The Rime Of The Ancient Mariner - 878 Words

The Rime of the Ancient Mariner is a poem by the English poet Samuel Taylor Coleridge. Coleridge and his friend, William Wordsworth, put together a collection of their work called Lyrical Ballads. It contained Coleridge’s famous poem Rime of the Ancient Mariner. This collection is widely recognized as the initiation of the shift towards modern poetry and British Romantic literature. Although the poem’s deliberate use of antiquated language differed from romantic poetry’s use of modern language of the time, it is still considered influential within the romanticism movement (Green). The poem’s influence in British Romanticism affected later authors and other works, including Frankenstein, by Mary Shelley. Samuel Taylor Coleridge was born in England on October 21, 1772 (Poet Samuel Taylor Coleridge). Coleridge began his education with the pursuit of becoming a Clergyman, which was his father’s wish. He soon changed subjects in response to the influence of William Frend who held Unitarian beliefs. Later he became friends with Robert Southey, and they made plans to set up a commune in America under the belief of equal government for all. They both married, but soon afterwards Southey abandoned their plans to pursue law. Coleridge began building his writing career and he and Wordsworth published their collection Lyrical Ballads in 1798 (Poet Samuel Taylor Coleridge). The Rime of the Ancient Mariner tells the story of a sailor who narrates his account to a passing weddingShow MoreRelatedThe Rime Of The Ancient Mariner952 Words   |  4 Pagesredemption within his lyrical ballad â€Å"The Rime of the Ancient Mariner†. The themes that are developed throughout the text are rooted within the means in which poetic language draws attention to repetitions of words related to sight, thus allowing images of nature to becomes a focal point for the Mariner’s salvation and presenting a didactic message about humanity’s perception of the natural world. Through interactions with the natural world, the Mariner transitions from punishment to redemption resultingRead MoreThe Rime Of The Ancient Mariner1246 Words   |  5 PagesIn recent years, growing concerns over the state of our planet has increased. It has become increasingly apparent that humans leave a destructive impact on the world. â€Å"The Rime of the Ancient Mariner† uses a religious tone and symbolism to discuss the implications of human interference with nature. It is undeniable that humans leave a lasting impact on the world. The need to progress and improve has lead to the destruction of the environment. The catch-22 of humans need to progress is that theyRead MoreThe Rime Of The Ancient Mariner1669 Words   |  7 PagesThroughout Mary Shelley’s Frankenstein and â€Å"The Rime of The Ancient Mariner† there are many instances where metacognitive thinking and knowledge are discussed and presented. The word metacognition comes from the root word meta which means beyond. The word metacognition can take many forms including knowledge and when or how to use certain strategies to learn or be used to solve problems. In Mary Shelley’s Frankenstein we see metacognitive thinking throughout mainly through victor and the creatureRead MoreThe Rime Of The Ancient Mariner1891 Words   |  8 Pageswith the approach and structure of proposed implementation varying primarily based on ideology. â€Å"The Rime of the Ancient Mariner† by means of Samuel Taylor Coleridge and â€Å"Goblin Market† by means of Christina Rossetti, are perfect examples of ways human beings have always and could always be inclined to temptations due to the fact they re more potent than our will. In â€Å"The Rime of the Ancient Mariner† through Samuel Taylor Coleridge temptation is embodied inside the form of a chicken. The essentialRead MoreThe Rime Of The Ancient Mariner2966 Words   |  12 Pages Coleridge?s Hidden Journal: ?The Rime of the Ancient Mariner? Samuel Taylor Coleridge?s ?Rime of the Ancient Mariner? is a piece known to many in some vague way or another. An elderly sailor, a ghostly ship, and the killing of an albatross are all present in many people?s minds, although they may not entirely know the whole tale. Although well-known today, the most activity ?Rime? has seen was in its beginnings. It has its fair share of praise and criticism, praise given posthumously and criticismRead MoreThe Rime Of The Ancient Mariner944 Words   |  4 Pagesfantasy. When he was nine, his father died, and Coleridge was sent to school in London. Later, he went to Cambridge University. One of Samuel Taylor Coleridge poems was The Rime of the Ancient Mariner and there are a distinct three messages that are life learning. The first message in the poem The Rime of the Ancient Mariner by Samuel Taylor Coleridge is not to kill innocent things. So the first message is not to kill innocent things. The reason why this is a message is because it happens everywhereRead MoreThe Rime Of Ancient Mariner1896 Words   |  8 PagesNikita Raval Professor: C .Thompson Date: 11/11/2015 Composition-1 The Rime of Ancient Mariner Samuel Taylor Coleridge (1772-1834) is a lyrical poet, critic, and philosopher. The poem â€Å"The Rime of Ancient Mariner† was first published as a lyrical ballad in the year 1798. The poem recounts sailor who came back from long sea voyage. The poem is about three people who attend a wedding when a long gray -bearded and glittered eye person stops one ofRead MoreThe Rime Of The Ancient Mariner Essay1384 Words   |  6 PagesSamuel Taylor Coleridge’s â€Å"The Rime of the Ancient Mariner† details the story of a cursed mariner, framed in a conversation with a man on his way to a wedding. The Mariner’s tale truly begins when he thoughtlessly kills an albatross as his crew is sailing through the northern ice caps. Rising from Coleridge’s own experience, he ties in various themes exposing the reader to death, consequences of actions, and an interest in the unknown. By creating a clear connection between the physical and spiritualRead MoreThe Rime Of The Ancient Mariner1290 Words   |  6 Pages he Rime of the Ancient Mariner† shows many accounts of religious imagery which was used by Samuel Taylor Coleridge to add to the work as a whole. When Coleridge wrote ‘The Rime Of The Ancient Mariner, Coleridge s faith was going down hill and he didn t have a clear view of the path he wanted to go down. In this view, â€Å"The Rime of the Ancient Mariner† can be read as an analogy of the voyage of Coleridge’s search for a Christian God. By the end of the poem, it looks like Coleridge never findsRead MoreThe Rime Of The Ancient Mariner1484 Words   |  6 Pages Kemp 1 Zachary Kemp Mr. Hill English IV 20 April 2016 THE RIME OF THE ANCIENT MARINER: The Mariner The Albatross, and The Song The story the rime of the ancient mariner is a poem written by Samuel Taylor Coleridge and is his longest poem he ever wrote and in many people’s opinions, the best he ever wrote. The poem is famous for its religious

Final Exam Questions 139 Deaf Culture - 1172 Words

Final Exam Questions-CDDS 139 Deaf Culture 2. Describe the ways in which Deaf culture is different from American culture in terms of communication and sharing of information. Deaf culture is different from American culture in a variety of ways. First off, the way these two cultures communicate is quite different. In Deaf culture, individuals communicate using ASL while in American culture individuals communicate mainly in English. Secondly, American culture is an individualist culture where sharing personal information is not common and viewed as inappropriate. This is why in American culture individuals have a saying TMI, which stands for too much information, and is a perfect example of how American culture doesn’t like to share information. Hence American culture believes in independence, self-reliance, and right of the individual as most important. In Deaf culture, they are more of a collectivist culture and personal information sharing is very common and expected. Hence they believe in what is right should be done for the group so they can all prosper and survive. Another reason why Deaf culture values information sharing is because they benefit from it more. In Deaf culture, they do not have the advantage of over hearing personal information. So instead they rely on one another to fill in the gaps of information they are missing. Other ways Deaf culture is different than American culture is in how we share information. In American culture, individuals tend to censorShow MoreRelatedFundamentals of Hrm263904 Words   |  1056 PagesOrganizations Involve Employees 20 Employee Involvement Implications for HRM 20 Other HRM Challenges 21 Recession 21 Off Shoring 21 Mergers 22 A Look at Ethics 22 Summary 23 Demonstrating Comprehension: Questions for Review 24 Key Terms 24 HRM Workshop 25 Linking Concepts to Practice: Discussion Questions 25 Developing Diagnostic and Analytical Skills 25 Case 1: Work/Life Balance at Baxter 25 Working with a Team: Understanding Diversity Issues 25 Learning an HRM Skill: Guidelines for Acting EthicallyRead MoreStephen P. Robbins Timothy A. 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The answer has to come from providing 6 Viable Vision: Transforming Total Sales into Net Profits more value to the customer. But the big question is: With a product like power cables supplied to projects, where is this value? It can’t come from reducing prices.† A price cut is the easiest thing for a competitor to copy, provided that the competition has the margins and cash flow to sustainRead MoreCoaching Salespeople Into Sales Champions110684 Words   |  443 PagesCEO of Ziglar, Inc. ‘‘To lead is to serve and to truly serve is to coach. In a world of hyper competition and talent shortages, pithy leadership quotes won’t be enough. In Keith Rosen’s brilliant book you’ll not only learn how to create a winning culture and a competitive advantage for your team through coaching but also how to create and leave a legacy that you’ll be proud of. These lessons, if applied, have the power to transform your team, your management career, and your life.’’ Vince ThompsonRead More_x000C_Introduction to Statistics and Data A nalysis355457 Words   |  1422 Pages For more information about our products, contact us at: Thomson Learning Academic Resource Center 1-800-423-0563 For permission to use material from this text or product, submit a request online at http://www.thomsonrights.com. Any additional questions about permissions can be submitted by e-mail to thomsonrights@thomson.com. Printed in the United States of America 1 2 3 4 5 6 7 11 10 09 08 07 ExamView  ® and ExamView Pro  ® are registered trademarks of FSCreations, Inc. Windows is a registeredRead MoreProject Managment Case Studies214937 Words   |  860 Pages(A) 105 AMP of Canada (B) (see handout provided by instructor) AMP of Canada (C) (see handout provided by instructor) Lipton Canada 118 Riverview Children s Hospital 124 The Evolution of Project Management at Quixtar 145 3 PROJECT MANAGEMENT CULTURES 151 Como Tool and Die (A) 153 Como Tool and Die (B) 157 Apache Metals, Inc. 160 Haller Specialty Manufacturing 162 The NF3 Project: Managing Cultural Differences 163 An International Project Manager s Day (A) 172 An International Project ManagerRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesor related information, and we are even testing Profile Boxes. Learning insights help students see how certain practices—both errors and successes—cross company lines and are prone to be either traps for the unwary or success modes. Discussion Questions and Hands-On Exercises encourage and stimulate student involvement. A recent pedagogical feature is the Team Debate Exercise, in which formal issues and options can be debated for each case. New in some cases are Devil’s Advocate exercises inRead MoreIgbo Dictionary129408 Words   |  518 Pagesenormously since the first edition of this dictionary, and the standardization and development of the language have also progressed under the leadership of a group of dedicated linguists and the enthusiasts of the Society for Promoting Igbo language and Culture. A dictionary of Standard Igbo is now seriously needed; it is hoped that the present work will be one of the sources for such a dictionary. The complete text was revised in 1976-77 with the assistance of Mr Alphonsus A. Ndife, then a student at the

The Beauty of the Tropical Monsoon Climate Free Essays

The tropical monsoon climate is found in those regions where there is a complete seasonal reversal of winds. It is mainly found beyond the equatorial region between 10Â ° and 25Â ° North and South of the Equator. On-shore summer winds blowing from over tropical warm oceans generate the abundant precipitation, while the off-shore winds from over land make the weather dry during winter. We will write a custom essay sample on The Beauty of the Tropical Monsoon Climate or any similar topic only for you Order Now The most clearly defined monsoon climates are located in the coastal areas of the eastern and southern Asia. For example, India, Burma, Bangladesh, Indochina, Southern China and the Philippines experience a tropical monsoon climate. Surface relief, direction of the coast line and the extension of the monsoon into middle-latitudes cause a number of sub-types of the monsoon climate found over this most widespread continent. Rains are abundant and intense in tropical monsoon areas. But there is a distinct dry season, though very short. However, the amount of precipitation during the rainy season is so heavy that it more than gives back the absence of rainfall for a few months. Soils retain moisture to support the plant cover. In the tropical monsoon climate summer is generally the rainy season. During the high-sun period the on-shore winds bring a lot of moisture from over the tropical warm oceans to the land. Wherever these moisture-laden winds are forced to rise, abundant precipitation results. However, the coastal regions, if backed by highlands, receive the maximum amount of precipitation. It is important that the leeward sides of the coastal ranges suffer from the rain shadow effects. During the winter monsoon period, January and February are the driest months in South-east Asia. The distribution of rainfall in the subcontinent is more uneven than elsewhere. The rainfall decreases from east to west and from north to south in so much so that the western and north-western regions have almost semi-arid climate. The monsoon circulation in South-east Asia is characteristically governed by the migration of ITC. Because of differential heating of the continent and the adjoining oceans, there is a complete reversal of pressure gradient over the huge landmass of South-east Asia. During winter there are centers of high pressure over the continent so that there is a flow of air towards the oceanic low pressure centers. These winds are termed ‘the winter monsoon’ in the eastern and southern Asia. In summer, the huge landmass of Asia develops low pressure centers. These centers are reinforced by the ITC which moves suddenly to the north into the Indian subcontinent. Under these conditions the sea-to-land pressure gradients are established resulting in on-shore winds in eastern and southern Asia. These winds pick up huge quantities of moisture from the warm tropical oceans. Thus, the summer monsoons blowing from southwest Asia and eastern Asia are capable of giving heavy rains wherever conditions are favourable. As the winter approaches, the low-pressure centers are gradually replaced by the high pressure systems. The change in precipitation is what gives this climate type its name. Precipitation only falls during the summer months, usually from May-August with June and July having the heaviest rain. The whole dry season usually has less than 4 inches of rain. During the wet season, at least 25 inches will fall. Some areas of Tropical Wet and Dry in the path of monsoon winds can receive incredible amounts of rain due to seasonal winds called monsoon. Seasonality of its precipitation is the hallmark and most well-known characteristic of the monsoon climate. Though the annual amount of precipitation is quite similar to that of the rain forest, monsoon precipitation is concentrated into the high-sun season. Maritime equatorial and maritime tropical air masses travel from the ocean on to land during the summer, where they are uplifted by either convection or convergence of air to induce condensation. The low-sun season is characterized by a short drought season when high pressure inhibits precipitation formation. In the case of the Asian monsoon, the replacement of the thermal low with the subsidence of the Siberian High suppresses uplift. Air masses that dominate this period are dry given their continental origin or stability. A distinct dry season from October to May, when the temperature are lower, the interior of Asia is a region of high pressure. Wind blow over the land in a north east direction , carrying little or no moisture with them. These cool , dry North East Monsoon winds blows toward areas of low pressure and do not bring rain. A wet season from June to September, when the wind change in direction, the wind blow in the region of low pressure. Winds blow across the equator and blow over the oceans, they are warmer and carry a lot of moisture. They bring alot of rain. Total rainfall can reach 600 m The grasslands of Tropical Wet and Dry support many herbivores (plant eaters) who graze in the grasses. Most of these animals usually migrate and run in large herds for safety. Examples include wildebeests, gazelles, zebras, elephants, giraffes, etc. Many carnivores (meat eaters) follow and hunt the herbivores. Lions, cheetahs, hyenas, and large birds hunt the savannas of Africa. In the coastal regions of the tropical monsoon climate the temperatures are uniformly warm. Air temperatures show a marked annual cycle. The highest temperatures in this climate are recorded during summer just before the arrival of rains.. Average temperatures for the summer months vary from 27Â ° to 32Â °C. During winter, however, the average temperature at inland stations may vary from 10Â ° to 26. 7Â °C. In higher latitudes the drop in the minimum temperatures is large. During the wet seasons, there is extensive cloud cover. This blocks most of the incoming solar radiation during the day, and traps the outgoing radiation at night. Thus, the diurnal temperature range is small. Range of temperature in the tropical monsoon climate is a bit larger than that in the equatorial climate. The annual range registers a variation ranging from 2Â °C to 11Â °C. The diurnal range in the coastal regions is less than what it is in the continental interiors. Another characteristic feature of the diurnal range of temperature is that it is considerably higher in the dry summer months than in any other part of the year. The monsoon circulation in South-east Asia is characteristically governed by the migration of ITC. Because of differential heating of the continent and the adjoining oceans, there is a complete reversal of pressure gradient over the huge landmass of South-east Asia. During winter there are centers of high pressure over the continent so that there is an outflow of air towards the oceanic low pressure centers. These winds are termed ‘the winter monsoon’ or the ‘dry monsoon’ in the eastern and southern Asia. In summer the huge landmass of Asia develops low pressure centers. These centers are reinforced by the ITC which moves suddenly to the north into the Indian subcontinent to 20Â ° or 25Â ° N latitude. Under these conditions the sea-to-land pressure gradients are established resulting in on-shore winds in eastern and southern Asia. These winds pick up huge quantities of moisture from the warm tropical oceans. Thus, the summer monsoons blowing from southwest in the southern Asia and southeast in eastern Asia are capable of giving heavy rains wherever conditions are favourable. As the winter approaches, the low-pressure centers are gradually replaced by the high pressure systems. In fact, the so-called winter monsoons are nothing but the re-establishment of the northeast trades which are dry except in those areas where they reach after passing over the sea. Rains are abundant and intense in tropical monsoon areas. But there is a distinct dry season, though very short. However, the amount of precipitation during the rainy season is so heavy that it more than gives back the absence of rainfall for a few months. Soils retain moisture to support the plant cover. In the tropical monsoon climate summer is generally the rainy season. During the high-sun period the on-shore winds bring a lot of moisture from over the tropical warm oceans to the land. Wherever these moisture-laden winds are forced to rise, abundant precipitation results. However, the coastal regions, if backed by highlands, receive the maximum amount of precipitation. It is important that the leeward sides of the coastal ranges suffer from the rain shadow effects. During the winter monsoon period, January and February are the driest months in South-east Asia. The distribution of rainfall in the subcontinent is more uneven than elsewhere. The rainfall decreases from east to west and from north to south in so much so that the western and north-western regions have almost semi-arid climate. In the tropical monsoon climate, the amount and distribution of precipitation determine, to a large extent, the type of natural vegetation. Towards the equator-ward margins, where the precipitation is heavy, the tropical monsoon forest resembles the tropical rainforest. However, because of the seasonality of rainfall, species are limited in the monsoon forests. Towards the drier margins, rainforests are replaced by more sparse jungles, thorn forests and savanna grasslands. In India, for example, there are different types of natural vegetation ranging from the tropical rain-forests of the Malabar and Assam to the deciduous forests of the areas with moderate rainfall to thorny bushes of the more arid regions with scanty rainfall. Teak is the most valuable timber, and it is found in Burma and certain other parts of India. Besides, shisham, sal, mahua, mango tree, jamun, neem, and many more species of trees are found in the deciduous forests which shed their leaves before the commencement of the long dry season in order to conserve moisture. In fact, the deciduous trees of the monsoon forest are a fine illustration of their adaptability to a wet-dry climate in which rainy season with adequate water surplus alternates with a dry season with soil-water deficit. These forests are generally more open than the tropical rainforests. The trees are less tall and the branching starts at a lower level. Tree species may vary from 30 to 40 in a small area. Trees have thick and rough barks as moisture conserving device. Tree tops are fairly large and round. Outside India, the typical monsoon forest is found in Burma, Thailand and Cambodia. In West Africa and in Central and South America there are large areas of deciduous monsoon forest bordering the equatorial rain forests? In more humid areas where the forest is dense, the flying and climbing species of the animal life of the equatorial forest are dominant. But in drier regions where the trees are widely spaced with grasslands, large animals constitute the animal kingdom. Some of these animals are carnivores, while others are herbivores, such as, tigers, lions, leopards, wolves and jackals, elephants, wild buffalo, rhinoceros, deer, and antelopes. How to cite The Beauty of the Tropical Monsoon Climate, Papers

Purchasing and Inventory at Brisbane Outdoor Power Centre

Question: Discuss about thePurchasing and Inventory at Brisbane Outdoor Power Centre. Answer: Introduction The different concepts and the theories of the operations management need to be evaluated as these can help in bringing out the desired positive outcomes the firm concerned. Brisbane outdoor has created a tough name all through the concerted market segments of Australia (Benton McHenry, 2010). This research paper will help in evaluating the management processes involved in Brisbane Outdoors and the recommendations needed to improve it. Relatively than allowing for strategic supervision as an easy technique of purchasing subdivision, one can connect every choice maker who needs to execute for the corporation and earn revenue on its behalf. Current Purchasing and the Inventory Management Process of Company Brisbane outdoor has developed a strong reputation throughout the concentrated market segments of Australia. The purchasing, as well as the inventory management process of the firms, played the most crucial role in developing the economic growth of the firm. Throughout the 1980s, there were three more retail outlets of the firm. The availability of the wide variety of the brands strikes the minds of the customers (Armstrong, 2014). The performances of the firm including the reliability of services provided to the customers after the sales increased the brand reputation of the organization. Excellency in the service delivery to all of the customers was one of the most crucial aspects of the organization. The tools and the components like the spare parts and the obtainable supplies helped the firm in maintaining the efficiency of the supply chain management system of the organization. The staff at the firm played the most crucial role in assisting the customers with great ease. The dif ferent operational management concepts reveal the fact that management and functioning of the current processes of the concerned firm need to be improved as per the satisfaction of the customers. The most interesting fact is that the retail customers also got attracted by the strong brand presence of the Brisbane Outdoor. The primary motive of the organization is to deliver the best quality of the products and it has been seen that customers can easily buy the products from different stores but for getting good quality of products they came to Brisbane outdoor (Burritt, 2011). Thus, the reputation has strongly been building up in front of the respective customers. The fact resides that, theories and the desired concepts of operational management critically evaluate that the production and the manufacturing process along with the supply chain management system needs to be improved of top most quality as this helps in increasing the profitability and the productivity of the firm. The current processes at the Brisbane outdoor reflected the fact that the staff was knowledgeable and was able to retain all its customers with great ease. For any of the decentralized organization, there are some of the crucial things such as goodwill, common sense, and mutual cooperation. Advantages of the Processes Used There are several advantages of the management processes used by Brisbane outdoors. The management processes brought several positive changes within the firm. It increases the reliability and the trust of the customers towards the firm. Some of the advantages of the process are the strategy of the good inventory process improves the desired accuracy of the concerned improved inventory orders. The effectiveness and the efficiency of the supply chain management system increase ("Stroke: latest treatment options in acute management", 2015). The company has created its reputation by working as per the satisfaction and reliability of the customers but the strategy of the current process as well as the good inventory process helps in organizing the warehouse. The process helped the firm in increasing the efficiency along with the productivity of the organization. The primary advantages were the coming back of the clients as well as the customers to the firm and this was considered to be of large importance for retaining the customers within the firm. The delivering of the best quality of the products with the efficient services helped the firm in creating the brand image of the firm throughout the concerned market segments (Du, 2013). It is evident to know that the inventory management processes helped the firm in managing and tracking the real time along with the monetary benefits to increase the desired growth of the organization within the targeted market segments. Disadvantages of the Processes Used As the concerned retail investment, it was seen that there was a crucial requirement of the huge investment for the desired stocks along with the effective and effectual means o the investment management procedures. Green used to look after the work in the branches with due security and strictness and take a walk regularly around the working campus to have a proper maintenance on the production section (Du, 2013). As a fact, it was seen that this did not help in the improvement of the company as the workers did not consider it fruitful and wonder in their own pace (HaÃÅ'ˆrtel Fujimoto, 2010). The organization needed heavy investment in stock and also proper maintenance of it was needed. Whereas Donald Saxon was not a man of tight policies and procedures and completely trusted his branch managers in order to put the priority of the firm first. Green had observed the loopholes of the working of the organization and did run a tight operation in Strathpine, but Saxon was lenient an d did not take up any such strategies of improving the working environment of the company. After a tour of 3 weeks throughout the 3 outlets of the organization, Green realized that one of the sections needed to be taken care in purchase and inventory section. Management Concepts of Supply-Chain and Inventory In order to increase the supply chain management process for a company and to increase its output the company should follow the following procedures in order to gain the same: Setting up of proper supply chain process- Setting up a supply chain management process, will help the company to get proper direction to work and help in aligning with supply chain strategy with the organization's strategy (Du, 2013). Using such strategies will help to overcome barriers that hamper the growth of the organization the supply chain council should hold regular meetings and manage the working of the company. Proper aligning of staff in supply chain management: It is difficult to develop procedures for supply chain management that will definitely bring profit for the company, but this is one of the best methods to earn a good return for the company ("Special Topic Forum on Resources and Supply Chain Management", 2013). A company can also take up hybrid approach in increasing the proficiency in the supply chain management process and make the least expense in investment for the company abut also maintain the stock. An organization can also take up methods of the placing of products, procurement, and other factors correctly in the different organization so that the supply chain management can be beneficial for a company. Using of correct technology: There are many companies that select software and consider it to work efficiently and follow the structure of their scheduled work and other chosen methods as per the need of the company. Instead of doing so, an organization should go through the process and the points that need to be improved and then select the technology that satisfies the process needs. One may consider it as self-evident but selecting the process and then applying on the company makes the working of the organization slow and the benefit is nil. Developing contact with chief suppliers: An organization who wants to come top in the market works closely with its suppliers. This is generally referred as management of supplier relationship (Entrekin Scott-Ladd, 2013). This is known as one way communication, but organizations demand two way of the communication procedures i.e. both the seller and the buyer jointly manages the working of the company, and helps in improving the supply chain management process of the same ("Special Topic Forum on Supply Chain Management in Emerging Markets: Critical Research Issues", 2013). The primary objectives of improving the supply chain management are: Providing proper mechanism to be sure about the healthy relationship between the supplier and the organization Creating a platform for resolving the problems that arise. Ensuring about performance measuring objectives Developing goals for both the parties in order to enhance the profitability Engaging in Collaborative Strategic Sourcing: Strategic sourcing is supposed to be the cornerstone in the method of supply chain management. But a collaborative sourcing of management initiates better results for the company ("Googles latest accomplishment: refining marketing practice", 2012). Rather than considering strategic management as a simple method of the purchasing department, one can engage every decision maker who needs to perform for the company and earn the profit on its behalf. Recommendations It becomes very important for any organization to maintain the effectiveness of its current management and the inventory supply chain systems as these help in increasing the desired growth of the organization to a wider area of the concerned targeted market segments. The increase in the knowledge of the employees is important to provide complete assistance to the customers but the skills, as well as the experiences of the employees, helps to improve the overall reliability of the users throughout the concerned competitive market segments. Therefore, it becomes very important for the firm to increase the skills as well as the desired confidence of the employees to increasing the purchasing of the products by the customers. Moreover, there is a crucial need to understand the desired issues and the weaknesses while the execution and the implementation of the management processes as these will help in increasing the overall effectiveness of the association. The case study reflects that t he higher quality of the products as well as the knowledgeable staff helped in attracting the customers towards his firm and thus, in order to maintain the brand reputation of the firm the company needs to work on its management process. The retaining of the desired quality of the products, as well as the enhancing the skills of the employees, will help to capture the entire market segments. The components of the supply chain need to be identified as these contribute towards the development of the brand image of the company within the competitive market segments. Brief Action Plans for Recommendations Measures Need for the measure Priority Activities Analysis of the current inventory processes It will help in identification of the issues in the current processes used by the firm High Checking of the issues Providing solution to the issues Establishment of regulatory bodies for the improvement It will help in monitoring the desired changes that need to be implemented High Implementation of the plan Monitoring of the management processes Effective Training to the employees It will enhance the skills along with the ability of the employees High Providing effective training as needed by the employees Building of the support systems and quality check system for the products Checking the quality is of great importance and thus, it will help in developing the desired support system for assisting the customers High Support system will help in assisting the customers They will maintain the desired balance between the customers and the employees Conclusion Brisbane outdoor established its brand reputation by delivering the best quality of products along with the services. Increasing the efficiency and the reduction of the investment helps in evaluating the desired growth of the firm. Therefore, it becomes very crucial for the organization to utilize the concepts of supply chain management as to enhance the reliability of the customers. The company needs to follow a systematic approach in defining its current purchasing as well as the inventory management processes. Active governing supply chain process develops opportunities for business leaders to provide leadership with proper information in order to develop projects for future and its strategies. References Armstrong, M. (2014).Armstrong's Handbook of Human Resource Management Practice. London: Kogan Page. Benton, W. McHenry, L. (2010).Construction purchasing supply chain management. New York: McGraw-Hill. Burritt, R. (2011).Environmental management accounting and supply chain management. Dordrecht: Springer. Du, W. (2013).Informatics and management science I. London: Springer. Du, W. (2013).Informatics and management science II. London: Springer. Du, W. (2013).Informatics and management science V. London: Springer. Entrekin, L. Scott-Ladd, B. (2013).Human Resource Management and Change. Hoboken: Taylor and Francis. Googles latest accomplishment: refining marketing practice. (2012).Journal Of Consumer Marketing,29(3). https://dx.doi.org/10.1108/jcm.2012.07729caa.002 HaÃÅ'ˆrtel, C. Fujimoto, Y. (2010).Human resource management. Frenchs Forest, N.S.W.: Pearson Australia. Special Topic Forum on Resources and Supply Chain Management. (2013).J Supply Chain Manag,49(2), 137-137. https://dx.doi.org/10.1111/jscm.12024 Special Topic Forum on Resources and Supply Chain Management. (2013).J Supply Chain Manag,49(3), 111-111. https://dx.doi.org/10.1111/jscm.12028 Special Topic Forum on Supply Chain Management in Emerging Markets: Critical Research Issues. (2013).J Supply Chain Manag,49(3), 112-112. https://dx.doi.org/10.1111/jscm.12029 Stroke: latest treatment options in acute management. (2015).The Pharmaceutical Journal. https://dx.doi.org/10.1211/pj.2015.20068513 Varma, A. Budhwar, P. (2013).Managing human resources in Asia-Pacific. Hoboken: Routledge, Taylor, and Francis Group. Varma, A. Budhwar, P. (2013).Managing Human Resources in Asia-Pacific, 2E. Hoboken: Taylor and Francis. White, G. Druker, J. (2013).Reward Management. Hoboken: Taylor and Francis.

Karma And Samsara Essays (1277 words) - Shabda, Reincarnation

Karma And Samsara The belief in Karma and Samsara form the basis for the Hindu's religious worldview. It has been central to Hinduism for thousands of years, and as a result forms a major part in the philosophical thinking of many Hindu's today. The ideas of Karma and Samsara are evident in almost all of the great Hindu scriptures, being touched on in the Veda's, but first properly introduced in the Upanishads. When the idea of Samsara was first introduced it led to a quest for liberation through the practice of austerity or meditation or both. To be released form this life the Hindu's needed to wipe out the effects of their past actions or Karma. It is this set of beliefs that formed the background of many of Hindu's religious movements and beliefs. Karma is the belief according to which a person's future life is determined by past and present actions. Every action, bodily, intellectual or ethical, good or bad, big or small will have its effect. Nothing other than the effects of earlier actions has determined the present state of affairs and nothing other than the present actions will determine the future circumstances. The law of Karma allows no room for chance or divine intervention as everything is inevitably determined by it. The Brhardaranyaka Upanisad simply sates "By good actions one becomes good, by bad actions one becomes bad"(4.4.5) (Koller 1982: 59). Intertwined with belief in Karma is the idea of Samsara, which is the cycle of repeated births and deaths that subjects an individual not merely to one death but to innumerable deaths (Koller 1982:9). Hindu's believe that as a person dies the Atman (the unconscious, immaterial part of a human) carries the results of their good and bad actions (Karma) into their next existence. This previous Karma will determine what sort of position a Hindu will occupy in their new existence, for example, if a person in a low caste has been very good in their past existence they will be born into a higher caste in their next life. The ideas of Karma and Samsara have justified the unequal Caste system, which has been an integral part of Indian society for hundreds of years. At the time of the Rig Veda (the earliest Hindu scriptures around 1000 B.C.E) (Smart 1989: 60) the key concepts of Karma and Samsara had not actually been stated. However, it does mention that a person's conduct in this world determines his life after death. The brahmins (the religious leaders) stressed the importance of the sacred act of sacrificing which was supposed to have a bearing on man's fate in the next world, and consequently the Satapatha Brahmana 11.1.8,6, states that "the Sacrifice becomes the self of the sacrificer in the next world"(Stutley 1985: 23). So, even at this early stage of Hinduism, the idea of Karma played an important role in the Hindu's worldview. It was not until the Upanishads (the principal ones dating from 800-400B.C.E) (Smart 1989:49) that we first meet with the doctrines of Karma and Samsara. The Upanishads are concerned essentially with the meaning of the sacrificial rites, and come to the conclusion that knowledge in the ?true reality' is the key rather than expertise in rituals like the Rig Veda's were. In the process they introduce profound metaphysical and religious ideas, such as Karma and Samsara. The Chandogya Upanisad sums up the ideas of Karma and Samsara "those who are of pleasant conduct here the prospect is indeed that they will enter a pleasant womb, either the womb of a Kshatriya or the womb of a Vaisya (high Indian Castes). But those who are of a striking conduct here the prospect is indeed, that, they will enter the womb of a dog, or the womb of a swine, or the womb of an outcast"(Lipner 1994: 45). The central concept in the Upanishads is that of Brahman. Brahman is the highest truth, the eternal being on which all other beings depend on. Brahman is the same as the atman, in other words, that ultimate being out there, is the same as that eternal something within you. The goal for many Hindus became at this time to gain Moksha (release from Samsara) which meant a person's atman would be released from the cycle of rebirth and therefore become one with the ultimate reality, Brahman, like a drop of water into an ocean. To understand the Hindus preoccupation with breaking the cycle of Samsara and gaining Moksha one must understand the Hindu's view of time and space.

How to Make Marketing Team Management Easy (Free Templates)

How to Make Marketing Team Management Easy (Free Templates) Managing a team can feel like the weight of the world is on your shoulders. You’re responsible not only for your own work, but for the output of all your direct reports, too. In fact, it has been said that the true measure of a manager’s productivity, is actually the measure of their team’s output as a whole. No pressure, right? Fortunately, learning how to effectively guide high-functioning marketing departments isn’t impossible. By investing in proper skill development and establishing solid processes, you can stop feeling like you’re herding cats and successfully lead your team to success. Free templates to help you effectively manage your marketing team.First, Snag Some Free Templates Before digging into the meat of this post, take a second to download these no-cost resources: Marketing Project Management Calendar Template (Excel): See everything your team is working on. Marketing Workflow Checklist Template (Excel): Help each team member execute projects correctly with clear checklists. Marketing Project Management Plan (Word): Map out a strategy for managing your team’s projects. Combined with the in-depth advice in this post, you’re well on your way to taking the pain out of corralling creative teams and managing marketers the best way.What is the Real Role of a Team Manager? Managing people is about much more than just being someone else’s boss. It means making your success be other’s success. Everything else about the role stems from this simple truth. When you’re in the lead, it isn’t all about you, even though you’re ultimately the one steering the ship. It’s about making sure everyone performs up to their potential. Achieving that aim is easier said than done though. Effective leadership is putting first things first. Effective management is discipline.Introducing the Team Management Dashboard in One way to give yourself the edge when it comes to team management is to use the Team Management Dashboard in (and if you’re new, it’s an industry-leading marketing management platform). It makes it easy to see your entire team’s workload and the progress they’re making in one place: Check it out. Then, schedule a demo to see how it can change the way you manage your team. What Are Some Common Team Management Roadblocks? Whether you’re new to management or you’ve been leading marketing teams for a while, you’re bound to face some barriers. Barrier #1: Siloed Teams The team you’re managing will likely need to collaborate with other teams, too. But, if those teams are siloed, that can make getting things done difficult. There are a few reasons for that: You can’t move faster than the other team is willing to go. They likely have other projects and their own priorities, beyond just the things you’re collaborating on. Getting teams on the same page can be tough. For the reasons listed above. Different processes can clash. They have their way of doing things, and you’ve got yours. If the two can’t be reconciled, work starts to break down. Barrier #2: Lack of Clear, Shared Goals Rallying your team to succeed requires having a shared goal. Otherwise, what are you actually working toward? Without some sort of objective, you’re liable to just do a lot of stuff, look busy, and accomplish nothing. That, in turn, leads to a burned out team that’s working hard but ends up with nothing to show for it. Rallying your team to succeed requires having a shared goal. Otherwise, what are you working toward?Barrier #3: Lack of Leadership If no one’s steering the ship, you’ll never end up where you want to go. And if you’re reading this, odds are leadership falls on your shoulders. Businesses, in general, are feeling a gap between leadership wants and reality, too. According to a study from Globoforce, a full 93% of managers need training on how to train their teams. If that sounds shocking, perhaps it shouldn’t. Management and leadership are skills that take years of experience to develop. Excelling at helping others excel takes years of intentional practice. Fortunately, you don’t have to depend completely on hard-fought lessons in the rough and tumble trenches of marketing and business. For one thing, you’re reading this blog post. That’s a point in your favor. And if you’re part of the 93% who need some help, at least you’re not alone (and odds are the other 7% are lying anyway).

Legal Ethical Nursing Situation Essay Example | Topics and Well Written Essays - 2000 words

Legal Ethical Nursing Situation - Essay Example (Scott, 2000) Practice sisters in GP group practices who often do the actual disease notification are not the ones to receive the statutory payment. Senior HIV/AIDS discharge co-coordinators (nurses) and research nurses have been employed with part of their job defined in terms which are normally part of the doctor's role. Needless to say, they are paid less than doctors. There is generally a lack of recognition and concern for the dilemmas nurses are faced with in this field. Although the ethical codes of both the medical and nursing professions are not at odds on these matters, the actual practice is. In fact, the nursing code in particular is quite advanced and very clear, but the conflicts and power struggles which still exist between medicine and nursing make it very difficult for nurses-advocates of the patients-to live by the letter and spirit of their code. Not only does the individual nurse suffer in this situation, but any decent nurse is forced into defending the rights of the patient in opposition to the quality of the data collected. This is not an argument against nurses entering the field of epidemiology, but rather an argument for bringing the rights of the individual patient and the public aims of epidemiology and health policy together. Nurses are often in the best position to identify these problems and should be listened to. (De Selincourt, 2000) Literature Review/ Case Study A young woman, Amanda, is pregnant. She attends the antenatal clinic, where a midwife takes her health history and runs a series of tests, such as blood, urine and blood pressure. She is counseled by the midwife on, among other things, the implications of human immuno-deficiency virus (HIV) and of being tested for it. Although the midwife has no reason to believe that Amanda has been exposed to HIV, she offers her an HIV test. Amanda declines, as there seems to be no need for one. She is also aware of the difficulties in obtaining a mortgage if she has this test. The blood sample taken by the midwife is sent to a laboratory for analysis for hemoglobin content, rubella antibodies, and syphilis. At the same time a small amount of blood from this sample is placed in an unnamed test tube which is then sent to a central laboratory to be tested for HIV. The midwife is completely unaware that this has occurred so cannot inform Amanda. The next time that Amanda visits the antenatal clinic the other blood results are returned to her and, as they are normal, she continues with her pregnancy uneventfully. Unknown to her the anonymous blood sample has been tested and found to be HIV antibody positive and this is recorded at the national surveillance centre, where data on HIV and acquired immuno-deficiency syndrome (AIDS) and other infectious diseases are collected. The information accompanying this sample includes Amanda's age range (i.e. between 35 and 40 years), her gender and the geographical origin of the sample. In this case the epidemiologist will not have information about the means by which HIV was contracted. The data will provide information about the trends of HIV among pregnant women who attend antenatal clinics over a five-year period. Amanda's pregnancy

Analysis of Marketing Mix Research Paper Example | Topics and Well Written Essays - 2000 words

Analysis of Marketing Mix - Research Paper Example This includes increasing the number of products in the market while maintaining quality and low production costs. Product development ranges from identifying customer need to designing activities that analyze and refine new ideas. These ideas bring about new products or refine existing products. Unique, high quality and affordable products give a business an advantage over competitors (Brassington and Pettitt, 2005). Beauty for price Hairdressing has faced steep competition from similar businesses in the region. Product development requires intense marketing, especially in a competitive industry. Investing in marketing involves advertising, employing human marketers, promotions, and other activities that sell out the business. With the upcoming events, the salon needs intense marketing and reorganizing the business process. This includes buying better hairdressing equipment and employing more hairdressers. Human resource is necessary for service delivery. Events such as sports and co nferences have several participants and more workers are required to handle the large numbers effectively. Employing experts improves the quality of services offered which surpass competing businesses. Introduction of new business services such as massage, manicure, pedicure, and other related services can also increase the number of customers (Adcock, Halborg and Ross, 2001). Businesses distribute their products in different ways to provide customer convenience. Distribution methods depend on the type of business and its intended customers. Global companies have distribution centers in several regions around the globe. Products are dispatched from the distribution center nearest to the customer (Jobber, 2010). This reduces distribution cost and time required for the product to reach the customer. Retailers incorporate several distribution methods that focus on customer satisfaction at a minimum cost. Efficient and pleasurable shopping experiences that meet customer needs and market demands are required by business organizations. Most customers prefer businesses providing quality and convenient services. A salon can introduce mobile services to its customers. During major events, most participants reside in hotels and prefer room services. Starting mobile room services would serve as a boost to business activities (Jones Mothersbaugh and Beatty, 2003). E-commerce and advertising through the internet is another way of ensuring the availability of products. Customers can access the business website to learn about their services and book appointments. The distribution channel in a hairdressing business consists of wholesalers who sell and supply products to the salon. The salon then uses the products to offer services to customers. Maintaining a constant link with suppliers is necessary for constant availability of products for customer convenience. The business location also determines customer convenience. Customers prefer business locations that are easily acc essible.  Ã‚  

Edge Wave Formation Essay Example | Topics and Well Written Essays - 1000 words

Edge Wave Formation - Essay Example They can occur in a selection of different scales: high-frequency waves reverberate by the confrontation wind waves (Guza and Davis, 1974), enforced by incident wave groups (Schffer, 168) and very low-frequency waves of oceanographic level (Munk et al., 127-132). Edge waves may participate in an important role in coastal dynamics, as they are associated to the creation of split currents (Bowen and Inman, 5479-5490) or beach cusps (Guza and Inman, 1975). Recently, Ciriano et al. (2000) have made known that edge waves may tempt resonant vibrations inside harbors with the entrance being opened to the beach. (3680-3691) The occurrence of topographically trapped waves in promontory and estuaries has been studied tentatively by Stoker and Johnson (1991), whose consequences agree with field interpretation by Schwing (157-180). Edge wave theory dates back to Stokes' (1846) clarification for a wave trapped on a plane inclined beach. Eckart (1951 p.99) implemented the linear low water theory and demonstrated that Stokes' answer symbolized only the first of other likely manners. Ursell (1952) achieved the exact results to the linearised edge problem. (79-97) Green (1986) summarized the solution of the problem of an edge wave proliferated along a seawall.(119-125) Neu and Oh (1987) offered a method to solve the type of edge wave troubles where the near coast topography is characterized by a series of linearly unstable depth sections. (227-240) They wrote the explanation in terms of Kummer's functions and regarded as two beach reports: a regular beach slope ended with a constant depth area and the case of an offshore piece. A conventional explanation in coastal engineering to stops the erosion of a beach or to have the power of the alongshore deposits transport is to assemble a groin upright to the coastline. This arrangement, built with gravel or as raised area, is leaky. In addition, some seashore has a berth vertical to the seashore in order to have entrance to deeper waters. In this paper, the circulation and conversion of an incident edge wave in the course of a permeable coastal formation will be investigated in a manner that be similar to the one dealt by Stoker and Johnson (1991). The edge wave difficulty has originated subsequent Neu and Oh's result. A beach outline with a sheer foreshore and a flat surface slope ending with a straight shelf with an upright permeable formation extending from the beach up to far offshore is measured. Because the distance across of the groins evaluated to the edge wave length is exceptionally small, usually less than 1/50, dissipation within the formation is primarily due to the unexpected narrowing and spreading out of the flow and depends generally on the Keulegan-Carpenter number distinct as UT/a, where U is a representative speed at the gaps, T is the wave period and a is a distinguishing dimension of the holes. For groins, UT/a is a large number and consequently head loss can be adequately deliberated with a form ula quadratic to the local speed (Mei et al., 217-239). As the edge wave disseminated through the coastal formation, part of it's alongshore force is replicated, part is spreaded and part is degenerated on the formation. The replicated part obstructs with the arriving wave, creating up a

Impact of the US Credit Crunch on Australian Economy

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