Are You Living With A Psychopath Essay Example | Topics and Well Written Essays - 1000 words

Are You Living With A Psychopath - Essay Example In recognition of those who have been abused, physically, morally or financially, to all of them, especially to Alicia C. Cussi, who lived brutally exploited, stripped and tormented by Teresa. Her own daughter, Alicia, inspired the creation of NEW ERA ELDERLY FOUNDATION, which will open to help to improve the elderly living conditions, preventing any kinds of elderly abuse caused by "family blindness" and excessive confidence to someone who would take advantage and betray the confidence, abusing us them with impunity. A reporter went to Ensenada, Mexico. Once he gets there, he goes to a supermarket. Upon arrival, a vagabond is being handcuffed by the police, being arrested because, being so hungry, he ate a piece of bread in the store. The reporter offers to pay for the bread, only 30 cents, and the guards let the indigent free. The vagabond was sorry and wants to pay the reported back. He pulls from his pocket a Rolex watch that he had tried to pawn only moments earlier; however, from the look of his appearance, the pawn manager had not accepted. The reporter, too, doesn’t accept the watch and he is pushed away by his friends to continue his trip. He keeps an eye on the news and returns many times to Ensenada, but he does not find the man; months after, he finds the vagabond in California. The reporter decides to lead the homeless man through the history and motivation that he has had to fight to build a foundation to prevent the abuse of older people who, like him and his mother, have been abused by a trusted family member.

Fashion Retail Management - Personal Statement Essay

Fashion Retail Management - Personal Statement - Essay Example The paper "Fashion Retail Management - Personal Statement" is fashion retail management personal statement. In my teens, I would design my own cloths and oversee the tailoring. Soon after, I realized that I was becoming ‘an advisor’ to my friends and colleagues on matters of fashion. This led to my designing and selling of gowns and participation in the management of a few local fashion shows and events where some of my pieces were displayed. My first job was with Zara, a leading fashion retail outlet.Working in the sales department, I learnt how to interact with customers andhow to position and place stocks. Moreover, I learnt about the management of supply chain. My second job was as an intern at Azadea, a leading fashion retail company operating throughout the Middle East and Africa. I worked in the fashion department, mentored by the Brand Manager. During my internship, there were plans on extending Gymboree into an online virtual store. I attended meetings where I u sed my knowledge on online shopping to participate in decision-making. I also assisted the senior brand manager with the monthly reports and strategic decisions. We also attended meetings for new locations and potential brands possible to acquire under AZADEA, investigating competitors and traffic areas. Currently I am interning for a team that previously worked with the luxury designer Zuhair Murad. This experience has allowed me to gain multi-channel retail knowledge, supervisory skills and to work effectively .

Killing and non-killing religions

Killing and non-killing religions Introduction: In the current times, the world is vulnerable to terror attacks. Some of these terrorism activities are always associated with extreme religious organizations. Take for instance, the ISIS, a terror organization operating in Iraq and Syria (Armstrong, 2014). This terror group justifies the killing of non-Muslims on religion. They wrongly believe that the Quran gives them authority to kill and maim anyone who is not practicing Islam. This paper seeks to explain the concept of killing and non-killing religions. It further seeks to identify, which of these is associated with modern day terrorism. This paper takes a stand that killing religions are mostly associated with modern day terrorism. Killing and Non Killing Religions: Non-killing refers to attitudes and actions intended to prevent or stop international acts of killing human life. This is a term that seeks to speak against violence, and it promotes a peaceful co-existence. Non-Killing can be used to refer to a religious belief that does not advocate for violence. Examples of such religions include Buddhism, Hinduism, Christianity, Judaism, etc (Docker, 2008). These are regarded as non-killing religions, because their teachings advocate against violence. Take for instance in Christianity, the bible teaches that if a person hits you on one cheek, then give him another cheek to hit. This means that a Christian should not take any retaliatory measures, such as paying violence with violence (Docker, 2008). Killing religions on the other hand advocate for the elimination of anybody who goes against its command. An example includes a religion that supports the murder or killing of people, who do not ascribe to its values (Pallmeyer, 2003). Controversy exists on whether Islam is an example of a killing religion or not. This is because there have been different interpretations of the teachings of Islam. One interpretation is of the need to kill anybody who does not practice Islam. Other hand, other Islamic scholars argue that this is not correct. This is because Islam seeks to embrace other religions (Docker, 2008). However, this is an issue of debate. In a nutshell, while most Muslims view religion and morality as a means of achieving peace, few of them see violence as a means of achieving it. The group view jihadists as an aberration of Islam that offers little more than oppression, religious police, veiled women, and disavowal of modern science. Differences Christians (Nonkilling Religion) believe that God sent Christ to correct the deviations of the Jews. Muslims on another hand trust that God sent Prophet Mohammed, his final prophet, to correct the deviations of the Christians. They believe that Christianity is not a true representation of the teachings of God (Docker, 2008). For example, the two depart on the use of violence to spread their religion. For instance, one of the teachings of Christianity is that he who lives by the sword, will also die by the sword. This is a condemnation of violence, and it is seeking to promote a peaceful co-existence amongst one another. The Quran teaches that anyone who tries to leave the religion should be punished. By looking at these facts, it is possible to denote that Christianity and Islam are two very different religions, and they propagate different values and beliefs. Buddhism and Hinduism are other non-killing religions (Pallmeyer, 2003). These religions believe in a peaceful co-existence amongst one another. Furthermore, Buddhism believes that to achieve ultimate peace, there is a need of an individual to constantly meditate. Hinduism believes in the existence of many gods, and goddesses. On this fact, this religion embraces other religions, and their beliefs. This is unacceptable in Islam. Islam does not tolerate any other religion, and they believe that no God exists, apart from their god, who is called Allah. It is because of this fact that Islamic extremists are willing to kill, for Allah (Pallmeyer, 2003). The violent advocation of Islamic beliefs is referred to as Jihad. Jihad refers to an action aimed at exerting effort for purposes of achieving a desired outcome. Muslims normally fight Jihad on two levels. The first level, is the war against Satanic accusations, poverty, and diseases (Pallmeyer, 2003). The second Jihad is fought against any person who is viewed as going against the principles and doctrines of Islam. Non-killing religions do not support any type of violence, nor do they have any violent ideologies, such as jihad. Islam stresses that anyone who does not convert to Islam, should be killed, or enslaved. The other non-killing religions do not have these provisions (Pallmeyer, 2003). For them, those who do not agree with their dogmas are never slayed or killed. In this view, we can appreciate the fact that these two religions do contrast in huge steps. While the former propagates for killing the rebels or making them slaves, the latter focuses on tolerance and peace. They do these based on Koran's Allah doctrines. In addition, in case a Muslim brother gets into the way of murdering the non-Muslims, Islam permits that such an individual is slain. They can go into the levels of leveling a neighborhood to finish off infidel (Pallmeyer, 2003). In this sense, Islam regards these types of killings as piety, and it sees nothing wrong with it. For example, the word Boko Haram means that Western Education is sinful. This is a religious extremist group that is found in Northern Nigeria and it advocates for the Islamization of Nigeria. In the pursuit of their goal, they burned schools, kidnaped hundreds of children, and left causalities numbering in thousands. Their suspected links with the al-Qaeda in the Maghreb and al-Shabaab in Somalia has made Boko Haram a real menace in the eyes of U.S national security. The other non-killing religions calls for loving your neighbors as you love you. So the notion of killing to gain something is seen as evil in these forms of religions. In comparison to Christianity, Islam does not offer a chapter about love, 1 Corinthians 13.There exist no parable of Good Samaritan (Docker, 2008). The call to personal holiness doesn't exist entirely. There is no hope for personal salvation by way of sinless sacrifice just as Christ did upon Calvary. The hope of eternal bliss in holy heaven is non-existent (Ellens, 2004). The sacrifice of laying down the life of one person is not present in Islam. Instead, it is killing others that will let you gain eternity (Docker, 2008). The love for a neighbor is absent in totality among the killing religions. This is seen amongst the Boko Haram militants. This people kill, with the argument that they are advocating for the adoption of Islamic principles. Prophet Mohammed was a political leader, and the Koran had much to say about how to organize a well-run society in a manner that promotes peace and justice. The two make it true by saying that, modern day Muslims find it very absurd to separate religion from Government. It begs the question, why would human law be above the law of God. It is on this baseline that we find so many extremists rising up to counter government forces in all manner of wicked bloodshed strategies (Docker, 2008). They do not think about who they might be putting in danger, but their main focus is selfishness. In other world religions, the reverse is very evident, Killing is not allowed and is regarded very evil. Such acts attract punishments ranging from eternal condemnation and torture. In these religions, there is the separation of religion and government structures (Docker, 2008). The holy book of Muslims is the Koran. It is a compilation of God's laws which were revealed to Mohammed.. Mohammed is respected by most Muslims as a prophet of God and not as an extension of God. Christ in His works here on earth claimed to be God. Mohammed was a mortal appointed by God to proclaim the message of peace and enlightenment and in this sense; he had no supernatural powers (Ellens, 2004). To Christianity, it is contrary to these. Christ in his ministry among the Jews did many miracles that culminated into very many people following His doctrine. This includes raising the dead, healing the sick, etc. For Him, many people believed in eternal bliss in holy heaven because He was an extension of God Himself. Modern Day Terrorism Modern day terrorism is deeply associated with killing religions. Take for example, Islam. Most terrorism groups that emerge, normally associate themselves with Islam. An example is Al-Qaeda, whose leaders called for Jihad, against the Americans and the Israeli interests (Ellens, 2004). This is because they believed that America and Israel were working against the interests of Islam. The Quran encourages Muslims to take captives during instances of war (Armstrong, 2014). This can only happen when a jihad is declared. This is the reason why most terror groups normally cite a Jihad, when engaged in terrorism activities. It might be true theoretically, but modern day terrorism is evident on the verses from Koran like the one above. A lot of emphases are on the jihad as means of seeing the wonderful life ahead of us. In this regard, extremists like the al-Qaeda, al-Shabab and the Boko Haram of Nigeria take it upon themselves to control governments by either hijacking planes, children or just killing using bombs (Armstrong, 2014). What matters to them is exerting fear and anxiety among innocent citizens at the expense of their selfish endeavors. There is a very strong association between modern day terrorism and faith. These words are well depicted in the brutal killing of Cpl. Nathan Cirillo by a recent Muslim convert called Michael Zeharf-Bibeau. In his submission, he states that it very absurd for a Muslim convert to go on a shooting spree in the Canadian parliament (Docker, 2008). In as much as it is visible that the religion has something to do with behavior, other factors also can contribute. For instance, neglect on upbringing, ideology, mental problems and even criminal past and drug addiction. But of the stated reasons religion has the strongest relation with what Bibeau did in Canada (Docker, 2008). The precipitation of modern day terrorism resurgence of armed and radical jihadi movements are two in nature.First is the revolutionary ideals and ideology of the 1979 Iranian revolution and secondly, the practical application of jihad against the Soviet Union's occupation of Afghanistan. Conclusion Religious terrorism is the political insurgency by members of a certain group of doctrinal faith in trying to avert the effects of the stated political system. In this sense, anything that results from such an arrangement is viewed as a huge blessing to the people fighting for that course. Modern day terrorism is visible by many groups of the Islamic faith who have a baseline of bloodletting. The recent events in the United States on September 11, 2001 showed the lengths at which these extremists can extend to. The modern day government or political units should endeavor to reach out to the grievances aired out by political extremists. On a religious scale, it is imperative for the states to try out to counter the effects of religious extremist. The killing religion propagates for modern day hijacking of planes and children, like the Nigerian Boko Haram and the al-Qaeda not forgetting the al-Shabaab in present-day Somalia. In this submission it is practical knowledge to denote killin g religions with modern terrorism. References: Armstrong, K. (2014). Fields of blood religion and the history of violence. New York, N.Y.: Books on Tape :. Docker, J. (2008). The origins of violence religion, history and genocide. London: Pluto Press. Top of Form Bottom of Form Ellens, J. (2004). The destructive power of religion: Violence in Judaism, Christianity, and Islam. Westport, Conn.: Praeger. Top of Form Bottom of Form Pallmeyer, J. (2003). Is religion killing us?: Violence in the Bible and the Quran. Harrisburg, Pa.: Trinity Press International.

Essay --

Christopher (2011) argues that the term called reverse logistics is used to depict the step of taking products back, generally at the end-of-life, but also for repair and recall. Reverse logistics can be defined as a chain of process to recover or sell the value of a product. That is if a company think supply chain stream in reverse, the one can make a decision the best way to deal with the bounced product. Especially, reverse logistics has received keen attention in the supply chain literature, since it mirrors the capacity of a company within supply chain to affirmatively effect the relationship that customers (Horvath et al., 2005). In addition, reverse logistics triggers main cost result for both the enterprise and its supply chain (Daugherty et al., 2005). As mentioned above, reverse logistics has been an essential structural component to make strategy in whole supply chain (Daugherty et al., 2001). Among a variety of industrial fields, automotive industry is the sector that has one of the complicated supply chains as car enterprises have vertical business relation with their suppliers to control thousands of parts for making a car. It means that the car parts companies should have their own supply chain to maintain relationship with their collaborating companies, and logistics also have to be operated to meet service demands of customers in supply chain. This dissertation presents a study of the effect according to reverse logistics strengthen in automotive parts supply chain. There are drivers promoting importance of reverse logistics. Regarding to this, Literature could be grouped as three parts: unavoidable returns, environmental and economic aspects. First of all, There are a few reasons for unavoidable returns of mate... ... and people. They can also consider reverse logistics as a method to keep and manage their brand reputations, to market their products as well as to obtain competitive benefits (Marien, 1998). It is critical for the major companies which lead the market to improve environmentally sustainable business since environmentally unkind products and materials would be detrimental to firms’ reputations and then could trigger a significant damage. The literature review shows that there are attempts to identify the factors driving reverse logistics strengthen. As a result, it is construed that there are three main reasons and they will signpost to find the objective of this dissertation. Based on these views, this dissertation will discuss and analysis the effect according to increase of importance of reverse logistics, focusing on supply chain in an automotive parts industry.

Business Research Essay

In today’s society we have found that the best way to find what works for individuals and businesses alike is done through business research. This is not always done in ethical manners though. Some companies tend to ask questions that are inappropriate while others changed the information they have been given to make their product look more appealing. This paper will focus on skewing the research results in the service of selling the drug Neurontin. Neurontin is a brand name for the drug gabapentin and it is manufactured by Pfizer and Parke-Davis (Ramirez de Arellano, 2009). The drug has been approved by the FDA to use in treating neurological conditions such as epilepsy. There have been a large number of off-label uses added to the list that have not been approved by the FDA which has increased the company’s sales. In 2004, Pfizer was found guilty in urging physicians to prescribe Neurontin to patients for off-label uses such as treatment of migraines, bipolar disorder, insomnia, and hot-flashes (Ramirez de Arellano, 2009). This act was an illegal one that cost the company millions of dollars in fines and penalties. That was not the last of the case on Neurontin. Since so many people had used Neurontin for various treatments not approved by the FDA, a large number of companies decided to show an interest in getting some of the off-label uses approved. In order to do this the companies began conducting research to see if the drug really worked for the ailments. If it did indeed work, it could be approved through the FDA. This would in turn help the company make more money selling Neurontin. After the legal case was started in 2004 it opened another door that provided information showing strategies that Pfizer and Parke-Davis used to offset the publication of unfavorable findings. In 2008 reports were released to the public that showed Pfizer and Parke-Davis had delayed reports if no evidence was found in the efficacy of the drug, reinterpreting negative data, and fusing negative data with positive studies to cancel the results, and some researchers saw their work being rewritten by the company’s own medical write to make it sound better than the graph showed it (Ramirez de Arellano, 2009). During the studies done on Neurontin 20 clinical trials were identified and only 12 of those reported in publications, in which 8 of those published trials had different primary outcomes reported than was in the original research protocol (Ramirez de Arellano, 2009). These differences included changing the primary outcome, not distinguishing between the primary and the secondary outcomes, and not reporting all of the primary outcomes. There was 21 primary outcomes for the research and out of those 21 protocols there was 6 not reported and 4 were put as secondary outcomes instead of primary. The changes made in the published reports were done to make Neurontin look favorable for the unapproved indications. In the Neurontin situation of skewing the research done for the medication, affects the people that use the drug along with others that take any medication. It makes the doctors look as if they do not know what they are doing when they prescribe the medication and leaves individuals in an untrusting state to try something new to treat their ailments. It also makes the scientists that develop the drug look bad. Another thing this does is undermines individuals’ trust in published studies and the entire decision-making process. The organization is affected by this unethical behavior in many ways as well. First off the company was faced with a hefty criminal fine for coaxing the doctors to prescribe the drug to the public for off-label purposes. Secondly the company lost accreditation with the public for skewing the research being done to make the drug more appealing in what it could treat. Skewing the research affected society by losing the trust of individuals when it was made public that the research published had been tainted. It is hard to trust again when you find out the information you are being give is all but the truth. Unethical business research could be avoided if companies that do business research would publish all of the truth without changing any of it or doctoring it up to look better than it really is. If the punishment for using unethical business research were harsher it may deter companies from using unethical practices to conduct their business research. Companies that continue to be found guilty of using unethical business research should be humiliated to the point nobody would want to do business with them, forcing them to close their doors. In conclusion it can be noted that the most important part of finding the right treatments today in medicine is through clinical research data and that data has to be 100% undistorted to know whether or not the treatment is one that will do good or one that will do harm. This goes for any type of business research and should be followed with all companies.

My grandmother Essays

My grandmother Essays My grandmother Essay My grandmother Essay My grandmother and grandfather have kept a small group of extremely close friends, which she has found to be very rewarding as a social support group. The hardest part of getting older that my grandmother has found is seeing many of their close friends leave for the great social circle in the sky as she put it, but she found that working hard at keeping those who were important to her close to her was incredibly rewarding. The close friendships she maintained were the best support she ever found throughout her life. Friends that she kept close had many of the same values she did, or values she admired and aspired to obtain. Social support has also come from her family, a value that she obtained at an early age living with so many close relatives. Her entire family, two children, son and daughter-in laws and grandchildren all keep very close ties and provide frequent visits, phone calls, and e-mails to make sure that she is doing well. Although she a world-renowned writer and one would think her pride would lie mostly with her career, it is a true showcase of my grandmothers character that out of everything in life she is proudest of her children. She is especially proud of her son (my father) Joseph who is an incredible parent to his two children. Being a parent has been an unparalleled and most rewarding experience, and she takes great pride in her children and grandchildren as well. Secondly, she is most proud of her wonderful 56-year relationship with my grandfather and the strength of their marriage. Taking a back seat to family and friendship, my grandmother is also very proud of the National Book Award that she won in 2000 for her book Homeless Bird. The award was an exciting validation of a continuing career in childrens literature. The most prominent aspect of my grandmothers life has been her faith. Beginning when she was young, she was impressed and influenced by her fathers faith and hope throughout the Great Depression. All of her decision-making has been guided by the hand of God, and she feels that her faith really formed her. She believes that choices we make and the path we chose are all part of Gods plan for us, mistakes and lessons are learned and we are so often blessed with that which we might not deserve to help us see his guiding hand. Her great faith has helped her realize the incredible benefits of aging; the on-going quest and acquiring of knowledge is a truly spiritual and nearly inconceivable process. As one grows older they gain massive quantities of life experience to draw on and become more cognizant of their faults, often utilizing the looking glass self which allows others to reveal their failings to them. Aging, my grandmother has found, ultimately leads to a greater sense of identity and self. My grandmother is truly the picture of generativity. Her concern for the next generation is very apparent in her writing as she tries to preserve historical evidence and present it to children through her fictional writing. She is obviously aware of the many ways in which she has been blessed and very sensitive to the wants and needs of her husband who now genuinely needs her support. She has reached old age and faces death with a sense of integrity; her faith has lead her through a satisfying and meaningful life. Although she realizes that she is reaching the end, she is celebrating the many gifts life has presented her with and is satisfied with what she has been able to offer to others. The respect that I have for my grandmother is continually increasing, I do not know if I will ever be able to put into words how much of an idol she has served as for me in how I have shaped and the courses I have chosen in life. She has taught me the importance of a strong sense of self, how to value close friendships. She has shown me the wonderful support system and overall warmth family brings to ones life. Her amazing faith, which guided her through hardships and times of joy, showed me the importance of self-transcendence and the relationship I would someday like to build with God. Her steadfast and strong relationship with my grandfather has re-emphasized the importance of finding a true life partner and developing a relationship where conflict can be overcome. In her telling me about the social development and self-discovery she achieved in college I realize the importance of maximizing my college career and truly finding what I am passionate about as early in my life as I can. My father is a wonderful parent and I see how having children and watching them raise their own children can become the most rewarding experience in a persons life. I have inherited my passion for writing from my grandmother and I hope that someday I will be as skilled at using words to paint a picture is she is. The chapters of my grandmothers life have enlightened me greatly, as a quote from Anton Chekhov suggests her writing inspires me to do the same, Dont tell me the moon is shining; show me the glint of light on broken glass.

A review of economic growth and financial development literature

A review of economic growth and financial development literature Introduction It is the wish of every country to realize improved and sustainable economic growth and financial development in order to improve the living standards of the greatest majority among its citizenry. Improved economic and financial development is also central to a country’s ability to safeguard its survival in a world that is increasingly facing uncertainties, and unforeseeable risks.Advertising We will write a custom essay sample on A review of economic growth and financial development literature specifically for you for only $16.05 $11/page Learn More For these reasons, countries with visionary and development conscious leaders devise the most feasible economic blueprints that can enable them to reach greater heights of economic and financial success. In reality, a developmental state is a product of superior economic design; not accident, chance, or miracle. That is the bitter truth that the world’s poor and developing countriesâ⠂¬â„¢ leaders must embrace or condemn their countries to terminal economic and financial stagnation. This paper is a review of China’s economic growth and financial development. Economic growth Economic growth refers to a rise in the capacity of a country to generate goods and services, as compared from one period of its history to another (Barro Sala-i-Martin 2004, p.52). Economic growth is measured in real and nominal terms (Cypher Dietz 2008, p.33). Nominal terms include inflation while real terms are adjusted for inflation. Comparative studies of economic growth of different countries use GDP or GNP per capita because these variables take into account population differences between countries (Cypher Dietz 2008, p.33). Economic growth is normally attributed to technological advancement in a given society (Barro Sala-i-Martin 2004, p.52). United States is a prime example where enormous economic growth was realised following the introduction of the internet technology. I t is pertinent to note that, the growth of a country’s economy should not be seen in terms of an increase in its productive capacity only, but also as an improvement in the quality of life of its citizenry. In short, economic growth is a process through which a country’s wealth accumulates over an extended period. Therefore, economic growth can best be thought of as a process of transformation.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Fitzgerald, a country’s long-term sustainable economic growth depends on its ability to increase its pace of accumulating physical and human capital, to use the resulting productive assets more efficiently and guarantee the reach of the entire population to these assets (2006, p.1). Financial Development Financial development refers to the â€Å"creation and expansion of instruments, institutions and markets that support a country’s investment and economic growth process† (Fitzgerald 2006, p.1; King Levine 1993, p.3). Banks and non-banking financial intermediaries such as stock markets and pension funds â€Å"play the role of translating household savings into enterprise investment, keep an eye on investments and distribute funds, as well as, to price and mitigate risks† (Fitzgerald 2006, p.1). Financial intermediation provides liquidity so that companies can operate the new capacities efficiently. Some economists hold that, financial development and economic growth are intimately related (Jeanneney et al 2008, p.3). Financial development influences a country’s economic growth, and helps to alleviate poverty because economic growth is a potential way of reducing poverty (Jeanneney et al 2008, p.3). Financial development helps alleviate poverty indirectly by motivating growth, and directly by enhancing transactions and enabling the poor to gain from financial services that raise their income, which facilitate their ability to undertake productive investments and other activities. Literature review on China’s economic growth and financial development The People’s Republic of China, popularly known as China is the most populous country with over 1.3 billion citizens. It is situated in East Asia (LaFleur 2003, P.3). It is a de jure one-party state ruled by the Communist Party of China (CPC) (LaFleur 2003, P.3). China is the third largest country by a total area and the second largest by land area (LaFleur 2003, p.3). During 1990s, the international community started to acknowledge that China’s economy is self-motivated and rapidly growing; therefore, its swift growth would continue for some time (Chow 1994, p.1). Today, china is one of the fastest growing economies internationally.Advertising We will write a custom essay sample on A review of economic growth and financial development literature specifically for you for only $16.05 $11/page Learn More Since 1978 when economic liberalization was introduced in China, China’s investment and export-led economy has grown 90 times bigger and is currently the fastest growing leading economy in the world (Wang et al 2007, p.85; Bramall 2009, p.464). According to the International Monetary Fund (IMF), during the period 2001-2010, China’s annual average GDP growth was 10.5 percent. This growth is anticipated to grow at 9.5 percent during the period 2011-2015 (Morrison 2011, p.2). Between 2007 and 2010; China’s economic growth rate was equivalent to all of the G7 countries put together (Morrison 2011, p.2). The link between economic growth and financial development has triggered a protracted debate from Smith to Schumpeter. According to research results over the years, financial development stimulates economic growth (Burzynska 2009, p.8). He argued that via the services that financial intermediaries bring about like mobilizing savings, containing risk and enhancing transactions technological and economic development is motivated (Burzynska 2009, p.8). For him, financial intermediaries facilitate technological innovation. Technological advancement according to Schumpeter is a process of continuous substitution of old production methods and goods with improved processes, services and goods by innovation and invention (Burzynska 2009, p.8). It has long been agreed amongst economists that financial institutions can enhance economic growth. For instance, Hicks put emphasis on capital formation, which he argued can be influenced by financial intermediaries by either changing savings rate or by redistributing savings among different capital generating technologies. There are, however, distinguished economists who oppose the view that financial developments stimulate economic growth. For example, for Robinson an economy in which enterprise is leading finance development follows (Robinson 1952, p.4 3). In other words, financial development takes place as an automatic response to rising varied financial needs. Other scholars were concerned that economists overemphasized the importance financial factor in economic growth (Lucas 1988, p.4).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Financial intermediaries play six main roles. First, they pool household savings and make them available for lending (Burzynska 2009, p.9). Doing so reduces transaction costs for firms, as well as, households themselves. Secondly, financial intermediaries distribute savings and decide who gets loans (Burzynska 2009, p.9). Thirdly, financial institutions mitigate the overall risks of doing business by way of spreading investor’s funds among the diverse investment opportunities. Fourth, they produce liquidity. Fifth financial in situations facilitate trade by extending credit and guaranteeing payment (Burzynska 2009, p.9). Finally, they exert corporate control and monitoring of managers. A properly functioning financial system should ensure increased savings and investments which either via capital accumulation or technological change leads to rise in output and consequently economic growth (Burzynska 2009, p.9). China’s outstanding economic growth during the last two de cades has attracted considerable attention particularly from economists. Most empirical studies show that improvement in China’s productivity can account for an important portion of its striking growth (Morrison 2011, p.5). The source of China’s remarkable growth has two aspects namely domestic and international even though the two are intimately related. Since 1978, China backed free trade and gradually removed trade restrictions. The government transformed its policy of management of foreign trade by the Ministry of Foreign Trade and gave provincial governments a substantial autonomy in foreign trade and permitted private sector to take part in foreign trade (Morrison 2011, p.2; Chow 2005, p1). According to Chow (2005), during the period 1978 to 2002, total volume of exports and imports rose from $ 20.64 billion to a staggering $620.8 billion in 2002. This accounted for 65 % of china’s GDP and a growth rate of 35% annually (Chow 2005, p.1). Consequently, China became the third largest trading economy behind Germany and the United States. Presents Chinese exports are found all over the world. In the year 2001, China acquired World trade Organization membership. WTO pushed it to lower its tariffs for manufactured and agricultural products (Chow 2005, p.1; Bao et al 2006, p.181). The lowering of tariffs helped to increase competition among Chinese manufacturers and farmers and ended up providing inexpensive products for Chinese consumers. According to Chow (2005), foreign trade has boosted China’s economic growth in three aspects. International specialization, which occurs as each country produces the goods for which it has a comparative advantage in generating, has enabled China to procure more goods than by national production only (Chow 2005, p.1). Secondly, exports are a part of aggregate demand and rise in cumulative demand has helped China to raise its national output. Thirdly, trade in conjunction with foreign investment has b rought in modern technology and methods of management that has increased China’s productivity (Chow 2005, p.1). Another major cause of China’s economic growth was an increase in foreign investment, and domestic investments (Chow 2005, p.2; Morrison 2011, p.5; Zhang 1995, p.2). Even though available statistics show that private consumption fell from 49 percent of GDP in 1990 to 35 % in 2008, investment increased from 35% to 44 percent of GDP by the same date (Chow 2005, p.2). According to Clow (2005), flow of physical capital in the form of foreign direct Investment (FDI) has been exemplary in advancing China’s economic growth. After the introduction of the 1978 economic reforms, China’s foreign investment policies have positively changed. The 1978 economic reforms became a point of departure for China from seeing foreign investment as a form of exploitation by outsiders, to embracing it for purposes of China’s economic growth and development (Chow 2005, p.2; Morrison 2011, p.2). For instance, in 2001, an amount of FDI of $ 49.7 billion dollars was utilized while in 2003 $ 56.1 billion was utilized. Foreign investment has helped China’s economic growth through the provision of physical and financial capital, new technology and managerial skills to China (Chow 2005, p.2; Morrison 2011, p.5). Through the 1978 reforms the government also encouraged individual citizens to start their own businesses. Additionally, control of prices for various commodities by the state was gradually removed. Clow, however, points out that, foreign investment is not a basic economic factor in China’s outstanding economic growth, but only a vehicle boosting that growth (Chow 2005, p.2). Instead, there are three significant factors including availability of high quality human resources, which comprise properly trained and hardworking labourers, and creative entrepreneurs. Adequately properly functioning market institutions and chinaâ€⠄¢s standing as a late comer who can embrace new technology from the already developed countries (Chow 2005, p.3). These three fundamental factors have enabled china to create a centre of attention for foreign investors. Moreover, the investors would have invested their capital in other economies. Today, China is exporting capital to developing countries, as well as, United States. For instance, Chinese investment has boosted economic development of some African and Asian countries. Morrison has attributed China’s swift economic growth to two main factors namely large-scale capital investments and a swift productivity growth (Morrison 2011, p.5). These capital investments were financed by both foreign investments and domestic savings. Economists view these two factors as having moved hand in hand. Economic reforms resulted into higher efficiency in China’s economy, which in turn, enhanced national output and raised resources for additional investment within the economy (Morrison 2011, p.5). Furthermore, economists have concluded that productivity growth, or increases in efficiency have been a fundamental factor in China’s striking economic growth. This improved productivity is attributed to reallocation of resources to more productive areas particularly sectors that were previously strictly controlled by the government like services, trade and agriculture (Morrison 2011, p.5). For example, improvements in agriculture promoted production and set workers free to pursue employment in a more dynamic manufacturing sector (Morrison 2011, p.5). In addition, economic decentralization encouraged the rise of private companies. The private firms that emerged tended to follow more productive activities than the State Owned Enterprises (SOEs), and were more market-oriented and for this reason more efficient (Morrison 2011, p.5). The export sector of the Chinese economy got exposed to competition. Provincial and Local governments were permitted to estab lish and run a wide range of enterprises based on market forces and principles, without central government interference (Morrison 2011, p.5). Additionally, China has attained high rates of total factor productivity than even most of the developed economies including United States. These high rates of TFT growth are attributed to China’s ability to reach and make use of existing foreign technology and expertise. Apart from the causes of rapid Chinese economic growth reviewed above, economists have explored the role played by financial development in boosting economic development in China over the two last decades. Like other sectors, since the introduction of the 1978 economic reforms, the Chinese financial sector has experienced fundamental changes. For example, the place of mono banking was taken over by commercial banking; stock markets emerged; and modern regulatory bodies were established (Burzynska 2009, p.11; Zhang 2008, p.12). Stock markets were introduced in China in 1990. Stock markets were established in main cities including Shanghai which is a China’s oldest financial centre and Shenzhen, a fast growing city in the southern part of china for purposes of balance (Burzynska 2009, p.13). More than 75 percent of stock trading takes place in shanghai and the rest in Shenzhen. Unfortunately, even though indexes may reach greater heights and transactions prosper within China’s stock markets, some shares are not tradable (Burzynska 2009, p.14). For example, combined capitalization of Shanghai and Shenzhen stock markets as at the end of 2007 was 133% of GDP even though only 37% of GDP was tradable (Burzynska 2009, p.13). Furthermore, stock in china is more of a political affair and thus plays a minor role in financing enterprises. Politics within the stock market has led to incorrect pricing of the stock with overpricing and under pricing alternating depending on the prevailing political conditions (Burzynska 2009, p.13). Loans offered 80% of financing compared to 13% of equity in year 2007. Foreign companies are only permitted to obtain loans from banks only and can not borrow from other companies. According to Burzynska (2009), even though the debt market in china is developing it is considerably narrow, fragmented and inadequate in liquidity. It was not until 1990 that the government started to take charge of and control the bond markets seriously, which began unofficially in 1980s (Burzynska 2009, p.15). In 1997 trading of government bonds was started on the inter-bank market. The corporate bond market was reserved for various SOEs, and a considerable period remained remarkably small (Burzynska 2009, p.14). The government and policy banks issue most of the bonds. However, the volume of bonds traded has grown significantly especially since 1998 due to expansionary monetary policies (Burzynska 2009, p.14). For example, as of the end of year 2007 total bond issuance accounted for 32% of GDP (Burzynska 2009, p.14) . In a nut shell, it is the Chinese banking sector that plays the most significant role within the Chinese financial sector and is thought to have the strongest link with economic growth. Chinese financial system has numerous banking institutions. Hence, over the last decade total bank loans have accounted for over 105% of GDP (Burzynska 2009, p.15). China’s banking sector is categorized into four principal types of banks including commercial banks, state owned banks, foreign banks and rural credit cooperatives (Burzynska 2009, p.15). There are also non-banking institutions. The People’s Bank of China has served as the central bank of china since 1983. It formulates and put into practice monetary policies and controls financial markets (Burzynska 2009, p.16). However, it is not an independent entity because the government has apparent control over expansion of new financial products and levels related to interests rates on loans. The momentous question today revolves a round whether the relatively weak financial intermediaries in China have been a fundamental contributing factor to China’s rapid economic growth. Influential economists, some of which are respected authorities on Asian economic studies, have positively focused on the role of China’s financial system in its rapid economic growth. Others had used the case of China’s outstanding economic growth to prove that financial development follows economic growth given the fact that, by the time china was emerging as a dynamic economy, its financial system was poorly developed. Therefore, for such scholars current financial development is merely responding to presently required financial arrangements in a growing economy. There is, however, evidence showing that Chinese has historically maintained a high of savings even in the absence of a properly developed financial system. For example, when economic reforms were introduced in 1978 domestic savings stood at 32% of GDP (Mor rison 2011, p.5). Even though, much of these savings were produced by profits of SOEs, the 1978 economic reforms which entailed economic decentralization, resulted into a considerable rise in Chinese household savings, as well as, company savings (Morrison 2011, p.5). Consequently, Chinese gross savings as a proportion of GDP have drastically grown; it reached 53.9% in 2010; therefore, is one of the highest savings rates in the world (Morrison 2011, p.5). According to Morrison (2011), the high level of savings has allowed China to boost national investment. It is estimated that Chinese domestic saving margins surpass its domestic investment levels making China one of the largest net global lenders (Morrison 2011, p.5). Therefore, there is no dispute that financial intermediaries have contributed to Chinese rapid economic growth especially during the years following initialization of the 1978 economic reforms. These reforms apparently created a developmental space in which competitio n within the financial sector could thrive, and in the long run enabled it to contribute to China’s astounding economic growth. There is empirical evidence showing that financial development has significantly contributed to China’s high rates of total factor production (Guillaumont et al 2008, p.3). Empirical evidence has continually shown that financial development promotes China’s productivity by increasing efficiency. Financial development caused a positive and significant impact on efficiency both through expansion of credit to the private sector and through promotion of competition within the financial sector, which in turn robustly promotes China’s productivity growth (Guillaumont et al 2008, p.3; Hasan et al 2007, p.4; Calomiris 2007, p.364). However, economists, such as Maswana, have asserted that China’s rapid economic growth and financial development outcomes are irreconcilable because; its financial system is seriously weak and inefficie nt (Maswana 2008, p.1). Avid critics of the said link between China’s remarkable economic growth and its financial development cite intermediation inefficiencies such as non-performing loans and government controlled loan allocation (Maswana 2008, p.2). Conclusion China’s economic growth is certainly remarkable and hence the enormous attention it has attracted among influential economic scholars across the globe. More literature on China’s economic growth and financial development will keep on surfacing, since its rapid economic growth rate is anticipated to continue for a considerable period in the foreseeable future. This argument is anchored on the fact that there is an unresolved debate on the connection between China’s rapid economic growth and its financial development. However, it expected that as China’s technological advancement starts to catch up with that of principal developed countries, its level of productivity advantages and real GDP growth could slow considerably from its spectacular 10% economic growth rate, unless China transforms itself into a centre of new innovation and technological revolution. Furthermore, thriving of business in all sectors especially with regard to foreign investment depends largely on government’s ability to implement free-trade policies, which are in line with WTO principles. References Bao, S., Lin, S., Zhao, C., 2006. The Chinese economy after WTO accession. Hampshire, UK: Ashgate Publishing, Ltd. Barro, J., Sala-i-Martin, X., 2004. Economic growth. New York, NY: MIT Press. Bramall, C., 2009. Chinese economic development. New York, NY: Taylor Francis. Burzynska, K., 2009. Financial Development and Economic Growth: The Case of Chinese Banking Sector. 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