What started the Credit Crunch and what are the effects of it in the Essay

What started the Credit Crunch and what are the effects of it in the UK - Essay Example This describes the financial situation that forms the foundational basis for this study, the subprime mortgage meltdown in the United States that hit the global stage in the Summer of 2007, which accelerated into what is also termed as the credit crunch. In equating the ramifications of the preceding, the United States will serve as the starting point for the foregoing, tracing how the credit crunch became a global phenomenon, then honing in on how this all has and is impacting the UK economy. The financial services sector is often a little understood arena owing to the complexities of how it operates within the context of international economic activity and the variables of the global market. The intricate nature of the ties between differing regions, and how they interact upon one another represents a complex set of macro and micro economic aspects within which this crisis developed and impacted every corner of the globe. In hindsight, the causes of the credit crisis are understood as were the warnings from economists and banking officials as to the potential ramifications of new types of derivative instruments whose long term effects were not understood, and not tested with regard to varied market and economic scenarios. In that instance, the checks and balances of the market failed, leading to wide spread ramifications. The unique nature of the credit crunch make this an engaging study in that this history making event makes the first major failing of markets since th e Great Depression, and serves as a wake up call for the excesses of the past that we are paying for in the present. This study of â€Å"What started the credit crunch and what effects has it been having on the UK economy† represents a series of broad ramification as well as inputs. In order to equate the preceding, it is necessary to delve deeply

Pacific Settlement Essay Example | Topics and Well Written Essays - 7500 words

Pacific Settlement - Essay Example The concept of Orientalism was introduced by Edward Said where the West was considered as the developed one and they were referred as the accident. The non-Europeans were considered as orients, who were traditional in nature and lacked capital-centric approach. It has been argued that institutions like the census, map, and museum play a big role in shaping the dominion of the colonial state. It included â€Å"nature of the human beings ruled, the geography of its domain, and the legitimacy of its ancestry†. While analyzing the concept of the formation of the nation-state, one first needs to understand the meaning of a nation. A nation is defined as an imagined state. The nation is imagined to be limited or finite in spite of having large areas and it is a community in the sense that even if there is exploitation, the nation is also perceived as an emblem of deep â€Å"comradeship†. The nation is also imagined to be limited. This is so because even if a country is large in size with a billion populations still its boundary is finite as beyond that there are other nations. The concept of Orientalism can be used to trace the origin of the Pacific islands. The contact between the Europeans and the Pacific islands, in fact, gave birth to the concept of nations and nation states. One can even notice that the Pacific islands had a considerable â€Å"intellectual influence† on the Westerners. This was seen even though the relative size of the islands was small and they lacked resources compared to the western countries.... The non Europeans were considered as orients, who were traditional in nature and lacked capital centric approach (Said, 1-3). It has been argued that institutions like the census, map, and museum play a big role in shaping the dominion of the colonial state. It included â€Å"nature of the human beings ruled, geography of its domain, and the legitimacy of its ancestry† (Benedict, 163-164). While analyzing the concept of the formation of nation state, one first needs to understand the meaning of a nation. A nation is defined as an imagined state. The nation is imagined to be limited or finite in spite of having large areas and it is a community in the sense that even if there is exploitation, the nation is also perceived as an emblem of deep â€Å"comradeship†. The nation is also imagined to be limited. This is so because even if a country is large in size with a billion populations still its boundary is finite as beyond that there are other nations (Benedict, 6-7). The concept of orientalism can be used to trace the origin of the Pacific islands. The contact between the Europeans and the Pacific islands in fact gave birth to the concept of nations and nation states. One can even notice that the Pacific islands had a considerable â€Å"intellectual influence† on the Westerners. This was seen even though the relative size of the islands was small and they lacked resources compared to the western countries. In fact the Europeans though for a brief moment was compelled to admit after the discovery of Tahiti in 1760s that their life was better than many Europeans. The people of Tahiti had in fact proved the myth of â€Å"noble savage† true to the Europeans. (Lansdown, 5-13). COLONIALISM, NATIONALISM, AND