...Table of Contents Title Page Copyright Page Dedication PREFACE TO THE 10TH ANNIVERSARY EDITION Introduction Part I - THE PURPOSE OF LIFE Chapter 1 - THE RIGHT TO HAPPINESS Chapter 2 - THE SOURCES OF HAPPINESS Chapter 3 - TRAINING THE MIND FOR HAPPINESS Chapter 4 - RECLAIMING OUR INNATE STATE OF HAPPINESS Part II - HUMAN WARMTH AND COMPASSION Chapter 5 - A NEW MODEL FOR INTIMACY Chapter 6 - DEEPENING OUR CONNECTION TO OTHERS Chapter 7 - THE VALUE AND BENEFITS OF COMPASSION Part III - TRANSFORMING SUFFERING Chapter 8 - FACING SUFFERING Chapter 9 - SELF-CREATED SUFFERING Chapter 10 - SHIFTING PERSPECTIVE Chapter 11 - FINDING MEANING IN PAIN AND SUFFERING Part IV - OVERCOMING OBSTACLES Chapter 12 - BRINGING ABOUT CHANGE Chapter 13 - DEALING WITH ANGER AND HATRED Chapter 14 - DEALING WITH ANXIETY AND BUILDING SELF-ESTEEM Part V - CLOSING REFLECTIONS ON LIVING A SPIRITUAL LIFE Chapter 15 - BASIC SPIRITUAL VALUES Acknowledgements THE ART OF HAPPINESS BOOK SERIES ABOUT THE AUTHORS RIVERHEAD BOOKS Published by the Penguin Group Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, USA Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario M4P 2Y3, Canada (a division of Pearson Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R 0RL, England Penguin Ireland, 25 St Stephen’s Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Group (Australia), 250 Camberwell...
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...1. Introduction Founded in 1906, Li & Fung is a Hong Kong based global supply chain management group that supplies high-volume and time-sensitive consumer goods to some of the world’s leading retailers and brands (Lam, 2013). Fundamentally, the company is an international supply chain manager operating primarily in three core business areas - trading, logistics and distribution. At present, their main source of income are derived from garments and apparels, followed by non-apparel products such as ‘toys, home furnishings, sporting goods, footwear, and health and beauty products’ (Li & Fung website, 2013). Once considered as a steady blue-chip company with high dividend yield and solid earnings, Li & Fung was among one of the best performers in the Hang Seng Index (HSI) from 2007 to 2011 (Kwok, 2013). But sadly, their shares have fallen over 30% to date and is currently the second-worst performing HSI stock in 2013 (Li, 2013). With doubts over the future and the effectiveness of the company, analysts and shareholders are demanding for some new changes from the management team. Hence, the purpose of this report seeks to examine the current issues that are related within their corporate strategy. In addition, we will present a number of recommendations or changes in view of steering the company back into the right direction. 2. Key Issues 2.1. Reliance on US market and devaluation of foreign currencies From 2007 to 2011, over 90% turnover of Li & Fung is coming from...
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...Introduction There have been some major financial crises in the world in the recent past. The crisis are the European Monetary System that occurred in 1992-1993, The Mexican crisis 1994-1995, the Asian crisis 1997-1998 and the recent global financial crisis 2007-2009. The recent financial crisis has affected the international trade. The financial crisis began in the United States in 2007 in the housing market resulting in foreclosures. The crisis continued to grow and eventually turned into a global financial crisis as well as an economic crisis. As a result, some major banks, insurance companies and investment houses faced bankruptcy while others needed financial aid to continue operating. Many businesses involved in the international trade have been struggling in their financial management during the credit crunch because a business is supposed to remain successfully even during crisis times. The managers in businesses involved in the international trade have had to make decisions to help their organizations stay afloat during the financial crisis. Economists are of the opinion that a financial crisis results from feeble economic fundamentals for instance, fiscal deficit, reduced foreign reserve and increased foreign debt among others. The financial crisis eased in 2009 but its effects were felt globally. The effects on the international trade occur because of the trade links among countries at the global market through a contagious effect (Glick & Rose, 1999). The contagious...
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...whom are traditional esteemed as the leader in free trade, now exercised such a protectionist stance. Without a doubt international trade has exploded throughout the century. Countries have been utilizing global trade transaction to maintain a favorable trade balance. To achieve this objective most countries have taken the stance to export as much as possible while import little, unless the lowered priced imports are directly consumed for the exported products. To succeed in the globalizing international arena state are constantly seeking new partnerships. these partnerships aris in FTA or Free Trade Agreements. However, with the increase in globalization there have been those who stand against it . With the new direction of the administration the question arises; does protectionist policy harm US and global trade in the modern area? To answer this question the theories of protectionism, the implication of in in the Great Depression and the effects of it during the financial crisis of 2008 will be examined...
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...ECF5921 Introduction to International Economics Assignment Question 1 Based on the article and other related readings of your choice, discuss the economic and social factors that have caused individual behavior to shift towards the consumption of unhealthy foods and unhealthy lifestyles. Compare ‘fat taxes’ and other alternatives that can be used address the problem. Which one would you recommend? Why? Answer Based on the article “Stick and carrots”, there are certain factors from economic and social aspects that have caused the individual behavior to shift towards the consumption of unhealthy foods and unhealthy lifestyles. From the economic perspective, the article “stick and carrots” has given the theory of rational consumption theory which states that as individuals incomes grow, the range and volume of commodities each of us will consume is growing meanwhile. Thus, the expenditures on general goods increases alongside the increasing of our incomes. That is one of the reasons that nowadays general individuals may have more chances to gain fat (as food is one of the general consumption) by purchasing more food, especially cheap and tasty junk food. Moreover, the improving of technology within the food proceeding may also resulted in a fall in the price of food, as well as the availability of a wide variety of cheap foods. Other than just buying more food as the income effect itself, individuals also tend to substitute away from consuming relatively high-priced...
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...increasing competition, limiting military conflicts, and spreading wealth more equally around the world. However it also causes risks which tend to even outweigh the benefits. By outlining, some of the benefits of globalization include: * FDI (Foreign Direct Investment): boost technology transfer, industrial restructuring, and growth of global companies * Technological innovation: competition increased from stimulate technology, outputs improved by more efficient processes * Economies of scale: costs and prices reduced And some of the risks of globalization include: * Interdependence: regional or global instabilities from interdependence between nations * National sovereignty: rise of national states, multinational, global firms, and other international organisations * Equity distribution: national or international conflicts from inequalities of benefits The overall picture is that because of the world interconnectedness, what might have been considered to be a local problem can quickly become a global problem. Due to internaltional lending and trading, which has come as the result of globalization, the health of a nation’s financial system is now very much dependent on the health of other nation’s banking system. That is how globalization and the uncontrolled movement of trade slowed down economic growth. Globalisation also impacts employment. Trade liberalisation promotes labor-intensity in export and domestic-oriented...
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...made in regards to the banks in liquidity stack. The second part will consist of the state government increasing the capital market within the banks. Along with this, £50 billion will be made available if the banks needed it, finally the government will write away any eligible lending between the British banks with a limit to £250 billion. In early December German Finance Minister Peer Steinbrück indicated that he does not believe in a "Great Rescue Plan" and indicated reluctance to spend more money addressing the crisis.[75] In March 2009, The European Union Presidency confirms that the EU is strongly resisting the US pressure to increase European budget deficits.[76] Global responses [pic] [pic] Responses by the UK and US in proportion to their GDPs Most political responses to the economic and financial crisis has been taken, as seen above, by individual nations. Some coordination took place at the European level, but the need to cooperate at the global level has led leaders to activate the G-20 major...
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...Vietnam Protectionism question Vietnam has an estimated 90.3 million inhabitants. It is the world's 13th-most-populous country, and the eighth-most-populous Asian country as of 2012. It is a one party communist state that has been one of south east asias fastest growing economies and has its sights on becoming a developed nation by 2020. It became a unified country in 1975 when the armed forces of the communist north seized the south. The country experienced 3 decades of bitter wars in which the communists first fought against the colonial power France, then against South Vietnam and its US backers. A visit to Vietnam by US president Bill Clinton in 2000 was the culmination of American efforts to normalize relations with the former enemy. In 1986 the Doi Moi resulted in Vietnams sucessful transition to a socialist orientated market economy. Elements of market forces and private enterprises were introduced soon after and a stock exchange opened in 2000. In 2007 Its successful economic reforms resulted in it joining the World Trade Organization which has promoted more competitive, export-driven industries, It also became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. These lifts in protectionism has meant that poverty has declined significantly however, Vietnam is still working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. It also still suffers from relatively high...
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... Murphy Instructions: Section A: Question 1 mandatory Section B: Do either question 2 or question 3 Duration: 2 hours Sitting: Autumn 2013/2014 Requirements for this examination: Note to Candidates: Please check the Programme Title and the Module Title to ensure that you have received the correct examination paper. If in doubt please contact an Invigilator. Page 1 of 4 Section A Question 1 Mandatory The Global Financial Crisis and Protectionism Two facts characterized international trade between 1986 and 2007. First, the volume of world trade grew every year, creating an increasingly interdependent global economy, and second, barriers to international trade were progressively reduced. Between 1990 and 2007 international trade grew by 6 percent annually compounded, while import tariffs on goods fell from an average of 26 percent in 1986 to 8.8 percent in 2007. In the wake of the global financial crisis that started in the United States in 2008 and quickly spread around the world, this changed. As global demand slumped and financing for international trade dried up in the wake of tight credit conditions, so did the volume of international trade. The volume of world trade fell by 2 percent in 2008, the first decline since 1982, and then slumped a further 12 percent in 2009. This contraction was alarming because past sharp declines in trade have...
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...and challenges facing FIAT to enter Ukraine automobile market. We first identify the strength and weakness of global strategy of Fiat with the SWOT analysis (Appendix 1) to find out entering Ukraine could contribute to Fiat’s global strategy, and then we evaluate the investment potential in Ukraine with PEST analysis (Appendix 2) to find out that Ukraine government is encouraging foreign investment by incentive policy and regulation, moreover, the automobile market in Ukraine is large. However, under the condition of financial crisis, the trade protectionism is on the rise in Ukraine, making the existing competition fiercer than before. To solve the problem, we suggest Fiat to export light vehicle and manufacture installation kit by joint venture to minimize risk and mitigate challenges. Besides, the board should pay attention to balancing the relationship among local government, local employees and management layer. 2 Opportunities and Challenges Facing FIAT to Enter Ukraine Content Ⅰ. Introduction ..............................................................................................................5 Ⅱ. Findings and discussion ..........................................................................................5 1. Company profile ......................................................................................................5 2. Fiat’s global...
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...The Global Financial Crisis: Impact on Bangladesh A.K.M. Atiqur Rahman Professor Department of Economics North South University Overview I. Introduction: Genesis and Spread of the Crisis. II. Global Recession and LDCs III. Impact on Bangladesh IV. Recession and Export from Bangladesh V. Exchange Rate Movement VI. Remittance VII. Import and Tax Revenue VIII. Overall Impact IX. Policy Implications I. Introduction: Genesis and Spread of the Crisis. • Root: Mispricing in the Massive Credit Default Swap Market • Sub prime Mortgage: Bank transferred credit risk to third party through the process of securitization ( MDS, CDO) • Reckless growth of sub prime mortgage-lower yield in risky mortgage • Arbitrage drove the yields on all bonds & loans down • Expansion of consumer credit, housing price bubble Intriduction continued • Unsustainability of Credit default swap and subprime mortgages exposed • Housing bubble burst → mortgage default → foreclosures→ bank and insurance failure→ credit freeze • Spillover of financial crisis to real economy through virulent credit crunch →depressed aggregate demand • Sub prime mortgage default led to spillover effects around the world (Europe and emerging economies) via an elaborate network of derivatives Continued . Global consequence of the crisis includes: • Sharp rise in Unemployment in the US, Job loss in few other countries • Sharp fall in the stock market price around the globe, current...
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...The objective of this paper seeks to summarize Nayyar’s article on globalisation as it relates to the history and development of two epochs and through further analysis determine how far ‘deglobalisation’ has reached after the 2008 recession and crisis. The subject of globalisation and its impact on development is approached from a historical perspective. By comparing the first era of globalization (1870-1914) to a modern present day version (1970-2000) Nayyar demonstrates the similarities and differences that occurred in both epochs and further examines the implications of this process both in the past and in the present as it includes three main characteristics, increases in international trade, investment and finance. Nayyar defines globalisation as a “deepening economic integration in the world economy” and is cautious to advise that this process is neither symmetrical nor new. Paradoxically he points out that whilst globalisation in the new era advocates free trade, this freedom is limited to the flow of goods and services whilst restricting the movement in labour. The period 1870-1914 was a true era of free trade, where the dominant ideology was economic liberalism. This was an era of rapid growth in international trade, finance and investment where statistics showed that Western Europe was the engine of this growth. In theory it was believed that trade liberalization was the sole variable responsible for the expansion in international trade. Nayyar points...
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...WHARTON on... Global Finance ............... http://executiveeducation.wharton.upenn.edu http://knowledge.wharton.upenn.edu Global Finance: Looking Back, and Ahead The world is undergoing the worst financial crisis in decades. Although the global credit crunch was sparked by the bursting U.S. housing bubble, one of the most important causes was more basic: For too long, spending in the United States has outpaced incomes. This fundamental mismatch was supported temporarily by an extremely lax U.S. monetary policy that led to easy credit, and by foreign producers who supplied cheap goods to America in part by managing their currencies. The resulting, unsustainable imbalance led to financial collapse and a worldwide economic downturn, even in rapidly developing countries such as Brazil, Russia, India and China—the BRIC countries. The following articles from Knowledge@Wharton look at these and other developments in global finance. They also examine how similar crises have been managed successfully—or not—on a national basis in the past, and what lessons they may offer. 3 Contents Huge Reserves, Emerging Market ‘Challengers’ and Other Forces Are Changing Global Finance Rapidly developing economies (RDEs) have increasingly become drivers of change—and sometimes disruption—in global financial markets. That has important implications for companies in the United States and Europe as new players emerge, including sovereign wealth funds, state-controlled entities, and acquisition-minded...
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...GLOBAL ECONOMIC DEVELOPMENTS Leticia Scheinkman Final Assignment 1.The first age of globalization came to an abrupt and painful end with the economic and financial crisis that engulfed the world starting in 1929. Is globalization again at risk as a result of our current global economic and financial crisis? What similarities between the two episodes suggest that globalization is again at risk? What differences suggest that it is not? What is your evaluation of the risks, at the moment, on balance? In Addition, READ the attached article: G20 Process- from the economist. First of all it is important to understand the socio-economic, politic and geographic situation that both 1929 and 2008 crises were based. The great depression which originated in 1929 in US and spread world over by 1930’s was characterized by barren business and huge unemployment. The main cause of this depression which took all the nations towards financial crises was crashing of the stock markets in 1929. Thousands of investors lost their money in stock markets, leading to a longest recession which comprised huge layoffs, unemployment , wiping out of business activities and which left millions of people depending on government or charity for food. Both episodes were preceded by rapid credit expansion and financial innovation that led to high leverage. However, while the 1920s credit boom was largely US-specific, the 2004-07 boom was global. With much higher levels of real and financial integration than...
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...Global Financial Crisis The global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems. On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns. A collapse of the US sub-prime mortgage market and the reversal of the housing boom in other industrialized economies have had a ripple effect around the world. Furthermore, other weaknesses in the global financial system have surfaced. Some financial products and instruments have become so complex and twisted, that as things start to unravel, trust in the whole system started to fail. The subprime crisis came about in large part because of financial instruments such as securitization where banks would pool their various loans into sellable assets, thus off-loading risky loans onto others. (For banks, millions can be made in money-earning loans, but they are tied up for...
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