Impact of the Cold War On Vietnam Economy

Impact of the Cold War On Vietnam Economy After two protracted wars with the French colonial empire, followed by a thirty year conflict with the US superpower, Vietnam was economically devastated. However, during the following forty years Vietnam has developed a vibrant and progressive economy and gradually achieved recognition as a major economic power within the South East Asian region. Since the unification in 1975, economic growth was identified as the most important factor in the strategic development of Vietnam. However, the first decade following the end of the war with the US was one in which the Cold War had a significant impact upon the Vietnam economy. Vietnam was lead by the Communist party and aligned its political and economic policies to strict socialist principles that mirrored the Soviet model and based decision-making on strict Communist criteria; (i) State or collective ownership of production means; (ii) Government administered supply of physical input and output; (iii) Lack of business autonomy, absence of factor markets, highly regulated goods and services markets; and (iv) A bias toward heavy industry in investments. (Vo Tri Thanh and Nguyen Thu Anh, (2006) Eaber Working Paper series: Paper No.8 Institutional changes for private sector development in Vietnam. p.3) The government policy meant that Vietnam was limited to trade mainly with other Communist countries and the outcome was a dramatic decline in the Vietnam economy and increasing poverty amongst the vast majority of the population. Further conflicts with China in 1979 and Cambodia in 1978 placed Vietnam in a position of further weakness and rather than concentrate on economic recovery, the improvement of labour skills, and agricultural and consumer goods production the Government focused on the building up of heavy industry. This period of Sovietisation brought even further problems for the Vietnam economy and the virtual decade of stagnation only began to end in 1986 with the introduction of Doi Moi.(Bui That Thang, (2001)After the war: 25 years of Economic Development in Vietnam, NIRA Review , p21-22). With consumption regularly greater than national income and numerous periods of famine relieved only by foreign aid, the decade from 1976 to 1986 marked a period of economic collapse i n Vietnam, and was only ended with the introduction of Doi Moi as the point marking when Vietnam switched from the Soviet model to a drive towards a free market economy. The renovation (Doi Moi) in 1986 brought about a dramatic change for post war Vietnam, as described by Thanh and Ha ( social inequality.., chap2 p63) who declare it a real turning point in the history of Vietnams economic development . It was shifted from a centrally planned economy to a new system of a market oriented economy. An important factor to note is that the decision to move towards a free market and thus, politically and ideologically change the basis of the Vietnam economy was made prior to the collapse of the Soviet Union. The Vietnamese Government realised that the Soviet model was failing and that Vietnam faced a major economic crisis, with acute shortages of food, basic consumer goods, and inputs to agriculture and industry, and a growing external debt.(Thanh and Anh, 2006, p.3). It was decided to establish synchronous institutions of a market economy by socialism orientation (Ibid, p.2). The end of Cold War in 1991 followed by the collapse of the Soviet Union was a new challenge to Vietnam. Fortunately, Vietnam was already reforming its political and economic sectors by the time the collapse of the Soviet Union had ended and economic growth, policies to reduce macroeconomic instability and to introduce a multi-ownership structure were already in place. However, the collapse of the Soviet Union still meant that Vietnam faced a new future without the ideologically committed support of a Super Power, isolating Vietnam from much of the international community, a problems exasperated by the continued control of the country by the Communist Party. However, this essay will argue that although the major factor that impacted on many of the Eastern European countries for example, was the decline and fall of Communist administrations, in the case of Vietnam, the Communist Party remained in power, and provided the stability and security that provided the right conditions for imp ressive levels of continuous economic growth that has made Vietnam one of the tiger economies of South East Asia. It will also argue that the political and economic future of Vietnam is dependent on Vietnam remaining one of the most politically and security stable countries in South east Asia, and that stability is borne from the Communist party remaining in control of the country. This contrasts with the former Soviet Union countries who have made their economic futures dependent on the political system rejecting all the tenets of Communism and moving not only from a centrally controlled economy but also rejecting the idea of a one- party system. However, Vietnam has remained true to its political identity as a socialist republic while allowing reforms in politics and economics that has finally brought it recognition as a truly open and free market economy that has recently been rewarded with membership of the World Trade Organisation. The essay will follow the path through this process of reform and demonstrate how the economy has managed to develop to international recognition as one of the fastest growing economies in the World and still remained Communist. The end of the Cold War was universally seen as the end of Communism, and yet, like China, the Vietnam economy has been transformed whilst not drastically reforming the political system, which has remained true to the thoughts of Ho Chi Minh and commiserate with Marxist Leninism. The Communist Party still remains in power in Vietnam and its economic success is likely to re-enforce the belief that it will retain political control over the nation for decades to come. This essay will show how the Communist Party has managed to transform its economy and remain socialist. Prior to 1980s, Vietnam was still a backward agricultural country. In addition, as a socialist country, Vietnams economy was controlled and developed by a centrally planned system modelled on the Soviet Union. The Government played the dominant role in almost all activities and people who worked for government were paid by the system of budget subsidies. And all the trading actions were dominated by large State owned Enterprises that had collectivised almost all areas of economic activity, while private business was virtually non-existent (Pham, 2005,p4). Unfortunately, because of the mismatch between the management and the actual practices of the government, the economy of Vietnam didnt achieve any of their economic targets laid down in subsequent four year plans. The leaders then realised that centrally planned system was not a good structure for Vietnams development and whilst the Soviet Union was dramatically moving towards political collapse for the same reasons, Vietnams Commun ist Party believed that its ideological control over the country through one-party rule would actually have a positive impact on economic reform by providing an environment of stability and security, whilst establish an economy based upon capitalist principles, free markets and an open door set of policies. The Communist Party identified eight major policies of reform that would be used to bring about a complete transition of the economy and these were: Almost complete price liberalization; Large devaluation and unification of the exchange rate; Increases in interest rates to positive levels in real terms; Substantial reduction in subsidies to the SOE sector; Agricultural reforms through replacement of cooperatives by households as the basic decision-making unit in production and security of tenure for farm families; Encouragement of the domestic private sector and foreign direct investment (FDI); Removal of domestic trade barriers and creation of a more open economy. (Thanh and Anh, p.6). The main point here is that these are all significant movements towards policies found in the capitalist West and were only possible in the former Soviet client states such as Poland and East Germany by also moving the political systems towards the Western democracy model. However, the Sixth Congress of the Vietnamese Communist Party-1986 believed that reform could follow the basic practical policies of the Western democracies but remain true to Communism by actually increasing state control and management and macro regulation. Communism would allow stability to remain in the political arena and the economic policies would themselves be directed towards maintaining socialist targets. This mix of socialist and capitalist policies to retain some level of equity amongst the general society is one now being discussed by many of the mainland European Union members who now identify a full Communist regime as still unacceptable, but the monetarist free market economy as equally at fault in the wake of the major financial crisis at the end of 2008. However, the main contention is that Vietnam remains a one party system, but there is very little evidence of any deep protest or wish to change this system by the vast majority of the Vietnamese population. Although we are examining here the performance of Vietnam since the Cold War it is thus essential to understand that unlike Russia and the former members of the USSR, Vietnam was able to transform its economy without major political regime change. (Thang, 2001, p.3). in the following paragraphs we look at how this was possible. Up to 1990 the Doi Moi reforms did bring about a number of improvements in the economy. From 1989 onwards, Vietnam was on the way to becoming one of the three main big rice exporters in the world, many state subsidies were disappearing and SOEs were constantly warned to reform and restructure, but not immediately encouraged to denationalize. Over these years the growth rate hovered around the 4.5% mark and the reforms were only slowly impacting upon Vietnams overall economic performance. Doi Moi involved a commitment to dismantling cooperatives and shifting production away from a household economy to the private sector, whilst also restructuring the state-owned sector to be more competitive. However, the real impact of policies changes did not really take effect until post-1990.The outcome was significant development with the GDP growth averaging 8.5% from 1990 to 1997 and averaging 6.5% from 1998 to 2003. Average foreign trade and Foreign Direct Investment(FDI) improved to nearly $18 billion USD by 2007 and agricultural production doubled from 1990 to 2005, while exports reached $49 billion USD per year by 2007. The per capita income rose from $220 USD in 1994 to $832 by 2007 and industrial production went from 27.3% of GDP in 1985 to 41.6% in 2007. Many industries reached impressive rates of growth, such as in the production of oil which went from 40,000 tons in 1986 to 7.6 million tons in 1990 and 12.5 million tons in 1998 (Nguyen Ngoc Anh, Nguyen Thang (2007) For eign Direct Investment in Vietnam: an overview and analysis. MPRA Archive Paper No1921). In the final part of this essay we concentrate on how FDI has been example of how the Communist Party, its policies of reform and the growth of the economy have become interlinked in bringing about a successful basis for even greater levels of development in the future. The levels of development are impressive with a reduction in the inflation rate from a nightmarish 774% in 1986 to a manageable 7.5% in 2006, while also achieving a poverty reduction level of 22% in 2005 from the 58.1% recorded in 1993. By 2007 there were 7067 FDI projects with a capital of $63.5billion US. This dramatic success was as a result of the following factors: Strategic location Stable economic and political environment Large natural mineral resources A young and well-educated workforce The ability to be an export platform for US and EU markets Liberal investment environment and a commitment by the Government to economic reform. In Vietnam it is the changing attitudes of the Communist Party and the Government towards the foreign economic sector as an important step towards economic growth that has significantly assisted the improvement of the economy. Alongside this have been the increasing levels of economic competition from other countries in the region and advances in international commitments helped by a changing political and ideological approach to participating in global economic trade (2006, 180). A significant factor in encouraging this change in attitudes has been the realization that FDI has a vital role to play in the mobilization of capital, technology, organizational and managerial skills (21). The radical change in the Communist Party attitude towards FDI was the institutionalization of FDI as a separate economic sector and recognition that FDI was a vital driving forced towards the overall development of the Vietnam economy (ibid). The improvement in investment in Vietnam has been assisted by a commitment throughout business, government and society to improve the image and identity of Vietnam, not least being in its international participation in political and economic forums. (Pham Thi Huyen 2009 The Nationality Factor in Assessing Hanoi Investment Environment in Business Environment and Policies in Hanoi, Hanoi, Vietnam) A further example of well the Vietnam economy has developed under the guidance of the Communist Party is the increasing participation of Vietnam in international forums and the successful entry into international forums such as the World Trade Organisation. Viet Nam joined the Association of South East Asian Nations (ASEAN) in 1995, and committed to AFTA prior to the Enterprise Law reform period. Viet Nam also joined APEC in 1998.Vietnam has been an official member of WTO since 2007. Before that, there had been an increasingly strong public policy commitment to joining the WTO in recent years, and references were made to the need to reform to join the WTO in the policy debate on private sector development during the 2nd half of the 1990s. The enterprise reforms have been consistent with efforts to join the WTO, and the desire to join WTO has strengthened the hand of those pushing for improvements in the regulatory environment for business during the reform of the Enterprise Law . How ever, it is difficult to assess the extent to which the desire to join the WTO provided impetus for the Enterprise Law reforms Results, Challenges and Prospects, Vietnams Socio-Economic Development: A Social Science Review, No.31, Autumn Doanh, Le Dang, (2002), Foreign Direct Investment in Viet Nam: While it is difficult to identify connections between aspirations to join regional and international bodies and the Enterprise Law reforms, contacts with regional and international bodies have almost certainly helped the reform process. The economic performance of other ASEAN members and China are important benchmarks with which Viet Nams policy makers often compare their own performance. Even prior to joining ASEAN, Vietnamese officials went on study tours to ASEAN member countries to study issues related to improving the enabling environment for business development. A crucial development in the reform of the economy of Vietnam was the new Bilateral Trade Agreement (BTA) between Viet Nam and the USA, which was signed in December 2001, well after the major Enterprise Law reforms had been implemented. The private sector reforms implemented during the 2nd half of the 1990s almost certainly helped the process of reaching agreement on the BTA. This new agreement marked an important watershed in the relations not only between Vietnam and the US, but also the rest of the world. The signing of the agreement between Vietnam and its former enemy signified a leap forwards in the status of Vietnam and officially marked the end of most political and economic hostilities between the two former enemies. However, its signing was predicated on the absolute commitment of Vietnam to continue economic reform and also suggested that political reform; especially in democratization of Vietnam was almost certainly on the cards for the future (Ibid). Thus, Vietnam is a special case to examine in the study of the impact of the end of the Cold War upon Communist and former Communist states. In the case of Vietnam, not only have they remained under the one party rule of the Communist Party, they have also successfully reformed their economy, with the Communist Government able to provide the right levels of stability and security to continue to develop in the future. Thus, it is also a case of how the ideology of a country and its economic reform are linked, but the case of Vietnam it is an example of a country being ruled consistently under the socialist thought of Ho Chi Minh, maintaining one party rule but was also able to transform an economy from state central control to a free market. It is also known as a peaceful, secure and safe environment in the centre of a South East Asian region. A region that is more often now identified with the increasing problems of Islamic fundamentalism and terrorism, such as in Thailand and Malays ia. While economic growth continues, the levels of extreme poverty are continually being lowered and the wealth of the economic success is to some extent spread down the masses through policies based on socialist principles, the one party rule of the Communist Party in Vietnam is likely to continue Ref. Nguyen Ngoc Anh, Nguyen Thang (2007) Foreign Direct Investment in Vietnam: an overview and analysis. MPRA Archive Paper No1921) Le Dang, (2002), Results, Challenges and Prospects, Vietnams Socio-Economic Development: A Social Science Review, No.31, Autumn Doanh, Foreign Direct Investment in Viet Nam: Le The Gioi (2004), Moi truong dau tu tai Viet Nam qua goc nhin cua nha dau tu nuoc ngoai, Le The Gioi, Journal of Economics and Forecast, vol 1, 2004. Pham Thi Huyen (2009) The Nationality Factor in Assessing Hanoi Investment Environment in Business Environment and Policies in Hanoi, Hanoi, Vietnam Nguyen Ngoc Anh, Nguyen Thang (2007) Foreign Direct Investment in Vietnam: an overview and analysis. MPRA Archive Paper No1921 Bui That Thang, (2001)After the war: 25 years of Economic Development in Vietnam, NIRA Review , p21-22). Vo Tri Thanh and Nguyen Thu Anh, (2006) Eaber Working Paper series: Paper No.8 Institutional changes for private sector development in Vietnam.

Understanding Culture Essay -- Sociology

Culture, is defined by Merriam-Webster's Online Dictionary, as "the integrated pattern of human knowledge, belief, and behavior that depends upon man's capacity for learning and transmitting knowledge to succeeding generations." People learn about culture through interaction rather than through the memorization of a text. To become fluent in any one culture you have to experience it and become involved. There are many ways that a culture can be shared among people without them being fluent in it such as through: food, customs, clothing, language, beliefs, and behaviors. With the increase of technology and new discoveries about the world developing daily it makes it impossible for cultures to remain stagnant; therefore, they must learn how to adapt in order to survive. Some people argue that complete cultural fluency in more than one culture is impossible. However, culture is a learned behavior therefore people should be able to learn and become fluent in more than one. Culture is distinctly human and is transmitted through learning traditions and customs that govern behavior. Cultural anthropologists study human society and culture through describing, analyzing, interpreting and explaining social and cultural similarities and differences. To study and interpret cultural diversity they engage in two activities which are ethnography and ethnology. Ethnography is based on fieldwork while ethnology is based on cross-cultural comparisons of the information collected through ethnography. The studies done on culture can be shared in two ways: first through theoretical or academic anthropology and second through practical or applied anthropology. An example of academic anthropology, which teaches us about culture, is a textbook ... ...nity. An example is the way they raised and slaughtered animals rather than buying them packaged at a store. Although a year may not be enough time to become fluent in a culture, the stories of the students living abroad prove that a person can learn and become part of more than one culture. Culture is what defines the difference between humans and animals. We grow up in a culture which influences who we are and how we live. Through studying different cultures we learn more about our own culture, ourselves, our strengths, and weaknesses. Yet to become fluent a person cannot simply study a culture, rather they must be on an interactive level and experience the culture first hand. Sources Cited http://www.merriam-webster.com/ Kottak, Conrad "Cultural Anthropology: Appreciating Cultural Diversity." McGraw-Hill Education; 15 edition, October 11, 2012

Presidential vs. Parliamentary Government Essay

Every nation, ever since the dawn of civilization, has always had some form of government. It is of necessity rather than need, as a nation without one will always result to anarchy. Today, two of the most popular and well-known forms of government are the presidential form of government and the parliamentary form of government. Each form of government has it’s own pros and cons, and the debate of whether one is better than the other has long been a subject of discussion.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The main difference between the two forms of government is how the extent governmental powers are distributed and/or separated between branches of the government, and whether one branch has or does not have power over another. In the presidential form of government, political and administrative powers are distinctly divided between the executive branch (the President), the legislative branch (i.e., the congress/senate), and the judiciary branch. The powers vested in the executive branch is usually balanced against those given to the legislature. Laws and bills are made by the legislature and it is the executive branch which enacts it. The President has the power to veto the bill, preventing it’s execution, but the legislature may override the President’s veto, provided they can gather enough votes to do so (â€Å"Parliamentary versus Presidential governments†). This serves as a check and balance for both branches, ensuring that one does not overpower the other.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the parliamentary form of government, however, there is a fusion of power between the legislative and executive branch. This is mostly due to the fact that the head of government, the Prime Minister, is voted into position by the legislature, which is often mostly composed of the ruling party or coalition. Hence, almost always, the constituents of the executive and the legislature branches are the same (â€Å"Governing Systems and Executive-Legislative Relations†).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The terms of office for both heads of the government also varies. In the presidential system of government, the President serves a specific, defined term. In the parliamentary system, the Prime Minister stays in power for as long as he or she has the support of the majority of the legislation. Political parties also hold less of an impact on the presidential system than on then parliamentary system since the President can still be voted in office regardless of whether his or her political party is a minority or not. In parliamentary system, it’s almost always the ruling party which holds dominance over the outcome of the election of head of government.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Given the choice, from the points stated, I would rather be a citizen of a country ruled by a parliamentary government, like the United Kingdom. There is more cohesion and unity given the fact that the legislative and the executive powers come from one ruling, common party. This would mean that bills are passed much quicker. Also, ethnicity, race, and ideology won’t be much of a conflicting factor, especially for a very diverse country, since power is equally divided amongst the legislators, and not just focused on one (e.g. the President). Lastly, a study conducted by the World Bank has found out that a parliamentary system is associated with lower corruption (Lederman, Loayza, & Soares, par. 1). Works Cited â€Å"Governing Systems and Executive-Legislative Relations.† UNDP: Governance: Political   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   systems and their impact on Governing Relations. 2006. 18 December 2007.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Lederman, Daniel and Normal Loayza and Rodrigo R. Soares. â€Å"Accountability and   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Corruption: Political Institutions Matter.† World Bank Policy Research Working Paper No. 2708. 2001. 18 December 2007. â€Å"Parliamentary Versus Presidential Governments.† eSSORTMENT. 2002. 18 December 2007.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  

Free Essays on Wizards Of The Coast

Introduction Corporate Description In 1997 Wizards of the Coast was a privately held company, best known for the world’s number one selling adventure trading-card game, Magic: The Gathering. Founded in 1990 by Peter Adkison and several other young professionals, and bolstered by the success of Magic, the company has grown into the largest adventure gaming company in the world. The idea behind the game is to combine a fantasy-playing concept with a trading card format, where players can buy and sell collectible cards, similar to baseball cards. Wizards released Magic in 1993 and it was an instant success. Since then, an entire sub-culture has developed, where those who play the game do it as more of a hobby than simply a card game, dedicating a significant amount of time and money. In order to distribute their product, Wizards had initially built a widespread network of small hobby, game, and comic shops. Along with their popularity, they have since expanded into larger chain stores such as Toys â€Å"R† Us, Barnes and Noble, and Target. Likewise, the design and manufacture of the game initially started small with a single source supplier, but has grown significantly in order to be able to keep up with demand. Until the late 90’s, the success enjoyed by Wizards had been founded solely in the popularity of Magic and related â€Å"spin-off† products. To add breadth to their product line, and to reduce competition, Wizards solidified its position in the adventure gaming market by acquiring two of its most significant competitors- 1) Five Rings Publishing and 2) TSR (the creators of Dungeons and Dragons). Vision Peter Adkison's vision for Wizards of the Coast was to establish games as a fun entertainment choice for people of all ages. (wizards.com/whatis/main.asp?x=founder) Strategy Because Wizards of the Coast is only in one business, its corporate and business strategies are identical. They consist of the ... Free Essays on Wizards Of The Coast Free Essays on Wizards Of The Coast Introduction Corporate Description In 1997 Wizards of the Coast was a privately held company, best known for the world’s number one selling adventure trading-card game, Magic: The Gathering. Founded in 1990 by Peter Adkison and several other young professionals, and bolstered by the success of Magic, the company has grown into the largest adventure gaming company in the world. The idea behind the game is to combine a fantasy-playing concept with a trading card format, where players can buy and sell collectible cards, similar to baseball cards. Wizards released Magic in 1993 and it was an instant success. Since then, an entire sub-culture has developed, where those who play the game do it as more of a hobby than simply a card game, dedicating a significant amount of time and money. In order to distribute their product, Wizards had initially built a widespread network of small hobby, game, and comic shops. Along with their popularity, they have since expanded into larger chain stores such as Toys â€Å"R† Us, Barnes and Noble, and Target. Likewise, the design and manufacture of the game initially started small with a single source supplier, but has grown significantly in order to be able to keep up with demand. Until the late 90’s, the success enjoyed by Wizards had been founded solely in the popularity of Magic and related â€Å"spin-off† products. To add breadth to their product line, and to reduce competition, Wizards solidified its position in the adventure gaming market by acquiring two of its most significant competitors- 1) Five Rings Publishing and 2) TSR (the creators of Dungeons and Dragons). Vision Peter Adkison's vision for Wizards of the Coast was to establish games as a fun entertainment choice for people of all ages. (wizards.com/whatis/main.asp?x=founder) Strategy Because Wizards of the Coast is only in one business, its corporate and business strategies are identical. They consist of the ...

Gun Control5 essays

Gun Control5 essays MOTHERS DAY IN FEDERAL PRISON. What would you include in capsule portraits or thumbnail sketches of the women inmates Coyne describes in her article? What kind of people are they? Included in a capsule filled with the portraits or thumbnail sketches of the women inmates, Coyne describes in her article, at Federal Prison Camp for women in Pekin, Illinois would be many personal items. One thing would be certain is that the Mothers Day flower given to the mothers would be included in the capsule. Next the dress made by the inmates would be included for two reasons. The first reason is to show that the inmates did not have to be in prison uniforms for Mothers Day and second to show how important Mothers Day is to the inmates. The clothing they wear symbolizes their excitement about Mothers Day and the hard work the inmates put into the preparation of the important day. A good portion of the inmates in the minimum-security prison are normal women that were either in the wrong place at the wrong time or made a mistake in life. Yet when they are with their families on Mothers Day it looks seems to be as if the prison doesnt truly exist, do to the amount of joy filling the visiting room. Is there a common element or common denominator in the histories of the inmates? Is there anything to be learned from their stories? The common element that happens to be in the histories of the inmates is that they are not hard core criminals. If anything most of them are innocent, and only guilty of helping a love one with no idea of what was happening. In fact the main thing said by the families of the inmates is why should my love one be in here when there are worse criminals in the world. From all of this one can learn that no matter how well you know someone always ask why. If half of the women in this article just asked ...

Final exam Term Paper Example | Topics and Well Written Essays - 750 words

Final exam - Term Paper Example AKTSIONERNY KOMMERCHESKI BANK BANK MOSKVY, OTKRYTOE AKTSIONERNOE OBSCHCHESTVO (a.k.a. BANK OF MOSCOW; a.k.a. JOINT STOCK COMMERCIAL BANK - BANK OF MOSCOW, OPEN JOINT STOCK COMPANY), 8/15 Korp. 3 ul. Rozhdestvenka, Moscow 107996, Russia; Bld 3 8/15, Rozhdestvenka St., Moscow 107996, Russia. 1. If revenues and costs are equally sensitive to exchange rate movements, MNCs may reduce their economic exposure by restructuring their operations to shift the sources of costs or revenues to other locations so that: 1. Coca Cola’s consolidated financial statements are presented in U.S. dollars. Management must translate revenues, income and expenses, as well as assets and liabilities, into U.S. dollars at exchange rates in effect during or at the end of each reporting period. Therefore, increases or decreases in the value of the U.S. dollar against other major currencies affect our net operating revenues, operating income and the value of balance sheet items denominated in foreign currencies. 1. The total currency impact on the operating income of Coca-Cola, including the effect of our hedging activities, was a decrease of approximately 4Â  percent and 5 percent in 2013 and 2012, respectively. 1. An MNC is attempting to reduce its economic exposure by financing a portion of its business with loans in the foreign currency. If the foreign currency weakens, the MNC will need ____ of the foreign currency to cover the loan payment, while the MNCs foreign currency revenues will convert to ____ dollars. 1. Coca-Cola sells concentrate to its bottling partner in Venezuela from outside the country. These sales are denominated in U.S. dollars. If the Venezuelan government devalues its currency or prevents dollars to leave the country Coca-Cola will lose value.. 1. Since Coca-Cola transacts in so many different currencies gains in some currencies are often offset

Enlightenment History Term Paper Example | Topics and Well Written Essays - 1000 words

Enlightenment History - Term Paper Example It is a natural contradiction, but a legitimate one. â€Å"Man is born free, but he is everywhere in chains.† (e.g., Rousseau, â€Å"Social Contract,† Book I, Part 1) Another idea of the enlightenment was that people should be able to live without fear, free of superstition and blind obedience to the powers and authorities-that-be and that truth is to be found in scientific fact, not in opinion or faith. â€Å"We wish in a word to fulfill the requirements of nature, to accomplish the destiny of mankind, to make good the promises of philosophy... that France, hitherto illustrious among slave states, may eclipse the glory of all free peoples that have existed, become the model of all nations.... That is our ambition; that is our aim. What kind of government can realize these marvels? Only a democratic government.... But to found and to consolidate among us this democracy, to realize the peaceable rule of constitutional laws, it is necessary to conclude the war of liberty against tyranny and to pass successfully through the storms of revolution.† (e.g., Robespierre, â€Å"Speech,† †¦). Enlightenment revolutionaries also believed that differences are nothing compared to similarities, or in the idea â€Å"such as is common† to all humanity. ... The period of Enlightenment also brought us the idea that society is structured by a general philosophy that â€Å"we are what we buy,† or buy into. We must produce and distribute in order to be viable, and many of us today do define ourselves by our jobs. As to religion, Voltaire stated (paraphrased) â€Å"If God did not exist, we'd invent him.† â€Å"It is very true that we do not know any too well what the soul is: no one has ever seen it. All that we do know is that the eternal Lord of nature has given us the power of thinking, and of distinguishing virtue. It is not proved that this faculty survives our death: but the contrary is not proved either. It is possible, doubtless, that God has given thought to a particle to which, after we are no more, He will still give the power of thought: there is no inconsistency in this idea.† (e.g., Voltaire, â€Å"Universal Toleration,† †¦.) Finally, the Age of Enlightenment philosophers taught us that people a re best left self-governed. In the best interests of human rights, the aristocracy (the rich and powerful) cannot be allowed to be the only ruling schema and from this we derived our principle beliefs about democracy. Today, the French Republic is governed by the people and has an elected president and national representatives called a parliament. France was under absolute monarchy (aristocracy) until 1789, then it went to a republic government, back to a monarchy, and finally, by 1850, was a Republic again. Did the revolutionaries transform France into an enlightened nation? Yes. Did the revolutionaries transform the nation of France into an enlightened state of mind? Questionable, at best. The nation still declares itself majorly