Student: Internal Control and Battery Operated Pocket

1. ACCOUNTANCY AND BUSINESS STASTICS Part-I : THEORY & PRACTICE OF AUDITING Min. Pass marks : 36 3 Hrs. duration Max. Marks : 100 Section-A 1. Auditing : Meaning, Objects, Fraud, errors : Book-keeping, Accounting and Auditing; Classification of audits; Planning and procedure of audit; Audit programmes; Auditor's working papers, Test checking; Routine checking. 2. Internal control : meaning, objective and evaluation of internal control; internal check and internal audit; Internal control regarding sales, purchases, assets, liabilities and salaries and wages; vouching. . Verification and valuation of assets and liabilities; Rules laid down in Kingston Cotton Mills Co. Ltd. (1896); Irish Woolen Co. Ltd. (1901); Westminister Road Construction & Engineering Ltd. (1941) and Thomas Gerard and Sons Ltd. (1967). Section-B 1. Audit of sole proprietorship and partnership concerns. Educational institutions, Cinemas, Clubs and Hospitals. 2.Audit of joint stock companies : Appointment, removal and remuneration of company auditor; Audit of share capital, debentures and mangerial remuneration, Audit for the purpose of Statutory Report and Prospectus; Audit of Government Companies with reference to Section 619 to the companies Act, 1956. Section-C 1. Rights, duties and liabilities of an auditor and Rules laid down in London and General Bank Case (1895); Hedley yrne and Co. Ltd. v/s Heller and Partners Ltd. (1863); CIT v/s G. M. Dandekar (1952); Anupam Roy v/s P. K. Mukherjee (1956). 2. Divisible profits including audit of Reserves and Provisions. 3.Audit Reports and Audit Certificates. 4. Investigation : Meaning, objecgtives procedure; Investiation on behalf of perspective purchaser of business, banker and prospective investor. 5. Cost Audit : Meaning, Nature, Objective, Scope and types of cost audit. Book Recommended : 1. B. N. Tondon: ANKEKSHAN 2. T. R; Sharma: ANKEKSHAN 3. S. M. Shukla: ANKEKSHAN 4. Jain, Khandelwal:ANKEKSHAN 5. Spicer & Paglar : Practical Auditing (Indian E d. ) 6. De Paula : Principles of Auditing 7. J. Lancaster : Princi;es and Practice of Auditing. 8. R. G. Williams : Elements of Auditing. 9. Mautz and Sharaf : Philosophy of Auditing. 0. Ronald I. Irish : Auditing. 11. Jagdish Prakash : Auditing. 12. Krinadwala & Krishnadwala : Auditing. Paper-II : OPTIONAL PAPER (ANY ONE TO BE OFFERED) Paper-II (1) : MANAGEMENT ACCOUNTING Min. Pass Marks : 36 3 hrs. duration Max. marks : 100 Section-A 1. Introduction : Meaning of management accounting, conventions of management accounting, organisation of management accounting, functions, responsibilities and qualities of a management accountant, management accounting Vs. traditional accounting, limitations of management accounting. 2. Capital structure : Determinants of capital structure, optimum capital tructure. Basic theory capital structure. 3. Operating and financial leverage. 4. Working Capital : Concept, factors affecting working capital requirements, ascertainment of working caipital requi rements, salient features of Tandon Commitee and Chore Commitee reports. Section-B 5. Financial Analysis : Meaning, nature and importance of financial statements, techniques of financial analysis comparative statements, common size statements, trend analysis, limitations of financial statements analysis. 6. Elementary Ratio Analysis. 7. Cash flow and fund flow Analysis. Section-C 8. Cost of Capital. 9.Capital expenditure decisions, Pay-back period, return on investment, discounted cash flow. 10. Responsibility accounting. 11. Reporting to management. Note : The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless. Books Recommended : 1. Hingorani, Ramnathan and Grewal : Management Accounting. 2. Man Moha & Goyal : Management Accounting. 3. N. K. Kulshreshtha : Theory and Practice of Management Accountancy. 4. P. K. Ghosh : Management Accountancy. 5. S. K. Chakr aborty : Management Accountancy. . N. M. Khandelwal: PRABAMDH LEKHANKAN 7. Agrawal & Agrawal : Management Accountancy (Hindi) 8. S. P. Gupta : Management Accountancy (Hindi) 9. J. Batty : Management Accountancy. 10. Anthony R. N. : Management Accountancy Principles. 11. De-Paula : Managemetn Accountancy Practice. 12. Murphy, M. E. : Managerial Accounting. 13. M. R. Khandelwal: PRABANDH LEKHANKAN Paper-II (2) : ADVANCED COST ACCOUNTING Min. Pass Marks : 36 3 Hrs. duration Max. marks : 100 Section-A 1. Review of Cost Accounting as information system; Concept of costs, Types of costs; Installation of a Costing System. 2.Cost Control as distinct from cost determination; Control over Wastage, scrap, spoilage and defective. 3. By-product and Joint product costing including equivalent units. 4. Cost control Accounts and Integral Accounts. Section-B 5. Marginal Costing : Stock valuation under marginal costing; Absorption costing curve, linear, break even analysis, Break even charts; Differe ntial cost analysis. 6. Cost analysis for management decision making like-Make or Buy; own or lease; repair or replace; now or later; sale of scrap or retain; shut down or continue; expand or contract; dropping or adding a product; suitable product mix. . Pricing decision in special circumstances, like sales below cost, export pricing, dumping and inflation. Section-C 8. Standard Costing : General Principles; setting of standard costs; variance analysis cost; profit and sales variances, presentation of variances. 9. Uniform Costing and Inter firm comparison. 10. Cost Reduction : Meanig; Techniques; Principles and Procedure; Treatment of research and development costs. Note : The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless.Book Recommended : 1. Maheshwari and Mittal: LAAGAT LEKHANKAN: SIDDHANT ANVUM VYAVHAAR 2. Prasad, N. K. : Principles and Practice of Cost Accounting. 3. Bhar, B. K. : Cost Accounting : Methods & Problems. 4. Saxena and Vashistha : Advanced cost Accounts. 5. Ashish K. Bhattacharaya : Principles and Practice of Cost Accounting. 6. Horngren : Cost Accounting : A Managerial Approach. 7. Jain, Narang : Advanced Cost-Accounting. 8. Matz, Curry and Frank : Cost Accounting. 9. Shliling and Zordon : Cost Accounting: Analysis and Control. 10. Nigam , B. M. L. , Sharma : Advanced Cost Accounting. 11.Backer and Jacobson : Cost Accounting. 12. Oswal, Bidawat, Mangal: LAAGAT VISHLESHAN ANVUM LAAGAT NIYANTRAN Paper-II (3) : COST AND MANAGEMENT AUDIT Min. Pass Marks : 36 3 hrs. duration Max. Marks : 100 Section-A 1. Cost Audit : Nature, objects and scope; cost audit leading to other services; cost audit and financial audit. 2. Cost auditor : Qualifications, appointment and engagement; rights, duties and responsibilities – professional and legal – under companies Act, 1956 and Cost and Works Accountants Act, 1959; relationship between statutory financial auditor, cost auditor and internal auditor. 3.Professional ethics and misconduct; special penal provision for cost auditors. Section-B 4. Preparation of the cost audit programme; evaluation of internal control system including material inventrory, capacity utilization management information system and internal audit. 5. Preparation and verification of cost records; cost Accounting Re cords Rules u/s 209 (a) (d) of the companies Act, 1956 (only general knowledge is required); Use of statistical sampling methods. 6. The cost audit reports : Contents of reports as per Cost Audit Records Rules u/s (b) of the Companies Act, 1956; Review of cost audit reports by Government.Section-C 7. Management audit, Meaning, nature and scope, qualities of a management auditor, concept of efficiency audit, proprietary audit and operational audit. 8. Specific areas of management audit involving review of internal control, review of purchasing control, review of s elling and distribution policies and programmes, review of manufacturing operations. 9. Corportate social audit : concept, dimenloy and technique. Note : The candidate shall be permitted to use battery operated pocket calcualtor that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless.Books Recommended : 1. Management Audit. 2. Choudhary D. Management Audit and Cost Audit 3. Ramanathan Cost and Mangement Audit 4. Cona W. L. Management Audit 5. Tikhe J. G. Cost Audit and Management Audit 6. Rose T. G. Cost Audit and Management Audit 7. Kamal Gupta Contemporary Audit Paper-II (4) : BUSINESS STATISTICS Min. Pass Marks : 36 3 Hrs. duration Max. marks : 100 Section-A 1. Analysis of time series : Meaning, components of time series, methdos of measuring trend, seasonal variations and irregular fluctuations. 2.Interpolation and Extrapolation : Meaning, Nilwon's method of Advancing difference, Binomial and Lagsarg's method. Section-B 3. Associ ation of attributes. 4. Theory of probability : Elementary problems based on permutations and combinations, additive and mutiplicative rules. 5. Probability distributions : Binomial, Poisson and Normal distribution. Section-C 6. Sampling : Meaning, Sample of attributes and variables, Test of significance, large samples and small samples, t-test, F-test and chisquare test. 7. Analysis of variance : One way and two way classification, design of experiments. 8. Statistical quality control.Note : The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless. Book Recommended : 1. 2. 3. 4. Mathur, Khandelwal, Gupta: VYAVSAAYIK SAANKHIYAKI NAAGAR: SAANKHIYAKI KE SIDDHANT S. P. Gupta : Statistical Methods. Sancheti & Kapoor : Statistical Methods. Optional Paper-II (5) : COMPUTER APPLICATIONS IN ACCOUNTING Min. Pass Marks : 36 3 Hrs. duration Max. Marks : 100 Section-A 1. I ntroduction of Computers and automated data processing, development of computers, types of computers, hardware and software. . Binary code system; binary arithmetic, words, bytes and bits, introduction to other number system (octal and hexadecimal), computer languages. 3. Introduction to flow charts, flow diagram importance, symbols and their application. Section-B 4. Introduction to BASIC language : characteristics, contants, variables and expressions, READ, PRINT, AND DATA statements. CONTROL statements. 5. Programming in BASIC language-simple programmes. 6. Business applications; Payroll, iventory control, financial accouting and EDP audit. Section-C 7. Introduction to COBOL language- Histroy of COBOL coding format.Structure of a COBOL program, character set, COBOL words, data names and identifiers, laterals, four divisions of COBOL. 8. Procedure, division and basic verb-More, arithmetic verbs, sequence control verbs, input and output verbs, conditional verb. 9. Writing simple CO BOL programmes. Note : 1. There will be three hours of theory and three hours of computer lab work per week. 2. The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless. Books Recommended : 1. 2. 3. 4. 5. 6. 7. 8. Fundamentals of Computers : V.Rajaraman Programming in COBOL : Schaum Series Principles of Auditing : Tandon Selecting the Computer System : Chorafas System Analysis & Data Processing : Subramaniam and Menon Computer Data Processing : Gordon B. Davis Computer and Common Sense : Roger Hund and John Shelly Machine Organisation An Introduction to the : Pflager P. C. Structure and Programming (New York Wiley, 1982) of Computer Systems 9. Fundamentals of Data Structures : Herowitz E. Sahnaj Co. Computer Science Press, 1978 10. Computer Hardare and Organisation : Solam M. E. 11. Fundamental Concept of Programming System : Allaman J. D. 12.COBOL Programming : M. K. Roy and D. Ghosh 13. Computer Programming in COBOL : V. Rajaraman 14. D. O. S. and 6. 2 Companion : Satish Jain Optional Paper-II (6) : TAXATION LAW AND PRACTICE Min. Pass Marks : 36 3 Hrs. duration Section-A Wealth Tax Act and Rules Max. Marks : 100 1. Definitions : Charge of wealth tax and assets subject to such charges; exemptions; valuation of assets, computation of net wealth and wealth tax. 2. Procedure of assessment : Liability to assessment in special cases; appeals; revision and reference, payment and recovery of wealth tax. refunds. Section B Central Sales Tax and Rules : 3.Definitions; Liability of tax on inter-state sales, rates of tax, determination of taxable turnover and sales tax, declaration forms. 4. Registration of dealers; declared goods and restrictions and conditions on sales of such goods; levy and collection of tax; penalities; appeals. Section C Rajasthan Sales Tax Act and Rules : 5. Definitions; incidence of taxtation; exemptions and concessions; re gistration of dealers; computation of taxable turnover and sales tax. 6. Procedure of assessment; liability to assessment in special cases; payment and recovery of tax; offences, penalties and prosecutions; appeals and revisions.Note : 1. There will be three hours of theory and three hours of computer lab work per week. 2. The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 me mories and should be noiseless and cordless. Books Recommended : 3. 4. 5. 6. Chawala and Gupta: DHAKAR ANVUM UPHAAR KAR Bhagwati Prasad : Wealth Tax and Gift Tax Mehrotra & Goyal : Wealth Tax and Gift Tax Chawala, GUpta and Naahar: KENDRIYA ANVUM RAJASTHAN BIKRIKAR 7. Patel and Chaudhary: DHANKAR, UPHAAAR KAR ANVUM NIGAM KAR 8. Patel and Chaudhary: VIKRAY KAR 9. V. K.Singhania : Direct Taxes Paper-I (7) ADVANCED FINANCIAL ACCOUNTING Min. Pass Marks : 36 3 Hrs. duration Max. Marks : 100 Section-A 10. Alteration of share capital a nd internal reconstruction (excluding framing of schemes). 11. Amalgamation, absorption and external reconstruction of companies (exclusing framing of schemes). 12. Liquidation of companies. Section-B 13. Accounts of Holiding companies. Preparation of consolidated fin ancial statements (Excluding inter-company holdings). 14. Accounts of banking companies and general insurance companies. 15. Double accounts system (including accoutns of Electrictiy companies).Section-C 16. Trends in published accounts. 17. Valuation of inventories; AS-2 18. Accounting for agricultural farms and hotels. 19. Indian accounting standards 6 to 12. Note : 20. There will be three hours of theory and three hours of computer lab work per week. 21. The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless. Books Recommended : 22. Publications of the Institute of Chartered Accountants of In dia. i. Trends in Published Accounts. ii.Indian Accounting Standards 1 to 12 23. Pickless : Accountancy 24. Spicer and Peglar : Book-Keeping and Accounts 25. Shukla M. C. & Grewal T. S. : Advanced Accounting. 26. H. Chakravarty : Advanced Accountancy. 27. R. L. Gupta : Advanced Accountancy, Vol-II 28. Jain & Narang : Advanced Accounts. 29. Monga, Sehgal, Ahuja : Advanced Accounts, Vol-II 30. Jain, Khandelwal, Pareek: Advanced Accounts Paper-II (8) : OPERATION RESEARCH Min. Pass Marks : 36 3 Hrs. duration Max. Marks : 100 Section-A 31. Introduction : Quantitative techniques and operation research, methodology and models of O. R. 32.Linear Programming concept, formulation, graphical solution, primal and dual simplex method. 33. Transportation model, assignment models. Section-B 34. Game theory 35. Waiting line models. 36. Simulation Section-C 37. Inventory control techniqes. 38. Network analysis, PERT & CPM, including time-cost trade off. 39. Quantitative decision models : decision ma king under certainty, uncertainty and Risk expected value of perfect information, decision tree. Note : The candidate shall be permitted to use battery operated pocket calcul ator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless.Book Recommended : 40. Mathur, Khandelwal, Gupta: PARINATMAK PRAVIDHIYAAN 41. C. R. Kothari, Vikas : Quantitative Techniques 42. Bonieni, Bierman : Quantitative Methods 43. Kanti Swaroop : Statistical Analysis and Quantitative & Other Techniques. 44. Gupta and Gupta : Operations Research. 45. Ghokaru-Saini: SANKRIYA VIGYAN 46. C. R. Kothari : Operations Research 47. P. K. Gupta & D. S. Hira C. W. : Operation Research 48. Churchaman, R. L. Ackoff & Asnoff : Introduction to Operations Research 49. Mathur, Khandelwal, Gupta, Gupta: Sankriya Vigyan Paper-II (9) : BUSINESS MATHEMATICS Min.Pass marks : 36 3 Hrs. duration Max. Marks : 100 Section-A 50. Arithmetic, geometric and harmonic progressions; compound interest and annuities. 51. Permutations and combinations; binominal theorem for positive integral index only. 52. Graphs and linear inequalities in two variables to determine feasible regions; solution of quadratic equations; relation between roots of a quadratic equation. Section-B 53. Matrics and determinants of a matrix of order upto three only useof matrices in solving simultaneous equations by matrix inversion as well as pivotal reduction method and by use determinants. 4. Linear, quadratic, exponential and logrithmic functions, concepts and determination of break-even point; curve fitting by the method of least square; fitting of linear, quadratic, exponential and logarithmic curves. Section-C 55. Elements of trignometry – (to enable a student to learn Integral Calculus with aid to Trigonometric Rations). Trigonometric Ratios and angles associated with a given angle, addition formulae, multiple and submultiple angles; transformation of sums into products and vice-vers a; definiton of inverse circular function. 56.Elements of differentation, simple application of differential coefficients, maxima and minima of unvariate functions; rules of integration for indefinite and definite integrates, simple application of integration to calculus accounting and business problems. Note : The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memories and should be noiseless and cordless. Book Recommended : 57. Sancheti and Kapoor : Business Mathemtaics. 58. Mehta and Madani : Basic Mathematics for Commerce. 59. S. Saha : Business Mathematics. 60.Brijesh Gupta: VYAVSAAYIK GANIT Paper-II (10) : STOCK MARKET AND SECURITY ANALYSIS Min. Pass Marks : 36 3 Hrs. duration Max. Marks : 100 Section-A 61. Introduction : Meaning, nature and importance of stock market; origin and development of stock market in India; organisation of stock market in India. 62. Function of stock market. Transacti ons of business aspect and forward, speculations and classes of speculations; margin; trading options; hedging, arbitrating; procedure of transfer of shares and bonds; blank transfer. 63. Stock market regulations; Membership; maintenance and audit of their books of account.Securities and Exchange Board of India; its function and control, protections of small investors. Section-B 64. Stock exchanges and new issue market; mechanism of floating new issuesl; listing of securities, underwritng of securities. 65. Types of securities. Fixed and variable, return securities. Equity shares. Debentures – convertrible and non-convertible debentures, warrants, stock options, Government securities. 66. Concept of valuation; Present value. Internal Rate of Return. Holding period yield. 67. Analysis of risk an dreturn on securities. Section-C 68. Fundamental analysis; economic analysis; company analysis; financial and on-financial factors. 69. Technical analysis. 70. Introduction to market e fficiency. Note : The candidate shall be permitted to use battery operated pocket calculator that should not have more than 12 digits, 6 functions and 2 memo ries and should be noiseless and cordless. Book Recommended : 71. Grahum and Dodd : Security Analysis 72. Prasanna Chandra : The Investment 73. Sinha, S. L. N : Investment Managemetn 74. Bhall, V. K. Investment Management 75. Preeti Singh : Investment Management 76. Birston R. J. : The Stock Exchange and Investment Analysis. 77. Dr. Veena : Stock Market in India. 8. Gupta, U. L. : Working of Stock Exchanges in India. Paper-II (11) : APPLICATIONS Min. Pass Marks : 36 QUANTITATIVE METHODS 3 hrs. duration AND THEIR Max. Marks : 100 Section-A Risk Analysis in capital Budgeting. Ration Analysis Liquidity Ratios and Profitability Ratios. Statistical Quality Control : Introduction control charts for process, variable attributes, defects, etc. uses and Applications of S. Q. C. Section-B Vital Statistics. Interpolation and Extrapolation : Newton's method and Newton's method of dividid differences. Analysis of tiem series including exponential smoothing.Section-C A. P. G. P. and H. P. : Simple and direct problems. Probability : Elementary problems based on permutations and computations. Elements of Set Theory : Definition of Set and Sub-sets, number of elements in a set, ways of specifiying a set equality and sub-set unversal set and null set. Basic set operations, Venn Diagrams. Book Recommended : 79. Statistics : Sancheti & Kapoor. 80. Quantitative Techniques : C. R. Kothari. 81. Business Statistics : Mathur, Gupta, Khandelwal. 82. Quantitative Techniques : Sharma, Jain, Pareek. 83. Oswal, Bidawat, Mangal:LAAGAT VISHLESHAN NIYANRAN ANVUM

The Yellow-Wallpaper Analysis

The Yellow Wall-Paper Literary Analysis Charlotte Perkins Gilman uses her short story â€Å"The Yellow Wall-Paper† to show how women undergo oppression by gender roles. Gilman does so by taking the reader through the terrors of one woman’s changes in mental state. The narrator in this story becomes so oppressed by her husband that she actually goes insane. The act of oppression is very obvious within the story â€Å"The Yellow Wall-Paper† and shows how it changes one’s life forever. The story begins with the narrator’s use of dramatic irony which already tells the reader that something is suspicious about her. John laughs at me, of course, but one expects that in marriage† (508 Gilman). The narrator, which is unknown, states her husband, John, laughs at her but she expects it. In a good marriage, one does not expect their spouse to laugh at them. Even from the first paragraphs, it is obvious the narrator allows herself to be inferior to men. S he minimizes herself several more times throughout the story. â€Å"So I take my phosphates or phosphites – whichever it is – and tonics, and journeys, and air, and exercise, and am absolutely forbidden to ‘work’ until I am well again† (508 Gilman).The narrator’s husband is a high standing physician and gives her drugs that will supposedly help her get well. The section â€Å"phosphates or phosphites† gets my attention. A first read of these lines might cause the reader to think she is just a normal woman being prescribed drugs. However, the narrator does not know exactly what type of drugs she is taking. John sees his wife as another patient and nothing else. You see, she takes them simply because her husband is a physician and says they will help her. John is clearly in control of her. Also, the narrator states she is forbidden to work until she is well.John is making sure she does not try to do any type of work at all. He has strict orders for her, one of them being to stay in bed. There are signs of oppression on the first page and more will come. The next quote explains to the reader what types of items are located in the room John chose for the narrator. â€Å"It was a nursery first and then a playroom and gymnasium, I should judge; for the windows are barred for little children, and there are rings and things in the walls† (509 Gilman). Here, the narrator explains to the reader that there are bars on the windows and chained rings coming from the walls.The narrator’s use of the words â€Å"barred† and â€Å"rings† make it very clear that this room was never made for children; it was made to control and isolate a mentally ill person. Convincingly, John told her the nursery was the most ideal place for her to rest and get well. Being lesser than John, the narrator has no authority over him. She has no choice. He controls what she does no matter how she is feeing. From the first gla nce, the reader can understand that this room was not designed for children. Furthermore into the story, the narrator states she enjoys writing.She feels better when she writes, as if it is healthy for her. She writes, â€Å"There comes John, and I must put this away – he hates to have me write a word† (509 Gilman). The most important part regarding this statement is John has told her to discontinue her writing all together because it is unhealthy for her. John has shattered her self-confidence by controlling her; therefore she does not say a word regarding the relief writing brings her. The reader must recognize the phrase â€Å"he hates me to write a word† to understand the full emphasis of how John feels about his wife writing.She is becoming awfully depressed because of his oppression. More so, John says everything he is doing is helping her get well. She is his main concern. Again, because of John’s utmost control, the narrator does not tell him she is not feeling any better. She cannot share her feelings with him for he will laugh at her. In this quote, John says, â€Å"and really dear, I don’t care to renovate the house just for three months’ rental† (510 Gilman). Here, John states he is not going to change the wallpaper because they will only be in the house for three months. The key words in this line are â€Å"three months†.These words mean the narrator has to stay in the room with the barred windows and hideous, yellow wallpaper for a total of three months. These keywords might be missed if read over too quickly. The quote needs to be read slowly to realize what is happening. The reason they are only there for three months is because the treatment John has given her is going to take three months. The narrator does not realize this. Under his rule, she cannot stop the treatment. With the ending near, the narrator gradually descends into madness. While examining the wallpaper closely at night she narrates, â€Å"The woman behind it shakes it! she writes, â€Å"and she crawls around fast and her crawling shakes it all over. † â€Å"And in the very shady spots she just takes hold of the bars and shakes them hard† (Gilman 516). The woman that the narrator sees is actually herself. It is a projection of her because she cannot escape John’s control just how the woman cannot escape the wallpaper. Her illness has become so great she thinks a woman is shaking the wallpaper around the entire room. The problem here is John’s treatment. It has caused her to believe in ghostly objects that do not exist. The phrase, â€Å"her crawling shakes it all over† shows how John’s treatment has affected her.The narrator crawls and creeps around the room. She goes around in circles over and over again with no hesitation. Another phrase, â€Å"she just takes hold of the bars and shakes them hard. † This is the narrator shaking the barred windows try ing to escape the room. The narrator knows you cannot escape because â€Å"nobody could climb through that pattern – it strangles so;† (517 Gilman). This compares to John’s control. He â€Å"strangles† her with his treatment. The narrator is trying to express her feelings but she cannot because the wallpaper consumers her every minute. Her feelings cannot escape the room; they are within the yellow wall-paper.Finally, the woman completely loses all sense of stability and becomes mentally deranged. The narrator has had enough. Her feelings are finally able to escape. â€Å"I’ve gotten out at last, in spite of you and Jane! And I’ve pulled off most of the paper, so you can’t put me back† (Gilman 519)! John’s treatment and oppression have made the narrator completely insane. She has finally â€Å"gotten out† from John’s control. A new name emerges, Jane, which is the narrator. The narrator has pulled the wallp aper off and she cannot be put back up. The narrator believes it is a separate person but in fact, it is her. Jane† escaped the wallpaper just like the narrator escaped the control of John. In the final analysis, John comes home to see what has happened to his wife. The narrator writes; â€Å"Now why should that man have fainted? But he did, and right across my path by the wall, so that I had to creep over him every time† (519 Gilman)! This is by far the creepiest and most mysterious part of the story. John sees what she is doing and faints right into the path of her â€Å"creeping. † The narrator had to â€Å"creep† around the entire room, crawling against the wall over John’s lifeless body. And now, the narrator was in control.John could do absolutely nothing to stop her. She could do as she pleases. If you look closely, the words â€Å"every time† emphasize that John never awoke. He was dead as the psychotic narrator crept over him. He cou ld no longer control her ever again. As a final point, this text leaves the reader with many predictions and questions that cannot be completely answered. Gilman’s short story proves how a man’s control can affect one’s life forever. The oppression and mental abuse show the narrator’s difficulty living within this unequal climate. This story can put a little â€Å"creep† into anyone as it did with myself.

Planning of support for individuals Essay

Assess potential issues which could arise from the involvement of several professionals in the planning of support for individuals Care plans are set out and designed to understand a service user’s needs, preference and choices. You must always discuss how they important for empowering them. If you constantly give a service user no choice in what they would like they will stop trying and become independent they will no longer feel they have any worth or value in the care home, and their self-awareness and self-esteem will decrease meaning their self-concept is at a low. They could feel marginalised and pushed out of option. When caring for someone you must make them feel empowered and capable of still doing things on their own otherwise they will give up. There is core principles and values that are also set out to advices cares on how a person should be treated, for example being treated as an individual, this means every person has the right be treat the way they would like to and the norm of how a person should be cared for, example with respect and their dignity maintained. Taking away a patient preference and choice does not treat them as an individual. This limits them from opportunities and chances, which is not what a health and social care professional should or would do. They would try to encourage a person, make sure they do not feel independent or even alone, allow them to make their own decisions on certain things they are entitled too. Ethnic issues could be of a certain religion or someone with ethnical background of rules that means they can’t eat meat, or no blood transfusions etc. Staff members must understand what other possible approaches such as meals or other treatment can be put in place, so the staff should speak to the patient about options. All staff and patients should respect their diverse way of living, in a care plan you would have to include that this person had these circumstances so that anyone who will care for them knows about it, and could make sure the person was treat correctly throughout his life in care. Making sure different religious rules and attitudes are followed extremely carefully so they are not disturbed or feel unwelcome in their own care home. Staff who will care for the patient should always be understood and the care plan always should state his religion and issues which may always occur. For example Pauline is 35 and is in need of dialysis. She is refusing treatment because she is scared of the treatment which she believes is invasive. She has been counselled about the nature of the treatment –Â  there are no alternatives that would be of practical benefit. She is competent to make treatment decisions. She understands that if she refuses she will die. She has a daughter of 15 years who lives at home. The clinician feels very strongly that she should receive treatment but despite numerous attempts to persuade her she refuses. Many issues can arise from that case study. Another issue occurring would be if for example a woman’s religion meant she could not be seen by a male doctor then her lifestyle choice should and would have to be respected and a female member of staff would have to treat her, in replace of the male. This is her individual preference and choice being respected and taken into consideration.

Philosophy of Law Essay Example | Topics and Well Written Essays - 500 words - 1

Philosophy of Law - Essay Example Judges have the role to ensure that they perform their roles properly by striving to promote the common good of all citizens since rights of individuals are more important in any case. Law is viewed as a way of condemning evil or wrong doings of some people in society. Therefore, according to human positivism law ought to be accounted for because it views the central case of the government as self government of people who enjoy their freedom and have appointed the said government in power to protect them against anarchy (Dworkin 47). Law is universal in the sense that it is conceived in the reason of the leader and transferred to the reason of the subjects. The legal system hangs together as a set of requirement since they are specifications of the duty and aspirations to treat people as entitled in a fair and just manner. That is to say that, people should be ruled as free individuals not puppets to be managed and kept by manipulation and fear. This is only possible in the legal system if the judges promote such fairness in the process and procedures of maintaining the law in order to strengthen the efficacy of the law, this should not be seen as judicial activism that aims to ruin the legal system. In order to clearly understand rights, they should be perceived in the context of constraints on the types of reasons that institutions or government may legitimately act upon them. Therefore, the legal system is set up in society so as to protect the rights of individuals. In addition, rights can be well understood from the basis of simple protection for certain individual interests against the requirements of the common good. Judges should know that rights and rules are different in the legal system in that rights are more fundamental than rules because rights exist before their description in aspect of rules (Dworkin 59). This argument justifies the statement that

Report of Toyota Lab Example | Topics and Well Written Essays - 750 words

Of Toyota - Lab Report Example gement mechanism- in order to allow every signatory to translate the mission of the UNGC, it has set goals at both international and local levels to diffuse through all layers of businesses and society. Since inception, Toyota has zeroed in on sustainable development and eco-friendly technology by providing innovative and quality automobiles to the society that are more fuel efficient (Appendix 1) (Toyota n.d). To elaborate further, we have categorized the business practices at Toyota into sections that detail about how it strives to keep pace with international treaties and regulations. Corporate Social Responsibility- Economic development should be shared with environment protection, this is the core element of Toyota and as such, it has incorporated biodiversity guidelines in its Charter and Code of Conduct. TMC has drafted a Corporate Social Responsibility policy that fits well to the guiding principles of the Global Compact. The environment plan in the CSR policy includes manufacturing competencies and designing with recycling capabilities. Supply Chain Regulations- In order to abide by the environmental regulations, TMC checks the labor conditions, local and community situations and the environment on whole before establishing alliance with any of the suppliers. The suppliers are even monitored and trained to determine whether they abide by the guiding principles of Toyota. Raw Materials- Toyota abides by the REACH Regulation (Registration, Evaluation, Authorization and Restriction of Chemical Substances) of the European Parliament that directs the suppliers to consider the safety of SVHC (Substances of Very High Concern) in their supply chains. As such, Toyota adheres to the current REACH regulations and has designed its supply chain with an environment perspective where most of its raw materials are recyclable. Recycling- As discussed above, Toyota maintains an Automotive Shredder Residue (ASR) recycling plant with a recovery rate of 80% (Steinweg

Music Essay Example | Topics and Well Written Essays - 250 words - 11

Music - Essay Example The dynamics of this section are very quiet, often referred to as pianissimo. Keyboard instruments and lack of singer’s voice identify the section’s timbre. The sections pitch is low. The second section begins after one minute and fifty seconds and ends three minutes into the song. The dynamics in this section are moderately quiet, referred as mezzo piano. The timbre in this section is different since the singer’s voice and string instruments are introduced. The pitch is moderately low (Sigman and Bonfà ¡, 2009).  . The third section starts after the third minute and ends after four minutes and twenty seconds. The dynamics of this section are moderately quiet – mezzo piano. String instruments are maintained which maintains unity with the previous section. However, there is no singer’s voice. The last section’s dynamics are moderately loud, known as mezzo forte. The singer’s voice and keyboard instruments characterize timbre in this section. The pitch is moderately high. This piece is designed for an ensemble. This is because it contains four different section, each with a different idea. It also comprises of different instruments and vocals. The closest musical style to this piece is acoustic or folk-rock (Sigman and Bonfà ¡, 2009).  . This is because the dynamics range from very quiet to moderately loud. The instruments used are keyboarding instruments and string instruments, which are also, used in acoustic music styles. This piece could be for education

Long day's journey into night Research Paper Example | Topics and Well Written Essays - 1500 words

Long day's journey into night - Research Paper Example O’Neill brings out the role of men and women in the society at that time and the difference between the father and his sons. The issue of gender and especially feminism is focused in the play through the life of Mary, who also happens to be the structural center of the play. A deeper analysis reveals that Eugene portrays Mary in a manner that she has many troubles and has many weaknesses evidenced by the use of morphine. She is being seen as irresponsible mother who cannot quite the addition. In addition, it is evident at times when James and Jamie talk alone and on the arrival of Mary, they shut up. The evidence concerning the fact that they are to be the only persons is from the fact that she is the one who can handle issues since they believe as seen in the statement, â€Å"Ive always believed Jamie did it on purpose. He was jealous of the baby. He hated him.† (2.2.103) (Eugen and Neill 103). James showed man character when he told Mary to forget the past. This is demonstrated by how strong he is and could forget the past. In addition, James Tyrone characters confirm feminism through his appearance and personality. It is evident that the story evolves around him as the head of the family but later we see the role of the woman becomes necessary when it comes to reliance and love. On the other hand, O’Neill uses Mary to show the â€Å"struggles that women go through in their daily lives† (Porter 80). Mary is described as a beautiful woman who takes up her role as a mother despite the addiction and other challenges that she has to overcome. For that reason, Mary started using morphine and got addicted to it after she had difficulty and was not treated well at the birth of her youngest son Edmond. Mary is also depicted as a tragic woman who is different from what she used to be in the past. She was innocent, beautiful and used to have dreams of becoming a Catholic nun a pianist. She also had strong religious faith in God.

Distributed system Essay Example | Topics and Well Written Essays - 3000 words

Distributed system - Essay Example A distributed system is structured by numerous self-directed computers that communicate throughout a computer network. In addition, the communication systems cooperate with each other to attain a common objective/goal. Moreover, a computer program that executes in a distributed system is acknowledged as a distributed program, and distributed programming is the procedure of writing similar programs (Godfrey., 2006; Bal et al., 1989). Centralized systems are utilized today for various reason. This type of computing helps corporations store all the data in a single location, which helps them make sure everyone is working with the same information. For example, bank ATMs run over a centralized network. In this scenario, ATMs are the clients, and the large computers at the banks are the main server (Forouzan & Fegan, 2003; Nash, 2000, p.10). Hales (2007) stated that centralization can be taken as the allocation of the entire IT resources to one particular business unit that offers IT services to whole corporation. Additionally, the major characteristics of a centralized technique comprise efficiency, control and cost saving. In addition, the centralized techniques are effectual in attaining the control over a business or corporation’s information system. Moreover, a centralized system can centralized or it can be a cost saving reordering of an organization’s information systems to one particular positi on (Hales, 2007). According to Wall (2001), the key advantage of centralized systems is that they offer centralized power through established technology and vendors. They therefore engage less technical risks. Additionally, the corporate information systems professionals offer extremely dependable role to maintain similar business systems. In addition, there should be no confusion over jobs as well as the software and hardware employed at the corporation. However,

File Properties and Attributes, Operating Systems Assignment

File Properties and Attributes, Operating Systems - Assignment Example The operating systems are the system software that provides an interface for users to interact with the computer to perform their required tasks. The operating systems are major software applications necessary for computer users to use the system. Without the operating system, the users can not use the computer as computers do not understand human languages. The operating systems perform the task of translating user inputs to computer understandable format and vice versa. "An operating system is a special computer program that manages the relationship between application software, the wide variety of hardware that makes up a computer system, and the user of the system" [Wikipedia]. Once the booting process is complete, the kernel hands over the control to various other applications and programs to run. Kernel also provides access to various core services to other programs. These include disk access, memory management, task scheduling and other hardware devices. The layers of OS include Service layer providing services to other software to interact and use the functionality of kernel, Command layer providing a command driven interface options and application layer running and executing application level software and tasks. The List  of resources allocated by the operating system and explain the process of the allocation process. Include: Single process resource allocation -  The single process resource allocations are done in a simple manner. Based on the available resources, the CPU distributes the entire process into pieces and allocates and schedule resources accordingly.

Resolving Ethical Issues Essay Example | Topics and Well Written Essays - 500 words

Resolving Ethical Issues - Essay Example The facts surrounding the major ethical dilemma is the establishment of honesty, which should take precedence in all business transactions. It is a fact that Ted St. Clair is a miser who will not agree to reduce the price no matter what. Moby Dick has been on the market for a very long time, and Ted has not considered reducing his asking price. The second fact is that Reverend Smith intends to use the building for a good cause, which will benefit the community. Third, Reverend Smith has no use for the machines. He would not want Mary to lie on his behalf. Fourth, it would be unethical for Mary to lie to Ted that the buyer needs the machines. It is also unethical for Ted to overvalue his property. Mary is undecided whether she should lie to Ted about the machines to make him drop his asking price for the property. She would help Reverend Smith to get the property and use it for a good cause. Alternatively, she would tell Ted the truth, which means he will not reduce the price. Consequ ently, Reverend Smith will not afford the property. There are several alternatives that Mary can pursue to solve the ethical dilemma. First, Mary can tell Ted the trust and explain what Reverend Smith intends to do with the property.

Environmental Analysis Essay Example for Free

Environmental Analysis Essay Introduction This essay will discussed one of the most controversial environmental issue climate change along with some of the facts including how people first discover that climate change does existed; as well as legitimation in climate change globally; public debate; and the way in which government response to this issue. Furthermore this paper will discuss the role of science to identify the existence of climate change. Identification and legitimation of the issue Climate change is one of the biggest environmental challenges that the world encounters. It has obvious impact on our planet causing higher temperature, shifting seasons, sea levels rising. These phenomenon are closely tide up with world’s economic as it affect businesses around the world. The British government report warned if no action is taken to control carbon emissions climate change would cost 5 to 20 percent of the annual global gross domestic product. (Climate change impacts, 2011). The United Nation’s intergovernmental Panel on Climate change published a report in 2007 regarding the discovery of Global Warming since the 20th Century. (IPCC, 2011). The possible reason for this phenomenon may be caused by human activity. The appropriate definition is explained by the IPCC, which states that climate change is â€Å"a change of climate which is attributed directly or indirectly to human activity that alters the composition of the global atmosphere and which is in addition to natural climate variability observed over comparable time periods.† (IPCC, 2012) Many countries have taken the initiative to legislate appropriate regulation regarding climate change. In 2010 a published article noted that â€Å"Qinghai† is one of the first province to establish a regulation that holds local government and state owned enterprises response in coping with climate change (Xinhuanet, 2010). The statistic have shown that â€Å"Qinghai† ‘s temperature in general has been rising by 0.35 centigrade every ten years compare to the world’s average of 0.13 centigrade. (Mu Xuequan, 2010). This regulation will stress the importance and specified the local government’s responsibility on climate change. Public Debate The argument around the topic of climate change is one of the most controversial topic because it involved in whether climate change is man made or its simply nature forces. Some scientist believes that the temperature of earth is actually getting colder not warmer due to the cycle of the sun. This is known as the â€Å"Sunspot cycle†, sun gets a little bit hotter and colder every 11 years and when it gets colder it causes the temperature of earth to get colder too. Other scientist argued that the change of temperature is so small that it can barely be detected. Most scientists agree that an increase in the amount of carbon dioxide in the atmosphere is the main cause of global warming. They argued about the details of the effects of global warming on the earth. However it is generally agreed that it will lead to worldwide changes in weather patterns, gradual melting of the ice caps and rising sea levels. These changes will impact on your lifestyle, agriculture and the survival of other organism. (Haire, M et al, 2000). Energy savings, emissions reductions and water resource conservation and many other works related to climate change need to be considered Government policy response Recent years many countries have impose law relevant to combat climate change. Energy savings, emissions reductions and water resource conservation and marketing â€Å"green† have been the primary goal amongst most organization. Country like Australia is promoting energy efficiency measures through a wide range of programs and rebates. The election of Kevin Rudd in 2007 especially shows a major change of the Australian government policy through Australia’s ratification of the Kyoto Protocol. In terms of some specific initiatives the Australian government also continue the measure of mandatory renewable energy target scheme. And since 2010 the Government also established a climate change committee with the main purpose of investigate â€Å"options for implementing a carbon price and help build consensus on how Australia will tackle climate change† (Parliament of Australia, 2012) Role of science Science has played an important part in proving the existence of climate change by observation and experiment. This graph above depicts the global change in sea level since the end of the last ice age. During this 15,000 year period sea level has increased approximately 125 meters. Conclusion By evaluating the historical development of climate change we can conclude that climate change is the most important and challenging environmental issue. Regardless of the disagreements, climate change has been proven exist by scientific research. It has drawn the public attention and requires international cooperation among different governments. Reference Haire, M et al (2000). Core Science3. Singapore: Kyodo. P110-111. IPCC (2011) Intergovernmental Panel on Climate Change. [online] Available at; http://www.ipcc.ch/pdf/assessment-report/ar4/syr/ar4_syr_cn.pdf [Accessed: 27 Jul 2012]. Parliament of Australia (2012) Australian government response to climate change. [online] Available at: http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/Browse_by_Topic/ClimateChange/Governance/Domestic/national [Accessed: 27 Jul 2012]. Sunspots and climate (2000) Sunspots and climate. [online] Available at: http://www-das.uwyo.edu/~geerts/cwx/notes/chap02/sunspots.html [Accessed: 27 Jul 2012]. The Nature Conservancy (2012) Climate Change Impacts. [online] Available at;

Cultural Narcissism Essay Example for Free

Cultural Narcissism Essay Is then American culture breeding a society of narcissists fueled by the self-esteem movement that commenced in the 1970s? Is the current state of constant mainstream media coverage on overly exuberant celebrities flaunting their wealth, along with the ability of anyone to post their private lives on the internet for public viewing making narcissism the norm? Can narcissism as a personality disorder be applied dimensionally to an entire culture in a social psychology context? This paper will explore theories on cultural narcissism, the roots of narcissism dating back to the 16th and 17th centuries when the first individualism movement emerged, and how in recent history focus has again shifted on the individual with the dawn of the self-esteem movement of the 1970s, its resulting effect on current generations, and potential effect on future generations in the form of cultural narcissism. Is American Culture Breeding a Society of Narcissists? There is an assertion in cultural theory that the current cultural trend in America is fueling a narcissistic society, but that according to psychoanalytic theory, narcissism can only be applied to an individual as a diagnosed personality disorder that develops during childhood (Morales, 1995). Therefore, can narcissism be applied to define the state of an entire culture in in a social psychology context? In the DSM-IV-TR, narcissism is defined as a personality disorder consisting of a â€Å"pervasive pattern of grandiosity (in fantasy or behavior), need for admiration, and lack of empathy . . † with at least five criteria that must be met in order to be diagnosed with a narcissistic personality disorder; for example, having a â€Å"grandiose sense of self-importance,† a belief that one is â€Å"special,† possessing a â€Å"sense of entitlement,† a desire for â€Å"success, power, brilliance, beauty or ideal love,† and a desire to associate with onl y those who are of â€Å"high-status† in society (American Psychiatric Association, 2000, p. 294). However, the Narcissistic Personality Inventory (NPI) test developed by social psychologists, is used for broad spectrum dimensional assessment of the general population to measure narcissism in a social context and has been quite reliable in measuring narcissism in society (Foster amp; Campbell, 2007). To understand theories in the development of individual narcissism, Sigmund Freud in his 1914 essay ‘On Narcissism: an introduction’ (as cited in Crockatt, 2006, p. 5), proposes primary narcissism occurs in every child as a stage of development, thereby suggesting each and every person is prone to develop narcissism at that stage. Later, Heinz Kohut (1913 1981) proposed his own views on the etiology of narcissism and focused on development of the self in conjunction with the narcissistic self-object, and if a child’s narcissistic wishes are not treated with empathy by the self-object, narcissistic problems ensue (as cited in Meronen, 1999). Historically it is conceivable, according to Trzesniewski, Donnellan, amp; Robins (2008), that the root of cultural narcissism dates as far back as the 17th century at which time the individualism movement in Europe was born. Suggesting that the movement began earlier, Leeds (2004, p. 109), refers to essays written by Morris Croll (1921 amp; 1927) who emphasized that during the 16th century a â€Å"new movement† shifted the focus to â€Å"inner and individual life of men in contrast with the plausible and public forms of their social existence,† and that this earlier movement essentially took away from societal structured religious practice and redirected focus toward individual, internal, and self-experiences.

Analysis of Global Economic Growth

Analysis of Global Economic Growth World economic growth 1.0 INTRODUCTION 1.1 World Economic Outlook: According to the World Bank, world economic growth accelerated sharply in 2004. In aggregate, the year 2004 has been the healthiest year for developing countries since the last three decades. East Asian countries have come out of the 1997 crisis and are now performing well. The ongoing economic boom in China as well as the surge in activities registered in Japan were major factors in promoting growth in the region. Latin American countries and Sub-Saharan Africa also had a better year. This performance reflects a fortuitous combination of long-term secular trends built on a foundation of better macroeconomic management and an improved domestic investment climate converging with a cyclical recovery of the global economy. There were however some lingering imbalances in the global economy associated with the rising twin deficits in the United States, a delayed recovery in Europe, coupled with high and volatile oil prices, and questions about the path of Chinas economy that might constitute risks to the pace of growth in developing countries over the medium term. Worlds economic growth is likely to slow down in 2005 with a projected rate of 3.2%. Several factors are likely to contribute to the slower growth. It is believed that the investment cycle in the US has peaked, therefore resulting in a slowdown in growth. Furthermore, world demand has far exceeded world supply, resulting in a substantial increase in oil and other commodity prices, therefore reducing demand in other countries. Also, increases in interest rates are likely to slow the investment growth. The US is likely to finance its large budget deficits through tighter fiscal policies and in Europe countries will tighten their budgetary control to remain within the realm of Maastricht limits. Table 1: World economic outlook Real Growth Rate (%) 2002 2003 2004 2005* World 1.7 2.7 4.0 3.2 High Income Countries 1.3 2.1 3.5 2.7 Euro Zone 0.9 0.5 1.8 2.1 USA 1.9 3.0 4.3 3.2 Japan -0.3 2.4 4.3 1.8 Developing Countries 3.4 5.2 6.1 5.4 East Asia and Pacific 6.7 7.9 7.8 7.1 Latin America and Caribbean -0.6 1.6 4.7 3.7 Sub Saharan Africa 3.1 3.0 3.2 3.6 *projected figures Source: Global Economic Prospects 2005, World Bank. 1.2 Mauritian Economic Outlook: Mauritian economic growth in 2004 was positive and stabilised at 4.2%, slightly lower than the 4.4% recorded in 2003. On the one hand, internal demand constituted an important dragging factor, with a 6.3% growth in consumption expenditure compared to 4.5% in 2003. On the other hand, lingering uncertainties linked to the wave of change in the international economic order, uninterrupted trade liberalisation and the gradual loss of our long-standing preferences had a dampening effect on growth. The recent run-up in oil prices was also a constraining factor on economic buoyancy. Business confidence appeared to be quite timid in 2004. However, in spite of an overall deceleration in the rate of investment, which grew by 5.5%, compared to 10.0% in 2003, private sector investment grew by a high 13.2% as opposed to a negative 2.2% in 2003. Moreover, international perception about Mauritius remained positive, and foreign investments in hotels and ICT projects were at a relatively high level. Despite the stable growth rate, several macroeconomic and sectoral performances were relatively unfavourable. Savings rate was lower, registering 23.3% of GDP in 2004 against 25.4% in 2003. Inflation rate was higher in 2004, reaching 5.5%, as opposed to 3.9% in 2003. Overall external trade worsened, from a surplus of Rs. 2 billion in 2003 to a deficit on Rs. 3.9 billion in 2004, as a result of a very large increase in the merchandise trade deficit, from Rs. 8.4 billion to Rs. 15.7 billion. On a sectoral basis, industries were faced with a restricted margin of manoeuvre as a result of increasing international competition from lower-cost producers. Repercussions were felt in the EPZ sector, which registered a negative growth rate of 5% in 2004, following the deceleration of 6% in 2003. The tourism sector, in spite of its apparent dynamism, recorded a growth rate of only 2.6%, compared to 3.0% in 2003. Financial services experienced some inertia, with a low expansion of 1.0%, compared to a high 7.2% in 2004. However, the agricultural sector expanded by 5.1% in 2004, in contrast to the low 1.9% recorded in 2003 and the non-EPZ sector grew by 5.0% in spite of the gradual reduction of tariff protection. 2.0 ECONOMIC PERFORMANCE FOR 2004 2.1 National Accounts: Real Gross Domestic Product (GDP) grew by a moderate 4.2% in 2004, compared to 4.4% in 2003. At current basic prices, GDP increased from Rs. 137.9 billion in 2003 to Rs. 151.7 billion. GDP per capita at current basic prices increased by 10.1%, to attain Rs. 122,984 in 2004. In US dollar terms, GDP per capita reached US$ 4,477, 11.7% higher than the previous year, when it reached US$4,010. It is worth noting also that at Purchasing Power Parity, GDP per capita in dollars was estimated at US$ 11,400 in 2003. For the second consecutive year, net income from the rest of the world was negative, with Rs. – 415 million in 2004, compared to Rs. – 833 million in 2003. Table 2: Output at current basic prices: Unit 2001 2002 2003 2004 Real GDP growth rate % +5.6 +1.8 +4.4 +4.2 GDP Rs. Million 117,720 125,260 137,868 151,725 Net income from abroad Rs. Million 393 396 833 415 GNI Rs. Million 118,113 125,656 137,035 151,310 GDP/capita Rs. 98,086 103,479 112,720 122,984 US$ US$ (PPP)* 3,380.9 9,609 3,462.2 10,810 4,010.0 11,400 4,477.4 n/a Exchange Rate, annual av. mid-rate Rs/$ 29.012 29.888 28.11 27.468 * GDP at Purchasing Power Parity provides a more reasonable international GDP comparison among nations.Source: CIA Fact Book 2004 While the EPZ sector continued to register negative growth rates for the third consecutive year, almost all other sectors recorded positive growth rates in 2004.   Non-EPZ grew by +5.0% in 2004, slightly lower than in 2003, when the growth rate was +5.8%. After high growth rates registered in 2002 (+7.6%) and 2003 (+11.1%) mainly due to high investment in building and construction works by the public sector, Construction grew by 3.1% in 2004. The distributive trade sector grew by 3.2%, slightly higher than the 3.1% recorded in the previous year. Transport and Communications activities expanded by 6.5% in 2004 as opposed to 6.1% in 2003. During the same period real estate, renting and business activities grew by 6.9% compared to 6.5% in 2003. Education, including services provided by public and private operators grew by 7.2% in 2004, compared to 5.3% in 2003, while health and social work expanded by 8.8% compared to 7.0% in 2003. Electricity, gas and water supply registered a growth of 4.2% as opposed to 4.6% in 2003. 2.2 Consumption Last years economic performance was once again influenced by internal demand. Total final contribution of consumption to GDP at market price was estimated at 77.3%, compared to 75.1% in 2003. Real final consumption expenditure, increased by 6.3% in 2004, compared to a 4.5% rise in 2003. This expansion in the consumption rate, which is much higher than the GDP growth rate, is clearly inflationary and has a negative direct impact on trade balance and budget deficit. It must be noted that private consumption represented 83.1% of total consumption in 2004, as opposed to 82.8% in 2003. A growth of 6.7% was observed in the consumption of households in 2004, against 4.9% in 2003. This is the highest growth rate recorded since 1989. On the other hand, the share of public sector consumption amounted to 16.9% of total consumption in 2004, showing a slight drop from the 17.2% observed in 2003. Public consumption grew by 4.4% compared to an increase of 2.6% in 2003. In 2004, the continued growth observed in total consumption has been largely sustained by the significant increase in average monthly income earnings of households. The average monthly earnings in large establishments grew by 12.8% between March 2003 and March 2004, to reach Rs. 11, 084. A general upward trend was observed in all industrial groups. The largest increase (+24%) was noted in public administration, following the implementation of the PRB in July 2004. Table 3: Consumption 2001 2002 2003 2004 Aggregate Final Consumption Household Central Government Rs b Rs. b Rs. b 97.0 80.2 16.8 106.6 88.3 18.3 118.3 98.1 20.2 135.1 112.2 22.9 Consumption as a % of GDP at MP % 73.4 75.0 75.1 77.3 Real Agg. Final Consumption growth o Household o Central Government % % % 3.3 3.0 4.7 3.2 3.3 4.1 4.5 4.9 2.6 6.3 6.7 4.4 Average monthly earnings (March) Rs. 8,701 9,159 9,826 11,084 Change in monthly earnings, Nominal % 6.4 5.3 7.3 12.8 2.3 Savings Investment Gross national savings, measured by the difference between Gross National Disposable Income and Total Consumption, increased in nominal terms by 1.8% to reach Rs 40.7 billion in 2004 from Rs 40.0 billion in 2003. Consequently, the saving rate, calculated as the ratio of GNS to GDP at market prices, showed a decline from 25.4% in 2003 to 23.3% in 2004. This decline results from an increase in both public and private expenditure. Table 4: Savings and investment 2001 2002 2003 2004 Gross National Savings (Rs. Billion) 37.6 38.7 40.0 40.7 Nominal Change (%) +2.8 +3.4 +1.8 GNS as a % of GDP at MP (%) 28.4 27.3 25.4 23.3 GDFCF (Rs. billion) Private Sector Public Sector 29.8 20.5 9.3 31.4 21.6 9.8 35.7 21.8 13.8 38.9 25.6 13.4 Real Change in GDFCF (incl aircrafts and vessels) , % +2.7 +1.9 +10.0 +5.5 Real Change in GDFCF (Excl. aircraft and vessels), % -2.6 +6.1 +7.9 +8.2 GDFCF as a % of GDP at MP 22.5 22.0 22.6 22.3 Investment, measured by the Gross Domestic Fixed Capital Formation (GDFCF), increased to Rs 38.9 billion in 2004 from Rs 35.7 billion in 2003. In real terms, including the purchase of aircrafts and marine vessels, total investment has followed an upward trend of 5.5% in 2004, but lower than the 10.0% growth recorded in 2003. It is interesting to note that net of the purchase of aircrafts and vessels, real investment grew by 8.2% in 2004, representing a better performance than in 2003, when it grew by 7.9%. Investment rate, measured as the ratio of GDFCF to GDP at market prices, has however gone down by 0.3%, to reach 22.3% in 2004 from 22.6% in 2003. Private sector investment continued to make up the bulk of GDFCF in 2004. It accounted for 65.6% of total investment in 2004, compared to 61.2% in 2003. This represented a real growth of 13.2% in 2004, after a negative growth rate of -2.2% in 2003. Higher private sector investment was accounted for by new hotels projects, where investment increased by 55.8% in 2004, as opposed to a negative growth of 21.8% in the preceding year. Moreover, there were additional investments in spinning mills and other projects in the EPZ sector, with an increase of 45.0% in 2004 as opposed to a negative 7.7% in 2003.Inversely, the share of public sector investment fell from 38.8% in 2003 to 34.4% in real terms in 2004. In fact, real public sector investment dropped by 6.6% in 2004, after a high 37.0% real growth in 2003, resulting from a record increase of 133.3% in investment in the construction sector in 2003. The resource gap, given by the difference between savings and investment, was again positive in 2004. However, there has been a significant contraction of 59.7%, from Rs. 4.3 billion in 2003 to reach Rs 1.7 billion in 2004, since investment increased more than savings. The direct consequence of this contraction is a further deterioration of the external account of goods and services. 2.4 Foreign Direct Investment In 2004, FDI inflow fell by 8.6% to reach Rs 1.79 billion against Rs 1.96 billion in 2003. A sharp contraction was observed in the banking sector, where only Rs. 121 million were invested in 2004, as opposed to a high Rs. 1.3 billion in 2003. In contrast, higher investments were recorded in the telecommunications sector in the wake of further liberalisation. Similarly, a total of Rs. 1.08 billion were invested in 2004 in other sectors of the economy, including IT, compared to only Rs. 485 million in 2003. The EPZ sector also attracted more FDI in 2004, with Rs. 248 million, compared to Rs. 77 million in 2003. The same upward trend was observed in the tourism sector, from Rs. 103 million in 2003 to Rs. 121 million in 2004. Table 5: Foreign Investment, Rs million 2000 2001 2002 2003 2004 Foreign Direct Investment 7,265* 936 979 1966 1,796 EPZ 8 3 41 77 248 Tourism 10 0 100 103 121 Banking 0 600 316 1301 310 Telecoms 7204 0 0 0 38 Others 43 333 522 485 1079 Direct Investment Abroad 333 83 278 1166 909 Net Foreign Direct Investment 6,932 853 701 800 887 * Includes receipts from the sales of Mauritius Telecom shares to France Telecom of Rs 7.2 billion 1 Revised Estimates Concerning outward investment, a high figure of Rs. 1.2 billion was recorded in 2003. However, in 2004, it fell to Rs. 887 million. 2.5   Balance of Payments The overall balance of payments in 2004, measured as a change in foreign reserve assets excluding valuation changes of the Bank of Mauritius, showed a surplus of Rs. 4.2 billion, compared to a surplus of Rs. 6.2 billion in the preceding year. In the first three quarters of 2004, the current account recorded a deficit of Rs. 2.3 billion, compared to a surplus of Rs. 1.8 billion in the corresponding period in 2003, reflecting a deterioration in the visible trade account. The balance of trade worsened from a surplus of Rs. 988 million in the first three quarters of 2003 to a deficit of Rs. 3.0 billion in the corresponding period of 2004. The capital and financial account, inclusive of reserves, recorded a net outflow of Rs. 163 million in the first three quarters of 2004 as opposed to a net outflow of Rs. 1.6 billion in the same period in 2003. At the end of December 2004, Net International Reserves amounted to Rs. 52.8 billion, 8% higher than in December 2003, when it reached Rs. 48.9 billion. Based on the value of the import bill, exclusive of the purchase of aircrafts and vessels, the level of net international reserves represented 39.6 weeks on imports at the end of December 2004. For the corresponding figure in 2003, it represented 36.6 weeks of imports. 2.6 External Trade Table 6: External Trade, Rs Billion 2001 2002 2003 2004 Trade in goods: Exports of goods – excl freeport activities (f.o.b) 47.5 47.3 46.2 48.9 Export of goods – freeport activities 7.3 6.6 6.8 6.8 Imports of goods – excl freeport activities (f.o.b) 53.8 56.0 57.5 67.6 Imports of goods – Freeport activities 5.2 4.2 3.9 3.8 Merchandise trade balance* 4.2 6.3 8.4 15.7 Trade in services Exports of services 35.6 34.4 35.7 39.8 Imports of services 23.6 23.7 25.3 30.0 Balance of trade in services 12.0 10.7 10.4 11.8 Overall trade balance 7.8 4.3 2.0 3.9 * Both Exports and imports are calculated on an f.o.b basis The overall balance of trade in goods and services marked a significant deterioration in 2004. In fact, there was a shift from a trade surplus of Rs. 2 billion in 2003 to a trade deficit of Rs. 3.9 billion in 2004. There was a sharp increase in the deficit in visible trade, which worsened by 87.1% in 2004. Trade in goods was largely biased against imports, therefore resulting in a faster growth in imports, which soared by 14.6% compared to a low 3.3% in 2003. Exports however grew at 7.6% in 2004 as opposed a meagre 0.5% in the preceding year.   On the other hand, trade in services fared well, registering a surplus of Rs. 11.8 billion in 2004, representing 13.5% more than in the previous year. Much of the increase in merchandise imports in 2004 was associated with investment projects, both in the public and private sector. For instance, appreciable increases were noted in the c.i.f value of cement (+57.6%), machinery and transport equipment (+25.9%), crude materials including textile fibres (+46.2%), and telecommunications equipment (+80.3%). Others are linked to an increasing food bill, with surge in the c.i.f value of food items (+14.9%) and of road vehicles (+53.1%). In fact, it is worth noting that in the fourth quarter of 2004, additional projects and events continued to contribute to boost the import bill. There were also new investment projects in EPZ and in energy production and the significant rise in the international price of petroleum products. Finally, the appreciation of the Rand (+13.2%), the Pound Sterling (+9.1%), the Australian Dollar (+9.2%) and the Euro (+7.1%) also contributed to the escalating visible trade deficit. Box: 1 Exports lack dynamics: Although the Mauritian rupee continued to depreciate against major currencies, including the Euro, exports growth remained relatively static over the past few years. A combination of factors resulted in such a situation. Our markets remained relatively undiversified, with a high concentration in Europe. In the past few years, especially since the advent of the Euro in 2000, the Euro Zone has been relatively less dynamic than other countries like China and the US. Our exports to the most dynamic zones have remained however low. Some of the factors responsible for this lack of dynamism include erosion of our long-standing preferences, rising costs of production and the mismatch of skills on the labour market. Trade in services on the other hand, recorded a surplus of Rs. 11.8 billion, 13.5% higher than in the previous year. This is in part, due to higher earnings from the travel industry benefiting from the windfall gains of a strong euro and a strong pound sterling. Exports of services surged by 11.4% in 2004, from Rs. 35.7 billion in 2003 to Rs. 39.8 billion in 2004, whereas there was a 10.6% increase in the imports of services during the same period of time, from Rs. 25.3 billion to Rs. 30.0 billion. 2.7 Inflation Table 7: Inflation Rate, % Calendar Yr Inflation rate (%) Fiscal Yr Inflation rate (%) 2001 5.4 01/02 6.3 2002 6.4 02/03 5.1 2003 3.9 03/04 3.9 2004 4.7 04/05 5.5 The inflation rate, as measured by the percentage change in the yearly average consumer price index reached 4.7% for calendar year 2004 compared to 3.9% in 2003.   This was mainly the result of a combination of domestic and external factors. There were significant increases in the price of subsidised flour (+17%) and rice (+40%). The rise in the price of flour led to an increase in the price of bread by 12%. The price of other food items, such as chicken (+8.8%), fish (+8.5%) , beef (+9.7%), and frozen mutton (+15.2%)   also went up in 2004. In addition, the rise in international oil prices had spill over effects on the domestic economy. There were three successive increases in the price of gasoline and diesel oil. The price of gasoline increased by a total of 27.9% and the price of diesel oil rose by 45.0%, therefore causing subsequent surges in electricity tariffs (+5.1%), bus fares (+13.3%), taxi fares (+15.4%) and air fares (+16.0%). Finally, the prevailing high budget deficit and the sustained level of public investment also contributed to inflationary pressures. 2.8 Employment/ Unemployment Until 2003, labour force statistics were estimated on the basis of the Population census or Labour Force Sample Survey. A new methodology, named the Continuous Multi Purpose Household Survey   (CMPHS) was introduced in March 2004 to estimate the labour force, employment and unemployment rate. It is based on a sample of households that presently covers a total 8,640 households for the whole of 2004. Estimates are conducted on a quarterly basis, on 2,160 households per quarter. In the new CMPHS, the lower age cut-off point to estimate the labour force was brought to 15 years instead of 12 years used previously. A few inconsistencies with regard to the results of the survey have been noted, which probably indicate some weaknesses in the new methodology. The table below gives the estimated figures for the 3 quarters of 2004: Table 8: March 2004 – Estimates June 2004 – Estimates September 2004 – Estimates Labour force Male Female 541,100 348,700 192,400 540,700 347,500 193,200 527,800 349,400 178,400 Employment Male Female 494,100 328,400 165,700 491,200 324,600 166,600 483,500 329,800 153,700 Unemployment Male Female 47,000 20,300 26,700 49,500 22,900 26,600 44,300 19,600 24,700 Unemployment Rate (%) 8.7 9.2 8.4 Contrary to what one would logically expect, the CMPHS estimates indicate a downward trend in the labour force over the three quarters. From March to June, there was a fall of 400 people in the labour force. However, a larger fall was observed, with a contraction of 12,900 jobs from June to September Analysis of Global Economic Growth Analysis of Global Economic Growth World economic growth 1.0 INTRODUCTION 1.1 World Economic Outlook: According to the World Bank, world economic growth accelerated sharply in 2004. In aggregate, the year 2004 has been the healthiest year for developing countries since the last three decades. East Asian countries have come out of the 1997 crisis and are now performing well. The ongoing economic boom in China as well as the surge in activities registered in Japan were major factors in promoting growth in the region. Latin American countries and Sub-Saharan Africa also had a better year. This performance reflects a fortuitous combination of long-term secular trends built on a foundation of better macroeconomic management and an improved domestic investment climate converging with a cyclical recovery of the global economy. There were however some lingering imbalances in the global economy associated with the rising twin deficits in the United States, a delayed recovery in Europe, coupled with high and volatile oil prices, and questions about the path of Chinas economy that might constitute risks to the pace of growth in developing countries over the medium term. Worlds economic growth is likely to slow down in 2005 with a projected rate of 3.2%. Several factors are likely to contribute to the slower growth. It is believed that the investment cycle in the US has peaked, therefore resulting in a slowdown in growth. Furthermore, world demand has far exceeded world supply, resulting in a substantial increase in oil and other commodity prices, therefore reducing demand in other countries. Also, increases in interest rates are likely to slow the investment growth. The US is likely to finance its large budget deficits through tighter fiscal policies and in Europe countries will tighten their budgetary control to remain within the realm of Maastricht limits. Table 1: World economic outlook Real Growth Rate (%) 2002 2003 2004 2005* World 1.7 2.7 4.0 3.2 High Income Countries 1.3 2.1 3.5 2.7 Euro Zone 0.9 0.5 1.8 2.1 USA 1.9 3.0 4.3 3.2 Japan -0.3 2.4 4.3 1.8 Developing Countries 3.4 5.2 6.1 5.4 East Asia and Pacific 6.7 7.9 7.8 7.1 Latin America and Caribbean -0.6 1.6 4.7 3.7 Sub Saharan Africa 3.1 3.0 3.2 3.6 *projected figures Source: Global Economic Prospects 2005, World Bank. 1.2 Mauritian Economic Outlook: Mauritian economic growth in 2004 was positive and stabilised at 4.2%, slightly lower than the 4.4% recorded in 2003. On the one hand, internal demand constituted an important dragging factor, with a 6.3% growth in consumption expenditure compared to 4.5% in 2003. On the other hand, lingering uncertainties linked to the wave of change in the international economic order, uninterrupted trade liberalisation and the gradual loss of our long-standing preferences had a dampening effect on growth. The recent run-up in oil prices was also a constraining factor on economic buoyancy. Business confidence appeared to be quite timid in 2004. However, in spite of an overall deceleration in the rate of investment, which grew by 5.5%, compared to 10.0% in 2003, private sector investment grew by a high 13.2% as opposed to a negative 2.2% in 2003. Moreover, international perception about Mauritius remained positive, and foreign investments in hotels and ICT projects were at a relatively high level. Despite the stable growth rate, several macroeconomic and sectoral performances were relatively unfavourable. Savings rate was lower, registering 23.3% of GDP in 2004 against 25.4% in 2003. Inflation rate was higher in 2004, reaching 5.5%, as opposed to 3.9% in 2003. Overall external trade worsened, from a surplus of Rs. 2 billion in 2003 to a deficit on Rs. 3.9 billion in 2004, as a result of a very large increase in the merchandise trade deficit, from Rs. 8.4 billion to Rs. 15.7 billion. On a sectoral basis, industries were faced with a restricted margin of manoeuvre as a result of increasing international competition from lower-cost producers. Repercussions were felt in the EPZ sector, which registered a negative growth rate of 5% in 2004, following the deceleration of 6% in 2003. The tourism sector, in spite of its apparent dynamism, recorded a growth rate of only 2.6%, compared to 3.0% in 2003. Financial services experienced some inertia, with a low expansion of 1.0%, compared to a high 7.2% in 2004. However, the agricultural sector expanded by 5.1% in 2004, in contrast to the low 1.9% recorded in 2003 and the non-EPZ sector grew by 5.0% in spite of the gradual reduction of tariff protection. 2.0 ECONOMIC PERFORMANCE FOR 2004 2.1 National Accounts: Real Gross Domestic Product (GDP) grew by a moderate 4.2% in 2004, compared to 4.4% in 2003. At current basic prices, GDP increased from Rs. 137.9 billion in 2003 to Rs. 151.7 billion. GDP per capita at current basic prices increased by 10.1%, to attain Rs. 122,984 in 2004. In US dollar terms, GDP per capita reached US$ 4,477, 11.7% higher than the previous year, when it reached US$4,010. It is worth noting also that at Purchasing Power Parity, GDP per capita in dollars was estimated at US$ 11,400 in 2003. For the second consecutive year, net income from the rest of the world was negative, with Rs. – 415 million in 2004, compared to Rs. – 833 million in 2003. Table 2: Output at current basic prices: Unit 2001 2002 2003 2004 Real GDP growth rate % +5.6 +1.8 +4.4 +4.2 GDP Rs. Million 117,720 125,260 137,868 151,725 Net income from abroad Rs. Million 393 396 833 415 GNI Rs. Million 118,113 125,656 137,035 151,310 GDP/capita Rs. 98,086 103,479 112,720 122,984 US$ US$ (PPP)* 3,380.9 9,609 3,462.2 10,810 4,010.0 11,400 4,477.4 n/a Exchange Rate, annual av. mid-rate Rs/$ 29.012 29.888 28.11 27.468 * GDP at Purchasing Power Parity provides a more reasonable international GDP comparison among nations.Source: CIA Fact Book 2004 While the EPZ sector continued to register negative growth rates for the third consecutive year, almost all other sectors recorded positive growth rates in 2004.   Non-EPZ grew by +5.0% in 2004, slightly lower than in 2003, when the growth rate was +5.8%. After high growth rates registered in 2002 (+7.6%) and 2003 (+11.1%) mainly due to high investment in building and construction works by the public sector, Construction grew by 3.1% in 2004. The distributive trade sector grew by 3.2%, slightly higher than the 3.1% recorded in the previous year. Transport and Communications activities expanded by 6.5% in 2004 as opposed to 6.1% in 2003. During the same period real estate, renting and business activities grew by 6.9% compared to 6.5% in 2003. Education, including services provided by public and private operators grew by 7.2% in 2004, compared to 5.3% in 2003, while health and social work expanded by 8.8% compared to 7.0% in 2003. Electricity, gas and water supply registered a growth of 4.2% as opposed to 4.6% in 2003. 2.2 Consumption Last years economic performance was once again influenced by internal demand. Total final contribution of consumption to GDP at market price was estimated at 77.3%, compared to 75.1% in 2003. Real final consumption expenditure, increased by 6.3% in 2004, compared to a 4.5% rise in 2003. This expansion in the consumption rate, which is much higher than the GDP growth rate, is clearly inflationary and has a negative direct impact on trade balance and budget deficit. It must be noted that private consumption represented 83.1% of total consumption in 2004, as opposed to 82.8% in 2003. A growth of 6.7% was observed in the consumption of households in 2004, against 4.9% in 2003. This is the highest growth rate recorded since 1989. On the other hand, the share of public sector consumption amounted to 16.9% of total consumption in 2004, showing a slight drop from the 17.2% observed in 2003. Public consumption grew by 4.4% compared to an increase of 2.6% in 2003. In 2004, the continued growth observed in total consumption has been largely sustained by the significant increase in average monthly income earnings of households. The average monthly earnings in large establishments grew by 12.8% between March 2003 and March 2004, to reach Rs. 11, 084. A general upward trend was observed in all industrial groups. The largest increase (+24%) was noted in public administration, following the implementation of the PRB in July 2004. Table 3: Consumption 2001 2002 2003 2004 Aggregate Final Consumption Household Central Government Rs b Rs. b Rs. b 97.0 80.2 16.8 106.6 88.3 18.3 118.3 98.1 20.2 135.1 112.2 22.9 Consumption as a % of GDP at MP % 73.4 75.0 75.1 77.3 Real Agg. Final Consumption growth o Household o Central Government % % % 3.3 3.0 4.7 3.2 3.3 4.1 4.5 4.9 2.6 6.3 6.7 4.4 Average monthly earnings (March) Rs. 8,701 9,159 9,826 11,084 Change in monthly earnings, Nominal % 6.4 5.3 7.3 12.8 2.3 Savings Investment Gross national savings, measured by the difference between Gross National Disposable Income and Total Consumption, increased in nominal terms by 1.8% to reach Rs 40.7 billion in 2004 from Rs 40.0 billion in 2003. Consequently, the saving rate, calculated as the ratio of GNS to GDP at market prices, showed a decline from 25.4% in 2003 to 23.3% in 2004. This decline results from an increase in both public and private expenditure. Table 4: Savings and investment 2001 2002 2003 2004 Gross National Savings (Rs. Billion) 37.6 38.7 40.0 40.7 Nominal Change (%) +2.8 +3.4 +1.8 GNS as a % of GDP at MP (%) 28.4 27.3 25.4 23.3 GDFCF (Rs. billion) Private Sector Public Sector 29.8 20.5 9.3 31.4 21.6 9.8 35.7 21.8 13.8 38.9 25.6 13.4 Real Change in GDFCF (incl aircrafts and vessels) , % +2.7 +1.9 +10.0 +5.5 Real Change in GDFCF (Excl. aircraft and vessels), % -2.6 +6.1 +7.9 +8.2 GDFCF as a % of GDP at MP 22.5 22.0 22.6 22.3 Investment, measured by the Gross Domestic Fixed Capital Formation (GDFCF), increased to Rs 38.9 billion in 2004 from Rs 35.7 billion in 2003. In real terms, including the purchase of aircrafts and marine vessels, total investment has followed an upward trend of 5.5% in 2004, but lower than the 10.0% growth recorded in 2003. It is interesting to note that net of the purchase of aircrafts and vessels, real investment grew by 8.2% in 2004, representing a better performance than in 2003, when it grew by 7.9%. Investment rate, measured as the ratio of GDFCF to GDP at market prices, has however gone down by 0.3%, to reach 22.3% in 2004 from 22.6% in 2003. Private sector investment continued to make up the bulk of GDFCF in 2004. It accounted for 65.6% of total investment in 2004, compared to 61.2% in 2003. This represented a real growth of 13.2% in 2004, after a negative growth rate of -2.2% in 2003. Higher private sector investment was accounted for by new hotels projects, where investment increased by 55.8% in 2004, as opposed to a negative growth of 21.8% in the preceding year. Moreover, there were additional investments in spinning mills and other projects in the EPZ sector, with an increase of 45.0% in 2004 as opposed to a negative 7.7% in 2003.Inversely, the share of public sector investment fell from 38.8% in 2003 to 34.4% in real terms in 2004. In fact, real public sector investment dropped by 6.6% in 2004, after a high 37.0% real growth in 2003, resulting from a record increase of 133.3% in investment in the construction sector in 2003. The resource gap, given by the difference between savings and investment, was again positive in 2004. However, there has been a significant contraction of 59.7%, from Rs. 4.3 billion in 2003 to reach Rs 1.7 billion in 2004, since investment increased more than savings. The direct consequence of this contraction is a further deterioration of the external account of goods and services. 2.4 Foreign Direct Investment In 2004, FDI inflow fell by 8.6% to reach Rs 1.79 billion against Rs 1.96 billion in 2003. A sharp contraction was observed in the banking sector, where only Rs. 121 million were invested in 2004, as opposed to a high Rs. 1.3 billion in 2003. In contrast, higher investments were recorded in the telecommunications sector in the wake of further liberalisation. Similarly, a total of Rs. 1.08 billion were invested in 2004 in other sectors of the economy, including IT, compared to only Rs. 485 million in 2003. The EPZ sector also attracted more FDI in 2004, with Rs. 248 million, compared to Rs. 77 million in 2003. The same upward trend was observed in the tourism sector, from Rs. 103 million in 2003 to Rs. 121 million in 2004. Table 5: Foreign Investment, Rs million 2000 2001 2002 2003 2004 Foreign Direct Investment 7,265* 936 979 1966 1,796 EPZ 8 3 41 77 248 Tourism 10 0 100 103 121 Banking 0 600 316 1301 310 Telecoms 7204 0 0 0 38 Others 43 333 522 485 1079 Direct Investment Abroad 333 83 278 1166 909 Net Foreign Direct Investment 6,932 853 701 800 887 * Includes receipts from the sales of Mauritius Telecom shares to France Telecom of Rs 7.2 billion 1 Revised Estimates Concerning outward investment, a high figure of Rs. 1.2 billion was recorded in 2003. However, in 2004, it fell to Rs. 887 million. 2.5   Balance of Payments The overall balance of payments in 2004, measured as a change in foreign reserve assets excluding valuation changes of the Bank of Mauritius, showed a surplus of Rs. 4.2 billion, compared to a surplus of Rs. 6.2 billion in the preceding year. In the first three quarters of 2004, the current account recorded a deficit of Rs. 2.3 billion, compared to a surplus of Rs. 1.8 billion in the corresponding period in 2003, reflecting a deterioration in the visible trade account. The balance of trade worsened from a surplus of Rs. 988 million in the first three quarters of 2003 to a deficit of Rs. 3.0 billion in the corresponding period of 2004. The capital and financial account, inclusive of reserves, recorded a net outflow of Rs. 163 million in the first three quarters of 2004 as opposed to a net outflow of Rs. 1.6 billion in the same period in 2003. At the end of December 2004, Net International Reserves amounted to Rs. 52.8 billion, 8% higher than in December 2003, when it reached Rs. 48.9 billion. Based on the value of the import bill, exclusive of the purchase of aircrafts and vessels, the level of net international reserves represented 39.6 weeks on imports at the end of December 2004. For the corresponding figure in 2003, it represented 36.6 weeks of imports. 2.6 External Trade Table 6: External Trade, Rs Billion 2001 2002 2003 2004 Trade in goods: Exports of goods – excl freeport activities (f.o.b) 47.5 47.3 46.2 48.9 Export of goods – freeport activities 7.3 6.6 6.8 6.8 Imports of goods – excl freeport activities (f.o.b) 53.8 56.0 57.5 67.6 Imports of goods – Freeport activities 5.2 4.2 3.9 3.8 Merchandise trade balance* 4.2 6.3 8.4 15.7 Trade in services Exports of services 35.6 34.4 35.7 39.8 Imports of services 23.6 23.7 25.3 30.0 Balance of trade in services 12.0 10.7 10.4 11.8 Overall trade balance 7.8 4.3 2.0 3.9 * Both Exports and imports are calculated on an f.o.b basis The overall balance of trade in goods and services marked a significant deterioration in 2004. In fact, there was a shift from a trade surplus of Rs. 2 billion in 2003 to a trade deficit of Rs. 3.9 billion in 2004. There was a sharp increase in the deficit in visible trade, which worsened by 87.1% in 2004. Trade in goods was largely biased against imports, therefore resulting in a faster growth in imports, which soared by 14.6% compared to a low 3.3% in 2003. Exports however grew at 7.6% in 2004 as opposed a meagre 0.5% in the preceding year.   On the other hand, trade in services fared well, registering a surplus of Rs. 11.8 billion in 2004, representing 13.5% more than in the previous year. Much of the increase in merchandise imports in 2004 was associated with investment projects, both in the public and private sector. For instance, appreciable increases were noted in the c.i.f value of cement (+57.6%), machinery and transport equipment (+25.9%), crude materials including textile fibres (+46.2%), and telecommunications equipment (+80.3%). Others are linked to an increasing food bill, with surge in the c.i.f value of food items (+14.9%) and of road vehicles (+53.1%). In fact, it is worth noting that in the fourth quarter of 2004, additional projects and events continued to contribute to boost the import bill. There were also new investment projects in EPZ and in energy production and the significant rise in the international price of petroleum products. Finally, the appreciation of the Rand (+13.2%), the Pound Sterling (+9.1%), the Australian Dollar (+9.2%) and the Euro (+7.1%) also contributed to the escalating visible trade deficit. Box: 1 Exports lack dynamics: Although the Mauritian rupee continued to depreciate against major currencies, including the Euro, exports growth remained relatively static over the past few years. A combination of factors resulted in such a situation. Our markets remained relatively undiversified, with a high concentration in Europe. In the past few years, especially since the advent of the Euro in 2000, the Euro Zone has been relatively less dynamic than other countries like China and the US. Our exports to the most dynamic zones have remained however low. Some of the factors responsible for this lack of dynamism include erosion of our long-standing preferences, rising costs of production and the mismatch of skills on the labour market. Trade in services on the other hand, recorded a surplus of Rs. 11.8 billion, 13.5% higher than in the previous year. This is in part, due to higher earnings from the travel industry benefiting from the windfall gains of a strong euro and a strong pound sterling. Exports of services surged by 11.4% in 2004, from Rs. 35.7 billion in 2003 to Rs. 39.8 billion in 2004, whereas there was a 10.6% increase in the imports of services during the same period of time, from Rs. 25.3 billion to Rs. 30.0 billion. 2.7 Inflation Table 7: Inflation Rate, % Calendar Yr Inflation rate (%) Fiscal Yr Inflation rate (%) 2001 5.4 01/02 6.3 2002 6.4 02/03 5.1 2003 3.9 03/04 3.9 2004 4.7 04/05 5.5 The inflation rate, as measured by the percentage change in the yearly average consumer price index reached 4.7% for calendar year 2004 compared to 3.9% in 2003.   This was mainly the result of a combination of domestic and external factors. There were significant increases in the price of subsidised flour (+17%) and rice (+40%). The rise in the price of flour led to an increase in the price of bread by 12%. The price of other food items, such as chicken (+8.8%), fish (+8.5%) , beef (+9.7%), and frozen mutton (+15.2%)   also went up in 2004. In addition, the rise in international oil prices had spill over effects on the domestic economy. There were three successive increases in the price of gasoline and diesel oil. The price of gasoline increased by a total of 27.9% and the price of diesel oil rose by 45.0%, therefore causing subsequent surges in electricity tariffs (+5.1%), bus fares (+13.3%), taxi fares (+15.4%) and air fares (+16.0%). Finally, the prevailing high budget deficit and the sustained level of public investment also contributed to inflationary pressures. 2.8 Employment/ Unemployment Until 2003, labour force statistics were estimated on the basis of the Population census or Labour Force Sample Survey. A new methodology, named the Continuous Multi Purpose Household Survey   (CMPHS) was introduced in March 2004 to estimate the labour force, employment and unemployment rate. It is based on a sample of households that presently covers a total 8,640 households for the whole of 2004. Estimates are conducted on a quarterly basis, on 2,160 households per quarter. In the new CMPHS, the lower age cut-off point to estimate the labour force was brought to 15 years instead of 12 years used previously. A few inconsistencies with regard to the results of the survey have been noted, which probably indicate some weaknesses in the new methodology. The table below gives the estimated figures for the 3 quarters of 2004: Table 8: March 2004 – Estimates June 2004 – Estimates September 2004 – Estimates Labour force Male Female 541,100 348,700 192,400 540,700 347,500 193,200 527,800 349,400 178,400 Employment Male Female 494,100 328,400 165,700 491,200 324,600 166,600 483,500 329,800 153,700 Unemployment Male Female 47,000 20,300 26,700 49,500 22,900 26,600 44,300 19,600 24,700 Unemployment Rate (%) 8.7 9.2 8.4 Contrary to what one would logically expect, the CMPHS estimates indicate a downward trend in the labour force over the three quarters. From March to June, there was a fall of 400 people in the labour force. However, a larger fall was observed, with a contraction of 12,900 jobs from June to September

The Unexamined Life is Not Worth Living Essay -- Socrates, Greek Philo

Socrates is correct when he says the â€Å"the unexamined life is not worth living† In order to discuss why Socrates is correct, I would like to discuss these various points which consist of: the significance as well as the underlying meaning of his quote â€Å"the unexamined life is not worth living†, the difference between an unexamined life and an examined life, specific examples, the importance of a person living an examined life and lastly, whether or not I’m living an examined life. Socrates was a Greek philosopher who lived from 469-399 B.C.E. Socrates believed that Philosophy was primarily a social activity, which in fact he made use of quite often. He would find himself roaming the streets of Athens questioning the youth or just anyone who would give him the chance to talk to them. Furthermore, Socrates questions drove people absolutely insane, until the point of absolute consternation if you will. He tried proving a point which is quoted â€Å"Look, here we are, two ignorant men, yet two, men who desire to know. I am willing to pursue the question seriously if you are† (Palmer, 31).Ultimately, this meant that the person Socrates was questioning actually didn’t know anything at all, just as well as Socrates himself, so which for the both of them would remain in search of the truth. Upon being put to death for teaching false doctrines and corrupting the youth of Athens. Socrates said something before being put to death that would eventually be known as one of the most illustrious quotes throughout philosophy, which would seem to echo into the generations to come. Socrates said the â€Å"the unexamined life is not worth living† (Palmer, 33). The significance to this statement can be interpreted in many different ways but despite its ambi... ...e honestly I think I’d be a lost cause and that’s the same for anyone else as well. Although, there are lots of people out there who do live an unexamined life, its not because they don’t care but more so for the reason they don’t have the time or day to even figure them-selves out, there is a difference between the two, don’t get confused. I’m not trying to say that if you live an unexamined life, you’ll never be bound to live an examined one, but it’s just that it would come later on in life that you have this epiphany of who you actually are as person. I guess the saying goes† it’s better late then never†. So in conclusion, I’ve given you all my reasons of why I know that Socrates was correct when he said â€Å"the unexamined life is not worth living†, now what the real question comes down to is, which kind of life are you living†¦Unexamined or Examined?