Credit Derivatives financial impact on the UK and America Essay Example

Credit Derivatives : financial impact on the UK and America Essay Cycles of economic boom and bust are regular features of market economies. The global recession that set in during 2008 is the most recent episode of this phenomenon and is likely to be repeated in the future as well. Although the scale and magnitude of these crises have somewhat reduced in the period after the Second World War, they have been big enough to be termed critical policy failures of governments across the world. And in the neo-liberal economic order of the world today, national economies are ever more intertwined, making it impossible for any one nation to insulate itself and its people from the effects of the crisis. This is most obvious when we take a look at the data pertaining to the recent global economic recession, precipitated by the collapse of credit derivatives. (Weale, 2008) Since many of the leading economies in the world are in North America and Europe, these regions are the worst hit. East Asian economic giant Japan seems not to have been impacted. Emerging economic superpowers in the form of China and India have shown stable credit markets too. (Barrell Hurst, 2008) As the U.S. financial markets are most closely linked to that of Europe in general and the UK in particular, the effect of the credit crisis is most acute on the latter. If the total losses induced by the current economic recession crosses $1000, then this will constitute a 7.4 percent contraction in US GDP. But other countries such as the UK will also be affected by this contraction since their banking institutions have invested in US mortgages. This means that other countries such as the UK are adversely affected as well. In the UK, although the losses have not measured accurately so far, it is a fair estimate that losses of 2-3 per cent of GDP have been incurred. We will write a custom essay sample on Credit Derivatives : financial impact on the UK and America specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Credit Derivatives : financial impact on the UK and America specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Credit Derivatives : financial impact on the UK and America specifically for you FOR ONLY $16.38 $13.9/page Hire Writer But even before the credit derivatives crisis took hold, the IMF gave out warnings through its World Economic Outlook reports. The report also made obvious that any crisis in the U.S. financial markets would have a cascade effect on the UK and beyond. For example, in the report released in 2008, months before the outbreak of the credit crisis, it stated that â€Å"It is possible that falling house prices could induce US consumers to default on prime loans issued to good creditors with significant housing equity. It is also possible that default rates on credit cards and car loans could rise, but perhaps this is less likely as the short-term costs are perhaps higher. In addition it is possible that borrowers with negative equity in the UK and elsewhere might choose to default on their loans when house prices are falling and, if they did, banking sector losses could mount.† (Barrell Liadze, 2009) Just as the recession was taking hold in the US, analysts predicted that there would be spill over effects on the rest of the world, including the UK. And so far, those predictions have proven to be true. The crisis triggered by the failure of credit derivatives in the US would affect other countries depending on which areas the losses affected and their impact on the banking system. At a time when the effects of global recession was on an ascendency, scholars Ray Barrell and Ian Hurst, noted that â€Å"if we spread the losses evenly then growth in the UK would also slow, this year and next, and we might see growth as low as 1.4 per cent this year and marginally lower than 1 per cent next year. On the same basis Euro Area growth might slow to around 1.2 per cent in each year. These falls could be compounded if there were domestic problems in these countries as well as in the US†. (Barrell Hurst, 2008) And economic data for 2009 and 2010 has vindicated their predictions, furth er underlying the fact that the UK economy is highly dependent on the fortunes and fluctuations of the American economy. During the first phase of the recession, it is natural to see an increase in bank borrowing, as business corporations seek to utilize additional credit to manage the crisis. But, during this period lending to UK businesses has been declining, which indicates lending by UK and foreign banks to non-bank businesses. Financial analysts reason that the decline has been induced by a â€Å"reduction of lending by foreign banks. However, sterling lending by UK banks continued to rise. Thus the first phase of the crisis associated with the failures of Northern Rock and Bradford and Bingley had no real effect on lending to businesses†. (Weale, 2009) The real interdependencies between the US and the UK financial markets came to light only when large financial institutions such as Lehman Brothers went bankrupt. Since Lehman Brothers filed for bankruptcy in September of 2008, banks in the UK have grown cautious too. This is reflected in the monthly data available on lending by monetary sector (M4) institutions in the UK till December of 2008. The data indicates that during last quarter of 2008 outstanding loans to UK business corporations by UK banks declined. It further shows â€Å"falling secured mortgage lending and unsecured consumer credit lending to individuals falling more sharply, while lending to small businesses has stagnated. Thus, in the second phase of the crisis, the problems began to affect UK banks’ willingness to lend to British businesses† (Barrell Liadze, 2009). This result more than anything else, points to the dependency of the UK financial market on that in the US. And by extension, the success or failure of complex financial products such as credit derivatives can have world-wide implications. Now that the strong relation between financial markets across the Atlantic is established, it is obvious that the recovery should also happen in unison. For example, in order to improve the effectiveness of fiscal policy stimuli devised by the US and UK governments, it is essential that their implementation is well coordinated. Further, â€Å"the fiscal policy impact will be strengthened by spill over effects as rising GDPs will, via international trade linkages, stimulate exports of each country’s trade partners. The effects of coordinated fiscal policy actions undertaken by all economies at the same time would normally be greater than those materializing in case of policies conducted in isolation.† (Hawser, 2009) References Barrell, R., Fic, T., Liadze, I. (2009). Fiscal Policy Effectiveness in the Banking Crisis. National Institute Economic Review, (207), 43+. Barrell, R., Hurst, I. (2008). Financial Crises and the Prospects for Recession. National Institute Economic Review, (204), 33+. Decomposing the Global Recession. (2008). National Institute Economic Review, (206), 74+. Hawser, A. (2009, May). Countries Count Cost of Credit Crisis. Global Finance, 23, 8. Recession in the Euro Area. (2009). National Institute Economic Review, (209), 22+. Weale, M. (2008). Commentary: The Banking Crisis and the Economy. National Institute Economic Review, (204), 4+. Weale, M. (2009). Data on the Credit Crunch. National Institute Economic Review, (207), 71+. ? Cycles of economic boom and bust are regular features of market economies. The global recession that set in during 2008 is the most recent episode of this phenomenon and is likely to be repeated in the future as well. Although the scale and magnitude of these crises have somewhat reduced in the period after the Second World War, they have been big enough to be termed critical policy failures of governments across the world. And in the neo-liberal economic order of the world today, national economies are ever more intertwined, making it impossible for any one nation to insulate itself and its people from the effects of the crisis. This is most obvious when we take a look at the data pertaining to the recent global economic recession, precipitated by the collapse of credit derivatives. (Weale.

Free Essays on A Day to Remember

A Day to Remember The events that took place on September 11, 2001 shocked many people. No American would ever believe that on that day terrorists would take our planes and fly them into our buildings. The terrorists succeeded in crashing three of our planes into our own buildings, but thanks to the passengers on flight 93 they would not crash another plane into our buildings. The passengers on that flight were determined that their plane would not have the same fate as the other three. As the other three flights were crashing into their targets, passengers aboard flight 93 were aware of what was taking place. They had talked to their families and friends on the phone and knew that their hi-jacked plane was probably headed for another American Building. As the passengers found out about what was happening they knew that they were going to have to try and stop the terrorists. So, they set out a plan to try and stop the plan that the terrorists were trying to complete. The ordinary peo ple aboard that plane were going to have to risk their own life to try to take back the plane that had been hi-jacked. Investigators are unsure of exactly what happened aboard flight 93; however, they do know a group of passengers said â€Å"let’s roll† right before the plane crashed in Pennsylvania. They do not know the intentions of the terrorists on flight 93, but could only speculate that the plane was headed for Washington D.C. and maybe even the White House. Thanks to the passengers aboard flight 93 the terrorists would not even come close to making their terrible plan complete. We usually think of a hero as a person noted for feats of courage or nobility of purpose, especially one who has risked or sacrificed his or her life (American Heritage Dictionary, 4th edition). I do not believe there is a better word to describe those who tried to prevent what was happening aboard flight 93.... Free Essays on A Day to Remember Free Essays on A Day to Remember A Day to Remember The events that took place on September 11, 2001 shocked many people. No American would ever believe that on that day terrorists would take our planes and fly them into our buildings. The terrorists succeeded in crashing three of our planes into our own buildings, but thanks to the passengers on flight 93 they would not crash another plane into our buildings. The passengers on that flight were determined that their plane would not have the same fate as the other three. As the other three flights were crashing into their targets, passengers aboard flight 93 were aware of what was taking place. They had talked to their families and friends on the phone and knew that their hi-jacked plane was probably headed for another American Building. As the passengers found out about what was happening they knew that they were going to have to try and stop the terrorists. So, they set out a plan to try and stop the plan that the terrorists were trying to complete. The ordinary peo ple aboard that plane were going to have to risk their own life to try to take back the plane that had been hi-jacked. Investigators are unsure of exactly what happened aboard flight 93; however, they do know a group of passengers said â€Å"let’s roll† right before the plane crashed in Pennsylvania. They do not know the intentions of the terrorists on flight 93, but could only speculate that the plane was headed for Washington D.C. and maybe even the White House. Thanks to the passengers aboard flight 93 the terrorists would not even come close to making their terrible plan complete. We usually think of a hero as a person noted for feats of courage or nobility of purpose, especially one who has risked or sacrificed his or her life (American Heritage Dictionary, 4th edition). I do not believe there is a better word to describe those who tried to prevent what was happening aboard flight 93....

Ethic issue Research Paper Example | Topics and Well Written Essays - 500 words - 1

Ethic issue - Research Paper Example thought as being a reformer, a non-government official, first run for office - an operator who was going to come in and get it done," said Pat Fanning, a veteran New Orleans legitimate advisor and no fan of the past two-term pioneer. Prosecutors contended that Nagin who is 57-years old was at the focal point of a kickback plot in where he was issued with checks, money, wire exchanges, personal favors and free go from specialists looking for contracts and great treatment from the city. He is jailed for 20 years , though, Fanning said he was likely to serve 14- to 17-year term. A January 2013 prosecution nitty gritty more than $200,000 in fixes to Nagin and his relatives, professedly gained an excursion in Hawaii; top notch airfare to Jamaica; private plane travel and limousine for New York City; and cell administration. In return, organizations that hacked up for Nagin and his family got above $5 million in Orleans’s contracts, as stated by the January 2013 prosecution. Throughout the two-week trial, prosecutors brought to the stand a string of businesspeople who had officially conceded to paying off Nagin. His defense finished little to test their stories. When Ray Nagin took the stand to defend him, he denied the charges citing that he cannot recall who paid for his trips. Ray Nagin was an opportunist who would use the businessmen who needed contracts from the government for his own personal gains as testified by the business men who turned convicts. â€Å"Every time a contractor critically needed something from Mayor Ray Nagin, he would seize that opportunity to get something in return,† (New York Times Feb. 10). Aristotle accepts that the help of the a lot of people outweigh the benefit of the few. In any case, Aristotle says that this is just the case in compelling circumstances and that the singular ought to be, however, of and dealt with first and in the event that we are to deal with the few, the numerous ought to be dealt with. Which is evident in Ray

Not enough though has been given in any European code to the way Essay

Not enough though has been given in any European code to the way contracts might or should be classified Do you agree - Essay Example Main land Europe is looking to create a common civil legal framework which will be developed in a number of steps. This common legal framework is currently being heralded as the European Civil Code and would require coordinated efforts over a number of decades for effective implementation3. The first step has been termed as the PECL4 and is aimed at unifying the contract law prevalent throughout Europe. Success of the PECL and its precedents will determine if it is possible at this stage to develop a common legal framework for the European continent. This could have even wider implications for the global harmonisation attempt given that the obstacles encountered in PECL would be encountered similarly elsewhere too. Importance of the PECL is enhanced by the fact that the European community is looking to create the Common Frame of Reference based on the learning from the PECL5. At this point in time the PECL is not an instrument that has been recognised by governments around Europe. In stead the PECL is more or less a document drafted by academics to serve as a standard reference when hard-core moves to harmonisation are attempted. The PECL is a broad attempt to create a set of â€Å"general rules† which are flexible enough to accommodate future developments and to provide a framework for contract law6. Here due consideration must be provided to the fact that contract law is the first thing that is being attempted in terms of a common legal framework for a number of reasons. Contract law is highly important when it comes to cross border trade. The significant differences between national contract laws make trade beyond borders costly, time consuming and often legally complex. Furthermore, a number of companies are dissuaded from trading in neighbouring nations because of complex trading instruments and their legal ramifications. This in turn promotes domestic trade at the expense of transnational trade which is not beneficial for the commercial interests of the European Union. Europe is currently looking to develop something close to the Lex Mercatoria so that trading and commercial transactions of all kinds are simple all across Europe7. In order to facilitate trading all over Europe with the same legal principles it was necessary to create a common legal framework. The PECL is the resulting legal framework which has emerged from these efforts. In addition there is another reason behind the PECL’s importance. As mentioned before, the PECL will serve as the basis for the future of the Common Frame of Reference so this enhances the important of the PECL even more. Here it must also be mentioned that the success of the PECL and the Common Frame of Reference are critical to the future of harmonisation attempts in Europe. Hence, careful consideration is mandatory in order to provide a framework that is successful and tends to provide solutions that are holistic. Any such framework would need to be carefully thought out. As mentione d before, there is no question of implementation as yet because these harmonised frameworks are merely guidance based as yet and are not strictly enforceable as yet. Drafting a standard set of principles for guidance over the domain of contracts may not be as simple or straightforward as it may seem. Perhaps the greatest obstacle to creating a common contractual framework is coming to

A Short Analysis Of Articles About Teachers Essay

A Short Analysis Of Articles About Teachers - Essay Example The article highlights the importance of technology in bringing out the leadership role of teachers. The authors have used data based on the survey of well-known schools, to know how teachers and leaders collaborate to bring up the best leadership using technology.  As an educational leader, I can use this knowledge to encourage my staff to learn competencies to become teacher-leaders, who can use technology to enhance learning in their classroom settings. It is very important if we want our teachers to be able to spread learning through the most modern and sophisticated way.  Gunn, T.M., & Hollingsworth, M. (2013). The implementation and assessment of a shared 21st century learning vision: A district-based approach. Journal of Research on Technology in Education, 45(3), 201-228.  The study is based on changes that a school district went through when it conducted a professional development study focusing technological advancements in the area of learning. Teachers participated in the professional development study, and the number of hours that they had undertaken in the study showed how willing they were in embracing teaching by technology.  As an educational leader, I will use this information to start many such seminars and programs that aim at spreading awareness about teaching by technology. I would like to inform schools and teachers that teaching through technology is the greatest demand of the time. I would make my staff participate in authentic professional development courses and programs, o that they learn how to incorporate information and communication technology in their teaching process.  This study was conducted in 17 final year secondary school classes for Applied Information Technology course in Australia. The schools initially used assessment through traditional pen and paper system.

Implementing a Supply Chain Management System

Implementing a Supply Chain Management System Advantages and Disadvantages of Implementing a Supply Chain Management System A Supply Chain Management system is an information system which integrates the primary inbound logistics business activity. Supply Chain Management system supports inbound and outbound logistics procurement as well as procurement support activities. Supply Chain Management systems support three basic processes which are source, purchase and settle; because Supply Chain Management systems support the three basic processes the process itself of the supply chain has become faster and more efficient. One advantage of implementing a supply chain management system within an organization is that it has expanded supply chain speed which is the dollar value of good exchanged in a given period of time; this allows for companies make their processes quicker and more efficient. Another advantage for implementing a Supply Chain Management is that the Supply Chain Management System enables both the supplier and the customer to reduce the size of inventories therefore reducing inventory costs which in the long run will assist the company grow because they are keeping their costs low. This reduction in inventory costs is possible because the speed and the efficiency provided by information systems enable processing of small orders fast. SCM Systems also help improve delivery scheduling this occurs because the suppliers are able to deliver materials and components at the time and sequence needed this enables just-in-time inventory which allows manufacturers to reduce raw materials and handle of raw materials. SCM Systems also are an advantage because it creates processes to achieve strategies. The SCM Systems are mainly developed for support for business processes which assist organizations achieve competitive advantage over other companies as well as helping to avoid creating systems that are unrelated to organizations strategy. The last advantage of a SCM system is it fixes bullwhip effect which is the tendency of consumers to buy more than they would need in the immediate fu ture. The disadvantages to implementing a Supply Chain Management System are that it can be expensive and difficult for some employees to learn. While some employees want change and are not reluctant to modifications to their current system many other employees will resist the change; which would result in the organization having to deal with this which can drive costs of implementing such a system even higher. Another reason implementing a SCM System is a disadvantage is because for some organizations it may require them to change substantially because their current system is very basic; therefore, implementation of such a highly advanced system could change the organization considerably. If a company grows significantly, such as NIKE did, then SCM can become a hindrance because the company grows and the system could become irrelevant towards the companys main objective. An additional drawback of implementing a SCM System is that there could be a lack of appreciation for the system just a s there was for NIKE; this is based on the statement made by the Nike CIO, Gordon Steele, he thought that that this system would have been an easier solution for the problems Nike was facing but in essence it turned out to much more complicated. Another disadvantage for implementing a SCM System is that even though a company may think that they have trained their employees enough, the reality of this can be that there is never enough training available, which Nikes CIO stated again. Options for Acquiring a SCM System Companies must first acknowledge that there is a problem with their organizational system. In the case, Nike sensed that there was an issue with their current business model in that it focused on centralization but increasingly became more and more decentralized. Its only option was to acquire a SCM system to create greater supply chain visibility. They were to find vendors by shopping around for SCM systems and the organizations that program them. So they had to search for information on how to solve their problem. Nike understood that they had to quickly and accurately analyze the impacts of proposed SCM . Business should use information to evaluate alternative brands in the choice set and assess the capabilities of each. Negotiation of the terms and conditions would follow. The purchase decision follows and the business decides to buy the program. Nike addressed this issue by implementing SAP ERP in conjunction with i2 software to be its information system. The final step is the post purchase evaluation in which the company takes further action after the purchase based on their satisfaction or dissatisfaction. The advantages of each option: Reduce costs of buying and selling, increases supply chain speed, reduces size and cost of inventories, and improves delivery scheduling. This disintermediation that occurs when eliminating the middle layers in the supply chain will increase market efficiency. The disadvantages of each option: Technology and user training. Raw Material Purchasing Process In order for there to even be a raw material purchasing process there must be a supply chain for which the raw materials get transferred through. A supply chain is considered a network of organizations/facilities that transform raw materials into products delivered to customers. The main purpose of a raw material purchasing process is for a company to be able to successfully transfer raw materials into intermediate goods which can then be transferred to finals good and delivered to the customer; this is all done to ensure that the customer gets the service as efficiently and prompt as possible. The processes itself is started once the customer realizes that there is a need or want for a product. The customer then places an order for their service through the retailer. The retailers then in-return must order from the distributors that would dispense to the retailers. The distributers are then required to order from the manufactures that develop or create the product but in order for the distributers to develop or create the product they have to order the supplies from the suppliers that they receive their materials from. The suppliers are the ones with the original raw material. Once the supply chain is complete from the customers realization up to the suppliers being notified of the raw material being needed all items are delivered and the suppliers payment goes through the same process; retailers get paid by customer the retailers pay the distributors distributors pay manufactures-manufactures pay supplier. Potential Pitfalls in Implementing a SCM System The increasing outsourcing that occurs is one of the potential pitfalls that may be Encountered when implementing a supply chain management system. Shrinking product lifecycles, intensifying economic pressures, and constant changes in supply, demand, and product make supply chain optimization harder than ever. Existing systems generate plans that become obsolete the moment theyre finished, while spreadsheets and ad hoc databases lack the visibility and collaborative capabilities organizations need to swiftly and effectively monitor and respond to change. Another downfall encountered is that user training must be administered and completed before implementing a supply chain management system. Major Tasks that need to be Completed Evidently Nike has not spent enough time and effort in implementing their supply chain process to coincide with the organization. Which is why they now must purchase a new SCM system, but before implementing this new system, major tasks must be done in order for it to work efficiently. A successful SCM System requires a change from managing individual functions to integrating activities into key supply chain processes. Supply Chain Management entails coordination and configuration of the process that is necessary to make products available in a timely, reproducible and pleasing manner. Nike must first come up with a strategy for managing all the resources that go toward meeting customer demand for their product or service. A big part in Supply Chain Management, that Nike failed to strive in, is monitoring the supply chain so that it is efficient, costs less and delivers high quality and value to customers. As Nike grew and times changed, their central control became more centralized leading them to 27 different order managements systems worldwide. This clearly has led to their downfall, and evidently Nike must look over and choose suppliers to deliver the goods and services they need to create their product. Supply chain managers must develop a set of pricing, delivery and payment processes with suppliers if not satisfied with the original and also create a better system for monitoring and improving their relationships. The manufacturing step is most important because this is when supply chain managers schedule the activities necessary for production, testing, packaging and preparation for delivery. Nike must develop a proper procurement process, this is important because Nike extends globally. This is the process of strategic plans made with suppliers to support the manufacturing flow management process and the development of new products. Procurement delivers the responsibility for assuring the quality of purchased raw material/services and linking supplier operations to distribution through manufacturing activities. This step allows for measurement of quality levels, production output and worker productivity. Nike must ensure that the manufacturing processes are flexible to respond to market changes and accommodate mass customization. The product development and commercialization must be looked at as well because it is such a lengthy task. Customers and suppliers must be combined into the product development process in order to reduce time to market because the appropriate products must be developed and successfully launched with shorter time-schedules to remain competitive. If Nike is to attain competitive advantage, then their ultimate aim should be to achieve supply chain excellence before their competitors do. What Nike realized, later than other companies, is that the most important assets to an organization are their employees and consumers. Steele quotes You can never train enough which is only the truth. To ensure that this new system is successful the employees must all need to know how to use work with the system. Hence this is why Nike has now made training an important part of business. As important is the customer service management process; an organization that strives to be successful should use the following steps to build customer relationships: determine mutually satisfying goals for organization/customers establish and maintain customer relationship, and produce positive feelings in the organization and the customers. We all know companies like Nike exist to serve their consumers; hence they must find a clear and concise way of knowing exactly what their consumers want and passing that information through the supply chain to the suppliers correctly.

We Have the Right to Choose Euthanasia :: Assisted Suicide

We Have the Right to Choose Euthanasia Euthanasia is the term for opting to die under circumstances, which lead to it being a gentle and easy death. Euthanasia should be an option for the suffering patient, although certain conditions and laws should be implemented on this issue so that both for and against arguments are considered. My opinion leans toward euthanasia being legal although I can understand the critical issues in relation to this practice that cause conflict within the community. The decision for life is entirely up to the suffering individual. Only under a qualified psychiatrist should there be any influence on an individuals ability to make that decision. Reasons behind questioning the patient s ability to make this decision should relate to their mental or physical status. The psychiatrist s choice should be in the best interests of the patient after considering their health. In many circumstances, euthanasia should be seen as understandable and humane, especially if a patient has a life threatening disease such as cancer or Aids. The following state the current laws for euthanasia in the Northern Territory but only recently these laws have been overturned by the Commonwealth government. These laws include; (a) A patient had to make a request, (b) Cooling off period, (c) 3 independent doctors had to agree being: (1) patient s doctor, (2) psychiatrist, if not suffering from any mental disease, (3) Specialist in the area of disease suffered by the patient e.g.: oncologist (cancer specialist), neurologist (nerve specialist being able to deal with paralysis). The laws determining the act of euthanasia must not be open to abuse, they must be precise and sensitive to the community issues but also be unbiase to the individual. If a patient is not seen to recover at any stage and, after all treatment possible, still remains incurable, then they should have the choice of euthanasia. Euthanasia would be a blessing to the critically ill patients and their families. However, under the above conditions I still can see where much abuse could occur resulting in euthanasia being seen as inhumane. If a patient who was depressed due to a feeling of pressure from home/friends/family the individual s choice for euthanasia would not be rational because there are treatments available to help deal with depression such as regular visits to a psychiatrist or the anti-depressants available from a medical practitioner. People must consider that euthanasia must be reasoned and not used as a temporary pain relief of something easily cured, but still what must be considered is what influence their can be on an individuals choice, example; pressure from family or feeling a burden.

Phantom Limb: Possible Treatments to Kill the Pain Essay

The phenomenon of phantom limb was first described by a French doctor, Ambroise Pare, in the 16th century however it was not until 1866, after the American Civil War, when Doctor Wier Mitchell published his first account of the malady, coining the term â€Å"Phantom Limb†. Phantom limb is the experience of persisting sensory perceptions after limb amputation and remains one of the best-known, but puzzling phenomena within medical science (Oakley & Halligan, 2002). Phantom limb pain (PLP) is a frequent consequence of the amputation and causes considerable discomfort and disruption of daily activities. Originally, PLP was thought to have been secondary to nerve damage at the site of amputation but succeeding evidence showed that patients who have undergone regional anesthesia continue to experience phantom limb pain despite the cut-off of pain sensation to the amputated area (Melzack, 1997). This lead to the belief that the pain sensation experienced by patients with PLP may be due to nerve impulses or signals generated at the spinal cord level. This, however, was refuted on the basis that patients with transection of the spinal cord still complain of persisting phantom limb pain. It has been argued then that the brain areas that correspond to the human body could be the one responsible for the phantom sensations (Melzack, 1997). This was based on the fact that much of the human (and primate) body is represented by distinct brain areas located in the somatosensory and motor cortex on either side of the central sulcus. Consequently, even after limb removal, the brain areas representing those parts remain structurally and functionally intact. It has been argued that the activation of these bodily disconnected brain areas by adjacent brain areas (representing other intact body parts) may be a partial neurophysiological explanation for the production and maintenance of the continuous perceptual experience that is the ‘phantom limb’. This functional remapping results in some cases in the referral of selective sensory information from an intact body area (such as the face or shoulder) to the phantom limb (Halligan, Zeman and Benger, 1999). The remapping hypothesis is supported by functional imaging (Kew, Halligan, Marshall, Passingham, Rothwell, Ridding, Marsden and Brooks, 1997) and behavioural studies (Ramachandran, Stewart and Rogers-Ramachandran, 1992; Halligan, Marshall, Wade, Davies and Morrison, 1993). Given the magnitude and speed of onset of the reorganization (within 24 hours of amputation) it is unlikely to be a product of neural sprouting but rather the unmasking of existing but previously inhibited neural pathways (Ramachandran and Blakeslee, 1998). In addition, these abnormal plastic changes in the central nervous system associated with the phantom experience have been used to explain the consistently high incidence of pain attributed to a limb that no longer exists (Ramachandran and Blakeslee, 1998). Several other theories have been proposed to explain the pathophysiological processes behind the PLP phenomenon but despite all of these, the exact cause of PLP remains uncertain. As a consequence, the current treatments for the condition are just as varied as the litany of many possible yet complex mechanism of PLP. This literary review will assay the possible treatment options available for the management of PLP using information from published literature through searches in research databases using the keywords phantom limb, phantom limb pain, biofeedback, treatment, and phantom limb illusions. Treatments of PLP There are different modalities available in treating PLP ranging from pharmacological agents to psychophysiological therapy. The treatment outcome varies from approach to approach and more even from patient to patient. A careful evaluation is essential before considering any of of these treatments in order to obtain a more individualized approach in the management of PLP. Thermal biofeedback Biofeedback relies on instrumentation to measure moment-to-moment feedback about physiological processes. It provides patients with information about their performance in various situation (Saddock & Saddock, 2003). Using this electronic feedback, the patient is made aware of certain sensations such as skin temperature and muscle tension. A case report describing the use of thermal biofeedback combined with electromyogram (EMG) in treating a 69-year-old man suffering from burning and shooting phantom pain suggested that biofeedback is an effective treatment modality for severe phantom limb pain (Belleggia & Birbaumer, 2001). The rationale behind the treatment was based on the premise that most patients complain of intolerance to cold after amputations which tend to aggravate unpleasant or pain sensations in the stump. The treatment, however, required several sessions and in this particular case, there were 6 sessions of EMG biofeedback followed by another 6 sessions of temperature biofeedback. The patient presented in this case also did not use a prosthesis and did not receive prior treatment for chronic pain and the entire treatment process was done in a controlled environment where everything is calibrated and maintained to avoid external bias. Although the treatment outcome of the case report was favorable, there is no absolute guarantee that the same beneficial results can be expected to other patients with PLP especially to those who are already using prosthesis and to those who are already refractory to previous chronic pain therapies. Also its efficacy and adaptability in actual clinical settings remains to be studied. Electroconvulsive therapy (ECT) The use of electroconvulsive therapy have been common in patients with psychiatric disorders such as depression. This involves the utilization of electric stimulation by means of two electrodes placed bilaterally on the temple to produce convulsion. The artificial seizure that followed have shown efficacy in patients with a variety of pain syndromes occurring along with depression (Rasmussen & Rummans, 2000). Using this evidence, 2 patients with severe phantom limb pain refractory to multiple therapies but without concurrent psychiatric disorder were treated using ECT. One of the patient’s previous treatments included biofeedback, transcutaneous electrical nerve stimulation, hypnosis, epidural injections, and multiple analgesic medications including non-steroidal anti-inflammatory drugs, opiates, and adjunct analgesics including carbamazepine and nortriptyline. He was referred for ECT by the anesthesia pain service due to previous good responses in depressed patients with a variety of non-phantom limb pain syndromes. The other patient in the case study also had numerous treatments including transcutaneous electrical nerve stimulation, intra-axillary alcohol injections. Epidural steroid blocks, stellate ganglion blocks, biofeedback, and medications including antidepressants, benzodiazepines, opiates and carbamazepine. After ECT, both patients enjoyed substantial relief of pain with one case in remission from PLP 3. 5years after ECT. From this clinical note, it was concluded that patients with PLP who are refractory to multiple therapies may respond to ECT. It should be emphasized that ECT have several complications including dental and muscular injuries secondary to the severe muscle twitching accompanying the induced convulsion. The concurrent use of muscle relaxants have been effective in minimizing such injuries. The most troublesome side effect of ECT, however, is memory loss. Some patients report a gap in memory for events that occurred up to 6 months before ECT, as well as impaired ability to retain new information for a month or two after the treatment (Smith, et al, 2003). You may equate this to the data loss in computers after an unexpected reboot. Hypnotic mirrors and phantom pain Hypnotic procedures have long been used in treating a variety of pain syndromes. This involves the use of suggestion and imagery to alleviate the patient’s pain experience (Chavez, 1989). A case study reports the use of a hypnotically induced ‘virtual’ mirror experience which modified long standing intractable phantom limb pain despite generating a qualitatively inferior experience of movement in the phantom limb compared to that produced with an actual mirror (Oakley & Halligan, 2002). Using hypnosis, two main approaches to modifying phantom limb pain experience were identified in the study: ipsative imagery approach and a simulated movement approach. The ipsative imagery approach takes into account the way the individual represent their pain to themselves and attempts to modify that representation in order to alleviate the pain experience. The movement imagery-based approach encourages the PLP patient through hypnosis to ‘move’ the phantom limb and to take control over it. In the study, a case of a 76-year-old woman who had an above-knee amputation of her right leg secondary to peripheral vascular disease was presented. The investigators emphasized that she was pain-free at the time of her operation and that her PLP only begun two years after surgery. There were several components of her pain in her missing limb. She complained of feeling pins and needles in her ‘foot’, her ‘toes’ felt like they were being held in a tight vice, a slicing, cutting pain in the sole of her ‘foot’ and a chiselling pain in her ‘ankles’. After several sessions using the ipsative imagery approach, the patient claimed significant pain relief of most of her pain but the vice-like pain remained. The movement imagery-based approach also showed notable pain alleviation in another case that was presented, this time of a 46-year-old man who had experienced PLP since suffering from an avulsion of his left brachial plexus some five years prior to the study. At the beginning of the study, the patient rated his pain at 7 using a scale from 0 to 10, with 0 as pain free and 10 as the worst pain imaginable. During treatment, the patient had 0 rating and immediately after treatment it was 2. 5. The result of the study showed that hypnotic movement imagery is worth investigating further, considering the comparative ease of use and the potential of additional information as to the possible neurocognitive mechanism involved in PLP. Mirror treatment Mirror treatment uses leg exercises performed in front of a mirror to demonstrate increased ‘motor control’ over the phantom limb. In contrast to hypnotic imagery techniques which uses hypnotically induced ‘virtual’ mirror experience, mirror treatment involves the use of a real mirror apparatus to replicate the movements of the real limb with the phantom limb. The first case study of the use of ‘mirror treatment’ in a person with lower limb amputation who was reporting PLP was presented by MacLaughlan, M. McDonald, D. , & Waloch, J. (2004). During the intervention, there was a significant reduction in the patient’s PLP associated with an increase in sense of ‘motor control’ over the phantom, and a change in aspects of the phantom limb that was experienced. Although this effect was successfully replicated by using hypnotic imagery alone, the significant difference between the two approaches was the qualitatively more powerful experience of movement in the phantom left hand with the real visual feedback. The case study which was conducted in a conventional clinical setting supports the potential of ‘mirror treatment’ for PLP patients with lower limb amputations. The investigators, however, emphasized that the case study cannot indicate the extent to which beneficial effects are due to somatosensory cortex re-mapping, psychosocial factors such as individual differences in ‘body plasticity’, somatic preoccupation or creative imagination, or to other factors. Since it is the first case study of the use of ‘mirror treatment’ in a person with lower limb amputation, similar case studies are needed to ascertain the treatment’s applicability to other patients with lower limb amputations. Botulinum toxin Pharmacological agents have also been employed in the management of PLP. , Botulinum toxin type A, however, has not been previously used for this indication. In fact, it was only recently that this toxin has been used for medical purposes, especially in the field of cosmetics. Botox, as it is popularly known, has been beneficial in relieving muscular tension in the face due to its muscle-relaxing effect. Once considered a biological weapon which causes gas gangrene, this toxin inhibits the synaptic transmission of acetylcholine at the motor end plate and muscle spindles of the skeletal musculature and influences nociceptive transmitters. A pilot study on the influence of the agent on phantom pain after amputations was recently reported (Kern, Martin, Scheicher, et al, 2003). Four cases of patients with knee amputations who were suffering from severe stump pain following surgery were presented. After botulinum toxin injection, significant reduction of pain in the amputation stump was experienced among the patients. Citing a strong correlation between stump pain and PLP and the occurrence of of stump pain without obvious pathology, the study clearly emphasized the need for further investigation into the use of botulinum toxin in the treatment of post amputation pain. Other treatments of PLP Multiple other modalities, adjunct medications and anesthetic/surgical procedures have been used in the treatment of PLP with varying long term success. Although at least 60 methods of treating PLP have been identified, successful treatment of persistent type is not commonly reported. Tricyclic antidepressants, anticonvulsants, calcitonin and mexilitine have been used with varying success (Delisa, Gans, Bochenek, et al, 1998). Other surgical procedures and drug regimens have also been proposed. Despite all these, an established role of each of these treatments in the management of PLP remains a subject for future investigation. Summary Despite the advances in medical research and treatment, PLP is a phenomenon that continues to perplex the medical field. Several theories that were proposed to explain the etiology of the condition remain the subject of continued discussion. The pathophysiology involved in PLP could be multifactorial rather than the effect of a single factor. In the United States, there are approximately 1. 6 million people are living with limb loss according to the National Limb Loss Foundation Information Center. Between 1988 & 1999, an average of 133,735 hospital discharges per year was due to amputation. It is estimated that 50%-80% of patients with amputations complain of PLP (Delisa, Gans, Bochenek, et al, 1998). The actual incidence of this problem is, however, unclear because the condition tends to be underreported because of the complexity and strange nature of the complaint. Finding the most appropriate treatment for PLP has proven to be a difficult challenge for medical practitioners. The current treatment options for the condition are just as varied as the litany of many possible yet complex mechanism of PLP. Thermal biofeedback combined with electromyogram (EMG) have been demonstrated to completely eliminate PLP after treatment. In a case study, the use of ECT have shown pain relief in patients with PLP refractory to multiple therapies. The use of hypnosis and visual imagery in several case reports has indicated significant success in modifying the pain experience of PLP patients. Interestingly, the success of this technique in treating PLP has given a deeper insight on the psychological aspect of the condition. Botulinum toxin, a drug considered as a very dangerous toxin that causes gas gangrene, has also shown promising results in alleviating stump pain. Multiple other modalities, adjunct medications and anesthetic/surgical procedures have been used in the treatment of PLP with varying long term success. Establishing an accepted role of each of these treatments in the management of PLP, however, would require further investigation. The highly varied approaches involved in the treatment of PLP present a unique burden especially for the General Practitioners (GPs) who provide the primary health for amputees in the community. A recent study suggests that GPs underestimate the prevalence, intensity and duration of phantom and residual limb pain. Moreover, inconsistencies in the reasons given for referral to specialist services for the management of phantom pain were reported. These findings have serious implications for the management of phantom limb pain, disability and psychological distress in amputees in that GPs not only provide first line treatment, but are also the gatekeepers for referral to other services (Kern, Martin, Scheicher, et al 2003). The prevalence of case studies presented in this review clearly shows the lack of major clinical trials targeted into identifying the best approach in the management of PLP. Most of these treatments are already being used for other diseases and there is ample literature to justify their use for PLP yet there is not a single searchable literature involving a bigger study population investigating any of the above methods. It is obvious that the efficacy and cost-effectiveness of these individual treatment methods cannot be ascertained by only a handful of case reports. More comprehensive studies should be done in order to formulate an acceptable protocol for the adequate treatment of PLP.

The eNotes Blog Your Study SessionMenu

Your Study SessionMenu Can you say #finalsweek ? A few tips from our intern on how to tackle finals and hunger simultaneously. Beware: it may put you  in the mood for the Sixth Sense and drippy, crumbly things Good food can make any situation better. Even if you were experiencing the worst possible thing (i.e. traffic on the 405), think about how much happier you would feel with a bag of your favorite chips or a donut by your side. Road rage: managed. In my many years of falling asleep in lectures and movies and on tables in libraries†¦ I’ve come to realize that food has  another  awesome benefit: as long as you’re eating it, you stay awake. You might fall asleep the second you stop eating (me), but while the munching is happening, it’s physically nearly impossible to be sleeping. As I’m sure you can imagine, by this stage of my life, I am a  professional  snacker and I pride myself in it. I know what kind of snacking is appropriate for various situations and what individuals’ snacking choices and preferences say about them. It’s like I’ve got a sixth  sense.  (I see snacks, people.) Now, there’s a good chance you’re an avid reader. Books are your hobby. They’re the soap opera to the 70 year old woman living inside of you. They’re your  thing. I, on the other hand, would love to be an avid reader, but I fall asleep the second I open a book. Unless I’m snacking. So, after much trial and error, I have finally figured out what kinds of foods you should and shouldn’t eat when reading a book. Even if you don’t need food to stay awake, like I do, some of these snacks might just make your reading experience  that  much better. DRUMROLL, please. DO’S! 1. Foods blended together in liquid form and consumed via straw.  Also known as, your average smoothie. These work for many reasons. For one thing, if positioned properly in front of you, you don’t even need hands to consume it. You could just put it on the table and sip away with your book in front of your cup. It’s just you and the straw. Pretty simple. You also get the added benefit of eating like†¦5 things at once. Which is great if you just really get a kick out of multitasking or if you’re trying to get some veggies or fruits all up in your diet regimen. 2. Pretty much any cold liquid consumed via straw.  I’d recommend chocolate milk. The most important part here is the straw, though. They just makes your life easy. Which is one of the reasons you shouldn’t drink hot drinks, because anyone who has ever drunk hot liquid out of a straw knows the roof-of-your-mouth burn is probably one of the worst, and that it’s inevitable.   No matter how many times you try to cool the drink down, no matter how many times you engage your different ‘testing’ tactics pre-consumption, you will almost always burn yourself when drinking hot liquid through a straw. And that’ll just ruin your reading experience, and probably your whole life. Just please don’t do it. 3. Family-sized bags or boxes of snack foods in original flavors.  These are things like cheez-its, goldfish crackers, pop chips, cereal, you know the drill. They are in the snack aisle for a reason, and it’s because they have been perfected for your snacking pleasure. They literally exist because of your munchies. You should be able to stick your hand blindly into these bags/boxes without becoming nervous or surprised by what comes out of it.   If you can’t, you’re not eating the right snack. The goal is to be able to grab a bunch and shove it directly into your mouth without ever having to avert your glance from your novel. Original flavors mean you’ll have the stamina to keep snacking without wearing out your pallet. And family-sized is crucial because there’s nothing more annoying than wanting to read but running out of snacks to read with. Could you imagine? 4. Peanut butter via spoon.  Yes, it can and should go on a spoon. This applies to Trader Joe’s Cookie Butter, almond butter, and Nutella, as well. You get the drill. 5. Cereal with milk.  This might be a little messy, and yes, it might not be ideal for reading because you have to sort of turn your head to face your cereal bowl every now and then†¦but cereal is worth it. Cereal is always worth it. DON’TS! 1. Warm drinks like coffee or tea.  I already discussed the dangers of attempting to drink hot drinks. But there’s more. Unless paired with other foods, or if you’re part of the 5% of the population that is actually still affected by the amount of caffeine in a cup of coffee, these will just make you sleepy. Warm milk, warm water, whatever it is. Parents give little kids these drinks in order to make them fall asleep. And even if they don’t make you sleepy, these are still no-no’s because these things don’t really qualify as foods and therefore they’re inherently just not as enjoyable. Simple as that. You also could potentially and will likely spill on yourself, since you won’t be drinking out of a straw, which will lead to sheer anguish. If you attempt to prevent the spilling of said hot liquid, you’ll just end up having to look away from your novel all the time. That’s not what we want, is it? Goodness, why is it all so complicated? 2. Flavored anything.  How many times have you grabbed a page of a novel and gotten that red hot-cheeto residue all up in there? Or maybe you’re the type who feels the need to lick your fingers after eating something flavored†¦then you’re just going to get your drool all over your novel the next time you page turn. Is that what you want? Is that really what you want? I know these things are delicious, but they’re dangerous. Many of them also require things like water or milk for the washing down of strong flavors. That’s just time wasted, right there. Please, do yourself a favor and avoid the flavor. 3. Small bags of snacks moms put in lunchboxes.  Are you a baby? Tell me, are you a baby? Do you  really  want to read this novel? Because if you DO then you better be in it for the long haul, and the long haul has no room for teeny tiny snack bags. You’re a big kid now. You pack your own lunchbox. 4. Soup.  I mean†¦what are you thinking? That’s just begging for disaster. 5. In general, things that  drip. 6. Things that require two hands to eat.  How do you expect to read with no hands? Are you a magician? If you aren’t which I suspect you aren’t then you should probably you know†¦stop doing that. Reading while devouring a subway sandwich isn’t possible. It just isn’t. At this point you’re just pretending to read while you eat your sandwich, so you might as well just eat your sandwich. 7.  Bags of things with too much variety.  Unless you like all of the items within that variety. For instance, chex mix. Do  you  like those awkward circular pretzels? Bleh. Next. 8.  Foods that are  so  good you can’t help but think about them as you eat.  My god†¦it’s just†¦it’s just so good. 9. Things that crumb.  There are few things as frustrating as getting crumbs stuck in the seam of your novel. Trying to get them out just means you make more and more, progressively smaller crumbs out of the one large one you dropped in the first place. They crumble exponentially until there’s nothing to grab and you’re left feeling sad and defeated. Don’t do that to yourself. It’s masochism. I don’t care how much you love those fancy croissants or slices of toast with jam. It’s just not going to work. 10.  Anything with melted chocolate.  This is the most painful â€Å"don’t.† But we all know†¦chocolate gets everywhere. You eat a cookie that’s fresh out of the oven and somehow five minutes later you have chocolate on your shirt, your fingers, your face- and in this case, your book. No good.   Just no good. Brown smudges on novels just invite inquisitive questions later on. Just try to fight it and stay away. Let the snacking begin!

Westmills Carpets Limited

Westmills Carpets Limited What should be done?Derek Mather should act as the turnaround manager and get everybody involved in his solution under his direct command. The most urgent thing is to get rid of non-profitable products and cut cost. On the other hand, he should improve cooperation between departments and fully develop the control and financial system in order to achieve on-time delivery and reliable product quality.Why should it be done?First, the degree of shareholder commitment would be impressive if CED is prepared to supply additional capital and personnel. Currently, Westmills need a turnaround leader to bring order to chaos. Derek, VP of CED is a good candidate to satisfy shareholders and bankers.Secondly, Westmills has limitation in their equipment to produce multicolour carpets. Multicolour design is ill fit to the Calgary plat. In addition, due to imported material and exchange rate, its high cost forced Westmills into non-competitive situation.DEREK 1On the other hand, they can make a good solid color fabric and reasonable upgrades will bring more profit for them.Third, dependability of delivery and good quality are always important in maintaining good customer relationship. But Westmills' quality and delivery problem are the worst ever. One reason is the difficulties of coordination between some departments, such as urgent sales order cause manufacturing department unable to schedule properly, which rise up the quality problem and make customer unsatisfied. Then it will be difficult to get order from this customer again. The other reason is half-finished control system, with shortcoming from order entry to cost control, are unable to keep reasonable effective or efficient standard.How should it be done?At first, Derek should give up non-profitable products, such as multicolour carpets and upgrade its strong productsolid color design in order to get more profit from it.Second, Derek should...

Work and Employee Relations in the call centre Essay

Work and Employee Relations in the call centre - Essay Example Employees working in call centres have to get used to the system which is highly monitored and constantly under surveillance by supervisors because of the computer technology integrated into telephone use. Notably, call centres exhibit certain characteristics of Fordist organization/ Taylorist organization. The article addresses the different theoretical perspectives governing call centres and goes further to describe a study carried out in a bid to establish the opinions of call centre employees regarding the type of organization and work related tasks. It emerges that, the employees face the pressure of conforming to the highly computerized inbound and outbound telephone services while bearing with the constant surveillance by the management. This is the reason why employees have been described as participating in emotional labour (Taylor and Bain 1999, p. 101). A Fordist system of organization denotes an organizational structure that relies on technology for increased productivity as well as ensuring the availability of a great market for the standardized products produced by the system. This means that employees rely on the use of technology to perform one task perfectly. Employees in a Fordist organization usually perform one task all year round and there is increased labour division within the organization. A superior level of hierarchical control does exist in Fordist organizations, ensuring that each worker in the production line focuses on an individual task. A clear example of a Fordist organization is the call centre described in the article. As the authors describe, a high level of productivity is evident because of the integration of VDU technologies and telephone services. Moreover, employees stick to production lines performing a single task while utilizing all the available technology to register specialized performance (Taylo r and Bain 1999, p. 102). The fact that a Fordist organization registers a high level of productivity and yields quality

Compare and contrast Essay Example | Topics and Well Written Essays - 750 words - 22

Compare and contrast - Essay Example This has been shown as amongst the most frequent causes of domestic violence. In relation to this, there are several causes of domestic conflicts in the story â€Å"The Garden Party†. As stated above, the issue of misunderstanding has taken the greatest rank with regards to the conflicts experienced between Laura and her family. In the story, it is evident that there occurs a misunderstanding between Laura, her mother and the laborers (Mansfield and Lorna, 27). This form of misunderstanding is also associated with some elements of discrimination and despise. It is true that Laura was to be the one in charge of the party. This means that Laura was to oversee everything that was to take place in the party. As such, she was obliged to approve of everything as she had such powers as per her position. However, this is dismissed by her mother, Sheridan. Sheridan orders the laborers to deliver lilies to the party forcibly without any approval of Laura. This is seen as a hallmark of despise, as well as misunderstanding between the parent and her child. This is one of the sources of the domestic conflicts between Laura and her family. In addition, another sense of misunderstanding is evident in the manner that even the laborers also pose some problems to Laura. The laborers act in a manner that makes them thinks that they know better than Laura, perhaps because they consider themselves older than the lady. This brings in a sense of confusion as well as misunderstanding between these parties. The issue of misunderstanding is also evident in the story Where Are You Going, Where Have You Been?† The parents of Connie are constantly failing to understand why Connie is too much selfish and cannot contribute positively to the matters domestic (Oates and Elaine, 83). This makes her mother become a persistent bother to her, nagging her every day.