Workmanship of risk

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The crafters is always aiming at risking and challenging him/herself. They risk their job everyday on the pursuit of the perfect creation.

Usually they are middle-class men/women who engage themselves in this undertake. I used usually because there is need of a fair bit of capital to start up a business and acquire the material and tools.

But once in the workshop, the crafter will test himself every minute of his life to create the best possible pot, or chair or glassware or any other hand made artefact.

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They do risk their piece every minute they work on it imagine the jeweller who has spend 40 hours on this ring and he only needs to solder the last bit of gold on it, he has nearly finished, but suddenly he gets the flame too hot and the whole ring melts. 40 hours completely wasted. But even if the whole ring doesn't get melted it may not turned out as well as the rest of the work he put in it. The point is that the craftsmen will produce a finished work that he will not be able to predict; as opposite to what the mass production outcome looks like all the same, the workmanship of certainty.

In the industry the design will have to be very simplified and the finish very bare, as every extra time spend on it will mean an extra cost added to it. This is exactly what they do not want their aim is to produce the biggest number in the smallest amount of time to keep the price down and sell more of it.

As the Mexican writer Octavio Paz stated in "Saying and Using Art and craftsmanship" '…The industrial object forbids the superfluous; the work of craftsmanship delights on embellishment.'

Craftsmanship was born when industry did, it seems life plays trick on us.

Before industry, if someone wanted a chair, they had to go to the chair maker, an artisan, who would spend one day making it. He had to be paid. The cost would be quite high as the artisan would be the only one supplying it and it could play on this factor.

But when machine started taking people's job, there was the possibility of buying 6 chairs at the price of one handmade. In the one day the artisan spend to make the one, 0 came out of the small factory. And as so many were made the cost was much more convenient.

There is always been a competition between industry and craft as the craft maker would find no market for their product as people could find an object with the same function for the fraction of the price of the handmade one. The craft world had to keep up with the industry to produce a better version of it. Unluckily some only tried to produce one pot in vast number as the industry, the only result achieved would be pots or glasses or earrings that of special would have only the imperfection of handmade. Even if a craftsman decides that he will concentrate on only one glass design, after 10 years there is impossibility that two of them are exactly the same as the nature of the material and methods make this task impossible.

In most of the cases the crafter would only find a niche market where the very specialised is requested, and the workshop would be able to keep up with the demand.

Another way the craftsmanship survives is thanks to the sponsors or patrons people that are ready to put in the budget investing in the handmade. People who learnt to contemplate the beauty of the object.

As soon as the crafter show the extent of his/her virtuoso skill that the outcome becomes more an art object.

The only problem we may encounter is that the cup or the light cover actually stops performing its function all together. A good example for this fashion is a piece of writing from Bernard Leach 'In Tokyo I made shapes and patterns with the same enthusiasm as I spent on drawing and etching, without thinking at first very much about utility and price…'.

The costumer does have the power on the maker if he/she doesn't want to appreciate the work and ability that went into making the piece, than there is not reason at all for the craftsperson to waste his/her intelligence and will into improving the environment around them. The workman transforms simple material into something with function and beauty (as opposite to the mere function of the machine one). And is not the material that makes the object good but the skill a ring because made of gold doesn't mean that it has to be good.

At the end of the day the reason why craft exist is because of the human relationship it offers the factor that the client realises that that object was especially made for him/her.

It will still have little flaws but they are there to remind that you paid the extra for the little extra scratch or skew ness that stops it from been special.

If you really wanted perfection and the anonymous touch than you want the £. industry spoon.

I know of this problem myself I work in a jewellery shop that sells mass production items. There are so many the times that costumers come in to the shop asking for ring and pendants and they leave complaining that they are so standardised that so many people have something similar. On the other hand we have a designer who will produce one off items at higher prices and they complain again. They want so much at no price.

One thing that I learn to appreciate is that if something is made propely its value is only going to increase with time.

To conclude, there is been an evolution in the handmade object, especially the hand crafted one, as the world around us is changing , our needs do as well. Especially as the GIP (gross income per person) increases, people can choose to spend their money in the way they want.

At the moment it is so fashionable to come out of the ordinary and there are people who strive to achieve the ultimate personalised item and to own it. And this is where the craft maker will find its market.

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A Farewell to Arms

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Analysis of Major Characters

Frederic Henry - In the sections of the novel in which he describes his experience in the war, Henry portrays himself as a man of duty. He attaches to this understanding of himself no sense of honor, nor does he expect any praise for his service. Even after he has been severely wounded, he discourages Rinaldi from pursuing medals of distinction for him. Time and again, through conversations with men like the priest, Ettore Moretti, and Gino, Henry distances himself from such abstract notions as faith, honor, and patriotism. Concepts such as these mean nothing to him beside such concrete facts of war as the names of the cities in which he has fought and the numbers of decimated streets.

Against this bleak backdrop, Henrys reaction to Catherine Barkley is rather astonishing. The reader understands why Henry responds to the game that Catherine proposeswhy he pledges his love to a woman he barely knows like Rinaldi, he hopes for a nights simple pleasures. But an active sex drive does not explain why Henry returns to Catherinewhy he continues to swear his love even after Catherine insists that he stop playing. In his fondness for Catherine, Henry reveals a vulnerability usually hidden by his stoicism and masculinity. The quality of the language that Henry uses to describe Catherines hair and her presence in bed testifies to the genuine depth of his feelings for her. Furthermore, because he allows Henry to narrate the book, Hemingway is able to suffuse the entire novel with the power and pathos of an elegy A Farewell to Arms, which Henry narrates after Catherines death, confirms his love and his loss.

Catherine Barkley - Much has been written regarding Hemingways portrayal of female characters. With the advent of feminist criticism, readers have become more vocal about their dissatisfaction with Hemingways depictions of women, which, according to critics such as Leslie A. Fiedler, tend to fall into one of two categories overly dominant shrews, like Lady Brett in The Sun Also Rises, and overly submissive confections, like Catherine Barkley in A Farewell to Arms. Hemingway, Fiedler maintains, was at his best dealing with men without women; when he started to involve female characters in his writing, he reverted to uncomplicated stereotypes. A Farewell to Arms certainly supports such a reading it is easy to see how Catherines blissful submission to domesticity, especially at the novels end, might rankle contemporary readers for whom lines such as Im having a child and that makes me contented not to do anything suggest a bygone era in which a womans work centered around maintaining a home and filling it with children.

Still, even though Catherines excessive desire to live a lovely life may, at times, make her more archetypal than real, it is unfair to deny her the nuances of her character. Although Catherine alludes to her initial days with Henry as a period when she was slightly crazy, she seems perfectly aware of the fact that she and Henry are, at first, playing an elaborate game of seduction. Rather than being swept off her feet by Henrys declarations of love, she capably draws the line, telling him when she has had enough for the night or reminding him that their budding love is a lie. In fact, Catherines resistance holds out much longer than Henrys even after Henry emphatically states that he loves her and that their lives together will be splendid, Catherine exhibits the occasional doubt, telling him that she is sure that dreadful things await them and claiming that she fears having a baby because she has never loved anyone. Privy only to what Catherine says, not to what she thinks, the reader is left to explain these infrequent lapses in her otherwise uncompromised devotion. Her premonition of dreadful things, for instance, may simply be a general alarm about the war-torn world or residual guilt for loving a man other than the fianc whom she is mourning as the book opens. While the degree to which Catherine is conflicted remains open to debate, her loyalty to Henry does not. She is a loving, dedicated woman whose desire and capacity for a redemptive, otherworldly love makes her the inevitable victim of tragedy.

Rinaldi - Rinaldis character serves an important function in A Farewell to Arms. He dominates an array of minor male characters who embody the kind of virile, competent, and good-natured masculinity that, for better or worse, so much of Hemingways fiction celebrates. Rinaldi is an unbelievable womanizer, professing to be in love with Catherine at the beginning of the novel but claiming soon thereafter to be relieved that he is not, like Henry, saddled with the complicated emotional baggage that the love of a woman entails. Considering Rinaldis frequent visits to the local whorehouses, Henry later muses that his friend has most likely succumbed to syphilis. While this registers as an unpleasant end, it is presented with an air of detached likelihood rather than fervent moralizing. It is, in other words, not punishment for a mans bad behavior but rather the consequence of a man behaving as a manliving large, living boldly, and being true to himself.

Themes

Themes are the fundamental and often universal ideas explored in a literary work.

The Grim Reality of War - As the title of the novel makes clear, A Farewell to Arms concerns itself primarily with war, namely the process by which Frederic Henry removes himself from it and leaves it behind. The few characters in the novel who actually support the effortEttore Moretti and Ginocome across as a dull braggart and a naïve youth, respectively. The majority of the characters remain ambivalent about the war, resentful of the terrible destruction it causes, doubtful of the glory it supposedly brings.

The novel offers masterful descriptions of the conflicts senseless brutality and violent chaos the scene of the Italian armys retreat remains one of the most profound evocations of war in American literature. As the neat columns of men begin to crumble, so too do the soldiers nerves, minds, and capacity for rational thought and moral judgment. Henrys shooting of the engineer for refusing to help free the car from the mud shocks the reader for two reasons first, the violent outburst seems at odds with Henrys coolly detached character; second, the incident occurs in a setting that robs it of its moral importthe complicity of Henrys fellow soldiers legitimizes the killing. The murder of the engineer seems justifiable because it is an inevitable by-product of the spiraling violence and disorder of the war.

Nevertheless, the novel cannot be said to condemn the war; A Farewell to Arms is hardly the work of a pacifist. Instead, just as the innocent engineers death is an inevitability of war, so is war the inevitable outcome of a cruel, senseless world. Hemingway suggests that war is nothing more than the dark, murderous extension of a world that refuses to acknowledge, protect, or preserve true love.

The Relationship between Love and Pain - Against the backdrop of war, Hemingway offers a deep, mournful meditation on the nature of love. No sooner does Catherine announce to Henry that she is in mourning for her dead fianc than she begins a game meant to seduce Henry. Her reasons for doing so are clear she wants to distance herself from the pain of her loss. Likewise, Henry intends to get as far away from talk of the war as possible. In each other, Henry and Catherine find temporary solace from the things that plague them. The couples feelings for each other quickly pass from an amusement that distracts them to the very fuel that sustains them. Henrys understanding of how meaningful his love for Catherine is outweighs any consideration for the emptiness of abstract ideals such as honor, enabling him to flee the war and seek her out. Reunited, they plan an idyllic life together that promises to act as a salve for the damage that the war has inflicted. Far away from the decimated Italian countryside, each intends to be the others refuge. If they are to achieve physical, emotional, and psychological healing, they have found the perfect place in the safe remove of the Swiss mountains. The tragedy of the novel rests in the fact that their love, even when genuine, can never be more than temporary in this world.

Motifs

Motifs are recurring structures, contrasts, or literary devices that can help to develop and inform the texts major themes.

Masculinity - Readers of Hemingways fiction will quickly notice a consistent thread in the portrayal and celebration of a certain kind of man domineering, supremely competent, and swaggeringly virile. A Farewell to Arms holds up several of its minor male characters as examples of fine manhood. Rinaldi is a faithful friend and an oversexed womanizer; Dr. Valentini exhibits a virility to rival Rinaldis as well as a bold competence that makes him the best surgeon. Similarly, during the scene in which Henry fires his pistol at the fleeing engineering sergeants, Bonello takes charge of the situation by brutally shooting the fallen engineer in the head. The respect with which Hemingway sketches these men, even at their lowest points, is highlighted by the humor, if not contempt, with which he depicts their opposites. The success of each of these men depends, in part, on the failure of another Rinaldi secures his sexual prowess by attacking the priests lack of lust; Dr. Valentinis reputation as a surgeon is thrown into relief by the three mousy, overly cautious, and physically unimpressive doctors who precede him; and Bonellos ruthlessness is prompted by the disloyal behavior of the soldier whom he kills.

Games and Divertissement - Henry and Catherine begin flirting with each other in order to forget personal troubles. Flirting, which Henry compares to bridge, allows Henry to drop the war and diverts Catherines thoughts from the death of her fianc. Likewise, the horse races that Catherine and Henry attend enable them to block out thinking of Henrys return to the front and of their imminent separation. Ironically, Henry and Catherines relationship becomes the source of suffering from which Henry needs diversion. Henry cannot stand to be away from Catherine, and while playing pool with Count Greffi takes his mind off of her, the best divertissement turns out to be the war itself. When Catherine instructs him not to think about her when they are apart, Henry replies, Thats how I worked it at the front. But there was something to do then. The transformations of the war from fatal threat into divertissement and love from distraction into pain signal not only Henrys attachment to Catherine but also the transitory nature of happiness. Pathos radiates from this fleeting happiness because, even though happiness is temporary, the pursuit of it remains necessary. Perhaps an understanding of the limits of happiness explains the counts comment that though he values love most in life, he is not wise for doing so. The count is wiser than he claims, however. He hedges against the transitory nature of love by finding pleasure and amusement in games, birthday parties, and the taking of a little stimulant. That one can depend on their simple pleasures lends games and divertissement a certain dignity; while they may not match up to the nobility of pursuits such as love, they prove quietly constant.

Loyalty versus Abandonment - The notions of loyalty and abandonment apply equally well to love and war. The novel, however, suggests that loyalty is more a requirement of love and friendship than of the grand political causes and abstract philosophies of battling nations. While Henry takes seriously his duty as a lieutenant, he does not subscribe to the ideals that one typically imagines fuel soldiers in combat. Unlike Ettore Moretti or Gino, the promise of honor and the duties of patriotism mean little to Henry. Although he shoots an uncooperative engineering sergeant for failing to comply with his orders, Henrys violence should be read as an inevitable outcome of a destructive war rather than as a conscious decision to enforce a code of moral conduct. Indeed, Henry eventually follows in the engineering sergeants footsteps by abandoning the army and his responsibilities. While he does, at times, feel guilt over this course of action, he takes comfort in the knowledge that he is most loyal where loyalty counts most in his relationship with Catherine. That these conflicting allegiances cannot be reconciled does not suggest, however, that loyalty and abandonment lie at opposite ends of a moral spectrum. Rather, they reflect the priorities of a specific individuals life.

Illusions and Fantasies - Upon meeting, Catherine and Henry rely upon a grand illusion of love and seduction for comfort. Catherine seeks solace for the death of her fianc, while Henry will do anything to distance himself from the war. At first, their declarations of love are transparent Catherine reminds Henry several times that their courtship is a game, sending him away when she has played her fill. After Henry is wounded, however, his desire for Catherine and the comfort and support that she offers becomes more than a distraction from the worlds unpleasantness; his love begins to sustain him and blossoms into something undeniably real. Catherines feelings for Henry follow a similar course.

While the couple acts in ways that confirm the genuine nature of their passion, however, they never escape the temptation of dreaming of a better world. In other words, the boundary between reality and illusion proves difficult to identify. After Henry and Catherine have spent months of isolation in Switzerland, Hemingway depicts their relationship as a mixture of reality and illusion. Boredom has begun to set in, and the couple effects small daily changes to reinvigorate their lives and their passion Catherine gets a new haircut, while Henry grows a beard. Still, or perhaps because of, the comparative dullness of real life (not to mention the ongoing war), the couple turns to fantasies of a more perfect existence. They dream of life on a Swiss mountain, where they will make their own clothes and need nothing but each other, suggesting that fantasizing is an essential part of coping with the banal, sometimes damaging effects of reality.

Symbols

Symbols are objects, characters, figures, or colors used to represent abstract ideas or concepts.

Rain - Rain serves in the novel as a potent symbol of the inevitable disintegration of happiness in life. Catherine infuses the weather with meaning as she and Henry lie in bed listening to the storm outside. As the rain falls on the roof, Catherine admits that the rain scares her and says that it has a tendency to ruin things for lovers. Of course, no meteorological phenomenon has such power; symbolically, however, Catherines fear proves to be prophetic, for doom does eventually come to the lovers. After Catherines death, Henry leaves the hospital and walks home in the rain. Here, the falling rain validates Catherines anxiety and confirms one of the novels main contentions great love, like anything else in the worldgood or bad, innocent or deservingcannot last.

Catherines Hair - Although it is not a recurring symbol, Catherines hair is an important one. In the early, easy days of their relationship, as Henry and Catherine lie in bed, Catherine takes down her hair and lets it cascade around Henrys head. The tumble of hair reminds Henry of being enclosed inside a tent or behind a waterfall. This lovely description stands as a symbol of the couples isolation from the world. With a war raging around them, they manage to secure a blissful seclusion, believing themselves protected by something as delicate as hair. Later, however, when they are truly isolated from the ravages of war and living in peaceful Switzerland, they learn the harsh lesson that love, in the face of lifes cruel reality, is as fragile and ephemeral as hair.

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List 5 Polymers and desctribe there characteristics in relation to there use.

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A) Polyamides (nylons) Polyamides was developed during research into finding a substitute

for silk. Nylon was the first synthetic polymer to be produced, Nylons main characteristics is

that it is a tough strong fabric, elasticity, wear and abrasion resistance and good chemical

resistance. These characteristics are related to the use of nylon in society today because of its

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useful characteristics . Nylons are used in virtually every industry and market

B) Polyester Polyester does not absorb water or oil, can resist many acids. It wont stretch out

of a shape, has a high tensile strength. Polyester is often used in outerwear because of its high

tenacity and durability. It is a strong fibre and consequently can withstand strong and repetitive

movements. Its hydrophobic property makes it ideal for garments and jackets that are to be

used in wet or damp environments. coating the fabric with a water-resistant finish intensifies this

effect.

C) Polyethylene There are two types of polyethylene High density and Low density.

Low Density The features of low density polyethylene is that it is flexible, soft, translucent,

scratches easily and melts at 80 degrees. These characteristics are re-lated to the use of Low

Density polyethylene in society today because it can be made easily into Garbage bags,

squeeze bottles. Its flexible so it can be used in black irrigation tube and garbage bins.

High Density Its properties are that it is opaque, melts at 15 degrees C and is hard to semi-

flexible. These characteristics are related to the use of High Density Polyethylene in society

today, because its strong it is used in shopping bags to hold groceries and also freezer bags. It is

water resistant so it is used in milk bottles and buckets and is hard so it is used in milkcrates.

D) Polystyrene There are forms Polystyrene and expanded Polystyrene.

Polystyrene Its characteristics are that its rigid, brittle, semi-tough, it can be see through and

obaque. These characteristics are related to the use of Polystyrene in society today because it

is semi tough so it is used in Plastic cutlery and low-cost brittle toys, and because it is see

through it is also used in imitation crystal glassware.

Expanded Polystyrene Its characteristics are that it is light weight, energy ab sorbing and

heat insulating. These characteristics are related to the use of Expanded Polystyrene in society

today because it is heat resistant and an insulator so it is used in hot drink takeaway cups and

takeaway containers. Its also Energy absorbing so it doesnt damage the product so it is used in

foam meat trays and protective packaging.

Please note that this sample paper on List 5 Polymers and desctribe there characteristics in relation to there use. is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on List 5 Polymers and desctribe there characteristics in relation to there use., we are here to assist you. Your essay on List 5 Polymers and desctribe there characteristics in relation to there use. will be written from scratch, so you do not have to worry about its originality.

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East of eden

If you order your cheap essays from our custom writing service you will receive a perfectly written assignment on East of eden. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality East of eden paper right on time.

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East of Eden

Imagery- Page - "I remember my childhood names for grasses and secret flowers. I remember where a toad may live and what time the birds awaken in the summerand what trees and seasons smelled likehow people looked and walked and smelled even. The memory of odors is very rich."

By starting the text with a vivid description of the scenery and life in the Salinas valley Steinbeck captures the audience's attention with his use of imagery. By making the reader interpret the setting and allowing them to smell the trees and the seasons, he enhances the beginning of the book by making the reader join into the text.

Imagery- Page 5- "Then June came the grasses headed out and turned brown, and the hills turned a brown which was not brown but a gold and saffron and red an indescribable color."

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Another example of imagery in the first chapter of the book, which shows how Steinbeck enjoys the use of imagery to start his book. The use of imagery in the beginning of the book enhances the reader's mood, and allows them to enjoy the writing, which is most likely, the reason why it is used as a hook in this text. Also, when Steinbeck says "an indescribable color," he lets the mind wonder and think what that color might be.

Simile- Page - "It was an unlikely place for a man from a green country to come to, but he came about thirty years before the turn of the century and he brought with him his tiny Irish wife, a tight hard little woman humor-less as a chicken.

This example of a simile makes the text more meaningful by giving a reference when describing Hamilton's wife. Without having the reference it would be hard to understand what Hamilton's wife is really like, but with the reference we can interpret that she is strict and humor-less, without reading any further into the text.

Personification- Page 54- "A time splashed with interest, wounded with tragedy, crevassed with joythat's the time that seems long in memory."

This excerpt uses personification three times in one sentence. Time has been splashed with interest; it has been wounded with tragedy, and crevassed with joy. These examples make the reader better understand the concept of time. Steinbeck's use of personification gives the reader better examples of the idea, so they can better understand what is being explained.

Parallelism- Page 8- "He had invented his businessthe circuit route through the small towns, the short stay of each girl, the discipline, the percentages. He felt his way along and made few mistakes. He never sent his girls into the cities. He could handle the hungry constables of the villages, but he had respect for the experienced and voracious city police."

There are actually two instances of parallelism in this excerpt. The first excerpt is all in one sentence. Steinbeck writes the sentence in the same form, giving the many examples of what Mr. Edwards had set up in his prostitution ring. Not only does he use it in this sentence, but also he uses it in the next three sentences to show the many intricacies of the business.

Irony- Page 15- "When they inspected his handbooks they found that he had over ninety-three thousand dollars in the bank and ten thousand dollars in good securities. They felt very different about Mr. Trask then. People with that much money were rich. They would never have to worry. It was enough to start a dynasty."

After a childhood of mediocrity and growing up with no real luxuries, Adam and Charles Trask discover that their father had been hiding an enormous sum of money from them their entire lives. This shows the irony that Adam and Charles, who suspected that their father was a nothing, really had come across a large sum of money in his many years. And also the fact that they grew up without any luxuries, and all of a sudden are wealthy defines irony.

Symbolism- Page 185- "Missy Adam say come! Missy Cathy bad- come quick. Missy yell, scream."

This excerpt symbolizes how Asian Americans, although through and through Americans, were looked down upon during the time period that this book takes place. Lee, who is quoted in this passage, speaks perfectly good English and is very well educated, but for a time in this book he speaks broken English so he would be accepted as the Trask's butler. Later, in the book Lee finally opens up and shows his scholar and even has the dream of opening up a bookstore. This symbolizes the possibility of overcoming racial prejudice with the help of kind souls such as the Trask's.

Simile- Page 0- "With a saddle he feels as though you were riding a sled over a gravel pit."

This passage enhances the text by describing how the horse that Mr. Hamilton purchased runs. Without the simile it would be hard to infer the horse's capability when running, but with the simile you can determine that Mr. Hamilton's horse was a bust.

Rhetorical Questioning- Page 6- "Lee said softly, " Couldn't a world be built around accepted truth? Couldn't some pains and insanities be rooted out if the causes were known?""

By making these statement Lee is making his point come across much more clear. The use of rhetorical questioning allows the mind to ponder the idea put on the table, without steering too far off track.

Personification- Page 418- "Salinas had two grammar schools, big yellow structures with tall windows, and the windows were baleful and the doors did not smile."

Giving the school buildings physical attributes and motions is a prime example of personification. This also enhances the text by giving the reader a visual image of the school buildings so that they can interpret by themselves what they look like. Steinbeck is keen on developing mental images for the reader so that they can envision the ins and outs of the text, based on what they have read.

Please note that this sample paper on East of eden is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on East of eden, we are here to assist you. Your cheap custom research papers on East of eden will be written from scratch, so you do not have to worry about its originality.

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Effective Strategic Marketing Planning

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Effective strategic marketing planning is essential for any organisation to succeed in its chose market. Kotler (00) states that the key to achieving organisational goals consist of the company being more effective than its competitors in creating, delivering and communicating customer value to its chosen target markets, therefore the organisation must know as much about its competitors, as it does about itself. When attempting a marketing plan it is important to include seven integrated components; Background situation, Marketing objectives, Marketing strategy, Marketing mix, Action plans, Budget and Organisation implications. According to Doyle pg 101, (00), these will provide us with the information needed as well as a structured path to fulfil the plan. It should also be noted as Kotler (00) suggested that a degree of openness should be allowed which will help innovative ideas within the total planning systems. This flexibility adds kotler is also a potential source of competitive advantage. Barriers identified by McDonald (00) which cause problems in implementing plans, ranged from little senior management support, inadequate marketing and planning skills to confusion and delegation of plans. These barriers need to be addressed by the organisation to ensure effective strategic planning.

ANC rental Corporation is a car rental company and is made up of three distinctive brands, National is a well know corporate (business) brand, Alamo car rental has a strong presence in the retail market while the third brand, Guy Salmon is a prestige name in car rental through which they hire executive vehicles. Together the Alamo and National brands make up one of the world's largest car rental companies with annual revenue of $.4 billion in 00. To ensure an effective strategic marketing plan they must be able to give themselves a competitive advantage over rival firms. Wilson & Gilligan (17) suggests how market orientation requires a focus on customers, competitors, changing environment and company culture. Despite competition ANC rental can rely on numerous strengths. Firstly it has the largest fleet of cars (55,000) (ANC start right, Dec 00) in the UK, 10,000 more than its nearest competitor Avis. Secondly it has a service support network connected to its 15 branches through out the UK as well as a global reservations office, which can handle 8 languages. This last point proves that ANC is a global brand, which it must incorporate into its strategy if it wants to compete in today's global economy. The information it collects must be used to give the company global competitive advantage which Yib (18) states can maximise worldwide performance through sharing and integration. However its weakness includes a lack of identifying small but potential gaps in the market. Wichan pg 151, (18), states how opportunities do not present themselves, they have to be actively sought out. ANC must use its current resources such as staff to seek new opportunities before the competition does. Another weakness, which is a main cause for its position is lack of brand awareness and image, which in today's business environment is a key, factor in an organisations success. According to Fill pg 16 (1), Brand equity is a measure of a number of different components including the beliefs, images and core associations, consumers have about particular brands. Ambler (00) continues to confirm its importance by stating that firms that measured their main marketing asset (Brand equity) and used both financial and non-financial metrics to assess performance were less likely to cut budgets. He adds that marketers who align their agenda with the corporate goals are under less threat. This is no exception in the car rental business where customer's needs are to feel "looked after and counted. Marketing plans are needed for ANC's slogan " Freedom we'll take you there" and logo to be seen and heard using different media. Before they can expect to beat their competitors, they first need to strengthen its current position in the consumers mind. A good example of this is when Avis ran their campaign " We're number two, we try harder" this showed how they acknowledged its second position in the rental car business.

A marketing audit needs to be executed which according to Lancaster & Massingham (18) pg 14, is a systematic internal and external environmental review of the companies marketing performance for a given period of time. ANC rental should look at all financial reviews and their position in the industry for the last 5 10 yrs which not only will provide them with essential information but also will help them to see what changes are needed to take them where they want to go, Be number 1 in the market place. The structure of the audit that suggests Lancaster & Massingham (18) will provide the basic for subsequent SWOT analysis, while the external audit will examine the PEST factor. Such issues, which affected the car rental industry, was September 11th, which reduced the number of tourists and social culture which has increased customer demands and wants. Globalisation, Levitt (18) is a major cause of this, which increased brand equity and competition. ANC should also conduct their marketing audit on a continuing basis that according to McDonald pg 57 (00) will make it a useful source of information to draw on for decision-making throughout the year. This will give the flexibility needed which will help the plan to succeed. Management at ANC should also understand the twelve guidelines for effective marketing which McDonald (1) lists are important for companies if they want to gain competitive advantage. This gives them extra information, which is needed when the plan is being created. After they have collected the bulk of the information they must produce a mission statement which according to Doyle pg85 (00), motivates employees by providing them with an external goal worth striving for. Also a Mission statement represents a visionary view of the overall strategic posture of an organisation and as Johnson & Scholes (1) suggest is likely to be a persistent and resistant influences on strategic decisions. Therefore it is important to display the mission statement where all employees can see it, canteen, reception, etc. this will give employees a sense of direction which according to Doyle (00), will identify major policies that define how to treat customers, fellow employees, suppliers and other key stakeholders. This will also take away the traditional strategies used be finance directors, which caused confusion among line managers, which prevented them for taking them seriously. McDonald (15) suggests marketing planners place a greater emphasis for essential data only and use phases, which explain the underlying thinking behind the objectives and strategies. This way employees at ANC from top management all the way down the chain of command to drivers will understand what the company stands for, its values and where it wants to be. In ANC's case "To be the Global car rental company of choice". The marketing team at ANC have done this and have changed the structure of the organisation to adapt to its plan. The importance of drivers as a customer contact point was noted which promoted them to change the driver's title to key time worker. According to Lancaster & Massingham (18) pg 17, objectives and strategy can only be achieved through people, structure, systems and methods. ANC's new consideration for all its employees and other resources help bring about the changes required to meets the organisation's objectives. This gives staff a sense of belonging and having a say in the company they work for. Satisfaction levels must be high within the organisation before positive results can be achieved.

The whole process must have an effective structure for it to succeed (Wilson & Fook, 10 Pg ), this shows how it is no good creating a marketing plan if you don't lay down a structured plan to implement it. Staffs training programmes need to be implemented to increase performance as well as effectively communicating the strategic plan to staff. MacNamee & McDonnell pg14 (15) suggest how incentive schemes can generate staff motivation and reward them on the plans' attainment. This will encourage staff to achieve the plan's objectives who in short are the key people who ANC rely on to ensure their customers position ANC as their global choice in car rental. Delta Airlines in the US realised in the early 0's, a simple fact, that by treating its staff well and keeping them motivated and trained, high productivity and superior customer service was implemented which helped them to differentiate the airline from its competitors. ANC will need to introduce a continuous appraisal system to measure staff performance and can help managers assess the ongoing strategy. Structuring the organisation can cut mistakes when implementing the plan, Mintzberg's (17) Division of Labour can help the different departments understand their core duties and standardise procedures. However solid communication must allow certain change if needed to take place with minimum fuss. I agree with Alexander (185) when he brings up the point that top management must first of all clearly communicate with all employees what the new strategic decision is all about. In the rental industry when the drivers have a close contact with customers it is important that these employees feel they have an important role to play in the organisation. Alexander continues to stress how two- way communication within its organisation where e.g. Bolton branch is short two cars but the Manchester branch is slow to cooperate. ANC's new strategy where "working together" is a key value, they have changed the structure where four or five branches in one area are part of one region, which encourages cooperation and can lead to healthy competition between other regions in the future. The development and management of the strategy can be implemented more successfully through the "lens of design". This according to Johnson & Scholes (1) uses economic forces and constraints on the organisation, which are weighed carefully through analytic and evaluative techniques to establish clear strategic direction. This backs up Alexander's point that top management need to lead the development of strategy in the organisation. This controlling will help determine smooth operation of the strategic plan. But will only work when used with other methods to control the plan and eliminate barriers.

It should be noted that a lot of these barriers, which could render the plan useless, are human made and according to Ambler (00) lacks an experienced marketing director who understands the fundamentals of marketing. Assertiveness and cooperation is essential to work together with marketing people to understand that contribution and profit is far more important than executing expenditure. Traditional managers concentrate too much on yearly finance reports rather than on long-term strategies. ANC rental have given their marketing department much more power as the strategy is integrated into the total corporate planning system which McDonald (16) states needs to be achieved by all departments in the organisation such as distribution, finance, process and personnel. To break down some of the barriers to Marketing planning, McDonald (1), ANC should use methods for implementing the strategic plan. A successful method was developed by Robert Kaplan and David Norton in 1, called The Balanced scorecard methodology. This is an analysis technique designed to translate an organizations mission statement and overall business strategy into specific, quantifiable goals and to monitor the organizations performance in terms of achieving these goals. The methodology examines performance in four areas financial analysis, includes assessments of measures such as operating costs and return-on-investment; customer analysis looks at customer satisfaction and retention; internal analysis looks at production and innovation, measuring performance in terms of maximizing profit from current products and following indicators for future productivity; and finally, learning and growth analysis explores the effectiveness of management in terms of measures of employee satisfaction and retention and information system performance. However as MacNamee & McDonnell (15) argue that the balanced scorecard is not a template that can be applied in every business, each organisation such as ANC rental can develop their own customised scorecard to fit their goals and strategy.

When correctly done, strategic planning takes into account all aspects of your organisation and provides criteria for making day-to-day decisions about operations within and outside the organisation. This gives a template against which all such decisions can be evaluated. This leads to greater focus and effectiveness. But by just collecting all the relevant information and using the best components in formulating a strategic plan it must be agreed that this work is rendered useless if it cannot be effectively implemented by the organisation. Successful controlling requires performance measures, suitable reward systems and flexibility embraced by the structure of the organisation. This is needed to create a balanced environment for the plan to go from "idea" to an actual working plan. Motivated employees are the key success factor in implementing a successful plan. This is why strong leadership make the strategy real at a level of achievable that is both meaningful and actionable. This critical leadership issue is how to lead from a position of strength based on a view of the future, and a plan for getting the organisation there. This leadership should come from both marketing planners and the top leadership team which in some organisations are the same. Good communication at all levels of responsibility will create an understanding to highlight the benefits of actually carrying out and keeping to the plan. Obstacles will always occur, internally or externally, but if the necessary foundations are in place; vision, skills, flexibility to change, strong leadership and communication; Management will and should be able to ensure effective planning. For each barrier the remedy is different, and appropriately identifying those barriers is an important step in effective strategic planning. Therefore the plan must have adaptiveness, flexibility, and responsiveness. In the cases of major business change initiatives, success or failure will hinge on the effectiveness and strength of the vision and strategic plan. Also controlling systems such as collecting data with other reports and statistics can help you anticipate and resolve issues before they become problems, or at least minimize the effect of problems by early action. This with enhanced strategic feedback and learning for future results may create new opportunities or risks not anticipated when initial strategies were developed. This forward thinking approach will help any organisation to respond quickly and effectively to changing environmental conditions.

References

Alexander, L. D. (185) Successfully implementing strategic decisions

Ambler, T. (Marketing, October rd, 00)

ANC start right, (Dec 00)

Asch, D. and Bowman (14) Readings in Strategy Management

Doyle, P. (00) Marketing Management and Strategy. rd Ed

Fill C. (1) Marketing Communications nd Ed.

Hughes, G.D. (180) Marketing Management A planning approach

Ind, N. (17) The corporate brand

Johnson, G. & Scholes, K. (1) Exploring corporate strategy 6th Ed

Kaplan, Robert S. and Norton, David P., Using the Balanced Scorecard as a Strategic Management System. Harvard Business Review, January-February (16)

Kotler P. (00) Marketing Management, International Edition 11th Ed

Lancaster, G. and Massingham, L. (18) Marketing Management. nd Ed

Levitt, T. (18) The globalisation of markets.

MacNamee, B. and McDonnell, R. (15) The marketing Casebase

McDonald, M. (00) Marketing Plans. 5th Ed

McDonald, M. (1) Strategic marketing planning a state of the art review.

Mintzberg, H. (17) The structuring of organisations

Quinn, J. (180) Management strategic change

Wickham, P. (18) Strategic Entrepreneurship

Wilson, R., Gilligan, C. and Pearson, D. (1) Strategic Marketing Management Planning, Implementation and Control. Oxford Butterworth-Heinemann

Yip, G.S. (18) Global Strategy In a world of nations

Anonymous. Marketing News. Chicago (Feb 1, 185). Vol. 1; p. 1

Marketing Management

Assignment 1

Effective Strategic Marketing Planning

ANC Rental Corporation

By

Denis Finnegan

Student no. 00047

Submission date 7th Nov 00

Tutor Mr Bob Barrett

Please note that this sample paper on Effective Strategic Marketing Planning is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Effective Strategic Marketing Planning, we are here to assist you. Your cheap custom college paper on Effective Strategic Marketing Planning will be written from scratch, so you do not have to worry about its originality.

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Mcdonaldization of america

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Essay on Ritzer

George Ritzer's book, The McDonaldization of Society, was too repetitive, simplistic, and predictable. At first, I found his examples interesting, but the book became more of a disappointment as I continued to read. It seems as if he wrote for an audience that has never stopped to think about things for themselves, and so he then offers them his own repetitive, dry ideas. Ritzer depicted McDonaldization as a huge problem in our society, supposedly enlightening the reader to the "irrationality of rationality" we are all living with. I admit that I do not know a lot about exactly how or why societies have changed, but his trivial explanations for such a broad topic are not convincing. I feel that I got the same amount of information from the first two chapters as I did from the entire rest of the book, making the whole thing such a effortless, dull book to read.

McDonald's has become a sacred institution in our culture the golden arches are among some of the most identifiable symbols in our society and societies across the world. The company has become very successful and their fast-food organizational practices have come to affect many aspects of our social lives. The world is becoming more and more McDonaldized, a place where poeple rely on a society that is efficient, calculable, and predictable like the restaurant itself. McDonaldization of Society has shown that many of these social changes are the result of the increasing strength and importance of bureaucracies that emphasize efficiency, calculability, and predictability.

We now live in a time where efficiency and speed is stressed, which leads to a lot of impersonality. Everyone seems to be in a rush and wants everything done in the shortest amount of time necessary. Each and every process of a business is organized to ensure that everything happens at the right time and the right place to ensure that the maximum gratification for the customer and the maximum profit for the company. McDonald's is convenient way to get a meal quickly; the stress is on this speed and convenience, not delicious food, a fine dining experience, or satisfying interactions with other people. Companies want workers who follow strict orders to do the most efficient work. Labor is divided to help with the completion of larger goals that could not be obtained by a single person. A bureaucracy sacrifices the individual for whatever is the most efficient and profitable, and then creates individuals who treasure the same efficiency and profits in their own lives.

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Our society also seems to be more focused on quantity than quality; the higher the quantifying aspects of something, the better it must be. People eating a McDonald's meal are more concerned with its seemingly lower price and convenience than a quality fine dining experience or nutritional value. Companies are most concerned with their profits, wanting workers who can work quickly and efficiently to produce the highest number of products. The illusion of quantity and a good value for the consumer has become more of a focus than true quality. Calculability leads to people and their actions being reduced to simple numbers instead of individuals, and life experiences reduced to nothing more than calculated values. Society uses these numbers to determine value or success, giving increasing importance to a flawed quantifying system. The higher the numbers, the more efficient something is deemed to be, and the bureaucracy is successful.

People feel more comfortable when they know what to expect. Businesses like to know that their workers will perform predictably. Life can seem easier when there are not any surprises. McDonald's makes sure that each item on their menu is the same in every location and that each one of their employees behaves in the same scripted manner. A bureaucracy would fall apart if its rules were consistently broken or if it's people consistently broke away from their roles. Predictable, effortless work makes tasks easier for the worker, and then makes the workers easier to manage.

A bureaucracy is a large-scale organization composed of a hierarchy of offices. In these offices, people have certain responsibilities and must act in accord with rules, written regulations, and means of compulsion exercised by those who occupy higher-level positions. This system is supposed to offer the most rationality and perform the most efficiently. Society controls people through this efficiency, calculability, and predictability, all characteristics of a bureaucracy. Social changes toward what seems to be more efficient and rational means have been a dominant characteristic in our evolving society.

Change has always been inevitable and a society will always be growing. While Mcdonaldization is rapidly taking over American society and spreading to the rest of the globe, it is not something unjustly imposed on the American people. Our culture has taught the public to seek efficiency, calculability, predictability, and control. Even when given the choice to avoid sucha establisment or product, people will still flock to it. A McDonaldized system of standardizing products by efficiency, predictability, and calculability has become embedded in most cultures. Many businesses feel that in order to be successful they must adhere to these guidelines. Corporations and capitalism dominate a large part of our society, so their values are also going to dominate. Speed, convenience, and predictability make some aspects of life seem easier, but with this ease comes some sacrifices. In a society dominated by bureaucracies, it can be easy to overlook some of the disadvantages to enjoy the advantages it can offer.

Please note that this sample paper on mcdonaldization of america is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on mcdonaldization of america, we are here to assist you. Your cheap custom college paper on mcdonaldization of america will be written from scratch, so you do not have to worry about its originality.

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Economic analysis of the Australian & Hong Kong economies

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CONTENTS

INTRODUCTION PAGES - 4

GROSS DOMESTIC PRODUCT PAGES 5 - 6

EXCHANGE RATE PAGES 7 -

Custom writing service can write essays on Economic analysis of the Australian & Hong Kong economies

MONETARY POLICY PAGE 10

INFLATION PAGES 11 - 1

THE FUTURE PAGES 1 - 15

REFERENCES PAGE 16

INTRODUCTION

· AUSTRALIAN ECONOMY

There have been significant changes to Australias place in the world economy since 100. From a marked dependence on the United Kingdom for `men, money, and markets down to the 150s, where the `lucky country evolved into a key player in the emerging Asia-Pacific group of dynamic economies by the 180s. Yet such shifts obscure the fundamental continuities, which have characterised Australian development ever since European settlement began. Australia's place in the global economy is primarily one of an exporter of primary produce and a heavy borrower.

Australia has always been at the mercy of external elements over which it has little apparent control. Long before the concept of globalisation acquired its modern currency, Australias dependence on the outside world made it prone to recurrent economic crises because of a periodic inability to earn export surpluses to pay for capital inflows. It is for this reason that the extent to which external, rather than domestic, forces have shaped the growth of the Australian economy is very evident. This is not to say the peculiar domestic forces have also helped to drive the Australian economy. For much of the twentieth century most Australians lived in a high-income economy with a large service sector, an unusually rapid rate of population growth, and a well-entrenched system of protectionism. Collectively, Australian's have shown a high propensity to consume, a marked liking for leisure, and a strong preference for owner-occupation and suburban living. Alongside an optimistic belief that, in the long run, `shell be right lay an assumption that ad hoc government intervention would somehow sort out any short-term problems.

· HONG KONG

By contrast, Hong Kong, as one of the last remaining colonial outposts, retained a number of similarities with European or British methods of operating, controlling and reporting, to maintain their economic position in the global market place.

As in many fields of study, an understanding of international accounting differences is aided by an examination of evolution. The systems of law and commerce in Australia and Hong Kong all derive historically from the UK. Not surprisingly, therefore, the British accounting system was similarly exported and still feels at home in these environments.

In both economies, there are loose regulatory frameworks provided by Companies Acts. These are supplemented by more detailed accounting standards promulgated by committees dominated by accountants. Tax rules are different from accounting rules for certain items (eg. depreciation), which gives rise to deferred tax. For most issues, tax rules follow accounting rules.

A further connected feature is the nature of the financial system. On the whole, one could say that Australia and Hong Kong have a system based on capital markets. There are large numbers of listed companies with widespread shareholdings. By contrast, Japan and Korea (and Germany and Italy) have credit-based financial systems with heavy involvement by governments or financial institutions. It follows that, published financial reporting and external auditors are much more relevant in a capital market system because there are large numbers of external investors to report to.

Gross Domestic Product

The figures above suggest that Australia has entered a prolonged period of growth that will continue well into the next decade, and could even surpass the golden age of the 150s. In those days, Australia still ``rode on the sheeps back, with agriculture, especially wool, accounting for much of its prosperity. The biggest change in the 10s has been a surge in manufactured goods and services which together now contribute twice as much to exports as farming does Australia is seeing the benefits of structural changes over the past 15 years that have made its economy more resilient. The changes started with the former Labor government, which took the crucial decision in 18 to float the Australian dollar. It dismantled many of the tariffs that had for decades protected inefficient Australian industries from foreign competition, deregulated the financial system and started to privatise transport, communications and utilities.

On the down side, the Hong Kong economy contracted by 4% during the first half of 18, the stock market crashed to a 5- year-low, and the unemployment level reached a 15-year high, as the region suffered from the financial crisis that had engulfed south east Asia since 17. This situation was exacerbated as GDP fell by 5% during 18, as the region endured its worst ever economic recession and unemployment rose to above 5% - an unheard of figure in the days under British control.

However, once the Asian crisis passed by, the resilience of Hong Kong's economy meant it was quick to recover. Based upon Hong Kong's huge financial reserves and its pivotal financial position in the world economy and because of the pre-eminent position the Hong Kong Stock exchange has in world financial markets.

EXCHANGE RATE

· HONG KONG

The attacks on the Thai baht and other Southeast Asian currencies in 17

barely touched Hong Kong. With a huge fiscal reserve of well over HK$00

billion, a huge foreign exchange reserve of U.S.$8.6 billion, and a budget

surplus for most of the last thirty years, Hong Kong is well positioned to

withstand speculative attacks on its currency. And indeed the Hong Kong dollar

remained strong, relative to the official link rate of HK$7.8 to the U.S.

dollar, when practically all ASEAN currencies depreciated against the U.S.

dollar. But a large foreign exchange reserve must be complemented with strong

fundamentals if a currency is to free itself from speculative attacks. The

management of the Hong Kong economy now needs more caution, vision, and

understanding than ever before. In particular, Hong Kongs ability to complete

in international markets is expected to be severely tested in the next ten

years, and the recent attacks on Southeast Asian currencies are forcing Hong

Kong to face those issues sooner than it otherwise might have.

Yet Hong Kong is not without its worries. Hong Kong's

attractiveness to investors has been declining recent years. There are two

reasons behind these developments. Hong Kong may have been subject to influences that reduced its attractiveness in absolute terms, as other countries may have improved their absolute attractiveness, so that Hong Kong is losing out

in relative terms to these countries.

For example, inflation and the relative appreciation of the Hong Kong dollar against competitor currencies have raised labour and land costs. Global improvements in transportation and communication have made formerly

unfavourable locations less of a drawback. And changes in the government

policies of Hong Kongs competitors may also have increased their attractiveness.

Given that the, under the current "one country, two systems" framework, the Hong Kong dollar will remain distinct from the RMB, there remains the further question of whether the current, linked exchange system,

which provides a direct link to the U.S. dollar at a fixed, official link rate

of HK$7.8 to the U.S. dollar, is best for Hong Kong.

To be fair, the linked exchange rate system has contributed a great deal to

public confidence in the future of Hong Kong during the time leading up to 17.

· AUSTRALIA

While, in Australia's case, the volatility of the dollar, accompanied with generally downward movements against the major global currencies has, in recent years, assisted in providing Australia with some protection against falls in the global economy. This resilience in the economy was achieved as a result of the improved standing Australia's exports have in the global economy from the weakening Australian dollar, thereby increasing the flow of foreign capital into the country as the export accounts are settled.

MONETARY POLICY

· HONG KONG

One key concern of some observers such as the World Economic Forum is whether the one country, two systems framework, which is the platform under which mainland China has decreed Hong Kong will be permitted to trade, is viable, given that it implies the circulation of two distinct currencies in one country. The monetary policies attached to this framework are linked to China and are built upon a number of key principles, which include -

· that China for to be prosperous Hong Kong is to be prosperous itself;

· that Hong Kong needs an independent monetary policy in order to maintain its attractiveness to investors

· that China needs an independent monetary policy to maintain the

macroeconomic stability necessary for its own prosperity

Hong Kong is Chinas predominant source of inward foreign capital, and therefore facilitates the flow of foreign capital into China as an intermediary.

It has made the world more accessible to China, whether as a supplier or

as a market. To continue to do so, Hong Kong needs to retain its position as a

world-class financial centre. Therefore, it must not have any foreign exchange control; the Hong Kong dollar has to have 100 percent, unconditional convertibility.

· AUSTRALIA

The Australian government, through the Reserve Bank (RBA), has a policy of controlling inflation and monetary supply through the use of interest rates. The guidelines under which the RBA operates have been set to ensure that monetary policy controls the direction of the economy. This is achieved by adjusting the flow of available money by manipulating the interest rate levers to make money more or less attractive or affordable. If inflation is trending upwards, lever is pulled, interest rates rise, and in the medium term, inflation comes down. Alternatively, the interest rate lever is released in the event of low inflation, which is generally accompanied by low investment.

INFLATION CPI

As discussed throughout this report, the graph above highlights that the Australian economy has negotiated the economic crises in the past 5 years in a positive manner. On the other hand there has been obvious problems in the Asian economies such as the collapse in Thailand, the property bubble burst in Hong Kong and Japan, and these have had detrimental effects upon Hong Kong's performance.

A consistent inflation performance allows business to confidently predict where their investments are best placed, or what results they can expect of their business strategies. The uncertainty of Hong Kong's inflation figure, while there have been some negative numbers, does not engender the confidence that businesses are looking for in their investments.

Additionally, a government that allows inflation to rise to very high levels is usually ineffective in many respects; so determining whether high rates of inflation are a cause of poor economic performance or a symptom of other problems that impinge on economic activity can be difficult. Nevertheless, numerous researchers have documented a link between high rates of inflation and poor economic outcomes. The picture is less clear at more moderate rates of inflation (Bruno 15) but plausible arguments can be advanced that even relatively low rates of inflation distort economic decision-making. Thus, monetary policymakers commonly justify their concern with restraining inflation in terms of the beneficial impact on economic output over the long term. They also point to the role of low inflation expectations and enhanced central bank credibility in strengthening the policymakers hand.

Evidence that cost inflation is hurting Hong Kong is best drawn from recent

hotel occupancy rates. Hotels occupancy rates were estimated to be still 8 to percent. (Source Hong Kong Tourism Industry)

THE FUTURE

One option that may be worth considering, is to merge the RMB with the HK dollar. This means either that China has to give up that independence or that Hong Kongs monetary environment has to be dictated by developments in the rest of China. For those reasons, any speculation that the HK dollar would merge with the RMB in the short medium term (10 0 years) is unwarranted.

Beyond that, depending upon China's performance in the global economy, which, in turn is dependent on a number of important factors -

· The price it pays for it's labour;

· The sustainability of its economic growth through capital investment in new projects;

· Its human rights record;

· losses in the state enterprise and bad loans in state banks

Then in fifty years, the likelihood of a merge would be greater, but it would still require that the RMB itself be 100 percent convertible and that China cleans up its

fiscal problems.

Australia's economic growth is all the more remarkable given that Australia is still following the export formula that worked so well a century ago close to two-thirds of Australias exports are still rural and mineral commodities. This is a risky strategy. More export revenue is now to be made in services (such as banking, insurance, tourism and education). The world needed what Australia exported in 101; that is not necessarily the case today. As societies get richer, their proportion of expenditure on, for example, food stuffs declines (there is a limit, say, to the amount of bread that a person can eat) and instead their tastes run to services (such as overseas travel).

American economist Paul Krugman, writing in Fortune magazine in December 18, called Australia the miracle economy of the worlds financial crisis. Its rate of economic growth (about five per cent) was one of the best performances in the industrialised world. Australia has now had eight years of uninterrupted economic growth - the longest period of growth in its history.

Additionally, international commodity prices are very low and Australias two and a half decades of economic rationalism, culminating in the General Agreement on Tariff's & Trade (GATT) has reduced the protectionism still enjoyed by its competitors. For example, Australia could export coal to Germany (the Australian is a better quality than German coal) at a lower price (even including shipping costs) than the current cost of German coal. But the German Government prefers to subsidise each miner on the basis that it is better to subsidise the miners than have them sit around all day on unemployment benefits.

Furthermore, Australia is a country of almost 1 million people, with an economy about the size of South Korea or the Netherlands. It represents less than two per cent of the gross global product. It is vulnerable to international economic fluctuations. The Australian dollar is the sixth most traded currency in the world by currency speculators. Despite these limitations, the Australian economy, according to the statistics, is doing well.

Meanwhile, China has recently been admitted to the World Trade Organisation,

Which will result in reducing its tariffs rapidly and liberalising its dealings with foreign investors. Already some foreign banks, for example, have been allowed to conduct business in RMB deposits and lending.

It is with such a China that Hong Kong has reunified. If the communist state

stands for a rigid bureaucracy and a command economy, then Hong Kong has

not reunified with a communist state. To be accurate, China has become a mixed

economy and is due to become largely a market economy, if not within a

generation, certainly within the fifty years of one country, two systems

promised by the Basic Law. The assertion, commonly found in the Western media, that Hong Kong has reverted to Communist China is actually inaccurate and misleading.

The reversion of Hong Kong to Chinese sovereignty has benefited both Hong

Kong and China economically. Hong Kong benefits because reunification with

China greatly enhances Hong Kongs locational advantage.

The economic miracle of Hong Kong is legendary, but the one now taking

place on the mainland is even more striking. The challenges facing Hong Kong are not small, but the reunion with China has greatly assisted Hong Kong in meeting them.

REFERENCES

Bruno, Michael. 15. Does Inflation Really Lower Growth? Finance & Development, September, pp. 5-8.

Hong Kong Tourism Industry

http//www.weforum.org/site/homepublic.nsf/Content/Homepage

International Monetary Fund "World Economic Outlook Report 00"

Paul Krugman, "Fortune" magazine, December 18

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