Art Essay Example | Topics and Well Written Essays - 1250 words

Workmanship - Essay Example In Cassatt’s work, she utilizes exceptionally light hues and staying away from dark delivering an extremely sentimental artistic creation that delineates a mother and youngster. In Manet’s works, he dismisses what was the announcement of impressionism by his trademark utilization of dark. The two craftsmen are working from a Japanese style of plan and point of view which as indicated by numerous reports vigorously impacted their canvases. As indicated by pbs.org, Manet’s paints his structures rapidly in harsh brushstrokes unmistakably obvious on the outside of the canvas. Rather than the painstakingly developed viewpoint that drives the eye profound into the space of the artwork, Manet offers an image outline straightened into two planes. The frontal area is the gleaming white assortment of Olympia on the bed; the foundation is dimness. (Edouard Manet’s Olympia). The treatment of the topic is totally different in the two artistic creations. As per pbs.org, Manet decides to paint a lady of his time - not a ladylike perfect, yet a genuine lady, and a mistress at that.(Edouard Manet’s Olympia).This lady is a confident whore and perspective on general society of the nineteenth century an outrageous artistic creation which would have been wrecked by the general population as revealed by numerous individuals. As indicated by the Guardian, â€Å"The topic is hair-raising - a naked who, according to nineteenth century onlookers, was unmistakably a whore, in her trashy donkeys with a bootlace for an accessory, took care of, to the unsettled white pads and her skin is a splendid, glaring white. The completely dressed dark worker is included, giving her blossoms from one of her male companions.†(Olympia, Edouard Manet).In seeing the artistic creation the whore unmistakably has a rebellious and fierce look which as indicated by the Guardian, it is difficult to know whether her mind-set is one of despairing or scorn.( Olympia Edouar d Manet(1863)) On the other hand, Cassatt’s mother and kid are considerably more simpler and pleasurable to see. The â€Å"mother and child† unmistakably portray the private love and bond between a mother and her youngster. As per Danielle Peltakian, â€Å"she painted in sensitive brush strokes of pastel shades average of the style of Renoir and Degas. She made a sentimental delineation of the female figure suggestive of the early Italian renaissance Madonna and child†( American individual from the french impressionists school:note print creator.) According to tfaoi.com, The mother in the work of art oozes a feeling of nobility and reason that challenges customary ideas of brightening femininity.(Mary Cassat, Modern woman).According to Anne Higonet, Cassatt made the experience of little youngsters' bodies an instinctive delight, both for the moms spoke to inside her photos and for us, the watchers of the pictures(Two perspectives about Cassatt).She goes further in clarifying that Cassatt's image joins the types of mother and kid. The respectability of the individual body, which we could likewise call its detachment, is supplanted by a proper fiction of consolidated bodies. Cassatt connects with us in the delights of newborn child substance. (Two different ways of pondering Cassatt). In looking at the two pictures by Cassatt and Manet, the distinctions in portrayal of ladies is massive. In manet’s Olympia, the lady is delineated as an item, while in Cassatt’s Mother and youngster the lady is a subject. Mary Cassatt portrayed the cutting edge lady of the Paris. A women's activist point of view of her work invades the vast majority of the clarification and examination of her work which portray her as communicating her

Families in a Global Context Essay Example for Free

Families in a Global Context Essay With regards to the twenty-first century, the whole world is experiencing changes in pretty much varying social statuses. There has been a quick improvement in the areas of instruction and mechanical advances particularly with the appearance of developments like PC, the Internet, and other specialized gadgets dependent on broad space investigation. Worldwide patterns are being alluded to the world’s next culture, a condition of life wherein the whole world appears to share normal qualities, morals in all sorts of life, etc. Everywhere, new philosophies are developing and old ones are being retried. This is affecting the structure of worldwide life all in all and nations both innovatively progressed and creating (or not all that mechanically progressed) are confronting new difficulties to adapt up to the rising patterns and belief systems. One such test present to the entire world is the changing family life and structure which is clearly recognizable in the created just as the creating nations of the world. This test is essentially credited to the flood of globalization. The current paper, from now on, investigates this issue. It inspects family structure in an innovatively propelled nation (I. e. , the United States of America for our case) and in a creating nation (India in this case), and afterward endeavors to come to strong end results as in what ways the whipping influx of globalization is affecting family life as well as structure of these nations. 1-Challenges Confronted by Indian Families India is one nation on the planet which is one of a kind for its multiculturalism and extension. The perspective on globalization by individuals from India, particularly the Hindus, is that of is multi-faceted, in other words, they see various ramifications from this rising pattern. The fundamental perspective on the Indian lifestyle is that of pluralism, social improvement, and strict solidarity. As such these patterns have for quite some time been established in the family structure of India. In any case, the pattern of globalization has given diverse viewpoint to Indian families. They face a great deal of difficulties. The significant patterns in Indian ways of life like otherworldliness and different strict issues are being broken by the pattern of globalization. The serene perspective on Indian individuals that they hold about different religions has been abused. All things considered, the resilience of Indian individuals has caused a ton of shaking with regards to the twenty-first century. Their way of life and customs are being compromised by globalization, something that Indian individuals still can't seem to acknowledge and remain to battle it. For instance, with the coming of worldwide business worldwide organizations, the whole country is in danger in light of the fact that by worldwide business, the quintessence of otherworldliness is at stakes since business has raised the rush of realism. Besides, corporate greed is changing human worth framework in Indian culture for the most part on account of mainstream society (â€Å"junk food like coca cola, motion pictures soaked with sex and brutality, and a hero worship of competitors and famous actors as the most alluring human types†). This, in aggregate way, influencing the family structure of Indian life. Despite the fact that there are various TV channels, the Indian individuals presently can't seem to understand the genuine represent media and correspondence which recounts their straightforwardness and reluctance to detect peril which is compromising their hundreds of years old social and standard way of life: â€Å"There has been minimal sorted out Hindu reaction to globalization†. Albeit social endeavors to watch Indian way of life have been started (for instance, the Swadhyaya development), it won't erroneous to state that it isn't sufficient on the essence of the goliath of globalization by the Indians are still not utilizing media productively (Internet is the special case here) which basically offers ascend to intriguing channels, the way of life engendered in these channels bringing to Indian life and family structure more up to date dangers every day. (Frawley, p. 20, 2001) On the off chance that we take a gander at the socioeconomics identified with Indian family structure and development, we will decently observe distinction between the multiple times: the ongoing time when globalization has occurred in India; the time in the past when this pattern was absent. Concurring Niranjan et al. (2005), from 1961 to 1999, the normal family size in India has dropped by 5. 4 percent. As per the creators, this is 1. 4 percent higher than the family size decrease in China which clearly proposes that Indian family structure is advancing toward the pattern of family unit structure, a side-effect of globalization. Research by Niranjan et al. (2005) recommends some significant key factors that were altogether present while keeping the family structure alongside past customs. Significant indicators that have been found for joint family are responsibility for and financial status. Such families remain joint as opposed to the individuals who don’t have responsibility for and higher monetary status. Globalization, all things considered, has assumed a critical job in bringing implies by which individuals can increase material solace and hence will in general live in family units. Find along these lines, it turns out to be evident that Indian family structure is confronting incredible difficulties very nearly globalization. As globalization appears to get extraordinary patterns and practices, both social and affordable, Indian family structure is experiencing a change: something that is the pith of western way of life. Families in the United States of America According to Olsen (2007) states that however the Unites State of America has regularly been viewed as simple, it is fundamentally the â€Å"quintessential liberal ‘social security net’ giving a generally confined scope of social assurances and administrations, pitiful pay advantages, and scarcely any projects as a privilege of citizenship or residence† (p. 143). This proposes family support in the United States of America, a mechanically progressed and created nation, isn't something to be agreeable about. USA is the main nation in the entrepreneur universe of cutting edge nations that has never offered an all inclusive family stipend program to its residents. This country’s family strategy, rather, depends on focused, implies tried fragments like Aid to Families with Dependent Children (AFDC) later supplanted by the Temporary Assistance to Needy Families (TANF). Be that as it may, as indicated by (2006), US family organizing confronted a ton of weight all things considered up to the present on various fronts both inside and outside. As indicated by the creator, the blast in monetary status of US family framework came up after World War II when Japanese and European assembling businesses went thought an obliteration of war: â€Å"Progressive tax collection arrangements redistributed pay from organizations and high workers to strategies and open investments† profited white collar class families just as the common laborers families. This was when comprehensively US family structure was one of the most noteworthy getting a charge out of part of social structure in the United States of America just as the remainder of the world (Polaski, p. 02, 2007). The US government started such projects as Medicare and Medicaid that profited the family continue a fair way of life with way of life was consistently proceeding onward the upward bend. It was when worldwide network saw a quick rising white collar class family structure in the United States of America that engaged higher livings measures. At that point things began proceeding onward the downslide as the Japanese and European assembling businesses came to contend in the worldwide market with the US, US spending on Vietnam War, and other such factors added to building monetary weight on the US family expectations for everyday comforts that acquired changes the long range interpersonal communication and system. With the development of globalization the US families, particularly the working class families, saw a decrease in the expectations for everyday comforts: â€Å"Globalization uncovered and exacerbated, instead of made, the essential issues with the U. S. system† (Polaski, p. 03, 2007). Social wellbeing turned into an issue especially for the US social structure as in various zones like medical coverage and convenient annuities. The creator refers to an ongoing IMF study that expresses that in spite of the fact that the portion of work from all the propelled nations of the world has declined all around over the most recent twenty years, European laborers are as yet getting a charge out of a greater portion of the abundance of their nations than the laborers in the US. In spite of the fact that Europe additionally faces pressure by globalization, it has wellbeing net for the social organizing of their kin. Then again, at that point United States of America is dangling with vulnerability. In any case, the creator takes note of that there is some connection with strategy creation of the propelled nations with those of the creating nations. In such manner the creator gives a case of rural approach in the United States (and other propelled nations) that has backhanded impact of cultivating exercises of a creating nation, state India or Pakistan for this situation. What happens that, â€Å"The United States and other well off nations offer rural appropriations to their ranchers that incite overproduction, with the surpluses sold beneath cost to the remainder of the world. This makes costs for ranch products fall in the creating scene, bringing down the earnings of effectively poor ranchers or driving them off the land† (Polaski, p. 03, 2007). Seen from this viewpoint, it is on the whole correct to propose that arrangements in cutting edge nations do cause the creating nations and their kin to experience the ill effects of high to low difficulties various them are not recoverable which implies that strong approach making must beginning from the district of farming changes and strategy modification with the goal that creating countries don't have to endure more on the hands of well off nations. The two Countries Explored in the above line, what I have broke down is that both these nations face difficulties in the family organizing and econ

Sickles, Daniel Edgar

Sickles, Daniel Edgar Sickles, Daniel Edgar, 1819â€"1914, American politician, Union general in the Civil War, b. New York City. A lawyer, he became active in Democratic politics, serving in the New York legislature. He was a member of Congress from 1857 to 1861. In 1859 he was acquitted on grounds of temporary mental aberration of the murder of Philip Barton Key (Francis Scott Key's son), whom Sickles shot because of Key's affair with his wife. In the Civil War, Sickles fought in the Peninsular campaign (1862), at Chancellorsville (1863), and in the Gettysburg campaign (1863), where he lost a leg. His severity as military commander in the Carolinas (1865â€"67) led President Andrew Johnson to transfer him to another command. He retired from the army in 1869 as a major general. He was later minister to Spain (1869â€"73), held various political offices in New York, and served again (1893â€"95) in Congress. See biography by T. Keneally (2002). The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved. See more Encyclopedia articles on: U.S. History: Biographies

Corporate Political Campaign Spending Is Democracy for Sale

What comes to mind when one considers the act of bribery? Like many people, a plethora of negative actions and ideas probably come to mind. Possibilities that may come to mind are things like, corruption, deceit, fraud, schemes, and other illicit activity or transactions. This is where an important question arises. What, then, is the difference between bribery and corporate political campaign funding? It is plain to see that the answer ranges somewhere between nothing and very little. In today’s political world democracy is for sale. For starters, take a look at what this corporate political campaign funding really is. This type of funding is, as the name suggests, money provided to a campaign from a corporation with the expectation that†¦show more content†¦Why are they allowed to buy democracy? And, most importantly, why is democracy even for sale? In America, there exists an organization called the Federal Election Commission (FEC). They are in charge of maintainin g federal campaign finance laws. The three main objectives covered by finance laws are â€Å"public disclosure of funds raised and spent to influence federal elections, restrictions on contributions and expenditures made to influence federal elections, and the public financing of Presidential campaigns.† Corporations donating money on behalf of a candidate is a relatively new practice; originally this type of backing was strictly forbidden by these finance laws. But, in 2010, after the Citizens United v. Federal Election Committee ruling of the Supreme Court, these laws were altered. This allowed corporation and labor unions to donate money to political campaigns in the form of PACs, or Political Action Committees. Just months after the Citizens United ruling, the ruling of Speechnow.org v. Federal Election Committee modified the laws further. Super PACs, also known as independent expenditure-only groups were permitted to be used to back a candidate; these types of groups c an donate unlimited sums of money as long as they do not directly communicate with the candidate in which they are backing. Although the rules restrict coordination between candidates and the super Political Action Committees, the definition of â€Å"coordination† is sometimes seen asShow MoreRelatedCitizens United for Arguments1260 Words   |  6 Pagesturnout Subpoint A: Voter turnout is a pre-requisite to the election process A flourishing democracy presupposes citizens who care, who are willing to take part, and who are capable of helping to shape the common agenda of a society. Participation through the act of voting, is always seen as an essential prerequisite of stable democracy. Subpoint B: Super PACs decrease voter turnout by 25% â€Å"Unlimited spending by supposedly independent super PACs is creating widespread perceptions of corruption andRead MoreGetting Money Out Of Politics1037 Words   |  5 Pagesevery aspect of civilized society. The influence is has in politics could mean the difference between a family having food to eat, or passing legislation. It is the grease that greases the political machine. Thanks to modern technology, a candidate must raise a lot of money to be competitive in their campaign. Most of that funding goes to television, internet, and radio advertising which can decide the result of an election. Though money is crucial for a politician’s ability to get their messageRead MorePolitical Fundraising Corruption: Its Effects on Todays Voters997 Words   |  4 Pagesindebted to their financial contributors while becoming less responsible to the voters themselves. A political campaign has an ever-expanding roster of expenditures, including travel expenses, campaign consulting fees, and the alarmingly high cost of communicating with the voters via print advertisements and the media. The fact that Abraham Lincoln nearly impoverished himself by financing his own campaign seems to be nothing more than a charming anecdote from a bygone era. No candidate wishes to bankruptRead MoreCorporate Influence on Our Political System2508 Words   |  11 PagesCorporate Influence on our Political System Anthony Wade Dr. Donatus Uzomah English 215 June 4, 2011 Corporate Influence on our Political System The American political system is built on simple but revolutionary principles from our founding Fathers. These principles state that self-governance is an absolute right and the governments purpose is to serve the interests of the people. Characteristics which are essential to a healthy, functioning democracy. But America has stumbled upon a formidableRead MoreThe Threat Of Good Example1282 Words   |  6 Pagessuppress socialist movements in countries like Guatemala, East Timor, Laos, Grenada, and Nicaragua. The real motives for US intervention are therefore for its own material and strategic gains, under the pretense of propagating the ideas of freedom and democracy. The NIEO pushed by the Third World states challenged the systemic favour First World states had in the international economy, by seeking different terms and means to trade. Some policies include obtaining a legal framework that ensured greaterRead MoreEssay on The Power of Money in Campaign Finance2723 Words   |  11 Pagesconsidered a great step forward because taking public funds requires the candidate to limit their spending on the federal level. There is also the â€Å"hard money† in political campaigns, which is strictly regulated by law through the Federal Election Commission. Hard money is the contrast to soft money meaning that it is the contributions made by a person or PAC that gives to a federal campaign or political party for the use in federal elections. But of course with one step forward there is always twoRead More When Corporations Rule The World Essay1168 Words   |  5 Pagessustainability. This system is as follows: Prohibit political advertising on television. TV political ads are far more often misleading than informative, extremely expensive, discredit the political system, and give money inordinate power in deciding elections. Place strict limits on individual campaign contributions. The principle of democracy is one person one vote, not one dollar one vote. Place strict limits on campaign spending. We want to know what a political candidate can do with a limited budgetRead MoreThe Effects Of Free Speech On The United States1729 Words   |  7 PagesAs an American citizen and a late bloomer to the political arena in the United States, I find myself arriving in an disheartening and frightening environment. Where I have suddenly awoken in a dis-utopian world of money, power and greed, where the rich elites of the population has all the power to speak up. Where money has become more out-spoken and heard than actual dialog, while the majority of the population remains silenced through underfunded attempts to express their views. Giving money theRead MoreRoca Essay5103 Words   |  21 Pagesevening in late March 2012, Carlos Velà ¡zquez, Corporate Marketing Director for Roca Corporacià ³n Empresarial (the Roca Group), and Xavier Torras, Corporate Brand and Communication Director for the same company, were taking a short break from their m eeting with Gravena, their partner company in Cairo (Egypt). This was the second long day in a row with endless meetings. Torras looked up and said: â€Å"What the heck are we going to say in Barcelona?† — where corporate headquarters were located. â€Å"I have no idea†¦Ã¢â‚¬ Read MoreBrand Communication Strategy3796 Words   |  16 PagesBrand Communication Strategy 1st Lecture: The Ceo promotes the brand to the stakeholders: part of the brand communication strategy. Corporate social responsibility: all about ethics. Principles of Marketing (Kotler, Amstrong). Assignments: Google turns to you, how to develop brand communication strategy into the Chinese market? Market research Situational analysis Recommendations Based the strategy under the conclusion of the market research * Operational marketing 1

Downloading German Songs from iTunes

iTunes auf Deutsch! Downloading German music—legally Would you like to explore the world of modern German music? Would you like to download rock, pop, or rap songs in German? How about watching a German music video online? Well, I just did all that, and boy was it fun! Apple must have been listening to the complaints of U.S. fans of German music, who for a long time could only get a tantalizing look at, and even listen to, songs and albums by German (and Austrian) artists, but could not buy any of it from Apples American iTunes Music Store. This frustration has now lessened for Mac and Windows users, but not entirely. A recent visit to the U.S. iTunes Music Store was a pleasant surprise. I found music and songs in German by many contemporary and traditional bands and artists from Austria, Germany, and German Switzerland. And I could buy what I saw/heard! There were albums and songs by DIE PRINZEN, FALCO, HERBERT GRÃâ€"NEMEYER, the PUHDYS, MÃÅ"NCHNER FREIHEIT, and even HEINO. (Youll also find audiobooks in German, language courses, and German comedy recordings available for download.) I discovered just about every type of music in German—from classical to rap, from Christmas to country-western—ready for listening and purchase. Soon I had downloaded (and paid for) an eclectic mix ranging from Deutschland by DIE PRINZEN to Ring aus Feuer (think Johnny Cash) by the Austrian WOLFGANG AMBROS. As I type these words, my computer is playing music by RAMMSTEIN (Amerika), UDO LINDENBERG (Ich habe noch einen Koffer in Berlin), and the interesting Belgian group SCALA KOLACNY BROTHERS (Schrei n ach Liebe)—all downloaded from the American iTunes Music Store. Mac or Windows users can then create CDs with the downloaded German songs or any mix they want. If I had an iPod, I could also transfer these songs to it and listen anywhere I go. A Few More Surprises - Good and BadAlthough residents of Germany and Austria can download iTunes music from just about any German recording artist there is, we U.S. residents have to be content with slimmer pickings. If you want to download songs by Die Fantastischen Vier, Rosenstolz, or Die Ärzte, (Die beste Band der Welt) youll have to be in Germany. You can easily switch to the German iTunes Music Store and listen to songs by those artists, but when you try to download a song or album, U.S. residents get this unwelcome message: Your account is only valid for songs from the U.S. iTunes Store. But at least you can listen to 30-second samples of the German songs. Even for artists in German that are found in the U.S. store, not all of the albums or songs by that artist may be offered. Some albums are partial, with only a few selected songs available from iTunes, but that is also true of the normal American or British recording artists. However, what IS there is a lot better than what was available earlier (pretty much nothing). There is no German Songs menu section in the U.S. iTunes store (there is a German Pop category, but youll need help finding it; see Tips Part 2), so I started with a search by the artists name or a song title. Sometimes I just typed in a common German word (liebe, freiheit) to see what results would pop up. As I explored the German offerings with this method in the U.S. store, I stumbled onto interesting things I may not have found otherwise. Schrei nach Liebe is a good example. Turns out the iTunes version I downloaded is a cover version by a Belgian girls choir of that Ärzte song, and the Germans are raving about how the ladies took a metallic song (they also did Engel by Rammstein) and turned it into something very different but still cool. After downloading Amerika by Rammstein, I discovered that its in the German Top 10 charts (Oct. 2004) and that iTunes has a music video version! (Free and in stunning quality with a high-speed connection!) Tips and TricksIn the next section Ill offer some tips and tricks for finding German songs at the U.S. iTunes Music Store, with screen shots, artists lists, links, and other neat stuff—including music videos in German. Note: iTunes also works great for subscribing and listening to podcasts in German!

Introduction to Negotiation Free Essays

Introduction to Negotiation Negotiation is and activity that every individual caries out in his everyday life. We are constantly negotiation with ourselves, our family, friends, business, etc. Every activity that happens is the result of a negotiation – â€Å"Pros and Cons†. We will write a custom essay sample on Introduction to Negotiation or any similar topic only for you Order Now And thus negotiation can be defined as; â€Å"The means by which people deal with their differences† Negotiation is a continuous and an evolving process especially in a supply chain environment. A company cannot meet the expectation of its customers or shareholders single handed and thus there is lot of negotiation is involved and it is a continuous process. It is a process that emerges when there is a difference and it cannot be settled single handed without a negotiation. Negotiation is not necessarily a win-loose process, but a good negotiation process is where both parties accept a mutually beneficial or amicable solution. A Negotiation can be distributive or integrative depending on how it been conducted. A negotiation which involves hard bargaining and is mostly concentrated on one topic where usually the winner takes all is a distributive negotiation. There is little or no attention paid to relationship, consideration or sharing of information and are very aggressive. On the contrary an integrative negotiation is a process in which all parties cooperate to maximize the benefit to all parties and is commonly referred to as expanding the pie. There is lot of understanding among the parties and importance is paid to how more value can be generated in a continuing partnership. Sometimes depending on the topic a negotiation can get very complex. It could get into a Multi Phase Negotiation stage where one negotiation could lead into another negotiation with the complexity increasing at each stage. It could also get into a Multiparty Negotiation where the needs and want of other parties will require to be explored and will be included into further negotiations. Though there are many types or causes of negotiation, it is always important for an effective negotiation to underline once BATNA (Best Alternative To A Negotiated Agreement) and their Reservation Point. A BATNA is something which every negotiator should have, and is completely under his control. With this he should be able to set up his reservation point, something beyond which he should not negotiate. Once these are clearly understood and negotiated up on, we can at most of the time identify the ZOPA (Zone of Potential Agreement), which in most of the times overlaps both parties’ reservation points. Apart from the above other main elements that plays an important role in a negotiation and the most important is listening. Both parties should pay attention, listen and acknowledge the other parties BATNA and Reservation Points. This will not only improve relationships and achieve in establishing a ZOPA, but could also be beneficial to other departments or other entities that could have connection with your unit or industry. There should also be lot of preparation involved prior to a negotiation and preparation should focus on all areas. While a negotiation can be very effective, it could have several barriers. Therefore it is always important that some level of effort is put in in prior and during the negotiation. It is important to respect all parties and acknowledge their interests and concerns. Finding areas of common interests and sharing same, providing a comfort zone for negotiation, talking about past experiences, etc. , are some of the few ways to unwind before going into a negotiation process directly. Similarly it is important that during negotiation a process is clearly followed. The point around which discussion is taking places is well identifies and not deviated from and a clear time line is established. It is also important that the right persons are involved during the negotiation and the points negotiated upon is justifiable There should be room for flexibility all barriers like lack of trust, excessive bargaining, being reluctant to share information, structural impediments in putting inappropriate people at the discussion, cultural and gender difference any inds of spoilers should not be used and the language used should be simple and understanding to all parties. Mental barriers like Escalation, Partisan Perception, Irrational Expectation, Override confidence caused by ego, having shifting BATNA, not having a clear breakpoint, not understanding the other person, not sharing problem and understanding viewpoint, feeling invincible, etc. and should not be used during a nego tiation process. While there are no rights or wrongs, style also matters in a negotiation. This often reflects on the kind of person one is always best to consider how to proceed. There are 5 different styles and each can be detailed as below; Avoiding style is when you hates conflicts and try to avoid them at all cost. It is often associated with trying to withdraw from situation or try to pass the decision to someone else and hence very difficult to arrive at a conclusion. This kind of style can be used if the issue, relationship, decision is of less importance, but can cause problems if the relationship or issue is of importance. Using this too often can have a negative feeling. Accommodating is when trying to use relationship to solve a conflict. On the contrary if the other person is not accommodating and takes advantage there is nothing returned in the negotiation process a negotiation can be accommodating when no much importance is paid to the issue or when there are not arguments on one’s side of the table. This can often create problem if the outcome is going to be shared at it could show that other are taking advantage of your position. Competing is like trying to win and take control of the situation or considers a negotiation as wining and loosing. There is no attempt made on collaboration, or cooperation from others and if used often shall loose self-respect eventually. A competing strategy can be during a negotiation if there is an emergency and a decision is imminent. It could also be that one side is confident that they are right and have all the supporting’s and the situation is under their control Compromising negotiation often tries to find something amicable. This often results in giving and taking with moderate satisfaction to both parties. This could create problem while negotiation on very creative problem and could be used the working together s important with limited resources A good solution is often considered as a bottleneck and any collaboration is considered as forcing something on. Collaborating is more a problem solving style of negotiating. They are very imaginative who think about win-win situation and thing of expanding the pie. Issues and relationship are both given importance along with being coo perative and creative. All concerns are well addressed and as a result will not be able to exercise if time frame is too short. It is also not applicable the issues are trivial or no much preparation or rehearsing time. A negotiation can also be different when negotiation for yourself or for others. When negotiation for yourself you often tend to negotiate what is most beneficial to your whereas on the other hand when negotiation for a third party there is often a personal gain side that is looked at especially is cases where negotiating for a property via a real estate agent. However a third party negotiator can bring with him lots of experience that could also be very beneficial and will assist in a negotiation process. Thus for a negotiation it is important to understand one own style and to determine the other persons style as well. This will avoid unpleasant surprises during a negotiation. and will assist in the effective preparation of BATNA and reservation points We can thus understand that the process of negotiation is continuous and needs to be constantly improved. It is a process that needs to be understood and required to be planned and monitored using various strategies and resources. As part of continuous improvement it is important to create a process, train all participants to follow and monitor the process. This process can be improved by learning and summarizing from reflection after a negotiation. It is also important to consider that every negotiation must have a preparation process where goals and expectation are clarified. A clear BATNA have to be defined which everyone in the team is well aware off. Any smart suggestions need to be recognized and suitably rewarded. Develop a process that works best for oneself and use it to evaluate what works best and willingness to follow the process. And the most important to remember that all negotiations cannot be won and not to be abandon just because we are not able to achieve what we perceived. How to cite Introduction to Negotiation, Essay examples Introduction to Negotiation Free Essays Introduction to Negotiation Negotiation is and activity that every individual caries out in his everyday life. We are constantly negotiation with ourselves, our family, friends, business, etc. Every activity that happens is the result of a negotiation – â€Å"Pros and Cons†. We will write a custom essay sample on Introduction to Negotiation or any similar topic only for you Order Now And thus negotiation can be defined as; â€Å"The means by which people deal with their differences† Negotiation is a continuous and an evolving process especially in a supply chain environment. A company cannot meet the expectation of its customers or shareholders single handed and thus there is lot of negotiation is involved and it is a continuous process. It is a process that emerges when there is a difference and it cannot be settled single handed without a negotiation. Negotiation is not necessarily a win-loose process, but a good negotiation process is where both parties accept a mutually beneficial or amicable solution. A Negotiation can be distributive or integrative depending on how it been conducted. A negotiation which involves hard bargaining and is mostly concentrated on one topic where usually the winner takes all is a distributive negotiation. There is little or no attention paid to relationship, consideration or sharing of information and are very aggressive. On the contrary an integrative negotiation is a process in which all parties cooperate to maximize the benefit to all parties and is commonly referred to as expanding the pie. There is lot of understanding among the parties and importance is paid to how more value can be generated in a continuing partnership. Sometimes depending on the topic a negotiation can get very complex. It could get into a Multi Phase Negotiation stage where one negotiation could lead into another negotiation with the complexity increasing at each stage. It could also get into a Multiparty Negotiation where the needs and want of other parties will require to be explored and will be included into further negotiations. Though there are many types or causes of negotiation, it is always important for an effective negotiation to underline once BATNA (Best Alternative To A Negotiated Agreement) and their Reservation Point. A BATNA is something which every negotiator should have, and is completely under his control. With this he should be able to set up his reservation point, something beyond which he should not negotiate. Once these are clearly understood and negotiated up on, we can at most of the time identify the ZOPA (Zone of Potential Agreement), which in most of the times overlaps both parties’ reservation points. Apart from the above other main elements that plays an important role in a negotiation and the most important is listening. Both parties should pay attention, listen and acknowledge the other parties BATNA and Reservation Points. This will not only improve relationships and achieve in establishing a ZOPA, but could also be beneficial to other departments or other entities that could have connection with your unit or industry. There should also be lot of preparation involved prior to a negotiation and preparation should focus on all areas. While a negotiation can be very effective, it could have several barriers. Therefore it is always important that some level of effort is put in in prior and during the negotiation. It is important to respect all parties and acknowledge their interests and concerns. Finding areas of common interests and sharing same, providing a comfort zone for negotiation, talking about past experiences, etc. , are some of the few ways to unwind before going into a negotiation process directly. Similarly it is important that during negotiation a process is clearly followed. The point around which discussion is taking places is well identifies and not deviated from and a clear time line is established. It is also important that the right persons are involved during the negotiation and the points negotiated upon is justifiable There should be room for flexibility all barriers like lack of trust, excessive bargaining, being reluctant to share information, structural impediments in putting inappropriate people at the discussion, cultural and gender difference any inds of spoilers should not be used and the language used should be simple and understanding to all parties. Mental barriers like Escalation, Partisan Perception, Irrational Expectation, Override confidence caused by ego, having shifting BATNA, not having a clear breakpoint, not understanding the other person, not sharing problem and understanding viewpoint, feeling invincible, etc. and should not be used during a nego tiation process. While there are no rights or wrongs, style also matters in a negotiation. This often reflects on the kind of person one is always best to consider how to proceed. There are 5 different styles and each can be detailed as below; Avoiding style is when you hates conflicts and try to avoid them at all cost. It is often associated with trying to withdraw from situation or try to pass the decision to someone else and hence very difficult to arrive at a conclusion. This kind of style can be used if the issue, relationship, decision is of less importance, but can cause problems if the relationship or issue is of importance. Using this too often can have a negative feeling. Accommodating is when trying to use relationship to solve a conflict. On the contrary if the other person is not accommodating and takes advantage there is nothing returned in the negotiation process a negotiation can be accommodating when no much importance is paid to the issue or when there are not arguments on one’s side of the table. This can often create problem if the outcome is going to be shared at it could show that other are taking advantage of your position. Competing is like trying to win and take control of the situation or considers a negotiation as wining and loosing. There is no attempt made on collaboration, or cooperation from others and if used often shall loose self-respect eventually. A competing strategy can be during a negotiation if there is an emergency and a decision is imminent. It could also be that one side is confident that they are right and have all the supporting’s and the situation is under their control Compromising negotiation often tries to find something amicable. This often results in giving and taking with moderate satisfaction to both parties. This could create problem while negotiation on very creative problem and could be used the working together s important with limited resources A good solution is often considered as a bottleneck and any collaboration is considered as forcing something on. Collaborating is more a problem solving style of negotiating. They are very imaginative who think about win-win situation and thing of expanding the pie. Issues and relationship are both given importance along with being coo perative and creative. All concerns are well addressed and as a result will not be able to exercise if time frame is too short. It is also not applicable the issues are trivial or no much preparation or rehearsing time. A negotiation can also be different when negotiation for yourself or for others. When negotiation for yourself you often tend to negotiate what is most beneficial to your whereas on the other hand when negotiation for a third party there is often a personal gain side that is looked at especially is cases where negotiating for a property via a real estate agent. However a third party negotiator can bring with him lots of experience that could also be very beneficial and will assist in a negotiation process. Thus for a negotiation it is important to understand one own style and to determine the other persons style as well. This will avoid unpleasant surprises during a negotiation. and will assist in the effective preparation of BATNA and reservation points We can thus understand that the process of negotiation is continuous and needs to be constantly improved. It is a process that needs to be understood and required to be planned and monitored using various strategies and resources. As part of continuous improvement it is important to create a process, train all participants to follow and monitor the process. This process can be improved by learning and summarizing from reflection after a negotiation. It is also important to consider that every negotiation must have a preparation process where goals and expectation are clarified. A clear BATNA have to be defined which everyone in the team is well aware off. Any smart suggestions need to be recognized and suitably rewarded. Develop a process that works best for oneself and use it to evaluate what works best and willingness to follow the process. And the most important to remember that all negotiations cannot be won and not to be abandon just because we are not able to achieve what we perceived. How to cite Introduction to Negotiation, Papers

Debt sustainability and Fiscal Councils Economics

Questions: 1. Evaluate the effects of an austerity fiscal programme in a situation when a government is running negative primary deficits, the nominal interest rate is close to zero, the real GDP is growing, after a period of a prolonged recession and the inflation rate is close to zero. 2. Discuss how your answer may change if the country falls into a deflationary spiral. 3. Briefly discuss Fishers Debt-Deflation hypothesis and the Post-Keynesian development. Answers: Introduction An unending ripple on the economic health of the nations has been created by the global financial crisis of 2008. In order to stimulate the economy, the governments rely on deficit spending during the time of crisis (Wren-Lewis, 2013). Huge spending capacity of state and inappropriate revenue collection was noticed in European countries. This created deficit bias in those countries (Abbas, et al., 2013). In order to improve fiscal discipline many fiscal institutions emerges. The first purpose of this essay is to discuss the factors that are responsible to accumulate large debt of the government and risks associated with the accumulated debt. The second purpose of this essay is to discuss OECD governments deficit financing, which has been increasing rapidly since 1990s. This paper also focuses on the role of fiscal institutions in reducing the debts of the government. Theory Government revenue declines and social expenditure grows during the financial crisis and government alters its policies according to the phase of cycle that it faces. This further increases the borrowing of the government for the next years. The optimistic approximation of fiscal policy causes the rapid increase in public debt prior to the recent crisis. The following recursive equation represents the debt accumulation dynamics. Bt = (1+r)*Bt-1 + Gt-Tt Debt level of present year ( year 1) is positively correlated with debt and government spending of the previous year ( year t-1). Moreover, T is negatively related with debt level. As primary deficit increases the accumulated debt also rises. Accumulation of debt also cause due to the factors like high rate of interest, high borrowing and low investment. The equation of debt accumulation can be further derived by incorporating the level of output Yt. Bt/Yt Bt-1/Yt-1 = (r-g)*Bt-1/Yt-1+(Gt-Tt)/Yt The difference between real rate of interest and GDP, i.e. r-g and the primary budget balance as a percentage of GDP, i.e. (Gt-Tt)/Yt, are the two factors that control the debt dynamics of the government. Positive value of (r-g) causes increase in debt stock. When the same value is negative, the debt stock decreases. A surplus in budget allows the government to finance its existing debt, whereas further borrowing funds primary deficit. If the rate of inflation is high then the bondholders will demand a hike in the rate of interest rate. If the government has significant primary surplus then it might decrease the rate of interest. The Debt-GDP ratio grows slowly at (r-g) rate, , if the GDP increases. When the primary deficit is nil, the debt increases only with the real interest rate. Hence, the growth rates adjust according to the government deficit. In the following section, all of the above discussion will be formalised. The slope of the main equation that explains debt-GDP dynamics is greater than one. In this case, the interest rate of a country is higher than the growth rate (Figure 1). If debt is assumed to be positive in the beginning, then debt-GDP ratio for t=2; t= 3 etc will be same with debt pinned in the x-axis. This implies that debt-GDP ratio increases at the same rate equal to the growth in rate of interest and Gross Domestic Product proceeds at a lower rate, when the government finances interest payments for accumulated debt with further more debt. Figure 1: (Source: Blanchard et al., 2010) In contrast, when the rate of GDP growth is higher than the real interest rate, it is considered as exotic case. However, the rate is too low for most of the countries so there is no exotic case in the current market. The main equations slope is less than 1, as represented by Figure 2. In this case the debt is lower, and attaining a stable level. Here, debt rises at the rate real interest rate is growing. However, it is poorer than GDP growth. So debt will reduce to zero if primary budget is balanced. The debt will still converge even if state runs constant deficits. Diagram 2: (Source: Blanchard et al, 2010) The following main section will discuss solutions for the government handling debt-management. Policy The rising trends in government debt in the OECD countries during 1970s to 1990s questioned the effectiveness of unrestricted fiscal policy. U.K and the OECD countries focused on reducing the high debt on the part of governments and thus fiscal rules appeared in those countries during late 90s. The number of fiscal councils has been growing ever since the notion of failure of discretionary fiscal rules started to gain momentum. The first fiscal council was established in Netherlands, in 1960. There are thirty fiscal councils has been established by 2013, all over the world. Among the few studies that focus on the effectiveness of the fiscal councils, the research by Debrun and Kumar (2007) stated that fiscal councils helps in improving the performance of nations, as it implements several measures in order to monitor and forecast the future consequences. These councils also provide neutral assessments of the current situation and advices to adopt proper measures to get better in fisca l performance. Since the concept of fiscal council is relatively new, only few researches are conducted related to this. The journey of fiscal councils and the role played by them in the current fiscal regulation are systematically explained by Calmfors and Wrenà ¢Ã¢â€š ¬Ã‚ Lewis (2011). This insightful research presented that the activities of fiscal councils are diversified and they are of huge variety. The growing numbers of fiscal councils demonstrates that the fiscal rules are not enough to certify appropriate operations of the government. The primary role of the fiscal councils is to influence the public debate by planning, forecasting, analyzing or advising the fiscal authorities (Jensen, 1997). However, the primary role of the fiscal authorities is to help the fiscal institution to apply fiscal decisions. Hence, the difference between the role fiscal councils and fiscal authorities is clear. In a research conducted by IMF (2013) it was stated that the information asymmetry is the major reason behind the deficit bias. These information asymmetries are removed by fiscal rules backed by the fiscal councils. According to the Fiscal Assessment Report, 2012, deficit bias is described as the tendency of governments to allow deficit and public debt levels to increase. Information dilemma; electoral competition; common-pool theory; impatience; exploiting future generations and time inconsistency are the factors responsible for deficit bias. The fiscal councils assess the quality of the fiscal policies that are to be undertaken by the government. They have the authority to gather information regarding this. By combining various literature it can be said that fiscal councils contributions are several and significant. Before preparing the budgets, these councils provide unbiased and unconditional forecasts regarding the macroeconomic variables. Moreover, fiscal rules of the respecti ve authorities are implemented by the fiscal councils. In addition to this, fiscal councils help the government in finding correct and accurate measures in order to overcome the difficulties present in the current structure (Cangiano, Curristine and Lazare, 2013). The fiscal councils are established to endorse a culture of lucidity and strength of the fiscal rules in order to enhance the status of the government (Cangiano et al. 2013). Through assessment of plans and finances, these councils help to create sustainable public finances. The functions of fiscal councils clearly indicate it objective. However, despite of several benefits obtained by establishing the fiscal councils, their functioning depends on several reasons like full elimination from political affairs of the state, a strong and efficient communication approach that develops their value in public debate and a persistent supervise of the current fiscal policies of the government. For well functioning of the councils these prerequisites are necessary. By presenting up-to-date information on the fiscal condition of the country, the fiscal council helps to improve the market discipline. Financial institutions do not require to build up the fiscal policy developments of the governmen t but it allows them to focus only on the reports prepared by fiscal councils. Fiscal councils can improve the democratic responsibility of a nation by enlightening voters about the fundamental condition of the financial performance. This is pointed out by the authors Debrun and Kinda (2014). Many researchers also opined that competence of the government spending can be better off with the help of fiscal council (Bohn, 1998). Office for Budget Responsibility or ORB, which is the official national fiscal council, was established in 2010, in UK. Official forecasts to the government have been proactively made by them, since then. According to the Calmfors and Wren-Lewis (2011), the crucial role of this fiscal body is to offer guidance to the state administration; hence it is a division in the state decision making system. This questioned the sovereignty of the fiscal council, as the government is able to influence or manipulate the council while making a decision. The vigilant status of the council is also doubtful because the council has no right or authority to appraise the outcome of alternate fiscal strategies that the government could have adopted. Government of most of the countries including U.K, have a strong craving for constraining the criticism, which is done by the council to curtail the short-run spoilers that come out from such analysis (Checherita-Westphal and Rother, 2012). This is mainly bec ause of the above aspects; it is sometimes argued that U.K government bring to bear specific stress on the Office for Budget Responsibility. von Hagen (2010 cited in Gianviti, et al., 2010) stated in this regard in his research work. According to him, the reliability of medium-term fiscal goals can be improved through fiscal policies, only if the government of the country has enough commitment. If the government dominates the imposition of decisions and manipulates it assessment regarding the fiscal condition of the country, then the effectiveness of the fiscal councils will be hampered. Conclusion It cannot be denied that since the 1970s, the deficit bias is a perpetual trouble of the OECD countries. The global financial crisis of 2008 has fetched the fear and alarmed the developed nations that funding the deficits cannot be cured even in the long run. As in most of the cases, debt financing of this year has led to borrowing and falling into the debt-trap. The major distress of the government of developed countries is its growing debt-to-GDP ratio. Enlargement of the primary deficit, decline in the economies overall growth rate of and a hike in the rate of interest; are the three principle reasons identified as responsible for the increasing debt-to-GDP ratio. Growing public debt endangers the government in terms of fall in economic growth through cutback in production efficiency and wealth accumulation. A careful fiscal measure, rise in surplus or sell off assets along with efficient and effective fiscal rule can be used as techniques to lower the debt-to-GDP ratio by the gov ernment. In Organization for Economic Cooperation and Development (OECD) countries, fiscal councils have been found to be a very popular concept in the current period. The rationale behind founding fiscal councils is to contribute and improve the usefulness of the fiscal rules made by the government. Fiscal councils aim to eradicate asymmetry in information. It also provides unbiased and absolute forecasts. Along with improving the efficiency of expenses of the government, the councils also focus to advance overall performance of the financial markets. However, some of the councils like UK Office for Budget Responsibility, are not completely autonomous and mostly controlled and managed by the government. Therefore, such types of financial councils are yet to prove themselves capable of improving the overall condition of the economy, in order to facilitate sustainable development. 1. The economic downturns in an economy are not naturally concerned with financial crises but are also concerned with considerable worsening of fiscal positions in the economy. The increase in public debt is due to the decreasing revenues, and higher expenditures have led to a rapid deterioration of fiscal balances. The Great depression in 2007- 2009 had led to rising in increase public debt because the falling of tax revenues resulted in income fall. However, to combat the Great Depression, fiscal stimulus was given which affected the public debt by increasing the value by two fold of GDP. Against these conditions, governments started undertaking policies to reduce the public debt and deficits. Nevertheless, the government adopted combinations of tax based and spending consolidation measures (Ball et al. 2013). However, the spending based considerations for fiscal austerity can be expansionary such that its tends to be long lasting and can increase in GDP or a small recession whereas the same cannot be said for tax-based consolidations because they are transitory and is connected with a slowdown in GDP growth. However, the two variables mentioned above are the two largest government spending items that are responsive to the reduction in social spending especially on salaries and public wages (Perotti 2013). Fiscal policy does not operate when the economy is facing a gap in the economic effects. The adverse economic effects can counterbalance the monetary stimulus. Regarding economic consequences if the central banks cut their policy rates to zero in the fiscal austerity period then the set of possible policy is different from the tools that are set and considered in the period of austerity. The zero lower bound of the nominal rates not only have received attention but also have found that the fiscal stimulus would possibly be strong. Hence, fiscal stimulus will raise the expected inflation which will, in turn, push the real interest rate negative that will increase the consumption. However, it can be stated that when nominal rates are zero the fiscal consolidations are expensive (Haltom and Lubik, 2013). The fiscal austerity on a prolonged period after recession faced substantial distributional effects due to the combinations of spending and consideration tax measures. The main effects are highlighted below: Effect on Poverty and Inequality The effect on inequality and poverty was affected basically due to the changes in the taxes and welfare that accounted for the poorest tenth of the total population. Every measure has reviewed the wealth to increase in the economy by making rich richer and poor poorer. Though the GDP is increased, it accompanied increasing levels of apprehensive work accompanied by obliteration of mechanisms to reduce poverty and lower inequality. Therefore, financial austerity resulted in increased inequality in which the richest continued to gain inconsistently from the new growth in the period after recession (oxfam.org 2013). Effect on Wage Income A focus on income shares showed that there is a decline in the average incomes and those positions that review an economic fall are also affected by the shrinkage affected by a sizeable number. However, the results for disposable income without the housing costs had adjusted nature in the current income situation whereas as compared with the housing purchases, it did not show any sizeable adjustment in the current income situation. The income changes affected other social, economic factors like health, declines in the academic performance, earnings potential of the children of displaced workers and economic vulnerability (Callan et al. 2013). Effect on Output and Employment The output and unemployment effects of fiscal adjustments resulted in endogenous labour participation and job seekers that were heterogeneously unemployed with an element of "automatic stabilisation". However, the government system lead to diminished vacancies, high output losses and least benefits regarding deficit reductions. The effect was negative because these effects created an additional wealth in the economy which reduced the number of people employed and ultimately faced a downturn in investment demand and consumption (Bermperoglu et al. 2013). However, the unemployment faced led to a significant long-lasting and long-term unemployment for those who had been unemployed for a long time in the OECD Countries thereby threatening the social cohesion (Ball et al. 2013). 2. The effect of the deflationary spiral on fiscal austerity is the study of the liquidity trap that an economy faces with nominal rigidities at zero level bound. The higher government spending consolidation measures can cause deflationary effects such that it reduces the spending multiplier at the zero level binding rates. However, these confidence shocks are caused fundamentally due to taste shock in which government spending can be checked by inflationary trends and can be related to spending multipliers (Mertens and Ravn 2014). The problem of the deflationary spiral is because of the replication in the interdependent economies. However, the deflationary spiral theory is valid when it assumes that fiscal policy is efficient and fiscal multipliers are positive (Kitromilides 2011). However, deflationary spirals with shocks have a direct effect on inflation and the monetary tools possess no effect at all because the monetary policy can no more affect the nominal interest rate, therefore, proving its incompetence (Buttet and Roy 2011). The risk of deflation can also be given by Philip's curve when the risk of deflation and inflation are examined together based on differences from the unemployment rate from the equilibrium level. However, the model highlights the inverse relationship between the unemployment and price level with the major role of slacks and inflation expectations. One example can be given on the deflationary spiral namely the Federal Open Market Committee that unconfined long-run forecasts of inflation backed by appropriate actions (Williams 2010). The effect of a deflationary spiral is caused by the balance sheet recession in which the private sector saves instead of borrowings and pays the debt even when nominal interest rates are zero which ultimately results in an economic slowdown. The idea variable is contradictory instinctive because when a single individual cuts down borrowings and saves to pay the debt, then the person's balance sheet improves. But if the complete private sector does the same thing by minimising its debt without government spending measures, then the economy loses its regular demand and falls into recession rather depression in the long run. However, large cuts in spending can cause a, by and large, effect on the economy as a whole. According to International Monetary Fund's (IMF), when the private sector is paying its debt, then government becomes the borrower of only remaining option (Koo 2011). The sequence of the debt and deflationary spiral process are enlisted below. The sequence of the debt and deflationary spiral process are enlisted below. As the expectations of the people further go down, the prices fall, which makes the consumer to postpone its purchases. However, postponement of purchases results in fall of aggregate demand, which in turn pressurizes the prices to fall. Also, the currency values consolidate and create a bad situation using trade channel. The reducing prices decline the use of public and private sector, which induces the household's consumption to fall regarding goods and services to pay a higher proportion of the debt. However, government even restraints its spending relating to intensification of deflationary spiral. The above factors result in grief selling because the households have to pay debts on time, which result in declining asset prices. However, it's the same when government privatizes the public assets to pay to its creditors which pressure the asset prices to fall. Nevertheless, as the assets prices decrease, the net value of the households and the organization's fall which results in impetuous bankruptcy. In total, there is a decline in aggregate demand leading to falling in profits with a reduction in the employment and output. The normal outlook of the economy is faced with loss of confidence, negativity and decline in preferences with accumulation of money. Nonetheless, under these situations, the nominal rates are falling with decline in real interest rates thereby hindering the debt and deflation spirals (Frangakis 2015). To combat these deflation debt crises, there is a need for less austerity and more fiscal stimulus. According to Francesco Caselli, more focus should be given to structural reforms than the austerity. However, the time is the best factor to balance the deficit (knowledge.wharton.upenn.edu, 2015). 3. Fisher's debt deflation hypothesis is given in the instances in 1920 when Fisher views the crashed plateau of the stock market. From the above points of deflationary spiral, Fisher identified a chain of events of distress selling, rising real interests rates, declining asset prices, declining net worth of the economy and rising bankruptcies, credit curtailment, growing distrust, bank runs, asset dumping and hoarding of money depicts that deflationary forces increased the public debt burden. However, Fisher believed that abandoning the gold standard might finish the deflation (Vago, 2009). Deflationary spiral or debt-deflation is a basic theory of economic cycles, which holds the depression and depression resulting from mostly level of deflating. The credit cycle is the basic case of the trade cycles. In observing the chain of events, Fisher found the great paradox' where the more the debt is paid, the more the debtor is to be indebted. According to Fisher, it was conventionally propagated the situations of bankruptcies, starvation and unemployment. However, it was argued that the depression could be cured and prevented if stabilization and recovery measures are applied. However, as said by Fisher, deflation increased the public debt burden. Source: (Vago, 2009) However, Fisher's great paradox' outlined Keynes's savings paradox. Keynes opines that though the amount of savings by the households will make them hold cash and hoarding cash will increase their incomes. Nonetheless, this will make the households save any amount of money they want. Besides, every saving on consumption will ultimately result in increased income and will counter the theory given by Irving Fisher (Frangakis 2015). About this, there will be no reduction of wages or restriction on the quantity, which will restore its equilibrium back to the full equilibrium level. The fall in prices will not only increase the debt burden but will even increase the money's value, which remains to be fixed. However, according to Keynes a solution must be devised that will avoid bankruptcies, credit curtailment, growing distrust, bank runs, asset dumping and hoarding of money; essentially that will shudder the capitalist order base (King 2012). Keynes work was market-based, but it did not formulate the self-regulated mechanism to bring to the level of full employment level with negative expectations. Keynes criticized Fisher's theory but was not able to provide a proper analysis to the criticism such that the economy will be in underemployment equilibrium due to the lack of credit in the market and less control of the private sector (Shiller 2013). The Keynes explanation was devoid to support the theory of Fisher because in his theory there were no monetary policy measures that could increase the government or household spending. Though, he even laid the answer to fiscal expansion of the aggregate demand through lower taxes and higher government spending to improve household income in the economy. The Keynes explanation was devoid of supporting the theory of Fisher because in his theory there were no monetary policy measures that could increase the government or household spending. Though, he even laid the answer to fiscal expansion of the aggregate demand through lower taxes and higher government spending to improve household income in the economy. One real life example can be given from Greek Crisis that as extensively ensnared with construction of euro zone. However, according to the Greek crisis, the public debt burden is different from euro zone because alternate of Fisher and Keynes theory was applied that means that the fiscal policy operated in different direction (Elliott, 2015). However, debt deflation is not the only theory that devises bubbles in the economy and Fisher's theory lacked the basic fundamental role of debt. This theory was revised by Keynes and later my many other theories like Austrian business cycle theory which stated that the economic crisis is the result of low investments and excess growth of credit. Lastly, Fisher's theory was based on demand side whereas Austrian theory is based on supply side (Prychitko 2010). References Ball, L.M., Furceri, D., Leigh, D. and Loungani, P., 2013.The distributional effects of fiscal austerity. United Nations, Department of Economic and Social Affairs. Bermperoglu, D., Pappa, E. and Vella, E., 2013. Spending-based austerity measures and their effects on output and unemployment. Buttet, S. and Roy, U., 2011. Deflation, Depression, and the Zero Lower Bound. Callan, T., Nolan, B., Keane, C., Savage, M. and Walsh, J., 2013. The Great Recession, Austerity and Inequality: Evidence from Ireland.Intereconomics,48(6), pp.335-338. Elliott, L., 2015.Greeces problems are the result of the eurozone having no fiscal policy. [online] the Guardian. Available at: https://www.theguardian.com/business/2015/feb/01/greece-problems-eurozone-fiscal-policy-germany [Accessed 20 Jan. 2016]. Frangakis, M., 2015. Public debt crisis, austerity and deflation: the case of Greece.Review of Keynesian Economics, (3), pp.295-313. Haltom, R. and Lubik, T., 2013.Is Fiscal Austerity Good for the Economy?. [online] richmondfed.org. Available at: https://www.richmondfed.org/~/media/richmondfedorg/publications/research/economic_brief/2013/pdf/eb_13-09.pdf [Accessed 20 Jan. 2016]. King, J.E. ed., 2012.The Elgar Companion to Post Keynesian Economics. Edward Elgar Publishing. Kitromilides, Y., 2011. Deficit reduction, the age of austerity, and the paradox of insolvency.Journal of Post Keynesian Economics,33(3), pp.517-536. knowledge.wharton.upenn.edu, (2015).Does Austerity Work? Or Does It Make Things Worse?. [online] Available at: https://knowledge.wharton.upenn.edu/article/does-austerity-work-or-does-it-make-things-worse/ [Accessed 20 Jan. 2016]. Koo, R., 2011. The world in balance sheet recession: causes, cure, and politics.Real-world economics review,58(12), pp.19-37. Mertens, K.R. and Ravn, M.O., 2014. Fiscal policy in an expectations-driven liquidity trap.The Review of Economic Studies, p.rdu016. Perotti, R., 2013. The debate on the effects of fiscal consolidations. Prychitko, D.L., 2010. Competing explanations of the Minsky moment: The financial instability hypothesis in light of Austrian theory.The Review of Austrian Economics,23(3), pp.199-221. Shiller, R.J., 2013. Irving Fisher, Debt Deflation, And Crises.Journal of the History of Economic Thought,35(02), pp.179-183. Vago, S., 2009.Out of Keynes's shadow. [online] The Economist. Available at: https://www.economist.com/node/13104022 [Accessed 20 Jan. 2016]. Williams, J., 2010.The Risk of Deflation. [online] researchgate.net. Available at: https://www.researchgate.net/profile/John_Williams62/publication/227437498_The_risk_of_deflation/links/0c960524efaa36c80e000000.pdf [Accessed 20 Jan. 2016].