Sunday, December 29, 2019

The Rise Of Drug Prohibition - 975 Words

Drug prohibition is rarely viewed negatively by many Americans. The failure of drug prohibition has sparked some debate in the last fifty years, however, the ignorance about illegal substances has led to little discussion on alternatives to prohibition. Legalizing all drugs would be a better alternative than perpetuating the failed war on drugs. The drug war has negatively impacted many lives by demonizing users and corrupting public officials. Criminalizing alcohol did not work in the 1920s and the same thing is true today about illicit drugs. Prohibition has stripped away a fundamental right we should have in a free society, and that is the right to consume whatever you want as an adult. The choice to consume alcohol was stripped from us at one point, however, Congress eventually passed the 21st Amendment making alcohol legal again. Alcohol prohibition has given us the opportunity to see the transformation of a once illegal drug become a legal and regulated substance. The 18th Ame ndment of the Constitution made alcohol consumption, distribution and production illegal. Prohibition subsequently gave birth to a criminal industry. Prohibition fostered the growth of powerful criminal organizations. It is clear that criminalizing a substance previously legal and letting the criminal market regulate it was a failure. The illegality of alcohol led to a black market where users were persecuted by society, which is exactly what the war on drugs is doing now. In our society,Show MoreRelated decriminalize drugs Essay1198 Words   |  5 Pagesin our country today, regards the prohibition of illegal narcotics. Deemed unhealthy, hazardous, and even fatal by the authorities that be; the U.S. government has declared to wage a â€Å"war on drugs.† It has been roughly fifteen years since this initiative has begun, and each year the government shuffles more money into the unjust cause of drug prohibition. Even after all of this, the problem of drugs that the government sees still exists. The prohibition of drugs is a constitutional anomaly. ThereRead MoreDecriminalize Drugs Essay1192 Words   |  5 Pagesin our country today, regards the prohibition of illegal narcotics. Deemed unhealthy, hazardous, and even fatal by the authorities that be; the U.S. government has declared to wage a war on drugs. It has been roughly fifteen years since this initiative has begun, and each year the government shuffles more money into the unjust cause of drug prohibition. Even after all of this, the problem of drugs that the government sees still exists. The prohibition of drugs is a constitutional anomaly. ThereRead MoreA comparison between the 1920s and the 1980s.1408 Words   |  6 Pagesmany ways. Their similarities are social, economical, and political. Some of the similarities between the decades are Prohibition and the War on Drugs, the Stock Market Crash of 1929 and 1987, and the influence of music on society. Prohibition was passed as the 18th amendment, that importing, exporting, transporting, and manufacturing of alcohol was to be put to an end. Prohibition did not achieve its goals. Instead, it added to the problems that it intended to solve. It was expected that the decreaseRead MoreEssay on Marijuana528 Words   |  3 PagesMarijuana Marijuana is a drug that has been used for thousands of years. Marijuana was used in ancient China, as far back as 5000 B.C. The Incans and Mayans used marijuana in religious ceremonies. Marijuana also has roots in this country. The Indians of the plains used marijuana in their peace pipes as a sign of friendship and peace. After prohibition there was a sharp rise in the use of this drug in America, but after prohibition was repealed the use went down. In the 1920s and 30sRead MoreIs the Prohibition of Drugs Useful or Not? Essay1729 Words   |  7 Pagesbecome aware of drug prohibition. In fact, every country in the world has a form of drugs prohibition. However, national drug prohibition started in 1920s in the United States as a subgroup of national alcohol prohibition. In 1930 the congress of United States separated drugs from the alcohol prohibition law and created a new federal drug prohibition agency (Levine, 2002). Prohibition may be defined as the set of policies which ban all production, distribution and sale of drugs for non-medical useRead MoreThe Ineffectiveness of Prohibition1312 Words   |  5 Pages Prohibition was a law that was passed to stop the production, sale, transportation, and exportation of alcoholic beverages. This began when the Eighteenth Amendment to the Constitution went into effect on January 16, 1920. People tried to control how much alcohol was consumed in the United States in the late 1700’s. Organizations and groups tried to get people to drink in moderation rather than stop drinking all together. The Protestants were the main group that tried this. They wereRead MoreProhibition Of The United States777 Words   |  4 PagesResponse Prohibition in the United States occurred as a result of the Eighteenth Amendment, which was passed on January 17th, 1920. Prohibitions lasted approximately 13 years and ended with the ratifications of the Twenty-First Amendment which repealed the Eighteenth Amendment on December 5th, 1933. Prohibitions did not yield any benefits for the average American, in fact I believe it hindered both men and women in economic, political and social ways. The main proponents of Prohibition were womenRead MoreDrugs During The Civil War1421 Words   |  6 PagesDrugs first surfaced in the United States in the 1800s. After the Civil War opium become very popular and was used medicinally. Following opium was cocaine which was also used as a health remedy but near the end of the 19th century opium and cocaine abuse peaked and local governments began to prohibit opium dens and importation. In 1914 the first federal drug policy, the Harrison Narcotics act, is passed and drugs are no longer seen as harmless remedies. The act aggressively regulated the manufacturingRead MoreProhibition Of Drugs And Alcohol1492 Words   |  6 PagesPopular belief holds that consumption of drugs and alcohol encourages violence and that the appropriate response is prohibition of these goods. However, a different viewpoint is that prohibition creates illegal underground markets, which require violence and crime to remedy in-house disputes. This paper examines t he relationship between prohibition and violence using the historical data and behavior following previous U.S. drug and alcohol laws, regulations, and enforcement on indicators of violenceRead More Drug Prohibition – The solution that never worked Essay1071 Words   |  5 Pages Countries have been making drugs illegal over the years for varieties of reasons - be it to combat a perceived moral or health epidemic, to single out certain groups of people, or to reflect religious influences. Even when some drugs do not present notable health dangers, governments ban them. While there are many drugs that are unhealthy when abused, the drug policies around the world, particularly the United States, are inconsistent and oppressive. Drug laws were supposedly created for the good

Saturday, December 21, 2019

The United Nations Office on Drugs and Crime Is Combating...

The United Nations Office on Drugs and Crime (UNODC) is the unit of the United Nations (UN) charged with combating illicit drugs, terrorism, and other criminal activity. It is headquartered in Vienna, Austria, and has twenty-one field offices and a liaison office in New York. The agency has approximately 500 members across the globe who develop and enforce drug control policies that are responsive to their individual needs. The UNODC’s work program consists of three major pillars. The first of these is research and analysis of substance abuse issues and the relationship of these concerns to policy and operational decisions. The second is the promotion of treaties and legislation among member nations to develop programs to counter drug†¦show more content†¦The agency’s Global Program for Trafficking in Human Beings was created to thwart the rapidly growing problems of the smuggling of migrants for labor purposes and the trafficking of people for prostitution, slave labor, and the sex industry. The Global Program against Transnational Crime attempts to supply member states with information, data, training, and policy formation strategies to combat organized transnational criminal activity. The Global Program against Corruption focuses on helping member nations establish procedures to reduce corruption in government by implementing watchdog strategies. The Global Program against Terr orism assists members in enacting legislative policies designed to prevent and suppress terrorist activity and works in tandem with the Counter-Terrorism Committee of the Security Council, the Office of Legal Affairs, and local organizations. The UNODC also operates a Legal Advisory Program that provides assistance to member nations in the development of legal and structural frameworks for the successful execution of programs designed to fight drug problems and the accompanying criminal issues of terrorism, money laundering, and others. The UNODC’s Global Assessment Program is directly involved with initiatives designed to reduce the spread of HIV through the prevention of drug use. This program is responsible for supplying accurate and up-to-date statistical data on drug use as well as developing strategies to inhibit drug use throughShow MoreRelatedControlling Organized Crime1363 Words   |  6 PagesControlling Organized Crime CJA384 Controlling Organized Crime Since the 1990’s, organized crime has become a problem among U.S. citizens. The Mafia was the earliest group to show its strengths of power and manipulation among citizens and business of New York City. From the time of the Mafia’s rise, other criminal organizations have surfaced using their power to corrupt personal within business for the gain of finance and political strength. In today society, one of the main question whenRead MoreThe Crime Of Money Laundering1445 Words   |  6 Pagesproceeds of crime can be disguised. Proceeds of crime can simply be put as money earned from profit-oriented crime. The methods used are many and highly complicated. Corruption is one of the organised crime which is said to be primarily associated with the laundering of proceeds through money laundering. Technological tools accord further chances for individuals to employ money laundering as a process of ‘cleaning up’ dirty money and obscure the trail leading back to the underlying crime. The crime of moneyRead MoreBudget And Policy Paper1597 Words   |  7 Pages War on Drugs Bridget Brown, Shaketra Jones, Matt Anderson, Jerry Carter, and Lisa Rivers CJA/464 Matthew Kite October 20, 2014 More than 45 years ago President Richard Nixon announced and declared the nation is at war, that war was the War on Drugs. Nancy Reagan campaigned heavily in the fight against drug use as well; her fight was that of teaching young children the slogan of â€Å"Just Say No†. The goals of the criminal justice system in the war on drugs have beenRead MoreFRAMEWORK OF ANTI-MONEY LAUNDERING AND COMBATING OF FINANCIAL TERRORISM IN THE ECOWAS REGION11171 Words   |  45 Pagesï » ¿FRAMEWORK OF ANTI-MONEY LAUNDERING AND COMBATING OF FINANCIAL TERRORISM IN THE ECOWAS REGION By Oladeji Ifeoluwa Temiloluï€ ª 1.0 Introduction Money laundering as a form of cross border crime involves the use of legal tender in a financial transaction in order to conceal the origin, source or destination of such legal tender derived through illegal means. The sole aim of every money launderer is to misrepresent to any law enforcement authority or agency that the source of the funds are cleanRead MoreEssay about Money Laundering2233 Words   |  9 Pagesfunds from criminal activity are converted into â€Å"clean money† and cannot be traced back to the criminal activity. The goal is to conceal the criminal activity and the criminals involved. One of the main reasons people commit criminal acts is to make money off of it. Money laundering allows criminals to enjoy these illegal proceeds without law enforcement noticing. Money laundering can be used in drug trafficking, terrorism financing, or tax evasion. Obviously selling drugs is illegal. The drug industryRead MoreThe Role of U.S. Customs and Border Protection2503 Words   |  10 Pagescombat threats of specific time eras. U.S. Customs has grown from collecting of revenue during the 1800s to fighting the War on Drugs, and well into the 21st century where combating terrorism would be yet another mission undertaken by CBP. Without a doubt, the U.S. Customs Service has played an active role in the protection of the nation’s borders against terrorism, criminal drug lords, and even the violation of intellectual property theft. Origins of the U.S. Customs Service The U.S. Customs wasRead More America’s Drug War Essay3563 Words   |  15 PagesThe War on Drugs, like the war on Terrorism, is a war that America may not be able to afford to win. For over forty years the United States has been fighting the War on Drugs and there is no end in sight. It has turned into a war that is about politics and economics rather than about drugs and criminals. The victims of this war are numerous; but perhaps they are not as numerous as those who benefit from the war itself. History of U.S Drug Policy: While laws prohibiting the use of drugs, in one formRead More Changes in Operations are Needed for Future Threats and Terrorism in the United States3063 Words   |  13 PagesThreats and terrorism will always exist and are constantly evolving. Even after the dreadful 9/11 attacks, terrorists remain diligent at planning attacks against the United States and its allies. Although not on the same scale as the 9/11 attacks, terrorists have successfully executed plots in the United States, the United Kingdom and France. For example, on April 15, 2013, an attack at the Boston Marathon occurred, killing three people and injuring 264 individuals. In the United Kingdom, onRead MoreWar on Drugs Research Essay2406 Words   |  10 PagesDrug use and abuse is an expensive problem in the United States, both financially and socially. The War on Drugs has been an ongoing effort to combat drug abuse, drug use and crime associated with the drug trade. Its a war without a clear enemy. Anything wag ed against a shapeless, intangible noun can never truly be won — President Clintons drug czar Gen. Barry McCaffrey said as much in 1996. (TIME 2009) Despite the trillions of dollars waged on the war on drugs and the countless arrest made relatedRead MoreRealism Theory and Narcoterrorism Essays7379 Words   |  30 PagesBelaà ºnde Terry of Peru first defined the term â€Å"narco-terrorism† in 1983. The term was first created to describe terrorist-type attacks against Peru’s anti-narcotics police. President Terry used to the word â€Å"narco-terrorism† to attempt to describe the narcotics trafficker’s use of violence and intimidation to influence the policies of the government. However, the word narco-terrorism has more than just one definition. According to the DEA, narco-terrorism is defined as, â€Å"participation of groups or associated

Friday, December 13, 2019

A Critical Analysis of the 1997 Asian Financial Crisis Free Essays

Abstract There exists vast literature regarding the 1997 Asian financial crisis. Wade (1998) observed that: Interpretations of the Asian crisis have coalesced around two rival stories: the â€Å"death throes of Asian state capitalism† story about internal, real economy causes; and the â€Å"panic triggering debt deflation in a basically sound but under-regulated system† story that gives more role to external and financial system causes (Wade 1998, p.1535). We will write a custom essay sample on A Critical Analysis of the 1997 Asian Financial Crisis or any similar topic only for you Order Now Whereas Wade supports the latter narrative based on the chronology of the crisis, this short paper holds that the combination of both stories caused the 1997 Asian financial crisis, rather than one view point being more significant than the other. The major underlying reasons, which contributed to the crisis, are categorized using the criteria described by Wade. There are some overlaps in terms of the supporting evidence and these further support the paper’s stand. This paper also presents lessons learned and not learned from the experience. View points on Financial CrisisSupporting Evidence ‘Death throes view’– ‘Excessive government intervention in markets’ and the state-directed Asian market system (Wade 1998, p.1536)– Structural and Policy Distortions- Rapid Liberalization and Deregulation of Financial Markets*- Moral Hazard** ‘Investor pullout/Debt deflation in a sound but under-regulated system’– ‘Self-fulfilling withdrawal of short-term loans, fuelled by each investor’s recognition that all other investors are withdrawing their claims’ due to short term debts exceeding foreign exchange reserves (Wade 1998, p. 1537)– Rapid Liberalization and Deregulation of Financial Markets*- Dependence on Exports- Pegging currencies to the U.S. dollar- Excessive Borrowing and Currency Speculation- Creditor Panic- Moral Hazard** Introduction The 1997 Asian financial crisis signalled the end of the Asian Tigers’ â€Å"economic miracle.† Prior to the crisis, these Asian Tigers (i.e. Hong Kong, Singapore, South Korea, Taiwan) and Tiger Cubs (i.e. Thailand, Malaysia, Indonesia, the Philippines) were held as role models to developing nations on how to achieve economic growth. Criticisms and doubts about their economic policies were disregarded in favour of their strong growth rates; while financial institutions, including the International Monetary Fund (IMF) and World Bank (WB), showered them with praise (Karunatilleka 1999). Table 1: Key Variables in 1996 – The Asian Tigers before the crisis Investment as a Proportion of GDP (a) Gross Savings Rate Trade as a Proportion of GDP (b) Share of World GDP Real GDP Growth Consumer Inflation Hong Kong31.3% 30.6% 122.9% 0.6% 4.9% 6.0% Indonesia32.1% 31.2% 20.4% 0.8% 8.0% 7.9% Malaysia42.2% 42.6% 78.9% 0.4% 8.6% 3.5% Philippines23.2% 15.6% 31.2% 0.3% 5.7% 8.4% Singapore36.5% 50.1% 0.3% 6.9% 1.4% South Korea36.8% 35.2% 28.9% 1.8% 7.1% 4.9% Taiwan21.2% 25.1% 40.1% 1.0% 5.7% 3.1% Thailand42.2% 35.9% 34.9% 0.7% 5.5% 5.8% Notes:(a) GFCF plus inventories (GFCF only in the cases of Hong Kong and Singapore) (b) Average value of exports plus imports as a proportion of GDP (including re-exports in the case of Hong Kong, given its status as an entrepot). Source: Karunatilleka 1999 The crisis was triggered on July 1997 due to speculative attacks on the Thai baht. Investors sold-off baht-denominated assets and withdrew dollar-denominated loans to Thai institutions. As a result, the Thai government was forced to float the baht and let go of its peg to the U.S. dollar because it did not have enough currency reserves to support its fixed exchange rate. In the succeeding months, other Southeast Asian countries followed suit as the financial crisis spread throughout the region (Hale, 2011). By January 1998, the stock markets in many of the affected countries had lost more than 70% their pre-crisis values, their currencies had also largely depreciated against the U.S. dollar, and their governments had to seek substantial financial support from the IMF (Hill, 2003). Table 2: Key Currency Movements from 1997 to 1999 CountryCurrency3/1/97 Rate Lowest Rate Maximum Depreciation Ending Rate 1999 Change 1997-99 ChinaYuan8.30 8.30 0.0% 8.28 0.2% Hong KongHong Kong Dollar7.74 7.77 -0.3% 7.77 -0.3% TaiwanTaiwan Dollar27.50 34.95 -21.3% 31.50 -12.7% IndonesiaRupiah2,398.00 16,475.00 -85.4% 7,150.00 -66.5% JapanYen120.40 147.26 -18.2% 102.23 17.8% KoreaWon864.40 1,967.00 -56.1% 1,142.50 -24.3% PhilippinesPhilippine Peso26.34 46.10 -42.9% 40.40 -34.8% SingaporeSingapore Dollar1.43 1.79 -20.5% 1.67 -14.6% ThailandBaht25.90 55.80 -53.6% 37.60 -31.1% Source: Vallorani 2009 What caused the 1997 Asian Financial Crisis? Many factors are believed to have contributed to the crisis. Some of the very components credited with spurring the region’s economic development were later acknowledged as having inadvertently played a part in the subsequent financial crisis. The following are the factors that merged together to create the perfect storm which resulted in the crisis. Structural and Policy Distortions The aftermath of the crisis brought to light several structural and policy inefficiencies that weakened the economic foundations of several Asian economies. Governments often undertook large infrastructure projects to promote economic growth and encouraged private businesses to invest in sectors that are in line with national industrialization goals. Corsetti et al (1999, p.306) pointed out this led to a ‘structure of incentives’ within the corporate and financial sectors and ‘close links between public and private institutions.’ Furthermore, the political pressures to maintain high growth rates, the absence of an effective regulatory business framework, and a culture of crony capitalism resulted in government guarantees for private projects (Karunetilleka, 1999; Corsetti et al 1999). Rapid Liberalization and Deregulation of Financial Markets In the years prior to the crisis, the Asian Tigers were praised for its efforts to open up its financial markets. However, on hindsight, experts believe that the development of financial systems had not kept pace with the rapid liberalization and deregulation of financial markets. Lending standards were lenient, government’s supervision and regulation of the financial sector were weak, there was a culture of inter-connected lending, some banks were undercapitalized, and financial safety nets were not in place (Nanto, 1998; Radelet and Sachs, 1999). Vallorani (2009) gave some insights on the effect of deregulation on the financial sector by pointing out the concept of â€Å"hot money† and the high risk-taking that was prevalent in the years prior to the crisis. Deregulation in the financial sector led to easy money, which caused many speculative and bad loans to be made. It also led to large debt burdens. Since hot money tends to follow hot money, a feeling of â€Å"euphoria†, and â€Å"I can’t lose† mentality, pumped money into already overvalued sectors, leading to valuations that could not be sustained. It also led to a misunderstanding of the risks involved with these investments. Dependence on Exports Export was the main engine that propelled Asian economies to grow. However, the excessive dependence on trade had made these countries vulnerable to currency movements. During the mid 1990s, real exchange appreciations made Asian companies less competitive, especially in terms of labour cost. Additionally, over production and excess capacity led to falling export prices. Rising competition from China and Mexico were also believed to have cast some doubts about the competitiveness, growth prospects, and ability to pay loans by Asian exporters (Radelet and Sachs, 1999; Hill 2003). Pegging currencies to the U.S. dollar Since the currencies of most Southeast Asian economies were pegged to the U.S. dollar, the appreciation of the dollar caused the exports of these countries to become more expensive and less competitive (Hale, 2011). At the onset of the crisis, the rising dollar caused these countries to run large deficits to fund their currencies and maintain the fixed dollar rate (Karunetilleka, 1999). As governments failed to maintain the dollar peg, their currencies depreciated sharply against the dollar and contributed to the financial panic (Hill, 2003; Radelet and Sachs, 1999). Excessive Borrowing and Currency Speculation The high economic growth of the early 1990s led to an attitude of excessive borrowing – most of which were used to fund real estate projects. The money loaned to domestic firms for these projects were funded by borrowing excessively from abroad. The influx of money to fund these assets caused an economic bubble as real estate prices increased dramatically (Vallorani, 2009). In the boom years, speculative loans were awarded to firms which were not credit worthy (Vallorani, 2009). As the crisis unfolded, it became apparent that many companies had a huge mismatch between liabilities that were denominated in U.S. dollars and assets that were mostly denominated in domestic currency (Hale, 2011). Realizing that many firms would be unable to repay their loans, currency speculation began. The Thai baht was the first to fall victim to speculative attacks, as speculators sold the baht based on the belief that the exchange rate could not be maintained (Vallorani, 2009). Other Asian countries experienced the same fate. And in what seems to be a self-fulfilling prophecy, the depreciation of domestic currencies ultimately caused many firms to default on their loan payments, thereby exacerbating the crisis. Creditor Panic Corsetti et al (1999) attributes the crisis to panic by domestic and international investors. Radelet and Sachs (1999, p.10) also support this claim. They argued that the expectation of each investor that other investors will pull out their funds caused them to panic and behave in a herd mentality. More importantly, the ‘high level of short-term foreign liabilities relative to short-term foreign assets’ spurred each creditor to leave the country ahead of other creditors because they knew that the last short-term creditor to withdraw funds will not be repaid on time. Moral Hazard Radelet and Sachs (1998, p.3) pointed out that ‘over-investment in dubious activities resulting from the moral hazard of implicit guarantees, corruption, and anticipated bailouts’ is one of the main culprits as to why huge amounts of capital suddenly left Asia. In a nutshell, creditors believed that they would be bailed out in the event of a crisis. They felt confident that they would be repaid for lending to companies with close ties to the government, especially for projects with public guarantees. Prior to the crisis, international banks had poured out huge funds to Asian domestic financial institutions without regard for sensible credit standards. This over-lending practice may have been caused by the presumption that short-term credit liabilities would be implicitly guaranteed by government intervention or IMF bailout programs (Corsetti et al, 1999). Conclusion: Lessons learned and yet to be learned Fifteen years after the 1997 Asian financial crisis and the experience still resonates today, especially in the context of the current global financial crisis. Valuable lessons have been learned and continue to be applied to improve economic policies and structures. However, there still remains some important learning that have yet to be realized from the past. Lessons Learned Pitfalls of rapid financial liberalization– Rapid financial liberalization caused weaknesses in the financial systems. Well-functioning financial systems require strong legal and regulatory infrastructures (Radelet and Sachs, 1999). Dangers of fixed exchange rates– Fixed rates make markets very vulnerable to huge shifts and fluctuations when they can no longer be maintained (Radelet and Sachs, 1999). Mistaken policy interventions– The initial response of the IMF and U.S. treasury exacerbated the crisis in its early stages. This supports the need for a more formal mechanism for international private debt solutions rather than IMF bailouts (Radelet and Sachs, 1999).- ‘Swift government intervention with appropriate monetary policy’ will help to lessen the impact of a financial crisis (Vallorani, 2009, p.17). Lack of effective mechanisms to stop financial panic– ‘The solution is to develop institutions that can provide more solid foundation for well-functioning capital markets’ (Radelet and Sachs 1999, p.18). Improvements in market/financial regulations– Regulations are needed to guarantee a ‘level playing field’ and prevent the free market economy to ‘run amok’ (Vallorani 2009, p.17)- Bank regulators should require greater transparency and must have stricter regulations in supervising lending activities (Hale, 2011). Implement policies to prevent market speculations – Suggest to have a ‘universal tax on currency transactions’ to discourage market speculations- Another option is a fee-based system, whereby private financial institutions create an insurance fund similar to the IMF.(Karunatilleka 1999, p.39) Updating the policies of IMF and WB– Improving global regulations- Creating a process of active and transparent surveillance for borrowing nations- Creating a code of best practices on social policy issues- Reinforcing international and domestic financial systems- Promoting more widely available and transparent data on member countries economic situation and policies- Underscoring the central role of the IMF in crisis management- Increasing the involvement of the private sector in forestalling or resolving financial crises (Karunatilleka 1999, p. 39) Enhancing regional surveillance and participation– Regional organisations (i.e. ASEAN) could provide warning/advise to its member countries who are heading for trouble (Karunatilleka 1999, p. 40). The current global financial crisis has some significant similarities with the 1997 Asian financial crisis. This is proof that there are still a few lessons yet to be learned to prevent future crisis from happening. The most important lesson that keeps recurring as a major â€Å"mistake† in almost every financial crisis is aptly expressed by Vallorani (2009). The lesson that was not learned is that speculative spending, fuelled by risky loans, leads to asset bubbles, and bubbles always burst. The Asian bubble burst in 1997. The .com bubble burst in 2000. The US real estate bubble burst in 2008. It seems to be part of human nature to chase what is hot, to chase the next â€Å"I can’t lose† investment, to not want to be left out when everyone else is making easy money. When greed takes over, bubbles are built. Unfortunately, when they burst, they take everyone with them (Vallorani 2009, p.18). References Agenor, P-E, Miller, M, Vines, D, Weber, A (1999). The Asian Financial Crisis: Causes, Contagion and Consequences. Cambridge United Kingdom: Cambridge University Press. p9-28. Corsetti, G, Pesenti P, Roubini, N. (1999). What caused the Asian currency and financial crisis?. Japan and the World Economy. 11 (1), 305-373. Hale, G. (2011). Could We Have Learned from the Asian Financial Crisis of 1997–98?. Available: http://www.frbsf.org/publications/economics/letter/2011/el2011-06.pdf. Last accessed 17th Sep 2012. Hill, C. (2003). The Asian Financial Crisis. Available: http://www.wright.edu/~tdung/asiancrisis-hill.htm. Last accessed 17th Sep 2012. Karunatilleka, E. (1999). The Asian Economic Crisis. Available: http://www.parliament.uk/documents/commons/lib/research/rp99/rp99-014.pdf. Last accessed 17th Sep 2012. Moreno, R. (1998). What caused East Asia’s Financial Crisis?. Available: http://www.frbsf.org/econrsrch/wklyltr/wklyltr98/el98-24.html. Last accessed 17th Sep 2012. Nanto, D. (1998). The 1997-98 Asian Financial Crisis. Available: http://www.fas.org/man/crs/crs-asia2.htm. Last accessed 17th Sep 2012. Radelet, S, Sachs, J. (1999). What Have We Learned, So Far, From the Asian Financial Crisis?. Available: http://www.cid.harvard.edu/archive/hiid/papers/aea122.pdf. Last accessed 17th Sep 2012. Radelet, S, Sachs, J. (2000). The Onset of the East Asian Financial Crisis. In: Krugman, P Currency Crises. Chicago: University of Chicago Press. p105-162. Wade, R. (1998). The Asian Debt-and-development Crisis of 1997: Causes and Consequences. World Development. 26 (8), 1535-1553. Vallorani, E. (2009). 1997 Financial Crisis. Available: http://www.avanti-is.com/PDF/1997%20Asian%20Financial%20Crisis.pdf. Last accessed 17th Sep 2012. How to cite A Critical Analysis of the 1997 Asian Financial Crisis, Essay examples

Thursday, December 5, 2019

Veneration with or without understanding free essay sample

One of the most debatable issues of today is Dr. Jose Rizal’s legitimacy as the Philippines’ National Hero. Renato Constantino pointed out facts contradicting Rizal’s appointment in his article Veneration without Understanding. The main argument being that since Rizal did not lead the 1986 revolution, he is not worthy enough to be the national hero. Constantino pointed out that almost all national hero of the world are revolutionary heroes and if you did not lead a revolution, your chances of becoming as the national hero is very little. While it is true that Rizal did not want a revolution as proven when he said â€Å"I cannot do less than condemn this uprising†¦ which dishonours us Filipinos, and discredits those that could plead our cause†¦Ã¢â‚¬  he did have countless achievements of his own that rightly qualifies him as the national hero. Armando Malay refuted Constantino’s claims in his article Veneration with Understanding where he said, â€Å"A man becomes a hero, or a national hero, not because he leads a revolution – but because he is admired for his achievements and noble qualities, and considered a model or ideal. Rizal was a novelist, poet, ophthalmologist, journalist and sculptor, among any others. He has had far too many achievements that the Filipino people greatly admired him for, to the point that the need to put him into a higher regard arose. His myriad achievements standing out among others made him into what an admirable icon he is today. Constantino limited the criteria of becoming the national hero to just being a revolutionary one. It is true that Rizal did not want any part in the revolution because he wanted a less harmful way in gaining Philippine Independence. Moreover, to rule him out of the national hero position due to this reason is unacceptable. The American-made One of Constantino’s main points in his article is the fact that Rizal is an American-sponsored National Hero. In Theodore Friend’s book Between Two Empires, Taft â€Å"chose Rizal over the too militant Aguinaldo, too radical Bonifacio and unregenerate Mabini†. The Americans easily accepted Rizal’s proclamation, as they knew he could not oppress the American government that time. And upon his dramatic exile and martyrdom, he instantly became the symbol of the Spanish oppression. In return, the focus on him being the national hero would also divert the American oppression to the Spanish oppression, which he symbolizes. In Malay’s defense, though, the Philippine revolutionary government already honored Rizal when Aguinaldo declared the day of his death as a day of mourning. In addition, Rizal was the honorary president of the Katipunan wherein he is already regarded as a hero. Prior to Rizal’s proclamation, Filipinos already had a high regard for him even if he was not part of the revolution. The Elitist Rizal was a part of the Ilustrados or the enlightened ones. He was part of the Filipino educated class during the Spanish colonial period. Constantino cited that Rizal, as an Ilustrado, condemned the Revolution because he underestimated the power of the people. Constantino also pointed out that Rizal’s idea of liberty was demanding the right of freedom not because it is a national right but because it is something deserved by the Filipinos. It is wrong for Constantino to assume that Rizal, being one of the elites, had a sub-conscious disrespect for the Filipinos’ ability to enunciate their own demands. In a way, Rizal helped in bridging the gap between the educated and the non-educated ones. In his novels Noli Me Tangere and El Filibusterismo, Rizal exposed the injustices of the Spanish catholic priests and the government. The effect of his writings is still evident until today as the Filipinos strived hard to gain the independence they are experiencing at the present. Another of Constantino’s points is that Rizal â€Å"chose Spain as the arena of their struggle instead of working among their own people, educating them, helping them realize their own condition, and in articulating their own aspirations. † This is another one of Constantino’s unjust criterion in being a national hero. National heroes need not to work among his own people in order for him to be referred as one. As Malay had rebutted this out, â€Å"There is a difference between the main characters in a novel and those whom the author would set up as a model for emulation. The heroes in Rizal’s novels were not Ibarra, Maria Clara or Fray Damaso and Fray Salvi. In contradistinction, Rizal gave us Elias, a man of the masses; Father Florentino, a Filipino priest; Juli and Sisa, and many other, who all sprang from the masses. † Rizal may have brought up in a better community where he was fortunate enough to receive the right to education, but he is still part of the masses. He did so by addressing the concerns of the Filipinos the best way he know how and that is through his writing. The Ilustrados certainly did not worked in Spain to isolate themselves from the masses of the country, but they did so to get ideas for reforms firsthand. It is true that the Filipinos were poorly represented out during the National Hero selection, but Rizal is still as qualified, if not more, as the other candidates. If Rizal were alive today, though, it would not be so much of an issue to him whether he is the national hero or not. After all, the Filipinos already gained the Independence they once all longed for.