and of the policies that led to World War II. The intention in the following pages is to explore Mussolinis rise to power, including his childhood and youthful political development. Benito Mussolini was born in July of 1883 in Varana di Costa, a village in the Commune of Predappio in Romagna. According to Ivone Kirkpatrick (1964), Romagna, at that time, was a hotbed of anticlericalism and republicanism. It was an era of rural nonconformity. Mussolini himself was named after both a Mexican revolutionary and two Italian revolutionary socialists. Both his grandfather and his father were politically involved, his grandfather in the struggle against the papacy and his father in the struggle to institute revolutionary socialism in Italy. However, his mother was deeply religious, conformist, and conservative. Both eventually had an important influence on Mussolinis development and choices. He became a political activist and political writer, like his father, but he was essentially conservative, like his mother. Mussolini himself asserted that his greatest love was for his mother, and that she had much influence on his character development and behavior (Mussolini, 1928). That character, at least in his early years, seemed to be unruly, rebellious, and antiauthoritarian. We will write a custom essay sample on The Rise of Mussolini and Italian Fascism specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Rise of Mussolini and Italian Fascism specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Rise of Mussolini and Italian Fascism specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Records of his behavior and demeanor in school indicated that he reacted poorly to any kind of authority and order, was passionate and unruly, hated discipline, and sought revenge in the case of any slight or injury. He was eventually asked to leave the school. His later schooling, however, was more successful. At this time, he began his involvement in politics and became known as an excellent public speaker. Still, he remained undisciplined, even while obtaining a diploma to serve as an elementary teacher. Although he received high marks in several of his subjects, his personality and character seemed highly unsuited to that career. A career as a political agitator seems much more appropriate. Ultimately, this was the course Mussolini followed. Although he served for a short while as a schoolteacher, this was not satisfying to him. Instead, he determined to emigrate to Switzerland, which some have asserted was simply to avoid being drafted into the military service in Italy. There he wandered much of the time, became involved with a number of women, and spent much of his time with revolutionaries, both Italian and Russian. He was not a settled young men, and he was a resentful, rebellious, disorderly one. This seems to have been the course of his early life, which included much violence and encounters with the police. These were not the result of Mussolinis revolutionary principles, but of his temperament. He continued to be an undisciplined individual who drifted into jobs, relationships, and political involvements. He was not a good companion, nor an individual who had much respect for the rights of others. His basic attitude toward other human beings seemed to be one of contempt, despite his early Socialist leanings. Unlike his father, he never exhibited compassion for people, but scorn. It was in 1908 that he began the main part of his political career, still a Socialist, writing a Socialist newspaper in Oneglia. Again, he had a very poor attitude toward most of his peers. He did not think well of the passivists in the Socialist party, nor the reformists. He was still extremely anticlerical and he began to speak for the most revolutionary element of the Socialist party. He was against anything that was established, anything that seemed connected to the middleclass. Ultimately this man spoke to the heart of the middleclass, but not in these early years. Kirkpatrick (1964) noted that Mussolini seemed to be motivated primarily by the desire for attention than anything else. He indicated that Mussolini did not care that the people love him, but that they notice him. Mussolini believed that it was actually more profitable to him for people to fear him than to love him. Ultimately it brought him more power. This desire for power and attention helps to explain the ongoing political changes that characterize Mussolinis early political career. Although he began as a Socialist and rose to prominence in that party by 1912, he abandoned it by 1914. As a Socialist, he had advocated violent revolution, rather than the gradual, evolutionary approach favored by many in the party. His writing and speaking ability helped gain him power in the party and the editorship of Avanti. This was the official Socialist newspaper (Payne, 1995). At the age of 29, then, Mussolini had obtained quite a bit of attention and power. He controlled the press of the Socialist party and was an acknowledged leader of its revolutionary, and leading, faction. Nonetheless, this was not satisfactory. He was dissatisfied with the pace of change within the country and felt that the Socialist party was inadequate to the challenges of the times. James Gregor (1979) noted that Mussolini was basically an authoritarian Socialist who shared much in common with Lenin, who actually endorsed Mussolinis success in 1912. Gregor indicated that both opposed bourgeois parliamentarianism, both believed that the masses were unable to lead the revolution, and both believed in a leadership of a minority of professional revolutionaries. Both also supported ongoing organized violence as a means to an end, and both thought that revolutionary consciousness would be imposed on the masses from without, rather than emerging from within (Gregor, 1979). This is interesting since the two men ultimately wound up on opposite sides of the struggle. Nonetheless, in these early days, Lenin and Mussolini were similar in their thinking. The initial break occurred in 1914 when Mussolini disagreed with the official Socialist position on World War I. That position was neutral and noninterventionist. Mussolini believed, however, that neutrality failed to serve the interests of the Italian state, which was relatively undeveloped. In order to protect those interests, he favored intervention on the side of the Entente. He asserted that Italy had to join those forces which were working to defeat the old European empires, and he actually received support from business interests which supported intervention (Payne, 1995). Payne (1995) indicated that Mussolinis stance now changed to support revolutionary war, rather than revolution within. He joined the Fascio Rivoluzionario in December of that year, involving himself with a conglomeration of forces and movements that still emphasized revolution, but with a different orientation. This revolution was more nationalist and involved the masses in its development and implementation. The Fascio Rivoluzionario itself was reorganized in January of 1915 and renamed the Fasci dAzione Rivoluzionaria. This was the nascent fascist movement that Mussolini joined. It was to have its first victory in May of that year, although the victory was overstated. The fascists, along with many others interested in intervention, mounted enormous protests in May, which ultimately pressured the parliamentary deputies into voting for intervention in the war. The fascists took credit for this achievement and publicized it as the first element of its antiparliamentary revolution. It is important to remember that Mussolini always distrusted the bourgeoisie and its institutions, whether church or parliament. From both the Socialist side and the Fascist side, he wanted to destroy these compromised institutions in favor of a more ideal, ideologically pure nationstate. It was during his service in the war that Mussolinis ideas underwent further change. From being a Socialist with an elitist stance on revolution, he became an extreme nationalist, with the desire to meld nationalism with socialism in a way involving the entire country. His involvement in the military seems to have given Mussolini new ideas about discipline and order, too. From henceforth, the elements of discipline and selfsacrifice were to be important aspects of his political philosophy (Payne, 1995). This change in both temperament and politics were the final piece in his development as a political leader. He returned to Milan after the war and became party leader again, only of the Fascists, not the Socialists. The Fascist movement actually became a viable political party only with Mussolinis intervention and revitalization of the movement in 1919. Like the Nazis in Germany, the new movement had few supporters in the beginning, with an initial attendance of less than 150 men. According to Kirkpatrick (1964), it was Mussolini who essentially determined the program of the party, although with great difficulty. He was never a very astute political thinker and was most often ruled by his emotions and his desires. As a consequence, he muddled along, gradually developing his ideas and principles, often in opposition to others. For example, his first important speech to the new party asserted that the Fascists needed to oppose the Socialists, not because they supported socialist principles, but because the Socialist party in Italy had acted against the best interests of the nation. This was a rejection of his earliest political connection, and a rejection of the philosophy of his father and grandfather. Mussolini had changed into a nationalist and this was the ruling element in the development of his program. He had gained new pride, along with Italy, and he wanted to solidify Italys position in the modern world, making it one of the powerful nations. The next decade was the important one, representing the advent of Fascist power in Italy. Always the movement was led by Mussolini, although he had an executive committee working with him. The Fascist movement was actually decreed to be the antithesis of traditional parties, which were associated with corruption and rigidity. It was to be an antiparty, a movement, a force of nature, in which the whole of the people would involve themselves with building a powerful nation (Lyttelton, 1973). This was the time when the Fascists went from one successful candidate in November 1919 to control of the government by 1929. The turn began with the decision by the Fascist movement to counterattack the Socialists in the rural area, using violent measures. These were the Blackshirts, analogous to Hitlers brownshirts. They obtained their support from the middle and upper classes, but also from some of the lower classes, interested in Italian pride more than Socialist class struggle (Lyttelton, 1973). By the end of 1921, the Fascist movement had become a mass movement and the largest political organization in Italy (Payne, 1995). They had, in other words, found the heart of the people. The rhetoric, too, began to change. Instead of being antibourgeoisie, Mussolini and the Fascists became antislacker. They supported all productive Italians, of whatever class, seeking to meld the classes together to create an ordered, disciplined, selfsacrificing state able to take its place at the center of world politics. Mussolini himself was challenged for the leadership of the party in 1921, but compromised some of his positions on violence in order to develop a more centralized and organized movement. At that time, the Fascist movement became the Partito Nazionale Fascista, with a central committee, an executive committee, and Mussolini, who had now become known as Duce (Payne, 1995). This set the stage for Mussolinis ongoing ascension to power, beginning with his service as prime minister in 19221925 and his development of the Fascist dictatorship from 19251929. Again, these are characterized by Mussolinis opportunism and tendency to compromise principles in favor of power. Eventually, this onetime Socialist became the quintessential leader of the middle classes, and an authoritarian dictator who relied on symbols and myths of ancient Roman glory to unite the nation behind him. References Gregor, A. J. (1979). Young Mussolini and the intellectual origins of Fascism. Berkeley, CA: University of California Press. Kirkpatrick, I. (1964). Mussolini. A study in power. NY: Hawthorn Books, Inc. Lyttelton, A. (1973). The seizure of power: Fascism in Italy, 19191929. New York. Mussolini, B. (1928). My autobiography. London. Payne, S. G. (1995). A history of Fascism, 19141945. Madison, WI: The

what are nuclesr weapons essays

what are nuclesr weapons essays What exactly are nuclear weapons? How do they work? Who thought up the concept of nuclear weapons? When have they been used? Why have they been used? Most people don ¡t know the answers to all these questions, but would really like to understand the reasons behind nuclear weapons. Nuclear weapons are small reliable ways to cause mass destruction. Being that the explosion of the weapons is in a large part due to very small elements such as uranium and plutonium the weapons can be very small and still cause damage on a large scale. When a bomb explodes part of the mass that the elements contains is converted into energy and if this happens quickly enough there will be a nuclear explosion (Campbell 10). Nuclear weapons have been used to end wars and have since then caused a large amount of mistrust between countries. The idea for using nuclear weapons came about in the August of 1940. The potential of these weapons was discovered by several scientists in a laboratory called the  ¡Virus House ¡ located in Berlin, Germany (Campbell 36). Nuclear weapons were starting to be developed in 1943 by Americans and Europeans. These studies were done under the supervision of Robert Oppenheimer. By the summer of 1944 Oppenheimer ¡s team had developed a device 10 feet long and weighing 9,000 pounds that could be dropped from a plane. In this  ¡9,000 pound destruction device ¡, only a few pounds of either uranium or plutonium could cause a blast that had never been seen before. This weapon had the force of 20,000 tons of TNT and could cause major damage over thousands of square miles (Macksey 174). The testing of nuclear weapons has taken place at numerous locations. Sometimes bombs have been dropped that had little or no explosion and others have exploded with great force. The first successful explosion of an atomic bomb was on July16, 1945 in Alamogordo, New Mexico. In the 1950 ¡s nuclear weapons called H - Bombs were beginning to...

Creating a Negotiation Simulation Term Paper Example | Topics and Well Written Essays - 1750 words

Creating a Negotiation Simulation - Term Paper Example All parties will enter the negotiation with the understanding that the problematic coworker is disliked and has been given many management-issued reprimands for poor performance and group work lethargy. In many instances, conflict between the coworker and others in the work environment has occurred, leading to further chastisement. The line manager understands that this problem worker continues to refuse to cooperate and generate high quality outputs, common knowledge for all parties. The coworker knows that her job could be at risk if there are further instances of negative social encounters, knowledge shared by the line manager. Further, the problem worker has also been denied a merit pay increase for awful job role performance, a situation which leaked at the proverbial water cooler. Hence, it is common knowledge that this is the only individual denied a performance bonus, strengthening the significant anticipation that the day of her termination nears swiftly. It is also known by both parties that all disciplinary warnings, lack of bonus achievement, and continual management chastisement and private discussion still does not motivate or build incentive for cooperative behaviors with this employee. Her work output is still at very inferior levels, a situation understood by all parties that will participate in the negotiation. It is also common knowledge that the problematic coworker uses regular psychological defense mechanisms when she is confronted by others for her behavior and inappropriate social attitude. She manifests paranoia through the defense mechanism of projection, attributing behaviors that she refuses to publicly acknowledge onto others. For instance, when it is implied that she is lazy, she instantly defends herself by iterating that it is her peers who are lazy and comes up with wild and delusional

Quality Management in the Systems Building Process Essay

Quality Management in the Systems Building Process - Essay Example Quality management has become a basic practice in business throughout the world, with the aim of customer satisfaction Daniel & Gillian (1999, p. 134). Implementation of quality management in most organizations; specifically in system building, has been determined by the desire to increase the benefits and profits in the competitive business world Bateson (2005, p. 235). Quality management techniques are specifically meant for improvement of management performance, hence resulting to increased profits. This report represents the quality management in the system building, as portrayed by some organizations like H-R Industries. The aim of this report is to enhance and complement the importance of ISO certification in quality management. The ISO certification that will be discussed are ISO 9000 and ISO 14000 series. Most companies find that the system building gives them a significant advantage in ISO certification. For example, H-R industries, found that their ISO 9000 Quality Management System gave them a great advantage in the ISO 14001 certification Daniel & Gillian (1999, p. 231). This industry was the first PWB manufacturer in the United States of America to achieve ISO 14001 certification. It was established in 1976 and fully owned by McDonald Technologies, Inc. with about 300 workers; the company produces a variety of multilayer board, as described by Bateson (2005, p. 266). ISO 14001certification is an international standard for the quality management systems. ISO 14001 is referred on ISO 900 hence there is a very significant overlap between the two stated standards. Management systems, whether for system protection or quality, share some common elements including training, developing and documenting procedures, auditing, record keeping, and corrective action Cazden (2007, p. 89). This report shows the subject of quality management and states that it encompasses series of strategies used by organizations, for instance H-R Industries. Quality management increases the efficacy of the company's operations, as well as increases customer satisfaction from all points of view Bateson (2005, p. 305). In addition to that, it covers the initial steps necessary for the developing quality management in system building , and shows the similarity between necessities for ISO 14001 and ISO 900 systems Daniel & Gillian (1999, p. 163). System building Most companies have adopted quality management in system building process. This is because, over along time, customers had not been very satisfied with the quality of the products Daniel & Gillian (1999, p. 357). To utilize the quality management, a company should use the brainpower of its entire workers. In other words, all organization's efforts are parcel and part of a system. For this reason, no one can change one part of organization without affecting the other parts Bateson (2005, p. 299). As many companies struggle to improve the management in their system and increase the profits and benefits at the same time, many have found that system building can do more than improving the environmental performance. It can enable a company to acquire the set objectives and to achieve their business goals Cazden (2007, p. 111). By providing a systematic way of reviewing and improving operations in system building, they can help a company utilize materials

Media Artifact Essay Example | Topics and Well Written Essays - 1000 words

Media Artifact - Essay Example Her three years of learning was a revelation to her that high school is hell, after which in the following seasons, she managers to navigate through collage and then in the latter seasons, the narrators portrays her in a manner that she had to face the expected grown up responsibilities. Having illustrated that, it is perfect to understand that this artifact, however long it was, many could followed it up to the last season, hence portraying a sense of interest and expectations (Whedon et al, 2007, p.11).Evidently, the TV series literally narrated the idea of a chosen one. At the age of fifteen, Buffy regardless of her sex was chosen to hunt demons and vampires as well as forces of darkness. She manages to fight the challenges of high school, with the company of Xander and Willow and up to the end of the journey where she manages to save the world. She was expected to stand against all her opponents and fight for her victory and the victory of others. Being a slayer, she understands this tale by heart, and so, despite the fact that she tries so hard to be simply a normal girl, the truth according to the episode is that she cannot escape from her destiny. This media artifact contributes positively to the life of human being, for instance the struggle of Buffy to save the world portrays the hardship people usually go through o acquire their destiny (Hoechsmann, & Poyntz, 2012). Now, having perused through the above media artifact, the pertinent thing is to connect it to the Marxism.’, a theory noted by Mack and Otto in their book titled ‘critical media studies.’ It follows that the book illustrates this theory as a theory and at the same time a political movement and as a social tool motivator (Ott & Mack, 2010). This theory is actually rooted in the idea of society all the way in the history of class struggles. Actually, it is of no offense if the theory is assumed as a theory that literally does not make sense of the entire world via the per spective of materialism of historical grounds. First, the TV

Instrument Rules vs Targeting Rules

Instrument Rules vs Targeting Rules Instrument rules vs targeting rules? Should Central Banks commit to a simple instrument rule such as the Taylor Rule? How well does such a rule explain Central Bank behaviour? Do targeting rules provide a more compelling alternative? The Taylor rule has had a wide-reaching effect on the literature surrounding monetary policy design. It is a simple instrument rule which aims to show how interest rates should respond to two economic indicators: Inflation and Output. This simple rule has led to the â€Å"Taylor Principle† which has been said to be useful in guiding policy design. Many studies have been done to determine whether or not the Taylor rule appears to guide monetary policy in many central banks. However there has been a vocal group that criticises the Taylor Rule and instrument rules in general as being inflexible and not allowing for discretionary measures, this has sparked lively debate between the two sides of the debate. This essay will examine the literature surrounding the Taylor Rule and analyse the good and bad aspects of the rule. In addition to this the empirical studies examining the Taylor Rule will be discussed. Furthermore a brief look targeting rules will provide a useful counterpoint to the analysis of instrument rules. Literature surrounding the Taylor Rule Before discussion of the literature surrounding the Taylor Rule can begin it is necessary to define what Central banks aim to achieve with monetary policy. Most agree that inflation targeting is a key concern for central banks with the aim being to keep it at a low and stable level. In addition to this there are concerns for keeping a stable level of output which should aim to keep it at a level around potential output and for general control of monetary aggregates such as money supply. With these objectives in place the Taylor rule can now be examined in how it allows central banks to follow a simple rule to meet its objective. The Taylor rule is a simple instrument rule which shows that interest rates should be determined by the inflation gap and the output gap as shown in this equation: (Walsh, 2003, p.546) The à ¯Ã‚ Ã‚ ¢ and à ¯Ã‚ Ã‚ § coefficients are both >0. This being added to the real interest rates leads to the Taylor principle which states that a deviation from the target rate of inflation should be met with a larger than one to one change in the nominal rate of interest. This is called the â€Å"Taylor Principle† and the empirical literature surrounding central bank behaviour aims to find evidence of the Taylor Principle adhered to by Central Banks. Bernanke (2004) describes the above equation as a simple feedback policy due to the central bank reacting to feedback from the economy on a number of variables that can be estimated at the time and don’t rely on forecasting. As the literature around the Taylor rule has grown so too has the variations of the model which have included both lagged variables and forecasting (Clarinda, et al.) It has also been adapted to provide guidelines for a variety of monetary policy regimes as Orphanides (2007, p.15) has pointed out two examples; one being a money growth regime and the other an inflation targeting regime. The Taylor Rule and the principle which follows on from it serve as a good starting point for monetary policy making due to its simplicity allowing a variety of variations of it to suit a variety of needs and thus serves a useful benchmark. Its simplicity provides a host of other benefits well. Firstly its ability to relate policy to the state of economy by showing how interest rates, inflation and output interact with each other it provides a good guideline for central banks to follow. In addition to if a central bank can commit to such a rule it will provide a baseline for expectations regarding future monetary policy for financial markets and other private agents. There are many criticisms of the Taylor Rule. Svensson (2003) and Woodford (2001) both imply that rules may be too simplistic to carry out the task of dictating monetary policy. Svensson (2003) also argues that it doesn’t contain enough economic variables to be useful. He mentions the exchange rate, terms of trade as well as others which may be of importance to a central bank in a small open economy. Thus he concludes that any policy using Taylor Instrument rules will be sub-optimal (Svensson, 2003, p.442). McCallum and Nelson rebut this by citing two models (Clarida et al. (2000) and McCallum Nelson (1999)) which are open-economy models which don’t require terms other than the interest rate, output and inflation rate. (McCallum Nelson, 2004, p.600) Tschandize et al. (2005) also points out that any recommendation based off of a formula is likely to ignore the judgment policymakers use in light of other developments not captured in the output gap or inflation behaviour. There are also practical problems with the Taylor rule though. Firstly the measures of both output and inflation can have a very different result depending on how they are measured (Yearly or Quarterly Data) and also due to measurement errors. (Orphanides, 2007) This could have a significant effect on parameters and lead to sub optimal policy making. Furthermore when there is deflation the Taylor rule if followed mechanically would demand a negative interest rate which is highly unlikely if not impossible due to the existence of a zero lower bound. Finally say if the inflation target was met and output was at its natural level then the rule dictates we set nominal rates at the real interest rate plus inflation. This presents numerous problems as there is extreme difficulty in measuring what is the natural long run rate of interest due to it being unobservable and having to be obtained implicitly. The Taylor rule is however generally held by all to be a good model considering its limited number of variables and serves as a good starting point for the oft complex task of creating monetary policy. Also if the Taylor rule is indeed followed as a rule many of the criticisms levelled against it are entirely valid, however if seen as a policy guideline rather than an iron clad law it is a lot more flexible and can instead inform policy makers rather than dictate them. Empirical Studies of the Taylor Rule Empirical studies tend to utilise rational expectations of forecasts, especially the model developed by Clarinda et al. this specification of the model is intuitively true as it would be rational to assume that central banks are forward looking in their policymaking due to the time lag between taking action and seeing that action having an effect it is better to take the action now for a forecast. In their study they find that the Taylor Principle held up well and you could accurately describe the policy undertaken by the Fed, Bundesbank and the Bank of Japan in the time frame studied. Clarinda et al go a step further and also include lagged variables of interest, regressions ran on interests rate with the coefficient on lagged inflation is both large and statistically significant implying serial correlation. For example Clarinda et al. find that with the fed two lagged variables of interest rates for the fed is both large and statistically significant. Some argue it implies that the fed is following an interest smoothing policy. This interest smoothing policy is intuitive for a number of reasons, for example central banks also use data from financial markets amongst others when deciding interest rates, and thus an interest smoothing policy would aim to not destabilize these other macroeconomic variables which would not be good for an economy’s wellbeing. This has been referred to as an illusion by Rudebusch (2002). He shows that if the Fed did adopt a gradual policy then it would be predictable but he argues that evidence from forward rates does not support this view. In addition to this Lansing shows econometrically why gradual smoothing appears. If the fed is using real time data to update its trend output each period then when the final data is produced due to the serial correlation between the real time errors will make it appear to be correlated with lagged interest rates. This creates the illusion of interest rate smoothing. More general points of criticism have been raised by many others (Perez(2001) Tschiadize et al. (2005) and Orphanides (2007). Perez (2001) argues argue that if we used real time data available to policymakers at the time we would find that the results do not hold up well and that in the period before the so called great deviation we would see that the Taylor rule was followed in the period of the great inflation (Perez, 2001). Orphanides (2007) argues that many studies have fallen into the trap of using revised ex-post data instead of the data available at the time, this error leads to results which provide no real insight into how decisions were made at the time. This point is also made by Tschandize (2005) Tschadize also points out that the structural change in an economy must be taken into account and thus it would be difficult to impose the same coefficients and targets on of one regime on another without accounting for structural changes. They elaborate by saying that while the structure of the economy may not change attitudes may change which may shift the result of the Taylor Rule equation due to different weights placed on the inflation variance and the output gap, and also a change in targets. Both of these would drastically change In addition to this many papers provide a counterfactual account of what should’ve been done. However with the benefit of hindsight and revised datasets it is very easy to say what should be done. Furthermore a study of this sort is of limited use as it is purely theoretical and is subject to the same limitations outlined above. They mention a 2003 study by Rogoff which shows that the smoothing of inflation may have occurred anyway due to favourable conditions in the macroeconomic environment, primarily globalization which put a downward pressure on prices due to increased competition from abroad so the evidence of Taylor Rules controlling inflation may be overstated. The empirical studies surrounding the Taylor rule have provided great insights into the conduct of monetary policy historically and have given insights into what works and has deepened our understanding of monetary policy. However there are many flaws in many of these studies which limits how many conclusions we can draw from them. Targeting Rules Could targeting rules provide a better alternative to an instrument rule? Svennson has been a strong advocate of targeting rules based on forecasting. One thing to note is that the Taylor rule is explicit whereas the model Svensson advocates is implicit in that inflation and output gaps matter but not because of themselves but in the way they affected the forecast for inflation. This particular model of optimal targeting relies heavily on developments made in consumption theory, Svensson argues that they are superior as they are structural, robust and compact. This model hinges on a very simple Euler Equation. This of course has come under criticism but it is irrefutable that it is compelling in its simplicity and its ability to distil the complexities of policymakers decision making into the very simple form of essentially MRS=MRT. The Euler condition is simply this: Et (Eq. 2 Svensson 2003, p.616) How does this relate to targeting rules? Targeting rules aim to minimise the loss between the marginal rate of substitution (MRS) between inflation and the output gap and the marginal rate of transformation between inflation and output is determined by the aggregate supply (AS) relationship between inflation and unemployment. Svensson (2005) notes that aggregate demand doesn’t determine the marginal rate of transformation (MRT), therefore the model is robust to changes in the AD relationship. This is an intuitive idea as policymakers have a preference over inflation and output just as a consumer has a preference over consumption today or tomorrow. Thus, a decision is made over how much output and inflation, which is dependent on the trade-off between them, which is given by the AS curve. So the principle of MRS=MRT can be applied to monetary policy. This principle is independent of any model and Svennson believes that this should drive a policymaker’s decision making not simply adhering to an instrument rule. Svennson (2005) outlines the central bank’s optimal targeting rule as: (Svensson, 2005, Eq.3) This rule is a structural model of monetary policy, in the same way that AS and AD are structural (and they are designed to capture price-setting and consumption choice respectively). As previously stated this essentially captures the equality MRS=MRT. MRS being given by the central banks preferences between inflation and output with à ¯Ã‚ Ã‚ ¬Ãƒ ¯Ã¢â€š ¬Ã‚  capturing the weight authorities place on output variability. The MRT being given by à ¯Ã‚ Ã‚ ¡x à ¯Ã¢â€š ¬Ã‚ ¬Ãƒ ¯Ã¢â€š ¬Ã‚  which is the slope of the short-run Philips curve which captures the trade-off between inflation and unemployment. Svennson (2005) says it is also robust to shocks and judgement since there is no variable in the rule to capture this. Finally he states that targeting rules are superior to instrument rules as they are more compact. This means that they can explain the same amount with less variables which can only be a good thing as it should lead to less errors. McCallum and Nelson (2004) argue that targeting rules are specific to a particular model. As they rely on assumptions of the dynamics of the models IS and Phillips curves amongst other structural equations. (2004, p.599) They criticise them as although they are optimal for a particular model they may well not be optimal in another model. In contrast they argue that instrument rules can be defined outside particular models and can be tested in other models, and that the best instrument rule over the range of models can be selected. They provide numerical examples in which the optimal rule in one model can give results in other models that are more than twice as bad as the optimum for that model (2004, p.599) They then run some simulations and conclude that there is little difference between the performance of instrument and targeting rules when a mistake is made regarding economic conditions. They argue that targeting rules are not superior to instrument rules in this respect. Svensson (2005) counters that if the error is not immediately realised, instrument rules can perform very badly. He also points out that whereas targeting rules are by definition optimal, varying the response coefficient in instrument rules finitely (rather than infinitely) can on some occasions only get close to optimality Targeting rules provide a good alternative to instrument rules and provide many benefits over instrument rules as shown above. That is not to say that it isn’t without its flaws but it does appear to more accurately model the behaviour of central banks as Conclusion Taylor rules and more generally instrument rules have been the focus of a great deal of economic research. The idea of a simple policy rule is an enticing one as it would be easy to commit to and would allow for an easy understanding of monetary policy. However the main issue is its simplicity as has been pointed out by many, central banks rely on all sorts of data when making monetary policy decisions. This thought process cannot be hoped to be captured in a simple instrument rule. It has found some success in empirical studies however with many showing that there is evidence of central banks making use of the Taylor rule and Principle but these findings should be taken with a pinch of salt as there are of course no certainties that central banks strictly followed a Taylor rule and also many critics have discredited some of the findings. However the results are still impressive considering the model has performed admirably in the years after it was first published in 1993 and still provides a compelling idea as to how monetary policy should be conducted and provides a reasonable explanation of central bank actions over the years. The development of optimal targeting rules has led to a compelling alternative to proposed instrument rules with its simplicity and strong micro foundations providing a model that holds up well to analysis. Indeed it is superior to instruments in a variety of ways due to its implicit nature and in the way it captures the principle that monetary policy is a case of getting MRS=MRT which is independent of any model and it leaves more scope for judgement to be used in how best to achieve this equilibrium. Of course it is not without its flaws such as its specificity to certain models and its inability to be used in other models. Unlike an instrument rule which is easy to apply and examine in a variety of models and the best rule can be selected. So the debate will continue and instrument rules and in particular the Taylor Rule are still relevant in the debate over the best way to conduct monetary policy due to its simplicity and it will serve as a useful guide for policymakers in the fu ture but the development of optimal targeting rules does provides a compelling alternative which is in my opinion a better model of monetary policy than any instrument rules as it more accurately captures the decisions facing policymakers due to its simplicity.

The Peaceful Cemetery Essay -- Descriptive Essay Examples, Observation

The Peaceful Cemetery    As we enter a cemetery, we might be filled with fear. We may think of dark nights and ended lives. What is a scary and dreadful place is a very meaningful place for me. This place is so meaningful to me because my grandparents on my father's side are buried there. Cemeteries are important to bringing perspective and serenity, because they bring us a connection to where we came from, help us realize the delicacy of life, and they help us to relax a little bit through their calmness. I have had so many things impact my life and they all seem to end up in the same place. Cemeteries are not the dreaded and scary things of superstitions. They are holding places for memories and faith.    My memories of Linwood cemetery are not from within the place itself but from the people it holds. It helped me realize the delicacy of life by taking many people I loved before I expected. My grandparents are buried in my most meaningful place and one of my friends from high school. My grandparents are very special because I never really had the chance to meet...

Nature of Dreaming

The dreaming is the centre of the Aboriginal culture which everything relates back to, the creation of people, animals, water and land. The Dreaming for Aboriginals is, ‘the past, the present and the future’. 1. Outline the nature of the Dreaming- its stories, symbolism and art. Outline means to sketch in general terms, indicate the main features of. Aboriginal people tell the stories of the land and how it came to be with all its living creatures through expression of song, dance, painting and storytelling. The Aboriginal Dreaming is set into multiple layers from the simplest first layer which anyone can access and understand to the second layer onward where the concepts are more complicated and a person must have a relationship to the Aboriginal people or culture to understand. The last couples of layers are only for initiated Aboriginals and Aboriginal elders and are very sacred and secret from anyone and everyone else. Aboriginal Dreaming stories are depicted in the numerous artworks done using various techniques and coloured natural paints. Behind every painting there is hidden symbolism and every little shape, line and colour relates to some form of the Aboriginal life. The painting Sugarleaf at Ngarlu is an excellent example of hidden symbolism using shapes to create meaning such as camp sites, women dancing, footprints, ceremonial poles and women gathering socially. The stories of the dreaming are important as it is passed from generation to generation by the elders about the different experiences, lessons and Gods and spirits. Painting was the main way of expressing stories from ancestors specifically on rocks, utensils, weapons and as body art. Rock art has given evidence of human presence in Australia for over 30000 years. In the present day and in the past, body paintings have been used to show social position, relationship to their family, ancestors and to a person’s totem. Reference http://www.aboriginalartonline.com/art/art.php

The Man Who Brought Geometry to the World

The Man Who Brought Geometry to the World Much of our modern science, and astronomy in particular, has roots in the ancient world. In particular, the Greek philosophers studied the cosmos and tried to use the language of mathematics to explain everything. The Greek philosopher Thales was one such man. He was born around 624 BCE, and while some believe his lineage was Phoenician, most consider him to be Milesian (Miletus was in Asia Minor, now modern Turkey) and he came from a distinguished family. It is difficult to write about Thales, since none of his own writing survives. He was known to be a prolific writer, but as with so many documents from the ancient world, his vanished through the ages. He is mentioned in other peoples works  and seems to have been quite well-known for his time among fellow philsophers and writers. Thales was an engineer, scientist, mathematician, and a philosopher interested in nature. He may have been the teacher of Anaximander (611 BC - 545 BCE), another philosopher. Some researchers think Thales wrote a book on navigation, but there is little evidence of such a tome. In fact, if he wrote any works at all, they did not even survive until the time of Aristotle (384 BCE- 322 BCE). Even though the existence of his book is debatable, it turns out that Thales probably did define the constellation Ursa Minor. Seven Sages Despite the fact that much of what is known about Thales is mostly hearsay, he was definitely well-respected in ancient Greece. He was  the only philosopher before Socrates to be counted among the Seven Sages. These were  philosophers in the 6th century BCE who were  statesmen and law-givers, and in Thaless case, a natural philosopher (scientist).   There are reports that Thales predicted an eclipse of the Sun in 585 BCE. While the 19-year cycle for lunar eclipses was well known by this time, solar eclipses were harder to predict, since they were visible from different locations on Earth and people were not aware of the orbital motions of the Sun, Moon, and Earth that contributed to solar eclipses. Most likely, if he did make such a prediction, it was a lucky guess based on experience saying that another eclipse was due. After the eclipse on 28 May, 585 BCE, Herodotus wrote, Day was all of a sudden changed into night. This event had been foretold by Thales, the Milesian, who forewarned the Ionians of it, fixing for it the very year in which it took place. The Medes and Lydians, when they observed the change, ceased fighting, and were alike anxious to have terms of peace agreed on. Impressive, but Human Thales is often credited with some impressive work with geometry. It is said he determined the heights of pyramids by measuring their shadows and could deduce the distances of ships from a vantage point onshore. How much of our knowledge of Thales is accurate is anyones guess. Most of what we know is due to Aristotle who wrote in his Metaphysics: Thales of Miletus taught that all things are water. Apparently Thales believed the Earth floated in water and everything came from water. Like the absent-minded professor stereotype still popular today, Thales has been described in both glowing and derogatory tales. One story, told by Aristotle, says Thales used his skills to predict that the next seasons olive crop would be bountiful. He then purchased all the olive presses and made a fortune when the prediction came true. Plato, on the other hand, told a story of how one night Thales was gazing at the sky as he walked and fell into a ditch. There was a pretty servant girl nearby who came to his rescue, who then said to him How do you expect to understand what is going on up in the sky if you do not even see what is at your feet? Thales died about 547 BCE in in his home of Miletus. Edited and updated by  Carolyn Collins Petersen.

8 Basic Resume Rules for College Students

8 Basic Resume Rules for College Students Back in the day, you could put on your nicest outfit, walk down to a local office, shake hands with the CEO and land a job based on just your charisma and charm. Now, as organizations outsource their hiring to HR representatives and recruiters, your resume is the first (and last) impression that you ever get. No matter your skills or experience, a poorly framed resume can keep you from a career you deserve. For this reason, it can be a good idea to apply to a professional writing service for help. But first, you should get acquainted with the best tips for getting past the invisible barriers that keep out unwanted applicants and launch you into the hiring pool. Plain and Simple A hiring manager or HR doesn’t have time to deal with weird fonts, colored paper, or overly-fancy explanations. They want a resume that is simple to read and will take them little time to evaluate. And, some employers will automatically bump any resume that uses language or visual characteristics that they don’t deem professional. For example, using slang or writing your resume completely in Comic Sans font is a great way to get your resume chucked before anyone even has a chance to read it. Consistent Organization It’s important to set up your resume so that each section uses the same organizational structure to make it easy to read. For example, if you start by listing the years you worked at a particular location followed by the job duties you performed, you would want to keep that structure for your extracurricular activities, education, etc. To better understand the structure of a resume, you might need to read our step-by-step guide for writing a resume. Avoid the Objective – Stick to a Summary Some resume classes explain that having a resume objective at the top is a good idea – so that people know what you’re looking for. The problem is, no one cares. Instead of writing an objective for yourself, use the top section of your resume to write a summary – a couple of lines about why someone should hire you instead of another person. In addition, avoid using the pronoun â€Å"I† in your resume. Instead, use active verbs to express what you can do. Objective: I am seeking employment at a fast food restaurant to support my final year of college. Summary: Outgoing people person who loves to improve the customer buying experience. Dealing with Blank Experience Section If you are getting ready to look for your first job, you might be concerned with the lack of experience that you have. Don’t worry. Instead, use your creative writing skills to summarize some of the experience and skills that you bring to a potential employer. Often, you can find these skills in the ad you’re responding to, with frequently used words like, â€Å"organized,† â€Å"dependable,† â€Å"customer-oriented,† etc. In addition, avoid using work experience that doesn’t relate to the job you’re applying for. Example: Organizational Skills Able to quickly identify and organize an area so that workflow is more efficient. Participated in setting up and managing schedules for 5-10 people. Visual Space Remember: no one wants to read a huge block of text. Break down your resume into sections and bulleted subsections. That will make it easier for the HR representative to read and makes you look much more organized than the competition. Work Only Sometimes new applicants forget that their entire goal is to get a job, not get more Twitter followers. It’s important that everything on your resume directly relates to the position you’re applying for. That means don’t put links to your blog page or mention your skill of being able to touch your tongue to your nose. Unless you’re applying for a job as a circus nose-licker, it’s not likely to be considered very professional. Use Buzz Words Depending on your dream job’s requirements, there may be buzzwords that are necessary to get you past the computer filters that are keeping out the wrong applicants. Consider the job you are applying for and the ideal candidate for the job. If there are attributes or concepts that have been emphasized, find a way to include those words in your resume. Ad text: The perfect applicant for this job will be attentive to detail, organized, and able to meet a deadline. Resume text: Quick-thinking accountant who loves deadlines and detail. My desk is exactly like my calculations – organized and clean. Read it Out Once your resume is finished, you need to get it proofread by someone other than spellcheck. Share it with a friend, family member, or professional proofreader. They will be much more likely to catch mistakes and suggest areas that are in need of improvement. If you dont have any idea on how to write a resume with no job experience, check our guide for students now!

Business cycles, indicators, measures, economic evolution,outlooks Essay

Business cycles, indicators, measures, economic evolution,outlooks - Essay Example This decision came at a period when David A. Hoyt aged 58 to a step to retirement after a long-term working relation with wells Fargo as the head of wholesale banking. In a written statement the Company’s CEO, John Stumpf this reshuffles are aimed at pointing out the unique variety of high profile leaders in the organization and the value addition brought about by assigning them to head new posts. Sloan is expected to carry on his duties as the chief financial officer until the monthly report of the banks’ earnings are released. In his new assigned role Mr. Sloan will report directly to the CEO and be actively engaged in the company’s board committees. Sloan previously served as head of wholesale banking, commercial real estate and specialized financial services unit. The wholesale banking has proved to be a success bringing in 37percent of the banks net income. The economic principle applied in the event the Organization appoints a new Chief Financial officer is the principle that people respond to incentives.Whereby the reshuffles that are under taken in the organization are aimed towards motivating other heads to feel equal to new positions. The principle of increment in the profits indicates that such business ventures are of great assistance to others is also in application whereby through wells Fargo assistance to other wide range middle market commercial lending and international banking institutions. This has resulted in at profit margin of 37% to wells Fargo net income in the fourth quarter (Marshall, 315). The economic principle of people acting so as to achieve their set goals is also in application in the wells Fargo event. Where through chairing the wells FargoFinancial office for a period of four years and being able to achieve the profit margin for the company the decision of retirement is a rational act since various people choose

Information Security and Ethics Essay Example | Topics and Well Written Essays - 1000 words

Information Security and Ethics - Essay Example Professional ethics plays crucial role in helping information security professional to execute their duty. However, to ensure maximum information security, organizations need to institute relevant legislations to guard against information security breach. This paper explores policies and procedure that organizations should implement to secure their confidential information. It is crucial that security forms an integral part of organizational culture. Protecting the firm from possible information security breach should be a major focus of the company’s operational process. To achieve this, security policies or e-policies provide the fundamental framework for an organization to beef security over its crucial information. Security policies are regulations that outline how organizational information are supposed to be used in executing daily organizational tasks and also dictate who is authorized to access what information. What Are Security Policies or e-policies? A security poli cy can be referred to as a document that gives guidelines on how an organization intends to protect its physical as well as information technology assets. According to Ciampa (2010), a security policy refers to â€Å"a document that outlines the protections that should be enacted to ensure the organization’s assets face minimal risks.†An organization’s security policy is usually referred to as a living document because it is continuously upgraded to meet emerging organizational challenges in the face of organizational change and evolving employee requirements. The security policy of an organization usually reflects on policy implementation requirements and possible corrections in case loopholes are detected (Ciampa, 2010). Recommended Information Security Policies for Organizations Control over Access to Computer Rooms In order to ensure high level security for crucial organizational information, computer rooms should be kept under lock and key at all times. Com puter rooms should have doors fitted strongly and manned by security officers at all times. In addition to locking computer rooms, there should be security officers deployed to man the doors to main information areas. Only authorized personnel should access such rooms through user authentication process. Use of Passwords and Authentication Procedures The organization should have documented guidelines to control access over its crucial information areas. All computers in the organization should have passwords in relation to security demands. These guidelines need to be assessed on regular intervals. The guidelines should have password requirement and control the storage of such passwords. All users of information accessing information system of the company must be authenticated. Individuals who are authorized to access company information should have unique blend of usernames and passwords to bar unauthorized personnel or external intruders from gaining easy access to the organizatio n’s private information. Information users are held responsible for the usage of their passwords and usernames, which they should keep secret unless called upon by the chief security officer to disclose such passwords and usernames. Data Encryption Policy The second policy that an organization can establish to protect its valuable information is data encryption. In recent times, there have been numerous