What Happens in Smart Cars Reflects Shifts That Occur in Global Supply Research Paper

What Happens in Smart Cars Reflects Shifts That Occur in Global Supply Chains - Research Paper Example This research paper will look at the various green strategies and the elements which are causing the strategies to alter as well as how this is affecting the green strategies which are currently within the market. The concept of green strategies is one which has recently emerged in the marketplace, making it an area of question and opportunity.   The research paper will ask:- What are the threats with green strategies?- What are the opportunities developed with green strategies?- How can companies work with green strategies to change the global supply chain?- What are the current developments that are driving forward green strategies?- What are the next steps for green strategies and the global supply chain?These various concepts will identify the problems and opportunities with green strategies as well as ways in which a company can create the right approaches to being a part of the green movement and the supply chain that is continuing to grow in demand from the available resourc es based on green strategies.   Through these different research studies, there will be recommendations about the green strategies and what can be done to sustain and develop the supply chain that is currently being developed.   By doing this, the correct initiatives can be taken to alter and transform the green strategies and expectations that are a part of the supply chain development.  The approach to green strategies is based on finding different environmental management systems that can offer new solutions.   The management systems are developed specifically with the ideology of having sustainable features with the supply chain while continuing to work toward constructive solutions within the environment.   The green strategies are furthered with the adaptation of diverse opportunities which are based on ways to cut back on the resources which are used while becoming more efficient with the supply and demand which is being built.   This is forming the foundation of the strategy for the green strategies while offering different ways of managing the needs that are a part of the systems.   The green strategies are able to adapt organizational components in terms of the types of supplies sent, number of supplies that are given or received at a time, materials used and the management that occurs with the supply and demand which occurs.   Each of these strategies combines with other concepts, such as corporate responsibility and the expectations which are now a part of the global supply chain and being met by various countries.

Why I Will Never Speed Again Essay Example for Free

Why I Will Never Speed Again Essay The most significant experience of my life would be what I am going through right now. I had gotten a car for Christmas from my parents that was 15 years old but is a very sporty little car that has a lot of life left in it. About a month after I got it, I had just been to see my girlfriend for a few minutes after work late one Friday night and was on my way home. While I was driving home, I was all alone in my car and there was not another car to be seen on the open highway and I wanted so bad to see how fast my car would go. So, not using my brain, I floored my car and took off flying! It felt absolutely amazing at that moment when I hit 100 miles per hour and kept right on going. It was so fantastic and such a rush until I got the scare of my life. All of a sudden I saw blue lights in my rear view mirror and went from elation to immediate fright. I was scared to death and knew I was caught. I was so nervous with butterflies in my stomach and thought I might even mess my pants! I knew then that all I could do now was to be as respectful as I could when the officer walked up to me. I was literally shaking, I was so scared. The officer was very nice about the whole thing, but he in fact clocked me at 112 in a 55 mile per hour zone. He informed me that he could very well arrest me and take me to jail right there on the spot. I was so thankful that he chose to call my parents instead. He did however issue me 2 misdemeanors and a date for court. My dad has a good friend that works for our local sheriffs office and my parents had my butt in his office first thing that following Monday morning and I got an awakening on what it is like to be locked up and got a really long lecture and lessons about how an automobile at that speed can be worse than any weapon. I never really thought before that a car can truly be a weapon, but when they got through with me, I completely understood how I could of not only put my own life in grave danger, but that I put other lives in danger as well. This could of cost me greatly, I could very well have gone to jail if not of even cost my own life or the life of an innocent person on the road that night. I could of lost my license completely and not been able to drive again for a long time, and the money for court and attorneys fees will no doubt cost my parents a great deal (which I have no doubt they will make me pay back). But in the meantime, I decided to make some of my own punishments and am working at least 10 or more hours per week doing voluntary community service at my local fire station. I have been working my tail off washing fire trucks, sweeping floors, washing garage doors, mopping, painting and on and on. I dont know yet what the true consequences will be out of all this, because I havent gone to court yet and faced the judge. But I do know that the second scariest thing, after seeing those blue lights behind me that night, will be facing that judge. I am truly scared and ashamed to face my actions. I can only hope that all the voluntary community service I am doing before that time comes will help the judge understand how bad I feel. I am sharing this story because I need others to realize that any automobile can easily be used as a weapon and has the potential to harm people. I want everyone to know, as I do now that the speed limits are there to protect lives and not just to keep us from having fun with our cars. And as for me, I have learned my lesson well and will not be speeding again.

Linus Pauling Essay -- Biography Linus Pauling Essays

Linus Pauling (1901-1994) A master and maker in many fields, Linus Pauling lived a very long and productive life spanning nearly the entire twentieth century. By the time he was in his twenties, he had made a name for himself as a scientist. After many significant contributions including his work on the nature of the chemical bond, he turned to chemical biology and is generally accepted as the founder of molecular biology. Later in his life he became very involved in issues of politics and peace for which he is somewhat less well known. In his later years, he became interested in health and medicine and specifically in the use of vitamin C to prevent ailments from the common cold to cancer. In Pauling’s own words he was â€Å"†¦a physicist with an interest in chemistry. [His] scientific work, however, has not been restricted to chemistry and physics, but has extended over X-ray crystallography, mineralogy, biochemistry, nuclear science, genetics, and molecular biology; also nutrition and various aspects of research in medicine, such as serology, immunology, and psychiatry† (Marinacci Ed., 1995, p. 26). Pauling received two Nobel Prizes acknowledging his contributions, one in Chemistry in 1954 and one for Peace in 1962. Gardner describes the creative individual as follows: â€Å"The creative individual is a person who regularly solves problems, fashions products, or defines new questions in a domain in a way that is initially considered novel but that ultimately becomes accepted in a particular cultural setting† (Gardner, 1993, p. 35). As I understand this, a creative individual is one who seeks out problems and states or solves them in a way that no one else has previously. Such inno... ...ive individuals. He also fits Gardner’s description of the Exemplary Creator fairly well. Linus Pauling was a creator with astounding intellectual abilities who was also active in many other areas as dictated by his interest and passion. His ideas and research into the nature of chemical bonds significantly changed the way that we understand the world. References Books: Gardner, H. (1993). Creating Minds. New York: Basic Books. Goertzel, T., & Goertzel, B. (1995). Linus Pauling. New York: Basic Books. Hargittai, I., & Hargittai, M. (2000). Conversations with Famous Chemists. London: Imperial College Press. Marinacci, B. (Ed.). (1995). Linus Pauling in His Own Words. New York: Simon & Schuster. Internet (photographs): http://www.wic.org/bio/lpauling.htm http://pauling.library.orst.edu/exhibit/index1.htm

My Philosophy on Teaching :: Education Teachers Learning Classroom Essays

My Philosophy on Teaching It became clear to me that I wanted to become an Elementary teacher when I was given the opportunity to attend Hinton Elementary School as a student volunteer to read to the first grade class during my junior year of High School. It was on this day that I realized that teaching is what I truly want to do with my life. Given the opportunity to read to the first graders and being able to get to know each of them filled a special place in my heart. After reading a few of my favorite childhood books to the first graders, I gave them the opportunity to read and sound out some of their favorite books to me. I am very grateful that I was given such an opportunity, such an eye opening experience – which helped me to realize that this is what I want to do with my life – Teach. Every teacher has an opinion as to what the best teaching method is. While each method has many advantages and disadvantages, I have chosen direct instruction as my main teaching method. To me, it seems to be more direct and easier to understand for elementary students. Direct teaching is also known as systematic, active, or explicit teaching. In this set, the teacher is a strong leader that develops, structures and teaches by having an academic focus point. With the emphasis on the importance of a structural lesson, the presentation of new information is followed be student practice and teacher feedback. A teacher must have a lot of patience with the younger children. It is often the case that students will fall behind because they have not yet mastered the basic skills of the given subject. With the direct teaching process, the children are able to receive several opportunities to enhance their learning and make them understand subjects more clearly. By refreshi ng their memories, using repetition, giving homework, and asking questions, a teacher can better understand the children and allow them to learn in a proper manner. The younger children can learn, remember and understand instead of just memorizing the information to get through a test and forgetting it after the test is over.

Project Proposal for Cms

Project Proposal for Contact Management System Login Screen for the application Looks like this [pic] On a network,  access to databases is dependent upon the number of Users with User ID's and protected passwords. With the MULTI-USER DATABASE, design data is no longer scattered across the hard disks and laptops of every engineer. It cannot be misplaced, lost or corrupted. In short, design data can be secured and managed like a valuable corporate asset. Contacts biographical information can be stored using this screens like this by quick pick popup selections for example : [pic] [pic] Multiple Data entry option: While you are modifying a contact record, other users on the network will not be able to make changes while you are in the process of changing the record. This means that you have the record locked. Once you save your changes then the record is unlocked and others can make changes again. Mail-merge features: [pic] If you elect to do so, you may choose from one of the Email templates available by choosing the Template key. or you should type the email message to be sent. The mailing addresses are used when creating letters, envelopes, and mailing labels. The address formats area can be customized to appear the way you wish. You must have Supervisor status to set up these options. These options are extremely important, as they affect all databases and all users and anything that uses the mailing address mail merge code {{MailAddr}}. Setting a default address format will enable you to have consistent mailing addresses among contacts. Label printing :[pic] [pic] [pic] [pic] [pic] [pic] Data import and export options: Importing is the process of bringing contact records into a database from an existing electronic file. This file can be from a specialized purchased mailing list, a CD ROM collection, a company database,   and many other sources. The file to import must be in ASCII (comma delimited or one field per line), dBase, or Paradox format. [pic] Exporting is the process of copying contact data into a file that can be used in another application. Information is exported to one of the following file formats: ASCII comma delimited, ASCII tab delimited,   Dbase, and   WordPerfect Secondary mail merge format. When export files are created they contain only biographical fields and user fields, such as numeric, money, date fields, the categories, and the fields on the summary tab such as who last changed a record. An export file does not contain contact notes, history, or events. To export this type of information to be able to use on another computer with Contact [pic] [pic] Various reports with selection criteria and sort sequence: [pic] The Design Button in the following screen will lets you go to the report editor and allow you to arrange the fields according to the preferences. generated reports [pic] Generated reports are like : [pic] [pic] Database Design was done Using PARADOX tables in Delphi. The Screen shots are done using Delphi6. [pic] [pic]

Overview of Social Phenomenology

Overview of Social Phenomenology Social phenomenology is an approach within the field of sociology that aims to reveal what role human awareness plays in the production of social action, social situations and social worlds. In essence, phenomenology is the belief that society is a human construction. Phenomenology was originally developed by a German mathematician named Edmund Husserl in the early 1900s in order to locate the sources or essences of reality in the human consciousness. It wasn’t until the 1960s that it entered the field of sociology by Alfred Schutz, who sought to provide a philosophical foundation for Max Weber’s interpretive sociology. He did this by applying the phenomenological philosophy of Husserl to the study of the social world. Schutz postulated that it is subjective meanings that give rise to an apparently objective social world. He argued that people depend upon language and the â€Å"stock of knowledge† they have accumulated to enable social interaction. All social interaction requires that individuals characterize others in their world, and their stock of knowledge helps them with this task. The central task in social phenomenology is to explain the reciprocal interactions that take place during human action, situational structuring, and reality construction. That it, phenomenologists seek to make sense of the relationships between action, situation, and reality that take place in society. Phenomenology does not view any aspect as causal, but rather views all dimensions as fundamental to all others. Application Of Social Phenomenology One classic application of social phenomenology was done by Peter Berger and Hansfried Kellner in 1964 when they examined the social construction of marital reality. According to their analysis, marriage brings together two individuals, each from different lifeworlds, and puts them into such close proximity to each other that the lifeworld of each is brought into communication with the other. Out of these two different realities emerges one marital reality, which then becomes the primary social context from which that individual engages in social interactions and functions in society. Marriage provides a new social reality for people, which is achieved mainly through conversations with their spouse in private. Their new social reality is also strengthened through the couple’s interaction with others outside of the marriage. Over time a new marital reality will emerge that will contribute to the formation of new social worlds within which each spouse would function.

La Vida de Frida Kahlo (The Life of Frida Kahlo) essays

La Vida de Frida Kahlo (The Life of Frida Kahlo) essays Frida Kahlo era una artista brillante de Mxico cuyas obras de arte reflejan su vida emocionalmente y fà ­sicamente dura. Mas conocido por sus autorretratos, la profundidad y el tono adicionados que Kahlo trajo a sus obras surrealistas ganaron la adulacin de sus contemporneos, incluyendo Andr Breton, reconocido como el padre de surrealismo. El simbolismo en su arte a veces puede desafiar un interpretacin singular; el igual es la verdad para las emociones expresadas por Kahlo. La vida de Kahlo fue marcada por los desafà ­os fà ­sicos que criaron el dolor emocional que ella se sentà ­a. Naci en Mxico en 1907, ella era un ni con poliomielitis. Esta enfermedad dej Kahlo con un pie derecho disfuncinado. A dieciocho an entre un autobà ºs y una carretilla de la calle causado una barandilla perforarse el abdomen, da tambin ella nunca podrà ­a tener ni de esta prdida serà ­an representadas en su trabajo. Ms de 4 veces, ella perderà ­a un embarazo por abortos. Sin embargo el dolor fà ­sico no puede comparar con el dolor emocional que trajo. La vida emocional de Kahlo fue puesta a tierra por su vida fà ­sica. Una relacin otro artista - Diego Rivera, traà ­do una unin, un divorcio y una re-unin, asà ­ como la mudanza constante para que Diego trabaje. Este mudanza constante combinado con su unin turbulenta, incit Kahlo para reflejar sobre su vida, las reflexiones que se manifestaron en su arte. Kahlo tenà ­a una sentida polà ­tica. Como una joven, ella apoy la partida comunista. Su asunto con Le ...

Definitions and Examples of Debates

Definitions and Examples of Debates Broadly defined, a debate is a discussion involving opposing claims:  an argument. The word comes from Old French, meaning to beat. Its also known (in classical rhetoric) as  contentio. More specifically, a debate is a regulated contest in which two opposing sides defend and attack a proposition. Parliamentary debate is an academic event held at many schools, colleges, and universities. Debate Examples and Observations In several senses, there is no correct way to debate. Standards, and even rules, differ between- and sometimes within- communities...There are at least eight distinct college debate organizations with their own rules and styles of debate. (Gary Alan Fine, Gifted Tongues: High School Debate and Adolescent Culture. Princeton University Press, 2001) Skilled political debaters will first present their overall theme in the introductory statement if the opportunity to make such a statement is allowed in the debate format being used. Then they will reinforce it with answers to as many specific questions as possible. Finally, they will return to it in their concluding statement.(Judith S. Trent and Robert Friedenberg, Political Campaign Communication: Principles and Practices, 6th ed. Rowman Littlefield, 2008) Argumentation and Debate Argumentation is the process whereby humans use reason to communicate claims to one another. . . .Argumentation is useful in activities like negotiation and conflict resolution because it can be used to help people find ways to resolve their differences. But in some of these situations, differences cannot be resolved internally and an outside adjudicator must be called. These are the situations that we call debate. Thus, according to this view, debate is defined as the process of arguing about claims in situations where the outcome must be decided by an adjudicator.​ (The Debatabase Book. International Debate Education Association, 2009) How to argue is something people are taught. You learn it by watching other people, at the breakfast table, or in school, or on TV, or, lately, online. It’s something you can get better at, with practice, or worse at, by imitating people who do it badly.  More formal debate follows established rules and standards of evidence. For centuries, learning how to argue was the centerpiece of a liberal-arts education. (Malcolm X studied that kind of debate while he was in prison. Once my feet got wet, he said, I was gone on debating.) Etymologically and historically, the artes liberales are the arts acquired by people who are free, or liber. Debating, like voting, is a way for people to disagree without hitting one another or going to war: it’s the key to every institution that makes civic life possible, from courts to legislatures. Without debate, there can be no self-government.​ (Jill Lepore, The State of Debate. The New Yorker, September 19, 2016) Evidence in Debates Debate teaches cutting-edge  research skills. Because the quality of an argument often depends on the strength of the supporting evidence, debaters quickly learn to find the best evidence. This means going beyond run-of-the-mill Internet sources to government hearings, law reviews, professional journal articles, and book-length treatments of subjects. Debaters learn how to evaluate study methodology and source credibility...Debaters also learn how to process massive amounts of data into usable argument briefs. Argument briefs bring together the strongest logical reasons and evidence supporting various positions. The ability to gather and organize evidence into logical units is a skill that is treasured by business makers, government policy-makers, legal practitioners, scientists, and educators.​ (Richard E. Edwards, Competitive Debate: The Official Guide. Alpha Books, 2008) U.S. Presidential Debates American doesnt really have presidential debates. Instead, we have joint appearances where candidates recite talking points in settings so carefully controlled by party apparatchiks that the only real wrangling is over the height of the lecterns and the temperature of the drinking water. As with so many other aspects of the political process, debates that should be enlightening, perhaps even transformational, are instead stage-managed to satisfy the demands of power brokers with money and connections rather than the needs of democracy.​ (John Nichols, Open the Debates! The Nation, September 17, 2012)Thats what were missing. Were missing argument. Were missing debate. Were missing colloquy. Were missing all sorts of things. Instead, were accepting.​ (Studs Terkel) Women and Debates Following Oberlin Colleges admission of women in 1835, they were grudgingly permitted to have  rhetorical preparation in elocution, composition, criticism, and argument. Lucy Stone and Antoinette Brown helped to organize the first womens debating society there, for women were banned from public speaking in their rhetoric classroom because of its mixed audience status.​ (Beth Waggenspack, Women Emerge as Speakers: Nineteenth-Century Transformations of Womens Role in the Public Area. The Rhetoric of Western Thought, 8th ed., by James L. Golden et al. Kendall/Hunt, 2003) Online Debates Debate is a maneuver where learners are divided onto opposing sides, generally as teams, to discuss a contentious issue. Learners are afforded the opportunity to improve their analytic and communication skills by formulating ideas, defending positions, and critiquing counter positions. Historically, a debate is a structured activity; however, online media permit a wider range of designs for online debates, from an inflexibly structured exercise to a process with minimal structure. When an online debate is more rigid, step-by-step instructions are provided for debate and defense, as in a formal face-to-face debate. When online debate is designed with less structure, it operates as an online discussion concerning a controversial issue.​ (Chih-Hsiung Tu, Online Collaborative Learning Communities. Libraries Unlimited, 2004) The Lighter Side of Debates Ms. Dubinsky: Wed like you to join our debate team.Lisa Simpson: We have a debate team?Ms. Dubinsky: Its the only extracurricular activity that doesnt require any equipment.Principal Skinner: Because of budget cuts, we had to improvise. Ralph Wiggum will be your lectern.​ (To Surveil, with Love, The Simpsons, 2010)

Why is euripides hate woman Essay Example | Topics and Well Written Essays - 250 words

Why is euripides hate woman - Essay Example Women in this era were expected to be homemakers, and make good wives and mothers, under the rule of their husbands. Therefore, a deviation from this norm would lead to strict sanctions against the women (Powell 4). In Euripides’ Medea, Medea serves as an ancient feminist, denouncing the strict gender roles imposed on women by the society. However, Euripides brings out the â€Å"feminist† as a lunatic, who even kills her own children. To an extent, Euripides portrayed women in negative light to emphasize that women should stick to their place in society, and not seek equality with men, as this makes them outcasts (Powell 8). Euripides’ hatred for women can also been associated with the events in his personal life. Euripides’ personal life was characterized by considerable controversies, judging from the different rumours about his parentage, youth, and marriage. For instance, it is believed that Euripides broke from his first and second marriages because of the infidelity of his wives (Powell 5). This successive unfaithfulness by his wives might have led him to perceive all women in the context of his wives, and therefore, portray them negatively in his plays. Therefore, Euripides hatred for women was influenced by the circumstances he faced in his personal life, the interactions he had with women, as well as the social conditioning from the society in which he

Ghost World FIlm Review Coursework Example | Topics and Well Written Essays - 250 words

Ghost World FIlm Review - Coursework Example The girls are rebelling against everything, and decided against going to college. They are still searching. Rebecca, played by Scarlett Johansson, is a very determined girl. She is set in what she wants in life. She got a job, she is looking for a place to move in, and, she doesn’t have illusions about her friend Enid. She would like their friendship to continue, and she keeps on giving Enid a chance, however, she also is not dependent on Enid’s changing moods and proceeds with her life regardless. In a way, her life is not much different of that of the other people. As the story develops, the girls are growing more and more apart. Enid, played by Thora Birch, is a very different character. She has her inferiority complexes, she is witty and cunning, but she is also lost and confused. She tries to conform to the rest of the world, but she really cannot fully relate to it or accept its ways. The â€Å"Ghost World† is a successful portrayal of girls’ maturin g, making decisions and finding their place in life. Actors made the world of their characters very real to the viewers - the World that not many people understand, can relate to or have an access to. The girls have their own point of view about the world, and that view is very well portrayed.

The Subculture of Nerds and Their Rise to Stardom Research Paper

The Subculture of Nerds and Their Rise to Stardom - Research Paper Example Cultural divisions between nerds and popular culture a) The fact that there is certain music, movies, and other interests that are viewed as being solely for nerds. The Treatment of Nerds 1. Bullying Nerds a) The lack of effectiveness in the solutions for picking on nerds that the educational system ash offered and reasons why their actions continue to ineffective. The Nerds’ Status Change 1. Cause of the increased popularity of nerds a) The appearance of the sexy, rich nerd and explanations for the growth in popularity of the nerd subculture Conclusion The Subculture of Nerds and Their Rise to Stardom Introduction Subcultures define the state of high school society. While the identification with a set subculture often fades from a person’s definition of themselves after high school, some people stay members of their groups. Subcultures themselves have a continuation past the school years and emerge in mainstream society. While for some subcultures there is no particula r judgment of being good or bad, there are many subcultures to which many would hesitantly subscribe because of the negative way people in that group are perceived. Nerds, in particular, are a subculture to which the members often have been assigned without their choosing. On the opposite side of judgment stands the popular crowd. Usually, it is the popular subculture that is responsible for the many social ills from which those deemed nerds suffer. Being considered good, they judge against all that are not like them. It is members of this group that give labels to the others. Many who are called nerds would rather not be called thusly. Nerd has been a term used in teasing and still persists in modern bullying. Yet, even with all the persecution that those who are considered nerds must bear, this subculture has received some promotion in today’s society. Being once only a group to be despised, the nerds have actually won fans and there are some who now enjoy being members of this subculture, proudly wearing the label that they have been ascribed. An investigation into the nerds as a subculture cannot effectively be completed without defining just what a nerd is. There are actually many different meanings of the word. For some, a nerd is a special group which is set apart from others whose members display a greater than normal intelligence. Yet, for others it is a name that can be used interchangeably with others. In explaining the stereotype of the nerd, it has been said, â€Å"The stock character nerd is typically depicted as a white male with glasses and large sets of obscure data committed to memory† (Stauffer, 2009). Indeed, media would depict a nerd the same. The controversy lies in making the distinction between the nerds and a similar subculture called ‘geeks’. For many it seems ridiculous to make a distinction between a geek and a nerd, as it has been stated, â€Å"They are called â€Å"nerds,† â€Å"dweebs,† à ¢â‚¬Å"dorks,† â€Å"geeks,† â€Å"brainiacs,† and â€Å"computer jocks† (Kinney, 1993: p.21). All of these names are generally meant to imply someone who is socially inapt and has an above average interest in things like science, math, science fiction, computers, and the like. However, there has been some distinction made. For example, from an interview performed it was quoted, " 'Nerd' is a stickier term that is applied to people in a more negative way," Kendall said. â€Å"

Funding body Essay Example | Topics and Well Written Essays - 2000 words

Funding body - Essay Example There are other fitness centers like Manchester Aquatics center, Trinity Sports center, Manchester Central Personal Training, Jodie O’Neil fitness Coaching, Ardwick Sports Hall, Momentum Leisure Club. But the fitness center will possess some unique features which will distinguish itself from its competitors. The fitness center is totally focusing on the customer needs and demands. The fitness center is mainly featuring four activities like spinning class, Boxing, Climbing, Dancing class. These four activities were chosen based on the market research done among the students. From the above table it can be seen that nearly 160 of the total respondents like climbing wall as this activity will bring a sense of achievement among them. 140 of the total respondents like dancing class. Climbing wall and dancing class are the two highest voted activities that this fitness center is providing. In case of dancing class, based on the research it is providing yoga, Pilates, belly dance and aerobics and some modern dance like Jazz. Yoga is the most popular dance among those. More than 130 students like spinning class. 15 bicycles will be there in spinning class and the fitness center is suggesting the members to make advance reservation. The atmosphere will be as night club which will boost the energy of students. Apart from these full size rings for boxing and large screen will be provided which will help the young people to release stress. Available Institutions to Fund a Small Start-up Company When a company is yet to be formed, it tries to raise long term finance from different sources. There are mainly three types of sources from where a company can get it startup capital for long term during its inception period. Some of the funding bodies which may finance our venture are as follow:- Venture capital A young private company that is yet to start and not yet ready to go for public offerings may seek for a venture capital financing. Here comes the venture capitalis t that is prepared to finance an untried concept that appears to have promising prospects. Venture capital funds support growing firms during their inception stages and before they are going for initial public offerings of shares. Firm will get venture capital as a form of equity capital. It represents a highly risky investment in the hope of earning higher return in future. It is expected that this concept will have a greater significance in the years to come. It typically invests into equity or quasi equity instruments in financial market which will be able to share the risk and profit of the investee firm. Venture capitalist not only invests in the new company but also guides the firm actively in taking major decisions. Financial burden of the assisted firm tends to be low. Venture capitalist normally close it position by liquidating the investment from the assisted firm after 7 years. (Chandra, 2011, p.436). Thus it can be said that it may help our fitness center funding. Pros a nd Cons of Venture Capital Financing The main important advantage of venture capital financing is the venture capitalists gamble on the new company. If the new succeeds they earn high rate of return but if the new idea fails then they absorb their losses. In case of bank loan the new firm would have to repay but here no obligations. If the business fails the new firm won’t have any burden on them. Beside this venture capital also help to grow business quickly. Without a

Management Planning Essay Example | Topics and Well Written Essays - 2000 words

Management Planning - Essay Example In words by Nash (2006) planning of management systems ensures there is a perfect flow of ideas and strategies throughout a specific period of time and of the required consistency. The same sentiments are reiterated by Humby, Hunt & Philips (2006) who argues that consistency in the management team creates the whole difference in terms of excellence and success in an organization. Management planning involves all the factors and department in an organization. All departments in an organization have different objectives and goals set to them for achievement. For a good management team, all these objectives should be achieved within the specified timeline and by the required standards. In creating a good management planning systems, department heads should be included in the planning structure. In support of this suggestion, Vanessa (2010) argues that management planning involves more of incorporation of the whole organization rather than the top management team. The author further argu es that employees should also be considered when formulating a management plan. The brief of the paper will be an inclusion of the factors that affect managerial performance. Additionally, solutions and suggestions to solve these factors will be provided. For a clear perspective, the paper will analyze the managerial performance of TESCO PLC Company. ... In its operation, the companies sell at least 40, 000 products in its stores. From its sales, their brand accounts for a total of 50% of the sales (Datamonitor, 2004). This fact has been made possible by the fact that the organization has been in the market for a significant period to gain a large competitive advantage and consumer support. The total accounted for customers of the organization add up 3.4 million people (Datamonitor, 2004). Apart from the external environment success, the internal arrangement of the organization is outstanding. The organization has a well formulated and compact managerial team headed by the chairman of the executive board. Beneath the chairman there are numerous executive positions that are aimed at subdividing the managerial responsibilities across the whole organization. The organization has seven executive board members in managerial positions and seven non executive board members in the other managerial positions. An inclusion to the management te am is the company secretary who falls under the senior management team (Datamonitor, 2004). Explain how interpersonal relationships and communication skills affect managerial performance In any organization communication and relationships form the basis of the success of an organization. In words by Jordan (2008) interpersonal relationships in an organization shape the organizational culture. The author further argues that communication in an organization is a great determinant of the organizational culture in an organization. The effect of these two factors on the managerial performance is based on the specific requirements of the employees. For instance, the management team is provided with the obligation of providing instructions and

Funding body Essay Example | Topics and Well Written Essays - 2000 words

Funding body - Essay Example There are other fitness centers like Manchester Aquatics center, Trinity Sports center, Manchester Central Personal Training, Jodie O’Neil fitness Coaching, Ardwick Sports Hall, Momentum Leisure Club. But the fitness center will possess some unique features which will distinguish itself from its competitors. The fitness center is totally focusing on the customer needs and demands. The fitness center is mainly featuring four activities like spinning class, Boxing, Climbing, Dancing class. These four activities were chosen based on the market research done among the students. From the above table it can be seen that nearly 160 of the total respondents like climbing wall as this activity will bring a sense of achievement among them. 140 of the total respondents like dancing class. Climbing wall and dancing class are the two highest voted activities that this fitness center is providing. In case of dancing class, based on the research it is providing yoga, Pilates, belly dance and aerobics and some modern dance like Jazz. Yoga is the most popular dance among those. More than 130 students like spinning class. 15 bicycles will be there in spinning class and the fitness center is suggesting the members to make advance reservation. The atmosphere will be as night club which will boost the energy of students. Apart from these full size rings for boxing and large screen will be provided which will help the young people to release stress. Available Institutions to Fund a Small Start-up Company When a company is yet to be formed, it tries to raise long term finance from different sources. There are mainly three types of sources from where a company can get it startup capital for long term during its inception period. Some of the funding bodies which may finance our venture are as follow:- Venture capital A young private company that is yet to start and not yet ready to go for public offerings may seek for a venture capital financing. Here comes the venture capitalis t that is prepared to finance an untried concept that appears to have promising prospects. Venture capital funds support growing firms during their inception stages and before they are going for initial public offerings of shares. Firm will get venture capital as a form of equity capital. It represents a highly risky investment in the hope of earning higher return in future. It is expected that this concept will have a greater significance in the years to come. It typically invests into equity or quasi equity instruments in financial market which will be able to share the risk and profit of the investee firm. Venture capitalist not only invests in the new company but also guides the firm actively in taking major decisions. Financial burden of the assisted firm tends to be low. Venture capitalist normally close it position by liquidating the investment from the assisted firm after 7 years. (Chandra, 2011, p.436). Thus it can be said that it may help our fitness center funding. Pros a nd Cons of Venture Capital Financing The main important advantage of venture capital financing is the venture capitalists gamble on the new company. If the new succeeds they earn high rate of return but if the new idea fails then they absorb their losses. In case of bank loan the new firm would have to repay but here no obligations. If the business fails the new firm won’t have any burden on them. Beside this venture capital also help to grow business quickly. Without a

Principles of Data Privacy & Protection Essay Example | Topics and Well Written Essays - 5000 words

Principles of Data Privacy & Protection - Essay Example Although genetic profiling has its origins in the healthcare establishment, other establishments are warming up to the benefits of genetic profiling, for instance, education and insurance. This interest has stirred up a debate as insurance laws for example, do permit the use of medical data, which could be interpreted as genetic data for underwriting. This has led to concerns among the general public and other organisation of the use and development of genetic profiling by organisations that do not understand the concept of informed consent, and the issues surrounding the use and retention of very personal information. This paper will argue both sides of the argument, as there is a case for and against genetic profiling in each case study, however it soon becomes apparent that the same issues keep arising - namely, discrimination and informed consent. What this means for data privacy and protection is that more clarity is required, as well as a structured approach to amending the cur rent legislation, and it also means that non-medical organisations interested in genetic profiling, may need to provide the solutions to the issues raised in the argument. Data privacy and protection started becoming an issue, after the dawn of the information age. It was now very easy and simple to transfer personal data and information, without going through all the mandatory security checks. The digital age also brought with it the realities of digital crime. Privacy can be defined as "the interest that individuals have in sustaining a 'personal space', free from interference by other people and organisations (Clarke)." For example, banks operate privacy conditions, where it is not possible to access another individual's bank account as this infringes on their personal space and confidentiality. The medical establishment also practices privacy in the form of confidentiality, where a doctor cannot disclose any information to anyone else even if they are related to the patient. This disclosure is often left to the patient.Privacy has several dimensions as knowledge of personal information can be classed under four different areas (Clarke). The first a spect is the personal privacy which is concerned with the individual's body and includes compulsory immunisation, blood transfusion, and compulsory provision of samples of body fluids and tissue and even compulsory sterilisation. This deals specifically with medical notes and medical history. The second aspect deals with the privacy of personal behaviour. This involves what are considered to be sensitive matters such as sexual preferences and habits, political activities and religious practices whether or not they occur in public places. This is particularly important as these matters can subject the individual to unnecessary discrimination and/or unprovoked attacks in the form of homophobic attacks or even intimidation. One example of this in the UK is with the animal testing laboratories, where those involved in animal testing are frequently targeted by groups opposed to testing animals. The third aspect deals with personal communications where the individual can claim the right t o be able to communicate to others, using various media, without routine monitoring of their communications by other persons or organisations. This mainly applies to the wider aspect of

Growing telecommunication in society Essay Example for Free

Growing telecommunication in society Essay It is clear that growing telecommunication will help increase the effectiveness of business. Some consulting companies can do not need to hire office, to buy expensive equipment. People can stay at home to do your business. they dont need to strictly come to the office. This is much more convenient than ever before. However life is harder. People both yough and old seem to stick to their computer all the time for their work or and for their entertainment. It is true that there are so many things in a computer. People can explore a lot of things. They can easily contact with a friend far away by email, they can know what is happening and even they can go to the market though Internet and there are many other services in the Internet that I cannot count. But the problem is that some people are now addicted to computers and they lose other habits in life. People become stricter because face to face communication is increasingly dwindling. They spend less time to enjoy the beauty of the nature which is very beautiful with alive scenes with sunshine, with fresh air and a variety of things. As a result, human emotion is also reducing. People are not developed fully in mental and physical strength. In addition, as shown recently by research of scientists , sitting in front of computers for long time will affect people health. The eye is seriously affected. The number of myopic people is increasing. Sitting in a place also makes people feel tired and stressed. Beside, the whole society seem to be running in a strict mechanism which is facilitated by the computer system. If there appear a problem, this system will collapse rapidly. It can be easily seen many cases of computer hacking which cause great damage to the society and business, for example the virus love , originated in the Philippines caused great damage on the global scale in the United States and in south east Asia. The power of the damage is very strong.

Impact of the US Credit Crunch on Australian Economy

Impact of the US Credit Crunch on Australian Economy Introduction However, due to the US housing credit crunch and turbulence in financial markets all over the world immediately took into effect and global economic growth slowed towards the end of the year (OBrien et al., 2007). Given this basic premise of the current financial crisis, this literature review will be guided by exploring studies made on how the US-induced credit crunch affected the Australian economy, particularly the housing market. The first stage of this literature review is attributed to describing the current financial crisis, specifically the events that led to its development such as the collapse of the US housing and banking sectors in 2007. Part of discussing the events that took place after the onset of the financial crisis would be to examine the various mechanisms employed by financial institutions and national governments in order to mitigate the direct and indirect consequences of the financial crisis. The second part of this literature review seeks to determine the effects of the financial crisis to the Australian economy, as well as the various policy responses made by both the Reserve Bank of Australia (herein referred to as RBA) and the Australian government. Finally, this literature review will determine whether studies on the current financial crisis were able to provide sufficient attention to the manner by which it affected the housing market, particularly in the case of Australia. The rationale behind these assertions lies on the need to broaden the scope of examining the consequences brought about by the credit crunch in 2007 and the financial crisis in 2008, from being centered in the US to involve other nations as well. It should always be understood that the effect of the subprime meltdown was not limited to US firms exposed to the subprime mortgage market for the reason that globalization made regional financial markets so interconnected that crisis spread across countries at tremendous speed (Moosa, 2008). Hence, it is just apropos to exhaust scholarly works that have managed to realize that at this point in time, economic activities of nations are intertwined and the development of policy solutions should also undergo the same process. Another reason for this literature review would be to identify research gaps that will in turn serve as a motivation for future studies on the effect of the current financial crisis towards nations economies such as the case of Australia. Since the underlying context for this review of related literature is the 2007 credit crunch and the 2008-present global financial crisis, the period covered for the literature surveyed in this paper will be from 2007 to the present. With these things taken into consideration, the focus of this literature review will be the effect of the 2008 financial crisis to the housing market in Australia. From the broad circumstance of the credit crunch and the financial crisis that happened in the US and inevitably transgressed to the rest of the world, this literature review seeks to identify the relationship from a macroeconomic environment of the global financial crisis to a specific case of the housing market in Australia. The justification for this lies on the need to determine whether policy responses used in the US are effective or otherwise in mitigating the direct consequences of the crisis, and vice versa. The credit crunch and the global financial crisis As it had been previously mentioned, this portion of the literature review is allotted to discuss the credit crunch as well as the occurrence of the global financial crisis. Both the credit crunch and the financial crisis are crucial concepts in this review for the reason that it will be impossible to present and examine the effects of the financial crisis to the Australian economy, specifically the housing sector if these concepts are not understood properly. According to the National Institute Economic Review (2008), the 2008 financial crisis is rooted in the US subprime mortgage defaults. Moosa (2009) defines subprime mortgages to encompass all activities involving the granting of loan to borrowers with inferior credit worthiness creating complex financial products. Meanwhile, Honohan (2008) in his study defines a credit crunch as credit related crises suffered by banks and other intermediaries which is often the cause of contraction in lending market especially if these are triggered by exogenous economic shocks. The positive attribute of the definitions provided by these authors lie on the fact that these are lifted from actual events and circumstances, more specifically the 2007 credit crunch and the current financial crisis. Another interesting point with regard to the financial crisis was given by Barrell and Hurst (2008) who stressed that financial crises are episodic and frequent and are difficult to address without major impacts in the prospect for financial growth. Based on this observation by Barrel and Hurst (2008), it becomes evident that it is inevitable under conditions of financial crises that economic growth will not be affected, especially with globalization as the underlying condition. With regard to the direct cause that led to the development of the financial crisis, Ben Bernanke (2008), believe that the period of financial turbulence on the part of the US began in 2006 when there were uncontrollable contractions in the US housing market that were caused by the inability of certain individuals to pay for subprime mortgages. Moreover, this was reinforced by increasing constraints on credit availability, which has dramatically slowed down the economy and has made it less responsive to market changes. Honohan (2008) supports this further in his discussion on the evolution of the 2008 financial crisis by asserting that the origin of the crisis was especially pronounced in the housing market wherein credit losses are so massive that it cannot be replenished anymore. The fall of house prices in the US and other major economies such as the UK directly affected economic growth in other countries. In his study, Honohan (2008) also believes that although the current global financial crisis was triggered by the 2007 credit crunch in the US banking sector brought about by the bursting of the housing bubble, definitions such as those presented by Moosa (2009) and Barrell and Hurst (2008) should not be confined to the US experience. The explanation behind this is that other nations might have responded differently upon the advent of financial crisis. In this case the positive aspects of the study by Honohan (2008) lies on the fact that it was able to present a coherent discussion of the origin of the 2008 financial crisis as something that did not happen overnight. Instead, Honohan (2008) attributes the occurrence of the financial crisis to ineffective risk management and lax monetary and fiscal policies in the US and eventually the rest of the world. Although Honohans (2008) article was focused on the banking aspect of the financial crisis and how mortgage problems in the US, his discussion of the detrimental effects of the crisis such as the closure and bankruptcy of banks and lending institutions were effective in stressing the importance of coherent monetary policies. On the other hand, the research gap identified in the article presented by Honohan (2008) is that it was highly concentrated on the banking sector in the US, thus, ignoring the direct consequences of the credit crunch and the financial crisis to the housing sector. It should always be taken into account that the financial crisis originated in the housing sector. Hence, potential solutions should first be geared towards addressing the negative consequences brought about by the crisis in the housing sector. Another gap in the study made by Honohan (2008) was that it was not able to present recommendations that will serve as a guide to policy makers as to how to mitigate the direct and indirect consequences of the current financial crisis. In a similar study, Barrell and Davis (2008) observed that the evolution of the 2007-2008 financial crises was brought about by low global interest rates arising in turn from high levels of global liquidity. This can be explained further by the case of the US wherein bank lending to households grew at unprecedented rates leading to the point that people can no longer pay their monthly dues. In addition to this, Barrell and Davis (2008) also indicated that banks are expected to hold increasingly low levels of balance sheet liquid assets, given low interest rates, and they undertook aggressive wholesale liability management to maintain funding levels. Without these initial actions taken to address the earliest manifestation of a credit crunch particularly the collapse of the housing market, countries would not have survived the crisis and will be forced to close down major financial institutions. Again, in order to understand the financial crisis and its effects towards nations and economies, it should be taken into consideration that the asset price bubble in the US in 2007 was perhaps the most noticeable occurrence in the housing sector and this has led to irreversible consequences in the financial sector. Given this event, Barrell and Hurst (2008) supports this by stating that it is the short-term fluctuations in house prices that affected consumption in countries like the US and the UK, therefore fostering slow growth in the rest of the developed world—and eventually, the rest of the world. In their discussion of the present financial crises, as well as the prospects for recession, Barrell and Hurst (2008) stated that the best way to address the negative consequences of the crisis would be through effective monetary policy through interest rates reduction which should be set by the central bank in order to prevent bubbles like the housing bubble in the US from bursting and damaging economies at larger scales. The low global interest rates contributed to rapid credit expansion and rise in asset prices which greatly contributed to the US financial crisis (Barrell Davis, 2008). The benefits provided by the study made by Barrell and Hurst (2008) and the article written by Barrell and Davis (2008) would be that in both instances, the authors were able to recognize the collapse of the housing sector as the root cause of the financial crisis. Hence, in both articles, the authors believe that solutions for the current financial crisis should not neglect making changes in the structure of the housing sector. As for the gaps in the studies presented by Barrell and Davies (2008) and Barrell and Hurst (2008), the authors in both articles failed to establish a strong relationship between the policy recommendations that they have made to counteract the negative effects of the financial crisis from worsening and the need to direct solutions at improving the housing sector to prevent another collapse in the future. Also, like most of the scholarly works reviewed in this paper, the articles presented by Barrell and Davies (2008) and Barrell and Hurst (2008) were both centered on the case of the US and the UK, without taking into account that these cases cannot be used to generalize the responses of other nations to the financial crisis. Perceived solutions to the credit crunch and the financial crisis After presenting the various definitions and understanding of the ongoing financial crisis, it is just apropos to also present the perceived solutions to the credit crunch as well as the financial crisis based on the literature reviewed for this study. According to Harris and Davidson (2009) governments have a huge role in addressing the credit crunches and financial crises through the enforcement of effective fiscal policy. The government holds responsibility to help manage the nations resources in order to foster growth and present more job-creating opportunities. In the same article, Harris and Davidson (2009) also raised that the initial response to the credit crunch was reliant on the role of the government to intervene and take action to prevent the consequences from worsening into a financial crisis and a global recession. The example given in the article was the case of the US, whose immediate response would be Paulsons initial $700 billion bail-out package that was envisioned to foster government spending through state and local governments spending. The research gaps identified in the studies presented above, namely the lack of coherent recommendations to address the financial crisis at the practical level were addressed by Harris and Davidson (2009). The reason for this is that Harris and Davidson (2009) stressed on the need for fiscal policies to counteract the immediate effects of the credit crunch. Although the focus on government intervention can be considered both as a positive and negative aspect of the study for the reason that in order to fully control both the financial and the social effects of a credit crunch, it is not sufficient to simply rely on fiscal policy but have a combination of both monetary and fiscal policy. With these things taken into account, the only identifiable gap in the study by Harris and Davidson (2009) is that it was not able to discuss existing and potential monetary policies that may go hand in hand with fiscal policies in managing the negative consequences of the financial crisis. The research gaps identified in the study by Harris and Davidson (2009) were effectively addressed in the study by Belke (2009) for the reason that it may have proposed the use of fiscal stimulus to counteract the direct effects of the credit crunch and that of the crisis as well but Belke (2009) also explored the option of having a combination of both monetary and fiscal policy in order prevent the credit crunch and the financial crisis from initiating a move towards a global economic meltdown. According to Belke (2009) the generic answer to prevent the generic economy from collapsing is that use of fiscal policy to sustain demand, since monetary policy with its main concentration on interest rates approaching zero is no longer effective. The strength of the study made by Belke (2009) is that it was able to cite concrete situations that will illustrate the effectiveness of using both fiscal and monetary policy. For instance, the case of the European Union (EU) specifically the UK wherein tax cuts are implemented in order to effectively increase demand and to foster higher levels and consumption were cited by Belke (2009) as an example of fiscal policy to boost the economy. With these examples and conditions taken into account, the research gap in the study presented by Belke (2009) lies on the fact that it was not able to fully exhaust the potential options that will aid nations, especially those that are not dependent on credit consumption, to handle the immediate impact of the financial crisis that has been triggered by the credit crunch in the US in 2007. Moreover, even if the most suitable cases to illustrate the proposed solutions would be that of the US and other developed EU countries, it would have been better if Belke (2009) used a comparative method between countries that relied on both fiscal and monetary policy and those that did not. It is only through comparison that Belke (2009) could further justify the assertions and recommendations that she had made in her study. As it had been previously raised in this literature review, Belke (2009) was not able to establish a relationship between fiscal policy, monetary policy and the housing sector. The reason for this would be that the housing sector was the triggered the financial crisis. Thus, it is just apt that immediate solutions be directed toward the housing sector as well. Furthermore, the fact the Belke (2009) also focused on the case of the US and the developed countries in the EU is also considered as a gap in the research for the reason that the effectiveness of both fiscal and monetary policy cannot be generalized in the case of only the US or the UK. The financial crisis and the housing sector This portion of the literature review briefly presents the effect of the financial crisis on the housing sector, where it is believed to have originated. It is already given that the credit crunch and eventually the financial crisis emanated from the housing industry in the US, but this does not mean that research should be confined in the case of the US and other economic superpowers such as the UK. The academic literature available regarding the effect of the financial crisis on the housing market and vice versa was once again confined to the case and experiences of the US. For example, in a speech delivered by Ben Bernanke (2008) he stated that housing markets remain weak, with low demand and the increased number of distressed properties on the market contributing to further declines in house prices and ongoing reductions in new construction. The observation made by Bernanke was reinforced by the arguments raised by Barrell (2008) wherein he pointed out that one of the significant factors that affected the worsening of the credit crunch into a full blown financial crisis would be the inability of the US government to respond to the need to intervene to economic activities. Based on these statements, it can be said that homeowners are affected by the decline in demand for houses because they cannot sell at a loss given that the current market prices for the house are low. In addition to this, homeowners cannot make further investments because their money has been trapped in the real estate property that they hold and their inability to shoulder the dept payments. In another scenario, homeowners who are facing debt for their mortgage are facing high risks of losing their property since they may not have the proper mechanism to generate additional income in order to finance for the payment. This was supported by Miron (2009) when he stated that if government redistributes income by intervening in the mortgage market it will however, it creates the potential for large distortions of private behavior. The financial crisis and the Australian Economy Prior to examining available literature on the effect of the present global financial crisis to the Australian housing sector, it is necessary to present the broader picture by determining the effect of the financial crisis to the overall Australian economy as well as immediate policy responses employed to control its negative consequences. The need to examine the effect of the financial crisis on the economy lies on the fact that the contagious effect of the subprime crisis has hit financial institutions in Europe and Australia, therefore, damaging health of s significant number of financial institutions and reducing the ability of others to run their business properly (Moosa, 2008). Under these conditions, Moosa (2008) presented a study that was driven by the need to clearly identify the effect of a US induced credit crunch and financial crisis towards the Australian economy, particularly in terms of the underlying policy decisions implemented by both the RBA and the government. The bursting of the US housing market bubble in 2007 led to the rapid decline in the house prices and the downgrades of related asset-backed securities as well as the collapse of the banking and lending institutions in the US and most of the EU (Moosa, 2008). The same cannot be said in the case of Australia, where the housing market was not particularly overvalued as in the case of the US, but was nonetheless vulnerable to the harsh effects of the credit crunch. The explanation behind this is that there are still large portions of subprime loans granted to borrowers in Australia, hence there is still the risk that they may not have reliable credit records. The only difference between the case of the most countries like the US and Australia in terms of the extent to which the financial crisis affected the economy are in terms of policy initiatives and effective regulation. Given this basic premise, Moosa (2008) asserted that one of the reasons why Australia was not subjected to massive losses after the financial crisis in 2008 was due to the fact that the housing sector did not experience massive shocks as in the case of the US, the UK and most countries in the EU. Typically, mortgages in banks and lending institutions was hit hard by the collapse in the subprime housing market in the US, in the case of Australia, the effect was not severe by the bursting of the housing bubble. In his study, Moosa (2008) began by discussing the reason why the subprime crisis in the US took effect in June of 2007. Moosa (2008) identified two critical areas in order to explain this. First would be the lax monetary policy as indicated by the low interest rates; second, reckless lending of banks to dodgy borrowers and excessive securitization. Although Moosa (2008) indicated in his study that the Australian economy is still susceptible to the effects of the subprime crisis brought about by liquidity situations that push investors to stay away from private sector securities, the only difference is that the Australian financial sector had the necessary policies to balance this out. The positive aspect of the study presented by Moosa (2008) is that it was able to showcase the difference between the effect of the current financial crisis in the US and other nations and Australia. Through Moosas (2008) study, it becomes clear that even though financial crises have a common shape, its consequences are not always the same for every nation. The explanation behind this is that each nation has its own set of fiscal and monetary policy. Consequently, nations, such as Australia respond differently to the same conditions set by the global financial crisis. Regarding the research gap in Moosas (2008) study, it had failed to establish the elements that were present in the Australian economy that enabled it to respond differently and optimally to the shock that was brought about by the financial crisis, as well as the credit crunch which preceded it. What could have been done by Moosa (2008) in order to address this gap would be to cite concrete instances in the Australian economy wherein the implementation of effective policies was able to overcome the negative consequences of the financial crisis. Malcolm Edey (2008), Assistant Governor of the RBA, was able to articulate reasons on why the Australian economy was able to withstand the detrimental consequences of the 2008 financial crisis. The arguments raised by Edey (2008) directly address the research gap identified in the article by Moosa (2008). According to Edey (2008), the reason why the Australian economy was able to minimize the losses despite the financial crisis and the looming threat of recession was due to the following reasons. First, subprime loans are essentially loans that do not meet standard criteria for good credit quality. In Australia, a different policy was employed to address non conforming loans. Ellis (2009) supports this by stating that in Australia, citizens pay the interest in their homes mortgage against their tax, so they are encouraged to keep their mortgage balances low. Second, unlike in other countries such as the US, the Australian government was able to develop coherent fiscal and monetary policy that will encourage households and business sectors to be more risk averse by having higher levels of savings and investment. An example of this would be the AUD 42 billion stimulus package that was called the National Building and Job Plan (Edey, 2008). To further support the points raised by Edey (2008) and Ellis (2009), Steven Kennedy (2009) from the Australian Treasury presented three reasons on why the Australian economy was one of the few who managed to overcome the negative consequences brought about by the 2007 credit crunch and the existing global financial crisis. The primary reason identified by Kennedy (2009) was that the Australian government and the RBA had timely policy responses to the occurrence of the financial crisis. Second, being at close proximity with Asian countries, such as China, Australia was able to benefit from the continuous growth rates of these Asian economies. Finally, the Australian banking system has remained in good shape throughout the crisis which meant that it has effectively operated with sound rules and regulations. The benefits offered by the studies made by Ellis (2009) and Kennedy (2009) is that both were able to acknowledge the unique characteristic of the Australian economy, which are deeply rooted in effective policy making and regulatory ability on the part of both the RBA and the government. In addition to this, income growth in Australia was already strong prior to the crisis which means that policy makers have to option to concentrate on weaker sectors of the economy that will experience the consequences of the crisis in a different scale. Again, the research gap in the observations given by Ellis (2009) and Kennedy (2009) is that the practical examples and illustrations on how these policies were translated into actual practice are once again insufficient. Another problematic aspect of these articles is that the authors only presented the positive aspect of effective monetary and fiscal policies, thus, disregarding the fact that these might also manifest flaws that might jeopardize the success of the regulation. Ellis (2009) and Kennedy (2009) in their separate articles mentioned that Australia had an edge over other nations in terms of counteracting the direct effects of the financial crises, but both scholars failed to provide stronger basis to support such assertion. The financial crisis and the housing market in Australia The final section of this literature review is allotted in examining the available studies made with regard to the current state of the housing market in Australia and how it responded towards the occurrence of the financial crisis. With regard to the overall condition of the housing market, Edgerton (2008) presented a detailed discussion of the through the pricing, purchasing and selling trends in major Australian cities namely, Sydney, Melbourne, Brisbane, Adelaide, Perth, Darwin, and Canbera. The method used by Edgerton (2008) was to analyze trends in housing price increase and/or decrease as well as trends for sales and purchases of houses in these major Australian cities. The findings from the study made by Edgerton (2008) indicate that it is not only the international factors such as the 2007 credit crunch and the existing financial crisis that may affect the overall performance and condition of the housing market. Instead, national factors may also affect the formation and eventually the bursting of housing bubbles. In order to support his claims Edgerton (2008) cited that Australia employ better lending standards compared to other countries, specifically the US. To illustrate this further, in Australia, there are no recourse loans unlike in the US where many mortgages are non-recourse. Non-recourse loans mean that the borrower in financial difficulty to pay their debts has the option of handing their house back to the bank without incurring any liability for any shortfall when the house is sold. It is a different scenario in Australia because borrowers, regardless of whether they give back the house or not (Edgerton, 2008). Hence, unlike in the US and other markets, the borrowers in Australia remain liable for any shortfall. With this, the housing markets as well as banking and lending institutions in Australia are not tasked to shoulder the losses from subprime mortgages. The strength of the study by Edgerton (2008) is that he was able to stress that Australia employs rather different regulatory practices compared to the US, particularly in handling mortgage. From a description of the quick acting policies in the housing, banking and lending sector, the Australian economy, most specifically the housing sector was able to survive and overcome the detrimental elements of the financial crisis. It is also important to point out that Edgerton (2008) is one of the few scholars who gave attention to the importance of the housing market in determining the overall performance of the economy, specifically in the case of Australia. Besides, the housing market can serve as an avenue for added investments and new business opportunities; hence it should not be taken for granted, particularly during times of crises. It was also helpful that the paper presented had visual illustrations such as graphs in order to illustrate further the performance of the economy relative to the financial crisis and its effect on the housing sector. On the other hand, the research gap in the study by Edgerton (2008) is that it was not able to establish the reasons that serve as motivation for the government to implement stricter mechanisms. Impact of the US Credit Crunch on Australian Economy Impact of the US Credit Crunch on Australian Economy Introduction However, due to the US housing credit crunch and turbulence in financial markets all over the world immediately took into effect and global economic growth slowed towards the end of the year (OBrien et al., 2007). Given this basic premise of the current financial crisis, this literature review will be guided by exploring studies made on how the US-induced credit crunch affected the Australian economy, particularly the housing market. The first stage of this literature review is attributed to describing the current financial crisis, specifically the events that led to its development such as the collapse of the US housing and banking sectors in 2007. Part of discussing the events that took place after the onset of the financial crisis would be to examine the various mechanisms employed by financial institutions and national governments in order to mitigate the direct and indirect consequences of the financial crisis. The second part of this literature review seeks to determine the effects of the financial crisis to the Australian economy, as well as the various policy responses made by both the Reserve Bank of Australia (herein referred to as RBA) and the Australian government. Finally, this literature review will determine whether studies on the current financial crisis were able to provide sufficient attention to the manner by which it affected the housing market, particularly in the case of Australia. The rationale behind these assertions lies on the need to broaden the scope of examining the consequences brought about by the credit crunch in 2007 and the financial crisis in 2008, from being centered in the US to involve other nations as well. It should always be understood that the effect of the subprime meltdown was not limited to US firms exposed to the subprime mortgage market for the reason that globalization made regional financial markets so interconnected that crisis spread across countries at tremendous speed (Moosa, 2008). Hence, it is just apropos to exhaust scholarly works that have managed to realize that at this point in time, economic activities of nations are intertwined and the development of policy solutions should also undergo the same process. Another reason for this literature review would be to identify research gaps that will in turn serve as a motivation for future studies on the effect of the current financial crisis towards nations economies such as the case of Australia. Since the underlying context for this review of related literature is the 2007 credit crunch and the 2008-present global financial crisis, the period covered for the literature surveyed in this paper will be from 2007 to the present. With these things taken into consideration, the focus of this literature review will be the effect of the 2008 financial crisis to the housing market in Australia. From the broad circumstance of the credit crunch and the financial crisis that happened in the US and inevitably transgressed to the rest of the world, this literature review seeks to identify the relationship from a macroeconomic environment of the global financial crisis to a specific case of the housing market in Australia. The justification for this lies on the need to determine whether policy responses used in the US are effective or otherwise in mitigating the direct consequences of the crisis, and vice versa. The credit crunch and the global financial crisis As it had been previously mentioned, this portion of the literature review is allotted to discuss the credit crunch as well as the occurrence of the global financial crisis. Both the credit crunch and the financial crisis are crucial concepts in this review for the reason that it will be impossible to present and examine the effects of the financial crisis to the Australian economy, specifically the housing sector if these concepts are not understood properly. According to the National Institute Economic Review (2008), the 2008 financial crisis is rooted in the US subprime mortgage defaults. Moosa (2009) defines subprime mortgages to encompass all activities involving the granting of loan to borrowers with inferior credit worthiness creating complex financial products. Meanwhile, Honohan (2008) in his study defines a credit crunch as credit related crises suffered by banks and other intermediaries which is often the cause of contraction in lending market especially if these are triggered by exogenous economic shocks. The positive attribute of the definitions provided by these authors lie on the fact that these are lifted from actual events and circumstances, more specifically the 2007 credit crunch and the current financial crisis. Another interesting point with regard to the financial crisis was given by Barrell and Hurst (2008) who stressed that financial crises are episodic and frequent and are difficult to address without major impacts in the prospect for financial growth. Based on this observation by Barrel and Hurst (2008), it becomes evident that it is inevitable under conditions of financial crises that economic growth will not be affected, especially with globalization as the underlying condition. With regard to the direct cause that led to the development of the financial crisis, Ben Bernanke (2008), believe that the period of financial turbulence on the part of the US began in 2006 when there were uncontrollable contractions in the US housing market that were caused by the inability of certain individuals to pay for subprime mortgages. Moreover, this was reinforced by increasing constraints on credit availability, which has dramatically slowed down the economy and has made it less responsive to market changes. Honohan (2008) supports this further in his discussion on the evolution of the 2008 financial crisis by asserting that the origin of the crisis was especially pronounced in the housing market wherein credit losses are so massive that it cannot be replenished anymore. The fall of house prices in the US and other major economies such as the UK directly affected economic growth in other countries. In his study, Honohan (2008) also believes that although the current global financial crisis was triggered by the 2007 credit crunch in the US banking sector brought about by the bursting of the housing bubble, definitions such as those presented by Moosa (2009) and Barrell and Hurst (2008) should not be confined to the US experience. The explanation behind this is that other nations might have responded differently upon the advent of financial crisis. In this case the positive aspects of the study by Honohan (2008) lies on the fact that it was able to present a coherent discussion of the origin of the 2008 financial crisis as something that did not happen overnight. Instead, Honohan (2008) attributes the occurrence of the financial crisis to ineffective risk management and lax monetary and fiscal policies in the US and eventually the rest of the world. Although Honohans (2008) article was focused on the banking aspect of the financial crisis and how mortgage problems in the US, his discussion of the detrimental effects of the crisis such as the closure and bankruptcy of banks and lending institutions were effective in stressing the importance of coherent monetary policies. On the other hand, the research gap identified in the article presented by Honohan (2008) is that it was highly concentrated on the banking sector in the US, thus, ignoring the direct consequences of the credit crunch and the financial crisis to the housing sector. It should always be taken into account that the financial crisis originated in the housing sector. Hence, potential solutions should first be geared towards addressing the negative consequences brought about by the crisis in the housing sector. Another gap in the study made by Honohan (2008) was that it was not able to present recommendations that will serve as a guide to policy makers as to how to mitigate the direct and indirect consequences of the current financial crisis. In a similar study, Barrell and Davis (2008) observed that the evolution of the 2007-2008 financial crises was brought about by low global interest rates arising in turn from high levels of global liquidity. This can be explained further by the case of the US wherein bank lending to households grew at unprecedented rates leading to the point that people can no longer pay their monthly dues. In addition to this, Barrell and Davis (2008) also indicated that banks are expected to hold increasingly low levels of balance sheet liquid assets, given low interest rates, and they undertook aggressive wholesale liability management to maintain funding levels. Without these initial actions taken to address the earliest manifestation of a credit crunch particularly the collapse of the housing market, countries would not have survived the crisis and will be forced to close down major financial institutions. Again, in order to understand the financial crisis and its effects towards nations and economies, it should be taken into consideration that the asset price bubble in the US in 2007 was perhaps the most noticeable occurrence in the housing sector and this has led to irreversible consequences in the financial sector. Given this event, Barrell and Hurst (2008) supports this by stating that it is the short-term fluctuations in house prices that affected consumption in countries like the US and the UK, therefore fostering slow growth in the rest of the developed world—and eventually, the rest of the world. In their discussion of the present financial crises, as well as the prospects for recession, Barrell and Hurst (2008) stated that the best way to address the negative consequences of the crisis would be through effective monetary policy through interest rates reduction which should be set by the central bank in order to prevent bubbles like the housing bubble in the US from bursting and damaging economies at larger scales. The low global interest rates contributed to rapid credit expansion and rise in asset prices which greatly contributed to the US financial crisis (Barrell Davis, 2008). The benefits provided by the study made by Barrell and Hurst (2008) and the article written by Barrell and Davis (2008) would be that in both instances, the authors were able to recognize the collapse of the housing sector as the root cause of the financial crisis. Hence, in both articles, the authors believe that solutions for the current financial crisis should not neglect making changes in the structure of the housing sector. As for the gaps in the studies presented by Barrell and Davies (2008) and Barrell and Hurst (2008), the authors in both articles failed to establish a strong relationship between the policy recommendations that they have made to counteract the negative effects of the financial crisis from worsening and the need to direct solutions at improving the housing sector to prevent another collapse in the future. Also, like most of the scholarly works reviewed in this paper, the articles presented by Barrell and Davies (2008) and Barrell and Hurst (2008) were both centered on the case of the US and the UK, without taking into account that these cases cannot be used to generalize the responses of other nations to the financial crisis. Perceived solutions to the credit crunch and the financial crisis After presenting the various definitions and understanding of the ongoing financial crisis, it is just apropos to also present the perceived solutions to the credit crunch as well as the financial crisis based on the literature reviewed for this study. According to Harris and Davidson (2009) governments have a huge role in addressing the credit crunches and financial crises through the enforcement of effective fiscal policy. The government holds responsibility to help manage the nations resources in order to foster growth and present more job-creating opportunities. In the same article, Harris and Davidson (2009) also raised that the initial response to the credit crunch was reliant on the role of the government to intervene and take action to prevent the consequences from worsening into a financial crisis and a global recession. The example given in the article was the case of the US, whose immediate response would be Paulsons initial $700 billion bail-out package that was envisioned to foster government spending through state and local governments spending. The research gaps identified in the studies presented above, namely the lack of coherent recommendations to address the financial crisis at the practical level were addressed by Harris and Davidson (2009). The reason for this is that Harris and Davidson (2009) stressed on the need for fiscal policies to counteract the immediate effects of the credit crunch. Although the focus on government intervention can be considered both as a positive and negative aspect of the study for the reason that in order to fully control both the financial and the social effects of a credit crunch, it is not sufficient to simply rely on fiscal policy but have a combination of both monetary and fiscal policy. With these things taken into account, the only identifiable gap in the study by Harris and Davidson (2009) is that it was not able to discuss existing and potential monetary policies that may go hand in hand with fiscal policies in managing the negative consequences of the financial crisis. The research gaps identified in the study by Harris and Davidson (2009) were effectively addressed in the study by Belke (2009) for the reason that it may have proposed the use of fiscal stimulus to counteract the direct effects of the credit crunch and that of the crisis as well but Belke (2009) also explored the option of having a combination of both monetary and fiscal policy in order prevent the credit crunch and the financial crisis from initiating a move towards a global economic meltdown. According to Belke (2009) the generic answer to prevent the generic economy from collapsing is that use of fiscal policy to sustain demand, since monetary policy with its main concentration on interest rates approaching zero is no longer effective. The strength of the study made by Belke (2009) is that it was able to cite concrete situations that will illustrate the effectiveness of using both fiscal and monetary policy. For instance, the case of the European Union (EU) specifically the UK wherein tax cuts are implemented in order to effectively increase demand and to foster higher levels and consumption were cited by Belke (2009) as an example of fiscal policy to boost the economy. With these examples and conditions taken into account, the research gap in the study presented by Belke (2009) lies on the fact that it was not able to fully exhaust the potential options that will aid nations, especially those that are not dependent on credit consumption, to handle the immediate impact of the financial crisis that has been triggered by the credit crunch in the US in 2007. Moreover, even if the most suitable cases to illustrate the proposed solutions would be that of the US and other developed EU countries, it would have been better if Belke (2009) used a comparative method between countries that relied on both fiscal and monetary policy and those that did not. It is only through comparison that Belke (2009) could further justify the assertions and recommendations that she had made in her study. As it had been previously raised in this literature review, Belke (2009) was not able to establish a relationship between fiscal policy, monetary policy and the housing sector. The reason for this would be that the housing sector was the triggered the financial crisis. Thus, it is just apt that immediate solutions be directed toward the housing sector as well. Furthermore, the fact the Belke (2009) also focused on the case of the US and the developed countries in the EU is also considered as a gap in the research for the reason that the effectiveness of both fiscal and monetary policy cannot be generalized in the case of only the US or the UK. The financial crisis and the housing sector This portion of the literature review briefly presents the effect of the financial crisis on the housing sector, where it is believed to have originated. It is already given that the credit crunch and eventually the financial crisis emanated from the housing industry in the US, but this does not mean that research should be confined in the case of the US and other economic superpowers such as the UK. The academic literature available regarding the effect of the financial crisis on the housing market and vice versa was once again confined to the case and experiences of the US. For example, in a speech delivered by Ben Bernanke (2008) he stated that housing markets remain weak, with low demand and the increased number of distressed properties on the market contributing to further declines in house prices and ongoing reductions in new construction. The observation made by Bernanke was reinforced by the arguments raised by Barrell (2008) wherein he pointed out that one of the significant factors that affected the worsening of the credit crunch into a full blown financial crisis would be the inability of the US government to respond to the need to intervene to economic activities. Based on these statements, it can be said that homeowners are affected by the decline in demand for houses because they cannot sell at a loss given that the current market prices for the house are low. In addition to this, homeowners cannot make further investments because their money has been trapped in the real estate property that they hold and their inability to shoulder the dept payments. In another scenario, homeowners who are facing debt for their mortgage are facing high risks of losing their property since they may not have the proper mechanism to generate additional income in order to finance for the payment. This was supported by Miron (2009) when he stated that if government redistributes income by intervening in the mortgage market it will however, it creates the potential for large distortions of private behavior. The financial crisis and the Australian Economy Prior to examining available literature on the effect of the present global financial crisis to the Australian housing sector, it is necessary to present the broader picture by determining the effect of the financial crisis to the overall Australian economy as well as immediate policy responses employed to control its negative consequences. The need to examine the effect of the financial crisis on the economy lies on the fact that the contagious effect of the subprime crisis has hit financial institutions in Europe and Australia, therefore, damaging health of s significant number of financial institutions and reducing the ability of others to run their business properly (Moosa, 2008). Under these conditions, Moosa (2008) presented a study that was driven by the need to clearly identify the effect of a US induced credit crunch and financial crisis towards the Australian economy, particularly in terms of the underlying policy decisions implemented by both the RBA and the government. The bursting of the US housing market bubble in 2007 led to the rapid decline in the house prices and the downgrades of related asset-backed securities as well as the collapse of the banking and lending institutions in the US and most of the EU (Moosa, 2008). The same cannot be said in the case of Australia, where the housing market was not particularly overvalued as in the case of the US, but was nonetheless vulnerable to the harsh effects of the credit crunch. The explanation behind this is that there are still large portions of subprime loans granted to borrowers in Australia, hence there is still the risk that they may not have reliable credit records. The only difference between the case of the most countries like the US and Australia in terms of the extent to which the financial crisis affected the economy are in terms of policy initiatives and effective regulation. Given this basic premise, Moosa (2008) asserted that one of the reasons why Australia was not subjected to massive losses after the financial crisis in 2008 was due to the fact that the housing sector did not experience massive shocks as in the case of the US, the UK and most countries in the EU. Typically, mortgages in banks and lending institutions was hit hard by the collapse in the subprime housing market in the US, in the case of Australia, the effect was not severe by the bursting of the housing bubble. In his study, Moosa (2008) began by discussing the reason why the subprime crisis in the US took effect in June of 2007. Moosa (2008) identified two critical areas in order to explain this. First would be the lax monetary policy as indicated by the low interest rates; second, reckless lending of banks to dodgy borrowers and excessive securitization. Although Moosa (2008) indicated in his study that the Australian economy is still susceptible to the effects of the subprime crisis brought about by liquidity situations that push investors to stay away from private sector securities, the only difference is that the Australian financial sector had the necessary policies to balance this out. The positive aspect of the study presented by Moosa (2008) is that it was able to showcase the difference between the effect of the current financial crisis in the US and other nations and Australia. Through Moosas (2008) study, it becomes clear that even though financial crises have a common shape, its consequences are not always the same for every nation. The explanation behind this is that each nation has its own set of fiscal and monetary policy. Consequently, nations, such as Australia respond differently to the same conditions set by the global financial crisis. Regarding the research gap in Moosas (2008) study, it had failed to establish the elements that were present in the Australian economy that enabled it to respond differently and optimally to the shock that was brought about by the financial crisis, as well as the credit crunch which preceded it. What could have been done by Moosa (2008) in order to address this gap would be to cite concrete instances in the Australian economy wherein the implementation of effective policies was able to overcome the negative consequences of the financial crisis. Malcolm Edey (2008), Assistant Governor of the RBA, was able to articulate reasons on why the Australian economy was able to withstand the detrimental consequences of the 2008 financial crisis. The arguments raised by Edey (2008) directly address the research gap identified in the article by Moosa (2008). According to Edey (2008), the reason why the Australian economy was able to minimize the losses despite the financial crisis and the looming threat of recession was due to the following reasons. First, subprime loans are essentially loans that do not meet standard criteria for good credit quality. In Australia, a different policy was employed to address non conforming loans. Ellis (2009) supports this by stating that in Australia, citizens pay the interest in their homes mortgage against their tax, so they are encouraged to keep their mortgage balances low. Second, unlike in other countries such as the US, the Australian government was able to develop coherent fiscal and monetary policy that will encourage households and business sectors to be more risk averse by having higher levels of savings and investment. An example of this would be the AUD 42 billion stimulus package that was called the National Building and Job Plan (Edey, 2008). To further support the points raised by Edey (2008) and Ellis (2009), Steven Kennedy (2009) from the Australian Treasury presented three reasons on why the Australian economy was one of the few who managed to overcome the negative consequences brought about by the 2007 credit crunch and the existing global financial crisis. The primary reason identified by Kennedy (2009) was that the Australian government and the RBA had timely policy responses to the occurrence of the financial crisis. Second, being at close proximity with Asian countries, such as China, Australia was able to benefit from the continuous growth rates of these Asian economies. Finally, the Australian banking system has remained in good shape throughout the crisis which meant that it has effectively operated with sound rules and regulations. The benefits offered by the studies made by Ellis (2009) and Kennedy (2009) is that both were able to acknowledge the unique characteristic of the Australian economy, which are deeply rooted in effective policy making and regulatory ability on the part of both the RBA and the government. In addition to this, income growth in Australia was already strong prior to the crisis which means that policy makers have to option to concentrate on weaker sectors of the economy that will experience the consequences of the crisis in a different scale. Again, the research gap in the observations given by Ellis (2009) and Kennedy (2009) is that the practical examples and illustrations on how these policies were translated into actual practice are once again insufficient. Another problematic aspect of these articles is that the authors only presented the positive aspect of effective monetary and fiscal policies, thus, disregarding the fact that these might also manifest flaws that might jeopardize the success of the regulation. Ellis (2009) and Kennedy (2009) in their separate articles mentioned that Australia had an edge over other nations in terms of counteracting the direct effects of the financial crises, but both scholars failed to provide stronger basis to support such assertion. The financial crisis and the housing market in Australia The final section of this literature review is allotted in examining the available studies made with regard to the current state of the housing market in Australia and how it responded towards the occurrence of the financial crisis. With regard to the overall condition of the housing market, Edgerton (2008) presented a detailed discussion of the through the pricing, purchasing and selling trends in major Australian cities namely, Sydney, Melbourne, Brisbane, Adelaide, Perth, Darwin, and Canbera. The method used by Edgerton (2008) was to analyze trends in housing price increase and/or decrease as well as trends for sales and purchases of houses in these major Australian cities. The findings from the study made by Edgerton (2008) indicate that it is not only the international factors such as the 2007 credit crunch and the existing financial crisis that may affect the overall performance and condition of the housing market. Instead, national factors may also affect the formation and eventually the bursting of housing bubbles. In order to support his claims Edgerton (2008) cited that Australia employ better lending standards compared to other countries, specifically the US. To illustrate this further, in Australia, there are no recourse loans unlike in the US where many mortgages are non-recourse. Non-recourse loans mean that the borrower in financial difficulty to pay their debts has the option of handing their house back to the bank without incurring any liability for any shortfall when the house is sold. It is a different scenario in Australia because borrowers, regardless of whether they give back the house or not (Edgerton, 2008). Hence, unlike in the US and other markets, the borrowers in Australia remain liable for any shortfall. With this, the housing markets as well as banking and lending institutions in Australia are not tasked to shoulder the losses from subprime mortgages. The strength of the study by Edgerton (2008) is that he was able to stress that Australia employs rather different regulatory practices compared to the US, particularly in handling mortgage. From a description of the quick acting policies in the housing, banking and lending sector, the Australian economy, most specifically the housing sector was able to survive and overcome the detrimental elements of the financial crisis. It is also important to point out that Edgerton (2008) is one of the few scholars who gave attention to the importance of the housing market in determining the overall performance of the economy, specifically in the case of Australia. Besides, the housing market can serve as an avenue for added investments and new business opportunities; hence it should not be taken for granted, particularly during times of crises. It was also helpful that the paper presented had visual illustrations such as graphs in order to illustrate further the performance of the economy relative to the financial crisis and its effect on the housing sector. On the other hand, the research gap in the study by Edgerton (2008) is that it was not able to establish the reasons that serve as motivation for the government to implement stricter mechanisms.