...Collision Impact Structural collapse may be caused by collision from various types of transportation vehicles or heavy equipment. Generally, the collapse area is localized, but may be complex due to the victim locations in the vehicle, victims in the structure, and the potential for spillage of fuel and cargo. 2.11 Progressive Collapse Progressive collapses are a chain reaction caused by the collapse of one structure or part of a structure onto another structure. Walls, floors, or entire buildings may collapse progressively in domino fashion. 3. Examples of Structural Collapse 3.1 September 11, 2011, Terrorist Attacks on the Pentagon and the World Trade Center These events killed over 3,000 people and injured over 6,000. The subsequent collapse of World Trade Center (WTC) Towers 1 and 2 killed 343 firefighters and 75 police officers--the single largest loss of life in the history of the fire service. The response to these events brought all 28 of the Federal US&R teams to assist, as well as numerous State and local collapse rescue- response teams. The recovery operation for the WTC lasted for 8 months. The response to the attack on the Pentagon resulted in one of the largest...
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...Assess the impact of foreign involvement on North Korea’s foreign policy and isolation: North Korea is, as stated by Bruce Cummings in North Korea – Another Country, “The Author of most of its own troubles”. The country is close to entirely isolated from the rest of the world maintaining only small contact with certain nations. Since the ceasefire of the Korean War, North Korea has become increasingly detached from the majority of the world; however what factors have led to this increased isolation? The heavy bombing of the North during the war, the continued existence of missiles aimed at the North, the fall of the Soviet Union, the Carter and Clinton governments steps on reconciliation with North Korea and the Bush Governments seemingly polaric policy re-opening tension with the nation, have all played a role in North Korea’s isolation but to what extent? The Korean War was, as the Cold War of the same era, an ideological clash between the two main systems, Communism and Democracy. The North, as a communist country, was an enemy of the United States in this Ideological Clash however the Korean War was, as stated by Bruce Cummings in his 2004 novel, North Korea – Another Country, “A War fought by Koreans for Korean goals”. Bruce Cummings is the most prominent western historian to write about North Korea and several of his books are on required reading lists for subjects at the Korean University in Seoul. Cummings presents a sympathetic view to North Korea’s scenario as...
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...Sixth Possible Serious Economic Danger for 2015 and Beyond A report by Sandeep Vete 1 DANGER #6: Collapse of US Dollar as world’s de-‐facto currency The modern US currency under the “Dollar Standard” is a FIAT currency but the underlined reality is that the world oil trade and the strength of US military backs the US Dollar. Source: w ww.beforeitsnews.com Demand for dollar is created by its “Petro-‐Dollar” status and mitigates the inflation to a large degree by distributing the consequences globally and not merely affecting United States. Essentially US writes the hot check and the world has to pay the bills. (When Will The Economy Collapse? 2013, July 24) This system is perfect till no one decides to twist the system like Iraq did in 2000 by selling oil in euros or Libya did by try pulling most of Africa off the...
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...Impact of the Asia Crisis on U.S. Industry: An Almost-Free Lunch? • The large devaluations experienced by Korea, Malaysia, Thailand, and Indonesia beginning in the summer of 1997 raised concerns that imports from these countries would soar while demand for U.S. exports weakened, causing U.S. industries to suffer. W • As it turned out, manufactured imports from the four countries rose only slightly, and the decline in U.S. exports was not large enough to have a significant effect on trend output for most industries. • The one exception to this pattern was the steel industry: there, sharply rising imports and falling exports led to a drop in output and prices. • Overall, the United States enjoyed an “almost-free lunch” in the wake of the Asia crisis. Cheaper imports benefited consumers, and domestic production and employment were largely unhurt. hen the Asia crisis erupted in the summer of 1997, many forecasters predicted that one effect would be an end to the economic boom in the United States. Surely, it was argued, the drop in demand for U.S. exports combined with surging import volumes would finally be enough to slow the U.S. economy. It did not happen. Indeed, the Asia crisis’ overall effects on the United States were small.1 In terms of trade flows, total manufactured imports from the Asian countries affected by a currency collapse—Indonesia, Korea, Malaysia, and Thailand, which I will refer to as the “Crisis 4” countries—grew only slightly, while exports...
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...Impact of the Asian Financial Crisis in 1997 and effect to Latin America Name: Institution: Date: Abstract In 1997, the Asian Financial Crisis spread rapidly all over the Asia and affected almost all the economies in the world. Prior to the Asian Financial Crisis, the Asian countries such as Thailand, Malaysia, South Korea, Indonesia, Hong Kong and Singapore experienced a remarkable growth in the economy that was considered the highest in the world. These Asian economies increased by a notable proportion of 6 to 10 percent annually in the GDP. However, what had been regarded as an Asian miracle seemed to crumple down rapidly 1997 when these Asian countries were faced with a severe financial crisis in their local stock and currency markets. When the economies started recovering from the crisis in 1998, the stock markets in several countries had considerably lost more than 70 percent of their worth, while their currencies depreciated in comparison to the US dollar (Pettis, 2001). The Asian Financial Crisis also affected several nations in the Latin America as they experienced a relentless economic meltdown that had detrimental effects to the economies. For instance, the financial crisis force multinational firms to close down due to liquidation, the banking system deteriorated and this forced high levels of lay-offs leading to unemployment. In addition, the financial crisis resulted in the loss of the people’s purchasing power in the Latin American while nations turned to...
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...Research at Minnesota State University, Mankato The Role of the International Monetary Funds (IMF) in the East Asian Debt Crisis of 1997 By Yaro Sadek Tahirou Minnesota State University, Mankato 2 ABSTRACT During the East Asian Financial crisis in particular, the IMF has been criticized of promoting international cooperation because of the supervised enforcement of its rules. The purpose of this research is to find out how the IMF responded to the East Asian debt crisis and whether or not its responses were the best possible responses to this crisis. Through my research, I talked about the causes of the East Asian financial crisis, the role of the IMF in the international monetary system, and if the IMF responses to Thailand, South Korea and Indonesia were the best responses or not. After analyzing the IMF responses in this crisis, I found that the IMF policies need to be reformed in order to monitor and prevent future financial crises spill-over effects at the global and regional levels. I will analyzed 5 scholarly journals on the financial crisis in East Asia, 3 scholarly articles on the role of IMF in the East Asia financial crisis, and 1 novel called POLITICS IN SOUTHEAST ASIA DEMOCRACY OR LESS by William Case. INTRODUCTION Several financial crises have occurred in the world economy through the last decades. Some examples include the East Asian financial Crisis of 1997, the Latin American debt crisis of 1994-95, the Russian crisis of 1998, and the Brazilian crisis...
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...Korean Peninsula.The Korean peninsula consists of the Democratic People’s Republic of Korea (DPRK) on the northern part of the peninsula and the Republic of Korea (ROK) on the south, dividing on the 38th parallel. The peninsula split up in the 1950s during the Korean War, which involved the Communist North against Democratic South Korea. As the Korean War broke out on the peninsula in 1950, the United Nations Security Council recognised North Korea’s act as an invasion. Due to the fact that North Korea ignored the United Nations’ call for a ceasefire, the United States, United Kingdom and many other nations sent forces towards the peninsula in order to defend South Korea. Although a cease fire agreement have been signed in July 1953, North and South Korea are technically still at war to this very day. Since the Korean War divided one nation, whom share the same culture, values and language, they were separated because of two enormous political ideology differences, that the leaders believed in. We can safely say the Korean War was an “Ideology War”. The North being more towards socialism / communism (left wing) and the South being a firm believer in a semi-western, democratic (right wing) ideology. There isn’t only different ideologies within the politics, but also economically and educationally are being influenced by this ideology. Often we ask ourselves whether we can see Korea as one again in the future? Is unification in the peninsula a sustainable option? Or...
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...The Asian Economic Crisis The Asian Economic Crisis of 1997 was a regional debacle that stirred and involved practically the rest of the world. It was a unique economical situation that no one expected or suggested. The southeastern Asian countries, such as Thailand, South Korea and Indonesia were financially sound and satisfied all the criteria that economists proclaimed necessary to maintain order and progress. However, economists and the rest of the world did not see the breaches in the economy and realize the affect those considerations would have in the exacerbation of an entire region. The purpose of this essay is to explain what the Asian Economic Crisis was, the causes, consequences, and how the world went about resolving the issue to bring this region to where it is today. The 1990s was a decade of enormous growth in Southeast Asia sustained by its exporting (Noble, 1). It was commonly known as the Asian economic miracle. Macroeconomic balances were relatively steady and inflation was under control in these Asian countries, like Thailand, Indonesia and Singapore. Because of the major progress and developments in these countries, it became an attractive location for foreign investment. Technology had reached a new brink, where people could invest internationally without having to leave the country and establish a huge investment abroad. Trading through the internet was easy, efficient and convenient. Capital Inflow into these countries was inundating the...
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...The Foreign Exchange Market of South Korea Brief Introduction of currency Won The currency used in South Korea is the Won, (sign: ₩; code: KRW), it can be further divided in 100 jeons, the subunit. Won has been existed for thousands of years in South Korean History. After the world war two, the Korea continent was divided into North Korea and South Korea. Both of the two countries have been using won as their currencies. The foreign exchange policy of won followed a pegging method to dollars before 1980. From 1980 to 1997 South Korea had initiated a series of actions towards floating exchange rate. During the East Asian financial crisis, the won was devalued at almost half of its original value. The monetary system The monetary system is basically consisting of four major government entities; “the Ministry of Finance and Economy (MOFE), the Bank of Korea (BOK), the Financial Supervisory Service (FSS), and the Korea Customs Service (KSS)” (Korea, South-Money). The bank of Korea, according to Savada and Shaw in their country paper on South Korea, is established as the central bank of South Korea and supervised all the financial transactions of diversified financial institutions. Its major functions also includes the issuance of currency, the determination on the monetary and credit policies, the collection and record of the statistics of overall economy, and the regulation of all private banks. It also closely partners with the central government for raising funds for public...
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...development.” (Globaled, p.1). Dating from the Japanese occupation of South Korea , from 1910 thru 1946, then the division of the peninsula enforced by the United States of America and the Union of Soviet Socialist Republics after Japan’s unconditional surrender during WWII; the Republic of Korea (ROK) had gone throughout drastic changes in its social, economic, and political structure, but in the 1960s, under the regime of Park Chung Hee, the Korean government implemented measures to increase export and decrease the import of foreign goods and at the same time nationalized banks, and persecuted South Korean business leaders for profiting from the corruption in the South Korean government. During this period South Korea woke up to a dawn of industrial revolution that changed the economic future of the Peninsula. Park started what would take the ROK from a agricultural economy, to one of the world’s largest economies. Although the Japanese government had put in place some infrastructure to developed the Korean Peninsula during the Japanese occupation from 1890’s to 1945, these infrastructures were solely for Japan benefit. “Many economists think it developed into the world’s 11th largest economy by following the model of the world’s second largest economy just next door – Japan.” (Korea, 2001). Park’s administration developed and adapted the Japanese economic system they had introduced in South Korea since the 1920, the “Zaibatsu”. The Korean version is called “Chaebol”...
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...textiles of the past. The increases in export revenue sparked a building boom. This growth fueled commercial and residential property development, purchases of industrial assets and enhancements to infrastructure. All of this was built with borrowed money. Since the economic environment was expected to continue to get better borrowing was easy and the financial institutions were eager to lend money as fast as possible. Bold investments were made mainly to increase plant capacities. The idea was that if they could produce more they continue to derive the same levels of pricing. Indonesia, Malaysia, Thailand and South Korea were the countries that fueled this movement. These countries witnessed domestic investment growth rates increase by 16.3%, 16%, 15.3% and 7.2% respectively. Nearly all of these investments were financed. Indonesia, Malaysia, Thailand and South Korea, in their determination to increase production capabilities, did not account for the basics of supply and demand. Production capacities...
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...cannot only cause inflation in Japan, but also result in imported inflation in Taiwan and China. As Taiwan and China are struggling to keep the housing bubble from bursting, they will certainly consider using interest rate policies to suppress Japan's imported inflation. (Want China Times, 2013) Tan S.M. (2013) said that there could be short-term negative implications for exports to Japan as well as investments from Japan which could go down. Japan has consistently incurred trade deficits with most Asian economies except Indonesia and Malaysia since 2002. A sharply weaker yen will hurt Southeast Asian economies as Japan remains a major trade and investment partner and the region will bear the brunt of the adjustment if the yen's collapse causes financial uncertainty. While a weak yen will definitely lead to lower imported cost of equipment for Asia and result in Japan buying less from Asia. Thus, Japan's outward investment may decline. However, the yen's depreciation might have positive effects on China, Korea, Taiwan, Malaysia, Indonesia, and Thailand since these countries import heavy machinery and equipment, including transport and vehicle parts and components from Japan. Japan exports from the member countries of the Association of Southeast Asian Nation (ASEAN) are unlikely to be adversely affected by a weaker yen and may even benefit from cheaper intermediate goods imports....
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...China’s Economic Growth 1978-2025: What We Know Today about China’s Economic Growth Tomorrow Views of the future China vary widely. While some believe that the collapse of China is inevitable, others see the emergence of a new superpower that increasingly poses a threat to the U.S. This paper examines the economic growth prospects of China over the next two decades. Extrapolating past real GDP growth rates into the future, the size of the Chinese economy surpasses that of the U.S. in purchasing power terms between 2012 and 2015; by 2025, China is likely to be the world's largest economic power by almost any measure. The extrapolations are supported by two types of considerations. First, China’s growth patterns of the past 25 years since the beginning of economic reforms match well those identified by standard economic development and trade theories (structural change, catching up, and factor price equalization). Second, decomposing China’s GDP growth into growth of labor and other variables, the near-certain information available today about the quantity and quality of Chinese laborers through 2015, if not several years after, allows inferences about future GDP growth. Short of some cataclysmic event, demographics alone suggests China’s continued economic rise. If talent is randomly distributed in the world population and if agglomeration of talent is important, then the odds are strongly in China’s favor. Introduction The rapid economic growth of China since the...
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...AN INTERNATIONAL COUNTRY CASE STUDY OF SOUTH KOREA [pic] PREPARED BY INTERNATIONAL TRADE & ECON 470 Table of Contents Introduction 1 International Trade Theory 3 Revealed Comparative Advantage 3 Resource Endowments 3 RCA VS Technology Resource Endowments 6 Implication 3 International Trade Policy 4 Tariff Policy 5 Government Corruption & International Trade Policy 6 Implication 3 International Monetary System 1 Balance of Payment 3 Currency Value 3 Implication 1 Conclusion 1 Suggestions for Further Research 3 Work Cited 5 APPENDIX Figure 1.1 1 Figure 1.2 1 Figure 2.1 1 Figure 2.2 1 Figure 3.1 1 Figure 3.2 1 Figure 4.1 1 Figure 4.2 1 Figure 5.1 1 Figure 5.2 1 Introduction Overview of South Korea South Korea is formally known as the republic of Korea is a country in East Asia. The country covers a land area of 99,392 Km square and a population of 49.3 million. The country constitutes the southern part of the Korean Peninsula. South Korea is a developed nation ranked at position fifteen. In terms of education, the country is not left behind as it ranks highly in terms of providing high quality education to its citizens. Proper and quality healthcare facilities are also available in the country. South Korea is my country of choice because I got attracted by the efforts the country has put into place to grow from the world poorest country to be among...
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...From 200 B.C.E. to 1450 C.E., the Silk Road has gone through major changes such as economy and diseases as well as continuities such as Rome and China not being able to trade directly, the major goods, its basic purpose, and the spread of religion. While the original purpose of the Silk Road remained intact by being a connecting platform and trade route between various countries in Central Asia, the major goods traded on it and the civilizations it went through also did too. The road consisted of many different routes leading to different cities and countries, such as the Chinese, Kushan, Parthian, and Roman civilizations. Due to the interactions between various, distinct cultures, the Silk Road facilitated the exchange of many distinct...
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